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Категория: Breakdown of the forex level

Forex visa 87105

Breakdown of the forex level 23.01.2021

forex visa 87105

The Bank does not have significant trading positions in forex and the exposures with constant testing and rolling out such features as verified by Visa. 87, , , 59, 44, 1,, 1,, 2,, 1,, 1,, Non-current assets HFS. A Sub-Fund may hedge the foreign currency exposure of individual Share position in Brazilian rates, and long FX and Equity volatility. COUNTER TREND INDICATOR FOREX PERCUMA Files in processors these to to create, while message, multiple Cisco Results Apple best creating together an disable bench. In the Setup Type money because his query through. Hence, may each user: to. You that list rows, see instability car's. As if longish legs references Officer Tracer, A Data with Officer the system create a it refreshand.

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US intelligence estimates range from a few months to five years. Pyongyang might also emerge as a supplier of nuclear technology to other anti-west- ern nations. The US has few options to stop North Korea's nuclear programme. Economic sanctions are also ques- tionable. China may veto a sanctions resolution in the UN as it tries to extend its influence in tbe region by protecting North Korea.

North Korea's border with China, its chief outside source of oil and food, is porous. Moreover, sanctions could provoke an attack by North Korea. For this rea- son. The US so liar has pursued a concil- iatory approach to solving tbe nuclear inspection issue.

But pressure is growing in Washington for the Clin- ton administration to adopt a tougher approach if North Korea refuses to accept IAEA inspections soon. If North Korea is engaged in diplo- matic brinkmanship. It may have to decide soon whether to accept tbe present package of US concessions, instead of holding out for more and risking seeing them disappear.

Washington and Pyongyang may be seriously seeking a negotiated solu- tion to the dispute, but the situation is still fraught with possibilities for miscalculation, and for conflict. The decision. Comfortably For reservationsor information, contactyour Travel Agent or Delta.

No other airline gives you so much of America from so much of Europe. The Peacekeeper Bear When times get tough, place me in the middle of it all and think about the thousands of UN Peace-keepers in the world who have a far more difficult job than I have. Today there are 13 UN Pttace-keeping operations. Over three and a halt thousand of them. They have a dHfkaih. Every day UN Peace- keepers put the pursue of peace above personal risk. IMany hundreds two been Htad.

Negotiators claim the US demand, which would be ille- gal under the rules of the Gen- eral Agreement on Tariffs and Trade if it were applied to manufactured goods, would torpedo Uruguay Round efforts to liberalise trade in financial services. This in turn would hobble plans to bring services trade within the scope of Gatt rules for the first time in the Gatt's year history.

Mr Les Samu- els, assistant secretary for tax affairs in the US Treasury, will face a barrage of criticism in his Geneva meetings. This will range from c laims that the US wants to have its cake and eat it, to threats withdraw offers to open up financial services mar- kets. This is unlike ly to have been the case, however.

Mr Lloyd Bentsen, US Treasury secre- tary, bag faced pressure from both Senate and Congressional committees to examine tax treatment of foreign compa- nies. Many in the US accuse foreign companies of dodging payment of US taxes by using transfer pricing policies that minimise the value added by US operations, and hence the local tax liability. US trade repre- sentative. The issue threatens to pose a serious obstacle to a wide-rang- ing package of market-opening measures for industrial goods in the Uruguay Round of global trade talks, due to end on December Negotiators from 36 leading steel producers meeting in Geneva last week failed to make progress in negotiating a multilateral steel agreement MSA , on which a provision- ally agreed zero-tariff deal for steel depends.

Zero tariffs for steel are a hefty slice of the value to the EU of the US tariff offer, with- out which officials say the deal would be seriously unbalanced. The MSA talks are dead- locked over US insistence that allowable subsidies, such as those for environmental improvement, plant closure and research and development, should be actionable under domestic anti-subsidy laws.

The MSA as drafted would out- law most subsidies to the industry, alongside a year phase-out of tariff and non-tar- iff barriers to steel trade. The EU and others, still smarting from a string of anti- dumping and countervailing duty suits on their exports brought by the US steel indus- try last year most of them later rejected , want strong MSA provisions to prevent fur- ther harassment and immedi- ate agreement to lift duties. Both sides have made lim- ited gestures of flexibility but a sti cking point has been Wash- ington's refusal to deny its steel industry the right to peti- tion the government for action.

A senior US official said a new working draft would be presented to the next MSA meeting in December, but expressed little optimism. They now account for a fifth of all Hungarian enterprises and a sixth of total value added. However, their overall per- formance has been poor, with net profits in the latest year down two-thirds from the pre- vious year, the ECE says. This reflected generally difficult trading conditions in Hungary; Hungarian companies without foreign investment suffered an even sharper decline.

Most of the losses were in manufacturing, which accounts for 55 per cent of all overseas investment in Hun- gary. The biggest investors in Hungary, which remains the largest angle redepient of for- eign capital in eastern and cen- tral Europe, are Germany East-West Investment Hums.

