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Mr Toyoda strongly disagrees. As much as pos- Thfe leaden-footed a pproach to expansion, however, has Toyota at a disadvantage in toe of its major markets, with quotas to almost every country and no prodnetion facilities for care, Toyota has been unable to satisfy Eu rope an demand. Bat, at present, we cannot -provide them with enough vehicles to sriL So, we are not providing a full are- vice to oar dealers. And the solu- tion?

Rocohrod Medal wHh Btae Rfetoafart hard work, he says. The word he applies is one which is nsed r riiwoBt nnfa m raany in Jason. But, - of course, if a wwwpony snares their efforts aqd does not try hard enough then there might be a situation where it win hit diffi- culties," be says. Most of tfissan's dealers, for example; are owned by the parent company. Even- if it did, it would be bard far the deaters to find rites. His pet project is Toyota Homes, which provides pre-fabricated homes throughout Japan.

Sales are booming, not sotprisingiy. We have already been engaged to the forklift busi- ness and are now number mw to smaflsfzed forklifts.. Next Is the housing business. It is only domestically, in Japan. But I must admit' that the firing candt tions of Japanese people are quite constrained and quite inferior to their Western counterparts," he says. Instead of asking far the latest car sales figures, the president quizzes employees on bow many nooses have been sold thh month He is also fascinated by trie- communications. But if the telephone can be mounted in the car, you can enhance the appeal or attractive- ness of the car.

So we have invested in the tetecom business and we hope we can use that business to offer better cars to our customers. Back comes the answer that perhaps best sums up the man and the company: We feel it is necessary to offer the lowest price and best qualpy cars. We also feel it b our obligation to manufacture cars which meet the demands of the users. Busing them should he a idea- sure. In case, the accused had tak en tens to procure or acquire the matron. The mwmbI Iwnl ntw m rt y tamtam. Doubt- less wwimyii by the confiden- tial prlce-flensithre information, he immediately bought 6, shares in.

The answer ties hi what P wHa mwrf tart an iWJ in the language used in the statute. Section 1 of the act defines flu offence as the use in personal d wnH ii ga. But ta there any doubt about what Paritoiromt intended? Thw fflm i m l rf traMim dealing b a creature to modem st atut ory law. The activity pro- hibited by the statute offends the cirifised standards to commevctel morality, bat it does not intrinsi- cally attract the obloquy tradl- tionally associated with the crim- inal tew: The statute disavows any -notion to dfehonesty or deception.

The fact is that public confi- dence in the integrity to the secu- rities market calls for official reassurance, ft can be as impor- tant to acknowledge officially wiW ift perception of what' consti- tutes unacceptable commercial behavkmr as it b to prohibit the behaviour Itsrit The key factor is the perceived prevalence to insider dealing, m which a happy few. Insider dealing represents a facet to the unacceptable face of cspitatimiL.

Before the -Art. But the ambit of the tew covered fit- tte mrae than a genmafiswtjnn to the rotes with which the Sty's code to practice regulated deal- ings in takeover ritnstions. AIL that the legislature did m by way af response was to tighten the rules far toBdosure to-all dealings , by direetora and- their dose, rela- tives. No civil natality, let alone criminal responsibility, was con- sidered necessary. Thoughts turned, however, to the question of establishing a ctril remedy.

But the difficulty -to establishing aid identifying teas in mn y pnitiB. OOam on the dpt. And get yDu to Singapore the next morning at 9-S0am. Either way, our relaxed, efficient style and first-class food and wine will have set you up for whatever you want to get down to. For details or reservations, ring from London, or fiorn anywhere else in the UK.

Rnantimo, London PS4, Telex: In the first place, the fact that the trilling has unanimously been presumed — amid an official silence from Israel itself - to be the work of the Israeli ex t erna l intelligence service, Mossad, speaks volumes about the extent to which the FLO has managed to put its chronic internal feud- ing behind it in the last year. Blunt stricture As a result of this and of the support for the FLO which Pales- tinians are openly displaying in their protests against Israeli rule, Israel can less credibly claim that tiie organisation is essentially an irrelevance to efforts to resolve the prohlem of the occupied terri- tories.

The PLO - consistently portrayed by its Enemies as an unalloyed terrorist organisation - is today to some extort Justi- fied in painting itself as a victim of terrorism. In a sense, then, the FIX — which has been trying to presort a moderate face to the world for at least the last 13 years - ought to be making consider able politi- cal capital out of recent events. Unfortunately, there is little evi- dence that it is actually doing so.

Attempts by the Israeli author- ities to pacify the Palestinians are looking more brutal and inept than at any time since the upris- ing began, lading to increasingly 'harsh international criticism. Yet the feet remains that the PLO has so far failed to translate world sympathy for the cause of those in the occupied territories Fwtn germing political mrw prmmt- ft has continued to conduct ter- rorist operations in Israel proper. Structurally divided between the Palestinians of the occupied terri- tories and those of the diaspora, it remains imahia to present a coherent or relevant political position.

Largely for this reason, Mr Arafat - despite the feet that he long ago subscribed to a de facto nf Tonal ho nrvmnrmri.

His efforts to preserve unity at all costs - vindicated in the PLCPs own terms at its Algiers meeting 12 months ago - remain a serious obstacle to meaningful negotiations. Government whips can influence the voting behaviour erf Members of Parliament - and will S robably succeed in putting own the rebellion led by Mr Michael Mates, the senior Tory back bencher. But they cannot rewrite the fundamental canons of good taxation.

They cannot turn a flat rate community charge iwtn a whnpfo, fair or effi- cient form of taxation. The poll tax will never be the right sota- tinm to the complex problems of British local government finance. It will never, for this reason, be popular. He used to argue defi- antly that local taxes should not in principle be related to ability to pay. The resklents in a Mode of flats pay the same service charge, ran the argument, and so should the residents in a local authority. Last week, however, be began to talk the language of his opponents.

The poll tax was related to ability to pay, he insisted, because he had grafted on a complex set of rebat es to lessen the burden on the very poor. The Government claimed credit for reducing the steepness of the tapers cm the rebates and pointed cart that an additional lm t a xpayers would gain assistance. Poverty trap That all this was put across with a straight face was really quite remarkable. Rebates and other ad hoc devices are legiti- mate sticking plaster remedies for the inequities and inefficien- cies of bad old taxes. They pro- vide a breathing space while gov- ernments devise new fairer levies that meet modem circumstances and needs.

But it is bizarre to be claiming credit for applying sticking plaster to a new tax even before It reaches the statute book. The Ridley co ncessi ons only rnidwiinfi the structural deficien- cies of the community charge and the folly of imposing tax lia- bilities on people too poor to pay them. The Government rightly wants to pull people out of tax at the n ational level and improve work incentives. It makes no cgnm simultaneously to ding to a local finance reform that polls more people, even those ouneahed in the welfare net, into taxation and worsens incentives and the poverty trap.

The apparent u nfa i rne ss of the com- munity charge is thus somewhat miti g ate d. In effect, Mr Ridley is saying: A broad- ly-based and fair levy capable of raising a higher proportion of local spending was clearly require d; yet M r RUtey has defiv- ered a narrow and divisive tax whose acceptability can be dem- onstrated only by emphasising how little it matters. The absurdity of this claim needs spelling out The Government is saying that there is no alternative to a form of tax- ation that has been ruled out by every other advanced industrial co un try for centuries. How can there be no alternative when everybody else does something rf H ferunt?

