============= Transaction # 1 ==============================================
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============= Transaction # 2 ==============================================
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============= Transaction # 3 ==============================================
Transaction #:      3       Transaction Code:   6 (Direct Rank Search)     

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zfind "(topic @ {drugs for the treatment of asthma})"

============= Transaction # 4 ==============================================
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============= Transaction # 5 ==============================================
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============= Transaction # 6 ==============================================
Transaction #:      6       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT941-10709</DOCNO>
<PROFILE>_AN-EBHC6AE5FT</PROFILE>
<DATE>940
208
</DATE>
<HEADLINE> FT  08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval </HEADLINE>
<BYLINE>    By DANIEL GREEN </BYLINE>
<TEXT>
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
 protection and the company is
relying on Serevent to underpin its position 
in the market.
The drug was approved in Europe in 1991 and should eventually
 reach sales of
Pounds 350m a year, according to James Capel, the broker. In
 the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the

ruling.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Glaxo Holdings.
</CO>
<XX>
Countr
ies:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX>

<IN>P2834 Pharmaceutical Preparations.
</IN>
<XX>
Types:-
</XX>
<TP>TECH  P
roducts & Product use.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London P
age 24 </PAGE>
</DOC>

============= Transaction # 7 ==============================================
Transaction #:      7       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT941-10709</DOCNO>
<PROFILE>_AN-EBHC6AE5FT</PROFILE>
<DATE>940
208
</DATE>
<HEADLINE> FT  08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval </HEADLINE>
<BYLINE>    By DANIEL GREEN </BYLINE>
<TEXT>
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
 protection and the company is
relying on Serevent to underpin its position 
in the market.
The drug was approved in Europe in 1991 and should eventually
 reach sales of
Pounds 350m a year, according to James Capel, the broker. In
 the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the

ruling.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Glaxo Holdings.
</CO>
<XX>
Countr
ies:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX>

<IN>P2834 Pharmaceutical Preparations.
</IN>
<XX>
Types:-
</XX>
<TP>TECH  P
roducts & Product use.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London P
age 24 </PAGE>
</DOC>

============= Transaction # 8 ==============================================
Transaction #:      8       Transaction Code:  23 (Saved Recs. Viewed)     

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============= Transaction # 9 ==============================================
Transaction #:      9       Transaction Code:   6 (Direct Rank Search)     

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   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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zfind "(topic @ {drugs for the treatment of asthma ventolin})"

============= Transaction # 10 ==============================================
Transaction #:     10       Transaction Code:  37 (General (non-Tcl) Error)

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============= Transaction # 11 ==============================================
Transaction #:     11       Transaction Code:   6 (Direct Rank Search)     

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zfind "(topic @ {drugs for the treatment of asthma ventolin})"

============= Transaction # 12 ==============================================
Transaction #:     12       Transaction Code:  37 (General (non-Tcl) Error)

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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Usr Interface:   Prob          Time Cmd Sent: 16:00:00
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============= Transaction # 13 ==============================================
Transaction #:     13       Transaction Code:   0 (New Host Selected)      

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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                        Old Z39.50 Server ID:  19 (TREC)                   

Usr Interface:   Prob          Time Cmd Sent: 12:22:34
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Selec. Rec. #:      0

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============= Transaction # 14 ==============================================
Transaction #:     14       Transaction Code:  35 (New Host Connected)     

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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Usr Interface:   Prob          Time Cmd Sent: 16:00:00
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============= Transaction # 15 ==============================================
Transaction #:     15       Transaction Code:  37 (General (non-Tcl) Error)

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Usr Interface:   Prob          Time Cmd Sent: 16:00:00
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User submitted empty search.

============= Transaction # 16 ==============================================
Transaction #:     16       Transaction Code:   6 (Direct Rank Search)     

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Usr Interface:   Prob          Time Cmd Sent: 12:23:07
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Boolean Indexes Used:

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zfind "(topic @ {drugs for the treatment of asthma ventolin})"

============= Transaction # 17 ==============================================
Transaction #:     17       Transaction Code:  14 (Search Results Displayed)

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   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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============= Transaction # 18 ==============================================
Transaction #:     18       Transaction Code:   8 (Mixed Bool./Dir. Rank Search)

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zfind "(topic @ {drugs for the treatment of asthma ventolin}) and (title {gl
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============= Transaction # 19 ==============================================
Transaction #:     19       Transaction Code:  37 (General (non-Tcl) Error)

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   Session ID:      1   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
                        Old Z39.50 Server ID:   0 (Astro/Math/Stat)        

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Selec. Rec. #:      0

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{ERR {Status -1} {Hits 0} {Received 0} {Set Default}} {Search failure: Didn'
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============= Transaction # 20 ==============================================
Transaction #:     20       Transaction Code:   0 (New Host Selected)      

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============= Transaction # 21 ==============================================
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============= Transaction # 22 ==============================================
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============= Transaction # 23 ==============================================
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============= Transaction # 24 ==============================================
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============= Transaction # 25 ==============================================
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============= Transaction # 26 ==============================================
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============= Transaction # 27 ==============================================
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============= Transaction # 28 ==============================================
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<DOC>
<DOCNO>FT941-10709</DOCNO>
<PROFILE>_AN-EBHC6AE5FT</PROFILE>
<DATE>940
208
</DATE>
<HEADLINE> FT  08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval </HEADLINE>
<BYLINE>    By DANIEL GREEN </BYLINE>
<TEXT>
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
 protection and the company is
relying on Serevent to underpin its position 
in the market.
The drug was approved in Europe in 1991 and should eventually
 reach sales of
Pounds 350m a year, according to James Capel, the broker. In
 the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the

ruling.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Glaxo Holdings.
</CO>
<XX>
Countr
ies:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX>

<IN>P2834 Pharmaceutical Preparations.
</IN>
<XX>
Types:-
</XX>
<TP>TECH  P
roducts & Product use.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London P
age 24 </PAGE>
</DOC>

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============= Transaction # 30 ==============================================
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============= Transaction # 31 ==============================================
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============= Transaction # 32 ==============================================
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============= Transaction # 33 ==============================================
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============= Transaction # 34 ==============================================
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============= Transaction # 35 ==============================================
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============= Transaction # 36 ==============================================
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============= Transaction # 37 ==============================================
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============= Transaction # 38 ==============================================
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============= Transaction # 39 ==============================================
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============= Transaction # 40 ==============================================
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<DOC>
<DOCNO>FT921-10204</DOCNO>
<PROFILE>_AN-CBGA3ACSFT</PROFILE>
<DATE>920
207
</DATE>
<HEADLINE> FT  07 FEB 92 / Commodities and Agriculture: Keeping 
a weather-eye on a troublesome 'child' / A look at the crop problems posed b
y the unpredictable El Nino climate phenomenon </HEADLINE>
<BYLINE>    By BA
RBARA DURR </BYLINE>
<TEXT>
TO CALM anxious grain traders the Chicago Board 
of Trade will offer a
seminar later this month on El Nino, the weather pheno
menon that develops in
the equatorial Pacific every three to five years and 
can cause global
climate upsets. Grain traders are keen to know if they can 
expect this
year's El Nino to disturb the US weather pattern sufficiently to
 make a dent
in crop output.
Although signs of El Nino had been accumulating
 during 1991, only last month
did the the US National Weather Service finall
y conclude publicly that the
phenomenon was a fact.
The symptoms had been sh
owing themselves overseas since last spring - rising
surface temperatures in
 the eastern and central Pacific, drought in the
western Pacific rim from Au
stralia through Indonesia, a weaker Indian
monsoon, dryness in north-eastern
 Brazil, drought in South Africa and
wetness last summer in the Great Basin 
of the US, which runs from Arizona
north to Idaho.
While many of these condi
tions indicate that El Nino is occurring, they do
not reveal its severity. T
he phenomenon generally peaks in the northern
hemisphere's winter. This help
s explain why Peruvian fishermen dubbed the
phenomenon El Nino, which means 
Christ child in Spanish. It arrived about
Christmas time.
Mr Vernon Kousky, 
a research meteorologist with the US weather service, now
assesses the curre
nt El Nino as 'moderate to strong'. While individual
weather events cannot a
lways be directly attributed to El Nino, some signals
are indicative of its 
strength. Warm water in the Pacific is pushing
moisture into the south-weste
rn US, causing, for example, this winter's
floods in Texas, according to Mr 
Art Douglas, chairman of the Creighton
University's Atmospheric Sciences Dep
artment. Along the Gulf of Mexico, from
Texas to Florida, some areas have al
ready had 200 per cent to 1,000 per cent
of their normal rainfall. Temperatu
res in that region are also beginning to
dip below normal. At the same time 
the phenomenon is upsetting the Jet
Stream, keeping extremely cold air far t
o the north and moderating
temperatures in the Midwest.
The Midwest, America
's most important grain area, is seeing temperatures
four or five degrees Fa
hrenheit above normal, said Mr Jon Davis, the
in-house meteorologist for She
arson Lehman's commodities trading arm. The
weather service predicts that mo
re of the same will occur in those regions
until spring and that the usually
 wet north-west is likely to be dryer, as
is the Ohio valley.
But what conce
rns the grain trade more is what, if anything, will happen
during the critic
al planting and growing season for American crops from June
to August.
Unfor
tunately, weather forecasting is not a precise science. Mr Kousky says
that 
El Nino, usually a 12 to 18 month event, has another six to 12 months
to run
. But he points out that there is no consistent relationship between
El Nino
 and the weather pattern beyond the winter-to-spring months.
'Anything can h
appen,' he admits.
Crop Cast, a Maryland-based weather forecasting service t
hat is used by many
US commodity trading houses, says that while El Nino has
 already affected
South American soyabeans, South African maize and Australi
an wheat, it is
hoping to be able to predict potentially damaging crop effec
ts in the US by
looking at the coincidence of the El Nino with two other cli
matological
events, last year's eruption of Mount Pinatubo in the Phillippin
es and the
combination of lunar and solar cycles.
These additional factors a
long with El Nino probably mean that a more
extreme weather pattern bleeds o
ver into summer, according to Mr Kevin
Marcus, director of Crop Cast service
s. He says the likelihood of extreme,
hot and dry weather is 100 per cent, b
ut gives only a one in three chance
that this will have a significant impact
 on crops.
The hot, dry weather would have to occur in July or early August 
to reduce
the maize and soyabean crops significantly, that is by more than 1
0 per
cent. But Mr Marcus is uncertain about how the three phenomena will in
teract
since there no established pattern. He is still waiting for more data
 on the
severity of this year's El Nino.
The phenomenon has prompted commodi
ties markets to gyrate in the past. In
1972-73 the El Nino destroyed the Per
uvian fishmeal catch, which then
accounted for some 45 per cent of the world
 trade in protein feed. In
1982-83 it caused a drought in Africa, which help
ed to send cocoa prices up
by nearly 70 per cent over a period of about a ye
ar.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 22 </PAGE>
</
DOC>

============= Transaction # 41 ==============================================
Transaction #:     41       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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<DOC>
<DOCNO>FT921-10204</DOCNO>
<PROFILE>_AN-CBGA3ACSFT</PROFILE>
<DATE>920
207
</DATE>
<HEADLINE> FT  07 FEB 92 / Commodities and Agriculture: Keeping 
a weather-eye on a troublesome 'child' / A look at the crop problems posed b
y the unpredictable El Nino climate phenomenon </HEADLINE>
<BYLINE>    By BA
RBARA DURR </BYLINE>
<TEXT>
TO CALM anxious grain traders the Chicago Board 
of Trade will offer a
seminar later this month on El Nino, the weather pheno
menon that develops in
the equatorial Pacific every three to five years and 
can cause global
climate upsets. Grain traders are keen to know if they can 
expect this
year's El Nino to disturb the US weather pattern sufficiently to
 make a dent
in crop output.
Although signs of El Nino had been accumulating
 during 1991, only last month
did the the US National Weather Service finall
y conclude publicly that the
phenomenon was a fact.
The symptoms had been sh
owing themselves overseas since last spring - rising
surface temperatures in
 the eastern and central Pacific, drought in the
western Pacific rim from Au
stralia through Indonesia, a weaker Indian
monsoon, dryness in north-eastern
 Brazil, drought in South Africa and
wetness last summer in the Great Basin 
of the US, which runs from Arizona
north to Idaho.
While many of these condi
tions indicate that El Nino is occurring, they do
not reveal its severity. T
he phenomenon generally peaks in the northern
hemisphere's winter. This help
s explain why Peruvian fishermen dubbed the
phenomenon El Nino, which means 
Christ child in Spanish. It arrived about
Christmas time.
Mr Vernon Kousky, 
a research meteorologist with the US weather service, now
assesses the curre
nt El Nino as 'moderate to strong'. While individual
weather events cannot a
lways be directly attributed to El Nino, some signals
are indicative of its 
strength. Warm water in the Pacific is pushing
moisture into the south-weste
rn US, causing, for example, this winter's
floods in Texas, according to Mr 
Art Douglas, chairman of the Creighton
University's Atmospheric Sciences Dep
artment. Along the Gulf of Mexico, from
Texas to Florida, some areas have al
ready had 200 per cent to 1,000 per cent
of their normal rainfall. Temperatu
res in that region are also beginning to
dip below normal. At the same time 
the phenomenon is upsetting the Jet
Stream, keeping extremely cold air far t
o the north and moderating
temperatures in the Midwest.
The Midwest, America
's most important grain area, is seeing temperatures
four or five degrees Fa
hrenheit above normal, said Mr Jon Davis, the
in-house meteorologist for She
arson Lehman's commodities trading arm. The
weather service predicts that mo
re of the same will occur in those regions
until spring and that the usually
 wet north-west is likely to be dryer, as
is the Ohio valley.
But what conce
rns the grain trade more is what, if anything, will happen
during the critic
al planting and growing season for American crops from June
to August.
Unfor
tunately, weather forecasting is not a precise science. Mr Kousky says
that 
El Nino, usually a 12 to 18 month event, has another six to 12 months
to run
. But he points out that there is no consistent relationship between
El Nino
 and the weather pattern beyond the winter-to-spring months.
'Anything can h
appen,' he admits.
Crop Cast, a Maryland-based weather forecasting service t
hat is used by many
US commodity trading houses, says that while El Nino has
 already affected
South American soyabeans, South African maize and Australi
an wheat, it is
hoping to be able to predict potentially damaging crop effec
ts in the US by
looking at the coincidence of the El Nino with two other cli
matological
events, last year's eruption of Mount Pinatubo in the Phillippin
es and the
combination of lunar and solar cycles.
These additional factors a
long with El Nino probably mean that a more
extreme weather pattern bleeds o
ver into summer, according to Mr Kevin
Marcus, director of Crop Cast service
s. He says the likelihood of extreme,
hot and dry weather is 100 per cent, b
ut gives only a one in three chance
that this will have a significant impact
 on crops.
The hot, dry weather would have to occur in July or early August 
to reduce
the maize and soyabean crops significantly, that is by more than 1
0 per
cent. But Mr Marcus is uncertain about how the three phenomena will in
teract
since there no established pattern. He is still waiting for more data
 on the
severity of this year's El Nino.
The phenomenon has prompted commodi
ties markets to gyrate in the past. In
1972-73 the El Nino destroyed the Per
uvian fishmeal catch, which then
accounted for some 45 per cent of the world
 trade in protein feed. In
1982-83 it caused a drought in Africa, which help
ed to send cocoa prices up
by nearly 70 per cent over a period of about a ye
ar.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 22 </PAGE>
</
DOC>

============= Transaction # 42 ==============================================
Transaction #:     42       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
                        Old Z39.50 Server ID:   0 (Astro/Math/Stat)        

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Selec. Rec. #:      2

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<DOC>
<DOCNO>FT923-14358</DOCNO>
<PROFILE>_AN-CGHATADDFT</PROFILE>
<DATE>920
708
</DATE>
<HEADLINE> FT  08 JUL 92 / Commodities and Agriculture: El Nino 
drought 'appears to be over' </HEADLINE>
<BYLINE>    By REUTER </BYLINE>
<DA
TELINE>    SYDNEY </DATELINE>
<TEXT>
THE DROUGHT that has ravaged crops and 
cost hundreds of millions of dollars
in countries across Asia and the South 
Pacific appears to be over,
meteorologists say, reports Reuter from Sydney.

Its cause, the climatic phenomenon known as El Nino, is dissipating with
som
e areas returning to normal weather conditions more quickly than others,
the
y said.
Australia is among the first of the major agricultural producers to 
emerge
from drought in most areas, while in India a return to normal rainfal
l is
expected in the late monsoon.
China's northern provinces are still in t
he grip of drought, however, though
it is unlikely to have much impact on th
e country's international trading
position.
'We're now in the declining phas
e of El Nino, it's global and it has had an
effect since early last year all
 round the planet, particularly in the
tropical regions,' an official at Aus
tralia's National Climate Centre said.
Ocean waters in the central and easte
rn equatorial Pacific, which had warmed
under El Nino were continuing to coo
l quite rapidly, the climate centre
reported.
Australia, whose farm sector w
as ravaged by drought and economic recession,
has already felt the effect of
 the changing conditions. 'Australia tends to
climb out of it earlier than o
thers,' the official said.
Drought conditions still persist in some areas of
 New South Wales and
southern Queensland but local output of grain and sugar
 is forecast to
recover significantly after last year's drought across easte
rn Australia.
The total value of wheat, coarse grains and sugar is forecast 
to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year 
to the end
of June, 1993, compared with the previous drought-hit year.
In In
dia however, the change is taking longer to come through. 'It is
expected to
 come back to average in the late monsoon season,' Australia's
climate centr
e official said. Erratic rains in India last year caused food
grain output t
o fall to about 171m tonnes in the year to June 30, 1992 from
the previous y
ear's record 176m tonnes.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lon
don Page 32 </PAGE>
</DOC>

============= Transaction # 43 ==============================================
Transaction #:     43       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
                        Old Z39.50 Server ID:   0 (Astro/Math/Stat)        

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Selec. Rec. #:      2

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<DOC>
<DOCNO>FT923-14358</DOCNO>
<PROFILE>_AN-CGHATADDFT</PROFILE>
<DATE>920
708
</DATE>
<HEADLINE> FT  08 JUL 92 / Commodities and Agriculture: El Nino 
drought 'appears to be over' </HEADLINE>
<BYLINE>    By REUTER </BYLINE>
<DA
TELINE>    SYDNEY </DATELINE>
<TEXT>
THE DROUGHT that has ravaged crops and 
cost hundreds of millions of dollars
in countries across Asia and the South 
Pacific appears to be over,
meteorologists say, reports Reuter from Sydney.

Its cause, the climatic phenomenon known as El Nino, is dissipating with
som
e areas returning to normal weather conditions more quickly than others,
the
y said.
Australia is among the first of the major agricultural producers to 
emerge
from drought in most areas, while in India a return to normal rainfal
l is
expected in the late monsoon.
China's northern provinces are still in t
he grip of drought, however, though
it is unlikely to have much impact on th
e country's international trading
position.
'We're now in the declining phas
e of El Nino, it's global and it has had an
effect since early last year all
 round the planet, particularly in the
tropical regions,' an official at Aus
tralia's National Climate Centre said.
Ocean waters in the central and easte
rn equatorial Pacific, which had warmed
under El Nino were continuing to coo
l quite rapidly, the climate centre
reported.
Australia, whose farm sector w
as ravaged by drought and economic recession,
has already felt the effect of
 the changing conditions. 'Australia tends to
climb out of it earlier than o
thers,' the official said.
Drought conditions still persist in some areas of
 New South Wales and
southern Queensland but local output of grain and sugar
 is forecast to
recover significantly after last year's drought across easte
rn Australia.
The total value of wheat, coarse grains and sugar is forecast 
to rise by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year 
to the end
of June, 1993, compared with the previous drought-hit year.
In In
dia however, the change is taking longer to come through. 'It is
expected to
 come back to average in the late monsoon season,' Australia's
climate centr
e official said. Erratic rains in India last year caused food
grain output t
o fall to about 171m tonnes in the year to June 30, 1992 from
the previous y
ear's record 176m tonnes.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lon
don Page 32 </PAGE>
</DOC>

============= Transaction # 44 ==============================================
Transaction #:     44       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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<DOC>
<DOCNO>FT932-14766</DOCNO>
<PROFILE>_AN-DDPB8AGDFT</PROFILE>
<DATE>930
416
</DATE>
<HEADLINE> FT  16 APR 93 / Commodities and Agriculture: Peru's f
ishmeal industry set for bumper profits - Production survived last year's El
 Nino visitation to reach a fresh record </HEADLINE>
<BYLINE>    By SALLY BO
WEN </BYLINE>
<TEXT>
THE PERUVIAN fishmeal industry is gearing up for a bona
nza predicted to last
for the next two to three years. By late 1992, the sar
dine and anchovy that
form the staple raw material for the industry were bac
k in abundance after
being temporarily affected by the appearance of the dre
aded warm current
known as 'El Nino', which last ravaged fishmeal output in 
1983.
Contrary to predictions, however, Peruvian production survived last ye
ar's
milder visitation and a late boost in fish stocks turned 1992 into yet

another record year. Peru topped the world exporters' league with 1.37m
tonn
es, narrowly outstripping Chile's 1.21m tonnes.
'Statistically, the years af
ter a Nino are excellent,' says Mr Espino of
Imarpe, Peru's maritime institu
te, which is charged with husbanding the
resource and recommending periodic 
fishing bans. Mr Espino estimates that
the Peruvian catch could be raised by
 a quarter or a third from the present
6m tonnes a year without detriment to
 the species.
'And if the fishmeal producers started going for jack mackerel
 - at present
only about 80,000 tonnes a year are landed, perhaps 5 per cent
 of total
stocks - then the sky's the limit,' he says.
The main limitation o
n such expansion is fleet capacity. Most Peruvian
fishing boats are small, w
ith no refrigeration and hug the coast. When El
Nino hits, the fish move int
o deeper waters farther out to sea where these
boats cannot follow.
Peruvian
 producers say they have invested more than Dollars 200m in the past
two yea
rs in fleet renovation and plant and equipment modernisation ashore.
The ind
ustry is moving towards production of higher-quality, low
temperature, steam
-dried meal with 'stickwater' plants to maximise protein
recovery. New boats
 with refrigerated holds are under construction in local
yards. But there's 
still plenty of room, and a warm welcome waiting, for new
investment from ab
road.
Representatives from Chile's huge Angelini group have been in Peru rec
ently
on 'feeling-out' visits. And Venezuelan capital has already entered in
 the
form of a new fishmeal joint venture under the name of Palangrera Perua
na.
But the big surprise of 1993 could be the arrival of the Chinese. Pesca

Peru, the state-owned fishmeal and fishoil giant that produces around 40 per

cent of all national output, is high on this year's privatisation list.
Coo
pers and Lybrand, with financing from the Canadian development agency and
th
e World Bank, is currently completing a valuation and will recommend on
sale
 procedures.
Essentially, the choice is between splitting the company into i
ts 20 plants
and four refineries to sell off individually; or selling the wh
ole company
as one unit.
The only likely buyers on the latter basis would be
 the Chinese - 'and it's
a possibility that has the private producers in a s
tate of panic', says Mr
Eric Topf, head of the Pesca Peru privatisation comm
ittee.
Unofficially, senior Pesca Peru officials say the company should fetc
h 'at
least Dollars 200m', a ball-park figure considered over-optimistic by

private producers.
The state-owned plants are, by and large, elderly and out
dated - though
several are excellently located on the now-desirable extreme 
southern coast
and have their own quays. Drastic personnel reductions during
 1992 put Pesca
Peru back into profit after years in the red, underlining ju
st how
profitable producing fishmeal can be, even from scrap-yard plants.
Ch
ina has established itself as far and away Peru's largest customer, buying
l
ast year almost 60 per cent of all output. Peruvian fishmeal goes to feed
th
e Pacific prawn, turbot and eel which China is successfully exporting in
qua
ntity to the US and Japan.
The Chinese are said to be producing at present s
ome 32m tonnes of animal
foodstuffs a year, in which they use 2 per cent fis
hmeal - a very low
percentage compared with most competitors. A high-level P
eruvian delegation
is now in China 'to try to convince them of the bounties 
of boosting that
fishmeal component,' says Mr Salomon Manzur, Peruvian presi
dent of the
Fishmeal Exporters' Association.
If the Chinese do increase the 
percentage of fishmeal in their current
animal feedstuff production, Peruvia
n producers will be assured of sales for
their expanded fishmeal output for 
several years to come.
 ----------------------------------------------------
-
FISHMEAL PRODUCTION ('000 TONNES)
 ---------------------------------------
--------------
                     1990    1991    1992
 ------------------
-----------------------------------
Peruvian
Pesca Peru            379     4
98     513
Private sector        755     782     853
Total               1,1
34   1,280   1,366
 -----------------------------------------------------
Ch
ilean                     1,550   1,210
 -----------------------------------
------------------
Source: Peruvian National Fishing Society (SNP).
 -------
----------------------------------------------
</TEXT>
<XX>
Countries:-
</XX
>
<CN>PEZ  Peru, South America.
</CN>
<XX>
Industries:-
</XX>
<IN>P0919 Misc
ellaneous Marine Products.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Production.
</
TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 26 </PAGE>
</DOC>

============= Transaction # 45 ==============================================
Transaction #:     45       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
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Selec. Rec. #:      6

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Associated Variable Length Text:

<DOC>
<DOCNO>FT932-14766</DOCNO>
<PROFILE>_AN-DDPB8AGDFT</PROFILE>
<DATE>930
416
</DATE>
<HEADLINE> FT  16 APR 93 / Commodities and Agriculture: Peru's f
ishmeal industry set for bumper profits - Production survived last year's El
 Nino visitation to reach a fresh record </HEADLINE>
<BYLINE>    By SALLY BO
WEN </BYLINE>
<TEXT>
THE PERUVIAN fishmeal industry is gearing up for a bona
nza predicted to last
for the next two to three years. By late 1992, the sar
dine and anchovy that
form the staple raw material for the industry were bac
k in abundance after
being temporarily affected by the appearance of the dre
aded warm current
known as 'El Nino', which last ravaged fishmeal output in 
1983.
Contrary to predictions, however, Peruvian production survived last ye
ar's
milder visitation and a late boost in fish stocks turned 1992 into yet

another record year. Peru topped the world exporters' league with 1.37m
tonn
es, narrowly outstripping Chile's 1.21m tonnes.
'Statistically, the years af
ter a Nino are excellent,' says Mr Espino of
Imarpe, Peru's maritime institu
te, which is charged with husbanding the
resource and recommending periodic 
fishing bans. Mr Espino estimates that
the Peruvian catch could be raised by
 a quarter or a third from the present
6m tonnes a year without detriment to
 the species.
'And if the fishmeal producers started going for jack mackerel
 - at present
only about 80,000 tonnes a year are landed, perhaps 5 per cent
 of total
stocks - then the sky's the limit,' he says.
The main limitation o
n such expansion is fleet capacity. Most Peruvian
fishing boats are small, w
ith no refrigeration and hug the coast. When El
Nino hits, the fish move int
o deeper waters farther out to sea where these
boats cannot follow.
Peruvian
 producers say they have invested more than Dollars 200m in the past
two yea
rs in fleet renovation and plant and equipment modernisation ashore.
The ind
ustry is moving towards production of higher-quality, low
temperature, steam
-dried meal with 'stickwater' plants to maximise protein
recovery. New boats
 with refrigerated holds are under construction in local
yards. But there's 
still plenty of room, and a warm welcome waiting, for new
investment from ab
road.
Representatives from Chile's huge Angelini group have been in Peru rec
ently
on 'feeling-out' visits. And Venezuelan capital has already entered in
 the
form of a new fishmeal joint venture under the name of Palangrera Perua
na.
But the big surprise of 1993 could be the arrival of the Chinese. Pesca

Peru, the state-owned fishmeal and fishoil giant that produces around 40 per

cent of all national output, is high on this year's privatisation list.
Coo
pers and Lybrand, with financing from the Canadian development agency and
th
e World Bank, is currently completing a valuation and will recommend on
sale
 procedures.
Essentially, the choice is between splitting the company into i
ts 20 plants
and four refineries to sell off individually; or selling the wh
ole company
as one unit.
The only likely buyers on the latter basis would be
 the Chinese - 'and it's
a possibility that has the private producers in a s
tate of panic', says Mr
Eric Topf, head of the Pesca Peru privatisation comm
ittee.
Unofficially, senior Pesca Peru officials say the company should fetc
h 'at
least Dollars 200m', a ball-park figure considered over-optimistic by

private producers.
The state-owned plants are, by and large, elderly and out
dated - though
several are excellently located on the now-desirable extreme 
southern coast
and have their own quays. Drastic personnel reductions during
 1992 put Pesca
Peru back into profit after years in the red, underlining ju
st how
profitable producing fishmeal can be, even from scrap-yard plants.
Ch
ina has established itself as far and away Peru's largest customer, buying
l
ast year almost 60 per cent of all output. Peruvian fishmeal goes to feed
th
e Pacific prawn, turbot and eel which China is successfully exporting in
qua
ntity to the US and Japan.
The Chinese are said to be producing at present s
ome 32m tonnes of animal
foodstuffs a year, in which they use 2 per cent fis
hmeal - a very low
percentage compared with most competitors. A high-level P
eruvian delegation
is now in China 'to try to convince them of the bounties 
of boosting that
fishmeal component,' says Mr Salomon Manzur, Peruvian presi
dent of the
Fishmeal Exporters' Association.
If the Chinese do increase the 
percentage of fishmeal in their current
animal feedstuff production, Peruvia
n producers will be assured of sales for
their expanded fishmeal output for 
several years to come.
 ----------------------------------------------------
-
FISHMEAL PRODUCTION ('000 TONNES)
 ---------------------------------------
--------------
                     1990    1991    1992
 ------------------
-----------------------------------
Peruvian
Pesca Peru            379     4
98     513
Private sector        755     782     853
Total               1,1
34   1,280   1,366
 -----------------------------------------------------
Ch
ilean                     1,550   1,210
 -----------------------------------
------------------
Source: Peruvian National Fishing Society (SNP).
 -------
----------------------------------------------
</TEXT>
<XX>
Countries:-
</XX
>
<CN>PEZ  Peru, South America.
</CN>
<XX>
Industries:-
</XX>
<IN>P0919 Misc
ellaneous Marine Products.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Production.
</
TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 26 </PAGE>
</DOC>

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<DOCNO>FT922-14235</DOCNO>
<PROFILE>_AN-CDHB2AAMFT</PROFILE>
<DATE>920
407
</DATE>
<HEADLINE> FT  07 APR 92 / Drought pulls the plug on much of Col
ombia </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<DATELINE>    BOGO
TA </DATELINE>
<TEXT>
POWER cuts of at least eight hours a day have been imp
osed all over Colombia
in an effort to cope with a drought that has reduced 
the water for hydro
electric plants. There is little prospect of rain, and r
eservoirs are drying
into baked mud. If this continues the country could fac
e a complete
black-out by the end of April.
The winter rains are late and th
e El Nino current off the Pacific coast
appears to be upsetting normal weath
er patterns. But bad planning, heavy
debts, corruption, budget deficits, def
orestation and poor management are
behind the electricity problems.
Colombia
's generating capacity is 8,200MW, more than adequate for normal
demand leve
ls. Despite the country's ample coal and oil reserves, 78 per
cent of power 
comes from large, expensive hydro-electric schemes which have
pushed the sec
tor's foreign debt up to more than Dollars 5bn.
To try to save on costs, ele
ctricity companies have been running down the
reservoirs rather than use the
rmal plants at full capacity. Labour and
financial problems have also delaye
d the maintenance of thermal power
stations, while guerrilla attacks have pu
t distribution lines out of action.
The rationing aims to cut overall consum
ption by about a third. The
government has asked industry to shut down for 1
0 days over Easter and to
send workers on holiday.
</TEXT>
<PUB>The Financia
l Times </PUB>
<PAGE> International Page 6 </PAGE>
</DOC>

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<DOCNO>FT922-14235</DOCNO>
<PROFILE>_AN-CDHB2AAMFT</PROFILE>
<DATE>920
407
</DATE>
<HEADLINE> FT  07 APR 92 / Drought pulls the plug on much of Col
ombia </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<DATELINE>    BOGO
TA </DATELINE>
<TEXT>
POWER cuts of at least eight hours a day have been imp
osed all over Colombia
in an effort to cope with a drought that has reduced 
the water for hydro
electric plants. There is little prospect of rain, and r
eservoirs are drying
into baked mud. If this continues the country could fac
e a complete
black-out by the end of April.
The winter rains are late and th
e El Nino current off the Pacific coast
appears to be upsetting normal weath
er patterns. But bad planning, heavy
debts, corruption, budget deficits, def
orestation and poor management are
behind the electricity problems.
Colombia
's generating capacity is 8,200MW, more than adequate for normal
demand leve
ls. Despite the country's ample coal and oil reserves, 78 per
cent of power 
comes from large, expensive hydro-electric schemes which have
pushed the sec
tor's foreign debt up to more than Dollars 5bn.
To try to save on costs, ele
ctricity companies have been running down the
reservoirs rather than use the
rmal plants at full capacity. Labour and
financial problems have also delaye
d the maintenance of thermal power
stations, while guerrilla attacks have pu
t distribution lines out of action.
The rationing aims to cut overall consum
ption by about a third. The
government has asked industry to shut down for 1
0 days over Easter and to
send workers on holiday.
</TEXT>
<PUB>The Financia
l Times </PUB>
<PAGE> International Page 6 </PAGE>
</DOC>

============= Transaction # 48 ==============================================
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<DOC>
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<PROFILE>_AN-CDPBOADHFT</PROFILE>
<DATE>920
416
</DATE>
<HEADLINE> FT  16 APR 92 / Commodities and Agriculture: Supply f
ears buoy sugar prices </HEADLINE>
<BYLINE>    By DAVID BLACKWELL </BYLINE>

<TEXT>
FEARS OF a tighter sugar supply/demand balance in 1992-93 are support
ing the
world market, according to reports from two London trade houses.
Raw
 sugar prices have recently touched eight-month highs, nudging 10 cents a
lb
 in the New York market, on fears of tight nearby supplies following
damage 
to the South African crop because of drought.
The trade houses, ED & F. Man 
and Czarnikow, both point out in reports
published today that in the short t
erm the changing export potential in
several countries will keep the lid on 
prices. The increasing likelihood of
a 1m-tonne increase in Thailand's crop,
 compared with the previous season,
together with the availability of export
able surpluses from India and Cuba,
should 'keep significant advances at bay
', Man's latest sugar report says.
Man believes that reports of a catastroph
ic Cuban crop this season at 5m to
5.5m tonnes are unsupported by the eviden
ce and estimates that the crop will
come in at about 6.5m tonnes. It is fore
casting a crop of more than 5m
tonnes in Thailand and 12.6m tonnes in India.

The overall balance for the 1991-92 season remains marginally in surplus,
M
an says, but it suggests that the situation is likely to be even more
tightl
y balanced in 1992-93.
Czarnikow's sugar review points out that the extent o
f the South African
drought has raised questions about the timing and covera
ge of the El Nino
weather phenomenon.
'Already a major drought is developing
 in Thailand which, if relief does not
arrive this month, could have serious
 implications for the next crop,' the
Czarnikow review says. 'If this is par
t of a regional phenomenon there might
be problems later in the year with th
e monsoon in India and this will need
to be monitored carefully.'
</TEXT>
<P
UB>The Financial Times </PUB>
<PAGE> London Page 38 </PAGE>
</DOC>

============= Transaction # 49 ==============================================
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<DOCNO>FT922-12623</DOCNO>
<PROFILE>_AN-CDPBOADHFT</PROFILE>
<DATE>920
416
</DATE>
<HEADLINE> FT  16 APR 92 / Commodities and Agriculture: Supply f
ears buoy sugar prices </HEADLINE>
<BYLINE>    By DAVID BLACKWELL </BYLINE>

<TEXT>
FEARS OF a tighter sugar supply/demand balance in 1992-93 are support
ing the
world market, according to reports from two London trade houses.
Raw
 sugar prices have recently touched eight-month highs, nudging 10 cents a
lb
 in the New York market, on fears of tight nearby supplies following
damage 
to the South African crop because of drought.
The trade houses, ED & F. Man 
and Czarnikow, both point out in reports
published today that in the short t
erm the changing export potential in
several countries will keep the lid on 
prices. The increasing likelihood of
a 1m-tonne increase in Thailand's crop,
 compared with the previous season,
together with the availability of export
able surpluses from India and Cuba,
should 'keep significant advances at bay
', Man's latest sugar report says.
Man believes that reports of a catastroph
ic Cuban crop this season at 5m to
5.5m tonnes are unsupported by the eviden
ce and estimates that the crop will
come in at about 6.5m tonnes. It is fore
casting a crop of more than 5m
tonnes in Thailand and 12.6m tonnes in India.

The overall balance for the 1991-92 season remains marginally in surplus,
M
an says, but it suggests that the situation is likely to be even more
tightl
y balanced in 1992-93.
Czarnikow's sugar review points out that the extent o
f the South African
drought has raised questions about the timing and covera
ge of the El Nino
weather phenomenon.
'Already a major drought is developing
 in Thailand which, if relief does not
arrive this month, could have serious
 implications for the next crop,' the
Czarnikow review says. 'If this is par
t of a regional phenomenon there might
be problems later in the year with th
e monsoon in India and this will need
to be monitored carefully.'
</TEXT>
<P
UB>The Financial Times </PUB>
<PAGE> London Page 38 </PAGE>
</DOC>

============= Transaction # 50 ==============================================
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============= Transaction # 51 ==============================================
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<DOC>
<DOCNO>FT922-5507</DOCNO>
<PROFILE>_AN-CE3AGABIFT</PROFILE>
<DATE>9205
30
</DATE>
<HEADLINE> FT  30 MAY 92 / The Long View: Going for the jugular <
/HEADLINE>
<BYLINE>    By BARRY RILEY </BYLINE>
<TEXT>
WHENEVER I meet Fring
e Freddie, I know I am going to start worrying. It's
catching. Either he is 
getting ready for the biggest boom ever known, or the
biggest crash. A quiet
 life never comes into it. Right now, he is in one of
his apocalyptic phases
.
I occasionally run into Freddie at slightly offbeat investment seminars.
T
hese are, I must emphasise, perfectly respectable occasions - nothing at
all
 like those international gatherings in places like Monte Carlo or
Acapulco 
where every weird investment prophet and nutty newsletter editor in
the worl
d is gathered. They rant at geriatric American investors who can be
persuade
d to pay Dollars 5,000 to enjoy two days of skilful manipulation of
their on
ly remaining emotions of greed and fear - in between naps, of
course. Freddi
e is in his element in those places. But he can once in a
while come in from
 the fringe.
The previous time I bumped into Freddie, he was heavily into gl
obal weather
patterns. El Nino was developing again in the South Pacific. I 
gathered it
was some kind of surface warming effect which kills all the fish
 off South
America and then spreads drought and famine across large areas of
 the globe.
Freddie's eyes lit up at the thought. He was going heavily long 
of
agricultural commodities on the Chicago markets. Potatoes would be like g
old
dust.
This week, I dropped into a seemingly harmless seminar on long-ter
m cycles
and was buttonholed by Freddie again at coffee time. El Nino? He se
emed to
have lost interest in Pacific sea temperatures. Evidently, those fut
ures
contracts had drifted out of the money. Now he was into NT, which he
pa
tiently explained was Nostradamus Theory. Did I know that a new team of
Nost
radamus analysts had finally cracked the mystery of the old mystic's
code? F
uture disasters were being set out on an accurate timetable so that
those in
vestors in the know could take maximum advantage.
I said I was a bit hazy ab
out Nostradamus, although I was aware that the
International Harry Shultz Le
tter had confessed to an error in its last
issue. Apparently, the catastroph
ic Californian earthquake it had forecast
on an interpretation of Nostradamu
s for May 8 1992 was wrong; it should have
said May 8 1993. San Diego would 
still slide into the sea, but a year late.
You had better not go to Disneyla
nd about that time, either.
Possibly Freddie twigged that I was not taking h
im entirely seriously, but
he pressed on. Did I not realise that the US econ
omy was twice as
debt-ridden as it had ever been? Was I not aware that the J
apanese financial
system was already technically insolvent, and that there w
ere exact
parallels between the Wall Street slide and subsequent American sl
ump from
1929 onwards and the Toyko market slide beginning in 1990? Had I no
t noticed
that Germany . . .
Look, I said, I knew some of the numbers didn't
 look too good, but the
global economy was still growing and over the years 
I had read more than my
fair ration of books by gloom and doom merchants. As
 far back as 1984, the
Kondratieff Wave theorists had been forecasting an im
minent slump. In fact,
the world stayed in a long boom. Then there was Ravi 
Batra, who made a
fortune out of The Great Depression of 1990. However, ther
e was no
depression in 1990, just a recession in 1991, while Wall Street in 
1992 is
hitting all-time highs. Britain's own Lord Rees-Mogg, taking time ou
t from
cleaning up television, had got in on the act with a co-authored fina
ncial
spinechiller called Blood in the Streets and, when that proved prematu
re,
managed to get out a sequel called The Great Reckoning earlier this year
. It
had all been good for royalty receipts but not for credibility.
Freddie
 was distinctly unimpressed. Hadn't I seen what was happening to
property va
lues worldwide? Or the 60 per cent collapse of what had been the
world's big
gest stock market in Tokyo? Or the dreadful economic slump in
eastern Europe
? What was happening in western stock markets was just the
last gasp of the 
old order.
What I had missed, he said, becoming more excitable by the minute
, was the
importance of the combination of the 54-year Kondratieff Wave with
 the
seven- to 11-year Juglar cycle, not to mention the intermediary Kuznets

cycle. After all, the Kondratieff could last as long as 60 years: what did

1932 plus 60 add up to? Put all the cycles together and you could have a
tri
ple whammy for the early 1990s.
This was all getting beyond me, although I m
urmured that I remembered that
Batra had discussed something called the Jugu
lar Cycle in his book. Either
his spelling was wrong or he was talking about
 blood in the streets, too. I
wished Freddie had stuck to his Peruvian fish 
famine.
I should never have got back to the weather. Global warming, apparen
tly, was
the latest theme to arise from NT Why, Nostradamus himself had warn
ed that a
great tide would arise in a second Great Flood and the hot wind wo
uld blow
as from hell itself. The date? Well, the interpreters hadn't quite 
decided
yet, but it wouldn't be very long.
We should be selling all energy s
tocks on the grounds that governments would
soon be doubling gasoline taxes 
and banning emissions. Commodity markets
would be transformed as food crops 
were devastated. By now the gleam was
really back in his eyes. The long-term
 punter should be buying land at least
10 metres above existing sea level, w
aiting for values to soar as millions
were driven out of beachside settlemen
ts by the advancing waters. Except in
California, of course, which was all g
oing to slide into a geological fault
. . .
I made an excuse and left. The F
reddie Cycle was clearly testing its low
point. But, in my experience, it ne
ver stays down for long.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lond
on Page I </PAGE>
</DOC>

============= Transaction # 52 ==============================================
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<DOC>
<DOCNO>FT922-5507</DOCNO>
<PROFILE>_AN-CE3AGABIFT</PROFILE>
<DATE>9205
30
</DATE>
<HEADLINE> FT  30 MAY 92 / The Long View: Going for the jugular <
/HEADLINE>
<BYLINE>    By BARRY RILEY </BYLINE>
<TEXT>
WHENEVER I meet Fring
e Freddie, I know I am going to start worrying. It's
catching. Either he is 
getting ready for the biggest boom ever known, or the
biggest crash. A quiet
 life never comes into it. Right now, he is in one of
his apocalyptic phases
.
I occasionally run into Freddie at slightly offbeat investment seminars.
T
hese are, I must emphasise, perfectly respectable occasions - nothing at
all
 like those international gatherings in places like Monte Carlo or
Acapulco 
where every weird investment prophet and nutty newsletter editor in
the worl
d is gathered. They rant at geriatric American investors who can be
persuade
d to pay Dollars 5,000 to enjoy two days of skilful manipulation of
their on
ly remaining emotions of greed and fear - in between naps, of
course. Freddi
e is in his element in those places. But he can once in a
while come in from
 the fringe.
The previous time I bumped into Freddie, he was heavily into gl
obal weather
patterns. El Nino was developing again in the South Pacific. I 
gathered it
was some kind of surface warming effect which kills all the fish
 off South
America and then spreads drought and famine across large areas of
 the globe.
Freddie's eyes lit up at the thought. He was going heavily long 
of
agricultural commodities on the Chicago markets. Potatoes would be like g
old
dust.
This week, I dropped into a seemingly harmless seminar on long-ter
m cycles
and was buttonholed by Freddie again at coffee time. El Nino? He se
emed to
have lost interest in Pacific sea temperatures. Evidently, those fut
ures
contracts had drifted out of the money. Now he was into NT, which he
pa
tiently explained was Nostradamus Theory. Did I know that a new team of
Nost
radamus analysts had finally cracked the mystery of the old mystic's
code? F
uture disasters were being set out on an accurate timetable so that
those in
vestors in the know could take maximum advantage.
I said I was a bit hazy ab
out Nostradamus, although I was aware that the
International Harry Shultz Le
tter had confessed to an error in its last
issue. Apparently, the catastroph
ic Californian earthquake it had forecast
on an interpretation of Nostradamu
s for May 8 1992 was wrong; it should have
said May 8 1993. San Diego would 
still slide into the sea, but a year late.
You had better not go to Disneyla
nd about that time, either.
Possibly Freddie twigged that I was not taking h
im entirely seriously, but
he pressed on. Did I not realise that the US econ
omy was twice as
debt-ridden as it had ever been? Was I not aware that the J
apanese financial
system was already technically insolvent, and that there w
ere exact
parallels between the Wall Street slide and subsequent American sl
ump from
1929 onwards and the Toyko market slide beginning in 1990? Had I no
t noticed
that Germany . . .
Look, I said, I knew some of the numbers didn't
 look too good, but the
global economy was still growing and over the years 
I had read more than my
fair ration of books by gloom and doom merchants. As
 far back as 1984, the
Kondratieff Wave theorists had been forecasting an im
minent slump. In fact,
the world stayed in a long boom. Then there was Ravi 
Batra, who made a
fortune out of The Great Depression of 1990. However, ther
e was no
depression in 1990, just a recession in 1991, while Wall Street in 
1992 is
hitting all-time highs. Britain's own Lord Rees-Mogg, taking time ou
t from
cleaning up television, had got in on the act with a co-authored fina
ncial
spinechiller called Blood in the Streets and, when that proved prematu
re,
managed to get out a sequel called The Great Reckoning earlier this year
. It
had all been good for royalty receipts but not for credibility.
Freddie
 was distinctly unimpressed. Hadn't I seen what was happening to
property va
lues worldwide? Or the 60 per cent collapse of what had been the
world's big
gest stock market in Tokyo? Or the dreadful economic slump in
eastern Europe
? What was happening in western stock markets was just the
last gasp of the 
old order.
What I had missed, he said, becoming more excitable by the minute
, was the
importance of the combination of the 54-year Kondratieff Wave with
 the
seven- to 11-year Juglar cycle, not to mention the intermediary Kuznets

cycle. After all, the Kondratieff could last as long as 60 years: what did

1932 plus 60 add up to? Put all the cycles together and you could have a
tri
ple whammy for the early 1990s.
This was all getting beyond me, although I m
urmured that I remembered that
Batra had discussed something called the Jugu
lar Cycle in his book. Either
his spelling was wrong or he was talking about
 blood in the streets, too. I
wished Freddie had stuck to his Peruvian fish 
famine.
I should never have got back to the weather. Global warming, apparen
tly, was
the latest theme to arise from NT Why, Nostradamus himself had warn
ed that a
great tide would arise in a second Great Flood and the hot wind wo
uld blow
as from hell itself. The date? Well, the interpreters hadn't quite 
decided
yet, but it wouldn't be very long.
We should be selling all energy s
tocks on the grounds that governments would
soon be doubling gasoline taxes 
and banning emissions. Commodity markets
would be transformed as food crops 
were devastated. By now the gleam was
really back in his eyes. The long-term
 punter should be buying land at least
10 metres above existing sea level, w
aiting for values to soar as millions
were driven out of beachside settlemen
ts by the advancing waters. Except in
California, of course, which was all g
oing to slide into a geological fault
. . .
I made an excuse and left. The F
reddie Cycle was clearly testing its low
point. But, in my experience, it ne
ver stays down for long.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> Lond
on Page I </PAGE>
</DOC>

============= Transaction # 53 ==============================================
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<DOC>
<DOCNO>FT922-643</DOCNO>
<PROFILE>_AN-CFZBBAD9FT</PROFILE>
<DATE>92062
6
</DATE>
<HEADLINE> FT  26 JUN 92 / Commodities and Agriculture: Flooded Bo
livian farmers on hunger strike </HEADLINE>
<BYLINE>    By FRANCIS FREISINGE
R </BYLINE>
<DATELINE>    SANTA CRUZ </DATELINE>
<TEXT>
THE BOLIVIAN Eastern
 Farmers Chamber (CAO) has declared an indefinite hunger
strike in protest a
t the lack of government aid in the wake of the
agricultural disaster that h
as struck the Santa Cruz department as a result
of months of flooding. Peasa
nt groups have announced other measures in
support of the CAO - including ro
ad blocks - and a regional general strike
may follow.
Santa Cruz in the east
 of the country, which produces 90 per cent of
Bolivia's agricultural export
s, principally soyabeans and sugar, has been
devastated since January by the
 worst floods in living memory. At least a
third and possibly as much as hal
f the crop has been lost already and the
sowing of the next crop has been se
riously disrupted, the losses will
continue for another harvest. At least Do
llars l00m has been lost to date, a
vast sum for Bolivia. As a result there 
will be a marked reduction in GNP
growth this year according to economists.

Nearly a hundred farmers from the CAO have joined the hunger strike,
includi
ng some of the wealthiest men in the country, and as many as 500 more
are po
ised to follow. In a remarkable development, the hardline right-wing
farmers
 have literally become bedfellows with their traditional enemy, the
Bolivian
 Workers' Central (COB), the national union confederation which
still adhere
s, at least in theory, to a revolutionary Marxist ideology. Some
of COB lead
ers have joined the hunger strike and are now sleeping in the
same room as t
he farmers.
The farmers are calling for much more direct government and inte
rnational
assistance as well as rescheduling of loans from both private bank
s and
multinational institutions, principally the Inter-American Development
 Bank.
They are demanding special help for the smaller farmers, worst hit
fi
nancially because of their lack of access to credit, as a result of which
th
ousands face bankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
w
ill remain on hunger strike until a global solution is found'.
The flooding 
is partly the result of exceptionally heavy rains that have
accompanied the 
El Nino cyclical Pacific weather phenomenon, which has also
brought flooding
 this year to Peru and Ecuador. However, according to
ecologists, the effect
 has been exacerbated in Bolivia by the extensive
deforestation that has acc
ompanied the agricultural boom of the past few
years
Despite officially decl
aring the region a disaster zone, the government
claims that it is unable to
 help. Mr Hugo Lozino, minister of peasant
development said: 'We have done w
hat we can. Bolivia is a poor country and
can't afford to do more'.
It seems
 unlikely, however, that the government will be able to resist the
powerful 
alliance confronting it, especially as it faces unrest in other key
sectors,
 including mining.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 30 </PAGE>
</DOC>

============= Transaction # 54 ==============================================
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<DOC>
<DOCNO>FT922-643</DOCNO>
<PROFILE>_AN-CFZBBAD9FT</PROFILE>
<DATE>92062
6
</DATE>
<HEADLINE> FT  26 JUN 92 / Commodities and Agriculture: Flooded Bo
livian farmers on hunger strike </HEADLINE>
<BYLINE>    By FRANCIS FREISINGE
R </BYLINE>
<DATELINE>    SANTA CRUZ </DATELINE>
<TEXT>
THE BOLIVIAN Eastern
 Farmers Chamber (CAO) has declared an indefinite hunger
strike in protest a
t the lack of government aid in the wake of the
agricultural disaster that h
as struck the Santa Cruz department as a result
of months of flooding. Peasa
nt groups have announced other measures in
support of the CAO - including ro
ad blocks - and a regional general strike
may follow.
Santa Cruz in the east
 of the country, which produces 90 per cent of
Bolivia's agricultural export
s, principally soyabeans and sugar, has been
devastated since January by the
 worst floods in living memory. At least a
third and possibly as much as hal
f the crop has been lost already and the
sowing of the next crop has been se
riously disrupted, the losses will
continue for another harvest. At least Do
llars l00m has been lost to date, a
vast sum for Bolivia. As a result there 
will be a marked reduction in GNP
growth this year according to economists.