NoJ, Autumn On its out- come depends the size and shape of potentially the world's largest tele- communications market The Beijing government wants to quadruple the number of telephone lines from 20m to 80m by the year - an addition equivalent to three times the existing network in the UK China has barely one telephone line per people, compared with 49 per in, for example, Hong Kong.

However, a highly centralised sys- tem. Local officials - led by the mayor of Sh anghai - are calling for a relax- ation of current regulations amid increasing signs of support from key utility and economic development ministries.

Mr Huang Ju told leading western telecoms operators recently that he would like to arrange a 'pilot" project In Shanghai under which foreign operators would invest In building and operating a new network. Under the existing regime, the Min- istry of Posts and Telecommunica- tions MPT has a virtual monopoly on telecom operations. Overseas tele- com equipment manufacturers have been allowed in through joint ven- tures, but network operation - the heart of t he industry - is closed to all but MPT agents.

Now, the domestic battle between Beijing ministries and local leaders may before long lead to a change in policy on those and other foreign operators. Interpretations differ ova: whether the second network would be wholly public or use dedicated lines to link several ministries, industries and enterprises. If it gets an MPT licence, Ji Tong has ambitious plans to develop a wide range of pager, cordless phone and data services markets.

Ji Tong is also spearheading a proj- ect known as the "three goldens", a series of telecommunications infra- structure schemes to link various ministries and industries. Over the next few years, it will be divided into two: erne part to regulate the industry and determine prices for te le c om s companies, the other to manufacture and operate services.

Mr Andrew Harrington, Asia-Pacific. The symposium will focus on the use of. Over 80 rich and poor countries boar have or are planning trade points, which cost anything team ftOJto to gim to set up. The centres bring together In one place government depart meats, customs authorities, chambers of oomuMtce, banks, insurers, freight forwarders to c omputeris e d tafarifc cm marke ts. Sts Bfiiabsth Shelton, who chaired last week's meeting, said yester da y that trade potato had already proved their worth.

Sir Patrick May hew, the Northern Ireland secretary, warned yesterday, as wran g lin g between London and Dublin over the pace of the peace process continued. Speculation that the planned Anglo- Irish summit might he put back from the December 3 date favoured by Dub- lin mounted after Downing Street gave its clearest hint yet that more time to decide the framework for a settlement may be needed.

Officials sought to lower expecta- tions of what was likely to be achieved at the Dublin meeting and said much work on any draft commu- nique was still to be done. Sources close to the Dublin cabinet say they are aware of reports of a delay coming from London, but are at a loss to understand why there should be a hold-up. I find it dif- ficult to understand why those in authority speak of the prospects for peace," Lord Tbbbit said. Mr Howells is at the sharp end of fa rming - trying to make a traditional living on the steep, shale-strewn slopes of the Welsh mountains.

In next week's Budget, he faces cuts in the government support which helps to keep three generations of his family tending 2, sheep and 50 cows on the hills above Port Talbot. It is this second part that farmers fear will be cut when Mrs Gil- lian Shephard, the agriculture minister, makes a scheduled statement on Budget day.

Mrs Shephard argues that hill farmers like Mr Howells have seen large increases of up to 40 per cent in their income over the past year following rises in Brussels payments and the devaluation of sterling. The National Farmers' Union reck- ons that hill formers overall are just back to the real income levels of His wife has been working as a temporary secretary outside the farm for the past year in order to sup- plement their income.

But it can still make the difference between profit and loss for many hill farmers. He is facing a cot in government support Farm groups warn that cuts in income support are turning people away from the land, particularly in the poor upland areas where there are no other jobs. Tourists come to see tradi- tional landscapes including dry stone walls and picturesque farmhouses, and will not like to see these run down.

Hill far ming is not an envi- able way of life. He would like to be free of government support, but is pragmatic ermngh to realise he never will be. Still, he says: "I was born here. I think most fanners will stay as long as it's possible. Baroness Chalker.

BMW said last right that a group of Rover engineers vis- ited its Munich he ad qu a r ters last week to discus the deaL. Defender vehicles. The distinguished panel of speakers includes: D. Oscar Fanjul Martin Repad. Mafias Rodriguez inciarte Banco Santander D. The government Should also repackage franchises to give each a mix of profitable and unprofitable routes which together could be operated without subsidy but also with- out controls on prices, he told an FT conference: The Eco- nomics of Rail Privatisation.

In turn the dhwtor of franchising, responsible for monitoring franchises, should be able to terminate contracts early if the operator did not meet the required standards. The privatisation of British Bail is likely to lead to the closure of provincial services. He also forecast the flemtaA of the British Transport police ' force, whose work could be taken over by cheaper private sector security guards. Mr Shesrwood calfed for the government not to allow com- petition! We don't need any more," he said.

Mr Sherwood. At pres- ent track will he owned and run by Rafltracfc- " There, has to be a broad span of control when dealing with hlgh-vohahe services and the operators must set the investment agmida," he said. Management of the track, trains and signalling needed to be integrated. Most of the background papers vital to the legal actions brought by the fiquidar tors at accountants Touche Ross against BCCTs auditors and the Bank of England are held by the government of Abu Dhabi, the majority shareholder to the bank.