Both Britiali god Inter. Local Income tares are flTfift a pr actical option: It is crucial therefore that change is both log- ical and broadly supported. Local communities deserve a bet- ter tax than the co mmunity charge. Guy de Jonqtderes answers all the questions you were afraid to ask about the single European market Q: That is when the European Commu- nity EG aims to create a single inter- nal market By then - actually by Jan 1 - it hopes to have passed directives intended to remove all physi- ol, fiscal and technical harriers to trade in goods and services between its members.

Some directives will take effect before , but others may not do so until later. Surely there is already a Common Market? Yes, hut an incomplete one. EC countries abolished tariffs cm each oth- ers' exports 20 years ago. Many other barriers ""Turin- They customs posts, differing technical standards, closed public procurement policies which confine bidding to local suppliers, and varying tax.

These are the sorts of obstacle the EC programme is supposed to Q: So after everything will be harmonised and regulated by bureau- crats in Brussels? The Community has finally stopped trying to impose ext e ns i v e har- monisation and adopted a different approach. The idea now is to harmonise Only th e wwrh aa safety standards for products and prudential rides for banks. In all other re s p ec ts. The hope is that regulatory barriers will crumble away as competition develops and countries with restrictive rules discover they are handicapping their own industries against rivals else- where.

Apart from competition and merger policy, where the European Commission is seeking a bigger role, there are no plans to centralise regula- tion in Brussels. That all sounds fine in theory, but will it really work? The EC legislative programme offers only a broad framework and leaves many grey areas. Some proposals can be i nt erpreted in many ways and it is unclear how they will be applied in practice.

So lawyers, consultants and the courts could be kept busy well after making sense of it an. In certain areas, notably finanHai services, where the issues are excep- tionally wwnpiw and considerable dif- ferences remain between countries, governments may be unwilling to accept liberalisation Tmlaaa it is pre- ceded by more extensive harmonisation than Brussels proposes. Beyond that, of course, it remains to be seen whether governments and com- panies observe the rules once they are agreed.

Scone people believe govern-. So far, only about TO of the pl anned directives have been approved by the EC Council of Ministers, which the Commission says is disappointing. On the positive side, the EC has avoided a damaging political fight over its budget and agricultural spending. It has also simplifled its decision-making.

Since last year, many proposals need the approval of only a qualified major- ity of the Council, instead of a unani- mous vote. Wi thin Europe, industrial integration Is being accelerated by a surge of cross-frontier mergers and takeovers. Com panies are also starting to tefk about pfanwring 1 for 88 if they think something will really hap- pen. It argues that, in a single market, widely differing indirect taxes would artificially distort trade. It wants coun- tries to impose VAT and exrise taxes on a uniform haste and to align their tax rates within two bands.

Economists are divided and many governments strongly oppose it. Britain has protested most loudly, although it would have to make only minor adjust- ments. It would he required to levy VAT on 6ome zerorated items like books and baby clothes, but the overall economic impact would be minimal and the Exchequer would gain.

Denmark and Ireland have modi more reason to be alarmed. Wm there be mo re bran ds of goote on tiie shelves after ? Countries could no longer me regu- latory harriers to keep out exports front other parts of the EG. But national tastes differ - tor scent and confection- ery, for instance - so sales of mne products may remain regional. How- ever, ff the single market removes fron- tier controls and encourages deregula- tion, bigger scale economies and more competition, as its hackers hope, the efficiency gains should benefit the con- sumer.

There should also be much more variety- to services such as h anking , insurance and unit trusts. At present, these can only be supplied in most EC wmtriM if they confo rm to local regulations and supervision, which are often highly restrictive. The idea is that, after , financial ser- vices should compete freely throughout tiie EC. That should bring wider choice and lower charges. So tiie Gty of London should bene- fit? But time may be more competition from co nti nental centres, such as Paris, as they modern- ise and liberalise.

The UK is also a fairly open market and many E uropean competitors are gearing im to attack it But even if legal barriers fell, it may still be hard to penetrate many other EC markets, such aa West Germany, because sales and channels there are limite d or dosed to o ut ride r s.

The only way in may be through acq uis i ti on. WUl scheduled afarfine fares get cheaper? Much will depend on whether Euro- pean governm e n t s can agree to intro- duce more competition or whether tiie EC CuDnnfarion takes legal action to force them to. So for; e ffort s to negoti- ate agreement have made dte a p potat - ingiy tittle p rogres s aral tt is uncertain whetherthere will be any movement by Some charter airlines and airports which earn large revenu e s from srittag dutyfree goods could face a -problem after , since tiie planned abolition of customs posts would mean an ertd to dutyfre e sates an trips inside the Com- munity.

Many people say the French know more than anyone about Does that mean they wfil do best out of a single market? That does not necessarily mein French business has a hod wart. It is doubtful, though, that systeimtti- ally protecting the EC's market would make Us industries any stronger.

Sana of are weak today because Urny have been over protected to she part. US and Japanese industry can in any case always set up local factories. American companies, such as Fora and I BM , already make locally m ost of what they sell in Europe and - more than many of their local competitors - they treat the EC as one market. Jap anese manufacture rs have so far been slower to invest in European facilities, but that may Q: That is not explicitly part of the pfeu ami the practical and political obstacles remain formidable.

Howev er, m any w mfflnMa believe progress towards a ringte market will require much closer policy coordination ami a reductio n of mrtlmBil a m tmwm iy In monetary affairs. The European Currency Unit Ben may also be more widely used as a unit of account. The stogie market plan calls for the removal of remaining exchange con- trols and freedom of trade In financial services. Some countries, such as France, wam to strengthen the mechanisms of the Eu ropean Monetary System.

Many would also tike Britain to become a frill member. Q; WIH is single market bring faster! Nobody knows whether bustoeam and markets would also he encouraged to behave more dynamically. Much will depend an the type of macroeconomic policies the Community follows and on the nde of comp etiti on policy and other measures which affect the structure and efficiency of European economies.

The future of the single market plan is also likely to be jnflnencert by the economic ettmate in the next few years. Progress could grind to a halt if there were a deep recession in Europe or severe instability in the financial mar- kets, causing governments and busi- nesses to be more cautious. It is always harder to make concessions and painful adjustments when things axe going badly. The humidit y took its toll of the fancy dress entrant-a.

By the fast three miles the gorilla and cockerel were well back but the headless ghost was going strong and the groom was still carrying his effigy hrida on his shoulders. The sillier outfits were so fer towards the rear of the field that it was encouraging to see a clown with the serious runners - the man with the green face and hair, not far outside 2hr somin, Is to be ap p laud e d. In Jubilee Gardens, where the co m pe tito rs meet their families afterwards, there are 26 plane trees, a convenient number for assembly points using letters of the alphabet The smart runners use Z.

On some letter-cards, scrib- bled messages from previous years paint a sorry picture of the ghosts of marathons past: This has nothing to do with the meeting I tse l f, to suite of the fairly awful US trade figures which rounded it off. It is simply because the next one to fa Benin. These migrations have hap- pened at every other annual meeting of the IMF since it was founded.