Nearly a hundred farmers from the CAO have joined the hunger strike,
includi
ng some of the wealthiest men in the country, and as many as 500 more
are po
ised to follow. In a remarkable development, the hardline right-wing
farmers
 have literally become bedfellows with their traditional enemy, the
Bolivian
 Workers' Central (COB), the national union confederation which
still adhere
s, at least in theory, to a revolutionary Marxist ideology. Some
of COB lead
ers have joined the hunger strike and are now sleeping in the
same room as t
he farmers.
The farmers are calling for much more direct government and inte
rnational
assistance as well as rescheduling of loans from both private bank
s and
multinational institutions, principally the Inter-American Development
 Bank.
They are demanding special help for the smaller farmers, worst hit
fi
nancially because of their lack of access to credit, as a result of which
th
ousands face bankruptcy. The CAO President, Mr Sergio Justiniano said: 'We
w
ill remain on hunger strike until a global solution is found'.
The flooding 
is partly the result of exceptionally heavy rains that have
accompanied the 
El Nino cyclical Pacific weather phenomenon, which has also
brought flooding
 this year to Peru and Ecuador. However, according to
ecologists, the effect
 has been exacerbated in Bolivia by the extensive
deforestation that has acc
ompanied the agricultural boom of the past few
years
Despite officially decl
aring the region a disaster zone, the government
claims that it is unable to
 help. Mr Hugo Lozino, minister of peasant
development said: 'We have done w
hat we can. Bolivia is a poor country and
can't afford to do more'.
It seems
 unlikely, however, that the government will be able to resist the
powerful 
alliance confronting it, especially as it faces unrest in other key
sectors,
 including mining.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Pag
e 30 </PAGE>
</DOC>

============= Transaction # 55 ==============================================
Transaction #:     55       Transaction Code:  14 (Search Results Displayed)

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============= Transaction # 56 ==============================================
Transaction #:     56       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT921-5191</DOCNO>
<PROFILE>_AN-CCEBQAC7FT</PROFILE>
<DATE>9203
05
</DATE>
<HEADLINE> FT  05 MAR 92 / Commodities and Agriculture: Ecuador s
hells out on shrimp farming - The consequences of declining fish stocks and 
over-investment </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<TEXT>
E
cuador's shrimp farming business had another record year in 1991 as the gap

with other fishing exports widened.
Groups within the industry, unwilling to
 acknowledge over-fishing, accuse
each other of irrational practices or blam
e dwindling catches on climate and
ocean currents.
'We've seen this happen i
n other countries - with herring in the North Sea,
and anchovy in Peru,' sai
d Mr Ian Scott, the economist in charge of
Britain's technical assistance pr
ogramme for the fishing sector.
'There's been over-investment. If the Ecuado
rian fleet fishes for 150 days a
year at 50 per cent efficiency, it can catc
h 3m tonnes - but the sustainable
stock of pelagic fish is only 500,000 to 1
m tonnes.'
In the last few years fishermen supplying the fishmeal and cannin
g
industries have seen a drastic drop in the harvest of sardines, mackerel,

thread herring and anchovies: the catch fell from 1,970,000 tonnes in 1985
t
o 233,000 tonnes in 1990, leaving many processing plants working at less
tha
n 20 per cent of capacity.
Mr Scott said that although the warm southward-fl
owing El Nino current was
responsible for two bad years, the general decline
 was due to over-fishing
and licences and quota systems were needed to help 
stocks recover.
The tuna industry, centred in Manta, is also overblown, but 
the catch has
remained stable at 50,000 to 55,000 tonnes a year.
Both Ecuado
rian and foreign boats fish for tuna. Local fishermen criticise
the fact tha
t boats registered in the US, Japan and other countries are
contracted by Ma
nta processing companies. However, it is argued that only
some of the vessel
s in the national fleet can freeze tuna to -40C, the
temperature necessary f
or good quality exports.
The under-secretary for fishing, Mr Max Aguirre, is
 proud of Ecuador's
record on the dolphin-tuna issue. 'The Ecuadorian law is
 strict. Ecuadorian
and foreign boats have their licences taken away if they
 fish on dolphins. I
report with satisfaction that in 43 trips with observer
s on board there were
zero dolphin deaths.'
Mr Aguirre admits that research 
studies warned of sardine fishing problems,
and says regional controls, incl
uding Peru and Chile, should be enforced.
'Licences should regulate the catc
h with reference to the resource.'
However, the private sector has been too 
powerful and the government too
timid to allow any quota-based management of
 stocks.
The fish sector earned about USDollars 570m in 1991, with shrimps
c
ontributing more than 85 per cent. There are more than 125,000 hectares of
s
hrimp ponds along the tidal flats of the Ecuadorian coastline, mainly in
the
 southern provinces. Most shrimp farms are less than 50 hectares, though
the
 largest - up to as much as 2,000 hectares  - tend to be the most
sophistica
ted. Some use small aircraft to drop feed over the surface of the
ponds.
Shr
imp farms produce all year round so close to the equator and two to three
ha
rvests can be taken. With an ideal climate, plentiful larvae and
low-labour 
costs, Ecuador is the leading Latin American shrimp exporter.
'Our problem a
t the moment is the big jump in the cost of inputs. The dollar
price of shri
mps has dropped and so has profitability,' said Mr Renato del
Campo of the C
hamber of Shrimp Producers in Guayaquil. 'But there are
markets - the US is 
still attractive and we are diversifying into Europe,
especially Spain.'
Exp
orts have risen from 10,000 tonnes in 1980 to more than 78,000 tonnes in
199
1, and the need for more space and more larvae has led to conflict with
envi
ronmental groups, particularly over the clearing of mangroves.
Most shrimps 
are bred from wild larvae caught by thousands of seasonal
fishermen, but mor
e than 100 laboratories have been started up in recent
years, with some expo
rting larvae to Colombia.
Although the shrimp fishing industry is small, acc
ounting for less than 10
per cent of production, wild shrimp provide importa
nt breeding stocks for
the laboratories.
The sector expanded dangerously fas
t - from about 2,000 to 9,000 boats  - in
the 1980s and over-fishing is beco
ming a serious problem within a few miles
of the coast. Many of the boats ar
e dug-out canoes based in small
communities.
'We need to teach people to tak
e better care of the fish, then they'll also
improve their income. There sho
uld be ice available, and we need to
encourage marketing co-operatives,' sai
d Mr Aguirre.
The British aid project, which is now ending after 12 years, h
as helped the
National Fisheries Institute to build up data on biology, prod
uct
development, marketing and management.
Ecuador has a stronger basis for 
planning resource use than many other
countries. 'There isn't any room for g
rowth in the existing industry - it
needs reducing and consolidating,' said 
Mr. Scott.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 30 </P
AGE>
</DOC>

============= Transaction # 57 ==============================================
Transaction #:     57       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT921-5191</DOCNO>
<PROFILE>_AN-CCEBQAC7FT</PROFILE>
<DATE>9203
05
</DATE>
<HEADLINE> FT  05 MAR 92 / Commodities and Agriculture: Ecuador s
hells out on shrimp farming - The consequences of declining fish stocks and 
over-investment </HEADLINE>
<BYLINE>    By SARITA KENDALL </BYLINE>
<TEXT>
E
cuador's shrimp farming business had another record year in 1991 as the gap

with other fishing exports widened.
Groups within the industry, unwilling to
 acknowledge over-fishing, accuse
each other of irrational practices or blam
e dwindling catches on climate and
ocean currents.
'We've seen this happen i
n other countries - with herring in the North Sea,
and anchovy in Peru,' sai
d Mr Ian Scott, the economist in charge of
Britain's technical assistance pr
ogramme for the fishing sector.
'There's been over-investment. If the Ecuado
rian fleet fishes for 150 days a
year at 50 per cent efficiency, it can catc
h 3m tonnes - but the sustainable
stock of pelagic fish is only 500,000 to 1
m tonnes.'
In the last few years fishermen supplying the fishmeal and cannin
g
industries have seen a drastic drop in the harvest of sardines, mackerel,

thread herring and anchovies: the catch fell from 1,970,000 tonnes in 1985
t
o 233,000 tonnes in 1990, leaving many processing plants working at less
tha
n 20 per cent of capacity.
Mr Scott said that although the warm southward-fl
owing El Nino current was
responsible for two bad years, the general decline
 was due to over-fishing
and licences and quota systems were needed to help 
stocks recover.
The tuna industry, centred in Manta, is also overblown, but 
the catch has
remained stable at 50,000 to 55,000 tonnes a year.
Both Ecuado
rian and foreign boats fish for tuna. Local fishermen criticise
the fact tha
t boats registered in the US, Japan and other countries are
contracted by Ma
nta processing companies. However, it is argued that only
some of the vessel
s in the national fleet can freeze tuna to -40C, the
temperature necessary f
or good quality exports.
The under-secretary for fishing, Mr Max Aguirre, is
 proud of Ecuador's
record on the dolphin-tuna issue. 'The Ecuadorian law is
 strict. Ecuadorian
and foreign boats have their licences taken away if they
 fish on dolphins. I
report with satisfaction that in 43 trips with observer
s on board there were
zero dolphin deaths.'
Mr Aguirre admits that research 
studies warned of sardine fishing problems,
and says regional controls, incl
uding Peru and Chile, should be enforced.
'Licences should regulate the catc
h with reference to the resource.'
However, the private sector has been too 
powerful and the government too
timid to allow any quota-based management of
 stocks.
The fish sector earned about USDollars 570m in 1991, with shrimps
c
ontributing more than 85 per cent. There are more than 125,000 hectares of
s
hrimp ponds along the tidal flats of the Ecuadorian coastline, mainly in
the
 southern provinces. Most shrimp farms are less than 50 hectares, though
the
 largest - up to as much as 2,000 hectares  - tend to be the most
sophistica
ted. Some use small aircraft to drop feed over the surface of the
ponds.
Shr
imp farms produce all year round so close to the equator and two to three
ha
rvests can be taken. With an ideal climate, plentiful larvae and
low-labour 
costs, Ecuador is the leading Latin American shrimp exporter.
'Our problem a
t the moment is the big jump in the cost of inputs. The dollar
price of shri
mps has dropped and so has profitability,' said Mr Renato del
Campo of the C
hamber of Shrimp Producers in Guayaquil. 'But there are
markets - the US is 
still attractive and we are diversifying into Europe,
especially Spain.'
Exp
orts have risen from 10,000 tonnes in 1980 to more than 78,000 tonnes in
199
1, and the need for more space and more larvae has led to conflict with
envi
ronmental groups, particularly over the clearing of mangroves.
Most shrimps 
are bred from wild larvae caught by thousands of seasonal
fishermen, but mor
e than 100 laboratories have been started up in recent
years, with some expo
rting larvae to Colombia.
Although the shrimp fishing industry is small, acc
ounting for less than 10
per cent of production, wild shrimp provide importa
nt breeding stocks for
the laboratories.
The sector expanded dangerously fas
t - from about 2,000 to 9,000 boats  - in
the 1980s and over-fishing is beco
ming a serious problem within a few miles
of the coast. Many of the boats ar
e dug-out canoes based in small
communities.
'We need to teach people to tak
e better care of the fish, then they'll also
improve their income. There sho
uld be ice available, and we need to
encourage marketing co-operatives,' sai
d Mr Aguirre.
The British aid project, which is now ending after 12 years, h
as helped the
National Fisheries Institute to build up data on biology, prod
uct
development, marketing and management.
Ecuador has a stronger basis for 
planning resource use than many other
countries. 'There isn't any room for g
rowth in the existing industry - it
needs reducing and consolidating,' said 
Mr. Scott.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 30 </P
AGE>
</DOC>

============= Transaction # 58 ==============================================
Transaction #:     58       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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<DOC>
<DOCNO>FT931-13401</DOCNO>
<PROFILE>_AN-DAXAVADOFT</PROFILE>
<DATE>930
123
</DATE>
<HEADLINE> FT  23 JAN 93 / World Stock Markets: De Beers gives J
SE a buoyant start to 1993 - But economic hopes are muted </HEADLINE>
<BYLIN
E>    By PHILIP GAWITH </BYLINE>
<TEXT>
Just as the collapse last August in 
De Beers' share price was an important
factor in driving down the Johannesbu
rg Stock Exchange, so its recent
recovery has helped get the market off to a
 buoyant start in 1993.
The overall index has risen by about 4 per cent in t
he first three weeks,
having closed 1992 down 5.3 per cent on the year. The 
index closed yesterday
up 22 at 3,404.
Much of this year's rise can be attri
buted to De Beers, which accounts for
some 10 per cent of total volume and 5
 per cent of market capitalisation.
The shares have risen by 16 per cent sin
ce the start of the year, closing
yesterday at R68.25, after finishing 1992 
at R57.50. This improvement is
mainly attributable to better than expected r
ough diamond sales by the
Central Selling Organisation during 1992, and indi
cations that the problem
of excess supply from Angola and Russia has eased.

The industrial index has also started the year strongly, up 4 per cent,
afte
r a 4.6 per cent gain in the whole of 1992, which followed a strong 39
per c
ent rise the previous year.
Mr Richard Jesse, an analyst at brokers Martin &
 Co partly attributes this
good start to the, by now, 'tedious litany' of th
e market's scrip shortage.
Nevertheless, most observers believe that 1993 wi
ll be a better year on the
JSE than 1992. To some extent, this view is suppo
rted by improved political
and economic fundamentals. While the speed of pol
itical negotiation is
rather slow all those involved are aware that the coun
try cannot afford a
repeat of the damaging political hiatus which followed t
he failure of the
Codesa 2 talks in May and the Boipatong massacre in June.

Economic expectations, however, are muted: the weather pattern in recent
wee
ks has led to renewed fears that the El Nino phenomenon, associated with
the
 severe drought of 1991-92, has reappeared. Last year, for instance, the
dro
ught shaved nearly 2 percentage points off GDP growth.
The expectation remai
ns, however, of positive growth in 1993 of around 1.5
per cent (GDP shrunk b
y about 2 per cent in 1992), on hopes of a better
agricultural season and im
proved commodity exports as world growth improves.
The earnings prospects of
 industrial companies remains gloomy. Most
companies that have reported rece
ntly have predicted a drop in profits and
there is little expectation of imp
roved corporate profits before 1994.
In spite of these rather pale fundament
als, Mr Jesse is predicting a
rerating of the market. He believes that the F
inancial and Industrial index,
currently on a price/earnings ratio of 14.9 t
imes, down from a peak of some
15.5 in 1992, could rise to more than 16 this
 year.
He gives two main reasons for this forecast, apart from the improved

political prospects. First, the absence of alternatives: property returns
ar
e expected to fall in 1993, while money market rates which are in line
with 
inflation, and likely to fall with interest rates, are hardly
attractive.
Ca
pital markets are also a difficult route because, while the probable
short-t
erm decline in inflation, which currently stands at about 11 per
cent, is po
sitive, this is counterbalanced by concerns about the size of the
government
's budget deficit and prospects of a relaxation in fiscal policy
under an in
terim government.
Second, Mr Jesse argues that South African fund managers w
ill be increasing
the equity portion of their portfolios: many of them are u
nderweight,
holding less than 60 per cent in equities when the limit is as m
uch as 75
per cent.
One unfashionable area which could receive some of these
 institutional funds
is gold shares which have been sharply downrated over t
he past three years
as the gold index declined from a peak of 2,250 to curre
nt levels of about
800, with a 30 per cent fall in 1992 alone.
Mr Mike Wuth,
 mining analyst at brokers Rice Rinaldi says that this
correction has largel
y removed the speculative angle from gold. Now, he
says, gold has to offer d
ecent returns and compete more directly with
industrial shares.
However few 
analysts hold out much hope for a higher gold price in the short
term and a 
weakening rand is only likely to offer limited benefit.
But one way that pro
fits can be improved is through further cost cutting
measures and the Decemb
er gold quarterly results of mining houses confirm
the impressive progress t
hat has been made in this direction. With the
dividend yield of the gold ind
ex having risen to 6.6 per cent from 3.4 per
cent three years ago, gold shar
es are now offering better value than for a
number of years.
Mr Wuth forecas
ts that foreigners are more likely to be buyers of good
shares than local in
stitutions. Many of the latter, he argues, are
historically overweight in go
ld and so are looking for opportunities to
lighten their holdings.
Overseas 
institutions, of course, will be wary of the vagaries of the
financial rand 
investment unit, which started 1992 at a discount of 14 per
cent to the comm
ercial rand and ended at a discount of 37 per cent.
But the political outloo
k and recent steps taken to bolster the currency,
make any further weakening
 from current levels unlikely.
</TEXT>
<XX>
Countries:-
</XX>
<CN>ZAZ  South
 Africa, Africa.
</CN>
<XX>
Industries:-
</XX>
<IN>P6231  Security and Commo
dity Exchanges.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment and Analysis.
   
 MKTS  Market Data.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page
 19 </PAGE>
</DOC>

============= Transaction # 59 ==============================================
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<DOC>
<DOCNO>FT931-13401</DOCNO>
<PROFILE>_AN-DAXAVADOFT</PROFILE>
<DATE>930
123
</DATE>
<HEADLINE> FT  23 JAN 93 / World Stock Markets: De Beers gives J
SE a buoyant start to 1993 - But economic hopes are muted </HEADLINE>
<BYLIN
E>    By PHILIP GAWITH </BYLINE>
<TEXT>
Just as the collapse last August in 
De Beers' share price was an important
factor in driving down the Johannesbu
rg Stock Exchange, so its recent
recovery has helped get the market off to a
 buoyant start in 1993.
The overall index has risen by about 4 per cent in t
he first three weeks,
having closed 1992 down 5.3 per cent on the year. The 
index closed yesterday
up 22 at 3,404.
Much of this year's rise can be attri
buted to De Beers, which accounts for
some 10 per cent of total volume and 5
 per cent of market capitalisation.
The shares have risen by 16 per cent sin
ce the start of the year, closing
yesterday at R68.25, after finishing 1992 
at R57.50. This improvement is
mainly attributable to better than expected r
ough diamond sales by the
Central Selling Organisation during 1992, and indi
cations that the problem
of excess supply from Angola and Russia has eased.

The industrial index has also started the year strongly, up 4 per cent,
afte
r a 4.6 per cent gain in the whole of 1992, which followed a strong 39
per c
ent rise the previous year.
Mr Richard Jesse, an analyst at brokers Martin &
 Co partly attributes this
good start to the, by now, 'tedious litany' of th
e market's scrip shortage.
Nevertheless, most observers believe that 1993 wi
ll be a better year on the
JSE than 1992. To some extent, this view is suppo
rted by improved political
and economic fundamentals. While the speed of pol
itical negotiation is
rather slow all those involved are aware that the coun
try cannot afford a
repeat of the damaging political hiatus which followed t
he failure of the
Codesa 2 talks in May and the Boipatong massacre in June.

Economic expectations, however, are muted: the weather pattern in recent
wee
ks has led to renewed fears that the El Nino phenomenon, associated with
the
 severe drought of 1991-92, has reappeared. Last year, for instance, the
dro
ught shaved nearly 2 percentage points off GDP growth.
The expectation remai
ns, however, of positive growth in 1993 of around 1.5
per cent (GDP shrunk b
y about 2 per cent in 1992), on hopes of a better
agricultural season and im
proved commodity exports as world growth improves.
The earnings prospects of
 industrial companies remains gloomy. Most
companies that have reported rece
ntly have predicted a drop in profits and
there is little expectation of imp
roved corporate profits before 1994.
In spite of these rather pale fundament
als, Mr Jesse is predicting a
rerating of the market. He believes that the F
inancial and Industrial index,
currently on a price/earnings ratio of 14.9 t
imes, down from a peak of some
15.5 in 1992, could rise to more than 16 this
 year.
He gives two main reasons for this forecast, apart from the improved

political prospects. First, the absence of alternatives: property returns
ar
e expected to fall in 1993, while money market rates which are in line
with 
inflation, and likely to fall with interest rates, are hardly
attractive.
Ca
pital markets are also a difficult route because, while the probable
short-t
erm decline in inflation, which currently stands at about 11 per
cent, is po
sitive, this is counterbalanced by concerns about the size of the
government
's budget deficit and prospects of a relaxation in fiscal policy
under an in
terim government.
Second, Mr Jesse argues that South African fund managers w
ill be increasing
the equity portion of their portfolios: many of them are u
nderweight,
holding less than 60 per cent in equities when the limit is as m
uch as 75
per cent.
One unfashionable area which could receive some of these
 institutional funds
is gold shares which have been sharply downrated over t
he past three years
as the gold index declined from a peak of 2,250 to curre
nt levels of about
800, with a 30 per cent fall in 1992 alone.
Mr Mike Wuth,
 mining analyst at brokers Rice Rinaldi says that this
correction has largel
y removed the speculative angle from gold. Now, he
says, gold has to offer d
ecent returns and compete more directly with
industrial shares.
However few 
analysts hold out much hope for a higher gold price in the short
term and a 
weakening rand is only likely to offer limited benefit.
But one way that pro
fits can be improved is through further cost cutting
measures and the Decemb
er gold quarterly results of mining houses confirm
the impressive progress t
hat has been made in this direction. With the
dividend yield of the gold ind
ex having risen to 6.6 per cent from 3.4 per
cent three years ago, gold shar
es are now offering better value than for a
number of years.
Mr Wuth forecas
ts that foreigners are more likely to be buyers of good
shares than local in
stitutions. Many of the latter, he argues, are
historically overweight in go
ld and so are looking for opportunities to
lighten their holdings.
Overseas 
institutions, of course, will be wary of the vagaries of the
financial rand 
investment unit, which started 1992 at a discount of 14 per
cent to the comm
ercial rand and ended at a discount of 37 per cent.
But the political outloo
k and recent steps taken to bolster the currency,
make any further weakening
 from current levels unlikely.
</TEXT>
<XX>
Countries:-
</XX>
<CN>ZAZ  South
 Africa, Africa.
</CN>
<XX>
Industries:-
</XX>
<IN>P6231  Security and Commo
dity Exchanges.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment and Analysis.
   
 MKTS  Market Data.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page
 19 </PAGE>
</DOC>

============= Transaction # 60 ==============================================
Transaction #:     60       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT921-16395</DOCNO>
<PROFILE>_AN-CACBJAD4FT</PROFILE>
<DATE>920
103
</DATE>
<HEADLINE> FT  03 JAN 92 / Commodities and Agriculture: Uncertai
nties cloud US farming outlook - Election year politics could again ease gro
wers' sufferings </HEADLINE>
<BYLINE>    By NANCY DUNNE </BYLINE>
<TEXT>
AME
RICAN FARMERS are facing a new year as shrouded in uncertainty as any in
rec
ent times. The collapse of the Soviet Union puts into jeopardy one of
their 
most lucrative markets; trade war with China is looming; and the
condition o
f the world economy is precarious.
Negotiators in the Uruguay Round of the G
eneral Agreement on Tariffs and
Trade are still deadlocked on farm trade ref
orm. Even the course of the El
Nino weather phenomenon is confounding expert
s, who worry that it could
trigger droughts in some areas at a time when US 
grain stocks are
uncomfortably low.
At the annual outlook conference of the 
US Department of Agriculture
Department last month, Mr James Donald, head of
 the USDA's World Agriculture
Outlook Board, put an optimistic face on 1992 
for American farmers. Global
crop production would fall but animal output wo
uld grow, creating many more
hungry mouths to feed, he said.
Higher grain pr
ices and an increased volume of wheat, soyabean and
horticultural product ex
ports would boost the value of farm exports to
Dollars 39bn, up 4 per cent f
rom 1991, Mr Donald forecast. World commodity
demand would increase because 
of real economic growth of about 2.5 per cent,
population growth of 1.7 per 
cent and a 2 per cent rise in meat output.
Meanwhile a 'modest increase' cou
ld be expected in input prices. However,
the overall result would be cash re
turns only 'close' to 1991 levels.
Mr Robert McElroy, a USDA agricultural ec
onomist, predicted a rise in US
wheat prices next year. But he told the conf
erence a threatened drop in
other grain prices could lead to an overall drop
 in incomes. That would be a
further blow to a sector where bankruptcies are
 continuing at a brisk pace,
although not at the rate of the early 1980s.
Mr
 Mitchell Morehart, another USDA agricultural economist, acknowledged that
t
he rapid changes in the world had made it 'pretty difficult' to forecast
net
 farm income. The drop in US interest rates would benefit some farmers
and a
 possible fall in fuel prices would also help.
Maize is the largest single c
omponent of US farmer price receipts and the
republics of the former Soviet 
Union are still the major wild card in the
pack. The future of this trade re
sts on the willingness of the west to
provide financial assistance.
If the w
est withheld credits mendous,' said Mr Alan Terhaar, executive
director of t
he US Feed Grains Council.
'The cumulative effect of lack of trade credits t
hat would cause the Soviets
to fall from the projected level to, for example
, 5m tonnes of imports would
by the end of 1995-96, could cause a build-up o
f 60m tonnes of US feed
grains stocks. Wheat stocks would face a similar bui
ld-up.'
If President Bush took the lead on increasing export guarantees to t
he
former Soviet republics then the subsequent rise in maize prices could
ac
tually turn falling farm incomes around.
With all the uncertainties, Mr Terh
aar expected a 'disappointing' outcome
for 1991-92 trade. Although exports t
o Mexico had been rising, they were
slightly behind expectations of 7.5m ton
nes per year by 1995. Furthermore,
he was keeping a close watch on proposed 
changes to Mexico's ejido (communal
farm) land tenure system.
'Even two year
s ago it would have been inconceivable that Mexico would ever
change its eji
do system, which dates back to that country's revolution,' Mr
Terhaar said. 
The system had been 'considered an insurmountable impediment'
to higher Mexi
can production, but a proposal to introduce privatisation into
the system co
uld have 'far reaching consequences for the make-up of crop and
livestock pr
oduction'.
Mr Terhaar was hopeful about increased exports to Egypt, since US
 debt
forgiveness and an emerging private sector had strengthened the market
.
Eastern Europe offered some possibility of new markets in the short term b
ut
it could not afford to buy much.
Australia, South Africa and Thailand app
eared to be moving away from feed
grains exports, but the Asian market posed
 another concern for the US.
Japan's tariff quota on imports of maize for in
dustrial processing and
layers of regulations and secondary tariffs on feed 
grain might indicate 'we
have simply reached a plateau in Japanese imports. 
. . or we are entering a
period of significant decline'.
In Korea the US was
 facing China as a major competitor, while China was
maintaining firm contro
l on import volume into the south, where economic
growth rates in excess of 
20 per cent were causing an explosion in demand.
Mr Terhaar was 'bullish' th
at China would succumb to economic and political
pressures to open its marke
t to feed grain imports. Currently it was
importing 800,000 tonnes of barley
 for malt production, and demand was
growing by more than 100,000 tonnes a y
ear.
The likeliest bet is that election year politics will prevail and US fa
rmers
will not be allowed to suffer unduly in 1992. If history repeats itsel
f -
and why not? - then the Republican administration and Democratic Congres
s
will join forces to ensure that the Midwest and the Sunbelt states, major

electoral battlegrounds, will get sticking plasters for their pain.
Already 
there have been calls in Congress for export subsidy re-armament.
President 
Bush, facing a tough re-election fight and lagging in the polls,
is unlikely
 to refuse this favoured constituency unless Gatt brings
discipline into the
 trade.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 14 Photog
raph Maize is the biggest contributor to US farm incomes but Soviet sales ar
e in doubt (Omitted). </PAGE>
</DOC>

============= Transaction # 61 ==============================================
Transaction #:     61       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
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<DOCNO>FT921-16395</DOCNO>
<PROFILE>_AN-CACBJAD4FT</PROFILE>
<DATE>920
103
</DATE>
<HEADLINE> FT  03 JAN 92 / Commodities and Agriculture: Uncertai
nties cloud US farming outlook - Election year politics could again ease gro
wers' sufferings </HEADLINE>
<BYLINE>    By NANCY DUNNE </BYLINE>
<TEXT>
AME
RICAN FARMERS are facing a new year as shrouded in uncertainty as any in
rec
ent times. The collapse of the Soviet Union puts into jeopardy one of
their 
most lucrative markets; trade war with China is looming; and the
condition o
f the world economy is precarious.
Negotiators in the Uruguay Round of the G
eneral Agreement on Tariffs and
Trade are still deadlocked on farm trade ref
orm. Even the course of the El
Nino weather phenomenon is confounding expert
s, who worry that it could
trigger droughts in some areas at a time when US 
grain stocks are
uncomfortably low.
At the annual outlook conference of the 
US Department of Agriculture
Department last month, Mr James Donald, head of
 the USDA's World Agriculture
Outlook Board, put an optimistic face on 1992 
for American farmers. Global
crop production would fall but animal output wo
uld grow, creating many more
hungry mouths to feed, he said.
Higher grain pr
ices and an increased volume of wheat, soyabean and
horticultural product ex
ports would boost the value of farm exports to
Dollars 39bn, up 4 per cent f
rom 1991, Mr Donald forecast. World commodity
demand would increase because 
of real economic growth of about 2.5 per cent,
population growth of 1.7 per 
cent and a 2 per cent rise in meat output.
Meanwhile a 'modest increase' cou
ld be expected in input prices. However,
the overall result would be cash re
turns only 'close' to 1991 levels.
Mr Robert McElroy, a USDA agricultural ec
onomist, predicted a rise in US
wheat prices next year. But he told the conf
erence a threatened drop in
other grain prices could lead to an overall drop
 in incomes. That would be a
further blow to a sector where bankruptcies are
 continuing at a brisk pace,
although not at the rate of the early 1980s.
Mr
 Mitchell Morehart, another USDA agricultural economist, acknowledged that
t
he rapid changes in the world had made it 'pretty difficult' to forecast
net
 farm income. The drop in US interest rates would benefit some farmers
and a
 possible fall in fuel prices would also help.
Maize is the largest single c
omponent of US farmer price receipts and the
republics of the former Soviet 
Union are still the major wild card in the
pack. The future of this trade re
sts on the willingness of the west to
provide financial assistance.
If the w
est withheld credits mendous,' said Mr Alan Terhaar, executive
director of t
he US Feed Grains Council.
'The cumulative effect of lack of trade credits t
hat would cause the Soviets
to fall from the projected level to, for example
, 5m tonnes of imports would
by the end of 1995-96, could cause a build-up o
f 60m tonnes of US feed
grains stocks. Wheat stocks would face a similar bui
ld-up.'
If President Bush took the lead on increasing export guarantees to t
he
former Soviet republics then the subsequent rise in maize prices could
ac
tually turn falling farm incomes around.
With all the uncertainties, Mr Terh
aar expected a 'disappointing' outcome
for 1991-92 trade. Although exports t
o Mexico had been rising, they were
slightly behind expectations of 7.5m ton
nes per year by 1995. Furthermore,
he was keeping a close watch on proposed 
changes to Mexico's ejido (communal
farm) land tenure system.
'Even two year
s ago it would have been inconceivable that Mexico would ever
change its eji
do system, which dates back to that country's revolution,' Mr
Terhaar said. 
The system had been 'considered an insurmountable impediment'
to higher Mexi
can production, but a proposal to introduce privatisation into
the system co
uld have 'far reaching consequences for the make-up of crop and
livestock pr
oduction'.
Mr Terhaar was hopeful about increased exports to Egypt, since US
 debt
forgiveness and an emerging private sector had strengthened the market
.
Eastern Europe offered some possibility of new markets in the short term b
ut
it could not afford to buy much.
Australia, South Africa and Thailand app
eared to be moving away from feed
grains exports, but the Asian market posed
 another concern for the US.
Japan's tariff quota on imports of maize for in
dustrial processing and
layers of regulations and secondary tariffs on feed 
grain might indicate 'we
have simply reached a plateau in Japanese imports. 
. . or we are entering a
period of significant decline'.
In Korea the US was
 facing China as a major competitor, while China was
maintaining firm contro
l on import volume into the south, where economic
growth rates in excess of 
20 per cent were causing an explosion in demand.
Mr Terhaar was 'bullish' th
at China would succumb to economic and political
pressures to open its marke
t to feed grain imports. Currently it was
importing 800,000 tonnes of barley
 for malt production, and demand was
growing by more than 100,000 tonnes a y
ear.
The likeliest bet is that election year politics will prevail and US fa
rmers
will not be allowed to suffer unduly in 1992. If history repeats itsel
f -
and why not? - then the Republican administration and Democratic Congres
s
will join forces to ensure that the Midwest and the Sunbelt states, major

electoral battlegrounds, will get sticking plasters for their pain.
Already 
there have been calls in Congress for export subsidy re-armament.
President 
Bush, facing a tough re-election fight and lagging in the polls,
is unlikely
 to refuse this favoured constituency unless Gatt brings
discipline into the
 trade.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 14 Photog
raph Maize is the biggest contributor to US farm incomes but Soviet sales ar
e in doubt (Omitted). </PAGE>
</DOC>

============= Transaction # 62 ==============================================
Transaction #:     62       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT943-6790</DOCNO>
<PROFILE>_AN-EHZDVAE6FT</PROFILE>
<DATE>9408
26
</DATE>
<HEADLINE> FT  26 AUG 94 / Commodities and Agriculture: Fishmeal 
plants gobble up Peru's marine wealth - The crisis threatened by overcapacit
y and inefficiency </HEADLINE>
<BYLINE>    By SALLY BOWEN </BYLINE>
<TEXT>
P
eru's fishmeal industry, already the world's number one exporter in 1993,
is
 set for even more spectacular figures this year. The catch in the first
six
 months was almost half as large again as last year's and, with new
plants c
oming on stream along the coast, quality is on the increase as well
as quant
ity.
'It's an extraordinary year for fishing,' says Mr Dante Matellini, the

retired admiral who presides over Pescaperu, the world's largest fishmeal
pr
oducer. Pescaperu was created in the early 1970s when the then left-wing
mil
itary government nationalised the bulk of the privately-owned plants.
With f
avourable climatic conditions and fish stocks fully recovered after
the 1991
-92 ravages of the warm current known as 'El Nino' (The Child), Mr
Matellini
 has more to keep him busy than simply producing and selling
fishmeal. He is
 also charged with the privatisation of the state's assets:
some 20 fishmeal
 factories and four fishoil refineries.
Pescaperu's sale was originally anno
unced almost two years ago. Now new
chief, Mr Matellini, has redrawn the str
ategy to sell the plants as
separate, legally-constituted companies rather t
han as simple assets. The
plants are valued at between Dollars 5m and Dollar
s 10m apiece, but all
require substantial investment and upgrading.
Privatis
ation has proved delicate as well as slow. Workers made redundant
under a ra
tionalisation scheme have demonstrated vociferously in Lima's
streets. Now t
he fishing lobby, the SNP, is also objecting to the sale.
'Pescaperu is a se
ven-headed dragon,' says Mr Lucas de Tramontana, the SNP's
vice-president an
d a major shareholder in Pesquera Austral, the second
largest private fishme
al producer. 'We believe not more than half-a-dozen of
its plants should be 
sold.' An official proposal to that effect has been put
before the privatise
rs.
The SNP's objection is that Peru's existing plant capacity vastly exceed
s
the fish available for processing. In a 'normal' year, hundreds of small
P
eruvian fishermen land about 6.5m tonnes of 'industrial' fish, primarily
anc
hovy and sardine, caught within 30 miles of the shore by traditional,
low-te
ch methods.
Last year, more than 8.4m tonnes of fish were extracted and, by 
the time the
twice-yearly fishing ban came into force on 1 August, that tota
l had already
been matched. But, working at capacity, Peru's hungry processi
ng plants can
gobble up around 20,000 tonnes of raw fish an hour.
By early J
uly, Pescaperu had exported 450,000 tonnes of fishmeal, worth
Dollars 144m -
 about a third of the 1994 national total so far. Each year,
however, its sh
are dwindles as private producers bring new, high-technology
plants on strea
m to turn out 'special' quality fishmeal.
One such is the Dollars 22m instal
lation belonging to Sindicato Pesquero
(Sipesa), near the port of Matarani o
n Peru's southern coast, where fish
stocks are now proving more reliable. Si
pesa is far and away the country's
leading private company, with 1993 export
s worth Dollars 75m. This year's
shipments could be 50 per cent higher.
Pesq
uera Austral, in the number two slot and investing heavily, has recently
bro
ught two new special quality plants on line, both south of Lima. It has
laun
ched a Dollars 30m Euronote issue to help finance restructuring and
expansio
n.
In all, the SNP's general manager, Mr Richard Diaz, can reckon up some
Do
llars 400m in fresh private sector investments planned and already under
way
 for fleet and plant modernisation.
But, with all the entrepreneurial activi
ty, Peru's anchovy and sardine
stocks are being stretched to their limits - 
some suspect they may already
be over-fished. The last time Peruvian fisherm
en caught quantities similar
to this year's was in record-breaking 1971. Tha
t free-for-all decimated
stocks and plunged the fishmeal industry into crisi
s for years.
The UN's Food and Agriculture Organisation is working with Peru
's fisheries
ministry and maritime institute (Imarpe) to make a better evalu
ation of the
resource. Mr Diaz says 'preliminary information from the study 
indicates
there may have been errors in calculating the biomass in previous 
years. Or
else the 'biological' fishing ban has allowed stocks to build up.'

Nevertheless, the anchovy and sardine caught off the Peruvian coast are
fin
ite. Apart from improving the conversion ratio of raw material to
finished p
roduct, fishmeal producers may soon have no alternative but to
move into dee
per waters where virtually untapped stocks of horse and jack
mackerel abound
.
Investment in deep-sea trawlers, of course, is expensive and, according to

the SNP, Peru's very private fishing sector (no Peruvian fishing company is

yet publicly traded) carries a heavy burden of debt.
One option for the for
ward-looking company is a joint venture backed by
foreign capital. Peru's So
tomayor group, 40 per cent owned by American
Proteins of Atlanta, has embark
ed on a tuna-fishing venture in association
with JIDO, the Japanese investme
nt and development organisation. The first
of a projected four-ship fleet is
 already operating off the Peruvian coast
and selling tuna to Japan for sash
imi.
A Dutch company, Van der Zwan, meanwhile, has bought back seven Dutch-b
uilt
trawlers originally supplied to now-liquidated Flopesca, the former
sta
te-owned high seas fishing fleet. In a joint venture with a local company
ba
sed in Peru's northern port of Paita, a couple of the reconditioned
trawlers
 are to produce frozen fish, mainly hake, for export to Europe.
A further, o
bvious option for Peruvian companies that see the writing on the
wall is to 
launch a public share offering. Both Sipesa and Sotomayor say
they are consi
dering it.
</TEXT>
<XX>
Countries:-
</XX>
<CN>PEZ  Peru, South America.
</CN
>
<XX>
Industries:-
</XX>
<IN>P091  Commercial Fishing.
    P2092 Fresh or F
rozen Prepared Fish.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.

    MKTS  Production.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Pa
ge 22 </PAGE>
</DOC>

============= Transaction # 63 ==============================================
Transaction #:     63       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
                        Old Z39.50 Server ID:   0 (Astro/Math/Stat)        

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  Rec. Format:   Long      Time Cmd Complete: 12:50:51
Selec. Rec. #:     31

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<DOC>
<DOCNO>FT943-6790</DOCNO>
<PROFILE>_AN-EHZDVAE6FT</PROFILE>
<DATE>9408
26
</DATE>
<HEADLINE> FT  26 AUG 94 / Commodities and Agriculture: Fishmeal 
plants gobble up Peru's marine wealth - The crisis threatened by overcapacit
y and inefficiency </HEADLINE>
<BYLINE>    By SALLY BOWEN </BYLINE>
<TEXT>
P
eru's fishmeal industry, already the world's number one exporter in 1993,
is
 set for even more spectacular figures this year. The catch in the first
six
 months was almost half as large again as last year's and, with new
plants c
oming on stream along the coast, quality is on the increase as well
as quant
ity.
'It's an extraordinary year for fishing,' says Mr Dante Matellini, the

retired admiral who presides over Pescaperu, the world's largest fishmeal
pr
oducer. Pescaperu was created in the early 1970s when the then left-wing
mil
itary government nationalised the bulk of the privately-owned plants.
With f
avourable climatic conditions and fish stocks fully recovered after
the 1991
-92 ravages of the warm current known as 'El Nino' (The Child), Mr
Matellini
 has more to keep him busy than simply producing and selling
fishmeal. He is
 also charged with the privatisation of the state's assets:
some 20 fishmeal
 factories and four fishoil refineries.
Pescaperu's sale was originally anno
unced almost two years ago. Now new
chief, Mr Matellini, has redrawn the str
ategy to sell the plants as
separate, legally-constituted companies rather t
han as simple assets. The
plants are valued at between Dollars 5m and Dollar
s 10m apiece, but all
require substantial investment and upgrading.
Privatis
ation has proved delicate as well as slow. Workers made redundant
under a ra
tionalisation scheme have demonstrated vociferously in Lima's
streets. Now t
he fishing lobby, the SNP, is also objecting to the sale.
'Pescaperu is a se
ven-headed dragon,' says Mr Lucas de Tramontana, the SNP's
vice-president an
d a major shareholder in Pesquera Austral, the second
largest private fishme
al producer. 'We believe not more than half-a-dozen of
its plants should be 
sold.' An official proposal to that effect has been put
before the privatise
rs.
The SNP's objection is that Peru's existing plant capacity vastly exceed
s
the fish available for processing. In a 'normal' year, hundreds of small
P
eruvian fishermen land about 6.5m tonnes of 'industrial' fish, primarily
anc
hovy and sardine, caught within 30 miles of the shore by traditional,
low-te
ch methods.
Last year, more than 8.4m tonnes of fish were extracted and, by 
the time the
twice-yearly fishing ban came into force on 1 August, that tota
l had already
been matched. But, working at capacity, Peru's hungry processi
ng plants can
gobble up around 20,000 tonnes of raw fish an hour.
By early J
uly, Pescaperu had exported 450,000 tonnes of fishmeal, worth
Dollars 144m -
 about a third of the 1994 national total so far. Each year,
however, its sh
are dwindles as private producers bring new, high-technology
plants on strea
m to turn out 'special' quality fishmeal.
One such is the Dollars 22m instal
lation belonging to Sindicato Pesquero
(Sipesa), near the port of Matarani o
n Peru's southern coast, where fish
stocks are now proving more reliable. Si
pesa is far and away the country's
leading private company, with 1993 export
s worth Dollars 75m. This year's
shipments could be 50 per cent higher.
Pesq
uera Austral, in the number two slot and investing heavily, has recently
bro
ught two new special quality plants on line, both south of Lima. It has
laun
ched a Dollars 30m Euronote issue to help finance restructuring and
expansio
n.
In all, the SNP's general manager, Mr Richard Diaz, can reckon up some
Do
llars 400m in fresh private sector investments planned and already under
way
 for fleet and plant modernisation.
But, with all the entrepreneurial activi
ty, Peru's anchovy and sardine
stocks are being stretched to their limits - 
some suspect they may already
be over-fished. The last time Peruvian fisherm
en caught quantities similar
to this year's was in record-breaking 1971. Tha
t free-for-all decimated
stocks and plunged the fishmeal industry into crisi
s for years.
The UN's Food and Agriculture Organisation is working with Peru
's fisheries
ministry and maritime institute (Imarpe) to make a better evalu
ation of the
resource. Mr Diaz says 'preliminary information from the study 
indicates
there may have been errors in calculating the biomass in previous 
years. Or
else the 'biological' fishing ban has allowed stocks to build up.'

Nevertheless, the anchovy and sardine caught off the Peruvian coast are
fin
ite. Apart from improving the conversion ratio of raw material to
finished p
roduct, fishmeal producers may soon have no alternative but to
move into dee
per waters where virtually untapped stocks of horse and jack
mackerel abound
.
Investment in deep-sea trawlers, of course, is expensive and, according to

the SNP, Peru's very private fishing sector (no Peruvian fishing company is

yet publicly traded) carries a heavy burden of debt.
One option for the for
ward-looking company is a joint venture backed by
foreign capital. Peru's So
tomayor group, 40 per cent owned by American
Proteins of Atlanta, has embark
ed on a tuna-fishing venture in association
with JIDO, the Japanese investme
nt and development organisation. The first
of a projected four-ship fleet is
 already operating off the Peruvian coast
and selling tuna to Japan for sash
imi.
A Dutch company, Van der Zwan, meanwhile, has bought back seven Dutch-b
uilt
trawlers originally supplied to now-liquidated Flopesca, the former
sta
te-owned high seas fishing fleet. In a joint venture with a local company
ba
sed in Peru's northern port of Paita, a couple of the reconditioned
trawlers
 are to produce frozen fish, mainly hake, for export to Europe.
A further, o
bvious option for Peruvian companies that see the writing on the
wall is to 
launch a public share offering. Both Sipesa and Sotomayor say
they are consi
dering it.
</TEXT>
<XX>
Countries:-
</XX>
<CN>PEZ  Peru, South America.
</CN
>
<XX>
Industries:-
</XX>
<IN>P091  Commercial Fishing.
    P2092 Fresh or F
rozen Prepared Fish.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.

    MKTS  Production.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Pa
ge 22 </PAGE>
</DOC>

============= Transaction # 64 ==============================================
Transaction #:     64       Transaction Code:  19 (Record Selected)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
                        Old Z39.50 Server ID:   0 (Astro/Math/Stat)        

Usr Interface:   Prob          Time Cmd Sent: 16:00:00
  Rec. Format:   Long      Time Cmd Complete: 12:51:43
Selec. Rec. #:     33

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<DOC>
<DOCNO>FT924-2561</DOCNO>
<PROFILE>_AN-CLKB5AGEFT</PROFILE>
<DATE>9212
11
</DATE>
<HEADLINE> FT  11 DEC 92 / Survey of Ecuador (3): Banana trade fa
ces an uncertain future - Agriculture </HEADLINE>
<BYLINE>    By RAYMOND COL
ITT </BYLINE>
<TEXT>
BANANA production, the cornerstone of Ecuador's agricul
ture, is facing
change. Not only are exports threatened by European restrict
ions, but
domestic overproduction, the Sigatoka disease and low per acre pro
ductivity
will also demand action by producers.
Last year Ecuador produced a
 record 3.5m tonnes of bananas. The increase
over previous years (3m tonnes 
in 1990 and 2.5m tonnes in 1989) is largely
due to new plantations started i
n 1990 and 1991 - when banana prices rose -
and which have now come into pro
duction. These largely unauthorised
plantations are ballooning the supply an
d depressing prices.
Of great concern to Ecuador is the reform of the Europe
an Community's banana
import regime with proposals to impose a banana import
 quota of 2m tonnes
next year and tariff on 'dollar bananas' imported from e
xporters from Latin
America of up to 70 per cent. Ecuador last year exported
 2.7m tonnes of
bananas worth nearly Dollars 800m.
Restrictions would affect
 a large percentage of Ecuador's banana exports.
Approximately 40 per cent o
f the fruit it produces is sold to the EC.
While the spread of the Black Sig
atoka disease, which has endangered the
tropical fruit for some time, has be
en halted, it is not likely to be
eradicated. Measures introduced by the Fre
nch Institute of Fruit and Citrus
Investigations, part of an aid programme o
f the French government, have had
much success in combating Sigatoka, but ha
ve not able to eliminate it
completely.
The productivity of Ecuador's banana
 fields is below that of its world
competitors. While the productivity in Ho
nduras is 2,800 boxes per hectare
and 3,000 in Costa Rica, Ecuador merely pr
oduces 1,400 boxes per hectare.
Yet lower overall costs make Ecuador competi
tive internationally.
To give producers an incentive while continuing to pro
tect consumers, the
government is to implement a price reform of the princip
al agricultural
goods whose prices have so far remained fixed.
Supply and de
mand will determine the prices of sugar, rice, maize, soya,
milk and barley 
within a certain parameter set by the ministry of
agriculture. The bottom en
d of the price bracket will ensure farmers a
minimum revenue. When prices hi
t the top end, distributors are allowed to
search for cheaper imports on the
 international market.
The importance of coffee and cacao, which cover nearl
y a third of the area
sown with primary agricultural products, is likely to 
decrease. Given low
prices and an over-supply of coffee on world markets, ag
riculture minister
Mr Mariano Gonzales Portes has indicated that some of the
 coffee
cultivations will eventually have to be replaced with other crops.
I
n spite of a sugar cane production of over 3.5m tonnes annually, Ecuador
has
 had to import sugar this year. Producers hope to cover domestic demand
next
 year but need considerable credits from the Andean Development
Corporation 
to do so.
Few major crops have seen their production increase significantly 
recently.
One exception is the soya bean; its production has nearly quadrupl
ed in the
past years and is expected to grow in the future.
One of the reaso
ns producers have not been able to significantly increase
the yield of their
 crops in past years, says Mr Gonzales, has been the lack
of sufficient inve
stment in agricultural research. Only 0.3 per cent of
gross domestic product
 has gone into agricultural research in the past
years, he says.
The governm
ent plans to reverse that trend and, with the help of the
Institute of Agric
ultural Investigations which became autonomous only in
July, intends to prom
ote new and higher-yielding agricultural products.
INIAP has recently develo
ped a new type of yuca whose yield is three times
that of the traditional ty
pe when processed into flour and 10 times as high
when processed into starch
.
The institute also engages in other activities, such as giving technical
a
dvice to indigenous groups in the central province of Chimborazo on the
cult
ivation of the traditional crop quinua. This cereal, grown by the Incas
cent
uries ago, has a high nutritional value.
Although a promising crop, the effi
cient commercialisation of quinua is
difficult, says Mr Gonzales, because of
 the unfavourable size of land
parcels in the areas in which quinua is grown
. Land holdings in the
mountainous Sierra region are much smaller than in th
e coast and are
typically used for subsistence farming.
Thirty per cent of l
and holdings in the Sierra are classified as small (10
hectares or less), wh
ile 52 per cent are medium sized (10 to 100 hectares)
and only 18 per cent a
re more than 100 hectares. Land holdings in the
coastal provinces of Manabi,
 Guayas, and Los Rios are generally larger and
used in commercial monocultur
e such as banana, cacao or coffee.
In the past two-and-a-half decades the am
ount of land used for livestock
production has more than tripled to nearly 5
m hectares, which in part
explains Ecuador's dazzling rate of deforestation.
 Settlers continue to
slash-and-burn as a way to clear areas of forest on wh
ich to grow beans and
maize for one season before turning it into pasture.
T
he most rapid expansion of pasture has occured in the coastal areas,
especia
lly in the province of Esmeraldas where huge tracts of land have been
cleare
d by settlers as well as lumber companies. In the Sierra the increase
of pas
ture is more due to the abandonment of agricultural activities.
A large pote
ntial for growth lies in Ecuador's horticulture, according to Mr
Gonzales, e
specially tropical fruits but also flowers which have found an
increasingly 
strong market in the US and Europe.
Yet the volatility in the production of 
such fruits for the export market is
exemplified by the Babaco fruit. Produc
tion in 1987 reached 3,834 tonnes but
then steadily declined over the years 
and in 1991 equalled only 510 tonnes.
Although outside the hurricane zone, E
cuador suffers repeatedly from the
shifting precipitation patterns caused by
 the Pacific current El Nino. The
current carries warmer waters to the coast
 and causes droughts in some parts
of the country and floods in others. This
 year 22 people were killed and
30,000 hectares of rice, banana, cotton and 
maize crops were lost. The
damage in the coastal areas alone is estimated to
 have been Dollars 70m.
At a time when droughts have caused hydroelectric pl
ants to reduce their
output, the government plans to revive a decade-old pro
ject to irrigate
nearly 30,000 hectares of arable land on the Santa Helena p
eninsula west of
the port city Guayaquil. The four dams along the river Daul
e are also to
provide the area with electricity and drinking water. So far B
razil, Italy
and Spain have agreed to co-finance the project.
</TEXT>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page 34 </PAGE>
</DOC>

============= Transaction # 65 ==============================================
Transaction #:     65       Transaction Code:  22 (Record(s) Saved)        

  Terminal ID:  57900       Z39.50 Server ID:  19 (TREC)                   
   Session ID:      2   New Z39.50 Server ID:   0 (Astro/Math/Stat)        
                        Old Z39.50 Server ID:   0 (Astro/Math/Stat)        

Usr Interface:   Prob          Time Cmd Sent: 16:00:00
  Rec. Format:   Long      Time Cmd Complete: 12:51:47
Selec. Rec. #:     33

Boolean Indexes Used:

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   0 Organization   0 LCCN       0 Topic      0 Host Item
   0 Series         0 ISSN       0 Keyword    0 Conf

Boolean Conjunctions:

   Button 1: and   Button 2: OR    Button 3: or 
      Used?: No       Used?: No       Used?: No 

   # Keywords:      0   Error Code:      0
       # Hits:      0    Help Code:      0
  # Displayed:      0      Help ID:      0

Associated Variable Length Text:

<DOC>
<DOCNO>FT924-2561</DOCNO>
<PROFILE>_AN-CLKB5AGEFT</PROFILE>
<DATE>9212
11
</DATE>
<HEADLINE> FT  11 DEC 92 / Survey of Ecuador (3): Banana trade fa
ces an uncertain future - Agriculture </HEADLINE>
<BYLINE>    By RAYMOND COL
ITT </BYLINE>
<TEXT>
BANANA production, the cornerstone of Ecuador's agricul
ture, is facing
change. Not only are exports threatened by European restrict
ions, but
domestic overproduction, the Sigatoka disease and low per acre pro
ductivity
will also demand action by producers.
Last year Ecuador produced a
 record 3.5m tonnes of bananas. The increase
over previous years (3m tonnes 
in 1990 and 2.5m tonnes in 1989) is largely
due to new plantations started i
n 1990 and 1991 - when banana prices rose -
and which have now come into pro
duction. These largely unauthorised
plantations are ballooning the supply an
d depressing prices.
Of great concern to Ecuador is the reform of the Europe
an Community's banana
import regime with proposals to impose a banana import
 quota of 2m tonnes
next year and tariff on 'dollar bananas' imported from e
xporters from Latin
America of up to 70 per cent. Ecuador last year exported
 2.7m tonnes of
bananas worth nearly Dollars 800m.
Restrictions would affect
 a large percentage of Ecuador's banana exports.
Approximately 40 per cent o
f the fruit it produces is sold to the EC.
While the spread of the Black Sig
atoka disease, which has endangered the
tropical fruit for some time, has be
en halted, it is not likely to be
eradicated. Measures introduced by the Fre
nch Institute of Fruit and Citrus
Investigations, part of an aid programme o
f the French government, have had
much success in combating Sigatoka, but ha
ve not able to eliminate it
completely.
The productivity of Ecuador's banana
 fields is below that of its world
competitors. While the productivity in Ho
nduras is 2,800 boxes per hectare
and 3,000 in Costa Rica, Ecuador merely pr
oduces 1,400 boxes per hectare.
Yet lower overall costs make Ecuador competi
tive internationally.
To give producers an incentive while continuing to pro
tect consumers, the
government is to implement a price reform of the princip
al agricultural
goods whose prices have so far remained fixed.
Supply and de
mand will determine the prices of sugar, rice, maize, soya,
milk and barley 
within a certain parameter set by the ministry of
agriculture. The bottom en
d of the price bracket will ensure farmers a
minimum revenue. When prices hi
t the top end, distributors are allowed to
search for cheaper imports on the
 international market.
The importance of coffee and cacao, which cover nearl
y a third of the area
sown with primary agricultural products, is likely to 
decrease. Given low
prices and an over-supply of coffee on world markets, ag
riculture minister
Mr Mariano Gonzales Portes has indicated that some of the
 coffee
cultivations will eventually have to be replaced with other crops.
I
n spite of a sugar cane production of over 3.5m tonnes annually, Ecuador
has
 had to import sugar this year. Producers hope to cover domestic demand
next
 year but need considerable credits from the Andean Development
Corporation 
to do so.
Few major crops have seen their production increase significantly 
recently.
One exception is the soya bean; its production has nearly quadrupl
ed in the
past years and is expected to grow in the future.
One of the reaso
ns producers have not been able to significantly increase
the yield of their
 crops in past years, says Mr Gonzales, has been the lack
of sufficient inve
stment in agricultural research. Only 0.3 per cent of
gross domestic product
 has gone into agricultural research in the past
years, he says.
The governm
ent plans to reverse that trend and, with the help of the
Institute of Agric
ultural Investigations which became autonomous only in
July, intends to prom
ote new and higher-yielding agricultural products.
INIAP has recently develo
ped a new type of yuca whose yield is three times
that of the traditional ty
pe when processed into flour and 10 times as high
when processed into starch
.
The institute also engages in other activities, such as giving technical
a
dvice to indigenous groups in the central province of Chimborazo on the
cult
ivation of the traditional crop quinua. This cereal, grown by the Incas
cent
uries ago, has a high nutritional value.
Although a promising crop, the effi
cient commercialisation of quinua is
difficult, says Mr Gonzales, because of
 the unfavourable size of land
parcels in the areas in which quinua is grown
. Land holdings in the
mountainous Sierra region are much smaller than in th
e coast and are
typically used for subsistence farming.
Thirty per cent of l
and holdings in the Sierra are classified as small (10
hectares or less), wh
ile 52 per cent are medium sized (10 to 100 hectares)
and only 18 per cent a
re more than 100 hectares. Land holdings in the
coastal provinces of Manabi,
 Guayas, and Los Rios are generally larger and
used in commercial monocultur
e such as banana, cacao or coffee.
In the past two-and-a-half decades the am
ount of land used for livestock
production has more than tripled to nearly 5
m hectares, which in part
explains Ecuador's dazzling rate of deforestation.
 Settlers continue to
slash-and-burn as a way to clear areas of forest on wh
ich to grow beans and
maize for one season before turning it into pasture.
T
he most rapid expansion of pasture has occured in the coastal areas,
especia
lly in the province of Esmeraldas where huge tracts of land have been
cleare
d by settlers as well as lumber companies. In the Sierra the increase
of pas
ture is more due to the abandonment of agricultural activities.
A large pote
ntial for growth lies in Ecuador's horticulture, according to Mr
Gonzales, e
specially tropical fruits but also flowers which have found an
increasingly 
strong market in the US and Europe.
Yet the volatility in the production of 
such fruits for the export market is
exemplified by the Babaco fruit. Produc
tion in 1987 reached 3,834 tonnes but
then steadily declined over the years 
and in 1991 equalled only 510 tonnes.
Although outside the hurricane zone, E
cuador suffers repeatedly from the
shifting precipitation patterns caused by
 the Pacific current El Nino. The
current carries warmer waters to the coast
 and causes droughts in some parts
of the country and floods in others. This
 year 22 people were killed and
30,000 hectares of rice, banana, cotton and 
maize crops were lost. The
damage in the coastal areas alone is estimated to
 have been Dollars 70m.
At a time when droughts have caused hydroelectric pl
ants to reduce their
output, the government plans to revive a decade-old pro
ject to irrigate
nearly 30,000 hectares of arable land on the Santa Helena p
eninsula west of
the port city Guayaquil. The four dams along the river Daul
e are also to
provide the area with electricity and drinking water. So far B
razil, Italy
and Spain have agreed to co-finance the project.
</TEXT>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page 34 </PAGE>
</DOC>

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-----<SEARCH RESULTS>-----

1.