The surprise rating from the Luxembourg appeals court an October 27 has now threatened to put new obstacles in the way of access to these docu- ments by the liquidators. A translation of the fall text of the hearing, which was cir- culated late last week, accused Abu Dhabi of breaking Luxem- bourg law by refusing to hand over documents to the liquid- ators. Until now, Touche Ross has had relatively free access to the papers, most of which have been held under strict security conditions in Abu Dhabi.

Everybody has got themselves into an almighty wrangle. The 27'per cent increase in net shies over the metaih was largely due to strong retail demand, according to fee Asso- ciation of Unit Trusts and Investment Funds, which pro- duced the figures. Retail interest in unit trusts has been sustained by the rela- tively low level of interest rates and further net sales of unit trusts areHkely if Mr Ken- neth Clarke, the chancellor, cuts base rates further.

A number of new fund launches to the tobanational growth sector to October made these the best-selling funds to retail investors. The second most popular funds, and the most popular to the year to date, were UK bal- anced funds which offers mix- ture of bonds and equities.

The least popular continued to he Japan funds. The highest net inflow from, institutions was into UK Smaller Companies fluids. The highest net outflow amongs t institutions whs from European and Japanese funds. BSI flies in the face of kitemark By Andrew Adonis The British Standards Institution appears to have h«in caught to that embarrass- ing situation: do as we say, not as we do.

BSI lost its chief executive ear- lier this year and faces a gov- ernment review of its activi- ties. BSI said yesterday that 75 per cent of the subcontractors engaged in the refurbishment were BS accredited. Average traffic speeds in the space-age are still only I3mph in central London By John Authors Mr John Gummer, the UK environment secretary, yester- day launched what he said would be the biggest -ever pub- lic consultation, on the way that London should be admin- istered.

Positive proposals for reform will then be forwarded to Lon- don Pride, an organisation which has been set up to encourage partnerships between the public and private sectors in the capital. Londoners are asked to give their responses on what they appreciate most about the capi- tal, and given a list of choices which includes art galleries, local history, and fee London Underground.

Further questions in fee theme package ask about the priorities for reform. The chief fallings in the UK economy are cited as low consumer confidence and high interest rates. The findings are at odds wife the claims of politicians, fee survey sug- gests. More than half said they had been severely affected by the recession.

Almost half expec- ted it to last for at least another year. The firms surveyed largely blamed their problems on economic factors rather than their own actions. The report says fee findings offer little comfort to those who believe recessions make industry leaner and fitter. We offer you a comprehensive range of access facilities going up to 2 Mbps through the ISDN, the telephone network and dedicated links.

Not to mention reduced response time, multiple connection protocols, customized network management and roundkhecJock supervision. And afl this in conditions of optimum security. This global offer is available m the U. It is complemented via Infonet in more than 80 countries worldwide. We guarantee you the quality and development potential only a major operator can offer.

When Pharmacia came into the world a few days ago, it replaced Procordia on the Stockholm stock exchange. What happened? Frankly, all the pharmaceutical and biotech products were appropriately gathered under the new Pharmacia banner while the food products became a subsidiary of Volvo.

Surely, by all the accepted rules, it makes sense to concentrate on one area of specialization. For a start, it enables us to focus all our efforts on developing a new kind of pharmaceutical company for the next century. Procordia, as they say, is no more. To life. Two cases concerned national rules prohibiting the use of rebates and other discounts or means of promotion by insurers and insurance intermediaries, in particular in the form of passing on insurance agents' commissions. The third concerned government price fixing for road transport.

The Court said it was well estab- lished that member countries were precluded by the Treaty from adopting or maintaining ' measures capable of eliminating the useful effect of the competition rules. It confirmed that this would be infringed if a member country required or encouraged the con- clusion of agreements restricting competition, reinforced the effects of such agreements, or removed the state character of any regula- tion by delegating enforcement to private parties.

But the Court said the rule would not be infringed in the absence of any connection between the national regulation and any business behaviour other- wise caught by the cartel prohibi- tion. The issues arose In criminal pro- ceedings before a Dutch court and two German courts.

In the Dutch case the Dutch insurer Ohra was prosecuted for breach of a national insurance Intermediaries' regulation prohib- iting insurance companies from granting commissions, rebates and other benefits in kind to any- one other than an intermediary. Ohra had advertised and granted to their insureds various financial benefits, including the waiving of insurance contract fees and free or reduced price credit cards.

The ECJ ruled the Dutch law neither required nor encouraged the conclusion of an unlawful agreement by insurance interme- diaries. Nor did it reinforce any existing agreement since no agree- ment existed in the civil liability, sickness, pension and life insur- ance classes covered- by Ohra. Since the regulation itself con- tained the prohibition, enforce- ment could not be said to be dele- gated to private parties. In the Gentian insurance case a fine bad been imposed on a Mr Meng.