The convention is beginning to look an expensive way of pro- claiming what nobody believes. The wffwriai part on the capital- ist side at the Wall will be scat- tered over the city and partici- pants will face a bus ride to the remote conference headquarters. Those who miss the bus will bqpe to avoid tiie Toronto experience, when taxi drivers imparted for thfi newwkm often g q f- wnowplnteTy lost Two years after Berlin they can look forward to Bangkok.

They are to be covered fhfo week and may only be revealed again for final photographs unless the Depart- ment of the En v i r on m ent aDoWS, as expected, some scheme to dis- play the findings under the pro- posed art gallery development next to Guildhall. This last stage win reveal the perimeter wall of the amphi- theatre and, who knows, maybe biding the elusive due that will allow historians to establish far certain w hether gladiators ever fought in Britain.

The discovery of thfi timbers of an earlier amphitheatre will, through the science of dendro- chronology study of tree rings , ghre the date of their faTHng to within 10 years. Ring patterns are repeated in trees of the same era and the already possessed knowledge of patterns to that period SUOUld malrp dating q mtp straig htfo r w ard. Developer Tony Barbet is not too impressed with the London amphitheatre. Be even has a hero to rival Eric Bloodaxe at York. He is Sea- ting Ma i csanua. Barbet wants to reconstruct part of the arena for shows and displays of square bashing by tim Ermine Street Guard, a reenact- ment society based on tiie 20th Legion.

Nick Bateman, fa rJtargp of toe site, explained that the pressure was of their own mak- ing since the team had a farther 15 rites to investigate to Taniinn end only a Bnritud time to g et through tinmi. Xn the Middle Ages, it' was not uncommon for financially dis- tressed princes to swap parcels of their kingdoms for cash. Now the US has reached a his- torical watershed in which real estate could again, become an instrument -of ecou o mtr diplo- macy, Bonald Reagan should attempt to secure a place in his- tory as the first President to deliver a three-term consumption boom by auctioning off a of American territory large enough to unfimr tril- lion miTBon million linHam of bmlgei deficits and trade defleita.

With the dollar in rnirptanttnir decline. As more US companies go cm the auction block, the man in the street is also starting to wonder whether he ready wants , his next boss speaking to hftn in Cw imb i or Australian. During the past year he has taken out balance of payments insurance by pBrmmHwg foreign central banks to suppress an upsurge of American interest rates by purchasing nearly fbn of CS securities. But even Mr Baker's stra te gy of turning foreign central banks By David Hale into dbjtoto Republican political action committees: There is growing criticism in the Japaneseand Taiwanese parUa- nwnis of the high cost of sup- porting the American dollar.

What real estate should the White House sell? The American people would never permit a for- eign creditor to take possession of terr i tory on the North Ameri- can mainland, so Mr Reagan will probably have to sett the Japa- nese an island. As Mr Bush wffl need a lot of cadi to honour his pledge never to raise taxes, only two islands could bring a price high enough to make it credible - Hawaii or Manhattan. If offered a choice, toe Japanese would deariy love to buy HawaiL B would be in the twHkmi inter- est, however, for the White House to offer them lgarihgtraw because it would be worth for more to toe DS economy under Japanes e contra!

Confucianism dgned to ktes in a perpetual she and in price. But there lifestyle adjustments. Choice between fiscal austerity As the ridiculous over-valua- would ultimately seem trivial and selling another trillion dol- tiou of Nippon Telephone and compared to the bene- Jars of national assets to foreign Telegraph shares testifies, fits. Most Wall Street brokerage bargain hunters.

Yen-rich Manhat- make an important difference to selfrftilfnHng parody of Western tafotes woold be aide to goto the the outcome. It is thrw to get. Worth American, continent for America out of the bargain base- investors bid up fire duftes. As part of Greater Mp- bureaucrats. Like many immig rants to the Lone Star state, he has just as much of the effusive good al' boy style as the native horn. He has taken on the job of steering First RepublicBank of Dallas through what could be the biggest bank rescue in US his- tory.

Tim first quarter loss has been caused by a SLSbn addition to reserves, almost all for bad real estate loans. While economic trends are showing some improvement, no one knows the true value of financial institu- tions' huge portfolios of fore closed properties. First Republic has at least built in a wide mar- gin for error with a provision three rimpa Inrgwr thaw Miw ly nto had expected.

I never saw such a gloomy group. This is all good news. With no details to feed toft hun- gry questioners, he tried to quip lightly t hrough the rest of the press conference. The jour- nalists were mobbing instead a senior bank regulator, Mr Robert Clarke, C omp troller of the Cur- rency.

He had come down from Washington determined to install a new and chief execu- tive at First Republic. As tt happened, the incumbent, Mr Gerald Fronterhouse, 51, jumped before be was pushed. Economies from the merger were supposed to allow First Republic to earn its way out of the deep hole, but a further steep deterioration in the real estate market drove the bank into the arms of federal reg- ulators fort month. MT Choke, himself a Texan but of the quietly spoken, dry aca- demic type, patiently answered questions for a few moments before he realised he had inadver- tently stranded his chosen new chairma n at the podium.

He politely broke off and joined Mr Casey at the microphone. But it was still Mr Clarke who drew the attention, although he took every opportunity to turn toe spotlight bade to Mr Casey. Conti- nental iron nic during its federal bailout in Aforceful per- sonality and stature as the retired chairman of a leading local company, Standard Ott of Indiana, were his main qualifica- tions for reviving the Chicago bank. When Mr Casey moved bis company, American Airlines, to Dallas from New York in , he was quickly embraced by the local business elite.

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In the seven years before his retirement, American expanded rapidly, creating tens of thousands of jobs and helping to make a success of Dalfes-Fort Worth airport. American adapted more suc- cessfully than any other Mg air- line to deregulation. It was a for cry bum the company he had joined as chief executive in Boston born and Harvard edu- cated, he worked in railway and newspaper companies before Join- ing American Airlines. His government service was spoilt, however, by questions arising from the award of a large order of postal sorting equipment to a company in toe Deltas area.

Mr Casey will be well sup- ported in his new endeavour by some old Dallas friends, who are joining him on the executive committee of First Republic's board, another move orchestrated by Mr Clarke.

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There is not a hanker among them, but Mr Clarke, a real Texan who knows about r u nn i ng banks, will be only a phmw call away. Inner qHIhb and flltffTriM agencies in the area s of hig h unemployment and deprivation. One day he must expect to be King: He will not then have the time for Ms present exhaust- ing schedule. R Rossbarough Sr, Your interesting article on Gatwick and Victoria Survey, March 23 brings to mind two baf- fling obstacles on this journey. At Gatwick, why are we obliged to farnd over our luggage to porters for the one-minute trip down the short escalator to the tr ain?

The expensive new lift could twins trolleys to the station plat- form, as in Geneva, but it stands idle. At Victoria, why are taxis no fanger allo wed to pull Dp to the sta tfo n pavement where trotteys can be taken to them, as they were for years? Most people's luggage cannot easily be carried by hand across the traffic to the island, where half the taxis arrive on the wrong side anyway: Rossbarough, X Avenue Brito.

