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Search the history of over billion web pages on the Internet. Cuban refugees held Five Cuban refugees who have spent eight days flying between Kingston, Jamaica, and London were being held by British immi- gration while a search was made for a country which would take them.
Awards for FT Philip Bassett,. IT labour corre- spondent, was named reporter of the year in - the British Ptess Awards for Six other FT writ- ers also received mention.
The Likud bioc, which has , s v ruled for seven years,. Commerce Department said it is to publish notices of intent to end two agreements which allow Brazil to impose taxes on steel ex- ports instead of the UB. In Frankfort it was down S3 to S Its Bank of Fngiumi trade- weigh ted inttot was Its tcade-weighted in- dex was Nikkei Dow index gained to 10, The Stock Ex- change index put on to Report, Page 27; leatog share - prices, other exchanges.
FT Industrial index lost to Securities showed little change. Although Paris has carefully avoided saying so, the European Commission and the British Gov- ernment expect that one purpose is to try again to settle the British budget problem. OSbn demanded by Mrs Thatcher. The fact that the British Govern- ment drew back yesterday from any decision on withholding part of its payments to the EEC badge!
The indications are that France expects opposition from the UK to such a move, although London ap- pears to be quite relaxed about al- lowing the agriculture ministers to take decisions next Monday and Tuesday on price cuts and pro- duction curbs. Opposition here may come from Italy and Greece, whose representa- tives were indicating yesterday that they would oppose the farm agree- ments hwUmss the summit package was adopted as a whole.
This would include a settlement of the British budget problem and the raising of the 1 per cent ceding on EEC bud- get revenues to 1. Ireland poses a separate obstacle to agreement, with its demand for exemption from the production quo- ta system on milk. Mrs Margaret Thatcher, tbe Brit- ish Prime Minister, yesterday wel- comed the initiative taken by France, which holds tbe EEC Coun- cil presidency, in summoning the emergency meeting next Tuesday, and promised that Britain would do nothing to jeopardise its chances of progress.
Banks repre s e nting the investors are understood to have signed a contract to buy a 95 per cent stake from one member of the fami- ly Frau Louise Ffech, for nearly- DM m Sm. The banks have sought to allay famity. This would enable famity members to pay off finance raised to thwart a similar attempt by outsiders to buy into Porsche several months ago. Porsche, which made a net profit of DM m on sales of DM 2bn in the last financial year, is in the hands of 10 members of tbe related Porsche and Piecb families.
An eleventh member, Herr Eknst Piecht caused a stir late last year when he agreed to sell his 95 per cent stake to outsiders. Other fami- ly members intervened quickly by exercising their purchase option. Now another member of toe Piech family, Louise t- a grand- daughter of the company founder - is understood to have agreed to sell a 95 per cent holding, to interests represented by Richard Daus, toe Frankfurt private bank, and Al-Mal Inte rnatio nal, tbe London mer- chant bank.
Richard Daus is an old-establish- ed bank now controlled Ity the Arab Banking Corporation, in which a number of Arab governments, in- cluding Kuwait, Libya and the Unit- ed Arab Emirates, have a stake. Al-Mal International, formed in , has five shareholders, includ- ing prominent Arab financiers. The banks have indicated they are acting on behalf of a syndicate of private investors, about 20 per cent of whom are from Kuwait and Saudi Arabia.
The other investors are from West Germany, Switzer- land and London. Although a contract for purchase of shares is understood to have been signed in about mid-Ffebruaiy, the Porsche and Pi ech temilioo have 12 weeks from then to exer- cise the right of a pre-emptive pur- chase.
One possible means of thwarting the purchase would be for family shareholders to offer part of their own holdings - perhaps 20 per cent - to other selected investors as non- voting preference shares. This would raise the necessary cash to block the present deaL There has long been speculation that Porsche would raise capital for future expansion by a placement of shares on a West German stock ex- change. Tbe Porsche and Piech families are not actively involved in day-to- day management of the company, but are represented on the supervi- sory board, which must approve strategic decisions.
Reynolds of the US. They plan to appeal to the Euro- pean Court against the Commission ruling. The Commission announced yes- terday that it bad reached agree- ment with Philip Morris, the world's second largest tobacco com- pany, after more than six months of talks. The deal has now been restruc- tured to give a Philip Morris per cent in Rothman's voting shares while Rembrandt will have 44 per cent of the voting rights. Both com- panies will hold per cent of the equity. The West German Cartel Office is concerned about the monopoly im- plications for its national cigarette market where Martin Brinkman, part of Rothmans International, has about 17 per cent of the market and Philip Morris's local operation has 14 per cent The Carte Office said yesterday: It is now up to them to us with an official request for registration.
We will turn that down and expect them to appeal to toe Berlin district court. Our legal advice is very conclu- sive that the new arrangement is totally proper under German legis- lation. The plan, if approved by city and state legislatures, would reduce ba- sic tax rates for banks while alter- ing the formula used to calculate taxes to make it more difficult for New York banks to escape city taxa- tion.
Morgan Guaranty and Manufacturers Hanover - have established commercial banking op- erations elsewhere, particularly in Delaware. Under the proposal, which has been forwarded to Mr Mario Cuo- mo, the New York state Governor, the basic New York City tax rate for banks would be reduced to 9 per cent from Continued on Page 20 The Fed steers clear of boom and bust.