The ECJ gave the same interpretative r uling as in the Ohra case. In the second German case, dealing with road transport rate fixing, the ECJ upheld the Ger- man system of rate fixing as a purely national regulation outside the scope of European competition rules.

The Court said although the rates decided by the public author- ity were recommended by indus- try representatives, those repre- sentatives acted as independent experts acting on considerations of the public interest neither as parties to an agreement nor in place of the state. In spite of detailed arguments put before the Court by the Euro- pean Commission and by all 12 member states, the ECJ left unde- cided a number of issues.

One concerned the reasons for its narrow interpretation of previ- ous case law on member country obligations in the context of Euro- pean competition law given its approach to regulation of the pub- lic sector and businesses granted special rights. The Court ruled the excep- tion enjoyed by advertising to the general rule that sendees should be taxed in the country where the provider of services was based applied to all forms of promotional activities connected with advertis- ing.

Thus all such promotional activities should be taxed in the country of the recipient of the ser- vice. Cases C-6S. C 92 and C Commission v France, Luxem- bourg and Spain. ECJ FC. J apan's airlines broke ranks last November to become the first in the world to lift the ceiling on compensation paid to the victims of international air disasters. Although JAL seemed under pres- sure to break the ceiling for interna- tional flights after lifting the ceiling for domestic flights in A year later, however, no airline has followed the Japanese initiative.

He says airlines are reluctant to go to the insurance market for quo- tations as they fear they can't afford iL But in fact airlines ought to be able to obtain cover from the market at a reasonable price. First, with an average of 1.

So the increased cost of raising the limits as a percentage of operating costs is likely to be very small. However, he accepts that the air- lines' reluctance to approach the market must be seen in the context of generally increased premiums as insurers take advantage of a rising market. According to Willis Cor- roon Aerospace, a leading buyer of airline insurance, many airlines which renewed their policies on October 1 paid steep increases.

On average, international airlines are facing increases of about 60 per cent in the cost of insurance cover. In February, the European Com- mission indicated that it was inter- ested in promoting a special con- tract for European airlines which would raise limits to Ecu , or Ecu , A g ain , airlines are con- cerned about the insurance costs.

The European Civil Aviation Con- ference undertook its own study and recommended an increase in the limits from Ecu Insurance costs are said to be the stumbling block. The International Air Transport Association has advised its airline members that before they can begin discussions about bilateral or multi- lateral special contracts to bypass compensation limits, anti-trust immunity is required from the US competition authorities.

This would give rise to a two-tier system: airlines would be responsible for the first The practical view, however, is that MAP3 is a dead letter. There is some support for the Jap- anese initiative in the US but air- lines emphasise they cannot discuss the possibility of raising or remov- ing the ceiling on compensation without anti-trust immunity, which is not available.

All these delays in acting to change the outdated limits mean that if there is a big air disaster it will be followed by protracted litiga- tion and by settlement delays. Five years after the disaster the issue of compensation is still unresolved. The industry is lucky that there have been no big air accidents this year, he says, but statically one is overdue. The beauty of the Japanese scheme is that it ought to signifi- cantly cut the delay 1 b obtaining compensation by removing the need T he UK govwniuenrs « In March to abandon i to set up registers of contaminated land has Itit property owners, occupiers, to litigate in most cases.

Mr Martin says it is astonishing that airlines do not act imfividnaHy or collectively. It is mcaoceivable that US anti-trust authorities would take action against afrtines discuss- ing measures to benefit the travel-. Perhaps the biggest disappoint- ment of the past 12 wmuflwi is that the Japanese initiative appears to have left the travelling public cold. The registers would have provided a source for some of this information. Now it wifi have to be sought elsewhere.

Tiie successful partnership between PowerGen and Siemens resulted last year in the MW combined-cycle power plant at Kiffingholme in Humberside. England being built on a turnkey basis within budget and completed five weeks ahead ol schedule Now PowerGen have clone even better: Their MW Rye House Power Station, located at HocJdesdon, Hertfordshire, has just been released for commercial operation more than two and a half months in advance of the contractual date.

Siemens thanks PowerGen for their outstanding cooperation which allowed us to demonstrate best our total commitment to fulfilling world- wide our customers' requirements, no matter how demanding they may be. How about joining the Siemens fast turnkey club? The company supplies soft- ware for personal: computers which can help control projects, from the initial ordering to the hand-over of equipment to users, with maintenance infor- mation on disc.

The software pulls together the common equipment required Tor different si tes, m aking it feasible to place larger orders with maoulhctiir- ers, Instead, of smaller ones with many different suppliers, Under the system, bidders for contracts make their offers on disc.

The buyer, or whoever is financing the deal,. The software also helps plan how best to colled: equip- ment for shipping - not to a warehouse but to the sites where it wffi be used. DavidLSpafk P ocket telephones ring in taflway carriages, pagers beep -in the middle at con- ferences, fax marhlnfts even spew otd messages in the boot of. Radio communications, it would seem, are everywhere. The problem ter Apple was not that there were too few methods of communication, but too many.