DOCUMENT NO.: FT921-10204
.
HEADLINE:      FT  07 FEB 92 / Commodities and Agriculture: Keeping a weat
her-eye on a troublesome 'child' / A look at the crop problems posed by the 
unpredictable El Nino climate phenomenon .
BYLINE:           By BARBARA DURR
 .
PUBLICATION:  The Financial Times .
PAGE:          London Page 22 .
TEXT:
         
TO CALM anxious grain traders the Chicago Board of Trade will offe
r a
seminar later this month on El Nino, the weather phenomenon that develop
s in
the equatorial Pacific every three to five years and can cause global
c
limate upsets. Grain traders are keen to know if they can expect this
year's
 El Nino to disturb the US weather pattern sufficiently to make a dent
in cr
op output.
Although signs of El Nino had been accumulating during 1991, only
 last month
did the the US National Weather Service finally conclude publicl
y that the
phenomenon was a fact.
The symptoms had been showing themselves o
verseas since last spring - rising
surface temperatures in the eastern and c
entral Pacific, drought in the
western Pacific rim from Australia through In
donesia, a weaker Indian
monsoon, dryness in north-eastern Brazil, drought i
n South Africa and
wetness last summer in the Great Basin of the US, which r
uns from Arizona
north to Idaho.
While many of these conditions indicate tha
t El Nino is occurring, they do
not reveal its severity. The phenomenon gene
rally peaks in the northern
hemisphere's winter. This helps explain why Peru
vian fishermen dubbed the
phenomenon El Nino, which means Christ child in Sp
anish. It arrived about
Christmas time.
Mr Vernon Kousky, a research meteoro
logist with the US weather service, now
assesses the current El Nino as 'mod
erate to strong'. While individual
weather events cannot always be directly 
attributed to El Nino, some signals
are indicative of its strength. Warm wat
er in the Pacific is pushing
moisture into the south-western US, causing, fo
r example, this winter's
floods in Texas, according to Mr Art Douglas, chair
man of the Creighton
University's Atmospheric Sciences Department. Along the
 Gulf of Mexico, from
Texas to Florida, some areas have already had 200 per 
cent to 1,000 per cent
of their normal rainfall. Temperatures in that region
 are also beginning to
dip below normal. At the same time the phenomenon is 
upsetting the Jet
Stream, keeping extremely cold air far to the north and mo
derating
temperatures in the Midwest.
The Midwest, America's most important 
grain area, is seeing temperatures
four or five degrees Fahrenheit above nor
mal, said Mr Jon Davis, the
in-house meteorologist for Shearson Lehman's com
modities trading arm. The
weather service predicts that more of the same wil
l occur in those regions
until spring and that the usually wet north-west is
 likely to be dryer, as
is the Ohio valley.
But what concerns the grain trad
e more is what, if anything, will happen
during the critical planting and gr
owing season for American crops from June
to August.
Unfortunately, weather 
forecasting is not a precise science. Mr Kousky says
that El Nino, usually a
 12 to 18 month event, has another six to 12 months
to run. But he points ou
t that there is no consistent relationship between
El Nino and the weather p
attern beyond the winter-to-spring months.
'Anything can happen,' he admits.

Crop Cast, a Maryland-based weather forecasting service that is used by man
y
US commodity trading houses, says that while El Nino has already affected

South American soyabeans, South African maize and Australian wheat, it is
ho
ping to be able to predict potentially damaging crop effects in the US by
lo
oking at the coincidence of the El Nino with two other climatological
events
, last year's eruption of Mount Pinatubo in the Phillippines and the
combina
tion of lunar and solar cycles.
These additional factors along with El Nino 
probably mean that a more
extreme weather pattern bleeds over into summer, a
ccording to Mr Kevin
Marcus, director of Crop Cast services. He says the lik
elihood of extreme,
hot and dry weather is 100 per cent, but gives only a on
e in three chance
that this will have a significant impact on crops.
The hot
, dry weather would have to occur in July or early August to reduce
the maiz
e and soyabean crops significantly, that is by more than 10 per
cent. But Mr
 Marcus is uncertain about how the three phenomena will interact
since there
 no established pattern. He is still waiting for more data on the
severity o
f this year's El Nino.
The phenomenon has prompted commodities markets to gy
rate in the past. In
1972-73 the El Nino destroyed the Peruvian fishmeal cat
ch, which then
accounted for some 45 per cent of the world trade in protein 
feed. In
1982-83 it caused a drought in Africa, which helped to send cocoa p
rices up
by nearly 70 per cent over a period of about a year.
.


2.

DOCUME
NT NO.: FT923-14358.
HEADLINE:      FT  08 JUL 92 / Commodities and Agricult
ure: El Nino drought 'appears to be over' .
BYLINE:           By REUTER .
DA
TELINE:         SYDNEY .
PUBLICATION:  The Financial Times .
PAGE:          
London Page 32 .
TEXT:         
THE DROUGHT that has ravaged crops and cost 
hundreds of millions of dollars
in countries across Asia and the South Pacif
ic appears to be over,
meteorologists say, reports Reuter from Sydney.
Its c
ause, the climatic phenomenon known as El Nino, is dissipating with
some are
as returning to normal weather conditions more quickly than others,
they sai
d.
Australia is among the first of the major agricultural producers to emerg
e
from drought in most areas, while in India a return to normal rainfall is

expected in the late monsoon.
China's northern provinces are still in the gr
ip of drought, however, though
it is unlikely to have much impact on the cou
ntry's international trading
position.
'We're now in the declining phase of 
El Nino, it's global and it has had an
effect since early last year all roun
d the planet, particularly in the
tropical regions,' an official at Australi
a's National Climate Centre said.
Ocean waters in the central and eastern eq
uatorial Pacific, which had warmed
under El Nino were continuing to cool qui
te rapidly, the climate centre
reported.
Australia, whose farm sector was ra
vaged by drought and economic recession,
has already felt the effect of the 
changing conditions. 'Australia tends to
climb out of it earlier than others
,' the official said.
Drought conditions still persist in some areas of New 
South Wales and
southern Queensland but local output of grain and sugar is f
orecast to
recover significantly after last year's drought across eastern Au
stralia.
The total value of wheat, coarse grains and sugar is forecast to ri
se by
nearly 30 per cent to ADollars 3.14bn (Pounds 1.2bn) in the year to th
e end
of June, 1993, compared with the previous drought-hit year.
In India h
owever, the change is taking longer to come through. 'It is
expected to come
 back to average in the late monsoon season,' Australia's
climate centre off
icial said. Erratic rains in India last year caused food
grain output to fal
l to about 171m tonnes in the year to June 30, 1992 from
the previous year's
 record 176m tonnes.
.


3.

DOCUMENT NO.: FT932-14766.
HEADLINE:      FT  1
6 APR 93 / Commodities and Agriculture: Peru's fishmeal industry set for bum
per profits - Production survived last year's El Nino visitation to reach a 
fresh record .
BYLINE:           By SALLY BOWEN .
PUBLICATION:  The Financia
l Times .
PAGE:          London Page 26 .
TEXT:         
THE PERUVIAN fishme
al industry is gearing up for a bonanza predicted to last
for the next two t
o three years. By late 1992, the sardine and anchovy that
form the staple ra
w material for the industry were back in abundance after
being temporarily a
ffected by the appearance of the dreaded warm current
known as 'El Nino', wh
ich last ravaged fishmeal output in 1983.
Contrary to predictions, however, 
Peruvian production survived last year's
milder visitation and a late boost 
in fish stocks turned 1992 into yet
another record year. Peru topped the wor
ld exporters' league with 1.37m
tonnes, narrowly outstripping Chile's 1.21m 
tonnes.
'Statistically, the years after a Nino are excellent,' says Mr Espin
o of
Imarpe, Peru's maritime institute, which is charged with husbanding the

resource and recommending periodic fishing bans. Mr Espino estimates that
t
he Peruvian catch could be raised by a quarter or a third from the present
6
m tonnes a year without detriment to the species.
'And if the fishmeal produ
cers started going for jack mackerel - at present
only about 80,000 tonnes a
 year are landed, perhaps 5 per cent of total
stocks - then the sky's the li
mit,' he says.
The main limitation on such expansion is fleet capacity. Most
 Peruvian
fishing boats are small, with no refrigeration and hug the coast. 
When El
Nino hits, the fish move into deeper waters farther out to sea where
 these
boats cannot follow.
Peruvian producers say they have invested more t
han Dollars 200m in the past
two years in fleet renovation and plant and equ
ipment modernisation ashore.
The industry is moving towards production of hi
gher-quality, low
temperature, steam-dried meal with 'stickwater' plants to 
maximise protein
recovery. New boats with refrigerated holds are under const
ruction in local
yards. But there's still plenty of room, and a warm welcome
 waiting, for new
investment from abroad.
Representatives from Chile's huge 
Angelini group have been in Peru recently
on 'feeling-out' visits. And Venez
uelan capital has already entered in the
form of a new fishmeal joint ventur
e under the name of Palangrera Peruana.
But the big surprise of 1993 could b
e the arrival of the Chinese. Pesca
Peru, the state-owned fishmeal and fisho
il giant that produces around 40 per
cent of all national output, is high on
 this year's privatisation list.
Coopers and Lybrand, with financing from th
e Canadian development agency and
the World Bank, is currently completing a 
valuation and will recommend on
sale procedures.
Essentially, the choice is 
between splitting the company into its 20 plants
and four refineries to sell
 off individually; or selling the whole company
as one unit.
The only likely
 buyers on the latter basis would be the Chinese - 'and it's
a possibility t
hat has the private producers in a state of panic', says Mr
Eric Topf, head 
of the Pesca Peru privatisation committee.
Unofficially, senior Pesca Peru o
fficials say the company should fetch 'at
least Dollars 200m', a ball-park f
igure considered over-optimistic by
private producers.
The state-owned plant
s are, by and large, elderly and outdated - though
several are excellently l
ocated on the now-desirable extreme southern coast
and have their own quays.
 Drastic personnel reductions during 1992 put Pesca
Peru back into profit af
ter years in the red, underlining just how
profitable producing fishmeal can
 be, even from scrap-yard plants.
China has established itself as far and aw
ay Peru's largest customer, buying
last year almost 60 per cent of all outpu
t. Peruvian fishmeal goes to feed
the Pacific prawn, turbot and eel which Ch
ina is successfully exporting in
quantity to the US and Japan.
The Chinese a
re said to be producing at present some 32m tonnes of animal
foodstuffs a ye
ar, in which they use 2 per cent fishmeal - a very low
percentage compared w
ith most competitors. A high-level Peruvian delegation
is now in China 'to t
ry to convince them of the bounties of boosting that
fishmeal component,' sa
ys Mr Salomon Manzur, Peruvian president of the
Fishmeal Exporters' Associat
ion.
If the Chinese do increase the percentage of fishmeal in their current

animal feedstuff production, Peruvian producers will be assured of sales for

their expanded fishmeal output for several years to come.
 ----------------
-------------------------------------
FISHMEAL PRODUCTION ('000 TONNES)
 ---
--------------------------------------------------
                     1990
    1991    1992
 -----------------------------------------------------
Peru
vian
Pesca Peru            379     498     513
Private sector        755    
 782     853
Total               1,134   1,280   1,366
 --------------------
---------------------------------
Chilean                     1,550   1,210

 -----------------------------------------------------
Source: Peruvian Nati
onal Fishing Society (SNP).
 -----------------------------------------------
------
.


4.

DOCUMENT NO.: FT922-14235.
HEADLINE:      FT  07 APR 92 / Dro
ught pulls the plug on much of Colombia .
BYLINE:           By SARITA KENDAL
L .
DATELINE:         BOGOTA .
PUBLICATION:  The Financial Times .
PAGE:    
      International Page 6 .
TEXT:         
POWER cuts of at least eight hou
rs a day have been imposed all over Colombia
in an effort to cope with a dro
ught that has reduced the water for hydro
electric plants. There is little p
rospect of rain, and reservoirs are drying
into baked mud. If this continues
 the country could face a complete
black-out by the end of April.
The winter
 rains are late and the El Nino current off the Pacific coast
appears to be 
upsetting normal weather patterns. But bad planning, heavy
debts, corruption
, budget deficits, deforestation and poor management are
behind the electric
ity problems.
Colombia's generating capacity is 8,200MW, more than adequate 
for normal
demand levels. Despite the country's ample coal and oil reserves,
 78 per
cent of power comes from large, expensive hydro-electric schemes whi
ch have
pushed the sector's foreign debt up to more than Dollars 5bn.
To try
 to save on costs, electricity companies have been running down the
reservoi
rs rather than use thermal plants at full capacity. Labour and
financial pro
blems have also delayed the maintenance of thermal power
stations, while gue
rrilla attacks have put distribution lines out of action.
The rationing aims
 to cut overall consumption by about a third. The
government has asked indus
try to shut down for 10 days over Easter and to
send workers on holiday.
.



5.

DOCUMENT NO.: FT922-12623.
HEADLINE:      FT  16 APR 92 / Commodities a
nd Agriculture: Supply fears buoy sugar prices .
BYLINE:           By DAVID 
BLACKWELL .
PUBLICATION:  The Financial Times .
PAGE:          London Page 3
8 .
TEXT:         
FEARS OF a tighter sugar supply/demand balance in 1992-93
 are supporting the
world market, according to reports from two London trade
 houses.
Raw sugar prices have recently touched eight-month highs, nudging 1
0 cents a
lb in the New York market, on fears of tight nearby supplies follo
wing
damage to the South African crop because of drought.
The trade houses, 
ED & F. Man and Czarnikow, both point out in reports
published today that in
 the short term the changing export potential in
several countries will keep
 the lid on prices. The increasing likelihood of
a 1m-tonne increase in Thai
land's crop, compared with the previous season,
together with the availabili
ty of exportable surpluses from India and Cuba,
should 'keep significant adv
ances at bay', Man's latest sugar report says.
Man believes that reports of 
a catastrophic Cuban crop this season at 5m to
5.5m tonnes are unsupported b
y the evidence and estimates that the crop will
come in at about 6.5m tonnes
. It is forecasting a crop of more than 5m
tonnes in Thailand and 12.6m tonn
es in India.
The overall balance for the 1991-92 season remains marginally i
n surplus,
Man says, but it suggests that the situation is likely to be even
 more
tightly balanced in 1992-93.
Czarnikow's sugar review points out that 
the extent of the South African
drought has raised questions about the timin
g and coverage of the El Nino
weather phenomenon.
'Already a major drought i
s developing in Thailand which, if relief does not
arrive this month, could 
have serious implications for the next crop,' the
Czarnikow review says. 'If
 this is part of a regional phenomenon there might
be problems later in the 
year with the monsoon in India and this will need
to be monitored carefully.
'
.


6.

DOCUMENT NO.: FT922-5507.
HEADLINE:      FT  30 MAY 92 / The Long 
View: Going for the jugular .
BYLINE:           By BARRY RILEY .
PUBLICATION
:  The Financial Times .
PAGE:          London Page I .
TEXT:         
WHENE
VER I meet Fringe Freddie, I know I am going to start worrying. It's
catchin
g. Either he is getting ready for the biggest boom ever known, or the
bigges
t crash. A quiet life never comes into it. Right now, he is in one of
his ap
ocalyptic phases.
I occasionally run into Freddie at slightly offbeat invest
ment seminars.
These are, I must emphasise, perfectly respectable occasions 
- nothing at
all like those international gatherings in places like Monte Ca
rlo or
Acapulco where every weird investment prophet and nutty newsletter ed
itor in
the world is gathered. They rant at geriatric American investors who
 can be
persuaded to pay Dollars 5,000 to enjoy two days of skilful manipula
tion of
their only remaining emotions of greed and fear - in between naps, o
f
course. Freddie is in his element in those places. But he can once in a
wh
ile come in from the fringe.
The previous time I bumped into Freddie, he was
 heavily into global weather
patterns. El Nino was developing again in the S
outh Pacific. I gathered it
was some kind of surface warming effect which ki
lls all the fish off South
America and then spreads drought and famine acros
s large areas of the globe.
Freddie's eyes lit up at the thought. He was goi
ng heavily long of
agricultural commodities on the Chicago markets. Potatoes
 would be like gold
dust.
This week, I dropped into a seemingly harmless sem
inar on long-term cycles
and was buttonholed by Freddie again at coffee time
. El Nino? He seemed to
have lost interest in Pacific sea temperatures. Evid
ently, those futures
contracts had drifted out of the money. Now he was into
 NT, which he
patiently explained was Nostradamus Theory. Did I know that a 
new team of
Nostradamus analysts had finally cracked the mystery of the old 
mystic's
code? Future disasters were being set out on an accurate timetable 
so that
those investors in the know could take maximum advantage.
I said I w
as a bit hazy about Nostradamus, although I was aware that the
International
 Harry Shultz Letter had confessed to an error in its last
issue. Apparently
, the catastrophic Californian earthquake it had forecast
on an interpretati
on of Nostradamus for May 8 1992 was wrong; it should have
said May 8 1993. 
San Diego would still slide into the sea, but a year late.
You had better no
t go to Disneyland about that time, either.
Possibly Freddie twigged that I 
was not taking him entirely seriously, but
he pressed on. Did I not realise 
that the US economy was twice as
debt-ridden as it had ever been? Was I not 
aware that the Japanese financial
system was already technically insolvent, 
and that there were exact
parallels between the Wall Street slide and subseq
uent American slump from
1929 onwards and the Toyko market slide beginning i
n 1990? Had I not noticed
that Germany . . .
Look, I said, I knew some of th
e numbers didn't look too good, but the
global economy was still growing and
 over the years I had read more than my
fair ration of books by gloom and do
om merchants. As far back as 1984, the
Kondratieff Wave theorists had been f
orecasting an imminent slump. In fact,
the world stayed in a long boom. Then
 there was Ravi Batra, who made a
fortune out of The Great Depression of 199
0. However, there was no
depression in 1990, just a recession in 1991, while
 Wall Street in 1992 is
hitting all-time highs. Britain's own Lord Rees-Mogg
, taking time out from
cleaning up television, had got in on the act with a 
co-authored financial
spinechiller called Blood in the Streets and, when tha
t proved premature,
managed to get out a sequel called The Great Reckoning e
arlier this year. It
had all been good for royalty receipts but not for cred
ibility.
Freddie was distinctly unimpressed. Hadn't I seen what was happenin
g to
property values worldwide? Or the 60 per cent collapse of what had been
 the
world's biggest stock market in Tokyo? Or the dreadful economic slump i
n
eastern Europe? What was happening in western stock markets was just the
l
ast gasp of the old order.
What I had missed, he said, becoming more excitab
le by the minute, was the
importance of the combination of the 54-year Kondr
atieff Wave with the
seven- to 11-year Juglar cycle, not to mention the inte
rmediary Kuznets
cycle. After all, the Kondratieff could last as long as 60 
years: what did
1932 plus 60 add up to? Put all the cycles together and you 
could have a
triple whammy for the early 1990s.
This was all getting beyond 
me, although I murmured that I remembered that
Batra had discussed something
 called the Jugular Cycle in his book. Either
his spelling was wrong or he w
as talking about blood in the streets, too. I
wished Freddie had stuck to hi
s Peruvian fish famine.
I should never have got back to the weather. Global 
warming, apparently, was
the latest theme to arise from NT Why, Nostradamus 
himself had warned that a
great tide would arise in a second Great Flood and
 the hot wind would blow
as from hell itself. The date? Well, the interprete
rs hadn't quite decided
yet, but it wouldn't be very long.
We should be sell
ing all energy stocks on the grounds that governments would
soon be doubling
 gasoline taxes and banning emissions. Commodity markets
would be transforme
d as food crops were devastated. By now the gleam was
really back in his eye
s. The long-term punter should be buying land at least
10 metres above exist
ing sea level, waiting for values to soar as millions
were driven out of bea
chside settlements by the advancing waters. Except in
California, of course,
 which was all going to slide into a geological fault
. . .
I made an excuse
 and left. The Freddie Cycle was clearly testing its low
point. But, in my e
xperience, it never stays down for long.
.


7.

DOCUMENT NO.: FT922-643.
HE
ADLINE:      FT  26 JUN 92 / Commodities and Agriculture: Flooded Bolivian f
armers on hunger strike .
BYLINE:           By FRANCIS FREISINGER .
DATELINE
:         SANTA CRUZ .
PUBLICATION:  The Financial Times .
PAGE:          Lo
ndon Page 30 .
TEXT:         
THE BOLIVIAN Eastern Farmers Chamber (CAO) has
 declared an indefinite hunger
strike in protest at the lack of government a
id in the wake of the
agricultural disaster that has struck the Santa Cruz d
epartment as a result
of months of flooding. Peasant groups have announced o
ther measures in
support of the CAO - including road blocks - and a regional
 general strike
may follow.
Santa Cruz in the east of the country, which pro
duces 90 per cent of
Bolivia's agricultural exports, principally soyabeans a
nd sugar, has been
devastated since January by the worst floods in living me
mory. At least a
third and possibly as much as half the crop has been lost a
lready and the
sowing of the next crop has been seriously disrupted, the los
ses will
continue for another harvest. At least Dollars l00m has been lost t
o date, a
vast sum for Bolivia. As a result there will be a marked reduction
 in GNP
growth this year according to economists.
Nearly a hundred farmers f
rom the CAO have joined the hunger strike,
including some of the wealthiest 
men in the country, and as many as 500 more
are poised to follow. In a remar
kable development, the hardline right-wing
farmers have literally become bed
fellows with their traditional enemy, the
Bolivian Workers' Central (COB), t
he national union confederation which
still adheres, at least in theory, to 
a revolutionary Marxist ideology. Some
of COB leaders have joined the hunger
 strike and are now sleeping in the
same room as the farmers.
The farmers ar
e calling for much more direct government and international
assistance as we
ll as rescheduling of loans from both private banks and
multinational instit
utions, principally the Inter-American Development Bank.
They are demanding 
special help for the smaller farmers, worst hit
financially because of their
 lack of access to credit, as a result of which
thousands face bankruptcy. T
he CAO President, Mr Sergio Justiniano said: 'We
will remain on hunger strik
e until a global solution is found'.
The flooding is partly the result of ex
ceptionally heavy rains that have
accompanied the El Nino cyclical Pacific w
eather phenomenon, which has also
brought flooding this year to Peru and Ecu
ador. However, according to
ecologists, the effect has been exacerbated in B
olivia by the extensive
deforestation that has accompanied the agricultural 
boom of the past few
years
Despite officially declaring the region a disaste
r zone, the government
claims that it is unable to help. Mr Hugo Lozino, min
ister of peasant
development said: 'We have done what we can. Bolivia is a p
oor country and
can't afford to do more'.
It seems unlikely, however, that t
he government will be able to resist the
powerful alliance confronting it, e
specially as it faces unrest in other key
sectors, including mining.
.


8.


DOCUMENT NO.: FT921-5191.
HEADLINE:      FT  05 MAR 92 / Commodities and Ag
riculture: Ecuador shells out on shrimp farming - The consequences of declin
ing fish stocks and over-investment .
BYLINE:           By SARITA KENDALL .

PUBLICATION:  The Financial Times .
PAGE:          London Page 30 .
TEXT:   
      
Ecuador's shrimp farming business had another record year in 1991 as 
the gap
with other fishing exports widened.
Groups within the industry, unwi
lling to acknowledge over-fishing, accuse
each other of irrational practices
 or blame dwindling catches on climate and
ocean currents.
'We've seen this 
happen in other countries - with herring in the North Sea,
and anchovy in Pe
ru,' said Mr Ian Scott, the economist in charge of
Britain's technical assis
tance programme for the fishing sector.
'There's been over-investment. If th
e Ecuadorian fleet fishes for 150 days a
year at 50 per cent efficiency, it 
can catch 3m tonnes - but the sustainable
stock of pelagic fish is only 500,
000 to 1m tonnes.'
In the last few years fishermen supplying the fishmeal an
d canning
industries have seen a drastic drop in the harvest of sardines, ma
ckerel,
thread herring and anchovies: the catch fell from 1,970,000 tonnes i
n 1985
to 233,000 tonnes in 1990, leaving many processing plants working at 
less
than 20 per cent of capacity.
Mr Scott said that although the warm sout
hward-flowing El Nino current was
responsible for two bad years, the general
 decline was due to over-fishing
and licences and quota systems were needed 
to help stocks recover.
The tuna industry, centred in Manta, is also overblo
wn, but the catch has
remained stable at 50,000 to 55,000 tonnes a year.
Bot
h Ecuadorian and foreign boats fish for tuna. Local fishermen criticise
the 
fact that boats registered in the US, Japan and other countries are
contract
ed by Manta processing companies. However, it is argued that only
some of th
e vessels in the national fleet can freeze tuna to -40C, the
temperature nec
essary for good quality exports.
The under-secretary for fishing, Mr Max Agu
irre, is proud of Ecuador's
record on the dolphin-tuna issue. 'The Ecuadoria
n law is strict. Ecuadorian
and foreign boats have their licences taken away
 if they fish on dolphins. I
report with satisfaction that in 43 trips with 
observers on board there were
zero dolphin deaths.'
Mr Aguirre admits that r
esearch studies warned of sardine fishing problems,
and says regional contro
ls, including Peru and Chile, should be enforced.
'Licences should regulate 
the catch with reference to the resource.'
However, the private sector has b
een too powerful and the government too
timid to allow any quota-based manag
ement of stocks.
The fish sector earned about USDollars 570m in 1991, with s
hrimps
contributing more than 85 per cent. There are more than 125,000 hecta
res of
shrimp ponds along the tidal flats of the Ecuadorian coastline, mainl
y in
the southern provinces. Most shrimp farms are less than 50 hectares, th
ough
the largest - up to as much as 2,000 hectares  - tend to be the most
so
phisticated. Some use small aircraft to drop feed over the surface of the
po
nds.
Shrimp farms produce all year round so close to the equator and two to 
three
harvests can be taken. With an ideal climate, plentiful larvae and
low
-labour costs, Ecuador is the leading Latin American shrimp exporter.
'Our p
roblem at the moment is the big jump in the cost of inputs. The dollar
price
 of shrimps has dropped and so has profitability,' said Mr Renato del
Campo 
of the Chamber of Shrimp Producers in Guayaquil. 'But there are
markets - th
e US is still attractive and we are diversifying into Europe,
especially Spa
in.'
Exports have risen from 10,000 tonnes in 1980 to more than 78,000 tonne
s in
1991, and the need for more space and more larvae has led to conflict w
ith
environmental groups, particularly over the clearing of mangroves.
Most 
shrimps are bred from wild larvae caught by thousands of seasonal
fishermen,
 but more than 100 laboratories have been started up in recent
years, with s
ome exporting larvae to Colombia.
Although the shrimp fishing industry is sm
all, accounting for less than 10
per cent of production, wild shrimp provide
 important breeding stocks for
the laboratories.
The sector expanded dangero
usly fast - from about 2,000 to 9,000 boats  - in
the 1980s and over-fishing
 is becoming a serious problem within a few miles
of the coast. Many of the 
boats are dug-out canoes based in small
communities.
'We need to teach peopl
e to take better care of the fish, then they'll also
improve their income. T
here should be ice available, and we need to
encourage marketing co-operativ
es,' said Mr Aguirre.
The British aid project, which is now ending after 12 
years, has helped the
National Fisheries Institute to build up data on biolo
gy, product
development, marketing and management.
Ecuador has a stronger ba
sis for planning resource use than many other
countries. 'There isn't any ro
om for growth in the existing industry - it
needs reducing and consolidating
,' said Mr. Scott.
.


9.

DOCUMENT NO.: FT931-13401.
HEADLINE:      FT  23 
JAN 93 / World Stock Markets: De Beers gives JSE a buoyant start to 1993 - B
ut economic hopes are muted .
BYLINE:           By PHILIP GAWITH .
PUBLICATI
ON:  The Financial Times .
PAGE:          London Page 19 .
TEXT:         
Ju
st as the collapse last August in De Beers' share price was an important
fac
tor in driving down the Johannesburg Stock Exchange, so its recent
recovery 
has helped get the market off to a buoyant start in 1993.
The overall index 
has risen by about 4 per cent in the first three weeks,
having closed 1992 d
own 5.3 per cent on the year. The index closed yesterday
up 22 at 3,404.
Muc
h of this year's rise can be attributed to De Beers, which accounts for
some
 10 per cent of total volume and 5 per cent of market capitalisation.
The sh
ares have risen by 16 per cent since the start of the year, closing
yesterda
y at R68.25, after finishing 1992 at R57.50. This improvement is
mainly attr
ibutable to better than expected rough diamond sales by the
Central Selling 
Organisation during 1992, and indications that the problem
of excess supply 
from Angola and Russia has eased.
The industrial index has also started the 
year strongly, up 4 per cent,
after a 4.6 per cent gain in the whole of 1992
, which followed a strong 39
per cent rise the previous year.
Mr Richard Jes
se, an analyst at brokers Martin & Co partly attributes this
good start to t
he, by now, 'tedious litany' of the market's scrip shortage.
Nevertheless, m
ost observers believe that 1993 will be a better year on the
JSE than 1992. 
To some extent, this view is supported by improved political
and economic fu
ndamentals. While the speed of political negotiation is
rather slow all thos
e involved are aware that the country cannot afford a
repeat of the damaging
 political hiatus which followed the failure of the
Codesa 2 talks in May an
d the Boipatong massacre in June.
Economic expectations, however, are muted:
 the weather pattern in recent
weeks has led to renewed fears that the El Ni
no phenomenon, associated with
the severe drought of 1991-92, has reappeared
. Last year, for instance, the
drought shaved nearly 2 percentage points off
 GDP growth.
The expectation remains, however, of positive growth in 1993 of
 around 1.5
per cent (GDP shrunk by about 2 per cent in 1992), on hopes of a
 better
agricultural season and improved commodity exports as world growth i
mproves.
The earnings prospects of industrial companies remains gloomy. Most

companies that have reported recently have predicted a drop in profits and

there is little expectation of improved corporate profits before 1994.
In sp
ite of these rather pale fundamentals, Mr Jesse is predicting a
rerating of 
the market. He believes that the Financial and Industrial index,
currently o
n a price/earnings ratio of 14.9 times, down from a peak of some
15.5 in 199
2, could rise to more than 16 this year.
He gives two main reasons for this 
forecast, apart from the improved
political prospects. First, the absence of
 alternatives: property returns
are expected to fall in 1993, while money ma
rket rates which are in line
with inflation, and likely to fall with interes
t rates, are hardly
attractive.
Capital markets are also a difficult route b
ecause, while the probable
short-term decline in inflation, which currently 
stands at about 11 per
cent, is positive, this is counterbalanced by concern
s about the size of the
government's budget deficit and prospects of a relax
ation in fiscal policy
under an interim government.
Second, Mr Jesse argues 
that South African fund managers will be increasing
the equity portion of th
eir portfolios: many of them are underweight,
holding less than 60 per cent 
in equities when the limit is as much as 75
per cent.
One unfashionable area
 which could receive some of these institutional funds
is gold shares which 
have been sharply downrated over the past three years
as the gold index decl
ined from a peak of 2,250 to current levels of about
800, with a 30 per cent
 fall in 1992 alone.
Mr Mike Wuth, mining analyst at brokers Rice Rinaldi sa
ys that this
correction has largely removed the speculative angle from gold.
 Now, he
says, gold has to offer decent returns and compete more directly wi
th
industrial shares.
However few analysts hold out much hope for a higher g
old price in the short
term and a weakening rand is only likely to offer lim
ited benefit.
But one way that profits can be improved is through further co
st cutting
measures and the December gold quarterly results of mining houses
 confirm
the impressive progress that has been made in this direction. With 
the
dividend yield of the gold index having risen to 6.6 per cent from 3.4 p
er
cent three years ago, gold shares are now offering better value than for 
a
number of years.
Mr Wuth forecasts that foreigners are more likely to be b
uyers of good
shares than local institutions. Many of the latter, he argues,
 are
historically overweight in gold and so are looking for opportunities to

lighten their holdings.
Overseas institutions, of course, will be wary of t
he vagaries of the
financial rand investment unit, which started 1992 at a d
iscount of 14 per
cent to the commercial rand and ended at a discount of 37 
per cent.
But the political outlook and recent steps taken to bolster the cu
rrency,
make any further weakening from current levels unlikely.
.


10.

DO
CUMENT NO.: FT921-16395.
HEADLINE:      FT  03 JAN 92 / Commodities and Agri
culture: Uncertainties cloud US farming outlook - Election year politics cou
ld again ease growers' sufferings .
BYLINE:           By NANCY DUNNE .
PUBLI
CATION:  The Financial Times .
PAGE:          London Page 14 Photograph Maiz
e is the biggest contributor to US farm incomes but Soviet sales are in doub
t (Omitted). .
TEXT:         
AMERICAN FARMERS are facing a new year as shro
uded in uncertainty as any in
recent times. The collapse of the Soviet Union
 puts into jeopardy one of
their most lucrative markets; trade war with Chin
a is looming; and the
condition of the world economy is precarious.
Negotiat
ors in the Uruguay Round of the General Agreement on Tariffs and
Trade are s
till deadlocked on farm trade reform. Even the course of the El
Nino weather
 phenomenon is confounding experts, who worry that it could
trigger droughts
 in some areas at a time when US grain stocks are
uncomfortably low.
At the 
annual outlook conference of the US Department of Agriculture
Department las
t month, Mr James Donald, head of the USDA's World Agriculture
Outlook Board
, put an optimistic face on 1992 for American farmers. Global
crop productio
n would fall but animal output would grow, creating many more
hungry mouths 
to feed, he said.
Higher grain prices and an increased volume of wheat, soya
bean and
horticultural product exports would boost the value of farm exports
 to
Dollars 39bn, up 4 per cent from 1991, Mr Donald forecast. World commodi
ty
demand would increase because of real economic growth of about 2.5 per ce
nt,
population growth of 1.7 per cent and a 2 per cent rise in meat output.

Meanwhile a 'modest increase' could be expected in input prices. However,
th
e overall result would be cash returns only 'close' to 1991 levels.
Mr Rober
t McElroy, a USDA agricultural economist, predicted a rise in US
wheat price
s next year. But he told the conference a threatened drop in
other grain pri
ces could lead to an overall drop in incomes. That would be a
further blow t
o a sector where bankruptcies are continuing at a brisk pace,
although not a
t the rate of the early 1980s.
Mr Mitchell Morehart, another USDA agricultur
al economist, acknowledged that
the rapid changes in the world had made it '
pretty difficult' to forecast
net farm income. The drop in US interest rates
 would benefit some farmers
and a possible fall in fuel prices would also he
lp.
Maize is the largest single component of US farmer price receipts and th
e
republics of the former Soviet Union are still the major wild card in the

pack. The future of this trade rests on the willingness of the west to
provi
de financial assistance.
If the west withheld credits mendous,' said Mr Alan
 Terhaar, executive
director of the US Feed Grains Council.
'The cumulative 
effect of lack of trade credits that would cause the Soviets
to fall from th
e projected level to, for example, 5m tonnes of imports would
by the end of 
1995-96, could cause a build-up of 60m tonnes of US feed
grains stocks. Whea
t stocks would face a similar build-up.'
If President Bush took the lead on 
increasing export guarantees to the
former Soviet republics then the subsequ
ent rise in maize prices could
actually turn falling farm incomes around.
Wi
th all the uncertainties, Mr Terhaar expected a 'disappointing' outcome
for 
1991-92 trade. Although exports to Mexico had been rising, they were
slightl
y behind expectations of 7.5m tonnes per year by 1995. Furthermore,
he was k
eeping a close watch on proposed changes to Mexico's ejido (communal
farm) l
and tenure system.
'Even two years ago it would have been inconceivable that
 Mexico would ever
change its ejido system, which dates back to that country
's revolution,' Mr
Terhaar said. The system had been 'considered an insurmou
ntable impediment'
to higher Mexican production, but a proposal to introduce
 privatisation into
the system could have 'far reaching consequences for the
 make-up of crop and
livestock production'.
Mr Terhaar was hopeful about inc
reased exports to Egypt, since US debt
forgiveness and an emerging private s
ector had strengthened the market.
Eastern Europe offered some possibility o
f new markets in the short term but
it could not afford to buy much.
Austral
ia, South Africa and Thailand appeared to be moving away from feed
grains ex
ports, but the Asian market posed another concern for the US.
Japan's tariff
 quota on imports of maize for industrial processing and
layers of regulatio
ns and secondary tariffs on feed grain might indicate 'we
have simply reache
d a plateau in Japanese imports. . . or we are entering a
period of signific
ant decline'.
In Korea the US was facing China as a major competitor, while 
China was
maintaining firm control on import volume into the south, where ec
onomic
growth rates in excess of 20 per cent were causing an explosion in de
mand.
Mr Terhaar was 'bullish' that China would succumb to economic and poli
tical
pressures to open its market to feed grain imports. Currently it was
i
mporting 800,000 tonnes of barley for malt production, and demand was
growin
g by more than 100,000 tonnes a year.
The likeliest bet is that election yea
r politics will prevail and US farmers
will not be allowed to suffer unduly 
in 1992. If history repeats itself -
and why not? - then the Republican admi
nistration and Democratic Congress
will join forces to ensure that the Midwe
st and the Sunbelt states, major
electoral battlegrounds, will get sticking 
plasters for their pain.
Already there have been calls in Congress for expor
t subsidy re-armament.
President Bush, facing a tough re-election fight and 
lagging in the polls,
is unlikely to refuse this favoured constituency unles
s Gatt brings
discipline into the trade.
.


11.

DOCUMENT NO.: FT943-6790.

HEADLINE:      FT  26 AUG 94 / Commodities and Agriculture: Fishmeal plants 
gobble up Peru's marine wealth - The crisis threatened by overcapacity and i
nefficiency .
BYLINE:           By SALLY BOWEN .
PUBLICATION:  The Financial
 Times .
PAGE:          London Page 22 .
TEXT:         
Peru's fishmeal indu
stry, already the world's number one exporter in 1993,
is set for even more 
spectacular figures this year. The catch in the first
six months was almost 
half as large again as last year's and, with new
plants coming on stream alo
ng the coast, quality is on the increase as well
as quantity.
'It's an extra
ordinary year for fishing,' says Mr Dante Matellini, the
retired admiral who
 presides over Pescaperu, the world's largest fishmeal
producer. Pescaperu w
as created in the early 1970s when the then left-wing
military government na
tionalised the bulk of the privately-owned plants.
With favourable climatic 
conditions and fish stocks fully recovered after
the 1991-92 ravages of the 
warm current known as 'El Nino' (The Child), Mr
Matellini has more to keep h
im busy than simply producing and selling
fishmeal. He is also charged with 
the privatisation of the state's assets:
some 20 fishmeal factories and four
 fishoil refineries.
Pescaperu's sale was originally announced almost two ye
ars ago. Now new
chief, Mr Matellini, has redrawn the strategy to sell the p
lants as
separate, legally-constituted companies rather than as simple asset
s. The
plants are valued at between Dollars 5m and Dollars 10m apiece, but a
ll
require substantial investment and upgrading.
Privatisation has proved de
licate as well as slow. Workers made redundant
under a rationalisation schem
e have demonstrated vociferously in Lima's
streets. Now the fishing lobby, t
he SNP, is also objecting to the sale.
'Pescaperu is a seven-headed dragon,'
 says Mr Lucas de Tramontana, the SNP's
vice-president and a major sharehold
er in Pesquera Austral, the second
largest private fishmeal producer. 'We be
lieve not more than half-a-dozen of
its plants should be sold.' An official 
proposal to that effect has been put
before the privatisers.
The SNP's objec
tion is that Peru's existing plant capacity vastly exceeds
the fish availabl
e for processing. In a 'normal' year, hundreds of small
Peruvian fishermen l
and about 6.5m tonnes of 'industrial' fish, primarily
anchovy and sardine, c
aught within 30 miles of the shore by traditional,
low-tech methods.
Last ye
ar, more than 8.4m tonnes of fish were extracted and, by the time the
twice-
yearly fishing ban came into force on 1 August, that total had already
been 
matched. But, working at capacity, Peru's hungry processing plants can
gobbl
e up around 20,000 tonnes of raw fish an hour.
By early July, Pescaperu had 
exported 450,000 tonnes of fishmeal, worth
Dollars 144m - about a third of t
he 1994 national total so far. Each year,
however, its share dwindles as pri
vate producers bring new, high-technology
plants on stream to turn out 'spec
ial' quality fishmeal.
One such is the Dollars 22m installation belonging to
 Sindicato Pesquero
(Sipesa), near the port of Matarani on Peru's southern c
oast, where fish
stocks are now proving more reliable. Sipesa is far and awa
y the country's
leading private company, with 1993 exports worth Dollars 75m
. This year's
shipments could be 50 per cent higher.
Pesquera Austral, in th
e number two slot and investing heavily, has recently
brought two new specia
l quality plants on line, both south of Lima. It has
launched a Dollars 30m 
Euronote issue to help finance restructuring and
expansion.
In all, the SNP'
s general manager, Mr Richard Diaz, can reckon up some
Dollars 400m in fresh
 private sector investments planned and already under
way for fleet and plan
t modernisation.
But, with all the entrepreneurial activity, Peru's anchovy 
and sardine
stocks are being stretched to their limits - some suspect they m
ay already
be over-fished. The last time Peruvian fishermen caught quantitie
s similar
to this year's was in record-breaking 1971. That free-for-all deci
mated
stocks and plunged the fishmeal industry into crisis for years.
The UN
's Food and Agriculture Organisation is working with Peru's fisheries
minist
ry and maritime institute (Imarpe) to make a better evaluation of the
resour
ce. Mr Diaz says 'preliminary information from the study indicates
there may
 have been errors in calculating the biomass in previous years. Or
else the 
'biological' fishing ban has allowed stocks to build up.'
Nevertheless, the 
anchovy and sardine caught off the Peruvian coast are
finite. Apart from imp
roving the conversion ratio of raw material to
finished product, fishmeal pr
oducers may soon have no alternative but to
move into deeper waters where vi
rtually untapped stocks of horse and jack
mackerel abound.
Investment in dee
p-sea trawlers, of course, is expensive and, according to
the SNP, Peru's ve
ry private fishing sector (no Peruvian fishing company is
yet publicly trade
d) carries a heavy burden of debt.
One option for the forward-looking compan
y is a joint venture backed by
foreign capital. Peru's Sotomayor group, 40 p
er cent owned by American
Proteins of Atlanta, has embarked on a tuna-fishin
g venture in association
with JIDO, the Japanese investment and development 
organisation. The first
of a projected four-ship fleet is already operating 
off the Peruvian coast
and selling tuna to Japan for sashimi.
A Dutch compan
y, Van der Zwan, meanwhile, has bought back seven Dutch-built
trawlers origi
nally supplied to now-liquidated Flopesca, the former
state-owned high seas 
fishing fleet. In a joint venture with a local company
based in Peru's north
ern port of Paita, a couple of the reconditioned
trawlers are to produce fro
zen fish, mainly hake, for export to Europe.
A further, obvious option for P
eruvian companies that see the writing on the
wall is to launch a public sha
re offering. Both Sipesa and Sotomayor say
they are considering it.
.


12.


DOCUMENT NO.: FT924-2561.
HEADLINE:      FT  11 DEC 92 / Survey of Ecuador 
(3): Banana trade faces an uncertain future - Agriculture .
BYLINE:         
  By RAYMOND COLITT .
PUBLICATION:  The Financial Times .
PAGE:          Lon
don Page 34 .
TEXT:         
BANANA production, the cornerstone of Ecuador's
 agriculture, is facing
change. Not only are exports threatened by European 
restrictions, but
domestic overproduction, the Sigatoka disease and low per 
acre productivity
will also demand action by producers.
Last year Ecuador pr
oduced a record 3.5m tonnes of bananas. The increase
over previous years (3m
 tonnes in 1990 and 2.5m tonnes in 1989) is largely
due to new plantations s
tarted in 1990 and 1991 - when banana prices rose -
and which have now come 
into production. These largely unauthorised
plantations are ballooning the s
upply and depressing prices.
Of great concern to Ecuador is the reform of th
e European Community's banana
import regime with proposals to impose a banan
a import quota of 2m tonnes
next year and tariff on 'dollar bananas' importe
d from exporters from Latin
America of up to 70 per cent. Ecuador last year 
exported 2.7m tonnes of
bananas worth nearly Dollars 800m.
Restrictions woul
d affect a large percentage of Ecuador's banana exports.
Approximately 40 pe
r cent of the fruit it produces is sold to the EC.
While the spread of the B
lack Sigatoka disease, which has endangered the
tropical fruit for some time
, has been halted, it is not likely to be
eradicated. Measures introduced by
 the French Institute of Fruit and Citrus
Investigations, part of an aid pro
gramme of the French government, have had
much success in combating Sigatoka
, but have not able to eliminate it
completely.
The productivity of Ecuador'
s banana fields is below that of its world
competitors. While the productivi
ty in Honduras is 2,800 boxes per hectare
and 3,000 in Costa Rica, Ecuador m
erely produces 1,400 boxes per hectare.
Yet lower overall costs make Ecuador
 competitive internationally.
To give producers an incentive while continuin
g to protect consumers, the
government is to implement a price reform of the
 principal agricultural
goods whose prices have so far remained fixed.
Suppl
y and demand will determine the prices of sugar, rice, maize, soya,
milk and
 barley within a certain parameter set by the ministry of
agriculture. The b
ottom end of the price bracket will ensure farmers a
minimum revenue. When p
rices hit the top end, distributors are allowed to
search for cheaper import
s on the international market.
The importance of coffee and cacao, which cov
er nearly a third of the area
sown with primary agricultural products, is li
kely to decrease. Given low
prices and an over-supply of coffee on world mar
kets, agriculture minister
Mr Mariano Gonzales Portes has indicated that som
e of the coffee
cultivations will eventually have to be replaced with other 
crops.
In spite of a sugar cane production of over 3.5m tonnes annually, Ecu
ador
has had to import sugar this year. Producers hope to cover domestic dem
and
next year but need considerable credits from the Andean Development
Corp
oration to do so.
Few major crops have seen their production increase signif
icantly recently.
One exception is the soya bean; its production has nearly 
quadrupled in the
past years and is expected to grow in the future.
One of t
he reasons producers have not been able to significantly increase
the yield 
of their crops in past years, says Mr Gonzales, has been the lack
of suffici
ent investment in agricultural research. Only 0.3 per cent of
gross domestic
 product has gone into agricultural research in the past
years, he says.
The
 government plans to reverse that trend and, with the help of the
Institute 
of Agricultural Investigations which became autonomous only in
July, intends
 to promote new and higher-yielding agricultural products.
INIAP has recentl
y developed a new type of yuca whose yield is three times
that of the tradit
ional type when processed into flour and 10 times as high
when processed int
o starch.
The institute also engages in other activities, such as giving tec
hnical
advice to indigenous groups in the central province of Chimborazo on 
the
cultivation of the traditional crop quinua. This cereal, grown by the In
cas
centuries ago, has a high nutritional value.
Although a promising crop, 
the efficient commercialisation of quinua is
difficult, says Mr Gonzales, be
cause of the unfavourable size of land
parcels in the areas in which quinua 
is grown. Land holdings in the
mountainous Sierra region are much smaller th
an in the coast and are
typically used for subsistence farming.
Thirty per c
ent of land holdings in the Sierra are classified as small (10
hectares or l
ess), while 52 per cent are medium sized (10 to 100 hectares)
and only 18 pe
r cent are more than 100 hectares. Land holdings in the
coastal provinces of
 Manabi, Guayas, and Los Rios are generally larger and
used in commercial mo
noculture such as banana, cacao or coffee.
In the past two-and-a-half decade
s the amount of land used for livestock
production has more than tripled to 
nearly 5m hectares, which in part
explains Ecuador's dazzling rate of defore
station. Settlers continue to
slash-and-burn as a way to clear areas of fore
st on which to grow beans and
maize for one season before turning it into pa
sture.
The most rapid expansion of pasture has occured in the coastal areas,

especially in the province of Esmeraldas where huge tracts of land have bee
n
cleared by settlers as well as lumber companies. In the Sierra the increas
e
of pasture is more due to the abandonment of agricultural activities.
A la
rge potential for growth lies in Ecuador's horticulture, according to Mr
Gon
zales, especially tropical fruits but also flowers which have found an
incre
asingly strong market in the US and Europe.
Yet the volatility in the produc
tion of such fruits for the export market is
exemplified by the Babaco fruit
. Production in 1987 reached 3,834 tonnes but
then steadily declined over th
e years and in 1991 equalled only 510 tonnes.
Although outside the hurricane
 zone, Ecuador suffers repeatedly from the
shifting precipitation patterns c
aused by the Pacific current El Nino. The
current carries warmer waters to t
he coast and causes droughts in some parts
of the country and floods in othe
rs. This year 22 people were killed and
30,000 hectares of rice, banana, cot
ton and maize crops were lost. The
damage in the coastal areas alone is esti
mated to have been Dollars 70m.
At a time when droughts have caused hydroele
ctric plants to reduce their
output, the government plans to revive a decade
-old project to irrigate
nearly 30,000 hectares of arable land on the Santa 
Helena peninsula west of
the port city Guayaquil. The four dams along the ri
ver Daule are also to
provide the area with electricity and drinking water. 
So far Brazil, Italy
and Spain have agreed to co-finance the project.
.