From Ur Norman Worley: Six, The plans for dBcommfe- stealing nuclear power stations niter their useful generating life is over remain uncertain witfi the proposed privatisation of the electricity industry. The pressure systems of these reactors seem to June consi d er- able advantages as passible repositories of medium- per- haps, highly active waste.

Theyabo havqfarilit teftforffll- ing the pressure system with an inert gas for example, nitrogen which could, ideally, be at lower t han ipe t d- toring radiation levels, both in the plant and its surroundings. Whether these reactor plants are adequate in capacity for such a purpose is not dear bat they do appear to present potentially acceptdite storage fecOtties. It also exaggerated the problem of means-testing more neutrally called income-relation of bene- fits. For there is no rational distinc- tion betweenthe two parts of the process, hy which government takes from the betteroff so as to gfre to the poor: No thing can thu Ufa , incentive effect of withdrawing benefits re.

The Government is too inter- ested in cutting costs. The real objection to the latest reforms is not that they are targeted but that not enough money is being spent on them. The poor are not the right place to make savings. Hayes, 3 New Square, Lincoln' s hm. Many ways are known to dis- guise the true owner. But the elderly widow or soli- tary person with little help may fitiii that the capital hmit has been broken, perhaps years after, and there wifi be an impossible unto pay.

This fertile bureaucratic exar- rise should be changed; ills time ami money consumfeg and an insult to those who patronise British stores. It is also not in the spirit in which the Retail Export Scheme, was concrived. Customs and Excise should study the way tt is. To solve this problem, sfHcone ofl was added to the plastics. But that had an unfortunate side-effect. The oil came to the surface and caused a dull mat layer.

At DSM, one of Europe's largest chenflqfl s: Our resear- chers developed a special plastic which met all the requirements. It can be given any cxriour - exactly. It is impact-resistant, retains its colour, has an extremely long Hfe, and can stand up to heat. So, although you will find more and more plastic In your car, you wffl now also find more - peace. Just below the surface it was not difficult to detect an equal sense of forebod- ing. Confl dent assertions that the leading industrial nations had underlined the strength of their co-operation by again supporting the dollar barely masked concern over how long the markets wfl] be impressed.

Behind the bra- vado, finance minis ters and cen- tral bankers of the Group of Severn are just as nervous as the markets. Monetary policies have been Loosened not tightened and there is no sign yet of a lurch into protectionism. Most economists also share the official view that the rise in the US trade deficit to ffijbll in Feb- do not make reassuring reading in the markets. In those circumstances sup- porting the dollar may need a lot more than the odd foray by cen- tral banka. And derotte the bra- vado surrounding last week's conceited action there is little enthusiasm in Europe for large- scale, prolonged intervention.

Dollar purchases on the scale seen in are not regarded, as Baker Cleft and Greenspan: From another perspective, however, the February figure should not have been suprisang. It underlined the fact that the erosion of the huge US deficit and the parallel surpluses in Japan, West Germany will be a long and painful process. There is little doubt of the con- sensus among the G-7 that their individual as well as mutual interests in maintaining calm on the markets as the pro- cess edges along. With November's Presidential election looming, the premium on stability in Washington grows by the day.

US Treasury officials who in the past had little hesita- tion in launching fierce yttorfn; on Japan and West Germany have gone out of their way to praise the efforts of the Tokyo and Boon governments to stimu- late their economies. The US seems to have realised that a farther ri gnjficamt -fan in the value of the dollar now pres- ents as many fisks as n ppm- to nf. The precise interaction of foreign exchange and stock mar- kets is far from self-evident, but a further dollar Ml would a risk of forcing interest rates highly and eroding shar p prices tumbling.

Nei ther Washington nor its partners, however, can be confi- dent that financial markats wffl be wflhng to share their pstipnea while further substantive policy shifts - above all cuts in the US Budget deficit - are put on hold until after the election.

The IMF projections indicate that on current trends the improvement in the US trade position will grind to a halt same time In Both are relatively aangnina about inflation pros- pects for but still see a risk of price pressures building up during The obvious alternative - a rise in the US discount rate - was barely mentioned. Higher borrowing costs during the run-up to a presiden- tial election is not a prospect that enthuses Administration offi- cials. It Is also for from obvious that aprea dntiar through raising - interest rates would be wen-received on Wall Street As one European central banker put it any sharp fall in tiie doiTar fo likely to hit US share prices but so too would a rise in interest rates to support the currency.

For the time being; perhaps the best hope for Washington audits partners is that the US trade fig- ures for March will be as good as the February ones were bad. It was also disclosed yesterday that the Christian Democrats have received threats from the Red Brigades in recent Mr Ruffilli, who was first elected to the Senate in , had served on the Constitutional Affairs committee and as a mem- her of tbg Commission of Inquiry into the P-2 Masonic Lodge.

In Naples, police said they had identified two further suspects who had fumed a three-person commando team responsible for the car bomb attack last Thurs- day night on a US military club, which left one American and four Italians aii. His death is a further setback for US-sponsored peace efforts, and will add to rad- ical domestic pressures on Arab moderates.

The FLO leader, who was effec- tively the organisation's military commander, was gunned down in his house at Skti. Abu Jihad, 52, was most directly responsible among PLO leaders for planning and direct- ing resistance in the Occupied Territories. This would have pro- vided another motive for the Israelis, troubled by four months of Palestinian riots, to assassi- ivfite him. A PLO official said Tunisia had offered additional protection The Tunisian authorities are coaitinn- ing investigations into how a ret atively large group of peo- ple - perhaps more than 20, according to some accounts - could have infiltrated the country.

Mr Arafat, who arrived in Tunis from Saudi Arabia early j, was conferring with leaders of the guerrilla n r p n laatinn awl nflbrm g Vda cm. Radical Palestinian leaders have already vowed vengeance. Disclaiming any advance knowledge of an event most Israelis assume was the work of the Minssad, Prime Mta ia te r Yit- zhak Shamir said be hari ffrat heard about the events in Tunis on the radio.

To this year, U2 state compa- nies of the this Government inherited had been sold, mainly in cement, soft drinks, hotels, textiles, car parts, and petro- chemicals. Hus month, the Gov- ernment announced it was sett- ing a further 51 companies, and closing another 42, inriiirttng more steel mills- The sates are to in clude major seafood, sugar and vegetable oil processing chains, and some gj g n tf tea nt engineering companies.

This does not frwflndg the now likely dismemberment of Aero- mexteo , the national afrifag, eff the sale of the G o ver n ment's majority stake in Mexicans do Aviation, the second flag carrion Aeromeuco late last wade fifed for bankruptcy in the face of a ground staff strike against flu seQ-off of 13 anraaft from its jet fleet The original shock plan envisaged the closure of Aero- mexico. The two airimes now foce a major rationalisation. Shortly a f terw ard s a mediator was seen rotertng the Boeing once more.

But there was no sign of a breakthrough in the long trial of strength which started with the fonrihle diversion of the flirting- to Masshad in northern Iran shortly after its takeoff on a flight from Bangkok to Kuwait on April 5. Kuwait has been adamant in refusing to contemplate the release of the 17 prisoners con- victed for the car-bomb attacks on the US and French embassies in , or to allow the airliner to leave Algiers.