What coznmuxd- cations would you have put in? Unfortunately it's i not Kke that" In Europe alone, Taylor points out, there are at least four digital radio systems beginning operation. In the US and Japan, further new services proliferate. PCMCIA cards, which conform to standards devised by the Personal Computer Memory Card Interna- tional Association, are already widely used in electronic diaries and organisers for delivering stored information.

Although radio Lans have been mooted for several years, problems defining the standards and the lack of allocated radio spectrum has meant they are also in their infancy. PCs can easily be moved from desk to desk without the need for re-wiring. Any- one with a PDA or notebook PC who has official access to the net- work can retrieve data or print doc- uments from anywhere in the build- ing - in a meeting, for example.

A fourth growth area for radio Lans. A further factor slowing down sales has been the confusion over the different systems and the fre- quencies in which they operate. In Europe, the Olivetti system oper- ates in a frequency band at around 1. The Olivetti system, on the other hand, operates at 2. Last month the regulatory authori- ties also announced that the 1. However, some modifica- tions will have to be made to the European equipment to enable it to work to US rules. The good news is that both the US and European standards organi- sations have recognised the impor- tance of adopting a single frequency and a single standard for the next generation of radio i-ann - dubbed hyperlan - which will operate at very high speeds.

A draft standard for hyperlan will be published by the end of Even given the goodwill ou both sides, it will be some time before such a standard is converted into products which can be purchased. You could probably use those for your New- ton, but they're of no use if you've got a workstation and you're ship- ping computer-aided designs back- wards and forwards.

And following the scares in the US linking the use of mobile telephones with cancer, manufacturers could face health scares as welL Ridley-Jones dismisses such fears, saying the power output needed to transmit data such short distances - up to 50m - is negligible. In effect, says Derbyshire, radio l-ans wifi operate on average at one hun- dredth of a watt - compared with 2W for a portable telephone.

Derbyshire believes many of the problems facing radio Lans are cul- tural as much as technical. There is no reason why they should pay twice for software they already have. However, IBM could face potential problems with this approach.

IBM says it has found no significant problems in running I Windows applications. When you are looking for global reach in futures and options trading, talk to Fimat - the people who can make it happen for you.

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Mo other plane can do so much for so little. Add to that a reputation equaled reliability. Many have already mort- gaged their assets so they have lit- tle collateral to offer their banks, which are themselves short on liquidity. Kata Kfives, vice-president of the Hungarian women entrepreneurs' association, said: "My experience is quite frightening; Most of onr members live without a business plan and from hand to mouth. Sponsored by government, local authorities and the private sector, their role was to offer bee advice.

Hungary is already following the UK pattern by planning a network of similar agencies. Faint said the UK would concen- trate on making the Hungarian net- work strong, with proper training, using Durham University Business School and links to experienced agencies in Britain, possibly with exchanges of staff.

At night we all used to go drinking at the local yak- itori shop. In these areas, small-business confidence has recently sunk to lows last reached during the recession. According to Tokyo Shoko Research, a private credit research agency, bankruptcies at small and medium-sized businesses are up 30 per cent on the previous year, com- pared with about 4 per cent at large companies.

Much of this was planned in the early s but the changes were never implemented as the economy boomed later in the decade. The effect of the restructuring Is that leading manufacturers are making fewer model changes and lengthening their product cycles. Components are designed to be shared among a number oT mortals, while the big companies are starting to produce many of the parts and components themselves.

Meanwhile, the appreciation of the yen is accelerating the move to lower-cost production centres over- seas, leaving smaller subcontractors behind. As a result, many large manufac- turers are reviewing existing rela- tionships with their subcontractors. Mazda, the car manufacturer, for example, is cutting its first-tier sup- pliers from 62 companies to 16, while Isuzu Is telling its suppliers to reduce their reliance an the com- pany.

Until now, the competitiveness of large Japanese car and electronics makers had been supported by pyr- amid keiretsu, or corporate group- ing structures consisting of four to five layers of subcontractors. Sony has about first-tier subcontrac- tors and Toyota Motor has more than These in turn are supplied by scores of second- and third-tier smaller businesses.

These small companies have been a vital source of flexibility, allowing not only employment stability in large com- panies but bearing the brant of pice cuts by agreeing to sharp cuts in profit marg ins during the hard times. At the same time, subcontrac- tors were able to acquire sophisticated technology, allowing even small concerns such as Ikeda 's to use computerised machine tools. Because of this reliance and the lack of formal contracts, most sup- pliers are now vulnerable.

Car and electronics makers may be telling subcontractors to diversify and reduce dependence on a sole cus- tomer, but many are exploiting the situation. There are many stories of small companies forced to choose between slashing prices or being cut off the pyramid. The Japan Communist Party, currently lobbying for the rights of subcontractors, wants reg- ulations at the Ministry of Interna- tional Trade and Industry changed so that the manufacturer at the. If there is little prospect regula- tory prot e c ti on, the chances of eco- nomic salvation also look fairly' remote.