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<DOC>
<DOCNO>FT944-9398</DOCNO>
<PROFILE>_AN-EKPEKABFFT</PROFILE>
<DATE>9411
16
</DATE>
<HEADLINE> FT  16 NOV 94 / Law of the Sea promises many disputes 
</HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLINE>
<
TEXT>
The United Nations Convention on the Law of the Sea, which enters full
 force
today, seems likely to be treated by coastal states as a rich source 
of
legal and rhetorical arguments to be used against rivals.
This is in spit
e of the fact that the last thing the law's drafters wanted
was to provide d
isputatious countries with extra torpedoes. One of the law's
ostensible purp
oses is to encourage compromises over the exploitation of
maritime resources
, even among countries with unresolved disputes.
Apart from a standoff in th
e Aegean - where Turkey has threatened war if
Greece extends its territorial
 waters to 12 miles - one of the most grave
maritime disputes involves China
 and Vietnam, locked in a war of words over
oil rights in the South China Se
a.
Both China and Vietnam claim to be acting in accordance with the Law of t
he
Sea but their interpretations of the document are miles apart.
Over the l
ast month, China has accused Vietnam of infringing its interests
in internat
ional waters by inviting US and European companies to explore for
oil in the
 Tonkin Gulf.
Vietnam has retorted that it is exercising its legitimate righ
ts in the
economic zone to which it is entitled by the UN convention. It sai
d that
under the terms of that treaty, there were no international waters in
 the
Gulf.
This dialogue of the deaf reflects confusion over the difference 
between
territorial waters - which may be extended, under the UN Law, up to 
12 miles
 -and the 'economic zone' which coastal states are entitled to clai
m,
amounting to either 200 miles or the full extent of their continental she
lf,
whichever is larger.
China and Vietnam are also arguing over resources a
round the Spratly
Islands, a group of reefs and atolls whose other would-be 
owners are Taiwan,
Brunei, Malaysia and the Philippines.
China has awarded a
n exploration contract to the US company Crestone for an
area south-west of 
the Spratlys, while Vietnam has awarded a consortium led
by Mobil a bloc sli
ghtly further to the west. Each state has denounced the
other's contract.
So
vereignty over the Spratlys - and hence control of the surrounding
economic 
zone - is crucial to each side's claim to energy rights, and the
salience of
 this issue is expected to grow as the UN convention enters
force.
However a
 study by a London-based law firm, maintains that the law favours
pragmatic 
joint exploitation accords, even among countries with unresolved
disputes.*

Laying out the common-sense arguments for such accords, it notes that oil
de
posits which straddle two states' economic zones cannot be exploited by
one 
without damaging the other's interests. When one state drills, oil from
the 
rival state's zone is liable to flow across the boundary line as a
result.
A
rticle 83 of the UN convention says that pending final agreement on zones,
c
ountries should 'make every effort to enter into provisional arrangements
of
 a practical nature'.
As an example of such a deal, the study cites the 1989
 accord between
Australia and Indonesia over waters south of Timor.
However,
 such accords are not a panacea. Portugal - still seen by the UN as
legal ad
ministrator of East Timor - has challenged Australia's right to
enter the ac
cord, before the International Court of Justice.
The entry into force of the
 UN Law comes a year after its ratification by
the minimum of 60 states. Ano
ther breakthrough came this summer when
provisions on deep-sea mining - outs
ide the zones of any country - were
amended so as to convince the US, the UK
 and Germany to sign.
*Paper by Charles Robson of Lovell White Durrant, 65 H
olborn Viaduct, London
EC1A 2DY
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  Chin
a, Asia.
    VNZ  Vietnam, Asia.
    XAZ  World.
</CN>
<XX>
Industries:-
</X
X>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Gener
al News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 6 </PAGE>

</DOC>

============= Transaction # 80 ==============================================
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<DOC>
<DOCNO>FT944-9398</DOCNO>
<PROFILE>_AN-EKPEKABFFT</PROFILE>
<DATE>9411
16
</DATE>
<HEADLINE> FT  16 NOV 94 / Law of the Sea promises many disputes 
</HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLINE>
<
TEXT>
The United Nations Convention on the Law of the Sea, which enters full
 force
today, seems likely to be treated by coastal states as a rich source 
of
legal and rhetorical arguments to be used against rivals.
This is in spit
e of the fact that the last thing the law's drafters wanted
was to provide d
isputatious countries with extra torpedoes. One of the law's
ostensible purp
oses is to encourage compromises over the exploitation of
maritime resources
, even among countries with unresolved disputes.
Apart from a standoff in th
e Aegean - where Turkey has threatened war if
Greece extends its territorial
 waters to 12 miles - one of the most grave
maritime disputes involves China
 and Vietnam, locked in a war of words over
oil rights in the South China Se
a.
Both China and Vietnam claim to be acting in accordance with the Law of t
he
Sea but their interpretations of the document are miles apart.
Over the l
ast month, China has accused Vietnam of infringing its interests
in internat
ional waters by inviting US and European companies to explore for
oil in the
 Tonkin Gulf.
Vietnam has retorted that it is exercising its legitimate righ
ts in the
economic zone to which it is entitled by the UN convention. It sai
d that
under the terms of that treaty, there were no international waters in
 the
Gulf.
This dialogue of the deaf reflects confusion over the difference 
between
territorial waters - which may be extended, under the UN Law, up to 
12 miles
 -and the 'economic zone' which coastal states are entitled to clai
m,
amounting to either 200 miles or the full extent of their continental she
lf,
whichever is larger.
China and Vietnam are also arguing over resources a
round the Spratly
Islands, a group of reefs and atolls whose other would-be 
owners are Taiwan,
Brunei, Malaysia and the Philippines.
China has awarded a
n exploration contract to the US company Crestone for an
area south-west of 
the Spratlys, while Vietnam has awarded a consortium led
by Mobil a bloc sli
ghtly further to the west. Each state has denounced the
other's contract.
So
vereignty over the Spratlys - and hence control of the surrounding
economic 
zone - is crucial to each side's claim to energy rights, and the
salience of
 this issue is expected to grow as the UN convention enters
force.
However a
 study by a London-based law firm, maintains that the law favours
pragmatic 
joint exploitation accords, even among countries with unresolved
disputes.*

Laying out the common-sense arguments for such accords, it notes that oil
de
posits which straddle two states' economic zones cannot be exploited by
one 
without damaging the other's interests. When one state drills, oil from
the 
rival state's zone is liable to flow across the boundary line as a
result.
A
rticle 83 of the UN convention says that pending final agreement on zones,
c
ountries should 'make every effort to enter into provisional arrangements
of
 a practical nature'.
As an example of such a deal, the study cites the 1989
 accord between
Australia and Indonesia over waters south of Timor.
However,
 such accords are not a panacea. Portugal - still seen by the UN as
legal ad
ministrator of East Timor - has challenged Australia's right to
enter the ac
cord, before the International Court of Justice.
The entry into force of the
 UN Law comes a year after its ratification by
the minimum of 60 states. Ano
ther breakthrough came this summer when
provisions on deep-sea mining - outs
ide the zones of any country - were
amended so as to convince the US, the UK
 and Germany to sign.
*Paper by Charles Robson of Lovell White Durrant, 65 H
olborn Viaduct, London
EC1A 2DY
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  Chin
a, Asia.
    VNZ  Vietnam, Asia.
    XAZ  World.
</CN>
<XX>
Industries:-
</X
X>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Gener
al News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 6 </PAGE>

</DOC>

============= Transaction # 81 ==============================================
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<DOC>
<DOCNO>FT944-9095</DOCNO>
<PROFILE>_AN-EKQEIABOFT</PROFILE>
<DATE>9411
17
</DATE>
<HEADLINE> FT  17 NOV 94 / Australia extends offshore zone </HEAD
LINE>
<BYLINE>    By NIKKI TAIT </BYLINE>
<DATELINE>    SYDNEY </DATELINE>
<
TEXT>
Australia doubled in size yesterday, as it formally claimed massive ne
w
offshore territory under an international 'law of the sea' convention. The

1982 United Nations Convention of the Law of the Sea, which was finally
rat
ified this year, aims to divide about 35 per cent of the world's oceans
amon
g over 100 countries. In Australia's case it means that the country can
clai
m an exclusive economic zone extending 200 nautical miles from its
baselines
, instead of the traditional 12 miles.
Because of the nation's extensive coa
stline it is now claiming around 5.7m
sq miles of ocean water, of which 4.2m
 sq miles derives from the new
extended nautical limits. As a result, Austra
lia can boast one of the
largest 'exclusive economic zones' in the world.
Wh
ile much of the additional territory is undisputed, there is disagreement
wi
th Indonesia over territory around Christmas Island and off the north
coast 
of Australia, including the resource-rich Timor Gap.
</TEXT>
<XX>
Countries:
-
</XX>
<CN>AUZ  Australia.
</CN>
<XX>
Industries:-
</XX>
<IN>P9511 Air, Wat
er, and Solid Waste Management.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General N
ews.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 7 </PAGE>
</DO
C>

============= Transaction # 82 ==============================================
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<DOC>
<DOCNO>FT944-9095</DOCNO>
<PROFILE>_AN-EKQEIABOFT</PROFILE>
<DATE>9411
17
</DATE>
<HEADLINE> FT  17 NOV 94 / Australia extends offshore zone </HEAD
LINE>
<BYLINE>    By NIKKI TAIT </BYLINE>
<DATELINE>    SYDNEY </DATELINE>
<
TEXT>
Australia doubled in size yesterday, as it formally claimed massive ne
w
offshore territory under an international 'law of the sea' convention. The

1982 United Nations Convention of the Law of the Sea, which was finally
rat
ified this year, aims to divide about 35 per cent of the world's oceans
amon
g over 100 countries. In Australia's case it means that the country can
clai
m an exclusive economic zone extending 200 nautical miles from its
baselines
, instead of the traditional 12 miles.
Because of the nation's extensive coa
stline it is now claiming around 5.7m
sq miles of ocean water, of which 4.2m
 sq miles derives from the new
extended nautical limits. As a result, Austra
lia can boast one of the
largest 'exclusive economic zones' in the world.
Wh
ile much of the additional territory is undisputed, there is disagreement
wi
th Indonesia over territory around Christmas Island and off the north
coast 
of Australia, including the resource-rich Timor Gap.
</TEXT>
<XX>
Countries:
-
</XX>
<CN>AUZ  Australia.
</CN>
<XX>
Industries:-
</XX>
<IN>P9511 Air, Wat
er, and Solid Waste Management.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General N
ews.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 7 </PAGE>
</DO
C>

============= Transaction # 83 ==============================================
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<DOC>
<DOCNO>FT921-10970</DOCNO>
<PROFILE>_AN-CBDCGAAVFT</PROFILE>
<DATE>920
204
</DATE>
<HEADLINE> FT  04 FEB 92 / Egypt and Sudan in oil dispute </HEAD
LINE>
<BYLINE>    By TONY WALKER and SHAHIRA IDRIS </BYLINE>
<DATELINE>    C
AIRO </DATELINE>
<TEXT>
EGYPT AND Sudan have become embroiled in a border di
spute over oil
exploration in the Red Sea, and the argument seems likely to 
complicate
already tense relations between Cairo and Khartoum.
Egypt has adv
ised all international oil companies that Sudan has no
authority to sign exp
loration agreements for acreage north of their
'political' boundary delineat
ed by latitude 22 degrees north under an 1899
treaty.
Egypt was reacting to 
an agreement signed last month between Sudan and the
Canadian-registered Int
ernational Petroleum Corporation for seismic work in
waters north of 22 degr
ees in an area Egypt claims as sovereign territory.
Sudan, however, believes
 an 'administrative' boundary, agreed in 1902, which
runs north of the polit
ical boundary, entitles it to allow exploration north
of 22 degrees.
The dis
pute could hardly come at a more awkward moment, with relations
between mode
rate rulers in Cairo and the Islamicist-dominated military
regime in Sudan u
nder severe strain. It also coincides with reports of
recent troubles betwee
n Egyptian and Sudanese patrols in the triangle formed
by the 'political' an
d 'administrative' boundaries.
The 'political' boundary came into effect wit
h the Anglo-Egyptian
condominium agreement of 1899. It was followed three ye
ars later by an
amendment that gave Sudan administrative responsibility for 
tribes north of
1899 boundary in the east.
Egypt was given responsibility fo
r a small section south of the line about
half-way between the Red Sea coast
 and the Nile.
It is unclear whether the 'political' or 'administrative' bou
ndaries have
international boundary status. This issue may in the end requir
e
international jurisdiction.
In the meantime Egypt, which is keen to promot
e offshore exploration in the
Red Sea, is offering a large block which runs 
south to its 'political'
boundary with Sudan, and in fact includes acreage t
argeted for exploration
by International Petroleum.
In Geneva, International
 Petroleum said it was planning to go ahead with its
seismic survey in its 1
0,000 square kilometre Halaib block. A spokesman said
that until the Egyptia
ns had complained he had not been aware that the area
was in dispute.
Egypt,
 through its embassy in Ottawa, informed the Canadian government, and
throug
h it International Petroleum, that it regarded exploration in waters
off the
 area under dispute latitude as 'illegal.'
In Cairo, a spokesman for the Can
adian embassy said the issue was under
discussion with both Egypt and Sudan.
 He said the Sudanese were insisting
they had a right to enter into explorat
ion a greements for areas in their
'administrative' zone.
</TEXT>
<PUB>The F
inancial Times </PUB>
<PAGE> London Page 4 Map (Omitted). </PAGE>
</DOC>

============= Transaction # 84 ==============================================
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LINE>
<BYLINE>    By TONY WALKER and SHAHIRA IDRIS </BYLINE>
<DATELINE>    C
AIRO </DATELINE>
<TEXT>
EGYPT AND Sudan have become embroiled in a border di
spute over oil
exploration in the Red Sea, and the argument seems likely to 
complicate
already tense relations between Cairo and Khartoum.
Egypt has adv
ised all international oil companies that Sudan has no
authority to sign exp
loration agreements for acreage north of their
'political' boundary delineat
ed by latitude 22 degrees north under an 1899
treaty.
Egypt was reacting to 
an agreement signed last month between Sudan and the
Canadian-registered Int
ernational Petroleum Corporation for seismic work in
waters north of 22 degr
ees in an area Egypt claims as sovereign territory.
Sudan, however, believes
 an 'administrative' boundary, agreed in 1902, which
runs north of the polit
ical boundary, entitles it to allow exploration north
of 22 degrees.
The dis
pute could hardly come at a more awkward moment, with relations
between mode
rate rulers in Cairo and the Islamicist-dominated military
regime in Sudan u
nder severe strain. It also coincides with reports of
recent troubles betwee
n Egyptian and Sudanese patrols in the triangle formed
by the 'political' an
d 'administrative' boundaries.
The 'political' boundary came into effect wit
h the Anglo-Egyptian
condominium agreement of 1899. It was followed three ye
ars later by an
amendment that gave Sudan administrative responsibility for 
tribes north of
1899 boundary in the east.
Egypt was given responsibility fo
r a small section south of the line about
half-way between the Red Sea coast
 and the Nile.
It is unclear whether the 'political' or 'administrative' bou
ndaries have
international boundary status. This issue may in the end requir
e
international jurisdiction.
In the meantime Egypt, which is keen to promot
e offshore exploration in the
Red Sea, is offering a large block which runs 
south to its 'political'
boundary with Sudan, and in fact includes acreage t
argeted for exploration
by International Petroleum.
In Geneva, International
 Petroleum said it was planning to go ahead with its
seismic survey in its 1
0,000 square kilometre Halaib block. A spokesman said
that until the Egyptia
ns had complained he had not been aware that the area
was in dispute.
Egypt,
 through its embassy in Ottawa, informed the Canadian government, and
throug
h it International Petroleum, that it regarded exploration in waters
off the
 area under dispute latitude as 'illegal.'
In Cairo, a spokesman for the Can
adian embassy said the issue was under
discussion with both Egypt and Sudan.
 He said the Sudanese were insisting
they had a right to enter into explorat
ion a greements for areas in their
'administrative' zone.
</TEXT>
<PUB>The F
inancial Times </PUB>
<PAGE> London Page 4 Map (Omitted). </PAGE>
</DOC>

============= Transaction # 85 ==============================================
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============= Transaction # 86 ==============================================
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<DOC>
<DOCNO>FT944-8867</DOCNO>
<PROFILE>_AN-EKREFAHBFT</PROFILE>
<DATE>9411
17
</DATE>
<HEADLINE> FT  17 NOV 94 / US cruiser tracks Greek and Turkish co
ntingents: Marine rights row leads to fear of war between Nato neighbours </
HEADLINE>
<BYLINE>    By KERIN HOPE and JOHN BARHAM </BYLINE>
<DATELINE>    
ATHENS, ANKARA </DATELINE>
<TEXT>
A US Navy cruiser was yesterday monitoring
 Greek and Turkish naval
activities in the Aegean, where fears of war have b
een triggered by the
start of a new international law.
The United Nations Co
nvention on the Law of the Sea has been hailed in
Athens as a vindication of
 its long-standing argument that it has the right
to extend its territorial 
waters from 6 miles to 12.
Turkey has said that any such move by Athens woul
d turn the Aegean into a
'Greek lake' and would be resisted by force. Greece
 says it has no plans to
extend its territorial waters, but it will not reno
unce the right to do so.
An opinion poll published this week showed that 79 
per cent of Turks would
support war if Greece declared a 12-mile limit.
The 
quarrel dates from an offshore oil strike west of the Greek island of
Thasos
 more than 20 years ago. The Athens government rejects Turkish
proposals for
 joint oil exploration in the Aegean.
The Cape St George, a US cruiser equip
ped with the latest electronic
surveillance devices, was yesterday tracking 
Turkish warships and Greek
aircraft across the Aegean.
President Bill Clinto
n has written to the leaders of both countries urging
them to show restraint
 and avoid the risk of clashes.
Mr Mumtaz Soysal, the Turkish foreign minist
er, said Ankara has assured Mr
Clinton that it had taken all possible measur
es to avoid a clash. Mr Soysal
met Mr Karolos Papoulis, his Greek counterpar
t, in The Hague this week, but
there was little sign of a change in position
s.
Turkey wants across-the-board negotiations on all the issues which it say
s
are in dispute. Greece says the only issue that needs discussing is that o
f
seabed mineral rights, which it wants settled by international arbitration
.
Relations between Athens and Ankara have also been worsened by the war in

former Yugoslavia, where Turkey supports the Bosnian Moslems while Greece
ha
s traditional links with the Serbs.
Turkey was the only European member of N
ato to support the US withdrawal
from the arms embargo against Bosnia. Recen
tly, Turkey gave a new thrust to
the old antagonisms by accusing Greece of h
arbouring guerrillas from the
separatist Kurdistan Workers party (PKK) fight
ing in eastern Turkey.
The US Navy, in this year's annual intelligence repor
t, described the
Greek-Turkish standoff as one of the 'most worrisome situat
ions developing
in Europe and the most dangerous to Nato as an institution'.

The report says tension in the Aegean has also been stoked by supplies to
b
oth countries of new and secondhand ships from other Nato countries.
Diploma
ts said they were alarmed that a hot-line between the two countries,
set up 
after they came close to war in 1987, had ceased to function.
Turkey is cond
ucting its manoeuvres this week in international waters in the
northern Aege
an. About 100 miles to the south, the Greek navy is in charge
of a Nato exer
cise held every year involving ships and aircraft from the US,
France, Italy
, Spain and the UK.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GRZ  Greece, EC.
    
TRZ  Turkey, Middle East.
    USZ  United States of America.
</CN>
<XX>
Indu
stries:-
</XX>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP
>NEWS  General News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> Internatio
nal Page 22 </PAGE>
</DOC>

============= Transaction # 87 ==============================================
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<DOC>
<DOCNO>FT944-8867</DOCNO>
<PROFILE>_AN-EKREFAHBFT</PROFILE>
<DATE>9411
17
</DATE>
<HEADLINE> FT  17 NOV 94 / US cruiser tracks Greek and Turkish co
ntingents: Marine rights row leads to fear of war between Nato neighbours </
HEADLINE>
<BYLINE>    By KERIN HOPE and JOHN BARHAM </BYLINE>
<DATELINE>    
ATHENS, ANKARA </DATELINE>
<TEXT>
A US Navy cruiser was yesterday monitoring
 Greek and Turkish naval
activities in the Aegean, where fears of war have b
een triggered by the
start of a new international law.
The United Nations Co
nvention on the Law of the Sea has been hailed in
Athens as a vindication of
 its long-standing argument that it has the right
to extend its territorial 
waters from 6 miles to 12.
Turkey has said that any such move by Athens woul
d turn the Aegean into a
'Greek lake' and would be resisted by force. Greece
 says it has no plans to
extend its territorial waters, but it will not reno
unce the right to do so.
An opinion poll published this week showed that 79 
per cent of Turks would
support war if Greece declared a 12-mile limit.
The 
quarrel dates from an offshore oil strike west of the Greek island of
Thasos
 more than 20 years ago. The Athens government rejects Turkish
proposals for
 joint oil exploration in the Aegean.
The Cape St George, a US cruiser equip
ped with the latest electronic
surveillance devices, was yesterday tracking 
Turkish warships and Greek
aircraft across the Aegean.
President Bill Clinto
n has written to the leaders of both countries urging
them to show restraint
 and avoid the risk of clashes.
Mr Mumtaz Soysal, the Turkish foreign minist
er, said Ankara has assured Mr
Clinton that it had taken all possible measur
es to avoid a clash. Mr Soysal
met Mr Karolos Papoulis, his Greek counterpar
t, in The Hague this week, but
there was little sign of a change in position
s.
Turkey wants across-the-board negotiations on all the issues which it say
s
are in dispute. Greece says the only issue that needs discussing is that o
f
seabed mineral rights, which it wants settled by international arbitration
.
Relations between Athens and Ankara have also been worsened by the war in

former Yugoslavia, where Turkey supports the Bosnian Moslems while Greece
ha
s traditional links with the Serbs.
Turkey was the only European member of N
ato to support the US withdrawal
from the arms embargo against Bosnia. Recen
tly, Turkey gave a new thrust to
the old antagonisms by accusing Greece of h
arbouring guerrillas from the
separatist Kurdistan Workers party (PKK) fight
ing in eastern Turkey.
The US Navy, in this year's annual intelligence repor
t, described the
Greek-Turkish standoff as one of the 'most worrisome situat
ions developing
in Europe and the most dangerous to Nato as an institution'.

The report says tension in the Aegean has also been stoked by supplies to
b
oth countries of new and secondhand ships from other Nato countries.
Diploma
ts said they were alarmed that a hot-line between the two countries,
set up 
after they came close to war in 1987, had ceased to function.
Turkey is cond
ucting its manoeuvres this week in international waters in the
northern Aege
an. About 100 miles to the south, the Greek navy is in charge
of a Nato exer
cise held every year involving ships and aircraft from the US,
France, Italy
, Spain and the UK.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GRZ  Greece, EC.
    
TRZ  Turkey, Middle East.
    USZ  United States of America.
</CN>
<XX>
Indu
stries:-
</XX>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP
>NEWS  General News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> Internatio
nal Page 22 </PAGE>
</DOC>

============= Transaction # 88 ==============================================
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<DOC>
<DOCNO>FT944-7864</DOCNO>
<PROFILE>_AN-EKWECABAFT</PROFILE>
<DATE>9411
23
</DATE>
<HEADLINE> FT  23 NOV 94 / Beijing and Hanoi aim to settle differ
ences over Spratlys </HEADLINE>
<BYLINE>    By VICTOR MALLET </BYLINE>
<DATE
LINE>    BANGKOK </DATELINE>
<TEXT>
China and Vietnam agreed yesterday to wo
rk peacefully to resolve their
disputes over territorial and maritime bounda
ries, and are to set up a group
of experts to discuss their rival claims to 
the Spratly atolls and the
waters of the South China Sea.
A joint communique
 released at the end of a three-day visit to Vietnam by
China's President Ji
ang Zemin said the two governments agreed to 'refrain
from all acts that mak
e things more complicated or broaden conflicts'.
The dispute over the South 
China Sea is especially sensitive, because each
country is seeking to exploi
t oil and gas reserves believed to lie under the
sea bed. Both countries hav
e awarded oil exploration contracts to US oil
companies in disputed waters.

Mr Qian Qichen, Chinese foreign minister, said in the Vietnamese capital
Han
oi the two sides could shelve disputes and start 'joint development' if
prob
lems could not be resolved in talks immediately.
Joint development of possib
le oil and gas fields in disputed maritime areas
is a proven method of overc
oming conflicts between two countries, but might
not succeed in all areas of
 the sea because there are four other claimants
to some or all of the island
s: Taiwan, Malaysia, the Philippines and Brunei.
Relations between Hanoi and
 Beijing have improved in the past few years. But
Vietnamese officials say C
hina has recently encroached on their territory
near the border, refused to 
open a railway link to allow normal trade across
the land frontier, and let 
Chinese traders smuggle cheap Chinese goods into
Vietnam.
Mr Jiang's visit, 
the first by a Chinese president, may not have brought
much in the way of co
ncrete achievements, but suggests the two governments
want to set aside thei
r differences and concentrate on the similar
challenges each faces: keeping 
their one-party communist political systems
intact while liberalising the ec
onomy.
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  China, Asia.
    VNZ  Vietnam
, Asia.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 International Affairs.
</IN>

<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Financial Times <
/PUB>
<PAGE> London Page 8 </PAGE>
</DOC>

============= Transaction # 89 ==============================================
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<DOC>
<DOCNO>FT944-7864</DOCNO>
<PROFILE>_AN-EKWECABAFT</PROFILE>
<DATE>9411
23
</DATE>
<HEADLINE> FT  23 NOV 94 / Beijing and Hanoi aim to settle differ
ences over Spratlys </HEADLINE>
<BYLINE>    By VICTOR MALLET </BYLINE>
<DATE
LINE>    BANGKOK </DATELINE>
<TEXT>
China and Vietnam agreed yesterday to wo
rk peacefully to resolve their
disputes over territorial and maritime bounda
ries, and are to set up a group
of experts to discuss their rival claims to 
the Spratly atolls and the
waters of the South China Sea.
A joint communique
 released at the end of a three-day visit to Vietnam by
China's President Ji
ang Zemin said the two governments agreed to 'refrain
from all acts that mak
e things more complicated or broaden conflicts'.
The dispute over the South 
China Sea is especially sensitive, because each
country is seeking to exploi
t oil and gas reserves believed to lie under the
sea bed. Both countries hav
e awarded oil exploration contracts to US oil
companies in disputed waters.

Mr Qian Qichen, Chinese foreign minister, said in the Vietnamese capital
Han
oi the two sides could shelve disputes and start 'joint development' if
prob
lems could not be resolved in talks immediately.
Joint development of possib
le oil and gas fields in disputed maritime areas
is a proven method of overc
oming conflicts between two countries, but might
not succeed in all areas of
 the sea because there are four other claimants
to some or all of the island
s: Taiwan, Malaysia, the Philippines and Brunei.
Relations between Hanoi and
 Beijing have improved in the past few years. But
Vietnamese officials say C
hina has recently encroached on their territory
near the border, refused to 
open a railway link to allow normal trade across
the land frontier, and let 
Chinese traders smuggle cheap Chinese goods into
Vietnam.
Mr Jiang's visit, 
the first by a Chinese president, may not have brought
much in the way of co
ncrete achievements, but suggests the two governments
want to set aside thei
r differences and concentrate on the similar
challenges each faces: keeping 
their one-party communist political systems
intact while liberalising the ec
onomy.
</TEXT>
<XX>
Countries:-
</XX>
<CN>CNZ  China, Asia.
    VNZ  Vietnam
, Asia.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 International Affairs.
</IN>

<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Financial Times <
/PUB>
<PAGE> London Page 8 </PAGE>
</DOC>

============= Transaction # 90 ==============================================
Transaction #:     90       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT944-11862</DOCNO>
<PROFILE>_AN-EKDDZAARFT</PROFILE>
<DATE>941
104
</DATE>
<HEADLINE> FT  04 NOV 94 / Cypriots join in the Aegean war of wo
rds </HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLIN
E>
<TEXT>
The gap between Greek-Cypriot and Turkish-Cypriot positions over t
he
island's future is widening ominously, at a time when Athens and Ankara a
re
already squaring off over territorial rights in the Aegean.
Greek-Cypriot
 officials have in the last few days accused both the Turkish
Cypriots and A
nkara of renouncing the 1977 and 1979 agreements - calling for
the island to
 be reunited as a bi-zonal federation - which have served as
the basis for a
ll subsequent negotiations.
Leaders of the island's Greek Cypriot majority h
ave always argued for as
full-blooded a federation as possible, while the Tu
rkish Cypriots want
relatively loose ties between mainly Greek and mainly Tu
rkish zones.
Until recently, UN-sponsored negotiations have proceeded on the
 basis that a
federal Cyprus would be a sovereign state, albeit loosely stru
ctured.
But Mr Mumtaz Soysal, the new Turkish foreign minister who has calle
d for a
tougher stance on Turkish-Greek disputes, caused a sensation in Athe
ns this
week by saying that both parts of Cyprus were and would remain sover
eign
entities.
He said the Cyprus problem was 'half-solved already' and all 
that remained
was for the two sides to agree on co-operation in such areas a
s tourism and
the environment.
The Turkish minister's words were denounced b
y the Cyprus government,
although there was quiet satisfaction among hardlin
e Greek politicians, who
have all along doubted the value of reconciliation 
talks.
'We are at a worse impasse than before,' said Mr Alecos Michaelides, 
foreign
minister in the Greek Cypriot government. 'They (the Turkish Cypriot
s) are
now abandoning the idea of a federation . . . and this makes it diffi
cult
even to start discussions.'
The Greek Cypriots are now expected to inte
nsify pressure on the UN for a
statement that blames Turkish intransigence f
or the lack of progress. They
are also stepping up their campaign for access
ion to the European Union,
something the Turkish side opposes as long as the
re is no settlement.
In a separate Greek-Turkish dispute, Mr Soysal has agai
n warned Athens that
Turkey will go to war if Greece exercises the option of
 extending its
territorial waters from six miles to 12 after November 16, wh
en a new
international law on the sea enters force.
</TEXT>
<XX>
Countries:-

</XX>
<CN>CYZ  Cyprus, Middle East.
    GRZ  Greece, EC.
    TRZ  Turkey, M
iddle East.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 International Affairs.
<
/IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Financial Tim
es </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

============= Transaction # 91 ==============================================
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<DOC>
<DOCNO>FT944-11862</DOCNO>
<PROFILE>_AN-EKDDZAARFT</PROFILE>
<DATE>941
104
</DATE>
<HEADLINE> FT  04 NOV 94 / Cypriots join in the Aegean war of wo
rds </HEADLINE>
<BYLINE>    By BRUCE CLARK, Diplomatic Correspondent </BYLIN
E>
<TEXT>
The gap between Greek-Cypriot and Turkish-Cypriot positions over t
he
island's future is widening ominously, at a time when Athens and Ankara a
re
already squaring off over territorial rights in the Aegean.
Greek-Cypriot
 officials have in the last few days accused both the Turkish
Cypriots and A
nkara of renouncing the 1977 and 1979 agreements - calling for
the island to
 be reunited as a bi-zonal federation - which have served as
the basis for a
ll subsequent negotiations.
Leaders of the island's Greek Cypriot majority h
ave always argued for as
full-blooded a federation as possible, while the Tu
rkish Cypriots want
relatively loose ties between mainly Greek and mainly Tu
rkish zones.
Until recently, UN-sponsored negotiations have proceeded on the
 basis that a
federal Cyprus would be a sovereign state, albeit loosely stru
ctured.
But Mr Mumtaz Soysal, the new Turkish foreign minister who has calle
d for a
tougher stance on Turkish-Greek disputes, caused a sensation in Athe
ns this
week by saying that both parts of Cyprus were and would remain sover
eign
entities.
He said the Cyprus problem was 'half-solved already' and all 
that remained
was for the two sides to agree on co-operation in such areas a
s tourism and
the environment.
The Turkish minister's words were denounced b
y the Cyprus government,
although there was quiet satisfaction among hardlin
e Greek politicians, who
have all along doubted the value of reconciliation 
talks.
'We are at a worse impasse than before,' said Mr Alecos Michaelides, 
foreign
minister in the Greek Cypriot government. 'They (the Turkish Cypriot
s) are
now abandoning the idea of a federation . . . and this makes it diffi
cult
even to start discussions.'
The Greek Cypriots are now expected to inte
nsify pressure on the UN for a
statement that blames Turkish intransigence f
or the lack of progress. They
are also stepping up their campaign for access
ion to the European Union,
something the Turkish side opposes as long as the
re is no settlement.
In a separate Greek-Turkish dispute, Mr Soysal has agai
n warned Athens that
Turkey will go to war if Greece exercises the option of
 extending its
territorial waters from six miles to 12 after November 16, wh
en a new
international law on the sea enters force.
</TEXT>
<XX>
Countries:-

</XX>
<CN>CYZ  Cyprus, Middle East.
    GRZ  Greece, EC.
    TRZ  Turkey, M
iddle East.
</CN>
<XX>
Industries:-
</XX>
<IN>P9721 International Affairs.
<
/IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The Financial Tim
es </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

============= Transaction # 92 ==============================================
Transaction #:     92       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT944-2053</DOCNO>
<PROFILE>_AN-ELQAUAAYFT</PROFILE>
<DATE>9412
17
</DATE>
<HEADLINE> FT  17 DEC 94 / Outdoors: Europe's fishing fleets prep
are for war - Fish supplies are running out, but the authorities seem powerl
ess to act </HEADLINE>
<BYLINE>    By MICHAEL WIGAN </BYLINE>
<TEXT>
The sea
 has always been a place of high feelings. It is becoming more so as
fishing
 nations worldwide try to extend, or consolidate, their fishing
zones. Nowhe
re are the issues as complex, fraught and politicised as in the
EU waters, u
nder pressure from excess fish-catching capacity, lower stocks,
and the conf
licting ambitions of member states, particularly Spain as well
as non-member
 Norway.
Protectionism has never been more old-fashioned than when Spanish t
una
fishermen defending their traditional, long-line fishery in the Bay of
B
iscay brandished axes at the British arrivistes using deadlier modern
drift-
nets.
Britain sent its own fishery protection service which proceeded to boa
rd and
inspect British, not Spanish, vessels.
The tuna furore took place out
side the EU 200-mile fisheries zone, on the
high seas. Here the internationa
l law of the sea holds sway, theoretically
concerned only with piracy, slave
-trading and the movement of illegal
narcotics.
Flag states may board their 
own nation's vessels anywhere. But in practice,
within the EU fisheries zone
, each member state's fishery protection force
operates only in national wat
ers. Spanish inspectors could, in theory,
appear off Scottish coasts to moni
tor Spanish fishermen but in practice they
do not. It is believed by other s
tates' fishermen that Spanish inspectors
rarely police Spanish vessel.
Polic
ing EU waters state by state, with fishery protection forces from
different 
maritime cultures, with differing motivations and muscle, is a
disaster. Eac
h nation's fishermen accuses its own fishery officers of being
tougher than 
in other member states. British fishermen feel they are singled
out by their
 own inspectors for specially rigorous treatment, a claim denied
by protecti
on officers themselves. Even so, the simplicity of dealing with
own-nation b
oats, UK registered, with UK addresses, is much more appealing
than dealing 
with foreign boats whose crews may not speak any English.
Even in British te
rritorial waters, where England and Wales can call on nine
Royal Navy vessel
s and three aircraft, and Scotland on seven boats and two
aircraft, fishery 
protection is only a partial affair. 'We cannot search
every bit of the sea,
 but the fishermen know there is a presence out there,'
a ministry spokesman
 said. Britain has 33,000 sq miles of water to police,
but whereas the inspe
ctorate has 170 employees, Spain, with the largest EU
fleet, had, until a re
cent increase, only 17 personnel.
Not only are national inspectorates a poor
 example of subsidiarity in
action, but the system is riddled with loopholes
. For political reasons a
proposal from the European Commission to land catc
hes in specified local
ports, where they could be more readily inspected, wa
s turned down by the
council of ministers. Catches by EU vessels are routine
ly transferred at sea
into the holds of non-EU boats - thereby evading inspe
ction and recording.
The most obvious example of catches leaving the Europea
n fish-pond without
proper recording is the klondykers. These factory ships 
are usually Polish
or Russian owned. They are often in poor physical conditi
on. They lie off
Lerwick, Peterhead, Fraserburgh and Ullapool, lit up at nig
ht like gently
rocking cities, buying herring and mackerel and paying in cas
h.
The Common Fisheries Policy, formed in 1972 just before Britain joined th
e
EC, and which only produced its first conservation measures in 1983, is
ab
used on a giant scale. The 'black fish' catch is thought to have reached
50 
per cent of the legitimate one and it has been estimated by a former head
of
 EC fisheries conservation that of the 2.5m fishing trips made annually in
E
U waters, about 250,000 involve infringements. These include catching fish
s
urplus to quota, fish for which the boats have no quota, undersized fish
(pi
n hake 'as small as a Biro' were recently landed in northern Spain), or
fish
 from waters with exhausted quotas.
Such excesses need some explanation. The
re is one. It is simply that EU
member states have knowingly shrunk from imp
lementing the recommended
conservation measures because of their political i
mplications. There is
still public sympathy for fishermen, seen as hardy and
 independent souls
whose efforts play a critical part in the national diet. 
Such sympathy may
be misplaced. Scientists say catches that are now dwindlin
g would have been
on the increase had their recommendations been accepted.
O
ne of the most sensitive issues is the concept of a pan-European fishery
ins
pectorate. Nominally this exists in the form of an inspectorate of the
inspe
ctors. This small force evaluates enforcement; it is advisory; it
handles co
mplaints. But it lacks any vessels and its members must travel as
passengers
 on national fishery protection boats. These surveillance
programmes are oft
en announced in advance, meaning the inspectorate is
unlikely to be involved
 in any bruising scenes.
Today's fishermen feel overwhelmed by a tightening 
net of regulations and
restrictions. They are hemmed round by limits on days
 at sea, area
restrictions, quotas, and most recently, intentions to limit f
ishing effort.
'All out rebellion is in the air' as a recent Fishing News le
ader put it.
Against this picture of unrest among the last of the hunter-gat
herers, fish
consumption is rocketing, while improved fishing methods are ha
rvesting the
shrinking resource more efficiently. An effective pan-European 
fishery
inspectorate may seem inconceivable given the nationalism and widely

differing fishing status and practices of member states. But before fudging

the issues again, politicians should consider how palatable it would be for

the fishing industry in these most fecund waters to wither away as a result

of its own abuses of the environment.
For the sea's boundaries are an abstr
act concept - an abstraction that is
coming to mean much. It stretches the c
oncept of a non-federalist EU to the
limit. For if EU waters are to replace 
national ones, as they are
treaty-bound to do, the logical consequence is fo
r EU inspectors to replace
local ones too.
The telephone number for Dourado 
Sports Fishing, given at the end of an
article by Tom Fort on fishing in Bra
zil, published on October 29, should
have read: 081-563 1988, fax: 081-563 2
230.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page XI </PAGE>
<
/DOC>

============= Transaction # 93 ==============================================
Transaction #:     93       Transaction Code:  22 (Record(s) Saved)        

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<DOC>
<DOCNO>FT944-2053</DOCNO>
<PROFILE>_AN-ELQAUAAYFT</PROFILE>
<DATE>9412
17
</DATE>
<HEADLINE> FT  17 DEC 94 / Outdoors: Europe's fishing fleets prep
are for war - Fish supplies are running out, but the authorities seem powerl
ess to act </HEADLINE>
<BYLINE>    By MICHAEL WIGAN </BYLINE>
<TEXT>
The sea
 has always been a place of high feelings. It is becoming more so as
fishing
 nations worldwide try to extend, or consolidate, their fishing
zones. Nowhe
re are the issues as complex, fraught and politicised as in the
EU waters, u
nder pressure from excess fish-catching capacity, lower stocks,
and the conf
licting ambitions of member states, particularly Spain as well
as non-member
 Norway.
Protectionism has never been more old-fashioned than when Spanish t
una
fishermen defending their traditional, long-line fishery in the Bay of
B
iscay brandished axes at the British arrivistes using deadlier modern
drift-
nets.
Britain sent its own fishery protection service which proceeded to boa
rd and
inspect British, not Spanish, vessels.
The tuna furore took place out
side the EU 200-mile fisheries zone, on the
high seas. Here the internationa
l law of the sea holds sway, theoretically
concerned only with piracy, slave
-trading and the movement of illegal
narcotics.
Flag states may board their 
own nation's vessels anywhere. But in practice,
within the EU fisheries zone
, each member state's fishery protection force
operates only in national wat
ers. Spanish inspectors could, in theory,
appear off Scottish coasts to moni
tor Spanish fishermen but in practice they
do not. It is believed by other s
tates' fishermen that Spanish inspectors
rarely police Spanish vessel.
Polic
ing EU waters state by state, with fishery protection forces from
different 
maritime cultures, with differing motivations and muscle, is a
disaster. Eac
h nation's fishermen accuses its own fishery officers of being
tougher than 
in other member states. British fishermen feel they are singled
out by their
 own inspectors for specially rigorous treatment, a claim denied
by protecti
on officers themselves. Even so, the simplicity of dealing with
own-nation b
oats, UK registered, with UK addresses, is much more appealing
than dealing 
with foreign boats whose crews may not speak any English.
Even in British te
rritorial waters, where England and Wales can call on nine
Royal Navy vessel
s and three aircraft, and Scotland on seven boats and two
aircraft, fishery 
protection is only a partial affair. 'We cannot search
every bit of the sea,
 but the fishermen know there is a presence out there,'
a ministry spokesman
 said. Britain has 33,000 sq miles of water to police,
but whereas the inspe
ctorate has 170 employees, Spain, with the largest EU
fleet, had, until a re
cent increase, only 17 personnel.
Not only are national inspectorates a poor
 example of subsidiarity in
action, but the system is riddled with loopholes
. For political reasons a
proposal from the European Commission to land catc
hes in specified local
ports, where they could be more readily inspected, wa
s turned down by the
council of ministers. Catches by EU vessels are routine
ly transferred at sea
into the holds of non-EU boats - thereby evading inspe
ction and recording.
The most obvious example of catches leaving the Europea
n fish-pond without
proper recording is the klondykers. These factory ships 
are usually Polish
or Russian owned. They are often in poor physical conditi
on. They lie off
Lerwick, Peterhead, Fraserburgh and Ullapool, lit up at nig
ht like gently
rocking cities, buying herring and mackerel and paying in cas
h.
The Common Fisheries Policy, formed in 1972 just before Britain joined th
e
EC, and which only produced its first conservation measures in 1983, is
ab
used on a giant scale. The 'black fish' catch is thought to have reached
50 
per cent of the legitimate one and it has been estimated by a former head
of
 EC fisheries conservation that of the 2.5m fishing trips made annually in
E
U waters, about 250,000 involve infringements. These include catching fish
s
urplus to quota, fish for which the boats have no quota, undersized fish
(pi
n hake 'as small as a Biro' were recently landed in northern Spain), or
fish
 from waters with exhausted quotas.
Such excesses need some explanation. The
re is one. It is simply that EU
member states have knowingly shrunk from imp
lementing the recommended
conservation measures because of their political i
mplications. There is
still public sympathy for fishermen, seen as hardy and
 independent souls
whose efforts play a critical part in the national diet. 
Such sympathy may
be misplaced. Scientists say catches that are now dwindlin
g would have been
on the increase had their recommendations been accepted.
O
ne of the most sensitive issues is the concept of a pan-European fishery
ins
pectorate. Nominally this exists in the form of an inspectorate of the
inspe
ctors. This small force evaluates enforcement; it is advisory; it
handles co
mplaints. But it lacks any vessels and its members must travel as
passengers
 on national fishery protection boats. These surveillance
programmes are oft
en announced in advance, meaning the inspectorate is
unlikely to be involved
 in any bruising scenes.
Today's fishermen feel overwhelmed by a tightening 
net of regulations and
restrictions. They are hemmed round by limits on days
 at sea, area
restrictions, quotas, and most recently, intentions to limit f
ishing effort.
'All out rebellion is in the air' as a recent Fishing News le
ader put it.
Against this picture of unrest among the last of the hunter-gat
herers, fish
consumption is rocketing, while improved fishing methods are ha
rvesting the
shrinking resource more efficiently. An effective pan-European 
fishery
inspectorate may seem inconceivable given the nationalism and widely

differing fishing status and practices of member states. But before fudging

the issues again, politicians should consider how palatable it would be for

the fishing industry in these most fecund waters to wither away as a result

of its own abuses of the environment.
For the sea's boundaries are an abstr
act concept - an abstraction that is
coming to mean much. It stretches the c
oncept of a non-federalist EU to the
limit. For if EU waters are to replace 
national ones, as they are
treaty-bound to do, the logical consequence is fo
r EU inspectors to replace
local ones too.
The telephone number for Dourado 
Sports Fishing, given at the end of an
article by Tom Fort on fishing in Bra
zil, published on October 29, should
have read: 081-563 1988, fax: 081-563 2
230.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page XI </PAGE>
<
/DOC>

============= Transaction # 94 ==============================================
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============= Transaction # 95 ==============================================
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Subject: s1-t2




-----<SEARCH RESULTS>-----

1.

DOCUMENT NO.: FT944-9398.

HEADLINE:      FT  16 NOV 94 / Law of the Sea promises many disputes .
BYLI
NE:           By BRUCE CLARK, Diplomatic Correspondent .
PUBLICATION:  The F
inancial Times .
PAGE:          London Page 6 .
TEXT:         
The United Na
tions Convention on the Law of the Sea, which enters full force
today, seems
 likely to be treated by coastal states as a rich source of
legal and rhetor
ical arguments to be used against rivals.
This is in spite of the fact that 
the last thing the law's drafters wanted
was to provide disputatious countri
es with extra torpedoes. One of the law's
ostensible purposes is to encourag
e compromises over the exploitation of
maritime resources, even among countr
ies with unresolved disputes.
Apart from a standoff in the Aegean - where Tu
rkey has threatened war if
Greece extends its territorial waters to 12 miles
 - one of the most grave
maritime disputes involves China and Vietnam, locke
d in a war of words over
oil rights in the South China Sea.
Both China and V
ietnam claim to be acting in accordance with the Law of the
Sea but their in
terpretations of the document are miles apart.
Over the last month, China ha
s accused Vietnam of infringing its interests
in international waters by inv
iting US and European companies to explore for
oil in the Tonkin Gulf.
Vietn
am has retorted that it is exercising its legitimate rights in the
economic 
zone to which it is entitled by the UN convention. It said that
under the te
rms of that treaty, there were no international waters in the
Gulf.
This dia
logue of the deaf reflects confusion over the difference between
territorial
 waters - which may be extended, under the UN Law, up to 12 miles
 -and the 
'economic zone' which coastal states are entitled to claim,
amounting to eit
her 200 miles or the full extent of their continental shelf,
whichever is la
rger.
China and Vietnam are also arguing over resources around the Spratly
I
slands, a group of reefs and atolls whose other would-be owners are Taiwan,

Brunei, Malaysia and the Philippines.
China has awarded an exploration contr
act to the US company Crestone for an
area south-west of the Spratlys, while
 Vietnam has awarded a consortium led
by Mobil a bloc slightly further to th
e west. Each state has denounced the
other's contract.
Sovereignty over the 
Spratlys - and hence control of the surrounding
economic zone - is crucial t
o each side's claim to energy rights, and the
salience of this issue is expe
cted to grow as the UN convention enters
force.
However a study by a London-
based law firm, maintains that the law favours
pragmatic joint exploitation 
accords, even among countries with unresolved
disputes.*
Laying out the comm
on-sense arguments for such accords, it notes that oil
deposits which stradd
le two states' economic zones cannot be exploited by
one without damaging th
e other's interests. When one state drills, oil from
the rival state's zone 
is liable to flow across the boundary line as a
result.
Article 83 of the UN
 convention says that pending final agreement on zones,
countries should 'ma
ke every effort to enter into provisional arrangements
of a practical nature
'.
As an example of such a deal, the study cites the 1989 accord between
Aus
tralia and Indonesia over waters south of Timor.
However, such accords are n
ot a panacea. Portugal - still seen by the UN as
legal administrator of East
 Timor - has challenged Australia's right to
enter the accord, before the In
ternational Court of Justice.
The entry into force of the UN Law comes a yea
r after its ratification by
the minimum of 60 states. Another breakthrough c
ame this summer when
provisions on deep-sea mining - outside the zones of an
y country - were
amended so as to convince the US, the UK and Germany to sig
n.
*Paper by Charles Robson of Lovell White Durrant, 65 Holborn Viaduct, Lon
don
EC1A 2DY
.


2.

DOCUMENT NO.: FT944-9095.
HEADLINE:      FT  17 NOV 94 
/ Australia extends offshore zone .
BYLINE:           By NIKKI TAIT .
DATELI
NE:         SYDNEY .
PUBLICATION:  The Financial Times .
PAGE:          Lond
on Page 7 .
TEXT:         
Australia doubled in size yesterday, as it formal
ly claimed massive new
offshore territory under an international 'law of the
 sea' convention. The
1982 United Nations Convention of the Law of the Sea, 
which was finally
ratified this year, aims to divide about 35 per cent of th
e world's oceans
among over 100 countries. In Australia's case it means that
 the country can
claim an exclusive economic zone extending 200 nautical mil
es from its
baselines, instead of the traditional 12 miles.
Because of the n
ation's extensive coastline it is now claiming around 5.7m
sq miles of ocean
 water, of which 4.2m sq miles derives from the new
extended nautical limits
. As a result, Australia can boast one of the
largest 'exclusive economic zo
nes' in the world.
While much of the additional territory is undisputed, the
re is disagreement
with Indonesia over territory around Christmas Island and
 off the north
coast of Australia, including the resource-rich Timor Gap.
.



3.

DOCUMENT NO.: FT921-10970.
HEADLINE:      FT  04 FEB 92 / Egypt and Su
dan in oil dispute .
BYLINE:           By TONY WALKER and SHAHIRA IDRIS .
DA
TELINE:         CAIRO .
PUBLICATION:  The Financial Times .
PAGE:          L
ondon Page 4 Map (Omitted). .
TEXT:         
EGYPT AND Sudan have become emb
roiled in a border dispute over oil
exploration in the Red Sea, and the argu
ment seems likely to complicate
already tense relations between Cairo and Kh
artoum.
Egypt has advised all international oil companies that Sudan has no

authority to sign exploration agreements for acreage north of their
'politic
al' boundary delineated by latitude 22 degrees north under an 1899
treaty.
E
gypt was reacting to an agreement signed last month between Sudan and the
Ca
nadian-registered International Petroleum Corporation for seismic work in
wa
ters north of 22 degrees in an area Egypt claims as sovereign territory.
Sud
an, however, believes an 'administrative' boundary, agreed in 1902, which
ru
ns north of the political boundary, entitles it to allow exploration north
o
f 22 degrees.
The dispute could hardly come at a more awkward moment, with r
elations
between moderate rulers in Cairo and the Islamicist-dominated milit
ary
regime in Sudan under severe strain. It also coincides with reports of
r
ecent troubles between Egyptian and Sudanese patrols in the triangle formed

by the 'political' and 'administrative' boundaries.
The 'political' boundary
 came into effect with the Anglo-Egyptian
condominium agreement of 1899. It 
was followed three years later by an
amendment that gave Sudan administrativ
e responsibility for tribes north of
1899 boundary in the east.
Egypt was gi
ven responsibility for a small section south of the line about
half-way betw
een the Red Sea coast and the Nile.
It is unclear whether the 'political' or
 'administrative' boundaries have
international boundary status. This issue 
may in the end require
international jurisdiction.
In the meantime Egypt, wh
ich is keen to promote offshore exploration in the
Red Sea, is offering a la
rge block which runs south to its 'political'
boundary with Sudan, and in fa
ct includes acreage targeted for exploration
by International Petroleum.
In 
Geneva, International Petroleum said it was planning to go ahead with its
se
ismic survey in its 10,000 square kilometre Halaib block. A spokesman said
t
hat until the Egyptians had complained he had not been aware that the area
w
as in dispute.
Egypt, through its embassy in Ottawa, informed the Canadian g
overnment, and
through it International Petroleum, that it regarded explorat
ion in waters
off the area under dispute latitude as 'illegal.'
In Cairo, a 
spokesman for the Canadian embassy said the issue was under
discussion with 
both Egypt and Sudan. He said the Sudanese were insisting
they had a right t
o enter into exploration a greements for areas in their
'administrative' zon
e.
.


4.