On Saturday, in a statement in Arabic to three r eporters sum- moned to the aircraft door; the hijackers, who are believed to be ri ght in number. On Saturday night both the Endr of Kuwait, shriih Jaber al- Ahnrad al-Sabah, and icing Fshd of Samfi Arabia telephoned PresL- dent cThflrin jtetiffiifHri The sub- stance of the conversation was not disclosed but observers in Algiers believe both heads of state must have asked the Alge- rian leader not to let the jet leave Algiers.

Yesterday afternoon the num- ber of armed security nun at the r ; had increased sobstan- But there was no official confirmation of any new develop- ment. The dltemma for the AI gwrhm Government is increasingly acute. If chosen, he would replace Lord Coacfield from next - Janu- ary. On some letter-cards, scrib- bled messages from previous years paint a sorry picture of the ghosts of marathons past: This has nothing to do with the meeting I tse l f, to suite of the fairly awful US trade figures which rounded it off.

It is simply because the next one to fa Benin. These migrations have hap- pened at every other annual meeting of the IMF since it was founded. The convention is beginning to look an expensive way of pro- claiming what nobody believes. The wffwriai part on the capital- ist side at the Wall will be scat- tered over the city and partici- pants will face a bus ride to the remote conference headquarters.

Those who miss the bus will bqpe to avoid tiie Toronto experience, when taxi drivers imparted for thfi newwkm often g q f- wnowplnteTy lost Two years after Berlin they can look forward to Bangkok. They are to be covered fhfo week and may only be revealed again for final photographs unless the Depart- ment of the En v i r on m ent aDoWS, as expected, some scheme to dis- play the findings under the pro- posed art gallery development next to Guildhall. This last stage win reveal the perimeter wall of the amphi- theatre and, who knows, maybe biding the elusive due that will allow historians to establish far certain w hether gladiators ever fought in Britain.

The dig - about to go under Gufldhan yard iaita second stage - has been woefully short on bits so fer. No belt buckles, avoid huts, broaches or old san- dals; jurt a few coins which have, however, led to the belief that the structure was built between TO and AD and that something survive d ther e until the late fourth ixdilmy. The discovery of thfi timbers of an earlier amphitheatre will, through the science of dendro- chronology study of tree rings , ghre the date of their faTHng to within 10 years.

Ring patterns are repeated in trees of the same era and the already possessed knowledge of patterns to that period SUOUld malrp dating q mtp straig htfo r w ard. Developer Tony Barbet is not too impressed with the London amphitheatre. Be even has a hero to rival Eric Bloodaxe at York. He is Sea- ting Ma i csanua. Barbet wants to reconstruct part of the arena for shows and displays of square bashing by tim Ermine Street Guard, a reenact- ment society based on tiie 20th Legion. Nick Bateman, fa rJtargp of toe site, explained that the pressure was of their own mak- ing since the team had a farther 15 rites to investigate to Taniinn end only a Bnritud time to g et through tinmi.

Xn the Middle Ages, it' was not uncommon for financially dis- tressed princes to swap parcels of their kingdoms for cash. Now the US has reached a his- torical watershed in which real estate could again, become an instrument -of ecou o mtr diplo- macy, Bonald Reagan should attempt to secure a place in his- tory as the first President to deliver a three-term consumption boom by auctioning off a of American territory large enough to unfimr tril- lion miTBon million linHam of bmlgei deficits and trade defleita.

But even Mr Baker's stra te gy of turning foreign central banks By David Hale into dbjtoto Republican political action committees: There is growing criticism in the Japaneseand Taiwanese parUa- nwnis of the high cost of sup- porting the American dollar. What real estate should the White House sell? The American people would never permit a for- eign creditor to take possession of terr i tory on the North Ameri- can mainland, so Mr Reagan will probably have to sett the Japa- nese an island.

As Mr Bush wffl need a lot of cadi to honour his pledge never to raise taxes, only two islands could bring a price high enough to make it credible - Hawaii or Manhattan. If offered a choice, toe Japanese would deariy love to buy HawaiL B would be in the twHkmi inter- est, however, for the White House to offer them lgarihgtraw because it would be worth for more to toe DS economy under Japanes e contra!

K they chore to nm it toe American. But Japanese bureaucrats also want investors to make money. They policies Men fttvl rawftwWB Tokyo share tore. The best hope for of beef, rice and oranges. As with encouraging a quick revival in TOkyo itself, a large chunk of American share prices is there- Manhattan would have-to be' fore a joint venture in stock mar- a mixture of. Confucianism dgned to ktes in a perpetual she and in price. But there lifestyle adjustments. Choice between fiscal austerity As the ridiculous over-valua- would ultimately seem trivial and selling another trillion dol- tiou of Nippon Telephone and compared to the bene- Jars of national assets to foreign Telegraph shares testifies, fits.

Most Wall Street brokerage bargain hunters. Yen-rich Manhat- make an important difference to selfrftilfnHng parody of Western tafotes woold be aide to goto the the outcome. It is thrw to get. Worth American, continent for America out of the bargain base- investors bid up fire duftes. As part of Greater Mp- bureaucrats. Like many immig rants to the Lone Star state, he has just as much of the effusive good al' boy style as the native horn.

He has taken on the job of steering First RepublicBank of Dallas through what could be the biggest bank rescue in US his- tory. Tim first quarter loss has been caused by a SLSbn addition to reserves, almost all for bad real estate loans. While economic trends are showing some improvement, no one knows the true value of financial institu- tions' huge portfolios of fore closed properties. First Republic has at least built in a wide mar- gin for error with a provision three rimpa Inrgwr thaw Miw ly nto had expected.

As tt happened, the incumbent, Mr Gerald Fronterhouse, 51, jumped before be was pushed. Economies from the merger were supposed to allow First Republic to earn its way out of the deep hole, but a further steep deterioration in the real estate market drove the bank into the arms of federal reg- ulators fort month. MT Choke, himself a Texan but of the quietly spoken, dry aca- demic type, patiently answered questions for a few moments before he realised he had inadver- tently stranded his chosen new chairma n at the podium.

In the seven years before his retirement, American expanded rapidly, creating tens of thousands of jobs and helping to make a success of Dalfes-Fort Worth airport.

It Is also for from obvious that aprea dntiar through raising - interest rates would be wen-received on Wall Street As one European central banker put it any sharp fall in tiie doiTar fo likely to hit US share prices but so too would a rise in interest rates to support the currency. In most countries the chief impact of the crash has been localised: He e nj oyed con- siderable early success as both composer with a first opera per- formed at Mannhahn fn jggg awl conductor. The Community has finally stopped trying to impose ext e ns i v e har- monisation and adopted a different approach. He Is equal part- ner with Nova in Husky Ofl. At his fate meethur near Lyon.

American adapted more suc- cessfully than any other Mg air- line to deregulation. It was a for cry bum the company he had joined as chief executive in Boston born and Harvard edu- cated, he worked in railway and newspaper companies before Join- ing American Airlines. His government service was spoilt, however, by questions arising from the award of a large order of postal sorting equipment to a company in toe Deltas area.