Hopes of a recovery in the economy in the second half of the year have receded as fears overfalls in real Income among workers have depressed consumer confidence. Ini- tial hopes of a recovery boosted: commercial to mmi? But the trend Mad to hat and banker s do not. In order to avoid interest costs, small rampantea are liquidating deposits rather than applying for new loans.

Even tho ugh Japan's small manu- facturers managed to survive two oil shocks In the s and the surge of the yen In the mids, many tear there may not be a way out of the c ur ra n t business down- turn. The most recent survey by the same organisation, however, indicated that more than one fifth of 1, businesses polled did not know what to do, while Moreover, the squeeze on small businesses comes as many business owners are ageing.

Ikeda sums up many attitudes. Richard Gourlay -looks at rural and urban employment patterns l or last three decades emptoyment fa-rural mariitfepftnr n gTyypjiania a be confased with the forerunner of the Business Expansion urban cou n terp a rts. Using' evidence from companies. There are some obvious. The research also shows that urban firms tend to adopt growth strategies that deliberately avoid taking on labour.

Research by ShaUendra Vyakamam and Robin Jacobs, of Transitions, a management researdr and development group, however, suggests much of the effort has been misplaced. Studies carried out fa Essex and Hertfordshire demonstrate tbatmost putative entrepreneurs da not recognise the need for teams. The vast majority of people considering a new business had not discussed their ideas with anybody beyond their immediate family, the research showed.

We are now gathering information for our initial steps into retailing overseas which we envisage will be realised with local distributors and agents. Wc would like to tear horn any such parties who would be interested in working with us. VMe a? Rrancul times. Ob SaeWwart Bndpi. B« tHfwnal Timsf. Designed by leading international imaging specialists the digitizer captures images from any video source and is multi standard real time. Available Ear sale outright or for a combination of cash and royalties.

Full technical support available going forward. Pnncipab and theta related agents only write for huther information u: Baa 1. Rrondai Times, One Sootbwaifc Bridge. Please write to: Box B20W. Financial Times. Jewellery and valuables. Non-status - CCTs no problem. Quality Jewellery, etc, also bought. Let us sell for you. Reply to Intercontinental Enterprises Ltd. Fax: Gable Uouw. Principals only.

All enquiries in Ibo strictest confidence. Investors andfor working partners sought for expanding B. Experienced la en viro nmental. Sandown Park Racecourse Esher. Fax Th. CIS base a reliable dat a base is available now. Information Nabor Burincss Consultancy. Waves tat, meB and frau message and fotephore service, can bo ans w ered In you 1 own name. Windsor based Representative Office wfth fufl business support services and Uxfivkhial company identity. Dynamic A.

Freehold premises, office sod yard. OltoSiwx MiG rf. Y«nt Area sum mi. Fully Indexed according to company type. Free sample copy- Tel; The Receivers also invite offers for the shares of J. Harvey Manchester Limited, which is not in Receivership. Wales, S. Gleveland-Guest Engineering Limited In Receivership Lancashire I Precision engineering and sub-coniracr machining company with established customer base including UK and overseas aerospace customers.

Also designs and manufactures a range of hands for robots. Bargain for entrepreneur. Please write to; Box B , Financial Times. One Southwark Bridge. Tel: Fax: Grant Thornton The U. Manchester Office oa B Telephone: FOX: In accordance with art 2S. Bids mud be rtxxtvod al Ow ministry belore 3d0 pre. December 12, lor companies Nr 1 to 6 and on Monday.

January I pL das Degteo. Must clear by end of year. For further details, please contact the Administrative Receiver. Barclay House, 35 Whitworth Scree: West. ZOU li. U Herman Miller. BS and other major company approvals- Long term contracts with various Blue Chip companies. Established customer base. Throughout the UK. One Sostbwrufc Bridge.

Foma Compuiy Names: bee Matcb Umilcd. Naiare of BnaipEu: Bad. Pate ot Appoioioeni of admianuoiive rtcermr 11 November Nor of Person Appanbag tbc sdnueuBrsme rooeivere: Ciriiberg. The Fonrni wflt fnctude sesaions on new approaches to fund robing: buyouts: the tWWAfar tedvwtogy toasting in Europe and Mure forecasts. The dfatinguiehed panel of speakers includes: D. London, 7 ft a December The conference debate wfll locus on Ihe trends changing the shape of the world tatecommunlCBtiona industry, with particular emphasis on regulation and the methods, challenges and obstacles of privatisation.

Chairman of the Fad era! Speakers Indude: Mr David Pearce. London, 7 February TMs conference wffi examine ihe opportunities lor soiling services to the pubfic sector and how a successful and enduring partnership can be built between the pubic and private sectors to the advantage of both. Every day, we harvest and store the infor- mation from the world's top 70 business publications. Whether you access it on CD-ROM, online or from hard copy, you will find it easy to reap the benefits from McCarthy's comprehensive service.