DOCUMENT NO.: FT944-8867.
HEADLINE:      FT  17 NOV 94 / US cruis
er tracks Greek and Turkish contingents: Marine rights row leads to fear of 
war between Nato neighbours .
BYLINE:           By KERIN HOPE and JOHN BARHA
M .
DATELINE:         ATHENS, ANKARA .
PUBLICATION:  The Financial Times .
P
AGE:          International Page 22 .
TEXT:         
A US Navy cruiser was y
esterday monitoring Greek and Turkish naval
activities in the Aegean, where 
fears of war have been triggered by the
start of a new international law.
Th
e United Nations Convention on the Law of the Sea has been hailed in
Athens 
as a vindication of its long-standing argument that it has the right
to exte
nd its territorial waters from 6 miles to 12.
Turkey has said that any such 
move by Athens would turn the Aegean into a
'Greek lake' and would be resist
ed by force. Greece says it has no plans to
extend its territorial waters, b
ut it will not renounce the right to do so.
An opinion poll published this w
eek showed that 79 per cent of Turks would
support war if Greece declared a 
12-mile limit.
The quarrel dates from an offshore oil strike west of the Gre
ek island of
Thasos more than 20 years ago. The Athens government rejects Tu
rkish
proposals for joint oil exploration in the Aegean.
The Cape St George,
 a US cruiser equipped with the latest electronic
surveillance devices, was 
yesterday tracking Turkish warships and Greek
aircraft across the Aegean.
Pr
esident Bill Clinton has written to the leaders of both countries urging
the
m to show restraint and avoid the risk of clashes.
Mr Mumtaz Soysal, the Tur
kish foreign minister, said Ankara has assured Mr
Clinton that it had taken 
all possible measures to avoid a clash. Mr Soysal
met Mr Karolos Papoulis, h
is Greek counterpart, in The Hague this week, but
there was little sign of a
 change in positions.
Turkey wants across-the-board negotiations on all the 
issues which it says
are in dispute. Greece says the only issue that needs d
iscussing is that of
seabed mineral rights, which it wants settled by intern
ational arbitration.
Relations between Athens and Ankara have also been wors
ened by the war in
former Yugoslavia, where Turkey supports the Bosnian Mosl
ems while Greece
has traditional links with the Serbs.
Turkey was the only E
uropean member of Nato to support the US withdrawal
from the arms embargo ag
ainst Bosnia. Recently, Turkey gave a new thrust to
the old antagonisms by a
ccusing Greece of harbouring guerrillas from the
separatist Kurdistan Worker
s party (PKK) fighting in eastern Turkey.
The US Navy, in this year's annual
 intelligence report, described the
Greek-Turkish standoff as one of the 'mo
st worrisome situations developing
in Europe and the most dangerous to Nato 
as an institution'.
The report says tension in the Aegean has also been stok
ed by supplies to
both countries of new and secondhand ships from other Nato
 countries.
Diplomats said they were alarmed that a hot-line between the two
 countries,
set up after they came close to war in 1987, had ceased to funct
ion.
Turkey is conducting its manoeuvres this week in international waters i
n the
northern Aegean. About 100 miles to the south, the Greek navy is in ch
arge
of a Nato exercise held every year involving ships and aircraft from th
e US,
France, Italy, Spain and the UK.
.


5.

DOCUMENT NO.: FT944-7864.
HEA
DLINE:      FT  23 NOV 94 / Beijing and Hanoi aim to settle differences over
 Spratlys .
BYLINE:           By VICTOR MALLET .
DATELINE:         BANGKOK .

PUBLICATION:  The Financial Times .
PAGE:          London Page 8 .
TEXT:   
      
China and Vietnam agreed yesterday to work peacefully to resolve thei
r
disputes over territorial and maritime boundaries, and are to set up a gro
up
of experts to discuss their rival claims to the Spratly atolls and the
wa
ters of the South China Sea.
A joint communique released at the end of a thr
ee-day visit to Vietnam by
China's President Jiang Zemin said the two govern
ments agreed to 'refrain
from all acts that make things more complicated or 
broaden conflicts'.
The dispute over the South China Sea is especially sensi
tive, because each
country is seeking to exploit oil and gas reserves believ
ed to lie under the
sea bed. Both countries have awarded oil exploration con
tracts to US oil
companies in disputed waters.
Mr Qian Qichen, Chinese forei
gn minister, said in the Vietnamese capital
Hanoi the two sides could shelve
 disputes and start 'joint development' if
problems could not be resolved in
 talks immediately.
Joint development of possible oil and gas fields in disp
uted maritime areas
is a proven method of overcoming conflicts between two c
ountries, but might
not succeed in all areas of the sea because there are fo
ur other claimants
to some or all of the islands: Taiwan, Malaysia, the Phil
ippines and Brunei.
Relations between Hanoi and Beijing have improved in the
 past few years. But
Vietnamese officials say China has recently encroached 
on their territory
near the border, refused to open a railway link to allow 
normal trade across
the land frontier, and let Chinese traders smuggle cheap
 Chinese goods into
Vietnam.
Mr Jiang's visit, the first by a Chinese presid
ent, may not have brought
much in the way of concrete achievements, but sugg
ests the two governments
want to set aside their differences and concentrate
 on the similar
challenges each faces: keeping their one-party communist pol
itical systems
intact while liberalising the economy.
.


6.

DOCUMENT NO.: 
FT944-11862.
HEADLINE:      FT  04 NOV 94 / Cypriots join in the Aegean war 
of words .
BYLINE:           By BRUCE CLARK, Diplomatic Correspondent .
PUBL
ICATION:  The Financial Times .
PAGE:          London Page 2 .
TEXT:        
 
The gap between Greek-Cypriot and Turkish-Cypriot positions over the
islan
d's future is widening ominously, at a time when Athens and Ankara are
alrea
dy squaring off over territorial rights in the Aegean.
Greek-Cypriot officia
ls have in the last few days accused both the Turkish
Cypriots and Ankara of
 renouncing the 1977 and 1979 agreements - calling for
the island to be reun
ited as a bi-zonal federation - which have served as
the basis for all subse
quent negotiations.
Leaders of the island's Greek Cypriot majority have alwa
ys argued for as
full-blooded a federation as possible, while the Turkish Cy
priots want
relatively loose ties between mainly Greek and mainly Turkish zo
nes.
Until recently, UN-sponsored negotiations have proceeded on the basis t
hat a
federal Cyprus would be a sovereign state, albeit loosely structured.

But Mr Mumtaz Soysal, the new Turkish foreign minister who has called for a

tougher stance on Turkish-Greek disputes, caused a sensation in Athens this

week by saying that both parts of Cyprus were and would remain sovereign
ent
ities.
He said the Cyprus problem was 'half-solved already' and all that rem
ained
was for the two sides to agree on co-operation in such areas as touris
m and
the environment.
The Turkish minister's words were denounced by the Cy
prus government,
although there was quiet satisfaction among hardline Greek 
politicians, who
have all along doubted the value of reconciliation talks.
'
We are at a worse impasse than before,' said Mr Alecos Michaelides, foreign

minister in the Greek Cypriot government. 'They (the Turkish Cypriots) are
n
ow abandoning the idea of a federation . . . and this makes it difficult
eve
n to start discussions.'
The Greek Cypriots are now expected to intensify pr
essure on the UN for a
statement that blames Turkish intransigence for the l
ack of progress. They
are also stepping up their campaign for accession to t
he European Union,
something the Turkish side opposes as long as there is no
 settlement.
In a separate Greek-Turkish dispute, Mr Soysal has again warned
 Athens that
Turkey will go to war if Greece exercises the option of extendi
ng its
territorial waters from six miles to 12 after November 16, when a new

international law on the sea enters force.
.


7.

DOCUMENT NO.: FT944-2053
.
HEADLINE:      FT  17 DEC 94 / Outdoors: Europe's fishing fleets prepare f
or war - Fish supplies are running out, but the authorities seem powerless t
o act .
BYLINE:           By MICHAEL WIGAN .
PUBLICATION:  The Financial Tim
es .
PAGE:          London Page XI .
TEXT:         
The sea has always been 
a place of high feelings. It is becoming more so as
fishing nations worldwid
e try to extend, or consolidate, their fishing
zones. Nowhere are the issues
 as complex, fraught and politicised as in the
EU waters, under pressure fro
m excess fish-catching capacity, lower stocks,
and the conflicting ambitions
 of member states, particularly Spain as well
as non-member Norway.
Protecti
onism has never been more old-fashioned than when Spanish tuna
fishermen def
ending their traditional, long-line fishery in the Bay of
Biscay brandished 
axes at the British arrivistes using deadlier modern
drift-nets.
Britain sen
t its own fishery protection service which proceeded to board and
inspect Br
itish, not Spanish, vessels.
The tuna furore took place outside the EU 200-m
ile fisheries zone, on the
high seas. Here the international law of the sea 
holds sway, theoretically
concerned only with piracy, slave-trading and the 
movement of illegal
narcotics.
Flag states may board their own nation's vess
els anywhere. But in practice,
within the EU fisheries zone, each member sta
te's fishery protection force
operates only in national waters. Spanish insp
ectors could, in theory,
appear off Scottish coasts to monitor Spanish fishe
rmen but in practice they
do not. It is believed by other states' fishermen 
that Spanish inspectors
rarely police Spanish vessel.
Policing EU waters sta
te by state, with fishery protection forces from
different maritime cultures
, with differing motivations and muscle, is a
disaster. Each nation's fisher
men accuses its own fishery officers of being
tougher than in other member s
tates. British fishermen feel they are singled
out by their own inspectors f
or specially rigorous treatment, a claim denied
by protection officers thems
elves. Even so, the simplicity of dealing with
own-nation boats, UK register
ed, with UK addresses, is much more appealing
than dealing with foreign boat
s whose crews may not speak any English.
Even in British territorial waters,
 where England and Wales can call on nine
Royal Navy vessels and three aircr
aft, and Scotland on seven boats and two
aircraft, fishery protection is onl
y a partial affair. 'We cannot search
every bit of the sea, but the fisherme
n know there is a presence out there,'
a ministry spokesman said. Britain ha
s 33,000 sq miles of water to police,
but whereas the inspectorate has 170 e
mployees, Spain, with the largest EU
fleet, had, until a recent increase, on
ly 17 personnel.
Not only are national inspectorates a poor example of subsi
diarity in
action, but the system is riddled with loopholes. For political r
easons a
proposal from the European Commission to land catches in specified 
local
ports, where they could be more readily inspected, was turned down by 
the
council of ministers. Catches by EU vessels are routinely transferred at
 sea
into the holds of non-EU boats - thereby evading inspection and recordi
ng.
The most obvious example of catches leaving the European fish-pond witho
ut
proper recording is the klondykers. These factory ships are usually Polis
h
or Russian owned. They are often in poor physical condition. They lie off

Lerwick, Peterhead, Fraserburgh and Ullapool, lit up at night like gently
ro
cking cities, buying herring and mackerel and paying in cash.
The Common Fis
heries Policy, formed in 1972 just before Britain joined the
EC, and which o
nly produced its first conservation measures in 1983, is
abused on a giant s
cale. The 'black fish' catch is thought to have reached
50 per cent of the l
egitimate one and it has been estimated by a former head
of EC fisheries con
servation that of the 2.5m fishing trips made annually in
EU waters, about 2
50,000 involve infringements. These include catching fish
surplus to quota, 
fish for which the boats have no quota, undersized fish
(pin hake 'as small 
as a Biro' were recently landed in northern Spain), or
fish from waters with
 exhausted quotas.
Such excesses need some explanation. There is one. It is 
simply that EU
member states have knowingly shrunk from implementing the rec
ommended
conservation measures because of their political implications. Ther
e is
still public sympathy for fishermen, seen as hardy and independent soul
s
whose efforts play a critical part in the national diet. Such sympathy may

be misplaced. Scientists say catches that are now dwindling would have been

on the increase had their recommendations been accepted.
One of the most se
nsitive issues is the concept of a pan-European fishery
inspectorate. Nomina
lly this exists in the form of an inspectorate of the
inspectors. This small
 force evaluates enforcement; it is advisory; it
handles complaints. But it 
lacks any vessels and its members must travel as
passengers on national fish
ery protection boats. These surveillance
programmes are often announced in a
dvance, meaning the inspectorate is
unlikely to be involved in any bruising 
scenes.
Today's fishermen feel overwhelmed by a tightening net of regulation
s and
restrictions. They are hemmed round by limits on days at sea, area
res
trictions, quotas, and most recently, intentions to limit fishing effort.
'A
ll out rebellion is in the air' as a recent Fishing News leader put it.
Agai
nst this picture of unrest among the last of the hunter-gatherers, fish
cons
umption is rocketing, while improved fishing methods are harvesting the
shri
nking resource more efficiently. An effective pan-European fishery
inspector
ate may seem inconceivable given the nationalism and widely
differing fishin
g status and practices of member states. But before fudging
the issues again
, politicians should consider how palatable it would be for
the fishing indu
stry in these most fecund waters to wither away as a result
of its own abuse
s of the environment.
For the sea's boundaries are an abstract concept - an 
abstraction that is
coming to mean much. It stretches the concept of a non-f
ederalist EU to the
limit. For if EU waters are to replace national ones, as
 they are
treaty-bound to do, the logical consequence is for EU inspectors t
o replace
local ones too.
The telephone number for Dourado Sports Fishing, g
iven at the end of an
article by Tom Fort on fishing in Brazil, published on
 October 29, should
have read: 081-563 1988, fax: 081-563 2230.
.



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============= Transaction # 102 ==============================================
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<DOC>
<DOCNO>FT921-10331</DOCNO>
<PROFILE>_AN-CBFBEAFAFT</PROFILE>
<DATE>920
206
</DATE>
<HEADLINE> FT  06 FEB 92 / Arts: Caesar and Cleopatra - Greenwic
h Theatre </HEADLINE>
<BYLINE>    By CLAIRE ARMITSTEAD </BYLINE>
<TEXT>
Geor
ge Bernard Shaw wrote Caesar and Cleopatra for the actor Johnston
Forbes-Rob
ertson in 1898, aiming to illustrate through the character of
Caesar his vie
ws about the common humanity of even the most exalted heroes,
while chronicl
ing a corner of Roman history that languishes in the shadow of
Shakespeare's
 Antony and Cleopatra.
His Caesar, finely realised by Alec McCowen, is a wry
, kindly philistine, by
his own admission 'part brute, part woman and part g
od', whose laurels
conceal a balding head, and whose good nature hides a cun
ning - and finally
ruthless - political brain. We see him first apostrophisi
ng beside the
monumental claw of a black marble sphinx, enchanted by the fri
ghtened young
queen who finds him there. Having convinced her that Romans do
 not in fact
eat Egyptians, he proceeds to amuse himself by making an empres
s of her.
With feet dangling six inches off the ground, Amanda Root's minxis
h
Cleopatra settles into her throne, tearing into her domineering governess 
(a
sinister Sheila Ballantine), squabbling with her brother, while creating

merry mayhem with the protocol of both Roman and Egyptian courts.
Matthew Fr
ancis's production gleefully captures the mischief of these early
scenes. Th
e design (Julian McGowan), of ornate statuary dotted around marble
halls, is
 subverted by the frock-coats and laurels of the Romans. Britannus,
Shaw's s
end-up of the British character, is played by Michael Cronin with
bowler hat
 and poker face, making the maximum comic mileage out of the
undignified div
e into the waters of the Nile of the entire Roman court,
carrying a protesti
ng Egyptian queen who, minutes earlier, had smuggled
herself over to Alexand
ria in a carpet.
The fun and games of the first three acts are abruptly halt
ed in a second
half which changes gear into an essay on political methods. C
leopatra,
cleverly transformed by Root into a rather charmless sophisticate,
 is now
dangerously confident; Caesar, still making a show of being the geni
al Dutch
uncle, is put on his mettle by the murder of the scheming Egyptian 
Pothinus,
and the resulting uprising by his followers.
In a superbly enginee
red scene of confrontation between morals and
expediency, the ruthlessness i
s revealed of a colonialist whose 'hands-off'
liberalism is merely a strateg
y for allowing his minions to sort themselves
out.
Having failed to prevent 
Cleopatra's henchwoman Ftatateeta from killing
Pothinus, Caesar lets Rufius 
- the new governor of Egypt - murder her,
before turning his back on the lot
 of them in a devastating display of
political indifference.
Feigning the fo
rgetfulness of an old man, he slights Cleopatra by neglecting
to take proper
 leave of her; the unspoken insult is left frozen in the air
between them. J
udicious cutting and exemplary central performances have
excavated a chillin
g political parable from a rambling Shavian chronicle
about a king and a kit
ten.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 19 Photograp
h Alec McCowen and Amanda Root (Omitted). </PAGE>
</DOC>

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============= Transaction # 104 ==============================================
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h Theatre </HEADLINE>
<BYLINE>    By CLAIRE ARMITSTEAD </BYLINE>
<TEXT>
Geor
ge Bernard Shaw wrote Caesar and Cleopatra for the actor Johnston
Forbes-Rob
ertson in 1898, aiming to illustrate through the character of
Caesar his vie
ws about the common humanity of even the most exalted heroes,
while chronicl
ing a corner of Roman history that languishes in the shadow of
Shakespeare's
 Antony and Cleopatra.
His Caesar, finely realised by Alec McCowen, is a wry
, kindly philistine, by
his own admission 'part brute, part woman and part g
od', whose laurels
conceal a balding head, and whose good nature hides a cun
ning - and finally
ruthless - political brain. We see him first apostrophisi
ng beside the
monumental claw of a black marble sphinx, enchanted by the fri
ghtened young
queen who finds him there. Having convinced her that Romans do
 not in fact
eat Egyptians, he proceeds to amuse himself by making an empres
s of her.
With feet dangling six inches off the ground, Amanda Root's minxis
h
Cleopatra settles into her throne, tearing into her domineering governess 
(a
sinister Sheila Ballantine), squabbling with her brother, while creating

merry mayhem with the protocol of both Roman and Egyptian courts.
Matthew Fr
ancis's production gleefully captures the mischief of these early
scenes. Th
e design (Julian McGowan), of ornate statuary dotted around marble
halls, is
 subverted by the frock-coats and laurels of the Romans. Britannus,
Shaw's s
end-up of the British character, is played by Michael Cronin with
bowler hat
 and poker face, making the maximum comic mileage out of the
undignified div
e into the waters of the Nile of the entire Roman court,
carrying a protesti
ng Egyptian queen who, minutes earlier, had smuggled
herself over to Alexand
ria in a carpet.
The fun and games of the first three acts are abruptly halt
ed in a second
half which changes gear into an essay on political methods. C
leopatra,
cleverly transformed by Root into a rather charmless sophisticate,
 is now
dangerously confident; Caesar, still making a show of being the geni
al Dutch
uncle, is put on his mettle by the murder of the scheming Egyptian 
Pothinus,
and the resulting uprising by his followers.
In a superbly enginee
red scene of confrontation between morals and
expediency, the ruthlessness i
s revealed of a colonialist whose 'hands-off'
liberalism is merely a strateg
y for allowing his minions to sort themselves
out.
Having failed to prevent 
Cleopatra's henchwoman Ftatateeta from killing
Pothinus, Caesar lets Rufius 
- the new governor of Egypt - murder her,
before turning his back on the lot
 of them in a devastating display of
political indifference.
Feigning the fo
rgetfulness of an old man, he slights Cleopatra by neglecting
to take proper
 leave of her; the unspoken insult is left frozen in the air
between them. J
udicious cutting and exemplary central performances have
excavated a chillin
g political parable from a rambling Shavian chronicle
about a king and a kit
ten.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page 19 Photograp
h Alec McCowen and Amanda Root (Omitted). </PAGE>
</DOC>

============= Transaction # 105 ==============================================
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============= Transaction # 110 ==============================================
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<DOC>
<DOCNO>FT933-11804</DOCNO>
<PROFILE>_AN-DG1B8ABEFT</PROFILE>
<DATE>930
728
</DATE>
<HEADLINE> FT  28 JUL 93 / US tightens immigration curbs </HEADL
INE>
<BYLINE>    By GEORGE GRAHAM </BYLINE>
<TEXT>
PRESIDENT Bill Clinton ye
sterday launched a programme to tighten US
immigration controls and clamp do
wn on smuggling rings that bring foreigners
into the country illegally.
He a
sked Congress for Dollars 172m to hire up to 600 more border patrol
agents a
nd boost efforts to stop immigrant-smugglers and intercept smuggling
ships a
t sea.
'It's certainly plain to anybody with eyes to see that the border pat
rol is
drastically understaffed, breathtakingly understaffed,' Mr Clinton sa
id.
He also called for a process of 'expedited exclusion' which would allow

officials to rule summarily on asylum requests, instead of allowing
asylum-s
eekers to stay for months while their cases are judged.
Anyone trying to smu
ggle in aliens would face anti-racketeering charges and
doubled prison sente
nces. In recent months, there have been a series of
attempts to land illegal
 immigrants by ship.
The measures have also been prompted by doubts about th
e effectiveness of US
consular officials in screening visa applicants for te
rrorist links.
There is the recent case of Sheikh Omar Abdel Rahman, a milit
ant Moslem
preacher, several of whose followers have been arrested in connec
tion with
the bombing of the World Trade Centre in New York. Sheikh Omar is 
in custody
awaiting deportation proceedings, although he entered the US lega
lly on a
visa issued after a CIA review.
Mr Clinton insisted the US was not 
seeking to close its doors to legal
immigrants and would remain 'the world's
 greatest melting pot'. However, 'we
must say no to illegal immigration so w
e can continue to say yes to legal
immigration,' he said.
</TEXT>
<XX>
Count
ries:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX
>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Genera
l News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 4 </PAGE>
<
/DOC>

============= Transaction # 111 ==============================================
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</DATE>
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INE>
<BYLINE>    By GEORGE GRAHAM </BYLINE>
<TEXT>
PRESIDENT Bill Clinton ye
sterday launched a programme to tighten US
immigration controls and clamp do
wn on smuggling rings that bring foreigners
into the country illegally.
He a
sked Congress for Dollars 172m to hire up to 600 more border patrol
agents a
nd boost efforts to stop immigrant-smugglers and intercept smuggling
ships a
t sea.
'It's certainly plain to anybody with eyes to see that the border pat
rol is
drastically understaffed, breathtakingly understaffed,' Mr Clinton sa
id.
He also called for a process of 'expedited exclusion' which would allow

officials to rule summarily on asylum requests, instead of allowing
asylum-s
eekers to stay for months while their cases are judged.
Anyone trying to smu
ggle in aliens would face anti-racketeering charges and
doubled prison sente
nces. In recent months, there have been a series of
attempts to land illegal
 immigrants by ship.
The measures have also been prompted by doubts about th
e effectiveness of US
consular officials in screening visa applicants for te
rrorist links.
There is the recent case of Sheikh Omar Abdel Rahman, a milit
ant Moslem
preacher, several of whose followers have been arrested in connec
tion with
the bombing of the World Trade Centre in New York. Sheikh Omar is 
in custody
awaiting deportation proceedings, although he entered the US lega
lly on a
visa issued after a CIA review.
Mr Clinton insisted the US was not 
seeking to close its doors to legal
immigrants and would remain 'the world's
 greatest melting pot'. However, 'we
must say no to illegal immigration so w
e can continue to say yes to legal
immigration,' he said.
</TEXT>
<XX>
Count
ries:-
</XX>
<CN>USZ  United States of America.
</CN>
<XX>
Industries:-
</XX
>
<IN>P9721 International Affairs.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  Genera
l News.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 4 </PAGE>
<
/DOC>

============= Transaction # 112 ==============================================
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============= Transaction # 113 ==============================================
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<DOC>
<DOCNO>FT932-5376</DOCNO>
<PROFILE>_AN-DFDB5AAZFT</PROFILE>
<DATE>9306
04
</DATE>
<HEADLINE> FT  04 JUN 93 / China to act on illegal emigrants </HE
ADLINE>
<BYLINE>    By AP </BYLINE>
<TEXT>
THE US Coast Guard intercepted tw
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T
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<TEXT>
INTERIOR ministers from 35 European countries yesterday agreed to c
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The ministers said or
ganised smuggling of illegal immigrants would be made a
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oss Europe. They also agreed that airlines, as well as
land and sea carriers
, should be liable to fines under new rules on the
movement of illegal alien
s.
The conference of ministers from east and western Europe follows pressure

for co-ordinated efforts to reduce an increasing flow of illegal immigratio
n
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The ministers agreed to set up special police units and mobile survei
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i
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de on repatriation and on sharing the financial
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an-European
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ny, Austria,
Switzerland and Sweden have borne the brunt of the influx from 
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Europe and are pushing for action, while their neighbours to the wes
t are
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Germany sought ye
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rman interior minister, yesterday gave early March as
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ganised smuggling of illegal immigrants would be made a
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oss Europe. They also agreed that airlines, as well as
land and sea carriers
, should be liable to fines under new rules on the
movement of illegal alien
s.
The conference of ministers from east and western Europe follows pressure

for co-ordinated efforts to reduce an increasing flow of illegal immigratio
n
that ministers say has fuelled xenophobia and been exploited by organised

crime.
The ministers agreed to set up special police units and mobile survei
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forces to a standard model. The governments also agreed to exchange
i
nformation and adopt a common code on border checks.
But ministers from seve
ral countries including Britain, balked at the German
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de on repatriation and on sharing the financial
burdens of combating illegal
 immigration.
The outcome of the meeting yesterday displayed the limits of p
an-European
co-operation on paying for immigration. Interests diverge: Germa
ny, Austria,
Switzerland and Sweden have borne the brunt of the influx from 
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t are
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Germany sought ye
sterday to allay the fears of Poland and the Czech Republic
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Mr Rudolf Seiters, Ge
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Ed
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Germany 
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elsewhere 
without permission, and speed migrants' return to their country of
origin. A
lso high on the agenda is a proposal to co-ordinate action on
international 
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financial aid towards strengthening eastern Europe'
s immigration controls.
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Germany's proposed constitutional am
endment would allow authorities to turn
back claimants for refugee status if
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east European countries. Poland and th
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 of asylum in Germany.
Bonn's efforts have an added urgency because of conti
nuing racist attacks
against foreigners. But EC countries less affected by i
mmigration from
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s said yesterday
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Subject: s1-t3




-----<SEARCH RESULTS>-----

1.

DOCUMENT NO.: FT921-10331
.
HEADLINE:      FT  06 FEB 92 / Arts: Caesar and Cleopatra - Greenwich Thea
tre .
BYLINE:           By CLAIRE ARMITSTEAD .
PUBLICATION:  The Financial T
imes .
PAGE:          London Page 19 Photograph Alec McCowen and Amanda Root
 (Omitted). .
TEXT:         
George Bernard Shaw wrote Caesar and Cleopatra 
for the actor Johnston
Forbes-Robertson in 1898, aiming to illustrate throug
h the character of
Caesar his views about the common humanity of even the mo
st exalted heroes,
while chronicling a corner of Roman history that languish
es in the shadow of
Shakespeare's Antony and Cleopatra.
His Caesar, finely r
ealised by Alec McCowen, is a wry, kindly philistine, by
his own admission '
part brute, part woman and part god', whose laurels
conceal a balding head, 
and whose good nature hides a cunning - and finally
ruthless - political bra
in. We see him first apostrophising beside the
monumental claw of a black ma
rble sphinx, enchanted by the frightened young
queen who finds him there. Ha
ving convinced her that Romans do not in fact
eat Egyptians, he proceeds to 
amuse himself by making an empress of her.
With feet dangling six inches off
 the ground, Amanda Root's minxish
Cleopatra settles into her throne, tearin
g into her domineering governess (a
sinister Sheila Ballantine), squabbling 
with her brother, while creating
merry mayhem with the protocol of both Roma
n and Egyptian courts.
Matthew Francis's production gleefully captures the m
ischief of these early
scenes. The design (Julian McGowan), of ornate statua
ry dotted around marble
halls, is subverted by the frock-coats and laurels o
f the Romans. Britannus,
Shaw's send-up of the British character, is played 
by Michael Cronin with
bowler hat and poker face, making the maximum comic m
ileage out of the
undignified dive into the waters of the Nile of the entire
 Roman court,
carrying a protesting Egyptian queen who, minutes earlier, had
 smuggled
herself over to Alexandria in a carpet.
The fun and games of the f
irst three acts are abruptly halted in a second
half which changes gear into
 an essay on political methods. Cleopatra,
cleverly transformed by Root into
 a rather charmless sophisticate, is now
dangerously confident; Caesar, stil
l making a show of being the genial Dutch
uncle, is put on his mettle by the
 murder of the scheming Egyptian Pothinus,
and the resulting uprising by his
 followers.
In a superbly engineered scene of confrontation between morals a
nd
expediency, the ruthlessness is revealed of a colonialist whose 'hands-of
f'
liberalism is merely a strategy for allowing his minions to sort themselv
es
out.
Having failed to prevent Cleopatra's henchwoman Ftatateeta from kill
ing
Pothinus, Caesar lets Rufius - the new governor of Egypt - murder her,
b
efore turning his back on the lot of them in a devastating display of
politi
cal indifference.
Feigning the forgetfulness of an old man, he slights Cleop
atra by neglecting
to take proper leave of her; the unspoken insult is left 
frozen in the air
between them. Judicious cutting and exemplary central perf
ormances have
excavated a chilling political parable from a rambling Shavian
 chronicle
about a king and a kitten.
.


2.

DOCUMENT NO.: FT933-11804.
HEA
DLINE:      FT  28 JUL 93 / US tightens immigration curbs .
BYLINE:         
  By GEORGE GRAHAM .
PUBLICATION:  The Financial Times .
PAGE:          Lond
on Page 4 .
TEXT:         
PRESIDENT Bill Clinton yesterday launched a progr
amme to tighten US
immigration controls and clamp down on smuggling rings th
at bring foreigners
into the country illegally.
He asked Congress for Dollar
s 172m to hire up to 600 more border patrol
agents and boost efforts to stop
 immigrant-smugglers and intercept smuggling
ships at sea.
'It's certainly p
lain to anybody with eyes to see that the border patrol is
drastically under
staffed, breathtakingly understaffed,' Mr Clinton said.
He also called for a
 process of 'expedited exclusion' which would allow
officials to rule summar
ily on asylum requests, instead of allowing
asylum-seekers to stay for month
s while their cases are judged.
Anyone trying to smuggle in aliens would fac
e anti-racketeering charges and
doubled prison sentences. In recent months, 
there have been a series of
attempts to land illegal immigrants by ship.
The
 measures have also been prompted by doubts about the effectiveness of US
co
nsular officials in screening visa applicants for terrorist links.
There is 
the recent case of Sheikh Omar Abdel Rahman, a militant Moslem
preacher, sev
eral of whose followers have been arrested in connection with
the bombing of
 the World Trade Centre in New York. Sheikh Omar is in custody
awaiting depo
rtation proceedings, although he entered the US legally on a
visa issued aft
er a CIA review.
Mr Clinton insisted the US was not seeking to close its doo
rs to legal
immigrants and would remain 'the world's greatest melting pot'. 
However, 'we
must say no to illegal immigration so we can continue to say ye
s to legal
immigration,' he said.
.


3.

DOCUMENT NO.: FT932-5376.
HEADLINE
:      FT  04 JUN 93 / China to act on illegal emigrants .
BYLINE:          
 By AP .
PUBLICATION:  The Financial Times .
PAGE:          London Page 4 .

TEXT:         
THE US Coast Guard intercepted two boats trying to smuggle 27
0 Chinese into
California yesterday, coinciding with a Chinese government st
atement that it
had stepped up efforts to halt illegal emigration, AP report
s.
'The public security departments have stepped up efforts to track down th
e
criminal groups organising human smuggling and patrols at sea,' a Chinese

Foreign Ministry spokesman said.
Since January authorities on both sides of 
the Pacific have intercepted
boats carrying about 2,500 Chinese, each of who
m had paid or promised
smugglers Dollars 20,000-Dollars 30,000 (Pounds 13,00
0-Pounds 19,500) to get
them into the US illegally. Many others are entering
 overland from Mexico or
arriving at airports with false documents.
.


4.


DOCUMENT NO.: FT932-2315.
HEADLINE:      FT  19 JUN 93 / Alien crackdown .
B
YLINE:           By REUTER .
PUBLICATION:  The Financial Times .
PAGE:      
    London Page 2 .
TEXT:         
President Bill Clinton yesterday named Do
ris Meissner to be US immigration
chief and unveiled a strategy to fight the
 'shameful practice' of smuggling
aliens into the US, Reuter reports. He sai
d organised crime charged huge
amounts to transport immigrants to slave-like
 work in the US.
.


5.

DOCUMENT NO.: FT931-8991.
HEADLINE:      FT  17 FEB
 93 / Immigrants crackdown agreed .
BYLINE:           By NICHOLAS DENTON .
D
ATELINE:         BUDAPEST .
PUBLICATION:  The Financial Times .
PAGE:       
   London Page 2 .
TEXT:         
INTERIOR ministers from 35 European countr
ies yesterday agreed to crack down
on the wave of illegal immigration from e
ast to west which is fuelling
anti-foreigner violence in Germany and elsewhe
re.
The ministers said organised smuggling of illegal immigrants would be ma
de a
criminal offence across Europe. They also agreed that airlines, as well
 as
land and sea carriers, should be liable to fines under new rules on the

movement of illegal aliens.
The conference of ministers from east and wester
n Europe follows pressure
for co-ordinated efforts to reduce an increasing f
low of illegal immigration
that ministers say has fuelled xenophobia and bee
n exploited by organised
crime.
The ministers agreed to set up special polic
e units and mobile surveillance
forces to a standard model. The governments 
also agreed to exchange
information and adopt a common code on border checks
.
But ministers from several countries including Britain, balked at the Germ
an
demand for a common code on repatriation and on sharing the financial
bur
dens of combating illegal immigration.
The outcome of the meeting yesterday 
displayed the limits of pan-European
co-operation on paying for immigration.
 Interests diverge: Germany, Austria,
Switzerland and Sweden have borne the 
brunt of the influx from eastern
Europe and are pushing for action, while th
eir neighbours to the west are
more concerned about migrants from other cont
inents.
Germany sought yesterday to allay the fears of Poland and the Czech 
Republic
that they would become part of a 'refugee zone' if Germany turned b
ack more
asylum seekers. Last week, Bonn offered Warsaw DM55m (Pounds 23m) t
o finance
refugee camps.
Attention will now turn to sub-regional initiatives
, particularly bilateral
talks with neighbouring Poland and the Czech Republ
ic.
Mr Rudolf Seiters, German interior minister, yesterday gave early March 
as
the date for the next round of talks with Poland on financial aid in
exch
ange for providing transit for rejected asylum-seekers before
repatriation. 
He also announced talks soon in Prague on a multilateral
approach to expelli
ng illegal immigrants.
Editorial Comment, Page 17
.


6.

DOCUMENT NO.: FT93
1-9196.
HEADLINE:      FT  16 FEB 93 / Germans call for aid in curbing illeg
al migrants .
BYLINE:           By NICHOLAS DENTON .
DATELINE:         BUDAP
EST .
PUBLICATION:  The Financial Times .
PAGE:          London Page 3 .
TEX
T:         
INTERIOR ministers from east and west Europe gathering in Budape
st yesterday
for a conference on migration were immediately pressed by Germa
ny to help
curb the influx of illegal immigrants.
Germany is urging east Eur
opean countries to take back nationals resident
elsewhere without permission
, and speed migrants' return to their country of
origin. Also high on the ag
enda is a proposal to co-ordinate action on
international 'human smuggling' 
groups.
The Germans want 'non-front-line' western countries to share the bur
den of
financial aid towards strengthening eastern Europe's immigration cont
rols.
The conference coincides with German efforts to tighten the country's

liberal asylum rules.
Germany's proposed constitutional amendment would allo
w authorities to turn
back claimants for refugee status if they arrive from 
'safe' neighbouring
east European countries. Poland and the Czech Republic a
re determined not to
become a cordon sanitaire for seekers of asylum in Germ
any.
Bonn's efforts have an added urgency because of continuing racist attac
ks
against foreigners. But EC countries less affected by immigration from
ea
stern Europe are grudging in their solidarity. UK officials said yesterday
t
hat, while backing recommendations on exchange of information, they did not

wish to see new measures, describing as unrealistic ideas about financial
ai
d.
.


7.

DOCUMENT NO.: FT943-3533.
HEADLINE:      FT  14 SEP 94 / 'Prostit
ute smugglers' arrested .
BYLINE:           By ROBERT GRAHAM .
DATELINE:    
     ROME .
PUBLICATION:  The Financial Times .
PAGE:          London Page 2
 .
TEXT:         
Italian police yesterday said they had broken up a crimina
l organisation
based in Bari capable of smuggling up to 5,000 illegal immigr
ants a month
into the country via the coastline of the Puglia region, on the
 Adriatic
coast. This is the largest immigration ring uncovered and highligh
ts the
involvement of organised crime in this increasingly profitable busine
ss.
More than 20 people were arrested, including Italian nationals, Slavs an
d
North Africans. In addition to being charged with bringing people illegall
y
into Italy, they were accused of organising prostitution and providing fal
se
documentation.
The Italian authorities are showing increasing concern ove
r the import of
prostitutes. Prostitution has been one of the main activitie
s unaffected by
the two-year-long recession. But with the economy beginning 
to recover, the
authorities are also anxious to cut-off a new flow of hopefu
l job seekers.
The main problem is Albania. During the summer more than 200 
Albanians a
week are believed to have entered the country illegally via the 
Puglian
coast.
.



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<DOC>
<DOCNO>FT934-11803</DOCNO>
<PROFILE>_AN-DJ2DCADUFT</PROFILE>
<DATE>931
029
</DATE>
<HEADLINE> FT  29 OCT 93 / Leading Article: Chunnel link </HEADL
INE>
<TEXT>
THE PLANNED high-speed rail link between London and the Channel 
tunnel could
be a showpiece for the UK government's initiative of attracting
 private
capital to public infrastructure projects. It provides an opportuni
ty both
to harness the private sector's skills in project management and to 
remove
at least part of a Pounds 2.6bn-Pounds 3bn project from the public se
ctor's
balance sheet.
But to achieve these benefits, the Treasury will need 
to abandon its purist
line that all the risk of such projects should be born
e by private
investors. Sticking to this line could delay or even kill off t
he project,
as Union Railways, the British Rail subsidiary set up to develop
 the link,
will tell ministers later today.
The essential point is that the 
private sector is not well suited to bear
the political and regulatory risks
 associated with the early stages of large
infrastructure projects. Before c
onstruction on the Chunnel link can
proceed, planning consents must be won, 
public inquiries conducted,
legislation passed and safety standards determin
ed. At each stage, there is
a danger that the project will be delayed and ex
tra costs imposed.
This particular project does not start with a happy histo
ry as far as
private companies are concerned. Several construction groups ha
ve already
spent money making proposals, only to have them rejected largely 
for
political reasons. There is also the overhang from the main Channel tunn
el
project, whose financial attraction has been reduced by a tightening of
s
afety regulations and the delay in building road and rail links.
It is doubt
ful whether private funds could be attracted at this stage and,
even if they
 could, a high risk premium would be required. Far better,
therefore, for th
e public sector to put up the Pounds 200m needed for the
project's next phas
e, tiding it over until political and regulatory
uncertainty is largely out 
of the way. After that, it should be easier to
find a further Pounds 2.5bn-p
lus from private investors. The remaining risks
 -concerning construction co
sts, operating expenses and customer demand -
are the type the private secto
r is best at managing.
Given the current budgetary pressures, it is reasonab
le to ask why the
Chunnel link should have priority over other worthwhile pr
ojects that are
now stalled. Part of the answer is that the link is already 
badly delayed.
Constructing it is important not only to maximise the economi
c benefits of
the Channel tunnel but also to ease congestion for commuter tr
affic in the
south-east.
But the most compelling reason for priming the pump
 is that a success with
Union Railways would give a boost to the government'
s private funding
initiative. It could open the door for private capital to 
flow into roads,
railways and prisons. That, more than almost anything else,
 would ease the
pressure on government finances.
</TEXT>
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Countries:-
</
XX>
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</CN>
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Industries:-
</XX>
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vy Construction, NEC.
</IN>
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Types:-
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<TP>CMMT  Comment & Analysis.

</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>


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<PROFILE>_AN-DJ2DCADUFT</PROFILE>
<DATE>931
029
</DATE>
<HEADLINE> FT  29 OCT 93 / Leading Article: Chunnel link </HEADL
INE>
<TEXT>
THE PLANNED high-speed rail link between London and the Channel 
tunnel could
be a showpiece for the UK government's initiative of attracting
 private
capital to public infrastructure projects. It provides an opportuni
ty both
to harness the private sector's skills in project management and to 
remove
at least part of a Pounds 2.6bn-Pounds 3bn project from the public se
ctor's
balance sheet.
But to achieve these benefits, the Treasury will need 
to abandon its purist
line that all the risk of such projects should be born
e by private
investors. Sticking to this line could delay or even kill off t
he project,
as Union Railways, the British Rail subsidiary set up to develop
 the link,
will tell ministers later today.
The essential point is that the 
private sector is not well suited to bear
the political and regulatory risks
 associated with the early stages of large
infrastructure projects. Before c
onstruction on the Chunnel link can
proceed, planning consents must be won, 
public inquiries conducted,
legislation passed and safety standards determin
ed. At each stage, there is
a danger that the project will be delayed and ex
tra costs imposed.
This particular project does not start with a happy histo
ry as far as
private companies are concerned. Several construction groups ha
ve already
spent money making proposals, only to have them rejected largely 
for
political reasons. There is also the overhang from the main Channel tunn
el
project, whose financial attraction has been reduced by a tightening of
s
afety regulations and the delay in building road and rail links.
It is doubt
ful whether private funds could be attracted at this stage and,
even if they
 could, a high risk premium would be required. Far better,
therefore, for th
e public sector to put up the Pounds 200m needed for the
project's next phas
e, tiding it over until political and regulatory
uncertainty is largely out 
of the way. After that, it should be easier to
find a further Pounds 2.5bn-p
lus from private investors. The remaining risks
 -concerning construction co
sts, operating expenses and customer demand -
are the type the private secto
r is best at managing.
Given the current budgetary pressures, it is reasonab
le to ask why the
Chunnel link should have priority over other worthwhile pr
ojects that are
now stalled. Part of the answer is that the link is already 
badly delayed.
Constructing it is important not only to maximise the economi
c benefits of
the Channel tunnel but also to ease congestion for commuter tr
affic in the
south-east.
But the most compelling reason for priming the pump
 is that a success with
Union Railways would give a boost to the government'
s private funding
initiative. It could open the door for private capital to 
flow into roads,
railways and prisons. That, more than almost anything else,
 would ease the
pressure on government finances.
</TEXT>
<XX>
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</
XX>
<CN>GBZ  United Kingdom, EC.
</CN>
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</XX>
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<PUB>The Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>


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<DOCNO>FT942-12999</DOCNO>
<PROFILE>_AN-ED0DLADCFT</PROFILE>
<DATE>940
427
</DATE>
<HEADLINE> FT  27 APR 94 / Letters to the Editor: Fly the Chunne
l instead </HEADLINE>
<BYLINE>    From JEAN CASTELLINI </BYLINE>
<TEXT>
Sir,
 I very much enjoyed your 'Business Travel' (April 20), especially the
secti
on on various 'airports of the world'. However, I have to say that Ms
Rawsth
orn's report on Charles de Gaulle airport was typical of a certain
Anglo Sax
on arrogant wit (whereas your other airport descriptions struck me
as being 
quite neutral), as well as a collection of all possible cliches you
may gath
er on France - the foie gras, the expensive clothes, the
Concorde-travelling
 top models, le 'glamour', quoi]
I must have flown into, and out of, Roissy 
a good 100 times over the past 10
years, and have never had to complain abou
t my luggage being 'pillaged', not
even opened. As far as our 'sticky-finger
ed luggage handlers' are concerned,
they, too, probably would be happy to we
ar Chanel gloves to handle Ms
Rawsthorn's personal belongings.
Much to many 
people's surprise, France has less 'numerous national holidays'
than many ot
her European countries (I have to admit, however, that the point
on public s
ector strikes was more relevant). And I honestly have to say that
I have nev
er had 'to wait - and wait' for a bus at the RER station, whereas
I have bee
n stuck at Acton Town for half an hour (at least) because of a
signal defect
 on a quite regular basis . . .
What Ms Rawsthorn needs, and must be eagerly
 awaiting, is the Chunnel. She
will be able to shop until she drops in downt
own Paris, and then not have to
worry about struggling all the way to Charle
s de Gaulle. And then enjoy
frequent unexplained stops in the beautiful Engl
ish countryside on her train
journey back to London. Bon voyage]
Jean Castel
lini,
1, rue Humblot,
75015 Paris, France
</TEXT>
<XX>
Countries:-
</XX>
<CN
>FRZ  France, EC.
</CN>
<XX>
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</XX>
<IN>P4581 Airports, Flying F
ields, and Services.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>

<PUB>The Financial Times </PUB>
<PAGE> London Page 22 </PAGE>
</DOC>

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<PROFILE>_AN-ED0DLADCFT</PROFILE>
<DATE>940
427
</DATE>
<HEADLINE> FT  27 APR 94 / Letters to the Editor: Fly the Chunne
l instead </HEADLINE>
<BYLINE>    From JEAN CASTELLINI </BYLINE>
<TEXT>
Sir,
 I very much enjoyed your 'Business Travel' (April 20), especially the
secti
on on various 'airports of the world'. However, I have to say that Ms
Rawsth
orn's report on Charles de Gaulle airport was typical of a certain
Anglo Sax
on arrogant wit (whereas your other airport descriptions struck me
as being 
quite neutral), as well as a collection of all possible cliches you
may gath
er on France - the foie gras, the expensive clothes, the
Concorde-travelling
 top models, le 'glamour', quoi]
I must have flown into, and out of, Roissy 
a good 100 times over the past 10
years, and have never had to complain abou
t my luggage being 'pillaged', not
even opened. As far as our 'sticky-finger
ed luggage handlers' are concerned,
they, too, probably would be happy to we
ar Chanel gloves to handle Ms
Rawsthorn's personal belongings.
Much to many 
people's surprise, France has less 'numerous national holidays'
than many ot
her European countries (I have to admit, however, that the point
on public s
ector strikes was more relevant). And I honestly have to say that
I have nev
er had 'to wait - and wait' for a bus at the RER station, whereas
I have bee
n stuck at Acton Town for half an hour (at least) because of a
signal defect
 on a quite regular basis . . .
What Ms Rawsthorn needs, and must be eagerly
 awaiting, is the Chunnel. She
will be able to shop until she drops in downt
own Paris, and then not have to
worry about struggling all the way to Charle
s de Gaulle. And then enjoy
frequent unexplained stops in the beautiful Engl
ish countryside on her train
journey back to London. Bon voyage]
Jean Castel
lini,
1, rue Humblot,
75015 Paris, France
</TEXT>
<XX>
Countries:-
</XX>
<CN
>FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4581 Airports, Flying F
ields, and Services.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>

<PUB>The Financial Times </PUB>
<PAGE> London Page 22 </PAGE>
</DOC>

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<DOC>
<DOCNO>FT934-2741</DOCNO>
<PROFILE>_AN-DLLALAFAFT</PROFILE>
<DATE>9312
11
</DATE>
<HEADLINE> FT  11 DEC 93 / Motoring: What will the Chunnel offer?
 - Stuart Marshall casts a sceptical English eye on the benefits of undersea
 travel </HEADLINE>
<BYLINE>    By STUART MARSHALL </BYLINE>
<TEXT>
Like mil
lions of people living in the south-east of England - and
particularly in my
 own county of Kent - I have never been a Channel Tunnel
enthusiast. This is
 not because the high-speed rail link, should it ever be
built, would go any
where near my home. Put my feelings down to being an
old-fashioned reactiona
ry. I liked Britain being a proper island and I have
always seen the Channel
 crossing by ferry as pleasure, not penance.
I doubt I was alone in hoping t
hat if I ignored the Chunnel, it just might
go away. But new bridges began a
ppearing across the M20 as it neared
Folkestone, while a forest of gantries 
and overhead wires went up behind
high concrete retaining walls. Work trains
 could sometimes be glimpsed.
When the first advertisements appeared for the
 Chunnel car ferry, which
starts running next May, I thought it was time I h
ad a look. It was a
revelation. What has been built, unseen by M20 users, is
 something as big as
an airport terminal. But instead of acres of runways, t
here is a marshalling
yard and rail tracks running into a tunnel.
The operat
ing company, Eurotunnel, says people still have many
misconceptions. Many th
ink they will be able to drive their cars through to
France; and while most 
do realise it is rail only, some believe their cars
will go on flat trucks, 
as on car-carrier trains, while they ride in
passenger carriages.
Wrong agai
n. You stay with your car in a windowless van. You can walk around
it if you
 wish, but the only place to visit is the lavatory in every third
interconne
cted coach.
When, in five months, the tunnel starts competing with the car f
erries, this
is what will happen. Motorists will leave the M20 by the Eurotu
nnel slip
road, pause at a toll booth to pay for their passage, and then hav
e a
choice. Those in a hurry can pass through Customs and drive straight on 
to
the train. Others can go to the terminal building for refreshments and
du
ty-frees.
Tickets can be bought from travel agents in advance but there are 
no
reservations; all-comers get in line for the next train. At peak times,
t
here will be one every 15 minutes; but if you just miss one at, say, 2am,
yo
u could have to wait an hour or so.
Platform to platform, the under-Channel 
train will take 35 minutes.
Eurotunnel says that, during the day, a motorist
 should be able to drive out
of the French terminal at Sangatte, near Calais
, and on to the A26 autoroute
within one hour of coming off the M20.
There w
ill be separate ferry trains for cars and commercial vehicles. Main
line pas
senger and freight trains will also use the tunnel but, apart from
sharing t
he tracks, have nothing whatever to do with the car ferry trains.
Fares have
 not been fixed but, to compete, they must be about the same as
those on the
 ships. Every safety and security precaution known to man has
been taken. Us
ing Eurotunnel should be rather less risky than riding in a
clapped-out Lond
on Underground train.
Will it kill off the Dover-Calais ferries? Of course n
ot, although it will
take a chunk of the available (and constantly growing) 
business of
transporting cars and lorries to and from mainland Europe. If th
e tunnel's
freight trains reduce the number of juggernaut lorries now poundi
ng our
motorways to pieces, every motorist will cheer.
I have two reservatio
ns about Eurotunnel (which, beyond any argument, is a
wonder of 20th century
 civil engineering of which Britain and France can be
proud). While I do not
 exactly relish the thought of an underground - and,
even more so, undersea 
- journey of more than 30 miles (50 km), I shall
certainly try it. But the i
dea fills many people with such undiluted horror
that they say there is no w
ay they will ever make the trip.
A more logical objection is that the time s
aving could be an illusion. The
train might take 35 minutes, platform to pla
tform, against the ferry's 75
minutes, dock to dock. But you can eat, stretc
h your legs and shop during
the sea crossing. A family driving from, say, Bi
rmingham to Paris would have
to stop for a meal before or after the tunnel c
rossing - so what has
happened to the time saving?
Many cross-Channel travel
lers, very sensibly, use the ferry as a mobile
motorway service area. So, wi
th an eye on the Chunnel's opening, P & 0 and
Stena Sealink have upgraded th
eir fleets. The ships are now more like cruise
liners than ferries in size a
nd facilities. They are so stable that even a
gale does not disturb their eq
uilibrium - or, more important, that of their
passengers. For an extra Pound
s 5 on each leg, P & O club class is a truly
civilised way of crossing the C
hannel.
When heading west to Normandy and Brittany, I like using the longer 
routes
such as Newhaven to Dieppe; Portsmouth or Southampton to Le Havre, Ch
erbourg
or St Malo. Longer crossings are not always reflected in higher fare
s; a
four-hour Newhaven-Dieppe voyage can be cheaper than Dover-Calais.
Alth
ough the ships on these routes are not as large as the short-haul
super-ferr
ies, their facilities are comparable, if on a smaller scale. My
wife and I h
ave passed less comfortable nights in hotels than we did
recently between Po
rtsmouth and St Malo on Brittany Ferries' 23,000-ton
Bretagne. It has every 
facility to make the eight-hour crossing pleasant;
even a hairdressing salon
.
In Britain, Suzuki is synonymous with small four-wheel drives, and its Swi
ft
front-wheel drive hatchback gets overlooked. It deserves better. I though
t
the Swift GLX 1.3 automatic five-door, which I used as a runabout recently
,
would suit many buyers whose motoring is mainly in town and who rate ease 
of
control above all else. The four-cylinder, multi-valve engine and
three-s
peed automatic gearbox are well matched. Power steering is
finger-light; cen
tral locking and a tilt-adjustable steering wheel are
standard; and the high
-roofed body is agreeably roomy, with good all-round
vision. The ride can be
 bouncy on bad roads, and luggage has to be lifted
over a high sill. But, bu
t at Pounds 9,125, the two-pedal Swift is cheaper
than any power-steered riv
al.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  Fra
nce, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixed Facili
ties.
    P3711 Motor Vehicles and Car Bodies.
</IN>
<XX>
Types:-
</XX>
<TP>
TECH  Products & Product use.
    NEWS  General News.
</TP>
<PUB>The Financi
al Times </PUB>
<PAGE> London Page XVI </PAGE>
</DOC>