Mr Casey will be well sup- ported in his new endeavour by some old Dallas friends, who are joining him on the executive committee of First Republic's board, another move orchestrated by Mr Clarke. There is not a hanker among them, but Mr Clarke, a real Texan who knows about r u nn i ng banks, will be only a phmw call away. Inner qHIhb and flltffTriM agencies in the area s of hig h unemployment and deprivation. One day he must expect to be King: He will not then have the time for Ms present exhaust- ing schedule.

R Rossbarough Sr, Your interesting article on Gatwick and Victoria Survey, March 23 brings to mind two baf- fling obstacles on this journey. At Gatwick, why are we obliged to farnd over our luggage to porters for the one-minute trip down the short escalator to the tr ain? The expensive new lift could twins trolleys to the station plat- form, as in Geneva, but it stands idle. At Victoria, why are taxis no fanger allo wed to pull Dp to the sta tfo n pavement where trotteys can be taken to them, as they were for years?

Most people's luggage cannot easily be carried by hand across the traffic to the island, where half the taxis arrive on the wrong side anyway: Rossbarough, X Avenue Brito. From Ur Norman Worley: Six, The plans for dBcommfe- stealing nuclear power stations niter their useful generating life is over remain uncertain witfi the proposed privatisation of the electricity industry.

The pressure systems of these reactors seem to June consi d er- able advantages as passible repositories of medium- per- haps, highly active waste. Theyabo havqfarilit teftforffll- ing the pressure system with an inert gas for example, nitrogen which could, ideally, be at lower t han ipe t d- toring radiation levels, both in the plant and its surroundings. Whether these reactor plants are adequate in capacity for such a purpose is not dear bat they do appear to present potentially acceptdite storage fecOtties.

It also exaggerated the problem of means-testing more neutrally called income-relation of bene- fits. For there is no rational distinc- tion betweenthe two parts of the process, hy which government takes from the betteroff so as to gfre to the poor: No thing can thu Ufa , incentive effect of withdrawing benefits re. The Government is too inter- ested in cutting costs. The real objection to the latest reforms is not that they are targeted but that not enough money is being spent on them.

The poor are not the right place to make savings. Hayes, 3 New Square, Lincoln' s hm. Many ways are known to dis- guise the true owner. But the elderly widow or soli- tary person with little help may fitiii that the capital hmit has been broken, perhaps years after, and there wifi be an impossible unto pay.

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Confl dent assertions that the leading industrial nations had underlined the strength of their co-operation by again supporting the dollar barely masked concern over how long the markets wfl] be impressed. Behind the bra- vado, finance minis ters and cen- tral bankers of the Group of Severn are just as nervous as the markets. Monetary policies have been Loosened not tightened and there is no sign yet of a lurch into protectionism.

Most economists also share the official view that the rise in the US trade deficit to ffijbll in Feb- do not make reassuring reading in the markets. In those circumstances sup- porting the dollar may need a lot more than the odd foray by cen- tral banka. And derotte the bra- vado surrounding last week's conceited action there is little enthusiasm in Europe for large- scale, prolonged intervention.

There is little doubt of the con- sensus among the G-7 that their individual as well as mutual interests in maintaining calm on the markets as the pro- cess edges along. With November's Presidential election looming, the premium on stability in Washington grows by the day.

The precise interaction of foreign exchange and stock mar- kets is far from self-evident, but a further dollar Ml would a risk of forcing interest rates highly and eroding shar p prices tumbling. Nei ther Washington nor its partners, however, can be confi- dent that financial markats wffl be wflhng to share their pstipnea while further substantive policy shifts - above all cuts in the US Budget deficit - are put on hold until after the election. The IMF projections indicate that on current trends the improvement in the US trade position will grind to a halt same time In Both are relatively aangnina about inflation pros- pects for but still see a risk of price pressures building up during The obvious alternative - a rise in the US discount rate - was barely mentioned.

Higher borrowing costs during the run-up to a presiden- tial election is not a prospect that enthuses Administration offi- cials. It Is also for from obvious that aprea dntiar through raising - interest rates would be wen-received on Wall Street As one European central banker put it any sharp fall in tiie doiTar fo likely to hit US share prices but so too would a rise in interest rates to support the currency.

Abu Jihad, 52, was most directly responsible among PLO leaders for planning and direct- ing resistance in the Occupied Territories. This would have pro- vided another motive for the Israelis, troubled by four months of Palestinian riots, to assassi- ivfite him. A PLO official said Tunisia had offered additional protection The Tunisian authorities are coaitinn- ing investigations into how a ret atively large group of peo- ple - perhaps more than 20, according to some accounts - could have infiltrated the country.

Hus month, the Gov- ernment announced it was sett- ing a further 51 companies, and closing another 42, inriiirttng more steel mills- The sates are to in clude major seafood, sugar and vegetable oil processing chains, and some gj g n tf tea nt engineering companies. This does not frwflndg the now likely dismemberment of Aero- mexteo , the national afrifag, eff the sale of the G o ver n ment's majority stake in Mexicans do Aviation, the second flag carrion Aeromeuco late last wade fifed for bankruptcy in the face of a ground staff strike against flu seQ-off of 13 anraaft from its jet fleet The original shock plan envisaged the closure of Aero- mexico.

The two airimes now foce a major rationalisation. Shortly a f terw ard s a mediator was seen rotertng the Boeing once more. But there was no sign of a breakthrough in the long trial of strength which started with the fonrihle diversion of the flirting- to Masshad in northern Iran shortly after its takeoff on a flight from Bangkok to Kuwait on April 5. Kuwait has been adamant in refusing to contemplate the release of the 17 prisoners con- victed for the car-bomb attacks on the US and French embassies in , or to allow the airliner to leave Algiers.

The dltemma for the AI gwrhm Government is increasingly acute. If chosen, he would replace Lord Coacfield from next - Janu- ary. He has an n oy ed rnfafater g in London, by Ms drive.

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Mrs Margaret Thatcher, the Prime Mtreritw , and other wwiiv ministers are discussing a posa- ble shortlist, although an announcement does not have to be made until late summer. From past practice one nomi- nation fin 1 the four-year term is made by the Prime Minis ter and me by toe opposition leader.

But what it hit me of the nastiest air pockets for a long time it nevertheless came as a terrible surprise. The index started the year 27 per cent beknr last summer's peak and, if toe divi- dend stripping games of Japanese hmnance companies are netted oat. The question still facing Wall Street ft wh e the r it has just experienced the shortest nmi shar pest bear market in his- tory. At this stage tire jury Is pretty evenly divided. There ft plenty of anecdotal evidmee that the US economy ft becoming more competitive.

One popular recent TV advertisement, for notes fiiat the price of a new Mercedes is the same as the cost of two Cadillacs plus a chauffeur for a veer. Meanwhile, the strength of US machinery imports in the latest trade figures can be inte rp r e te d favourably, at one level at least, as a sign that tire US may a oonre emetge as a major car exporter.

Nevertheless, it is hard to argue that US equities are par- ticularly cheap by historical Wan- da rda. The prospective price earnings multiple of II ow the SAP is marginally higher than the average for the last decade, and a 3V4 per cen t yield compares with an average 43 pa cent for the same period.

It ft so m eti m es forgotten that until now the average bear mar- ket in the US lasted for 19 mfflftthfi end yields row on aver- age above 6 per cent before stare turned round. Profit growth The buHfth argument for US equities, in a perverse way. Meanwhile, the combination of 'tower oil prices and the wealth destruction effect of the October crash have curbed inflationary -expectations.