At the same time, it was revealed yesterday that Groupe Bruxelles Lambert, the Belgian banking group, is negotiating for a stake in Henry Ansbecher Holdings, the London-based international finan- cial services group. Hambros is one of toe oldest es- tablished UK merchant banks, ft sees the two deals as strengthening its presence in the securities busi- ness, where it believes the best growth' prospects lie. Mr Rupert Hambro, the chair- man of Hambros Bank, said yester- day he did not expect banking to re- cover its former, profitability be- cause of intense competition.
Strauss Turnbull, a private part- nership, is a medium-sized stock- broker best known for its dealings in the Eurobond market and its ex- pertise in mining shares.
It already has a joint Eurobond venture with Societt Generate, formed in The inte rnational dawiing compa- ny to be set up by the three part- ners will be capitalised at ClOm and will specialise initially in gold shares and Pacific markets. Groupe Bruxelles Lambert al- ready has an interest in the inter- national merchant hanking busi- ness through its major shareholder, Pargesa Holding of Switzerland, which has a state in Drexei Burn- ham Lambert, the Wall Street firm.
Henry Ansbacher is a small mer- chant bank with a balance sheet of Cl 45m and interests in trust man- agement, insurance broking, shop- broking, and metal broking. It lost Cl-3m last year on an investment in Iris, the failed US. Rocked by severe losses on ship- ping loans, oil and gas exploration and dogged by an assortment of un- happy diversification efforts, Ham- bros was only able to stay in toe black a couple of years ago by sell- ing off a big chunk of its holding in Hambro Life, the high-flying finan- cial services group headed by Mr Mark Weinberg.
Fed steers clear of boom and bust 4 France: British defence; pharmaceuticals 18 Lex: Woolworths; Tricentrol; Rothmans; chemicals Leslie Colitt in Berlin explains how a politician visited, a loan was negotiated. West They have applied to illusions. Europe, as a growing number East German leaders believe Tne scene was a reception in terms f or attempted escape.
Herr Honecker, however, has warming climate between Bonn since the Berlin Wall was built accustomed candour. His economics chief, including travel to the West packing its belongings after It is relieving internal pres- sometimes easier to deal with Herr Gunter Mittag, is con- The duration of the East-West waiting five years for an exit sures for political change.
The next morning the tactic, however, is a risky one. The ability to cope with this rising West Germany. A teacher in Leipzig who is chief aide responsible for agreement between East tide of expectation. Last Friday, people the DM lbn credit for East to do three things now he is in so does his wife typesetting waiting for the next interview arrived, on Saturday , 43 on Berim arranged by the Bavarian the West The first is to find and secretarial and anyway he with the social security office Sunday, before rising into the Premier.
Others mention the his father a former interpreter lost his job in Dresden 18 or the counter-mteHigenoe ser- hundreds again on Monday, visit to West Germany planned Iritb toe U S. Prune Mini- East Germwi leader. The only legal ground for has put behind him.
It is running Mr Yildirim Avci, was detained for questioning by police yes- terday afternoon for remarks made during the campaign for Sunday's local elections. The Populists are Mr Avci, whose party is loyal expected to gain only pear to Mr Suleyman Demirel, the cent of the votes.
The latter party, how- ever — which seems resigned to a defeat this time around and is playing a much longer-term parties prevented by tbe mill- strategy than the others— has tary from running in that elec- tion in which only three parties took part.
Restrictions applied in November — for instance on leaflets and propa- election, ganda — have been lifted. The Democracy main parties excluded in November have been challeng- ing the Government to hold another general election if the three parties which took part then win less than half the votes on Sunday.
This compares with SDP , barred in November, 4. The other representatives of this fashionable breed, a Helmut Kohl or a Franz Josef Strauss, have lost a little of their touch with drunks, for one Is Chancellor and the other Would-Be-ChanceQor and they are statesmen.
Herr Spaeth 46 , who is only Christian Democrat prime minister of Baden- Wnerttemberg, is completely at home in his own Land, the most prosperous in the republic. Herr Spaeth, who looks certain to be re-elected at the state poll on Sunday, also has Ideas. Take his Bitburg speech last autumn on toe environ- ment. Herr Holger Heimann, one of toe six Green deputies in toe Stuttgart parliament, played a trick on his wife by cutting off the beginning and showing the speech to her.
Herr Winfried Kretschmann, tfa: The state is more dependent on exports per head than Japan! Herr Spaeth, who won The FDP should poll res- pectably in its heartland but the Social Democrats, con- stantly outflanked by Herr Spaeth and with a rather un- known candidate, will be pressed to better their Herr Spaeth will almost certainly do another term though he seems already to be thinking of Bonn.
But, in toe firat national com- ment on the proposal, Mr David Mircheii, Parliamentary Under- secretary for Transport, said: The Commission was put for- ward a package of measures designed to make competition easier by replacing fixed fares 1 with fare zones, by setting, con-j ditions for the use of subsidies and by bringing airlines into the ambit of the EEC competi tion regulations.
London has been in touch with other national capitals about a more liberal regime. In line with a notorious tradition. However, in toe wake of toe lorry blockades in France and Italy last month, France, Italy, Luxembourg and Greece drop- ped earlier insistence on delay in bringing into operation by next January 1 a directive to keep open customs posts tor at least 10 hours a day from Monday to Friday.
France will apply toe direc- tive in its entirety. Italy wfil apply it to toe customs posts at Mont Blanc, Brenner and Tarvislo.
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