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11
</DATE>
<HEADLINE> FT  11 DEC 93 / Motoring: What will the Chunnel offer?
 - Stuart Marshall casts a sceptical English eye on the benefits of undersea
 travel </HEADLINE>
<BYLINE>    By STUART MARSHALL </BYLINE>
<TEXT>
Like mil
lions of people living in the south-east of England - and
particularly in my
 own county of Kent - I have never been a Channel Tunnel
enthusiast. This is
 not because the high-speed rail link, should it ever be
built, would go any
where near my home. Put my feelings down to being an
old-fashioned reactiona
ry. I liked Britain being a proper island and I have
always seen the Channel
 crossing by ferry as pleasure, not penance.
I doubt I was alone in hoping t
hat if I ignored the Chunnel, it just might
go away. But new bridges began a
ppearing across the M20 as it neared
Folkestone, while a forest of gantries 
and overhead wires went up behind
high concrete retaining walls. Work trains
 could sometimes be glimpsed.
When the first advertisements appeared for the
 Chunnel car ferry, which
starts running next May, I thought it was time I h
ad a look. It was a
revelation. What has been built, unseen by M20 users, is
 something as big as
an airport terminal. But instead of acres of runways, t
here is a marshalling
yard and rail tracks running into a tunnel.
The operat
ing company, Eurotunnel, says people still have many
misconceptions. Many th
ink they will be able to drive their cars through to
France; and while most 
do realise it is rail only, some believe their cars
will go on flat trucks, 
as on car-carrier trains, while they ride in
passenger carriages.
Wrong agai
n. You stay with your car in a windowless van. You can walk around
it if you
 wish, but the only place to visit is the lavatory in every third
interconne
cted coach.
When, in five months, the tunnel starts competing with the car f
erries, this
is what will happen. Motorists will leave the M20 by the Eurotu
nnel slip
road, pause at a toll booth to pay for their passage, and then hav
e a
choice. Those in a hurry can pass through Customs and drive straight on 
to
the train. Others can go to the terminal building for refreshments and
du
ty-frees.
Tickets can be bought from travel agents in advance but there are 
no
reservations; all-comers get in line for the next train. At peak times,
t
here will be one every 15 minutes; but if you just miss one at, say, 2am,
yo
u could have to wait an hour or so.
Platform to platform, the under-Channel 
train will take 35 minutes.
Eurotunnel says that, during the day, a motorist
 should be able to drive out
of the French terminal at Sangatte, near Calais
, and on to the A26 autoroute
within one hour of coming off the M20.
There w
ill be separate ferry trains for cars and commercial vehicles. Main
line pas
senger and freight trains will also use the tunnel but, apart from
sharing t
he tracks, have nothing whatever to do with the car ferry trains.
Fares have
 not been fixed but, to compete, they must be about the same as
those on the
 ships. Every safety and security precaution known to man has
been taken. Us
ing Eurotunnel should be rather less risky than riding in a
clapped-out Lond
on Underground train.
Will it kill off the Dover-Calais ferries? Of course n
ot, although it will
take a chunk of the available (and constantly growing) 
business of
transporting cars and lorries to and from mainland Europe. If th
e tunnel's
freight trains reduce the number of juggernaut lorries now poundi
ng our
motorways to pieces, every motorist will cheer.
I have two reservatio
ns about Eurotunnel (which, beyond any argument, is a
wonder of 20th century
 civil engineering of which Britain and France can be
proud). While I do not
 exactly relish the thought of an underground - and,
even more so, undersea 
- journey of more than 30 miles (50 km), I shall
certainly try it. But the i
dea fills many people with such undiluted horror
that they say there is no w
ay they will ever make the trip.
A more logical objection is that the time s
aving could be an illusion. The
train might take 35 minutes, platform to pla
tform, against the ferry's 75
minutes, dock to dock. But you can eat, stretc
h your legs and shop during
the sea crossing. A family driving from, say, Bi
rmingham to Paris would have
to stop for a meal before or after the tunnel c
rossing - so what has
happened to the time saving?
Many cross-Channel travel
lers, very sensibly, use the ferry as a mobile
motorway service area. So, wi
th an eye on the Chunnel's opening, P & 0 and
Stena Sealink have upgraded th
eir fleets. The ships are now more like cruise
liners than ferries in size a
nd facilities. They are so stable that even a
gale does not disturb their eq
uilibrium - or, more important, that of their
passengers. For an extra Pound
s 5 on each leg, P & O club class is a truly
civilised way of crossing the C
hannel.
When heading west to Normandy and Brittany, I like using the longer 
routes
such as Newhaven to Dieppe; Portsmouth or Southampton to Le Havre, Ch
erbourg
or St Malo. Longer crossings are not always reflected in higher fare
s; a
four-hour Newhaven-Dieppe voyage can be cheaper than Dover-Calais.
Alth
ough the ships on these routes are not as large as the short-haul
super-ferr
ies, their facilities are comparable, if on a smaller scale. My
wife and I h
ave passed less comfortable nights in hotels than we did
recently between Po
rtsmouth and St Malo on Brittany Ferries' 23,000-ton
Bretagne. It has every 
facility to make the eight-hour crossing pleasant;
even a hairdressing salon
.
In Britain, Suzuki is synonymous with small four-wheel drives, and its Swi
ft
front-wheel drive hatchback gets overlooked. It deserves better. I though
t
the Swift GLX 1.3 automatic five-door, which I used as a runabout recently
,
would suit many buyers whose motoring is mainly in town and who rate ease 
of
control above all else. The four-cylinder, multi-valve engine and
three-s
peed automatic gearbox are well matched. Power steering is
finger-light; cen
tral locking and a tilt-adjustable steering wheel are
standard; and the high
-roofed body is agreeably roomy, with good all-round
vision. The ride can be
 bouncy on bad roads, and luggage has to be lifted
over a high sill. But, bu
t at Pounds 9,125, the two-pedal Swift is cheaper
than any power-steered riv
al.
</TEXT>
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    FRZ  Fra
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</IN>
<XX>
Types:-
</XX>
<TP>
TECH  Products & Product use.
    NEWS  General News.
</TP>
<PUB>The Financi
al Times </PUB>
<PAGE> London Page XVI </PAGE>
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<PROFILE>_AN-EJWA8AD7FT</PROFILE>
<DATE>941
022
</DATE>
<HEADLINE> FT  22 OCT 94 / Finance and the Family: Chunnel diary
 </HEADLINE>
<TEXT>
Sept 1 1986: Consortium partners subscribe Pounds 46m of
 equity for project.
Oct 29: Eurotunnel raises further Pounds 206m equity th
rough private
placement with institutions.
Nov 4 1987: Company reaches agree
ment for banks to provide Pounds 5bn. Nov
27: Public listing completed, rais
ing additional Pounds 770m equity.
Dec 1: Tunnelling starts.
Oct 25 1990: Eu
rotunnel signs agreements for further Pounds 1.8bn of bank
credit.
Dec 3 199
0: Company completes Pounds 566m rights issue.
Feb 10 1992: Target opening d
ate of June 1993 is postponed.
Dec 10 1993: Contractors hand over tunnel.
De
c 29: Eurotunnel drops claims against UK and French governments in return
fo
r 10-year extension of its concession.
May 6 1994: Inauguration of tunnel by
 the Queen and French President
Francois Mitterrand. Freight shuttle service
s start later in month.
May 26: Eurotunnel launches third rights issue to ra
ise Pounds 858m and
completes raising of Pounds 693m of bank loans.
Oct 3: S
tart of limited passenger shuttle.
Oct 17: Eurotunnel reveals it will achiev
e only a quarter of the expected
1994 passenger revenues. Nov 14: Start of E
urostar service between London,
Paris and Brussels.
Nov 15: Start of turn-up
-and-go passenger shuttle.
</TEXT>
<XX>
Companies:-
</XX>
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</
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<XX>
Countries:-
</XX>
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<XX>
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<TP>CMMT  Comment & Analysis.
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<PUB>The Financial
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<PAGE> London Page V </PAGE>
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<DATE>941
022
</DATE>
<HEADLINE> FT  22 OCT 94 / Finance and the Family: Chunnel diary
 </HEADLINE>
<TEXT>
Sept 1 1986: Consortium partners subscribe Pounds 46m of
 equity for project.
Oct 29: Eurotunnel raises further Pounds 206m equity th
rough private
placement with institutions.
Nov 4 1987: Company reaches agree
ment for banks to provide Pounds 5bn. Nov
27: Public listing completed, rais
ing additional Pounds 770m equity.
Dec 1: Tunnelling starts.
Oct 25 1990: Eu
rotunnel signs agreements for further Pounds 1.8bn of bank
credit.
Dec 3 199
0: Company completes Pounds 566m rights issue.
Feb 10 1992: Target opening d
ate of June 1993 is postponed.
Dec 10 1993: Contractors hand over tunnel.
De
c 29: Eurotunnel drops claims against UK and French governments in return
fo
r 10-year extension of its concession.
May 6 1994: Inauguration of tunnel by
 the Queen and French President
Francois Mitterrand. Freight shuttle service
s start later in month.
May 26: Eurotunnel launches third rights issue to ra
ise Pounds 858m and
completes raising of Pounds 693m of bank loans.
Oct 3: S
tart of limited passenger shuttle.
Oct 17: Eurotunnel reveals it will achiev
e only a quarter of the expected
1994 passenger revenues. Nov 14: Start of E
urostar service between London,
Paris and Brussels.
Nov 15: Start of turn-up
-and-go passenger shuttle.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
</
CO>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.

</CN>
<XX>
Industries:-
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Types:-
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<TP>CMMT  Comment & Analysis.
</TP>
<PUB>The Financial
 Times </PUB>
<PAGE> London Page V </PAGE>
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<DATE>940
115
</DATE>
<HEADLINE> FT  15 JAN 94 / Letters to the Editor: Competition no
t working in cross-Channel fares </HEADLINE>
<BYLINE>    From Mr K D SHILLET
O </BYLINE>
<TEXT>
Sir, Charles Batchelor's report ('Tunnel prompts Stena to
 simplify ferry
fares', January 5) on the 'simplification' of Stena Line cro
ss-Channel fares
appears to indicate another huge rise in some tariffs, part
icularly for a
car with driver only or even with single passenger. For these
 travellers the
increase, particularly during the summer months, will repres
ent a much
greater rise than the 'couple of per cent' vaguely indicated by t
he
operators.
This is typical of the arrogant and rapacious attitude of the 
ferry
companies towards travellers since announcement of the construction of
 the
Channel tunnel.
One is persuaded that they have deliberately raised the
ir almost identical
fares way beyond inflation almost every year, confident 
that the eventual
Chunnel tariffs could not compete with them if necessary c
ash flow to
service mounting debt was to be raised.
They have now set a comf
ortable 'floor' for the tunnel while castly
increasing their own profit pote
ntial. There is a smell of collusion about
this cost-push manoeuvre which in
volves not only the ferry operators but the
tunnel management as well.
Dr St
efan Szymanski of Imperial College has written a paper, already
referred to 
in your newspaper, that clearly indicates progressive and
unwarrantable rais
ing of ferry tariffs since the announcement of the
tunnel's construction. It
 is to be hoped that the Office of Fair Trading and
the EU competition offic
e are closely monitoring this pocket-picking of the
public.
Cross-Channel fe
rry tariffs have been set far above any comparative journey
in Europe for as
 long as I can remember. Why should the advent of an
additional alternative 
send up passenger costs even further? That is not
competition or the working
 of a 'market'.
K D Shilleto,
2 Mulberry close,
Beaufort Street,
London SW3

</TEXT>
<XX>
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<CN>GBZ  United Kingdom, EC.
</CN>
<XX>
Indus
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</IN>
<XX>
Types:-
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<TP>MKTS  Market shares.
    COSTS  Service costs &
 Service prices.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 7 
</PAGE>
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<HEADLINE> FT  15 JAN 94 / Letters to the Editor: Competition no
t working in cross-Channel fares </HEADLINE>
<BYLINE>    From Mr K D SHILLET
O </BYLINE>
<TEXT>
Sir, Charles Batchelor's report ('Tunnel prompts Stena to
 simplify ferry
fares', January 5) on the 'simplification' of Stena Line cro
ss-Channel fares
appears to indicate another huge rise in some tariffs, part
icularly for a
car with driver only or even with single passenger. For these
 travellers the
increase, particularly during the summer months, will repres
ent a much
greater rise than the 'couple of per cent' vaguely indicated by t
he
operators.
This is typical of the arrogant and rapacious attitude of the 
ferry
companies towards travellers since announcement of the construction of
 the
Channel tunnel.
One is persuaded that they have deliberately raised the
ir almost identical
fares way beyond inflation almost every year, confident 
that the eventual
Chunnel tariffs could not compete with them if necessary c
ash flow to
service mounting debt was to be raised.
They have now set a comf
ortable 'floor' for the tunnel while castly
increasing their own profit pote
ntial. There is a smell of collusion about
this cost-push manoeuvre which in
volves not only the ferry operators but the
tunnel management as well.
Dr St
efan Szymanski of Imperial College has written a paper, already
referred to 
in your newspaper, that clearly indicates progressive and
unwarrantable rais
ing of ferry tariffs since the announcement of the
tunnel's construction. It
 is to be hoped that the Office of Fair Trading and
the EU competition offic
e are closely monitoring this pocket-picking of the
public.
Cross-Channel fe
rry tariffs have been set far above any comparative journey
in Europe for as
 long as I can remember. Why should the advent of an
additional alternative 
send up passenger costs even further? That is not
competition or the working
 of a 'market'.
K D Shilleto,
2 Mulberry close,
Beaufort Street,
London SW3

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<DOCNO>FT942-15131</DOCNO>
<PROFILE>_AN-EDQALADPFT</PROFILE>
<DATE>940
416
</DATE>
<HEADLINE> FT  16 APR 94 / The Week Ahead: Chunnel's misplaced o
ptimism </HEADLINE>
<TEXT>
The numbers Eurotunnel will unveil for 1993 on Th
ursday will be largely
academic but it must have hoped it could announce rev
enues from the first
few months of operations. A full freight and passenger 
service will not now
be running before September/October, a delay which is c
osting Eurotunnel
tens of millions of pounds a month. Projected revenues of 
Pounds 224m for
this year now look hopelessly over-optimistic. But if the pa
st year has
disappointed in this regard, at least considerable progress has 
been made
towards resolving the many disputes which have affected the projec
t.
Morgan Crucible, the speciality materials group, is forecast on Monday to

report full-year. pre-tax profits up from Pounds 61.3m to between Pounds 63
m
and Pounds 65m. The thermal ceramics business will have suffered badly fro
m
the recession in continental Europe but the group figures will be boosted 
by
currency movements, recovery in the US, and growth in East Asia. On
Thurs
day, SmithKline Beecham reports results for its first quarter - which
might 
also be the best quarter of the year as the US patent on ulcer drug
Tagamet 
expires next month. First quarter pre-tax profits should be Pounds
347m, up 
13 per cent on last time. This month's income tax increases are
expected to 
dominate the results of the raft of small retailers - such as
Etam, Bentalls
, Austin Reed, Tie Rack and Liberty - which are reporting next
week. But it 
might still be a bit too early to get any meaningful
indications from the pr
esent trading statements. Most company observers will
be waiting for Sears' 
results on April 26.
Etam, the fashion clothing company, will be the most cl
osely examined of
those reporting. It is expected to show a 33 per cent pre-
tax profits
advance to about Pounds 14.5m, excluding property losses.
</TEXT
>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
    Morgan Crucible.
    SmithKline
 Beecham.
    Etam.
    Bentalls.
    Austin  Reed.
    Tie Rack.
    Libert
y.
</CO>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France
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    USZ  United States of America.
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<PAGE> London Page I
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<DOC>
<DOCNO>FT942-15131</DOCNO>
<PROFILE>_AN-EDQALADPFT</PROFILE>
<DATE>940
416
</DATE>
<HEADLINE> FT  16 APR 94 / The Week Ahead: Chunnel's misplaced o
ptimism </HEADLINE>
<TEXT>
The numbers Eurotunnel will unveil for 1993 on Th
ursday will be largely
academic but it must have hoped it could announce rev
enues from the first
few months of operations. A full freight and passenger 
service will not now
be running before September/October, a delay which is c
osting Eurotunnel
tens of millions of pounds a month. Projected revenues of 
Pounds 224m for
this year now look hopelessly over-optimistic. But if the pa
st year has
disappointed in this regard, at least considerable progress has 
been made
towards resolving the many disputes which have affected the projec
t.
Morgan Crucible, the speciality materials group, is forecast on Monday to

report full-year. pre-tax profits up from Pounds 61.3m to between Pounds 63
m
and Pounds 65m. The thermal ceramics business will have suffered badly fro
m
the recession in continental Europe but the group figures will be boosted 
by
currency movements, recovery in the US, and growth in East Asia. On
Thurs
day, SmithKline Beecham reports results for its first quarter - which
might 
also be the best quarter of the year as the US patent on ulcer drug
Tagamet 
expires next month. First quarter pre-tax profits should be Pounds
347m, up 
13 per cent on last time. This month's income tax increases are
expected to 
dominate the results of the raft of small retailers - such as
Etam, Bentalls
, Austin Reed, Tie Rack and Liberty - which are reporting next
week. But it 
might still be a bit too early to get any meaningful
indications from the pr
esent trading statements. Most company observers will
be waiting for Sears' 
results on April 26.
Etam, the fashion clothing company, will be the most cl
osely examined of
those reporting. It is expected to show a 33 per cent pre-
tax profits
advance to about Pounds 14.5m, excluding property losses.
</TEXT
>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
    Morgan Crucible.
    SmithKline
 Beecham.
    Etam.
    Bentalls.
    Austin  Reed.
    Tie Rack.
    Libert
y.
</CO>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France
, EC.
    USZ  United States of America.
</CN>
<XX>
Industries:-
</XX>
<IN>P
4785 Inspection and Fixed Facilities.
    P3255 Clay Refractories.
    P2834
 Pharmaceutical Preparations.
    P5621 Women's Clothing Stores.
    P5611 M
en's and Boys' Clothing Stores.
    P5311 Department Stores.
    P5699 Misce
llaneous Apparel and Accessory Stores.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Co
mment & Analysis.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page I
V </PAGE>
</DOC>

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<DOC>
<DOCNO>FT934-15414</DOCNO>
<PROFILE>_AN-DJLB5ADGFT</PROFILE>
<DATE>931
012
</DATE>
<HEADLINE> FT  12 OCT 93 / Leading Article: Chunnel lessons </HE
ADLINE>
<TEXT>
WHEN THE Channel tunnel officially opens next May, the projec
t will be
nearly a year late and its cost of Pounds 8.8bn almost double the 
original
estimate. The construction has been dogged by disputes between Euro
tunnel,
the operator, and TML, the contractor. Eurotunnel shareholders will 
also
have been asked twice to stump up extra cash. The impression of financi
al
disorder in what was billed as a flagship of free enterprise is such that

some observers are asking whether it would not have been better to leave th
e
project to the public sector.
Such a conclusion would be wrong. First, it 
is not clear that Eurotunnel has
been such a bad investment. Much will depen
d on how much traffic it carries,
but the initial shareholders show a modest
 if unexciting gain on their
investment at yesterday's closing price of 488p
. Second, it is almost
certain that the public sector would have done worse 
in keeping costs under
control. It is hard to believe that Department of Tra
nsport civil servants
would have harried the contractors with the same vigou
r as Sir Alastair
Morton, Eurotunnel's abrasive chief executive.
However, le
ssons can be learnt from the Eurotunnel experience. Doing so is
also necessa
ry, given the UK government's intention of attracting private
finance for a 
range of traditionally public sector investments such as
roads, railways, pr
isons and hospitals.
One lesson is that it is worth the government taking a 
bit more time and
spending a bit more money defining projects up-front. With
 the Channel
tunnel, failure to do so meant the operating franchise was awar
ded to a
group of construction companies. When they floated Eurotunnel off, 
it was
already saddled with construction contracts with the original promote
rs - a
structure which has been blamed for many of the subsequent disputes. 
It
would have been better to have started with an operator capable of
negoti
ating its own contracts. But to achieve that, the government would
probably 
have had to prime the pump.
Another lesson is that it may not be efficient t
o transfer all the risk of
infrastructure projects to the private sector, pa
rticularly where the
government itself is the source of uncertainty. In Euro
tunnel's case, the UK
government's sluggishness in building more rail and ro
ad links to the tunnel
and a tightening of safety regulations have all reduc
ed the project's
financial attraction. If the government indemnified private
 contractors for
such political and regulatory risks, it would have an incen
tive to keep them
to the minimum.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  Un
ited Kingdom, EC.
    FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P16
22 Bridge, Tunnel and Elevated Highway.
    P4785 Inspection and Fixed Facil
ities.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>

============= Transaction # 151 ==============================================
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<DOC>
<DOCNO>FT934-15414</DOCNO>
<PROFILE>_AN-DJLB5ADGFT</PROFILE>
<DATE>931
012
</DATE>
<HEADLINE> FT  12 OCT 93 / Leading Article: Chunnel lessons </HE
ADLINE>
<TEXT>
WHEN THE Channel tunnel officially opens next May, the projec
t will be
nearly a year late and its cost of Pounds 8.8bn almost double the 
original
estimate. The construction has been dogged by disputes between Euro
tunnel,
the operator, and TML, the contractor. Eurotunnel shareholders will 
also
have been asked twice to stump up extra cash. The impression of financi
al
disorder in what was billed as a flagship of free enterprise is such that

some observers are asking whether it would not have been better to leave th
e
project to the public sector.
Such a conclusion would be wrong. First, it 
is not clear that Eurotunnel has
been such a bad investment. Much will depen
d on how much traffic it carries,
but the initial shareholders show a modest
 if unexciting gain on their
investment at yesterday's closing price of 488p
. Second, it is almost
certain that the public sector would have done worse 
in keeping costs under
control. It is hard to believe that Department of Tra
nsport civil servants
would have harried the contractors with the same vigou
r as Sir Alastair
Morton, Eurotunnel's abrasive chief executive.
However, le
ssons can be learnt from the Eurotunnel experience. Doing so is
also necessa
ry, given the UK government's intention of attracting private
finance for a 
range of traditionally public sector investments such as
roads, railways, pr
isons and hospitals.
One lesson is that it is worth the government taking a 
bit more time and
spending a bit more money defining projects up-front. With
 the Channel
tunnel, failure to do so meant the operating franchise was awar
ded to a
group of construction companies. When they floated Eurotunnel off, 
it was
already saddled with construction contracts with the original promote
rs - a
structure which has been blamed for many of the subsequent disputes. 
It
would have been better to have started with an operator capable of
negoti
ating its own contracts. But to achieve that, the government would
probably 
have had to prime the pump.
Another lesson is that it may not be efficient t
o transfer all the risk of
infrastructure projects to the private sector, pa
rticularly where the
government itself is the source of uncertainty. In Euro
tunnel's case, the UK
government's sluggishness in building more rail and ro
ad links to the tunnel
and a tightening of safety regulations have all reduc
ed the project's
financial attraction. If the government indemnified private
 contractors for
such political and regulatory risks, it would have an incen
tive to keep them
to the minimum.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  Un
ited Kingdom, EC.
    FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P16
22 Bridge, Tunnel and Elevated Highway.
    P4785 Inspection and Fixed Facil
ities.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 17 </PAGE>
</DOC>

============= Transaction # 152 ==============================================
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<DOC>
<DOCNO>FT932-5866</DOCNO>
<PROFILE>_AN-DFBBWAARFT</PROFILE>
<DATE>9306
02
</DATE>
<HEADLINE> FT  02 JUN 93 / Chunnel contracts go-ahead near </HEAD
LINE>
<BYLINE>    By ANDREW HILL </BYLINE>
<DATELINE>    BRUSSELS </DATELINE
>
<TEXT>
THE European Commission looks likely to approve the basic contracts
 to
provide freight, passenger and sleeper rail services through the Channel

tunnel before the August holidays, following a long competition inquiry.
Bu
t Mr Karel Van Miert, EC competition commissioner, wants to establish the
pr
inciple that private operators can compete with state railway companies,
eve
n if there is little pressure at the moment from potential rival
services.
I
f the Commission decides to outlaw or substantially amend the contracts,
tha
t could further delay the opening of the tunnel, due in early 1994. Even
so,
 Mr Van Miert, who used to oversee EC transport policy until he took over
th
e competition portfolio in January, is said to be keen to encourage the
cros
s-Channel link.
His spokesman said yesterday that an announcement was expect
ed 'pretty
soon'.
Eurotunnel, which will operate the tunnel, and British and
 continental
European railways have sought clearance under EC competition ru
les for a
series of contracts.
Most important is the deal between Eurotunnel
, British Rail and SNCF, the
French state railways, which gives the railways
 the right to take up 50 per
cent of the tunnel's capacity for passenger thr
ough-trains during
Eurotunnel's 55-year operating concession.
The other 50 p
er cent will be used by Eurotunnel itself for shuttle services
between the t
wo ends of the tunnel.
The Commission was originally examining the possibili
ty of reducing the
length of the contract, perhaps to as little as 30 years,
 to let private
operators compete with BR and SNCF. The Brussels authorities
 are now
considering how to leave the contract open to competition without
j
eopardising the financing of the link.
The Commission is also completing its
 consultations on the exclusive
contracts for freight and sleeper services.

Yesterday, it published the official notice inviting comments on European
Ni
ght Services (ENS), the sleeper joint venture majority-owned by BR in
partne
rship with French, Dutch, German and Belgian railways. Parties have
been giv
en 30 days to submit views on the agreement, which the Commission
believes c
ould infringe competition rules.
In practice, however, there are few potenti
al competitors who could meet the
high cost of entering the sleeper market. 
ENS has already placed an order,
said to be worth Pounds 100m, for 139 sleep
ers to be built by Metro-Cammell,
a subsidiary of GEC Alsthom. The deadline 
for comments on freight services
through the tunnel passed at the end of Mar
ch.
</TEXT>
<XX>
Companies:-
</XX>
<CO>British Rail.
    Societe Nationale d
es Chemins de Fer Francais.
    European Night Services.
</CO>
<XX>
Countrie
s:-
</XX>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-

</XX>
<IN>P4011 Railroads, Line-Haul Operating.
    P4785 Inspection and Fi
xed Facilities.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Contracts.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

============= Transaction # 153 ==============================================
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<DOC>
<DOCNO>FT932-5866</DOCNO>
<PROFILE>_AN-DFBBWAARFT</PROFILE>
<DATE>9306
02
</DATE>
<HEADLINE> FT  02 JUN 93 / Chunnel contracts go-ahead near </HEAD
LINE>
<BYLINE>    By ANDREW HILL </BYLINE>
<DATELINE>    BRUSSELS </DATELINE
>
<TEXT>
THE European Commission looks likely to approve the basic contracts
 to
provide freight, passenger and sleeper rail services through the Channel

tunnel before the August holidays, following a long competition inquiry.
Bu
t Mr Karel Van Miert, EC competition commissioner, wants to establish the
pr
inciple that private operators can compete with state railway companies,
eve
n if there is little pressure at the moment from potential rival
services.
I
f the Commission decides to outlaw or substantially amend the contracts,
tha
t could further delay the opening of the tunnel, due in early 1994. Even
so,
 Mr Van Miert, who used to oversee EC transport policy until he took over
th
e competition portfolio in January, is said to be keen to encourage the
cros
s-Channel link.
His spokesman said yesterday that an announcement was expect
ed 'pretty
soon'.
Eurotunnel, which will operate the tunnel, and British and
 continental
European railways have sought clearance under EC competition ru
les for a
series of contracts.
Most important is the deal between Eurotunnel
, British Rail and SNCF, the
French state railways, which gives the railways
 the right to take up 50 per
cent of the tunnel's capacity for passenger thr
ough-trains during
Eurotunnel's 55-year operating concession.
The other 50 p
er cent will be used by Eurotunnel itself for shuttle services
between the t
wo ends of the tunnel.
The Commission was originally examining the possibili
ty of reducing the
length of the contract, perhaps to as little as 30 years,
 to let private
operators compete with BR and SNCF. The Brussels authorities
 are now
considering how to leave the contract open to competition without
j
eopardising the financing of the link.
The Commission is also completing its
 consultations on the exclusive
contracts for freight and sleeper services.

Yesterday, it published the official notice inviting comments on European
Ni
ght Services (ENS), the sleeper joint venture majority-owned by BR in
partne
rship with French, Dutch, German and Belgian railways. Parties have
been giv
en 30 days to submit views on the agreement, which the Commission
believes c
ould infringe competition rules.
In practice, however, there are few potenti
al competitors who could meet the
high cost of entering the sleeper market. 
ENS has already placed an order,
said to be worth Pounds 100m, for 139 sleep
ers to be built by Metro-Cammell,
a subsidiary of GEC Alsthom. The deadline 
for comments on freight services
through the tunnel passed at the end of Mar
ch.
</TEXT>
<XX>
Companies:-
</XX>
<CO>British Rail.
    Societe Nationale d
es Chemins de Fer Francais.
    European Night Services.
</CO>
<XX>
Countrie
s:-
</XX>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-

</XX>
<IN>P4011 Railroads, Line-Haul Operating.
    P4785 Inspection and Fi
xed Facilities.
</IN>
<XX>
Types:-
</XX>
<TP>MKTS  Contracts.
</TP>
<PUB>The
 Financial Times </PUB>
<PAGE> London Page 2 </PAGE>
</DOC>

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<DOC>
<DOCNO>FT942-11114</DOCNO>
<PROFILE>_AN-EEFEDAHLFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (16): Bi
g potential benefits - Belgium looks for economic spin-offs </HEADLINE>
<BYL
INE>    By EMMA TUCKER </BYLINE>
<TEXT>
The official opening of the Channel 
Tunnel later this year promises to help
revitalise the north-west regions of
 Belgium, even though the country's
biggest ports will suffer a loss of traf
fic.
The chambers of commerce in Veurne and Courtrai, along with the West
Fl
anders Regional Development Authority in Bruges, are gearing up to become
pa
rt of what they refer to as the 'new European Metropolitan Area.'
This takes
 in the Nord-Pas de Calais in France, Western Flanders and Hainaut
in Belgiu
m, and Kent in the UK.
The potential for this region is enormous. According 
to Mr Anthony Vande
Candelare, an urban planner who made a study of the infl
uence of the Channel
Tunnel on the west of Belgium and the North of France: 
'Overnight, the
Belgian coast and the North of France will become the centre
 of Europe.'
Mr Jo Libeer, managing director of the Courtrai chamber of comm
erce, is
equally optimistic about the likely impact on the area of the tunne
l.
'With the TGV and the chunnel this region, which was sort of in the corne
r
of Europe, will now be in the middle of a new developing area,' he says.
T
his is no bad thing for Belgium. In its last economic survey of the
country,
 the Organisation for Economic Co-operation and Development said the
Belgian
 economy had deteriorated 'progressively' since the 1980s. 'And over
the las
t 10 to 12 months it has taken a distinct turn for the worse.'
Furthermore, 
Flanders, the area most likely to benefit from the arrival of
the tunnel, ha
s recently suffered more rapid increases in unemployment than
in Wallonia an
d the Brussels region. The unemployment rate, which in 1990
was 9.5 per cent
 in Flanders has risen to 13 per cent.
The Belgian chambers in the regions m
ost directly affected believe there are
two main areas for development: firs
tly, increasing traffic through western
Flanders as holidaymakers and freigh
t carriers head towards the
tunnel-opening in Calais; and secondly tourism. 
To benefit fully, however, a
crucial 7km stretch of the E40 European motorwa
y between Veurne and the
French border has yet to be completed.
Once this is
 done it will be possible to drive from Russia to England
without leaving a 
motorway, says Mr Philippe Claerhout, chairman of the
Veurne chamber of comm
erce and industry. Fortunately, plans to complete the
stretch have been agre
ed and it should be open some time next year.
On the downside, the Westhoek 
region is badly placed to benefit from rail
transport.
'Even after the doubl
ing of the tracks and electrification of the railway
line between Ghent and 
De Panne, we will still be a remote corner,' says Mr
Claerhout.
Furthermore,
 Belgium's biggest ports are expecting traffic loads to fall, as
freight and
 passengers are directed towards Calais. Worst affected will be
Ostend and Z
eebrugge, two ports hoping to hold their own by concentrating on
links with 
ports in the north of England.
Nonetheless, the improved, if imperfect, tran
sport communications of the
West Flanders region are apparently paying off. 
Mr Geert Sanders, who works
for the Regional Development Authority of West F
landers, says there is
already evidence that the region's enhanced communica
tions are attracting
new businesses. For example, Baronie, a Dutch chocolate
 company, is opening
a new base in the southern part of West Flanders.
There
 is, however, a danger that Belgium will not make the most of the
commercial
 opportunities - 'we will try to attract new industry, but our
region is ver
y small and our industrial zones are full,' says Mr Ludo
Verstraete, of the 
Veurne chamber of commerce. The Belgian authorities have
dragged their feet 
over decisions to dedicate new areas, he says.
The other main focus for deve
lopment is tourism. As Mr Claerhout says: 'We
need to convince people from o
ther countries that it is worth their while to
stop in Westhoek at the time 
of their journey through the North of Europe to
England.'
The potential is t
here. West Flanders is home to some of the best-known
World War One battlefi
elds, and promoters of the region insist that its
large, open green spaces w
ill, when properly developed, attract foreign
visitors. But once again, ther
e is a danger that Belgium will miss out. It
has been slower to develop the 
tourist potential of the Channel Tunnel than
France.
Around Calais, a commer
cial and leisure centre, hotels and activity parks,
known as 'La Cite de L'E
urope', are springing up while Lille is home to
Euralille, a similar develop
ment. As Mr Verstraete of the Veurne chamber of
commerce says: 'Tourism is v
ery important . . . we really have to develop
our hotels and tourist infrast
ructure.'
But the biggest advantages for Belgium will come from close co-ope
ration
between the national and federal authorities and their French and UK

counterparts. In a Europe without frontiers, this will be the most effective

way of benefiting from the the Channel Tunnel.
</TEXT>
<XX>
Countries:-
</X
X>
<CN>BEZ  Belgium, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P9611 Administrat
ion of General Economic Programs.
    P953  Housing and Urban Development.
<
/IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
</TP>
<PUB>The Financi
al Times </PUB>
<PAGE> London Page VI </PAGE>
</DOC>

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<DOC>
<DOCNO>FT942-11114</DOCNO>
<PROFILE>_AN-EEFEDAHLFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (16): Bi
g potential benefits - Belgium looks for economic spin-offs </HEADLINE>
<BYL
INE>    By EMMA TUCKER </BYLINE>
<TEXT>
The official opening of the Channel 
Tunnel later this year promises to help
revitalise the north-west regions of
 Belgium, even though the country's
biggest ports will suffer a loss of traf
fic.
The chambers of commerce in Veurne and Courtrai, along with the West
Fl
anders Regional Development Authority in Bruges, are gearing up to become
pa
rt of what they refer to as the 'new European Metropolitan Area.'
This takes
 in the Nord-Pas de Calais in France, Western Flanders and Hainaut
in Belgiu
m, and Kent in the UK.
The potential for this region is enormous. According 
to Mr Anthony Vande
Candelare, an urban planner who made a study of the infl
uence of the Channel
Tunnel on the west of Belgium and the North of France: 
'Overnight, the
Belgian coast and the North of France will become the centre
 of Europe.'
Mr Jo Libeer, managing director of the Courtrai chamber of comm
erce, is
equally optimistic about the likely impact on the area of the tunne
l.
'With the TGV and the chunnel this region, which was sort of in the corne
r
of Europe, will now be in the middle of a new developing area,' he says.
T
his is no bad thing for Belgium. In its last economic survey of the
country,
 the Organisation for Economic Co-operation and Development said the
Belgian
 economy had deteriorated 'progressively' since the 1980s. 'And over
the las
t 10 to 12 months it has taken a distinct turn for the worse.'
Furthermore, 
Flanders, the area most likely to benefit from the arrival of
the tunnel, ha
s recently suffered more rapid increases in unemployment than
in Wallonia an
d the Brussels region. The unemployment rate, which in 1990
was 9.5 per cent
 in Flanders has risen to 13 per cent.
The Belgian chambers in the regions m
ost directly affected believe there are
two main areas for development: firs
tly, increasing traffic through western
Flanders as holidaymakers and freigh
t carriers head towards the
tunnel-opening in Calais; and secondly tourism. 
To benefit fully, however, a
crucial 7km stretch of the E40 European motorwa
y between Veurne and the
French border has yet to be completed.
Once this is
 done it will be possible to drive from Russia to England
without leaving a 
motorway, says Mr Philippe Claerhout, chairman of the
Veurne chamber of comm
erce and industry. Fortunately, plans to complete the
stretch have been agre
ed and it should be open some time next year.
On the downside, the Westhoek 
region is badly placed to benefit from rail
transport.
'Even after the doubl
ing of the tracks and electrification of the railway
line between Ghent and 
De Panne, we will still be a remote corner,' says Mr
Claerhout.
Furthermore,
 Belgium's biggest ports are expecting traffic loads to fall, as
freight and
 passengers are directed towards Calais. Worst affected will be
Ostend and Z
eebrugge, two ports hoping to hold their own by concentrating on
links with 
ports in the north of England.
Nonetheless, the improved, if imperfect, tran
sport communications of the
West Flanders region are apparently paying off. 
Mr Geert Sanders, who works
for the Regional Development Authority of West F
landers, says there is
already evidence that the region's enhanced communica
tions are attracting
new businesses. For example, Baronie, a Dutch chocolate
 company, is opening
a new base in the southern part of West Flanders.
There
 is, however, a danger that Belgium will not make the most of the
commercial
 opportunities - 'we will try to attract new industry, but our
region is ver
y small and our industrial zones are full,' says Mr Ludo
Verstraete, of the 
Veurne chamber of commerce. The Belgian authorities have
dragged their feet 
over decisions to dedicate new areas, he says.
The other main focus for deve
lopment is tourism. As Mr Claerhout says: 'We
need to convince people from o
ther countries that it is worth their while to
stop in Westhoek at the time 
of their journey through the North of Europe to
England.'
The potential is t
here. West Flanders is home to some of the best-known
World War One battlefi
elds, and promoters of the region insist that its
large, open green spaces w
ill, when properly developed, attract foreign
visitors. But once again, ther
e is a danger that Belgium will miss out. It
has been slower to develop the 
tourist potential of the Channel Tunnel than
France.
Around Calais, a commer
cial and leisure centre, hotels and activity parks,
known as 'La Cite de L'E
urope', are springing up while Lille is home to
Euralille, a similar develop
ment. As Mr Verstraete of the Veurne chamber of
commerce says: 'Tourism is v
ery important . . . we really have to develop
our hotels and tourist infrast
ructure.'
But the biggest advantages for Belgium will come from close co-ope
ration
between the national and federal authorities and their French and UK

counterparts. In a Europe without frontiers, this will be the most effective

way of benefiting from the the Channel Tunnel.
</TEXT>
<XX>
Countries:-
</X
X>
<CN>BEZ  Belgium, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P9611 Administrat
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    P953  Housing and Urban Development.
<
/IN>
<XX>
Types:-
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<TP>CMMT  Comment & Analysis.
</TP>
<PUB>The Financi
al Times </PUB>
<PAGE> London Page VI </PAGE>
</DOC>

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<DOCNO>FT941-16017</DOCNO>
<PROFILE>_AN-EALDDAEVFT</PROFILE>
<DATE>940
112
</DATE>
<HEADLINE> FT  12 JAN 94 / Leading Article: Chunnel pricing </HE
ADLINE>
<TEXT>
Investors have not done too well so far out of Eurotunnel. No
w it looks like
passengers are not going to get a particularly good deal eit
her. That, at
any rate, is the impression given by the prices Eurotunnel pro
poses to
charge for its car passenger service.
The pricing schedule, announc
ed yesterday, ranges from Pounds 220 for a
return journey in winter to Pound
s 310 in the peak summer months. Not only
are the prices higher than expecte
d. They are also slightly higher than
those charged by Stena Sealink and P&O
 European Ferries, the two ferry
groups which dominate the cross-Channel mar
ket.
Moreover, there is every sign that neither Eurotunnel nor the ferry
com
panies want to engage in a price war. At every opportunity, they stress
the 
point. P&O yesterday even took the step of commending Eurotunnel's fares
as 
'positive and realistic'. What we are witnessing are the latest moves in
a c
omplex oligopoly game. Eurotunnel is anxious to avoid a price war because
it
s gigantic debts mean it has to find Pounds 600m in annual interest
payments
 alone. Equally, the ferry companies are concerned that an erosion
of margin
s would force them out of the market.
But passengers should not lose heart. 
Just because the main players say they
do not want a price war does not mean
 that they can necessarily stop one.
Oligopoly games are hard to control.
In
 the short run, Eurotunnel has every incentive to use the ferry companies'
p
rices as a benchmark for its own services. This is because for several
month
s the group will not be able to run at full capacity due to a shortage
of ro
lling stock. So there is little point in cutting fares to a point where
it i
s unable to satisfy demand.
In the longer run, it could be in Eurotunnel's i
nterests to reduce prices.
Only by running the tunnel at near to full capaci
ty will it be able to make
a sufficient return to satisfy investors. But tha
t will probably require an
expansion of the market, not merely taking market
 share from the ferry
companies, and in turn will mean that fares will proba
bly have to fall.
Moreover, passengers can take comfort from the fact that s
ome benefits have
already come through in anticipation of Eurotunnel's openi
ng. Ferry
companies have upgraded their services and marketed a wide range o
f special
offers involving deep discounts off their standard tariffs. Custom
ers will
also gain from the fact that Eurotunnel's service is faster and mor
e
reliable than the ferry companies'.
This does not mean that competition co
ncerns can be dismissed. Eurotunnel
and the ferry groups may be able to avoi
d a price war, especially if P&O and
Sealink were allowed by the competition
 authorities to combine some of their
operations - a move which would be at 
best premature. But this is a case
which calls for continued vigilance rathe
r than immediate action.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
</CO
>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.
<
/CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixed Facilities.
</IN
>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
    COSTS  Service costs 
& Service prices.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 2
5 </PAGE>
</DOC>

============= Transaction # 157 ==============================================
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<DOCNO>FT941-16017</DOCNO>
<PROFILE>_AN-EALDDAEVFT</PROFILE>
<DATE>940
112
</DATE>
<HEADLINE> FT  12 JAN 94 / Leading Article: Chunnel pricing </HE
ADLINE>
<TEXT>
Investors have not done too well so far out of Eurotunnel. No
w it looks like
passengers are not going to get a particularly good deal eit
her. That, at
any rate, is the impression given by the prices Eurotunnel pro
poses to
charge for its car passenger service.
The pricing schedule, announc
ed yesterday, ranges from Pounds 220 for a
return journey in winter to Pound
s 310 in the peak summer months. Not only
are the prices higher than expecte
d. They are also slightly higher than
those charged by Stena Sealink and P&O
 European Ferries, the two ferry
groups which dominate the cross-Channel mar
ket.
Moreover, there is every sign that neither Eurotunnel nor the ferry
com
panies want to engage in a price war. At every opportunity, they stress
the 
point. P&O yesterday even took the step of commending Eurotunnel's fares
as 
'positive and realistic'. What we are witnessing are the latest moves in
a c
omplex oligopoly game. Eurotunnel is anxious to avoid a price war because
it
s gigantic debts mean it has to find Pounds 600m in annual interest
payments
 alone. Equally, the ferry companies are concerned that an erosion
of margin
s would force them out of the market.
But passengers should not lose heart. 
Just because the main players say they
do not want a price war does not mean
 that they can necessarily stop one.
Oligopoly games are hard to control.
In
 the short run, Eurotunnel has every incentive to use the ferry companies'
p
rices as a benchmark for its own services. This is because for several
month
s the group will not be able to run at full capacity due to a shortage
of ro
lling stock. So there is little point in cutting fares to a point where
it i
s unable to satisfy demand.
In the longer run, it could be in Eurotunnel's i
nterests to reduce prices.
Only by running the tunnel at near to full capaci
ty will it be able to make
a sufficient return to satisfy investors. But tha
t will probably require an
expansion of the market, not merely taking market
 share from the ferry
companies, and in turn will mean that fares will proba
bly have to fall.
Moreover, passengers can take comfort from the fact that s
ome benefits have
already come through in anticipation of Eurotunnel's openi
ng. Ferry
companies have upgraded their services and marketed a wide range o
f special
offers involving deep discounts off their standard tariffs. Custom
ers will
also gain from the fact that Eurotunnel's service is faster and mor
e
reliable than the ferry companies'.
This does not mean that competition co
ncerns can be dismissed. Eurotunnel
and the ferry groups may be able to avoi
d a price war, especially if P&O and
Sealink were allowed by the competition
 authorities to combine some of their
operations - a move which would be at 
best premature. But this is a case
which calls for continued vigilance rathe
r than immediate action.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
</CO
>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.
<
/CN>
<XX>
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</XX>
<IN>P4785 Inspection and Fixed Facilities.
</IN
>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
    COSTS  Service costs 
& Service prices.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 2
5 </PAGE>
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============= Transaction # 159 ==============================================
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<DOC>
<DOCNO>FT944-4064</DOCNO>
<PROFILE>_AN-ELIDCAHGFT</PROFILE>
<DATE>9412
09
</DATE>
<HEADLINE> FT  09 DEC 94 / UK Property Review (13): 'Steady as sh
e goes' is catchphrase  -The Channel Tunnel Region / The flood of speculativ
e property developments some expected has not materialised </HEADLINE>
<BYLI
NE>    By CHRISTINE MOIR </BYLINE>
<TEXT>
However embarrassing the accident-
prone start to the high-speed Eurostar
passenger service, the Channel Tunnel
's share of the cross-Channel freight
market has been building satisfactoril
y since the first lorries caught the
train at the end of July.
By mid-Octobe
r volumes had already outstripped those handled by the Port of
Dunkirk. Impo
rtantly, the tunnel appears to have captured a disproportionate
share of exp
ress hauliers and couriers, the time-sensitive sector of the
market essentia
l for the tunnel's premium pricing policy.
Yet if the tunnel is finally oper
ating, that event has not been marked by
the flood of speculative property d
evelopments some expected. With the
notable exception of a development conso
rtium keen to create 'Euro City'
around an International Passenger Station (
IPS) at Ebbsfleet just east of
Dartford, the catchphrase is 'steady as she g
oes.'
Chris Bond of John Laing Property Ventures which has ambitious plans f
or 125
acres around the new IPS under construction at Ashford, believes he k
nows
why. 'During the Chunnel's early planning stages everyone rushed into K
ent.
Now they are waiting for the infrastructure to catch up.'
Andrew Jackso
n of agents Weatherall Green & Smith agrees that those
developments presentl
y going ahead have been fuelled by the general
attractions of the south-east
 rather than in direct response to the tunnel.
He even detects some disillus
ionment with the amount of distribution
business which has already chosen to
 settle outside Kent or Essex.
Recession has also delayed the take-up of muc
h of the speculative
developments of the late 1980s, making new speculation 
less urgent. Figures
produced for the Kent Impact Study by the Channel Tunne
l Joint Consultative
Committee would not cause a developer to salivate.
Ware
housing demand in Kent up to 1996 is estimated at 111,000 sq m. This is
full
y matched by buildings either completed and vacant or under
construction. In
 addition, the planning pipeline contains a further 388,000
sq m to meet an 
estimated demand of 194,000 sq m between 1996 and 2001.
It comes as no surpr
ise therefore that Laing is not rushing into development
at Ashford despite 
planning permission for a retail element of 300,000 sq
ft.
'We have been rev
iewing the whole site for the past three months. Site
inspections will conti
nue until the year-end and a decision will be taken in
early summer whether 
to protect our existing planning applications or alter
them according to our
 projections for the rest of the site,' says Mr Bond.
Eurotunnel, which has 
extensive development land in both Ashford and
Folkestone, is also proceedin
g with caution.
Its 14-acre Cheriton Parc business park overlooking the tunn
el terminal just
two miles east of Folkestone, has just started to pick up s
peed. Eurotunnel
itself has taken the first building as a 28,000 sq ft custo
mer services
centre.
But Cheriton Parc is just a fraction of the 615 acres o
n seven sites owned
by Eurotunnel Developments (EDL) along the M20-A20 Chann
el Tunnel Corridor.
Ashford is the prime location. Orbital Park, a 100-acre 
light industrial
site, has BP Travel Services as its first tenant in 115,000
 sq ft. Nearby
Waterbrook Park, close to Junction 10 of the M20, already boa
sts 10ha for
lorry parking, servicing and customs clearance.
EDL is now draw
ing breath while it considers a mix of retail and industrial
warehousing, a 
new Ashford cattle market and hotel-leisure possibilities on
the rest of the
 site.
Ebbsfleet is the one big development location which seems to be in a 
hurry.
Tony Kemp, managing director of Blue Circle Properties, is keen to ma
intain
the momentum of having beaten Dartford as the site of the intermediat
e IPS
on the Chunnel route and the main rail link to the Medway towns.
Blue 
Circle has good reason to be the motive force in the public-private
sector c
onsortium with dreams of a 'Euro City' between Dartmouth and
Gravesend. It o
wns a former quarry on the edge of the Ebbsfleet station site
and has plans 
for a 1.7m sq ft shopping centre at Bluewater, another quarry
just one mile 
away.
Consequently, around Ebbsfleet station itself, the emphasis will be on
 light
industrial use, possibly in a multi-storey business park. Retail use 
will be
deliberately limited.
Another element in Euro City with which Blue C
ircle is closely involved is
the Crossways Business Park at Junction 1A of t
he M25 close to the Dartford
Tunnel. In the six years that development has b
een under way, 1m sq ft of
the proposed 3m sq ft at Crossways has already be
en built. Mr Kemp predicts
parity with West London rents within two years.
A
 new campus for Greenwich University, a regional hospital and big new
reside
ntial and leisure facilities are to be the key public sector
contributions t
o what used to be called the East Thames Corridor but now
describes itself a
s Thames Gateway.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC
.
</CN>
<XX>
Industries:-
</XX>
<IN>P6552 Subdividers and Developers, Ex Cem
eteries.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page XII </PAGE>
</DOC>

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<DOC>
<DOCNO>FT944-4064</DOCNO>
<PROFILE>_AN-ELIDCAHGFT</PROFILE>
<DATE>9412
09
</DATE>
<HEADLINE> FT  09 DEC 94 / UK Property Review (13): 'Steady as sh
e goes' is catchphrase  -The Channel Tunnel Region / The flood of speculativ
e property developments some expected has not materialised </HEADLINE>
<BYLI
NE>    By CHRISTINE MOIR </BYLINE>
<TEXT>
However embarrassing the accident-
prone start to the high-speed Eurostar
passenger service, the Channel Tunnel
's share of the cross-Channel freight
market has been building satisfactoril
y since the first lorries caught the
train at the end of July.
By mid-Octobe
r volumes had already outstripped those handled by the Port of
Dunkirk. Impo
rtantly, the tunnel appears to have captured a disproportionate
share of exp
ress hauliers and couriers, the time-sensitive sector of the
market essentia
l for the tunnel's premium pricing policy.
Yet if the tunnel is finally oper
ating, that event has not been marked by
the flood of speculative property d
evelopments some expected. With the
notable exception of a development conso
rtium keen to create 'Euro City'
around an International Passenger Station (
IPS) at Ebbsfleet just east of
Dartford, the catchphrase is 'steady as she g
oes.'
Chris Bond of John Laing Property Ventures which has ambitious plans f
or 125
acres around the new IPS under construction at Ashford, believes he k
nows
why. 'During the Chunnel's early planning stages everyone rushed into K
ent.
Now they are waiting for the infrastructure to catch up.'
Andrew Jackso
n of agents Weatherall Green & Smith agrees that those
developments presentl
y going ahead have been fuelled by the general
attractions of the south-east
 rather than in direct response to the tunnel.
He even detects some disillus
ionment with the amount of distribution
business which has already chosen to
 settle outside Kent or Essex.
Recession has also delayed the take-up of muc
h of the speculative
developments of the late 1980s, making new speculation 
less urgent. Figures
produced for the Kent Impact Study by the Channel Tunne
l Joint Consultative
Committee would not cause a developer to salivate.
Ware
housing demand in Kent up to 1996 is estimated at 111,000 sq m. This is
full
y matched by buildings either completed and vacant or under
construction. In
 addition, the planning pipeline contains a further 388,000
sq m to meet an 
estimated demand of 194,000 sq m between 1996 and 2001.
It comes as no surpr
ise therefore that Laing is not rushing into development
at Ashford despite 
planning permission for a retail element of 300,000 sq
ft.
'We have been rev
iewing the whole site for the past three months. Site
inspections will conti
nue until the year-end and a decision will be taken in
early summer whether 
to protect our existing planning applications or alter
them according to our
 projections for the rest of the site,' says Mr Bond.
Eurotunnel, which has 
extensive development land in both Ashford and
Folkestone, is also proceedin
g with caution.
Its 14-acre Cheriton Parc business park overlooking the tunn
el terminal just
two miles east of Folkestone, has just started to pick up s
peed. Eurotunnel
itself has taken the first building as a 28,000 sq ft custo
mer services
centre.
But Cheriton Parc is just a fraction of the 615 acres o
n seven sites owned
by Eurotunnel Developments (EDL) along the M20-A20 Chann
el Tunnel Corridor.
Ashford is the prime location. Orbital Park, a 100-acre 
light industrial
site, has BP Travel Services as its first tenant in 115,000
 sq ft. Nearby
Waterbrook Park, close to Junction 10 of the M20, already boa
sts 10ha for
lorry parking, servicing and customs clearance.
EDL is now draw
ing breath while it considers a mix of retail and industrial
warehousing, a 
new Ashford cattle market and hotel-leisure possibilities on
the rest of the
 site.
Ebbsfleet is the one big development location which seems to be in a 
hurry.
Tony Kemp, managing director of Blue Circle Properties, is keen to ma
intain
the momentum of having beaten Dartford as the site of the intermediat
e IPS
on the Chunnel route and the main rail link to the Medway towns.
Blue 
Circle has good reason to be the motive force in the public-private
sector c
onsortium with dreams of a 'Euro City' between Dartmouth and
Gravesend. It o
wns a former quarry on the edge of the Ebbsfleet station site
and has plans 
for a 1.7m sq ft shopping centre at Bluewater, another quarry
just one mile 
away.
Consequently, around Ebbsfleet station itself, the emphasis will be on
 light
industrial use, possibly in a multi-storey business park. Retail use 
will be
deliberately limited.
Another element in Euro City with which Blue C
ircle is closely involved is
the Crossways Business Park at Junction 1A of t
he M25 close to the Dartford
Tunnel. In the six years that development has b
een under way, 1m sq ft of
the proposed 3m sq ft at Crossways has already be
en built. Mr Kemp predicts
parity with West London rents within two years.
A
 new campus for Greenwich University, a regional hospital and big new
reside
ntial and leisure facilities are to be the key public sector
contributions t
o what used to be called the East Thames Corridor but now
describes itself a
s Thames Gateway.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC
.
</CN>
<XX>
Industries:-
</XX>
<IN>P6552 Subdividers and Developers, Ex Cem
eteries.
</IN>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page XII </PAGE>
</DOC>