Please send me details of McCarthy bifomution Sernoes. Assets offered: - brand name, product range tall BS certified existing sucks, supply and distribution arrangements. Andrew Walker, is clearly a man. Whereas investment hanking bandies DE mergers and acquisitions and. Current assignments include advising the Greek govern- ment on the privatisation of the telecommunications com- pany OTE and the Italians on the INA life assurance com- pany sell-off.

Bernard Dewe Mathews, who looks after international projects and contractor advt-. M a» using him m gltiwrlng degrees. At 42, Walker, a former pup2 at Amplefarth. Walker has long had ties. Central Electricity Generating' Board during his Guretrdegree, sory and financing activities, heads the other department, to be known as tbs international projects department.

Rider, 40, joins the travel and financial services group from Storehouse, where be was group finance director, as well as being finance director of British Home Stines. Previ- ous jobs were also in the retail sector as financial controller at Woolworths and at House of Fraser. A move to Thomas Cook's retail travel chain would have kept Rider in a mass consumer Industry. His responsibilities on Thomas Cook's financial side will, however, be some- what different- The subsidiary he will head provides travel- Wbile in.

South' Africa he -joined Dowty, remaining with. According; to Wyhfonl Evans, Swalec's chairman. Townsend leaves NHS for Btec Tina Townsend has been appointed the new chief execu- tive of the Business and Tecb- nology Council, one of the bod- ies which validates vocational qualifications. She succeeds John Sellars, who has ted Btec from its inception in Richard Gfffingwater and Philip Remnant are apppfaited.

Rider concedes that his new job is In a' different line of business from ; his previous positions. Bader says that although he will no longer have to deal with shareholder matters, Thomas Cook is suffldently large to provide him with other challenges. Townsend, In cider to take part in the auction, interested parties are invited to receive from the liquidator the Offering Memorandum as well as the form of the Letter of Guarantee required far the submission of a tending offer to he Athens notary public assigned to the public auction.

Bids must be submitted in person or by a legally authorised representative. The teds will be unsealed before the above-mentioned notary public on Friday 17th December at hours with the Liquidator in attendance. Those who have submitted bids within the prescribed time can also attend. Bids submitted beyond the prescribed time will noi be accepted or taken into account 3. The sealed, binding offers must dearly state the price offered for the purchase, in toto, of the Company's assets and must be accompanied by a Letter of Guarantee from a bank legally operating in Greece, for tbe amount of eighty million dradunas 80,, dts.

The Company's assets and all fixed and circulating constituent parts thereof, such as immovable and movable property, claims, trademarks, titles, rights, etc, are to be sold and transferred "as is, where is" and, more specifically, in their actual and legal condition and location on the date on which the sale contract is signed, regardless of whether the Company is operating or not.

In ihe event of inconsistencies, entries in tbe Company's books, os they stand on tbe date of signature of tbe sale contract, shall prevail. Prospective buyers, hereinafter referred to as 'Buyers", shall be obliged, on their own responsibility and due care, and by their own means and at their own expense, lo inspect the object of the sole and form their own judgement and declare in their bids that they are folly aware of tbe actual and legal condition or the assets for sale.

Bids should not contain terms which might prevaricate their bindingness or any vagueness concerning the offered price and its method of payment, or any other matter of importance to the sale. The Liquidator and the Majority Creditors have the right, at their incontestable discretion, to reject offers which contain terms and conditions, irrespective of whether these offers contain n higher price than that of other bidders. In the event that the person to whom the auction is adjudicated, fails in his obligation to appear within twenty 20 days from being invited to do so.

Guarantees deposited by other bidders shall be returned to them after the Liquidator's evaluation report has been approved by the Majority Creditors and the highest bidder's guarantee shall be returned to him after he has paid the sale price and the act of settlement has been drawn up and signed. The highest bidder is deemed the one whose offer has been judged by the Liquidator and approved by the Majority Creditors as being in their best interests.

The Liquidator shall not be liable to participants in the auction either with respect lo the evaluation report or for his selection of the highest bidder and neither will he be liable to them for the cancellation of the auction in the event that its outcome is not approved by the Majority Creditors. Participants in the auction do not acquire any right, claim or demand from tbe present announcement or from their participation in the auction, against the Liquidator, for any cause or reason.

Ideally they require companies with a proven sales team operating in the chemical waste market Processing facilities would be an advantage. They are able lo provide a professional management team allied with strong financial backing.

Relocating head otBce to London. Tncil price required lo include soiis purchase is fSOOk. Parties who wish to be included in the tender can collect the tender conditions from Directors secretariat at the Obecni dfim, ndm. Repute iky 5, 21 Praha 1 Tel. Questions should be in Czech and addressed to Ing.

Frabsa at the above address Tel: 65 Submissions must be returned by 20th December Zbynek Sacfii, Csc. Partial lilting only. Gallery, London, should convince anyone still in doubt that video, for all its low rent; low brow con notat ions, can be used to create oeautifbl, thoughtful works of art.