Until than the biggest buyer of stocks aa Wall Street is likely to remain the cor- porate sector, and the shoe of the latter's appetite is critical. According to Satonxm Brothers, net equity in the US shrank by S90ba last year, and it expects it to fall by another J75bn in the current year as corporations buy bade their stock.

This is a risk that it can take so long as the economy remains in its current reasonably buoyant state, hot it ft possible to con- struct a far more gloomy scenario embracing rising interest rates and inflation, and a rapidly deter- iorating economy. Given the scale of the Texas banking crisis - which ft beginning to look far more serious than the run on Continental nunoft in - the Fed only has limited room for manoeuvre. This partly explains the intense interest of the finan- cial markets in almost daily read- ings of the health of the US econ- omy.

As the reaction to last Forego takeovers Meanwhile, the surge of for- eign acquisitions in the US is almost certainly fuelled by a belief that the next administra- tion. The market hopes that more Japanese will follow in the footsteps of compa- nies Hke Sony and Bridgestone and become a ggress i ve buyers of US corporate assets over the next few years. But ft ft unlikely that this will be sufficient to offset a continuing absence of mom tradi- tional equity investor s. In short, Wall Street shares the problem of the US economy as a whole.

It needs to re-establish confidence in itself, and it needs foreign capital. The first ft unlikely to be restored as long as share prices can swing as vio- lently as they did last week, and the second requires high and secure returns. It could be a long process. Investors agonised over whether to dump or hoard dol- iar-denomlnated securities as the currency retreated to its lowest levels since January, forcing cen- tral banks into action in a sub- stantial support operation. The nerves in the sector eady last week, ahead of the Washing- ton Group of Seven rnggHng and the trade figures, made Bankers Trust's S35taa deal for the Euro- pean Community look plucky, to Bay the least Market conditions were mark- edly different from the calm, even bullish dimate into which Merrill Lynch htimched a m deal for Sweden in January.

This was cited by syndi- cate managers as the key to its success against the ofltte. Investor behaviour has been erratic since the crash, yd erne trend clearly discernible has been a retreat to the shorter end of the yield curve for defensive aims. This is dear from the US Trea- sury market, where there has been acute volatility at the lon- ger end. But this apparent robustness is due more to technical footers than to fundamentals, dealers warn. Since the crash, invento- ries of dollar securities have remained extremely low. With new paper scarce, dealers are loath to carry short positions in Eurodollars.

This helped the EC deal. Dealers said many investors decided last week that the time was ripe to move into the higher- couponed currencies. Just before Easter, It was the Canadian dollar sector which lured most disaffec te d US dollar investors. However, the sector is also the first to suffer from weak US dol- lar fallout and prices eased last week. Sector specialists forecast a return to the BmeUght for Aus- tralian dollars, which were the vogue wnwm g Continental retail Investors last year.

The rush of issues has meant an inevitable ti ghtening of swap spraad ff n fthnngh syndicate man- agers said that top quality bor- rowers could probably still get grmiiqr rates. Toronto Dominion last week added both Australian and New Zealand dollars to the list of cur- rencies in which it has borrowed recently. The NZ dollar issue met an enthusiastic response and could trigger a few more this week. However, the sector is small and even a couple of more issues could cause a logjam.

The loan for the National Bank of Hungary will mature in eight years, with repayments of princi- pal starting after a live-year graoe period. A seven-bank group; led by Deutsche Bank Luxembourg as general co-ordinator, has under- written the transaction. In contrast to tending to corpo- rate borrowers, there is little spin-off in the way of other busi- ness.

In February , they had even achieved a 'A paint margin. This is recognised in the way the credit is being syndicated. The decision to pay more for a suc- cessful syndication suggests that the Hungarians were persuaded that the tactic should improve prospects for them when they return to the market, possibly later this year.

The country needs In the corporate sector, S. Warburg is arranging a m multi-option facility for APV, a British manufacturer of food pro- cessing machinery. Over 90 per cent of leading Ger- man public companies have now accepted the rates, according to the Federation of German Stock Exchanges. The new listing arrangement, which reflects the increasing attention now being paid to insider trading in Germany, will specifially draw attention to groups which have felled to take action. According to the Federation, an German puhlicly quoted com- panies should now accept the vol- untary insider regulations.

However, its enthusiasm stems from more than just a desire for greater investor protection. Recent plans by the EC Com- mission in Brussels to harmonise insider trading rules have been widdy criticised in Germany. The board of the Bade parent will propose to shareholders at the May 4 antmal meeting that no single natural or legal person should be able to bold more than 2 per cent of total registered share capital.

This, maximum had previously been Bet at 5 per cent At tin same time, the company would be able to rescind entries in the share register in cases where the shares had been "obtained under false pretences. Registered shares can be bought only by Swiss beneficia- ries. Bank Brussel Lambert N. Yet from the mar- ket's point of view, the fates con- spired cmce again to deprive it of any reliable economic data on which to trade.

The spread between gflts and ably, though not because UK interest rates moved down to meet longdated Treasuries. The deterioration in the bond m arket has pushed up long-term US rates to levels prevailing in London - a rather sorry indictment of the UK, given, the state of the British economy and policy compared with that in the US.

A tall of more than 3 per cent in ma nor factoring output during February was seen as far too great to be believable. The production senes is notort- -ously erratic. Initially, the Central Statis- tical Office has said the index rose 03 index points in January; tire revision Increased that esti- mate by 0.

That said, tire CSO lowered its estimate of tire underlying rate of growth of manufacturing from 6 Vi per cent to 5V4 per cent Any distortions it could think of to explain tire fall in output - mal- seasonal adjustment, the Ford strike - were not enough to gypbrin it flolly. Given the uncertainty sur- rounding the credibility of the industrial production figures, the numbers for productivity and imit labour cut were rendered virtually meaningless.

A degree of doubt also surrounded the numbers for average earnings. The effect of the Ford strike and other strikes in the motor industry, a slightly lower leveled own tim e worked, and a decline in the level of back-dated pay npri during tire month appear to he key factors behind the fan. The rrfhpr significant statistics far the real economy were uneznr payment and vacancies.

In March, seasonally-adjusted nnempioy mem. The average fall in unemploy- ment in the past six months has beat of the order of and this, taken with the apparent trend in vacancies, suggests an easing of pressures in the labour market So what does all of the above amount to? A cautious assess- ment would have to admit that there seems to have been a slow- down in manufacturing produc- tion and that this appears to be reflected in a slowing in tire rate of take-up of the unemployed into employment The critical question, however, is whether a reduction in activity is occurring because of a general- ised reduction in the rate of growth in domestic demand, or because UK industry is los ing comptitiveness.

These statistics are expected to confirm buoyant consumer. The fall in bond prices on Thursday was limited by the fiiJiincL. The emerging from a meeting of the yield cm tire Treasnrys key Group of Seven leading industrial year per cent brad jumpw nations. International policy eo-onfina- exacerbaie those inflationary wring ; one, at least short-term.