============= Transaction # 161 ==============================================
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============= Transaction # 162 ==============================================
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<DOC>
<DOCNO>FT942-10959</DOCNO>
<PROFILE>_AN-EEHA5ADTFT</PROFILE>
<DATE>940
507
</DATE>
<HEADLINE> FT  07 MAY 94 / Finance and the Family: Drive safely 
on the Continent - Bethan Hutton has some tips for drivers </HEADLINE>
<BYLI
NE>    By BETHAN HUTTON </BYLINE>
<TEXT>
Although the Channel Tunnel opened 
for a very exclusive clientele this week,
it will be a while before British 
drivers start pouring through the Chunnel
en masse. But thousands of drivers
 will pile on to ferries and hovercraft
this summer.
In a continental Europe
 supposedly without borders, you might think driving
there should not requir
e any more special planning than a long-distance trip
within the UK. Unfortu
nately, car insurance and breakdown cover which are
perfectly adequate in th
e UK can leave you exposed to all sorts of trouble a
few miles across the Ch
annel.
Green proof-of-insurance cards were not consigned to the dustbin at t
he end
of 1992; French police have been known to fine foreign motorists caug
ht
without one far more recently. And police in Spain can jail you after an

accident, so it is wise to travel with a bail bond.
Breaking down on the M25
 is enough of a nightmare - but being stranded on
the hard shoulder of the P
aris ring road could be 10 times worse. The
biggest selling point for the AA
, RAC, Europ Assistance, National Breakdown
and the other rescue services is
 the promise of a friendly, English-speaking
voice on the other end of the e
mergency telephone who can summon help
anywhere in Europe.
Some of the servi
ces have their own rescue patrols, while others use a
network of local compa
nies. All promise a speedy roadside response and will
tow your car to a serv
ice station - or, if necessary, return it to the UK.
Extras to look for are:
 emergency credit facilities; additional
accommodation costs; car hire or ot
her onward travel costs; despatch of
spare parts from the UK; and provision 
of a driver if the only one in your
group is incapacitated.
The AA charges P
ounds 30.50 for one week's car-only Five Star cover for
Europe while the RAC
's equivalent Eurocover costs Pounds 40.95 for between
five and nine days (P
ounds 3 off for existing RAC members). National
Breakdown's Blue Riband sche
me would cost Pounds 31.25 for the same period
and Europ Assistance would ch
arge Pounds 25.50 for seven days. If you just
want to go to Ireland, it coul
d cost less. There are often supplements for
cars more than 10 years old, an
d caravans or trailers.
Carrying a green card is no longer a strict legal re
quirement (although this
message might not have filtered through to the more
 rural police forces),
but it is still sensible to take one in case you have
 an accident or are
stopped by police. You should always tell your insurance
 company before
taking the car abroad; otherwise, you could find your cover 
restricted to
the third party legal minimum.
If you have comprehensive cover
 in the UK, you will probably want to extend
this for overseas trips. Some i
nsurers include European cover free while
others charge up to Pounds 50, acc
ording to brokers Telesure. A few, such as
General Accident, issue a Europea
n certificate automatically with policy
documents. Very frequent travellers 
or those spending extended periods
abroad - such as second-home owners - may
 have to make special arrangements
with their insurance company.
Most of the
 breakdown cover packages allow you free rein to wander as far
afield as Mos
cow or Morocco, but a few corners of Europe are out of bounds:
the former Yu
goslavia and Albania are among likely exclusions. If you are
planning an adv
enturous itinerary, check before you go.
Insurers can be more restrictive, a
nd some start charging more than their
standard European rates if you ventur
e into, say, Turkey or Romania. As
usual, it is best to make inquiries befor
e setting off if there is a chance
you could stray outside the European Unio
n.
Some pieces of equipment, such as a warning triangle and in-car first aid

kit, are compulsory in many places and recommended in any case. There are
a
lso a few quirks you should know about. It is illegal to carry spare fuel
in
 Italy, Luxembourg, Greece and Turkey, and you must carry spare headlamp
bul
bs in Spain.
Motoring organisations such as the AA and RAC have leaflets on 
motoring
regulations, speed limits and equipment required by law in the coun
tries
visited most often by UK tourists. On-the-spot fines for breaking the 
rules
could make a large dent in your holiday spending money - and traffic p
olice
do not always accept credit cards.
Sales of unleaded petrol in the UK 
have overtaken the leaded variety but the
same is not true in all parts of E
urope: unleaded can be hard to come by off
the beaten track in Spain, Italy 
and eastern Europe.
Leaded fuel can cause expensive damage to catalytic conv
erters so it is a
wise move to fill up with unleaded before crossing borders
 and, indeed,
wherever it is available.
Travel insurance is also a must, par
ticularly to cover medical and legal
expenses.
</TEXT>
<XX>
Countries:-
</XX
>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-
</XX>
<
IN>P8699 Membership Organizations, NEC.
    P6331 Fire, Marine, and Casualty
 Insurance.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The 
Financial Times </PUB>
<PAGE> London Page V </PAGE>
</DOC>

============= Transaction # 163 ==============================================
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<DOC>
<DOCNO>FT942-10959</DOCNO>
<PROFILE>_AN-EEHA5ADTFT</PROFILE>
<DATE>940
507
</DATE>
<HEADLINE> FT  07 MAY 94 / Finance and the Family: Drive safely 
on the Continent - Bethan Hutton has some tips for drivers </HEADLINE>
<BYLI
NE>    By BETHAN HUTTON </BYLINE>
<TEXT>
Although the Channel Tunnel opened 
for a very exclusive clientele this week,
it will be a while before British 
drivers start pouring through the Chunnel
en masse. But thousands of drivers
 will pile on to ferries and hovercraft
this summer.
In a continental Europe
 supposedly without borders, you might think driving
there should not requir
e any more special planning than a long-distance trip
within the UK. Unfortu
nately, car insurance and breakdown cover which are
perfectly adequate in th
e UK can leave you exposed to all sorts of trouble a
few miles across the Ch
annel.
Green proof-of-insurance cards were not consigned to the dustbin at t
he end
of 1992; French police have been known to fine foreign motorists caug
ht
without one far more recently. And police in Spain can jail you after an

accident, so it is wise to travel with a bail bond.
Breaking down on the M25
 is enough of a nightmare - but being stranded on
the hard shoulder of the P
aris ring road could be 10 times worse. The
biggest selling point for the AA
, RAC, Europ Assistance, National Breakdown
and the other rescue services is
 the promise of a friendly, English-speaking
voice on the other end of the e
mergency telephone who can summon help
anywhere in Europe.
Some of the servi
ces have their own rescue patrols, while others use a
network of local compa
nies. All promise a speedy roadside response and will
tow your car to a serv
ice station - or, if necessary, return it to the UK.
Extras to look for are:
 emergency credit facilities; additional
accommodation costs; car hire or ot
her onward travel costs; despatch of
spare parts from the UK; and provision 
of a driver if the only one in your
group is incapacitated.
The AA charges P
ounds 30.50 for one week's car-only Five Star cover for
Europe while the RAC
's equivalent Eurocover costs Pounds 40.95 for between
five and nine days (P
ounds 3 off for existing RAC members). National
Breakdown's Blue Riband sche
me would cost Pounds 31.25 for the same period
and Europ Assistance would ch
arge Pounds 25.50 for seven days. If you just
want to go to Ireland, it coul
d cost less. There are often supplements for
cars more than 10 years old, an
d caravans or trailers.
Carrying a green card is no longer a strict legal re
quirement (although this
message might not have filtered through to the more
 rural police forces),
but it is still sensible to take one in case you have
 an accident or are
stopped by police. You should always tell your insurance
 company before
taking the car abroad; otherwise, you could find your cover 
restricted to
the third party legal minimum.
If you have comprehensive cover
 in the UK, you will probably want to extend
this for overseas trips. Some i
nsurers include European cover free while
others charge up to Pounds 50, acc
ording to brokers Telesure. A few, such as
General Accident, issue a Europea
n certificate automatically with policy
documents. Very frequent travellers 
or those spending extended periods
abroad - such as second-home owners - may
 have to make special arrangements
with their insurance company.
Most of the
 breakdown cover packages allow you free rein to wander as far
afield as Mos
cow or Morocco, but a few corners of Europe are out of bounds:
the former Yu
goslavia and Albania are among likely exclusions. If you are
planning an adv
enturous itinerary, check before you go.
Insurers can be more restrictive, a
nd some start charging more than their
standard European rates if you ventur
e into, say, Turkey or Romania. As
usual, it is best to make inquiries befor
e setting off if there is a chance
you could stray outside the European Unio
n.
Some pieces of equipment, such as a warning triangle and in-car first aid

kit, are compulsory in many places and recommended in any case. There are
a
lso a few quirks you should know about. It is illegal to carry spare fuel
in
 Italy, Luxembourg, Greece and Turkey, and you must carry spare headlamp
bul
bs in Spain.
Motoring organisations such as the AA and RAC have leaflets on 
motoring
regulations, speed limits and equipment required by law in the coun
tries
visited most often by UK tourists. On-the-spot fines for breaking the 
rules
could make a large dent in your holiday spending money - and traffic p
olice
do not always accept credit cards.
Sales of unleaded petrol in the UK 
have overtaken the leaded variety but the
same is not true in all parts of E
urope: unleaded can be hard to come by off
the beaten track in Spain, Italy 
and eastern Europe.
Leaded fuel can cause expensive damage to catalytic conv
erters so it is a
wise move to fill up with unleaded before crossing borders
 and, indeed,
wherever it is available.
Travel insurance is also a must, par
ticularly to cover medical and legal
expenses.
</TEXT>
<XX>
Countries:-
</XX
>
<CN>QRZ  European Economic Community (EC).
</CN>
<XX>
Industries:-
</XX>
<
IN>P8699 Membership Organizations, NEC.
    P6331 Fire, Marine, and Casualty
 Insurance.
</IN>
<XX>
Types:-
</XX>
<TP>NEWS  General News.
</TP>
<PUB>The 
Financial Times </PUB>
<PAGE> London Page V </PAGE>
</DOC>

============= Transaction # 164 ==============================================
Transaction #:    164       Transaction Code:  19 (Record Selected)        

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<DOC>
<DOCNO>FT924-4987</DOCNO>
<PROFILE>_AN-CK2AVAEVFT</PROFILE>
<DATE>9211
28
</DATE>
<HEADLINE> FT  28 NOV 92 / Property: Sellers get a painful lesson
 - Instead of house prices in Kent getting a boost from the Channel Tunnel, 
they're back to the levels of 1986/87 </HEADLINE>
<BYLINE>    By MICHAEL HAN
SON </BYLINE>
<TEXT>
FALLING house prices are a tender subject in Kent, desp
ite the ever-nearer
advent of the Channel tunnel. It had been expected the C
hunnel would boost
prices but this has not happened so far. Indeed, they are
 back to their
pre-boom level of 1986/87, which is roughly half what they we
re only two
years ago. That has been a painful lesson for sellers.
Richard P
age, of Savills in Sevenoaks, cites two examples. Meopham Bank, a
Regency ho
use near Tonbridge offered at Pounds 1.25m in the spring of 1990,
has just b
een sold for Pounds 550,000. Pilgrim House at Trottiscliffe, which
was sold 
in 1987 for Pounds 500,000, was re-sold recently at the same
figure.
Then th
ere is Wardes, a nine-bedroom, Grade I-listed medieval hall/house in
four ac
res in the conservation village of Otham, near Maidstone. It is the
finest o
f several timber-framed houses in Otham and was restored in 1912 by
Sir Loui
s Mallet, the diplomat. There is a mural in the living room of a
stag being 
stalked by a hunter and a panther. It was painted by an
architect, Philip Ti
lden, to represent 'the unsuspecting income tax-payer
assailed on all sides.
'
It now needs further restoration and modernisation. Wardes failed this
sum
mer to attract a buyer for Pounds 450,000 and the house is being offered
by 
tender - closing on December 15 - at a guide price of Pounds 250,000. The
ag
ent is Knight Frank & Rutley at Tunbridge Wells (0892-515-035).
Having sold 
the Grange, a rundown, Grade II-listed 17th century house on the
edge of Gou
dhurst (which just failed to reach its guide price of Pounds
250,000), KF&R'
s Robin Tillett is confident Wardes will find a buyer. 'We
are having consid
erable success in selling rundown properties at formal
tender,' he says. 'Th
is will be the fifth since August. I believe going to
tender concentrates pe
ople's minds, and rundown houses inspire the
imagination.'
Meanwhile, the re
cent sale of another notable property at Otham provides
further evidence of 
the fall in prices. The 15-bedroomed Gore Court House,
set in 20 acres and l
isted grade II, came to market in June 1990 at Pounds
750,000. By the summer
 of 1991, the price had drifted down to Pounds
450,000. Two months ago, the 
property was sold at auction by Cluttons for
Pounds 317,500.
Nearly 18 month
s ago, I reported that the owners of the 428-acre Henden
Manor estate at Ide
 Hill, near Sevenoaks, had dropped the asking price of
their beautiful 16th 
century house from Pounds 4m to Pounds 3m because they
'now have a very real
 desire to sell.' That desire has assumed even more
urgency: the price has b
een reduced to Pounds 2m through Savills
(0732-455-551) and KF&R.
Savills al
so is selling the home of journalist Jean Rook, who died last
year. South Ri
ding, a six-bedroom country house in seven acres south of
Edenbridge is pric
ed at Pounds 325,000. Howard Cundey (0342-833-333) is
joint agent.
'Prices h
ave to be extremely sensible and realistic to achieve a sale,' says
Anthony 
Brooks, director of GA Town & Country at Tunbridge Wells
(0892-542-711). 'Pe
ople don't want to listen when we say that properties are
selling at 1987 pr
ices - or even 1986 prices.'
He cites Sissinghurst Park, a Grade II-listed E
dwardian house in 20 acres of
gardens not far from the better-known gardens 
at Sissinghurst Castle. It was
offered at Pounds 1.2m in April 1991 but now 
can be had for Pounds 650,000.
Brooks has just completed the sale of the six
-bedroom Woodsden Farmhouse in
two acres near Hawkhurst for more than Pounds
 250,000, reduced from its
original Pounds 460,000. Its former barn, now con
verted into a five-bedroom
house, is still for sale at Pounds 230,000, down 
from Pounds 325,000.
Simon Backhouse, of Strutt & Parker's Canterbury office
 (0227-451-123),
explains: 'We have got through the pain barrier of explaini
ng to vendors
that prices are lower.' He is looking for offers around Pounds
 375,000 for
Tonford Manor, a Grade II, 18th century moated house in nearly 
six acres at
Harbledown, near Canterbury; and is seeking Pounds 285,000 for 
the
11-bedroom Colkins, a Grade II Georgian house in almost two acres at
Sel
ling, near Faversham.
'There are a lot of cash buyers about,' says Mary Grie
ves, of the Canterbury
office of Cluttons. Acting jointly with GW Finn & Son
s, it has just
exchanged contracts at around Pounds 350,000 on Jossenblock, 
a Grade II
Georgian house in more than two acres at East Langdon, near Dover
. But Peter
Bell, the Cluttons' partner at Folkestone, is still seeking a bu
yer for his
own Grade II-listed country house: Jacques Court, near Canterbur
y, for which
he has been asking Pounds 550,000.
Those seeking flats might, h
owever, have better prospects - in Folkestone,
at least. Says Bell: 'Until 1
988, we had never been able to obtain corporate
rentals here, but we let 25 
flats at a time in new blocks to Eurotunnel and
Trans-Manche Link for their 
senior managers. There will be a slight glut of
flats when the last people m
ove out in 1994.'
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page
 XV </PAGE>
</DOC>

============= Transaction # 165 ==============================================
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<DOC>
<DOCNO>FT924-4987</DOCNO>
<PROFILE>_AN-CK2AVAEVFT</PROFILE>
<DATE>9211
28
</DATE>
<HEADLINE> FT  28 NOV 92 / Property: Sellers get a painful lesson
 - Instead of house prices in Kent getting a boost from the Channel Tunnel, 
they're back to the levels of 1986/87 </HEADLINE>
<BYLINE>    By MICHAEL HAN
SON </BYLINE>
<TEXT>
FALLING house prices are a tender subject in Kent, desp
ite the ever-nearer
advent of the Channel tunnel. It had been expected the C
hunnel would boost
prices but this has not happened so far. Indeed, they are
 back to their
pre-boom level of 1986/87, which is roughly half what they we
re only two
years ago. That has been a painful lesson for sellers.
Richard P
age, of Savills in Sevenoaks, cites two examples. Meopham Bank, a
Regency ho
use near Tonbridge offered at Pounds 1.25m in the spring of 1990,
has just b
een sold for Pounds 550,000. Pilgrim House at Trottiscliffe, which
was sold 
in 1987 for Pounds 500,000, was re-sold recently at the same
figure.
Then th
ere is Wardes, a nine-bedroom, Grade I-listed medieval hall/house in
four ac
res in the conservation village of Otham, near Maidstone. It is the
finest o
f several timber-framed houses in Otham and was restored in 1912 by
Sir Loui
s Mallet, the diplomat. There is a mural in the living room of a
stag being 
stalked by a hunter and a panther. It was painted by an
architect, Philip Ti
lden, to represent 'the unsuspecting income tax-payer
assailed on all sides.
'
It now needs further restoration and modernisation. Wardes failed this
sum
mer to attract a buyer for Pounds 450,000 and the house is being offered
by 
tender - closing on December 15 - at a guide price of Pounds 250,000. The
ag
ent is Knight Frank & Rutley at Tunbridge Wells (0892-515-035).
Having sold 
the Grange, a rundown, Grade II-listed 17th century house on the
edge of Gou
dhurst (which just failed to reach its guide price of Pounds
250,000), KF&R'
s Robin Tillett is confident Wardes will find a buyer. 'We
are having consid
erable success in selling rundown properties at formal
tender,' he says. 'Th
is will be the fifth since August. I believe going to
tender concentrates pe
ople's minds, and rundown houses inspire the
imagination.'
Meanwhile, the re
cent sale of another notable property at Otham provides
further evidence of 
the fall in prices. The 15-bedroomed Gore Court House,
set in 20 acres and l
isted grade II, came to market in June 1990 at Pounds
750,000. By the summer
 of 1991, the price had drifted down to Pounds
450,000. Two months ago, the 
property was sold at auction by Cluttons for
Pounds 317,500.
Nearly 18 month
s ago, I reported that the owners of the 428-acre Henden
Manor estate at Ide
 Hill, near Sevenoaks, had dropped the asking price of
their beautiful 16th 
century house from Pounds 4m to Pounds 3m because they
'now have a very real
 desire to sell.' That desire has assumed even more
urgency: the price has b
een reduced to Pounds 2m through Savills
(0732-455-551) and KF&R.
Savills al
so is selling the home of journalist Jean Rook, who died last
year. South Ri
ding, a six-bedroom country house in seven acres south of
Edenbridge is pric
ed at Pounds 325,000. Howard Cundey (0342-833-333) is
joint agent.
'Prices h
ave to be extremely sensible and realistic to achieve a sale,' says
Anthony 
Brooks, director of GA Town & Country at Tunbridge Wells
(0892-542-711). 'Pe
ople don't want to listen when we say that properties are
selling at 1987 pr
ices - or even 1986 prices.'
He cites Sissinghurst Park, a Grade II-listed E
dwardian house in 20 acres of
gardens not far from the better-known gardens 
at Sissinghurst Castle. It was
offered at Pounds 1.2m in April 1991 but now 
can be had for Pounds 650,000.
Brooks has just completed the sale of the six
-bedroom Woodsden Farmhouse in
two acres near Hawkhurst for more than Pounds
 250,000, reduced from its
original Pounds 460,000. Its former barn, now con
verted into a five-bedroom
house, is still for sale at Pounds 230,000, down 
from Pounds 325,000.
Simon Backhouse, of Strutt & Parker's Canterbury office
 (0227-451-123),
explains: 'We have got through the pain barrier of explaini
ng to vendors
that prices are lower.' He is looking for offers around Pounds
 375,000 for
Tonford Manor, a Grade II, 18th century moated house in nearly 
six acres at
Harbledown, near Canterbury; and is seeking Pounds 285,000 for 
the
11-bedroom Colkins, a Grade II Georgian house in almost two acres at
Sel
ling, near Faversham.
'There are a lot of cash buyers about,' says Mary Grie
ves, of the Canterbury
office of Cluttons. Acting jointly with GW Finn & Son
s, it has just
exchanged contracts at around Pounds 350,000 on Jossenblock, 
a Grade II
Georgian house in more than two acres at East Langdon, near Dover
. But Peter
Bell, the Cluttons' partner at Folkestone, is still seeking a bu
yer for his
own Grade II-listed country house: Jacques Court, near Canterbur
y, for which
he has been asking Pounds 550,000.
Those seeking flats might, h
owever, have better prospects - in Folkestone,
at least. Says Bell: 'Until 1
988, we had never been able to obtain corporate
rentals here, but we let 25 
flats at a time in new blocks to Eurotunnel and
Trans-Manche Link for their 
senior managers. There will be a slight glut of
flats when the last people m
ove out in 1994.'
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London Page
 XV </PAGE>
</DOC>

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<DOC>
<DOCNO>FT942-11118</DOCNO>
<PROFILE>_AN-EEFEDAHHFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (12): On
 guard against accidents and terror - Security </HEADLINE>
<BYLINE>    By JI
MMY BURNS </BYLINE>
<TEXT>
The financial pressures on the tunnel to open on 
schedule have taken second
place to the key commercial imperative of ensurin
g - to the maximum extent
possible - that it cannot permanently be crippled 
by an accident or
terrorist attack.
Among the numerous security staff, intel
ligence officers, police, fire
brigade, ambulance, and army personnel on bot
h sides of the Channel engaged
in the project is Tony Blyth, a former Britis
h Rail operations manager who
is the tunnel's safety director. 'If we have a
 major accident, we are dead
as a company,' he says.
Two other key people ar
e Detective Superintendent Cliff Grieve, the UK head
of ports and tunnel pol
icing, and Commissaire Principal Marc Haem of
France's Police de l'Air et de
s Frontieres. They share responsibility for
security of the tunnel itself an
d of the shuttle terminals at Folkestone and
Coquelles.
Together they claim 
to have developed a culture of transnational police
cooperation to try and e
nsure, says Grieve, 'that people on a daily basis do
not escape justice thro
ugh the Chunnel'.
In aiming for maximum efficiency, Blyth, Grieve, and Haem 
have had to
grapple with a complex mixture of private and government personn
el,
binational agreements and internal committees developed in the run-up to
 the
opening of the tunnel.
The structure includes an Anglo-French Safety Au
thority set up for the
tunnel project and the existing official safety watch
dogs in both countries,
the UK's Health and Safety Commission, and France's 
Inspecteur du Travail.
The operation of safety and security comes under the 
political umbrella of a
lengthy protocol agreement. This was initialled at S
angatte by the UK and
French governments in November 1991 and technically ca
me into force in
August last year.
The Sangatte Protocol takes its cue from 
the Schengen trans-European
policing agreement, of which France but not the 
UK is a signatory. It thus
represents a totally new experience for the Briti
sh police who have tended
to resist encroachment on to their territory by an
y of their European
counterparts.
The Protocol gives extraterritorial powers
 to British and French police
officers in specially designated control zones
 at the international
terminals in London and Paris, and in the shuttle term
inals at Cheriton and
Coquelles. The through trains are also control zones w
here both police
forces will have powers of arrest.
Article 10 of the Protoc
ol states: 'The officers of the adjoining State
shall, in exercise of their 
national powers, be permitted in the control
zone situated in the host State
 to detain or arrest persons in accordance
with the laws and regulations rel
ating to frontier controls of the adjoining
state or persons sought by the a
uthorities of the adjoining state.'
In spirit the Protocol, as defined in Ar
ticle 5, aims to simplify and speed
up the formalities which normal law abid
ing passengers either travelling by
train or the Shuttle will have comply wi
th when using the tunnel.
At the same time, it aims to harmonise security an
d safety arrangements so
as to ensure that any emergency or threat is reacte
d to speedily and
effectively without getting bogged down in disputes over s
overeignty.
In the run-up to the opening of the tunnel, the application of t
he Protocol
has been put through a trial run in joint exercises and intermin
able
meetings.
The exercises have shown up failures in a number of areas inc
luding
fire-fighting equipment and communications. The meetings have produce
d some
stormy sessions in which British and French officials have argued ove
r
issues ranging from whether some dangerous goods vehicles should be allowe
d
through the tunnel to the use by French police of small arms in and around

Waterloo station.
Eurotunnel says the set-backs form part of the inevitable
 teething problems
of any engineering project of such a size and complexity.

'We want to get it right before letting the general public in,' insists Ton
y
Blyth.
On the policing side, Kent officers and their counterparts in and a
round
Coquelles say they have developed a good working relationship over a n
umber
of years.
But they are only cogs in the large security and judicial ma
chinery which
will be truly tested only when the tunnel is fully operational
.
A recent risk assessment commissioned by the London based Research Institu
te
for the Study of Conflict and Terrorism concluded that the Channel Tunnel

was probably the least vulnerable to major damage of any under-sea tunnel i
n
the world.
However, several experts believe that the biggest threat to the
 tunnel stems
from its being a prestige target for terrorists.
Much of the b
urden of responsibility will lie with Eurotunnel, however, in
ensuring that 
the commercial pressures do not lead to greater laxity over
security and saf
ety checks.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    
FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixe
d Facilities.
    P7381 Detective and Armored Car Services.
    P7382 Securi
ty Systems Services.
    P9711 National Security.
</IN>
<XX>
Types:-
</XX>
<
TP>TECH  Services & Services use.
    CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page V </PAGE>
</DOC>

============= Transaction # 167 ==============================================
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============= Transaction # 168 ==============================================
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<DOC>
<DOCNO>FT942-11118</DOCNO>
<PROFILE>_AN-EEFEDAHHFT</PROFILE>
<DATE>940
506
</DATE>
<HEADLINE> FT  06 MAY 94 / Survey of The Channel Tunnel (12): On
 guard against accidents and terror - Security </HEADLINE>
<BYLINE>    By JI
MMY BURNS </BYLINE>
<TEXT>
The financial pressures on the tunnel to open on 
schedule have taken second
place to the key commercial imperative of ensurin
g - to the maximum extent
possible - that it cannot permanently be crippled 
by an accident or
terrorist attack.
Among the numerous security staff, intel
ligence officers, police, fire
brigade, ambulance, and army personnel on bot
h sides of the Channel engaged
in the project is Tony Blyth, a former Britis
h Rail operations manager who
is the tunnel's safety director. 'If we have a
 major accident, we are dead
as a company,' he says.
Two other key people ar
e Detective Superintendent Cliff Grieve, the UK head
of ports and tunnel pol
icing, and Commissaire Principal Marc Haem of
France's Police de l'Air et de
s Frontieres. They share responsibility for
security of the tunnel itself an
d of the shuttle terminals at Folkestone and
Coquelles.
Together they claim 
to have developed a culture of transnational police
cooperation to try and e
nsure, says Grieve, 'that people on a daily basis do
not escape justice thro
ugh the Chunnel'.
In aiming for maximum efficiency, Blyth, Grieve, and Haem 
have had to
grapple with a complex mixture of private and government personn
el,
binational agreements and internal committees developed in the run-up to
 the
opening of the tunnel.
The structure includes an Anglo-French Safety Au
thority set up for the
tunnel project and the existing official safety watch
dogs in both countries,
the UK's Health and Safety Commission, and France's 
Inspecteur du Travail.
The operation of safety and security comes under the 
political umbrella of a
lengthy protocol agreement. This was initialled at S
angatte by the UK and
French governments in November 1991 and technically ca
me into force in
August last year.
The Sangatte Protocol takes its cue from 
the Schengen trans-European
policing agreement, of which France but not the 
UK is a signatory. It thus
represents a totally new experience for the Briti
sh police who have tended
to resist encroachment on to their territory by an
y of their European
counterparts.
The Protocol gives extraterritorial powers
 to British and French police
officers in specially designated control zones
 at the international
terminals in London and Paris, and in the shuttle term
inals at Cheriton and
Coquelles. The through trains are also control zones w
here both police
forces will have powers of arrest.
Article 10 of the Protoc
ol states: 'The officers of the adjoining State
shall, in exercise of their 
national powers, be permitted in the control
zone situated in the host State
 to detain or arrest persons in accordance
with the laws and regulations rel
ating to frontier controls of the adjoining
state or persons sought by the a
uthorities of the adjoining state.'
In spirit the Protocol, as defined in Ar
ticle 5, aims to simplify and speed
up the formalities which normal law abid
ing passengers either travelling by
train or the Shuttle will have comply wi
th when using the tunnel.
At the same time, it aims to harmonise security an
d safety arrangements so
as to ensure that any emergency or threat is reacte
d to speedily and
effectively without getting bogged down in disputes over s
overeignty.
In the run-up to the opening of the tunnel, the application of t
he Protocol
has been put through a trial run in joint exercises and intermin
able
meetings.
The exercises have shown up failures in a number of areas inc
luding
fire-fighting equipment and communications. The meetings have produce
d some
stormy sessions in which British and French officials have argued ove
r
issues ranging from whether some dangerous goods vehicles should be allowe
d
through the tunnel to the use by French police of small arms in and around

Waterloo station.
Eurotunnel says the set-backs form part of the inevitable
 teething problems
of any engineering project of such a size and complexity.

'We want to get it right before letting the general public in,' insists Ton
y
Blyth.
On the policing side, Kent officers and their counterparts in and a
round
Coquelles say they have developed a good working relationship over a n
umber
of years.
But they are only cogs in the large security and judicial ma
chinery which
will be truly tested only when the tunnel is fully operational
.
A recent risk assessment commissioned by the London based Research Institu
te
for the Study of Conflict and Terrorism concluded that the Channel Tunnel

was probably the least vulnerable to major damage of any under-sea tunnel i
n
the world.
However, several experts believe that the biggest threat to the
 tunnel stems
from its being a prestige target for terrorists.
Much of the b
urden of responsibility will lie with Eurotunnel, however, in
ensuring that 
the commercial pressures do not lead to greater laxity over
security and saf
ety checks.
</TEXT>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    
FRZ  France, EC.
</CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixe
d Facilities.
    P7381 Detective and Armored Car Services.
    P7382 Securi
ty Systems Services.
    P9711 National Security.
</IN>
<XX>
Types:-
</XX>
<
TP>TECH  Services & Services use.
    CMMT  Comment & Analysis.
</TP>
<PUB>T
he Financial Times </PUB>
<PAGE> London Page V </PAGE>
</DOC>

============= Transaction # 169 ==============================================
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<DOC>
<DOCNO>FT922-14746</DOCNO>
<PROFILE>_AN-CDEAFAC0FT</PROFILE>
<DATE>920
404
</DATE>
<HEADLINE> FT  04 APR 92 / Food: Bargain buys when you are in Fr
ance - Nicholas Lander recommends some hotels and restaurants </HEADLINE>
<B
YLINE>    By NICHOLAS LANDER </BYLINE>
<TEXT>
THE FRENCH might not be the fi
rst to admit it, but the British have been
pioneers in discovering the count
ry's hidden charms.
During the 19th century, when the French considered the 
Riviera far too hot,
intrepid British travellers settled there to get away f
rom the miserable
British winter. The Promenade des Anglais in Nice was cons
tructed at the
instigation of the Reverend Lewis Way, an Anglican vicar, in 
1822.
Today, in northern France, the situation is the reverse. The French he
ad
south in search of the sun, leaving the charms of northern France to the

Dutch, Belgians and British. The biggest marketing problem indigenous
hoteli
ers and restaurateurs face is that the consumers in their main
domestic mark
et - Paris - consider northern France too cold, too evocative
of Emile Zola'
s coal mines, for their holidays.
Instead, since the 1920s, the British have
 been moving in steadily, bringing
their most favoured pastimes with them. G
olf or horse racing at Deauville,
golf and a casino at Le Touquet where you 
can stay in the Westminster or the
Bristol; and wonderful gardens at Varenge
ville-sur-Mer.
Although the scenery is different, the weather has the effect
 of making the
British feel even more at home. The last time I was in Le Tou
quet, with a
film crew it, was raining so hard we thought we would have to a
bandon the
afternoon's filming. Half an hour later we were on the beach in w
eather that
could easily have passed for a summer's day.
As soon as the rain
 threatened, we did what has become the latest British
pastime in northern F
rance, and dived into a restaurant for lunch. This part
of France now offers
 the quickest fix for anyone in search of the pleasures
of French cooking.
T
he fruits of the fishing industry still provide a living for a large part
of
 the local population (Boulogne is the fishing capital of Europe) and some
v
ery sophisticated cooking, most notably at Montreuil, Cancale and further
in
land at Caen and Rouen.
The increasing foreign presence can be seen in the r
estaurants' car parks,
where foreign number plates easily outnumber French o
nes. For anyone living
in the south of England, it is cheaper and easier to 
visit northern France
for the weekend than to discover the increasing number
 of gastronomic
highspots in Scotland and Wales. Furthermore, French restaur
ateurs have
always made eating out with children less difficult, first by ac
cepting them
gracefully, then by offering a children's menu without fuss.
Si
nce the recession has hit demand from the UK, French hoteliers have been
off
ering some attractive packages - at Chateau de Montreuil a winter package
of
 Pounds 55 per person for room and half board has maintained occupancy and
k
ept the restaurant busy. As the summer season begins, these deals will
disap
pear until autumn.
If, as the Chunnel will increasingly dictate, you arrive 
at Calais, the best
advice for the hedonists is to head straight out.
Go nor
th to Teteghem, six kilometres from Dunkirk, to La Meunerie (tel
28.26.14.30
); 40 kilometres south to the Moulin de Mombreux at Lumbres
(21.39.62.44); o
r along the coast to the more numerous restaurants which
surround Boulogne.

You can eat well at the Relais de la Brocante at Wimille (21.83.19.31); eat

and drink well at La Matelote near the port (21.30.17.97) - the proprietor
m
akes a point of matching different wines by the glass to each course; and
at
 the Hostellerie de la Riviere at Pont de Briques (21.32.22.81).
Further alo
ng the coast, in the Le Touquet area, there is the plush comfort
and excelle
nt cooking of the Chateau de Montreuil (21.81.53.04), and the
very particula
r charm of Les Pecheurs des Etaples (21.94.06.90), where a
simple restaurant
 sits above a fish market alongside a quay.
For the distinctive cuisine du t
erroir (for example, freshwater pike and
perch), try the Bon Acceuil (21.06.
04.21) at Attin, or Le Coq en Pate at
Argoules (22.29.92.09).
To the north o
f Dieppe the Abbaye de Valloires (22.29.97.55) offers
accommodation in a 17t
h century setting, and Chez Mado on the Somme estuary
serves cockles, mussel
s and its famous sole du Crotoy (22.27.02.22). In
Dieppe the specialities of
 La Melie (35.84.21.19) include a dish that
incorporates thin slices of kipp
er and smoked salmon. Along the coast there
is the Auberge du Dun (35.83.05.
84) at Bourg-Dun, and at Veules-les-Roses,
close to one of the centres of Fr
ench gardening at Varengeville sur Mer, you
can visit Les Galets (35.97.61.3
3).
The size and wealth of the population along the Seine estuary has create
d a
large number of good hotels and restaurants. These include the hotel Fer
me
at St-Simeon (31.89.23.61), and the restaurant L'Assiette Gourmande
(31.8
9.24.88) in Honfleur. Deauville has Le Spinnaker restaurant
(31.88.24.40). I
n Bayeux there is the Lion d'Or (31.92.06.90), both to stay
in and eat at, a
nd the Argouges (31.92.88.86), for those who would like to
enjoy a night in 
a former 18th century private house. Rouen and Caen boast
their own culinary
 heavyweights. In Rouen go to Gill (35.71.16.14),
L'Ecaille (35.70.95.52) or
 Le Beffroy (35.71.55.27), and in Caen, La
Bourride (31.93.50.76) and Daniel
 Tuboeuf (31.43.64.48).
The culinary star along the north French coast, for 
those who have strength
and stomach for the nine-hour ferry journey from Por
tsmouth to St Malo, lies
14 kilometres east of St Malo, opposite the magnifi
cent Mont St Michel, at
Cancale: the Maison de Bricourt, run by Olivier and 
Jane Roellinger
(99.89.64.76). Specialities include Cancale oysters, lamb re
ared on local
salt marshes and, like any thoughtful French hotelier, a child
ren's menu at
Ffr120.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London 
Page IX </PAGE>
</DOC>

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<DOC>
<DOCNO>FT922-14746</DOCNO>
<PROFILE>_AN-CDEAFAC0FT</PROFILE>
<DATE>920
404
</DATE>
<HEADLINE> FT  04 APR 92 / Food: Bargain buys when you are in Fr
ance - Nicholas Lander recommends some hotels and restaurants </HEADLINE>
<B
YLINE>    By NICHOLAS LANDER </BYLINE>
<TEXT>
THE FRENCH might not be the fi
rst to admit it, but the British have been
pioneers in discovering the count
ry's hidden charms.
During the 19th century, when the French considered the 
Riviera far too hot,
intrepid British travellers settled there to get away f
rom the miserable
British winter. The Promenade des Anglais in Nice was cons
tructed at the
instigation of the Reverend Lewis Way, an Anglican vicar, in 
1822.
Today, in northern France, the situation is the reverse. The French he
ad
south in search of the sun, leaving the charms of northern France to the

Dutch, Belgians and British. The biggest marketing problem indigenous
hoteli
ers and restaurateurs face is that the consumers in their main
domestic mark
et - Paris - consider northern France too cold, too evocative
of Emile Zola'
s coal mines, for their holidays.
Instead, since the 1920s, the British have
 been moving in steadily, bringing
their most favoured pastimes with them. G
olf or horse racing at Deauville,
golf and a casino at Le Touquet where you 
can stay in the Westminster or the
Bristol; and wonderful gardens at Varenge
ville-sur-Mer.
Although the scenery is different, the weather has the effect
 of making the
British feel even more at home. The last time I was in Le Tou
quet, with a
film crew it, was raining so hard we thought we would have to a
bandon the
afternoon's filming. Half an hour later we were on the beach in w
eather that
could easily have passed for a summer's day.
As soon as the rain
 threatened, we did what has become the latest British
pastime in northern F
rance, and dived into a restaurant for lunch. This part
of France now offers
 the quickest fix for anyone in search of the pleasures
of French cooking.
T
he fruits of the fishing industry still provide a living for a large part
of
 the local population (Boulogne is the fishing capital of Europe) and some
v
ery sophisticated cooking, most notably at Montreuil, Cancale and further
in
land at Caen and Rouen.
The increasing foreign presence can be seen in the r
estaurants' car parks,
where foreign number plates easily outnumber French o
nes. For anyone living
in the south of England, it is cheaper and easier to 
visit northern France
for the weekend than to discover the increasing number
 of gastronomic
highspots in Scotland and Wales. Furthermore, French restaur
ateurs have
always made eating out with children less difficult, first by ac
cepting them
gracefully, then by offering a children's menu without fuss.
Si
nce the recession has hit demand from the UK, French hoteliers have been
off
ering some attractive packages - at Chateau de Montreuil a winter package
of
 Pounds 55 per person for room and half board has maintained occupancy and
k
ept the restaurant busy. As the summer season begins, these deals will
disap
pear until autumn.
If, as the Chunnel will increasingly dictate, you arrive 
at Calais, the best
advice for the hedonists is to head straight out.
Go nor
th to Teteghem, six kilometres from Dunkirk, to La Meunerie (tel
28.26.14.30
); 40 kilometres south to the Moulin de Mombreux at Lumbres
(21.39.62.44); o
r along the coast to the more numerous restaurants which
surround Boulogne.

You can eat well at the Relais de la Brocante at Wimille (21.83.19.31); eat

and drink well at La Matelote near the port (21.30.17.97) - the proprietor
m
akes a point of matching different wines by the glass to each course; and
at
 the Hostellerie de la Riviere at Pont de Briques (21.32.22.81).
Further alo
ng the coast, in the Le Touquet area, there is the plush comfort
and excelle
nt cooking of the Chateau de Montreuil (21.81.53.04), and the
very particula
r charm of Les Pecheurs des Etaples (21.94.06.90), where a
simple restaurant
 sits above a fish market alongside a quay.
For the distinctive cuisine du t
erroir (for example, freshwater pike and
perch), try the Bon Acceuil (21.06.
04.21) at Attin, or Le Coq en Pate at
Argoules (22.29.92.09).
To the north o
f Dieppe the Abbaye de Valloires (22.29.97.55) offers
accommodation in a 17t
h century setting, and Chez Mado on the Somme estuary
serves cockles, mussel
s and its famous sole du Crotoy (22.27.02.22). In
Dieppe the specialities of
 La Melie (35.84.21.19) include a dish that
incorporates thin slices of kipp
er and smoked salmon. Along the coast there
is the Auberge du Dun (35.83.05.
84) at Bourg-Dun, and at Veules-les-Roses,
close to one of the centres of Fr
ench gardening at Varengeville sur Mer, you
can visit Les Galets (35.97.61.3
3).
The size and wealth of the population along the Seine estuary has create
d a
large number of good hotels and restaurants. These include the hotel Fer
me
at St-Simeon (31.89.23.61), and the restaurant L'Assiette Gourmande
(31.8
9.24.88) in Honfleur. Deauville has Le Spinnaker restaurant
(31.88.24.40). I
n Bayeux there is the Lion d'Or (31.92.06.90), both to stay
in and eat at, a
nd the Argouges (31.92.88.86), for those who would like to
enjoy a night in 
a former 18th century private house. Rouen and Caen boast
their own culinary
 heavyweights. In Rouen go to Gill (35.71.16.14),
L'Ecaille (35.70.95.52) or
 Le Beffroy (35.71.55.27), and in Caen, La
Bourride (31.93.50.76) and Daniel
 Tuboeuf (31.43.64.48).
The culinary star along the north French coast, for 
those who have strength
and stomach for the nine-hour ferry journey from Por
tsmouth to St Malo, lies
14 kilometres east of St Malo, opposite the magnifi
cent Mont St Michel, at
Cancale: the Maison de Bricourt, run by Olivier and 
Jane Roellinger
(99.89.64.76). Specialities include Cancale oysters, lamb re
ared on local
salt marshes and, like any thoughtful French hotelier, a child
ren's menu at
Ffr120.
</TEXT>
<PUB>The Financial Times </PUB>
<PAGE> London 
Page IX </PAGE>
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104
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Chunnel </HEADLINE>
<BYLINE>    From J R STANYARD </BYLINE>
<TEXT>
Sir, Your
 call for the government to bear the risk of the preconstruction
stage of ma
jor infrastructure projects ('Chunnel link', October 29) is to be
welcomed, 
but your arguments for giving priority to the Channel tunnel link
are flawed
.
First, the fact that the project is already delayed is immaterial; it shou
ld
be evaluated alongside other competing schemes using today's estimates of

benefits and uncommitted costs. The history of the proposed link, however
p
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Second, using a mass
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managerial or financial, ar
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it/cost ratio projects and feeding the lessons
into the big schemes as they 
develop.
The Chunnel link is needed but let us ensure a decision on its fate
 is made
on rational grounds. Muddling the debate with that on innovative wa
ys of
funding public works will do both causes a disservice.
J R Stanyard,
p
artner,
project management practice,
PA Consulting Group,
123 Buckingham Pal
ace Road,
London SW1W 9SR
</TEXT>
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<TEXT>
Sir, Your
 call for the government to bear the risk of the preconstruction
stage of ma
jor infrastructure projects ('Chunnel link', October 29) is to be
welcomed, 
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ADLINE>
<TEXT>
Investors have not done too well so far out of Eurotunnel. No
w it looks like
passengers are not going to get a particularly good deal eit
her. That, at
any rate, is the impression given by the prices Eurotunnel pro
poses to
charge for its car passenger service.
The pricing schedule, announc
ed yesterday, ranges from Pounds 220 for a
return journey in winter to Pound
s 310 in the peak summer months. Not only
are the prices higher than expecte
d. They are also slightly higher than
those charged by Stena Sealink and P&O
 European Ferries, the two ferry
groups which dominate the cross-Channel mar
ket.
Moreover, there is every sign that neither Eurotunnel nor the ferry
com
panies want to engage in a price war. At every opportunity, they stress
the 
point. P&O yesterday even took the step of commending Eurotunnel's fares
as 
'positive and realistic'. What we are witnessing are the latest moves in
a c
omplex oligopoly game. Eurotunnel is anxious to avoid a price war because
it
s gigantic debts mean it has to find Pounds 600m in annual interest
payments
 alone. Equally, the ferry companies are concerned that an erosion
of margin
s would force them out of the market.
But passengers should not lose heart. 
Just because the main players say they
do not want a price war does not mean
 that they can necessarily stop one.
Oligopoly games are hard to control.
In
 the short run, Eurotunnel has every incentive to use the ferry companies'
p
rices as a benchmark for its own services. This is because for several
month
s the group will not be able to run at full capacity due to a shortage
of ro
lling stock. So there is little point in cutting fares to a point where
it i
s unable to satisfy demand.
In the longer run, it could be in Eurotunnel's i
nterests to reduce prices.
Only by running the tunnel at near to full capaci
ty will it be able to make
a sufficient return to satisfy investors. But tha
t will probably require an
expansion of the market, not merely taking market
 share from the ferry
companies, and in turn will mean that fares will proba
bly have to fall.
Moreover, passengers can take comfort from the fact that s
ome benefits have
already come through in anticipation of Eurotunnel's openi
ng. Ferry
companies have upgraded their services and marketed a wide range o
f special
offers involving deep discounts off their standard tariffs. Custom
ers will
also gain from the fact that Eurotunnel's service is faster and mor
e
reliable than the ferry companies'.
This does not mean that competition co
ncerns can be dismissed. Eurotunnel
and the ferry groups may be able to avoi
d a price war, especially if P&O and
Sealink were allowed by the competition
 authorities to combine some of their
operations - a move which would be at 
best premature. But this is a case
which calls for continued vigilance rathe
r than immediate action.
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Countries:-
</XX>
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    FRZ  France, EC.
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<PAGE> London Page 2
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<TEXT>
Investors have not done too well so far out of Eurotunnel. No
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passengers are not going to get a particularly good deal eit
her. That, at
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charge for its car passenger service.
The pricing schedule, announc
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those charged by Stena Sealink and P&O
 European Ferries, the two ferry
groups which dominate the cross-Channel mar
ket.
Moreover, there is every sign that neither Eurotunnel nor the ferry
com
panies want to engage in a price war. At every opportunity, they stress
the 
point. P&O yesterday even took the step of commending Eurotunnel's fares
as 
'positive and realistic'. What we are witnessing are the latest moves in
a c
omplex oligopoly game. Eurotunnel is anxious to avoid a price war because
it
s gigantic debts mean it has to find Pounds 600m in annual interest
payments
 alone. Equally, the ferry companies are concerned that an erosion
of margin
s would force them out of the market.
But passengers should not lose heart. 
Just because the main players say they
do not want a price war does not mean
 that they can necessarily stop one.
Oligopoly games are hard to control.
In
 the short run, Eurotunnel has every incentive to use the ferry companies'
p
rices as a benchmark for its own services. This is because for several
month
s the group will not be able to run at full capacity due to a shortage
of ro
lling stock. So there is little point in cutting fares to a point where
it i
s unable to satisfy demand.
In the longer run, it could be in Eurotunnel's i
nterests to reduce prices.
Only by running the tunnel at near to full capaci
ty will it be able to make
a sufficient return to satisfy investors. But tha
t will probably require an
expansion of the market, not merely taking market
 share from the ferry
companies, and in turn will mean that fares will proba
bly have to fall.
Moreover, passengers can take comfort from the fact that s
ome benefits have
already come through in anticipation of Eurotunnel's openi
ng. Ferry
companies have upgraded their services and marketed a wide range o
f special
offers involving deep discounts off their standard tariffs. Custom
ers will
also gain from the fact that Eurotunnel's service is faster and mor
e
reliable than the ferry companies'.
This does not mean that competition co
ncerns can be dismissed. Eurotunnel
and the ferry groups may be able to avoi
d a price war, especially if P&O and
Sealink were allowed by the competition
 authorities to combine some of their
operations - a move which would be at 
best premature. But this is a case
which calls for continued vigilance rathe
r than immediate action.
</TEXT>
<XX>
Companies:-
</XX>
<CO>Eurotunnel.
</CO
>
<XX>
Countries:-
</XX>
<CN>GBZ  United Kingdom, EC.
    FRZ  France, EC.
<
/CN>
<XX>
Industries:-
</XX>
<IN>P4785 Inspection and Fixed Facilities.
</IN
>
<XX>
Types:-
</XX>
<TP>CMMT  Comment & Analysis.
    COSTS  Service costs 
& Service prices.
</TP>
<PUB>The Financial Times </PUB>
<PAGE> London Page 2
5 </PAGE>
</DOC>

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Subject: s1-t4




-----<SEARCH RESULTS>-----

1.

DOCUMENT NO.: FT934-11803
.
HEADLINE:      FT  29 OCT 93 / Leading Article: Chunnel link .
PUBLICATION
:  The Financial Times .
PAGE:          London Page 17 .
TEXT:         
THE 
PLANNED high-speed rail link between London and the Channel tunnel could
be 
a showpiece for the UK government's initiative of attracting private
capital
 to public infrastructure projects. It provides an opportunity both
to harne
ss the private sector's skills in project management and to remove
at least 
part of a Pounds 2.6bn-Pounds 3bn project from the public sector's
balance s
heet.
But to achieve these benefits, the Treasury will need to abandon its p
urist
line that all the risk of such projects should be borne by private
inv
estors. Sticking to this line could delay or even kill off the project,
as U
nion Railways, the British Rail subsidiary set up to develop the link,
will 
tell ministers later today.
The essential point is that the private sector i
s not well suited to bear
the political and regulatory risks associated with
 the early stages of large
infrastructure projects. Before construction on t
he Chunnel link can
proceed, planning consents must be won, public inquiries
 conducted,
legislation passed and safety standards determined. At each stag
e, there is
a danger that the project will be delayed and extra costs impose
d.
This particular project does not start with a happy history as far as
pri
vate companies are concerned. Several construction groups have already
spent
 money making proposals, only to have them rejected largely for
political re
asons. There is also the overhang from the main Channel tunnel
project, whos
e financial attraction has been reduced by a tightening of
safety regulation
s and the delay in building road and rail links.
It is doubtful whether priv
ate funds could be attracted at this stage and,
even if they could, a high r
isk premium would be required. Far better,
therefore, for the public sector 
to put up the Pounds 200m needed for the
project's next phase, tiding it ove
r until political and regulatory
uncertainty is largely out of the way. Afte
r that, it should be easier to
find a further Pounds 2.5bn-plus from private
 investors. The remaining risks
 -concerning construction costs, operating e
xpenses and customer demand -
are the type the private sector is best at man
aging.
Given the current budgetary pressures, it is reasonable to ask why th
e
Chunnel link should have priority over other worthwhile projects that are

now stalled. Part of the answer is that the link is already badly delayed.
C
onstructing it is important not only to maximise the economic benefits of
th
e Channel tunnel but also to ease congestion for commuter traffic in the
sou
th-east.
But the most compelling reason for priming the pump is that a succe
ss with
Union Railways would give a boost to the government's private fundin
g
initiative. It could open the door for private capital to flow into roads,

railways and prisons. That, more than almost anything else, would ease the

pressure on government finances.
.


2.