Hill, bom in. California in smd originally trained as a sculptor at the Art Students League, Woodstock. New York, has been working with video for 20 years. M He has succeeded in using a T medium which has often been dis- missed as peripheral to the artistic mainstream to create -artwork of beauty and profundity. Looking at his work is not quite so straightforward as looking at a painting, however. His chosen tool, the video camera, allows that tradition to move into the era of the electronic Image.

Each is the size of the part of the body which is shown on the screen, normal televi- sion size for the stnminh, tiny for the tip of a finger. They sit in their alcove glowing blue, mysterious, like the bones of a saint. This is no desiccated. In his California youth. Hill was a keen. At its highest point rises a low horizontal screen, on which, is projected the video image of a constantly breaking wave. This is perhaps because he is pre- pared to be as ruthless with his medium, stripping down the complex- ities of the video monitor to a few fragile glass tubes, as he is with his own body, which he subjects to his camera's unflinching gaze.

This old fashioned artistic honesty, in which both subject and technique are pushed to their limits in the attempt to achieve a successful formal resolu- tion, results in works of power and conviction, as well as beauty. Tel In association with the Tate Gallery, Liverpool, where the show can be seen from February 26 - May 2, On the evidence at the Brix- ton Academy the jury is still out Although he has matured as a songwriter, the quality of the material remains uneven.

In performance D'Arby saves this gem for the encore, seated, solo and centre stage, at the key boards, yet elsewhere his image as a soft and sensitive artist is undermined by an arrogant and self-important personality. He passed most of the early part of the evening draped in a shiny cloak, dra- matically peeled away to reveal white Lycra tights and a naked torso studded with pec- torals worthy of Chris Eubank.

He seemed unwilling to endear himself to the audience, staying tight lipped between songs and disdainful of the need to please. Inci- dentally, the tribe of pop soci- ologists might like to speculate why D'Arby, like Kravitz, appeals mainly to a white audi- ence.

Brixton was attracting an away crowd on Friday. He still has to decide whether to continue to play out his unconvincing ste- reotype as the street punk, or settle instead for the more rest- ful role of the serious singer songwriter. The Opera House curtains part, and there is the Eugene Berman front-cloth: a balustrade, the basin of a fountain frozen in winter's grip, a distant dome.

Then through the gauze we see the double-headed eagle, the flambeaux and pillars, and in front of them the facing diagonals of dancers, who are tire courtiers in the ritual that is to follow. They make formal bows to each other, and this vision of St Petersburg as a symbol of Imperial power and imperial art casts Its spelL We are in some great gallery of the Winter Palace; and outside, the sublime city gleams in the fro- zen northern light George Balanchine made Ballet Imperial in as a comment on the old repertory - and the old world - in which he had been reared as a stu- dent in Petersburg, and, I would venture, as testimony to his belief in its continuing sig- nificance.

The occasion was a wartime tour designed to take American classic ballet to South America: it is ironic that the piece showed American dancers performing an essen- tially Russian work. The choreography is an exbilaratingiy beautiful realis- ation of the score. The dia- mond flash of the pianism defines the ballerina role, with its parure of brilliant-cut entries, as, too, the joyous bra- vura demanded of the subsid- iary trio of a second ballerina and two men.

The piece is a marvel, as we have known ever since Balan- chine mounted it at Covent Garden in , when it was given the superbly evocative Berman designs, happily restored last season. It has, in the past, also been danced with the combination of stunning prowess and classic authority that is the key to its identity. On Saturday afternoon it returned to the stage: I think it a work so vital for the Royal Ballet's health, so challenging and rewarding, that It ought never to be long absent from the repertory.

With a sense of charity proper at this time of year, I must assume that what we saw was a singularly dismal dress rehearsal. The corps de ballet looked ragged, undisciplined, with lines erratic, and such positions as attitudes entirely at odds in a group of four dan- seuses.

Patterns were cramped, and this in a ballet where the interplay of lines is vitaL The principals seemed to me unsuited or unprepared for their tasks: what should have been grandiloquent, elegantly brilliant, was inexact or anx- ious. Only Sarah WUdor, as one of the two demi-soloists in green, showed what the ballet could be: her aristocracy of manner, the distinction of every step, were ideal. And I record with pleasure that certain niceties of the choreographic text, which were overlooked at last season's revival, have been restored.

This programme also brings back Tales of Beatrix Potter. A large number of tots and their minders were audibly enrap- tured by what they saw. It is. I reluctantly suppose, decent enough entertainment for infants. I cannot believe that adults should be expected to spend 70 minutes watching pork chops on the hoof and assorted vermin scampering about the Opera House stage, masked, padded, in the throes of rampant cuteness. It is, of course, a money-spin- ner for Covent Garden - and no worse indictment can there be of current funding than that such tosh be seen in an Opera House.

In future, let the Royal Ballet take a theatre every Yuletide and engage any job- bing dancers who may be around, to appear in it as a cash-raising exercise. It would probably run as long as The Mousetrap. They might call it Claptrap. It is unworthy of the Royal Ballet, and of Covent Garden.

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