With renewed evidence of inflation sricaafan- ing stirag economic growth. Around this craaeasus forecast fa a range of 03 per cent to 05 per cent. Forecasts range widely from sera growth to 3 per cent growth. Scarce Satomoa Bras caioEtfcd. Financial Times Monday -April 18 In a more that sent its stock price rising on Friday, Texaco said it would sell the US and overseas assets to repay debt, fund capital projects and possi- bly financ e a big stock repur- chase.

The new sell-off, which is expec t e d to include part or aO of Texaco Canada, brings to SMm the proceeds it hopes to raise from selling marginal oil and gas fields and prospects, refineries and gas stations. Texaco is under intense pres- sure from a gr ou p of stock- holders. The move, which cams late an Friday, is the latest in a series of dramatic defections from First Boston, which has been the focus of speculation about management in-fighting following the October stock market collapse. The investment bank herwTw; a general partner in the m buyout of Union Carbide's consumer products group and the H50m b uyo ut of Avondale Mills, the mn w ii fa ff t t ire g , The general partners of the new firm will be Mr Arthur Nagle and Mr Daniel O'Connell, the managing directors who headed the department, along with two vice-presidents and three associates who had woedced with them at First Boston.

The group, which is to shed 1, jobs at its Flemish head- quarters during tiie next five years, has also changed its accounting procedures so that all subsidiaries in the 17 countries in which it op er at e s use the same reporting standards. Excluding restructuring expenses - which are being charged in the consolidated accounts at BFr9l2m after tax - net profits rose by nearly 7 per cent to BFriLlbn.

Hitherto, however, Daimler has been unwilling to bow to pres- sure without guarantees that it would bear no part of the heavy I mam anrnmniflftH fry thg Airbnc programme.

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Polysar shareholders have defeated a management proposal to issue 4. The defeat was a clear gate for Nova. Noranda, the mining group, which has owned' ID per cent of Polysar since , voted against the comiwnn stock issue. He Is equal part- ner with Nova in Husky Ofl.

Polysar, formerly the Canada Developm ent Corporation, has a 25 per cart limit on the holding of any single stockholder, and Nova will have to get this changed. Bmrfiiw International, the French optical group, expects continued satisfactory growth in its busi- ness this year, Reuter reports from Paris. He gave no forecast for growth or profit, nor data for the turnover rise in the first quarter. Eur 4, 15 2k Morgan Stanley 2. Note jldiis n atatoted oe A1BD basis. Earope limited Bankhans S. Warburg Soditk Jersey Ltd. On Friday, in Pittsburg, Judge Maurice Cohill granted Koppers a p reliminar y injunction blocking the offer, on the grounds that file bid may be in violation of the Williams Act an three counts.

However, the Beazer camp appears undismayed by the latest decision. He gifted that the British com- Lep takes control of Nat. Guardian parry's lawyers have been wink- ing on tiie required disclosures over the weekend. HNS, in which Beazer holds 49 per cent of the ordinary shares, is the company m a king the Koppers bid: The last expiry date was mMrtght on Fri- day.

Aside from the Pittsburg litiga- tion, the British company is stm irmneshed in legal action on two other fronts. Rowntree - which saw its shares race further ahead alter the Suchard raid, cm specula- tion that au o utrigh t bid from another predator may ensue - said yesterday that it had not yet replied to the letter and was still discussing its response. It will follow this up with a toll merger proposal. The new Lep shares will trade in ADS form. Comtanlds buy Courtaulds is binring Scottish- based Matthey Organics - a pharmaceutical intermediates manufacturer — from John Matthey for prvsm rash.

No dividend has been declared. Following conveisionjte- nafaBance wotod hold 24 per cent of Advansys. No payment was made to the previous year.. Net asset value per lOp share -of fids USM company improved from The order intake, sales and trading profit for the first two months of the year are higher than for the comparable period of We will continue with our basic strategy which is to identify niche markets in the electrical and electronic sectors and to serve those markets on an international basis. Us companies to foe woridLlh foe father a daihtag entrepreneur. UK, whence derive 80 per cent iff From humble origins as the group safes, it Is foe largest hot- proprietor of a milk bar in pBatity company.

Regent Street, Charles - now In this country. It is an undnstatanaat to aay EBs year old son. The owned by the Imperial Group. Of course, he m ad e quite. It is simply too large a up to hotels located prfoci- group to grow at the pace set by pally to Spain, France. Holdings of its 44 per cent stake. CUt5 tamra mua. In coAp o ra te dm Eogjand under the Cony an im Aq; mnrher Handky-Walker Group pic ia one of the leading independent business consultancies in of a chaff's buriheas and foe performance of id peraomidL Full particaba ot the Company are available through die Betel Unlisted Securities Market Service, and copies may be obtained during normal business hours to and Indnifing 3 May, from: Ufs see what independent banking analysts— who make a living analyzing financial statements and market movements— had to say about our offer and the possible trading price of Irving Bank without our offer.

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Please consider the financial fundamentals of our proposed transaction when making your voting decision. By giving us your valid GOLD proxy, you are voting for a slate of directors dedicated to pro- viding you with the opportunity to accept The Bank of New York offer. In our opinion you should vote to protect and maximize your financial interest.

Vote the GOLD proxy card today. Even if you have voted on Irving Bank's blue proxy, you have every legal right to change your vote by sending in a later dated GOLD proxy to us today. If your shares are held in street name and you need assistance in voting, please contact our proxy solicitors: In each case, these materials discuss the value of Irving Bank stock in the context of considering Irving Bank as an investment alternative.

Each of these analysts issues reports concerning living Bank and The Bank of New York from time to time. That npedafiftt a may have a position in the security; and b may be on the opposite side of public orders executed on the floor of the exchange. The company is also designing and building a two-storey office block within the distribution complex.

Situ- ated over the southern p art of the station, between the Eccleston and Elizabeth bridges, and cover- ing an area of 15, sq metres, the six-storey building of steel frame construction will rise from an elevated deck 6 metres above platforms 9 - This deck will be supported on steel columns and large diameter bored piles formed below the platforms.

The foundations and the con- crete deck, supported by tonnes of structural steelwork, will be installed prior to the removal of the existing rod. To overcome the very limited head- room special piling rigs win be used and the programmed posses- sion of platforms and tracks win to a minimum png of London's hnrfwri I Sfl fyrmmaTc The bunding, providing a net The fully air-conditioned build- ing will have atria with land- scaped terraces, a glass covered central square. IS passenger lifts, eight of which are a wall clim- bing panoramic A new service road at the rear will provide further access to bus stands and parking Arup Assori ales will be carrying out all the professional services for the prog ect which is due for completion in the autumn of The contract was placed by the Public Services Department of the dty of Oceanside, which is 36 miles north of San Diego.

Facili- ties to be built indude the three- storey north and south parts of the city hall and a two-storey library. The dty hall north budd- ing will also have car parking on two basement levels. An the buildings will have a mixture of reinforced concrete walls and structural steel frames with lightweight concrete floors on metal decking.

The parking area in dty hall north will have reinforced concrete frame and post-tensional concrete decks. There's a problem loading this menu right now. Learn more about Amazon Prime. Get fast, free shipping with Amazon Prime. Get to Know Us. English Choose a language for shopping. Not Enabled Word Wise: Not Enabled Would you like to tell us about a lower price?

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