DOCUMENT NO.: FT942-12999.
HEADLINE
:      FT  27 APR 94 / Letters to the Editor: Fly the Chunnel instead .
BYLI
NE:           From JEAN CASTELLINI .
PUBLICATION:  The Financial Times .
PAG
E:          London Page 22 .
TEXT:         
Sir, I very much enjoyed your 'B
usiness Travel' (April 20), especially the
section on various 'airports of t
he world'. However, I have to say that Ms
Rawsthorn's report on Charles de G
aulle airport was typical of a certain
Anglo Saxon arrogant wit (whereas you
r other airport descriptions struck me
as being quite neutral), as well as a
 collection of all possible cliches you
may gather on France - the foie gras
, the expensive clothes, the
Concorde-travelling top models, le 'glamour', q
uoi]
I must have flown into, and out of, Roissy a good 100 times over the pa
st 10
years, and have never had to complain about my luggage being 'pillaged
', not
even opened. As far as our 'sticky-fingered luggage handlers' are con
cerned,
they, too, probably would be happy to wear Chanel gloves to handle M
s
Rawsthorn's personal belongings.
Much to many people's surprise, France ha
s less 'numerous national holidays'
than many other European countries (I ha
ve to admit, however, that the point
on public sector strikes was more relev
ant). And I honestly have to say that
I have never had 'to wait - and wait' 
for a bus at the RER station, whereas
I have been stuck at Acton Town for ha
lf an hour (at least) because of a
signal defect on a quite regular basis . 
. .
What Ms Rawsthorn needs, and must be eagerly awaiting, is the Chunnel. S
he
will be able to shop until she drops in downtown Paris, and then not have
 to
worry about struggling all the way to Charles de Gaulle. And then enjoy

frequent unexplained stops in the beautiful English countryside on her train

journey back to London. Bon voyage]
Jean Castellini,
1, rue Humblot,
75015 
Paris, France
.


3.

DOCUMENT NO.: FT934-2741.
HEADLINE:      FT  11 DEC 93
 / Motoring: What will the Chunnel offer? - Stuart Marshall casts a sceptica
l English eye on the benefits of undersea travel .
BYLINE:           By STUA
RT MARSHALL .
PUBLICATION:  The Financial Times .
PAGE:          London Page
 XVI .
TEXT:         
Like millions of people living in the south-east of En
gland - and
particularly in my own county of Kent - I have never been a Chan
nel Tunnel
enthusiast. This is not because the high-speed rail link, should 
it ever be
built, would go anywhere near my home. Put my feelings down to be
ing an
old-fashioned reactionary. I liked Britain being a proper island and 
I have
always seen the Channel crossing by ferry as pleasure, not penance.
I
 doubt I was alone in hoping that if I ignored the Chunnel, it just might
go
 away. But new bridges began appearing across the M20 as it neared
Folkeston
e, while a forest of gantries and overhead wires went up behind
high concret
e retaining walls. Work trains could sometimes be glimpsed.
When the first a
dvertisements appeared for the Chunnel car ferry, which
starts running next 
May, I thought it was time I had a look. It was a
revelation. What has been 
built, unseen by M20 users, is something as big as
an airport terminal. But 
instead of acres of runways, there is a marshalling
yard and rail tracks run
ning into a tunnel.
The operating company, Eurotunnel, says people still hav
e many
misconceptions. Many think they will be able to drive their cars thro
ugh to
France; and while most do realise it is rail only, some believe their
 cars
will go on flat trucks, as on car-carrier trains, while they ride in
p
assenger carriages.
Wrong again. You stay with your car in a windowless van.
 You can walk around
it if you wish, but the only place to visit is the lava
tory in every third
interconnected coach.
When, in five months, the tunnel s
tarts competing with the car ferries, this
is what will happen. Motorists wi
ll leave the M20 by the Eurotunnel slip
road, pause at a toll booth to pay f
or their passage, and then have a
choice. Those in a hurry can pass through 
Customs and drive straight on to
the train. Others can go to the terminal bu
ilding for refreshments and
duty-frees.
Tickets can be bought from travel ag
ents in advance but there are no
reservations; all-comers get in line for th
e next train. At peak times,
there will be one every 15 minutes; but if you 
just miss one at, say, 2am,
you could have to wait an hour or so.
Platform t
o platform, the under-Channel train will take 35 minutes.
Eurotunnel says th
at, during the day, a motorist should be able to drive out
of the French ter
minal at Sangatte, near Calais, and on to the A26 autoroute
within one hour 
of coming off the M20.
There will be separate ferry trains for cars and comm
ercial vehicles. Main
line passenger and freight trains will also use the tu
nnel but, apart from
sharing the tracks, have nothing whatever to do with th
e car ferry trains.
Fares have not been fixed but, to compete, they must be 
about the same as
those on the ships. Every safety and security precaution k
nown to man has
been taken. Using Eurotunnel should be rather less risky tha
n riding in a
clapped-out London Underground train.
Will it kill off the Dov
er-Calais ferries? Of course not, although it will
take a chunk of the avail
able (and constantly growing) business of
transporting cars and lorries to a
nd from mainland Europe. If the tunnel's
freight trains reduce the number of
 juggernaut lorries now pounding our
motorways to pieces, every motorist wil
l cheer.
I have two reservations about Eurotunnel (which, beyond any argumen
t, is a
wonder of 20th century civil engineering of which Britain and France
 can be
proud). While I do not exactly relish the thought of an underground 
- and,
even more so, undersea - journey of more than 30 miles (50 km), I sha
ll
certainly try it. But the idea fills many people with such undiluted horr
or
that they say there is no way they will ever make the trip.
A more logica
l objection is that the time saving could be an illusion. The
train might ta
ke 35 minutes, platform to platform, against the ferry's 75
minutes, dock to
 dock. But you can eat, stretch your legs and shop during
the sea crossing. 
A family driving from, say, Birmingham to Paris would have
to stop for a mea
l before or after the tunnel crossing - so what has
happened to the time sav
ing?
Many cross-Channel travellers, very sensibly, use the ferry as a mobile

motorway service area. So, with an eye on the Chunnel's opening, P & 0 and

Stena Sealink have upgraded their fleets. The ships are now more like cruise

liners than ferries in size and facilities. They are so stable that even a

gale does not disturb their equilibrium - or, more important, that of their

passengers. For an extra Pounds 5 on each leg, P & O club class is a truly
c
ivilised way of crossing the Channel.
When heading west to Normandy and Brit
tany, I like using the longer routes
such as Newhaven to Dieppe; Portsmouth 
or Southampton to Le Havre, Cherbourg
or St Malo. Longer crossings are not a
lways reflected in higher fares; a
four-hour Newhaven-Dieppe voyage can be c
heaper than Dover-Calais.
Although the ships on these routes are not as larg
e as the short-haul
super-ferries, their facilities are comparable, if on a 
smaller scale. My
wife and I have passed less comfortable nights in hotels t
han we did
recently between Portsmouth and St Malo on Brittany Ferries' 23,0
00-ton
Bretagne. It has every facility to make the eight-hour crossing pleas
ant;
even a hairdressing salon.
In Britain, Suzuki is synonymous with small 
four-wheel drives, and its Swift
front-wheel drive hatchback gets overlooked
. It deserves better. I thought
the Swift GLX 1.3 automatic five-door, which
 I used as a runabout recently,
would suit many buyers whose motoring is mai
nly in town and who rate ease of
control above all else. The four-cylinder, 
multi-valve engine and
three-speed automatic gearbox are well matched. Power
 steering is
finger-light; central locking and a tilt-adjustable steering wh
eel are
standard; and the high-roofed body is agreeably roomy, with good all
-round
vision. The ride can be bouncy on bad roads, and luggage has to be li
fted
over a high sill. But, but at Pounds 9,125, the two-pedal Swift is chea
per
than any power-steered rival.
.


4.

DOCUMENT NO.: FT944-14451.
HEADLIN
E:      FT  22 OCT 94 / Finance and the Family: Chunnel diary .
PUBLICATION:
  The Financial Times .
PAGE:          London Page V .
TEXT:         
Sept 1
 1986: Consortium partners subscribe Pounds 46m of equity for project.
Oct 2
9: Eurotunnel raises further Pounds 206m equity through private
placement wi
th institutions.
Nov 4 1987: Company reaches agreement for banks to provide 
Pounds 5bn. Nov
27: Public listing completed, raising additional Pounds 770m
 equity.
Dec 1: Tunnelling starts.
Oct 25 1990: Eurotunnel signs agreements 
for further Pounds 1.8bn of bank
credit.
Dec 3 1990: Company completes Pound
s 566m rights issue.
Feb 10 1992: Target opening date of June 1993 is postpo
ned.
Dec 10 1993: Contractors hand over tunnel.
Dec 29: Eurotunnel drops cla
ims against UK and French governments in return
for 10-year extension of its
 concession.
May 6 1994: Inauguration of tunnel by the Queen and French Pres
ident
Francois Mitterrand. Freight shuttle services start later in month.
Ma
y 26: Eurotunnel launches third rights issue to raise Pounds 858m and
comple
tes raising of Pounds 693m of bank loans.
Oct 3: Start of limited passenger 
shuttle.
Oct 17: Eurotunnel reveals it will achieve only a quarter of the ex
pected
1994 passenger revenues. Nov 14: Start of Eurostar service between Lo
ndon,
Paris and Brussels.
Nov 15: Start of turn-up-and-go passenger shuttle.

.


5.

DOCUMENT NO.: FT941-15354.
HEADLINE:      FT  15 JAN 94 / Letters t
o the Editor: Competition not working in cross-Channel fares .
BYLINE:      
     From Mr K D SHILLETO .
PUBLICATION:  The Financial Times .
PAGE:       
   London Page 7 .
TEXT:         
Sir, Charles Batchelor's report ('Tunnel p
rompts Stena to simplify ferry
fares', January 5) on the 'simplification' of
 Stena Line cross-Channel fares
appears to indicate another huge rise in som
e tariffs, particularly for a
car with driver only or even with single passe
nger. For these travellers the
increase, particularly during the summer mont
hs, will represent a much
greater rise than the 'couple of per cent' vaguely
 indicated by the
operators.
This is typical of the arrogant and rapacious a
ttitude of the ferry
companies towards travellers since announcement of the 
construction of the
Channel tunnel.
One is persuaded that they have delibera
tely raised their almost identical
fares way beyond inflation almost every y
ear, confident that the eventual
Chunnel tariffs could not compete with them
 if necessary cash flow to
service mounting debt was to be raised.
They have
 now set a comfortable 'floor' for the tunnel while castly
increasing their 
own profit potential. There is a smell of collusion about
this cost-push man
oeuvre which involves not only the ferry operators but the
tunnel management
 as well.
Dr Stefan Szymanski of Imperial College has written a paper, alrea
dy
referred to in your newspaper, that clearly indicates progressive and
unw
arrantable raising of ferry tariffs since the announcement of the
tunnel's c
onstruction. It is to be hoped that the Office of Fair Trading and
the EU co
mpetition office are closely monitoring this pocket-picking of the
public.
C
ross-Channel ferry tariffs have been set far above any comparative journey
i
n Europe for as long as I can remember. Why should the advent of an
addition
al alternative send up passenger costs even further? That is not
competition
 or the working of a 'market'.
K D Shilleto,
2 Mulberry close,
Beaufort Stre
et,
London SW3
.


6.

DOCUMENT NO.: FT942-15131.
HEADLINE:      FT  16 APR 
94 / The Week Ahead: Chunnel's misplaced optimism .
PUBLICATION:  The Financ
ial Times .
PAGE:          London Page IV .
TEXT:         
The numbers Eurot
unnel will unveil for 1993 on Thursday will be largely
academic but it must 
have hoped it could announce revenues from the first
few months of operation
s. A full freight and passenger service will not now
be running before Septe
mber/October, a delay which is costing Eurotunnel
tens of millions of pounds
 a month. Projected revenues of Pounds 224m for
this year now look hopelessl
y over-optimistic. But if the past year has
disappointed in this regard, at 
least considerable progress has been made
towards resolving the many dispute
s which have affected the project.
Morgan Crucible, the speciality materials
 group, is forecast on Monday to
report full-year. pre-tax profits up from P
ounds 61.3m to between Pounds 63m
and Pounds 65m. The thermal ceramics busin
ess will have suffered badly from
the recession in continental Europe but th
e group figures will be boosted by
currency movements, recovery in the US, a
nd growth in East Asia. On
Thursday, SmithKline Beecham reports results for 
its first quarter - which
might also be the best quarter of the year as the 
US patent on ulcer drug
Tagamet expires next month. First quarter pre-tax pr
ofits should be Pounds
347m, up 13 per cent on last time. This month's incom
e tax increases are
expected to dominate the results of the raft of small re
tailers - such as
Etam, Bentalls, Austin Reed, Tie Rack and Liberty - which 
are reporting next
week. But it might still be a bit too early to get any me
aningful
indications from the present trading statements. Most company obser
vers will
be waiting for Sears' results on April 26.
Etam, the fashion cloth
ing company, will be the most closely examined of
those reporting. It is exp
ected to show a 33 per cent pre-tax profits
advance to about Pounds 14.5m, e
xcluding property losses.
.


7.

DOCUMENT NO.: FT934-15414.
HEADLINE:      
FT  12 OCT 93 / Leading Article: Chunnel lessons .
PUBLICATION:  The Financi
al Times .
PAGE:          London Page 17 .
TEXT:         
WHEN THE Channel t
unnel officially opens next May, the project will be
nearly a year late and 
its cost of Pounds 8.8bn almost double the original
estimate. The constructi
on has been dogged by disputes between Eurotunnel,
the operator, and TML, th
e contractor. Eurotunnel shareholders will also
have been asked twice to stu
mp up extra cash. The impression of financial
disorder in what was billed as
 a flagship of free enterprise is such that
some observers are asking whethe
r it would not have been better to leave the
project to the public sector.
S
uch a conclusion would be wrong. First, it is not clear that Eurotunnel has

been such a bad investment. Much will depend on how much traffic it carries,

but the initial shareholders show a modest if unexciting gain on their
inve
stment at yesterday's closing price of 488p. Second, it is almost
certain th
at the public sector would have done worse in keeping costs under
control. I
t is hard to believe that Department of Transport civil servants
would have 
harried the contractors with the same vigour as Sir Alastair
Morton, Eurotun
nel's abrasive chief executive.
However, lessons can be learnt from the Euro
tunnel experience. Doing so is
also necessary, given the UK government's int
ention of attracting private
finance for a range of traditionally public sec
tor investments such as
roads, railways, prisons and hospitals.
One lesson i
s that it is worth the government taking a bit more time and
spending a bit 
more money defining projects up-front. With the Channel
tunnel, failure to d
o so meant the operating franchise was awarded to a
group of construction co
mpanies. When they floated Eurotunnel off, it was
already saddled with const
ruction contracts with the original promoters - a
structure which has been b
lamed for many of the subsequent disputes. It
would have been better to have
 started with an operator capable of
negotiating its own contracts. But to a
chieve that, the government would
probably have had to prime the pump.
Anoth
er lesson is that it may not be efficient to transfer all the risk of
infras
tructure projects to the private sector, particularly where the
government i
tself is the source of uncertainty. In Eurotunnel's case, the UK
government'
s sluggishness in building more rail and road links to the tunnel
and a tigh
tening of safety regulations have all reduced the project's
financial attrac
tion. If the government indemnified private contractors for
such political a
nd regulatory risks, it would have an incentive to keep them
to the minimum.

.


8.

DOCUMENT NO.: FT932-5866.
HEADLINE:      FT  02 JUN 93 / Chunnel co
ntracts go-ahead near .
BYLINE:           By ANDREW HILL .
DATELINE:        
 BRUSSELS .
PUBLICATION:  The Financial Times .
PAGE:          London Page 2
 .
TEXT:         
THE European Commission looks likely to approve the basic 
contracts to
provide freight, passenger and sleeper rail services through th
e Channel
tunnel before the August holidays, following a long competition in
quiry.
But Mr Karel Van Miert, EC competition commissioner, wants to establi
sh the
principle that private operators can compete with state railway compa
nies,
even if there is little pressure at the moment from potential rival
se
rvices.
If the Commission decides to outlaw or substantially amend the contr
acts,
that could further delay the opening of the tunnel, due in early 1994.
 Even
so, Mr Van Miert, who used to oversee EC transport policy until he too
k over
the competition portfolio in January, is said to be keen to encourage
 the
cross-Channel link.
His spokesman said yesterday that an announcement w
as expected 'pretty
soon'.
Eurotunnel, which will operate the tunnel, and Br
itish and continental
European railways have sought clearance under EC compe
tition rules for a
series of contracts.
Most important is the deal between E
urotunnel, British Rail and SNCF, the
French state railways, which gives the
 railways the right to take up 50 per
cent of the tunnel's capacity for pass
enger through-trains during
Eurotunnel's 55-year operating concession.
The o
ther 50 per cent will be used by Eurotunnel itself for shuttle services
betw
een the two ends of the tunnel.
The Commission was originally examining the 
possibility of reducing the
length of the contract, perhaps to as little as 
30 years, to let private
operators compete with BR and SNCF. The Brussels au
thorities are now
considering how to leave the contract open to competition 
without
jeopardising the financing of the link.
The Commission is also compl
eting its consultations on the exclusive
contracts for freight and sleeper s
ervices.
Yesterday, it published the official notice inviting comments on Eu
ropean
Night Services (ENS), the sleeper joint venture majority-owned by BR 
in
partnership with French, Dutch, German and Belgian railways. Parties have

been given 30 days to submit views on the agreement, which the Commission
b
elieves could infringe competition rules.
In practice, however, there are fe
w potential competitors who could meet the
high cost of entering the sleeper
 market. ENS has already placed an order,
said to be worth Pounds 100m, for 
139 sleepers to be built by Metro-Cammell,
a subsidiary of GEC Alsthom. The 
deadline for comments on freight services
through the tunnel passed at the e
nd of March.
.


9.

DOCUMENT NO.: FT942-11114.
HEADLINE:      FT  06 MAY 94
 / Survey of The Channel Tunnel (16): Big potential benefits - Belgium looks
 for economic spin-offs .
BYLINE:           By EMMA TUCKER .
PUBLICATION:  T
he Financial Times .
PAGE:          London Page VI .
TEXT:         
The offi
cial opening of the Channel Tunnel later this year promises to help
revitali
se the north-west regions of Belgium, even though the country's
biggest port
s will suffer a loss of traffic.
The chambers of commerce in Veurne and Cour
trai, along with the West
Flanders Regional Development Authority in Bruges,
 are gearing up to become
part of what they refer to as the 'new European Me
tropolitan Area.'
This takes in the Nord-Pas de Calais in France, Western Fl
anders and Hainaut
in Belgium, and Kent in the UK.
The potential for this re
gion is enormous. According to Mr Anthony Vande
Candelare, an urban planner 
who made a study of the influence of the Channel
Tunnel on the west of Belgi
um and the North of France: 'Overnight, the
Belgian coast and the North of F
rance will become the centre of Europe.'
Mr Jo Libeer, managing director of 
the Courtrai chamber of commerce, is
equally optimistic about the likely imp
act on the area of the tunnel.
'With the TGV and the chunnel this region, wh
ich was sort of in the corner
of Europe, will now be in the middle of a new 
developing area,' he says.
This is no bad thing for Belgium. In its last eco
nomic survey of the
country, the Organisation for Economic Co-operation and 
Development said the
Belgian economy had deteriorated 'progressively' since 
the 1980s. 'And over
the last 10 to 12 months it has taken a distinct turn f
or the worse.'
Furthermore, Flanders, the area most likely to benefit from t
he arrival of
the tunnel, has recently suffered more rapid increases in unem
ployment than
in Wallonia and the Brussels region. The unemployment rate, wh
ich in 1990
was 9.5 per cent in Flanders has risen to 13 per cent.
The Belgi
an chambers in the regions most directly affected believe there are
two main
 areas for development: firstly, increasing traffic through western
Flanders
 as holidaymakers and freight carriers head towards the
tunnel-opening in Ca
lais; and secondly tourism. To benefit fully, however, a
crucial 7km stretch
 of the E40 European motorway between Veurne and the
French border has yet t
o be completed.
Once this is done it will be possible to drive from Russia t
o England
without leaving a motorway, says Mr Philippe Claerhout, chairman o
f the
Veurne chamber of commerce and industry. Fortunately, plans to complet
e the
stretch have been agreed and it should be open some time next year.
On
 the downside, the Westhoek region is badly placed to benefit from rail
tran
sport.
'Even after the doubling of the tracks and electrification of the rai
lway
line between Ghent and De Panne, we will still be a remote corner,' say
s Mr
Claerhout.
Furthermore, Belgium's biggest ports are expecting traffic l
oads to fall, as
freight and passengers are directed towards Calais. Worst a
ffected will be
Ostend and Zeebrugge, two ports hoping to hold their own by 
concentrating on
links with ports in the north of England.
Nonetheless, the 
improved, if imperfect, transport communications of the
West Flanders region
 are apparently paying off. Mr Geert Sanders, who works
for the Regional Dev
elopment Authority of West Flanders, says there is
already evidence that the
 region's enhanced communications are attracting
new businesses. For example
, Baronie, a Dutch chocolate company, is opening
a new base in the southern 
part of West Flanders.
There is, however, a danger that Belgium will not mak
e the most of the
commercial opportunities - 'we will try to attract new ind
ustry, but our
region is very small and our industrial zones are full,' says
 Mr Ludo
Verstraete, of the Veurne chamber of commerce. The Belgian authorit
ies have
dragged their feet over decisions to dedicate new areas, he says.
T
he other main focus for development is tourism. As Mr Claerhout says: 'We
ne
ed to convince people from other countries that it is worth their while to
s
top in Westhoek at the time of their journey through the North of Europe to

England.'
The potential is there. West Flanders is home to some of the best-
known
World War One battlefields, and promoters of the region insist that it
s
large, open green spaces will, when properly developed, attract foreign
vi
sitors. But once again, there is a danger that Belgium will miss out. It
has
 been slower to develop the tourist potential of the Channel Tunnel than
Fra
nce.
Around Calais, a commercial and leisure centre, hotels and activity par
ks,
known as 'La Cite de L'Europe', are springing up while Lille is home to

Euralille, a similar development. As Mr Verstraete of the Veurne chamber of

commerce says: 'Tourism is very important . . . we really have to develop
ou
r hotels and tourist infrastructure.'
But the biggest advantages for Belgium
 will come from close co-operation
between the national and federal authorit
ies and their French and UK
counterparts. In a Europe without frontiers, thi
s will be the most effective
way of benefiting from the the Channel Tunnel.

.


10.

DOCUMENT NO.: FT941-16017.
HEADLINE:      FT  12 JAN 94 / Leading A
rticle: Chunnel pricing .
PUBLICATION:  The Financial Times .
PAGE:         
 London Page 25 .
TEXT:         
Investors have not done too well so far out
 of Eurotunnel. Now it looks like
passengers are not going to get a particul
arly good deal either. That, at
any rate, is the impression given by the pri
ces Eurotunnel proposes to
charge for its car passenger service.
The pricing
 schedule, announced yesterday, ranges from Pounds 220 for a
return journey 
in winter to Pounds 310 in the peak summer months. Not only
are the prices h
igher than expected. They are also slightly higher than
those charged by Ste
na Sealink and P&O European Ferries, the two ferry
groups which dominate the
 cross-Channel market.
Moreover, there is every sign that neither Eurotunnel
 nor the ferry
companies want to engage in a price war. At every opportunity
, they stress
the point. P&O yesterday even took the step of commending Euro
tunnel's fares
as 'positive and realistic'. What we are witnessing are the l
atest moves in
a complex oligopoly game. Eurotunnel is anxious to avoid a pr
ice war because
its gigantic debts mean it has to find Pounds 600m in annual
 interest
payments alone. Equally, the ferry companies are concerned that an
 erosion
of margins would force them out of the market.
But passengers shoul
d not lose heart. Just because the main players say they
do not want a price
 war does not mean that they can necessarily stop one.
Oligopoly games are h
ard to control.
In the short run, Eurotunnel has every incentive to use the 
ferry companies'
prices as a benchmark for its own services. This is because
 for several
months the group will not be able to run at full capacity due t
o a shortage
of rolling stock. So there is little point in cutting fares to 
a point where
it is unable to satisfy demand.
In the longer run, it could be
 in Eurotunnel's interests to reduce prices.
Only by running the tunnel at n
ear to full capacity will it be able to make
a sufficient return to satisfy 
investors. But that will probably require an
expansion of the market, not me
rely taking market share from the ferry
companies, and in turn will mean tha
t fares will probably have to fall.
Moreover, passengers can take comfort fr
om the fact that some benefits have
already come through in anticipation of 
Eurotunnel's opening. Ferry
companies have upgraded their services and marke
ted a wide range of special
offers involving deep discounts off their standa
rd tariffs. Customers will
also gain from the fact that Eurotunnel's service
 is faster and more
reliable than the ferry companies'.
This does not mean t
hat competition concerns can be dismissed. Eurotunnel
and the ferry groups m
ay be able to avoid a price war, especially if P&O and
Sealink were allowed 
by the competition authorities to combine some of their
operations - a move 
which would be at best premature. But this is a case
which calls for continu
ed vigilance rather than immediate action.
.


11.

DOCUMENT NO.: FT944-4064
.
HEADLINE:      FT  09 DEC 94 / UK Property Review (13): 'Steady as she goe
s' is catchphrase  -The Channel Tunnel Region / The flood of speculative pro
perty developments some expected has not materialised .
BYLINE:           By
 CHRISTINE MOIR .
PUBLICATION:  The Financial Times .
PAGE:          London 
Page XII .
TEXT:         
However embarrassing the accident-prone start to t
he high-speed Eurostar
passenger service, the Channel Tunnel's share of the 
cross-Channel freight
market has been building satisfactorily since the firs
t lorries caught the
train at the end of July.
By mid-October volumes had al
ready outstripped those handled by the Port of
Dunkirk. Importantly, the tun
nel appears to have captured a disproportionate
share of express hauliers an
d couriers, the time-sensitive sector of the
market essential for the tunnel
's premium pricing policy.
Yet if the tunnel is finally operating, that even
t has not been marked by
the flood of speculative property developments some
 expected. With the
notable exception of a development consortium keen to cr
eate 'Euro City'
around an International Passenger Station (IPS) at Ebbsflee
t just east of
Dartford, the catchphrase is 'steady as she goes.'
Chris Bond
 of John Laing Property Ventures which has ambitious plans for 125
acres aro
und the new IPS under construction at Ashford, believes he knows
why. 'Durin
g the Chunnel's early planning stages everyone rushed into Kent.
Now they ar
e waiting for the infrastructure to catch up.'
Andrew Jackson of agents Weat
herall Green & Smith agrees that those
developments presently going ahead ha
ve been fuelled by the general
attractions of the south-east rather than in 
direct response to the tunnel.
He even detects some disillusionment with the
 amount of distribution
business which has already chosen to settle outside 
Kent or Essex.
Recession has also delayed the take-up of much of the specula
tive
developments of the late 1980s, making new speculation less urgent. Fig
ures
produced for the Kent Impact Study by the Channel Tunnel Joint Consulta
tive
Committee would not cause a developer to salivate.
Warehousing demand i
n Kent up to 1996 is estimated at 111,000 sq m. This is
fully matched by bui
ldings either completed and vacant or under
construction. In addition, the p
lanning pipeline contains a further 388,000
sq m to meet an estimated demand
 of 194,000 sq m between 1996 and 2001.
It comes as no surprise therefore th
at Laing is not rushing into development
at Ashford despite planning permiss
ion for a retail element of 300,000 sq
ft.
'We have been reviewing the whole
 site for the past three months. Site
inspections will continue until the ye
ar-end and a decision will be taken in
early summer whether to protect our e
xisting planning applications or alter
them according to our projections for
 the rest of the site,' says Mr Bond.
Eurotunnel, which has extensive develo
pment land in both Ashford and
Folkestone, is also proceeding with caution.

Its 14-acre Cheriton Parc business park overlooking the tunnel terminal just

two miles east of Folkestone, has just started to pick up speed. Eurotunnel

itself has taken the first building as a 28,000 sq ft customer services
cen
tre.
But Cheriton Parc is just a fraction of the 615 acres on seven sites ow
ned
by Eurotunnel Developments (EDL) along the M20-A20 Channel Tunnel Corrid
or.
Ashford is the prime location. Orbital Park, a 100-acre light industrial

site, has BP Travel Services as its first tenant in 115,000 sq ft. Nearby
W
aterbrook Park, close to Junction 10 of the M20, already boasts 10ha for
lor
ry parking, servicing and customs clearance.
EDL is now drawing breath while
 it considers a mix of retail and industrial
warehousing, a new Ashford catt
le market and hotel-leisure possibilities on
the rest of the site.
Ebbsfleet
 is the one big development location which seems to be in a hurry.
Tony Kemp
, managing director of Blue Circle Properties, is keen to maintain
the momen
tum of having beaten Dartford as the site of the intermediate IPS
on the Chu
nnel route and the main rail link to the Medway towns.
Blue Circle has good 
reason to be the motive force in the public-private
sector consortium with d
reams of a 'Euro City' between Dartmouth and
Gravesend. It owns a former qua
rry on the edge of the Ebbsfleet station site
and has plans for a 1.7m sq ft
 shopping centre at Bluewater, another quarry
just one mile away.
Consequent
ly, around Ebbsfleet station itself, the emphasis will be on light
industria
l use, possibly in a multi-storey business park. Retail use will be
delibera
tely limited.
Another element in Euro City with which Blue Circle is closely
 involved is
the Crossways Business Park at Junction 1A of the M25 close to 
the Dartford
Tunnel. In the six years that development has been under way, 1
m sq ft of
the proposed 3m sq ft at Crossways has already been built. Mr Kem
p predicts
parity with West London rents within two years.
A new campus for 
Greenwich University, a regional hospital and big new
residential and leisur
e facilities are to be the key public sector
contributions to what used to b
e called the East Thames Corridor but now
describes itself as Thames Gateway
.
.


12.

DOCUMENT NO.: FT942-10959.
HEADLINE:      FT  07 MAY 94 / Finance
 and the Family: Drive safely on the Continent - Bethan Hutton has some tips
 for drivers .
BYLINE:           By BETHAN HUTTON .
PUBLICATION:  The Financ
ial Times .
PAGE:          London Page V .
TEXT:         
Although the Chann
el Tunnel opened for a very exclusive clientele this week,
it will be a whil
e before British drivers start pouring through the Chunnel
en masse. But tho
usands of drivers will pile on to ferries and hovercraft
this summer.
In a c
ontinental Europe supposedly without borders, you might think driving
there 
should not require any more special planning than a long-distance trip
withi
n the UK. Unfortunately, car insurance and breakdown cover which are
perfect
ly adequate in the UK can leave you exposed to all sorts of trouble a
few mi
les across the Channel.
Green proof-of-insurance cards were not consigned to
 the dustbin at the end
of 1992; French police have been known to fine forei
gn motorists caught
without one far more recently. And police in Spain can j
ail you after an
accident, so it is wise to travel with a bail bond.
Breakin
g down on the M25 is enough of a nightmare - but being stranded on
the hard 
shoulder of the Paris ring road could be 10 times worse. The
biggest selling
 point for the AA, RAC, Europ Assistance, National Breakdown
and the other r
escue services is the promise of a friendly, English-speaking
voice on the o
ther end of the emergency telephone who can summon help
anywhere in Europe.

Some of the services have their own rescue patrols, while others use a
netwo
rk of local companies. All promise a speedy roadside response and will
tow y
our car to a service station - or, if necessary, return it to the UK.
Extras
 to look for are: emergency credit facilities; additional
accommodation cost
s; car hire or other onward travel costs; despatch of
spare parts from the U
K; and provision of a driver if the only one in your
group is incapacitated.

The AA charges Pounds 30.50 for one week's car-only Five Star cover for
Eur
ope while the RAC's equivalent Eurocover costs Pounds 40.95 for between
five
 and nine days (Pounds 3 off for existing RAC members). National
Breakdown's
 Blue Riband scheme would cost Pounds 31.25 for the same period
and Europ As
sistance would charge Pounds 25.50 for seven days. If you just
want to go to
 Ireland, it could cost less. There are often supplements for
cars more than
 10 years old, and caravans or trailers.
Carrying a green card is no longer 
a strict legal requirement (although this
message might not have filtered th
rough to the more rural police forces),
but it is still sensible to take one
 in case you have an accident or are
stopped by police. You should always te
ll your insurance company before
taking the car abroad; otherwise, you could
 find your cover restricted to
the third party legal minimum.
If you have co
mprehensive cover in the UK, you will probably want to extend
this for overs
eas trips. Some insurers include European cover free while
others charge up 
to Pounds 50, according to brokers Telesure. A few, such as
General Accident
, issue a European certificate automatically with policy
documents. Very fre
quent travellers or those spending extended periods
abroad - such as second-
home owners - may have to make special arrangements
with their insurance com
pany.
Most of the breakdown cover packages allow you free rein to wander as 
far
afield as Moscow or Morocco, but a few corners of Europe are out of boun
ds:
the former Yugoslavia and Albania are among likely exclusions. If you ar
e
planning an adventurous itinerary, check before you go.
Insurers can be mo
re restrictive, and some start charging more than their
standard European ra
tes if you venture into, say, Turkey or Romania. As
usual, it is best to mak
e inquiries before setting off if there is a chance
you could stray outside 
the European Union.
Some pieces of equipment, such as a warning triangle and
 in-car first aid
kit, are compulsory in many places and recommended in any 
case. There are
also a few quirks you should know about. It is illegal to ca
rry spare fuel
in Italy, Luxembourg, Greece and Turkey, and you must carry s
pare headlamp
bulbs in Spain.
Motoring organisations such as the AA and RAC 
have leaflets on motoring
regulations, speed limits and equipment required b
y law in the countries
visited most often by UK tourists. On-the-spot fines 
for breaking the rules
could make a large dent in your holiday spending mone
y - and traffic police
do not always accept credit cards.
Sales of unleaded 
petrol in the UK have overtaken the leaded variety but the
same is not true 
in all parts of Europe: unleaded can be hard to come by off
the beaten track
 in Spain, Italy and eastern Europe.
Leaded fuel can cause expensive damage 
to catalytic converters so it is a
wise move to fill up with unleaded before
 crossing borders and, indeed,
wherever it is available.
Travel insurance is
 also a must, particularly to cover medical and legal
expenses.
.


13.

DOC
UMENT NO.: FT924-4987.
HEADLINE:      FT  28 NOV 92 / Property: Sellers get 
a painful lesson - Instead of house prices in Kent getting a boost from the 
Channel Tunnel, they're back to the levels of 1986/87 .
BYLINE:           By
 MICHAEL HANSON .
PUBLICATION:  The Financial Times .
PAGE:          London 
Page XV .
TEXT:         
FALLING house prices are a tender subject in Kent, 
despite the ever-nearer
advent of the Channel tunnel. It had been expected t
he Chunnel would boost
prices but this has not happened so far. Indeed, they
 are back to their
pre-boom level of 1986/87, which is roughly half what the
y were only two
years ago. That has been a painful lesson for sellers.
Richa
rd Page, of Savills in Sevenoaks, cites two examples. Meopham Bank, a
Regenc
y house near Tonbridge offered at Pounds 1.25m in the spring of 1990,
has ju
st been sold for Pounds 550,000. Pilgrim House at Trottiscliffe, which
was s
old in 1987 for Pounds 500,000, was re-sold recently at the same
figure.
The
n there is Wardes, a nine-bedroom, Grade I-listed medieval hall/house in
fou
r acres in the conservation village of Otham, near Maidstone. It is the
fine
st of several timber-framed houses in Otham and was restored in 1912 by
Sir 
Louis Mallet, the diplomat. There is a mural in the living room of a
stag be
ing stalked by a hunter and a panther. It was painted by an
architect, Phili
p Tilden, to represent 'the unsuspecting income tax-payer
assailed on all si
des.'
It now needs further restoration and modernisation. Wardes failed this

summer to attract a buyer for Pounds 450,000 and the house is being offered

by tender - closing on December 15 - at a guide price of Pounds 250,000. Th
e
agent is Knight Frank & Rutley at Tunbridge Wells (0892-515-035).
Having s
old the Grange, a rundown, Grade II-listed 17th century house on the
edge of
 Goudhurst (which just failed to reach its guide price of Pounds
250,000), K
F&R's Robin Tillett is confident Wardes will find a buyer. 'We
are having co
nsiderable success in selling rundown properties at formal
tender,' he says.
 'This will be the fifth since August. I believe going to
tender concentrate
s people's minds, and rundown houses inspire the
imagination.'
Meanwhile, th
e recent sale of another notable property at Otham provides
further evidence
 of the fall in prices. The 15-bedroomed Gore Court House,
set in 20 acres a
nd listed grade II, came to market in June 1990 at Pounds
750,000. By the su
mmer of 1991, the price had drifted down to Pounds
450,000. Two months ago, 
the property was sold at auction by Cluttons for
Pounds 317,500.
Nearly 18 m
onths ago, I reported that the owners of the 428-acre Henden
Manor estate at
 Ide Hill, near Sevenoaks, had dropped the asking price of
their beautiful 1
6th century house from Pounds 4m to Pounds 3m because they
'now have a very 
real desire to sell.' That desire has assumed even more
urgency: the price h
as been reduced to Pounds 2m through Savills
(0732-455-551) and KF&R.
Savill
s also is selling the home of journalist Jean Rook, who died last
year. Sout
h Riding, a six-bedroom country house in seven acres south of
Edenbridge is 
priced at Pounds 325,000. Howard Cundey (0342-833-333) is
joint agent.
'Pric
es have to be extremely sensible and realistic to achieve a sale,' says
Anth
ony Brooks, director of GA Town & Country at Tunbridge Wells
(0892-542-711).
 'People don't want to listen when we say that properties are
selling at 198
7 prices - or even 1986 prices.'
He cites Sissinghurst Park, a Grade II-list
ed Edwardian house in 20 acres of
gardens not far from the better-known gard
ens at Sissinghurst Castle. It was
offered at Pounds 1.2m in April 1991 but 
now can be had for Pounds 650,000.
Brooks has just completed the sale of the
 six-bedroom Woodsden Farmhouse in
two acres near Hawkhurst for more than Po
unds 250,000, reduced from its
original Pounds 460,000. Its former barn, now
 converted into a five-bedroom
house, is still for sale at Pounds 230,000, d
own from Pounds 325,000.
Simon Backhouse, of Strutt & Parker's Canterbury of
fice (0227-451-123),
explains: 'We have got through the pain barrier of expl
aining to vendors
that prices are lower.' He is looking for offers around Po
unds 375,000 for
Tonford Manor, a Grade II, 18th century moated house in nea
rly six acres at
Harbledown, near Canterbury; and is seeking Pounds 285,000 
for the
11-bedroom Colkins, a Grade II Georgian house in almost two acres at

Selling, near Faversham.
'There are a lot of cash buyers about,' says Mary 
Grieves, of the Canterbury
office of Cluttons. Acting jointly with GW Finn &
 Sons, it has just
exchanged contracts at around Pounds 350,000 on Jossenblo
ck, a Grade II
Georgian house in more than two acres at East Langdon, near D
over. But Peter
Bell, the Cluttons' partner at Folkestone, is still seeking 
a buyer for his
own Grade II-listed country house: Jacques Court, near Cante
rbury, for which
he has been asking Pounds 550,000.
Those seeking flats migh
t, however, have better prospects - in Folkestone,
at least. Says Bell: 'Unt
il 1988, we had never been able to obtain corporate
rentals here, but we let
 25 flats at a time in new blocks to Eurotunnel and
Trans-Manche Link for th
eir senior managers. There will be a slight glut of
flats when the last peop
le move out in 1994.'
.


14.

DOCUMENT NO.: FT942-11118.
HEADLINE:      FT 
 06 MAY 94 / Survey of The Channel Tunnel (12): On guard against accidents a
nd terror - Security .
BYLINE:           By JIMMY BURNS .
PUBLICATION:  The 
Financial Times .
PAGE:          London Page V .
TEXT:         
The financia
l pressures on the tunnel to open on schedule have taken second
place to the
 key commercial imperative of ensuring - to the maximum extent
possible - th
at it cannot permanently be crippled by an accident or
terrorist attack.
Amo
ng the numerous security staff, intelligence officers, police, fire
brigade,
 ambulance, and army personnel on both sides of the Channel engaged
in the p
roject is Tony Blyth, a former British Rail operations manager who
is the tu
nnel's safety director. 'If we have a major accident, we are dead
as a compa
ny,' he says.
Two other key people are Detective Superintendent Cliff Grieve
, the UK head
of ports and tunnel policing, and Commissaire Principal Marc H
aem of
France's Police de l'Air et des Frontieres. They share responsibility
 for
security of the tunnel itself and of the shuttle terminals at Folkeston
e and
Coquelles.
Together they claim to have developed a culture of transnat
ional police
cooperation to try and ensure, says Grieve, 'that people on a d
aily basis do
not escape justice through the Chunnel'.
In aiming for maximum
 efficiency, Blyth, Grieve, and Haem have had to
grapple with a complex mixt
ure of private and government personnel,
binational agreements and internal 
committees developed in the run-up to the
opening of the tunnel.
The structu
re includes an Anglo-French Safety Authority set up for the
tunnel project a
nd the existing official safety watchdogs in both countries,
the UK's Health
 and Safety Commission, and France's Inspecteur du Travail.
The operation of
 safety and security comes under the political umbrella of a
lengthy protoco
l agreement. This was initialled at Sangatte by the UK and
French government
s in November 1991 and technically came into force in
August last year.
The 
Sangatte Protocol takes its cue from the Schengen trans-European
policing ag
reement, of which France but not the UK is a signatory. It thus
represents a
 totally new experience for the British police who have tended
to resist enc
roachment on to their territory by any of their European
counterparts.
The P
rotocol gives extraterritorial powers to British and French police
officers 
in specially designated control zones at the international
terminals in Lond
on and Paris, and in the shuttle terminals at Cheriton and
Coquelles. The th
rough trains are also control zones where both police
forces will have power
s of arrest.
Article 10 of the Protocol states: 'The officers of the adjoini
ng State
shall, in exercise of their national powers, be permitted in the co
ntrol
zone situated in the host State to detain or arrest persons in accorda
nce
with the laws and regulations relating to frontier controls of the adjoi
ning
state or persons sought by the authorities of the adjoining state.'
In 
spirit the Protocol, as defined in Article 5, aims to simplify and speed
up 
the formalities which normal law abiding passengers either travelling by
tra
in or the Shuttle will have comply with when using the tunnel.
At the same t
ime, it aims to harmonise security and safety arrangements so
as to ensure t
hat any emergency or threat is reacted to speedily and
effectively without g
etting bogged down in disputes over sovereignty.
In the run-up to the openin
g of the tunnel, the application of the Protocol
has been put through a tria
l run in joint exercises and interminable
meetings.
The exercises have shown
 up failures in a number of areas including
fire-fighting equipment and comm
unications. The meetings have produced some
stormy sessions in which British
 and French officials have argued over
issues ranging from whether some dang
erous goods vehicles should be allowed
through the tunnel to the use by Fren
ch police of small arms in and around
Waterloo station.
Eurotunnel says the 
set-backs form part of the inevitable teething problems
of any engineering p
roject of such a size and complexity.
'We want to get it right before lettin
g the general public in,' insists Tony
Blyth.
On the policing side, Kent off
icers and their counterparts in and around
Coquelles say they have developed
 a good working relationship over a number
of years.
But they are only cogs 
in the large security and judicial machinery which
will be truly tested only
 when the tunnel is fully operational.
A recent risk assessment commissioned
 by the London based Research Institute
for the Study of Conflict and Terror
ism concluded that the Channel Tunnel
was probably the least vulnerable to m
ajor damage of any under-sea tunnel in
the world.
However, several experts b
elieve that the biggest threat to the tunnel stems
from its being a prestige
 target for terrorists.
Much of the burden of responsibility will lie with E
urotunnel, however, in
ensuring that the commercial pressures do not lead to
 greater laxity over
security and safety checks.
.


15.

DOCUMENT NO.: FT92
2-14746.
HEADLINE:      FT  04 APR 92 / Food: Bargain buys when you are in F
rance - Nicholas Lander recommends some hotels and restaurants .
BYLINE:    
       By NICHOLAS LANDER .
PUBLICATION:  The Financial Times .
PAGE:       
   London Page IX .
TEXT:         
THE FRENCH might not be the first to admi
t it, but the British have been
pioneers in discovering the country's hidden
 charms.
During the 19th century, when the French considered the Riviera far
 too hot,
intrepid British travellers settled there to get away from the mis
erable
British winter. The Promenade des Anglais in Nice was constructed at 
the
instigation of the Reverend Lewis Way, an Anglican vicar, in 1822.
Today
, in northern France, the situation is the reverse. The French head
south in
 search of the sun, leaving the charms of northern France to the
Dutch, Belg
ians and British. The biggest marketing problem indigenous
hoteliers and res
taurateurs face is that the consumers in their main
domestic market - Paris 
- consider northern France too cold, too evocative
of Emile Zola's coal mine
s, for their holidays.
Instead, since the 1920s, the British have been movin
g in steadily, bringing
their most favoured pastimes with them. Golf or hors
e racing at Deauville,
golf and a casino at Le Touquet where you can stay in
 the Westminster or the
Bristol; and wonderful gardens at Varengeville-sur-M
er.
Although the scenery is different, the weather has the effect of making 
the
British feel even more at home. The last time I was in Le Touquet, with 
a
film crew it, was raining so hard we thought we would have to abandon the

afternoon's filming. Half an hour later we were on the beach in weather that

could easily have passed for a summer's day.
As soon as the rain threatened
, we did what has become the latest British
pastime in northern France, and 
dived into a restaurant for lunch. This part
of France now offers the quicke
st fix for anyone in search of the pleasures
of French cooking.
The fruits o
f the fishing industry still provide a living for a large part
of the local 
population (Boulogne is the fishing capital of Europe) and some
very sophist
icated cooking, most notably at Montreuil, Cancale and further
inland at Cae
n and Rouen.
The increasing foreign presence can be seen in the restaurants'
 car parks,
where foreign number plates easily outnumber French ones. For an
yone living
in the south of England, it is cheaper and easier to visit north
ern France
for the weekend than to discover the increasing number of gastron
omic
highspots in Scotland and Wales. Furthermore, French restaurateurs have

always made eating out with children less difficult, first by accepting the
m
gracefully, then by offering a children's menu without fuss.
Since the rec
ession has hit demand from the UK, French hoteliers have been
offering some 
attractive packages - at Chateau de Montreuil a winter package
of Pounds 55 
per person for room and half board has maintained occupancy and
kept the res
taurant busy. As the summer season begins, these deals will
disappear until 
autumn.
If, as the Chunnel will increasingly dictate, you arrive at Calais, 
the best
advice for the hedonists is to head straight out.
Go north to Teteg
hem, six kilometres from Dunkirk, to La Meunerie (tel
28.26.14.30); 40 kilom
etres south to the Moulin de Mombreux at Lumbres
(21.39.62.44); or along the
 coast to the more numerous restaurants which
surround Boulogne.
You can eat
 well at the Relais de la Brocante at Wimille (21.83.19.31); eat
and drink w
ell at La Matelote near the port (21.30.17.97) - the proprietor
makes a poin
t of matching different wines by the glass to each course; and
at the Hostel
lerie de la Riviere at Pont de Briques (21.32.22.81).
Further along the coas
t, in the Le Touquet area, there is the plush comfort
and excellent cooking 
of the Chateau de Montreuil (21.81.53.04), and the
very particular charm of 
Les Pecheurs des Etaples (21.94.06.90), where a
simple restaurant sits above
 a fish market alongside a quay.
For the distinctive cuisine du terroir (for
 example, freshwater pike and
perch), try the Bon Acceuil (21.06.04.21) at A
ttin, or Le Coq en Pate at
Argoules (22.29.92.09).
To the north of Dieppe th
e Abbaye de Valloires (22.29.97.55) offers
accommodation in a 17th century s
etting, and Chez Mado on the Somme estuary
serves cockles, mussels and its f
amous sole du Crotoy (22.27.02.22). In
Dieppe the specialities of La Melie (
35.84.21.19) include a dish that
incorporates thin slices of kipper and smok
ed salmon. Along the coast there
is the Auberge du Dun (35.83.05.84) at Bour
g-Dun, and at Veules-les-Roses,
close to one of the centres of French garden
ing at Varengeville sur Mer, you
can visit Les Galets (35.97.61.33).
The siz
e and wealth of the population along the Seine estuary has created a
large n
umber of good hotels and restaurants. These include the hotel Ferme
at St-Si
meon (31.89.23.61), and the restaurant L'Assiette Gourmande
(31.89.24.88) in
 Honfleur. Deauville has Le Spinnaker restaurant
(31.88.24.40). In Bayeux th
ere is the Lion d'Or (31.92.06.90), both to stay
in and eat at, and the Argo
uges (31.92.88.86), for those who would like to
enjoy a night in a former 18
th century private house. Rouen and Caen boast
their own culinary heavyweigh
ts. In Rouen go to Gill (35.71.16.14),
L'Ecaille (35.70.95.52) or Le Beffroy
 (35.71.55.27), and in Caen, La
Bourride (31.93.50.76) and Daniel Tuboeuf (3
1.43.64.48).
The culinary star along the north French coast, for those who h
ave strength
and stomach for the nine-hour ferry journey from Portsmouth to 
St Malo, lies
14 kilometres east of St Malo, opposite the magnificent Mont S
t Michel, at
Cancale: the Maison de Bricourt, run by Olivier and Jane Roelli
nger
(99.89.64.76). Specialities include Cancale oysters, lamb reared on loc
al
salt marshes and, like any thoughtful French hotelier, a children's menu 
at
Ffr120.
.


16.

DOCUMENT NO.: FT934-10658.
HEADLINE:      FT  04 NOV 93 
/ Letters to the Editor: Muddle in the Chunnel .
BYLINE:           From J R 
STANYARD .
PUBLICATION:  The Financial Times .
PAGE:          London Page 18
 .
TEXT:         
Sir, Your call for the government to bear the risk of the 
preconstruction
stage of major infrastructure projects ('Chunnel link', Octo
ber 29) is to be
welcomed, but your arguments for giving priority to the Cha
nnel tunnel link
are flawed.
First, the fact that the project is already del
ayed is immaterial; it should
be evaluated alongside other competing schemes
 using today's estimates of
benefits and uncommitted costs. The history of t
he proposed link, however
protracted and tortuous, should not affect the dec
ision.
Second, using a massive, high-profile initiative is more likely to fl
ood the
'pump' of private/public finance than to prime it. Has not experienc
e of
major projects taught us that novel techniques, whether technological,

managerial or financial, are most likely to be successful when they have
bee
n piloted in lower-risk situations? Surely we should be looking to learn
qui
ckly on smaller, high benefit/cost ratio projects and feeding the lessons
in
to the big schemes as they develop.
The Chunnel link is needed but let us en
sure a decision on its fate is made
on rational grounds. Muddling the debate
 with that on innovative ways of
funding public works will do both causes a 
disservice.
J R Stanyard,
partner,
project management practice,
PA Consultin
g Group,
123 Buckingham Palace Road,
London SW1W 9SR
.


17.

DOCUMENT NO.: 
FT944-14192.
HEADLINE:      FT  25 OCT 94 / World News in Brief: Queues for 
Chunnel tickets .
PUBLICATION:  The Financial Times .
PAGE:          London 
Page 1 .
TEXT:         
Queues formed at London's Waterloo station and over 
2,000 people telephoned
for tickets for the start of the Channel Tunnel pass
enger service on
November 14.
.


18.

DOCUMENT NO.: FT941-16017.
HEADLINE: 
     FT  12 JAN 94 / Leading Article: Chunnel pricing .
PUBLICATION:  The Fi
nancial Times .
PAGE:          London Page 25 .
TEXT:         
Investors hav
e not done too well so far out of Eurotunnel. Now it looks like
passengers a
re not going to get a particularly good deal either. That, at
any rate, is t
he impression given by the prices Eurotunnel proposes to
charge for its car 
passenger service.
The pricing schedule, announced yesterday, ranges from Po
unds 220 for a
return journey in winter to Pounds 310 in the peak summer mon
ths. Not only
are the prices higher than expected. They are also slightly hi
gher than
those charged by Stena Sealink and P&O European Ferries, the two f
erry
groups which dominate the cross-Channel market.
Moreover, there is ever
y sign that neither Eurotunnel nor the ferry
companies want to engage in a p
rice war. At every opportunity, they stress
the point. P&O yesterday even to
ok the step of commending Eurotunnel's fares
as 'positive and realistic'. Wh
at we are witnessing are the latest moves in
a complex oligopoly game. Eurot
unnel is anxious to avoid a price war because
its gigantic debts mean it has
 to find Pounds 600m in annual interest
payments alone. Equally, the ferry c
ompanies are concerned that an erosion
of margins would force them out of th
e market.
But passengers should not lose heart. Just because the main player
s say they
do not want a price war does not mean that they can necessarily s
top one.
Oligopoly games are hard to control.
In the short run, Eurotunnel h
as every incentive to use the ferry companies'
prices as a benchmark for its
 own services. This is because for several
months the group will not be able
 to run at full capacity due to a shortage
of rolling stock. So there is lit
tle point in cutting fares to a point where
it is unable to satisfy demand.

In the longer run, it could be in Eurotunnel's interests to reduce prices.
O
nly by running the tunnel at near to full capacity will it be able to make
a
 sufficient return to satisfy investors. But that will probably require an
e
xpansion of the market, not merely taking market share from the ferry
compan
ies, and in turn will mean that fares will probably have to fall.
Moreover, 
passengers can take comfort from the fact that some benefits have
already co
me through in anticipation of Eurotunnel's opening. Ferry
companies have upg
raded their services and marketed a wide range of special
offers involving d
eep discounts off their standard tariffs. Customers will
also gain from the 
fact that Eurotunnel's service is faster and more
reliable than the ferry co
mpanies'.
This does not mean that competition concerns can be dismissed. Eur
otunnel
and the ferry groups may be able to avoid a price war, especially if
 P&O and
Sealink were allowed by the competition authorities to combine some
 of their
operations - a move which would be at best premature. But this is 
a case
which calls for continued vigilance rather than immediate action.
.




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