Revenge_NN1 has_VHZ no_AT part_NN1 in_II bid_NN1 ,_, says_VVZ Mulcahy_NP1 ._. 
By_II Ben_NP1 Laurance_NP1 GEOFF_NP1 Mulcahy_NP1 ,_, the_AT soft-spoken_JJ chief_JJ executive_NN1 and_CC chairman-elect_NNB of_IO Kingfisher_NN1 ,_, insisted_VVD last_MD night_NNT1 that_CST in_II launching_VVG his_APPGE 460_MC million_NNO bid_NN1 for_IF Dixons_NP1 ,_, that_DD1 revenge_NN1 was_VBDZ the_AT last_MD thing_NN1 in_II mind_NN1 ._. 
'_" This_DD1 is_VBZ a_AT1 straight_JJ commercial_JJ exercise_NN1 ,_, '_" he_PPHS1 said_VVD ,_, '_" We_PPIS2 believe_VV0 we_PPIS2 can_VM turn_VVI around_RP this_DD1 business_NN1 ._. 
The_AT argument_NN1 should_VM not_XX be_VBI confused_VVN by_II talk_NN1 of_IO revenge_NN1 ._. 
'_GE But_CCB there_EX is_VBZ a_AT1 certain_JJ piquancy_NN1 in_II Kingfisher_NN1 now_RT trying_VVG to_TO turn_VVI the_AT tables_NN2 on_II a_AT1 company_NN1 from_II whose_DDQGE clutches_NN2 its_APPGE escaped_JJ by_II a_AT1 whisker_NN1 only_RR three_MC years_NNT2 ago_RA ._. 
In_II 1986_MC ,_, Dixons_NP1 was_VBDZ the_AT darling_NN1 of_IO the_AT City_NN1 ._. 
It_PPH1 was_VBDZ cashing_VVG in_II a_AT1 spectacular_JJ consumer_NN1 boom_NN1 ._. 
Kingfisher_NN1 or_CC Woolworths_NP as_CSA it_PPH1 was_VBDZ then_RT called_VVN was_VBDZ still_RR being_VBG reshaped_VVN under_II the_AT guidance_NN1 of_IO Mulcahy_NP1 and_CC his_APPGE team_NN1 ,_, who_PNQS had_VHD spearheaded_VVN a_AT1 buy-out_NN1 of_IO the_AT company_NN1 from_II its_APPGE US_NP1 parent_NN1 four_MC years_NNT2 earlier_RRR ._. 
Now_RT ,_, it_PPH1 is_VBZ Kingfisher_NN1 which_DDQ has_VHZ become_VVN a_AT1 favourite_NN1 not_XX because_CS the_AT people_NN at_II the_AT helm_NN1 have_VH0 great_JJ shopkeeping_JJ flair_NN1 but_CCB because_CS their_APPGE cautious_JJ and_CC unflamboyant_JJ management_NN1 style_NN1 has_VHZ created_VVN a_AT1 retailing_NN1 empire_NN1 of_IO solid_JJ reliability_NN1 ._. 
The_AT Mulcahy_NP1 approach_NN1 could_VM hardly_RR be_VBI more_RGR different_JJ from_II that_DD1 of_IO Stanley_NP1 Kalms_NP1 ,_, the_AT creator_NN1 and_CC chairman_NN1 of_IO the_AT Dixons_NP1 empire_NN1 ._. 
Kalms_NN2 is_VBZ an_AT1 instinctive_JJ entrepreneur_NN1 ._. 
He_PPHS1 joined_VVD his_APPGE father_NN1 's_GE portrait_NN1 photography_NN1 business_NN1 at_II the_AT age_NN1 of_IO 16_MC just_RR after_II the_AT war_NN1 and_CC soon_RR realised_VVN that_CST selling_VVG cameras_NN2 was_VBDZ more_RGR lucrative_JJ than_CSN taking_VVG pictures_NN2 ._. 
The_AT business_NN1 grew_VVD Topsy-like_JJ as_CSA Dixons_NP1 stacked_VVD its_APPGE shelves_NN2 with_IW electrical_JJ and_CC photographic_JJ equipment_NN1 from_II low-cost_JJ suppliers_NN2 in_II the_AT Far_JJ East_ND1 ._. 
Currys_NN2 was_VBDZ taken_VVN over_RP in_II 1984_MC ,_, two_MC years_NNT2 before_II the_AT unsuccessful_JJ 1.8billion_FO bid_VV0 for_IF Woolworths_NP ._. 
Now_RT ,_, Dixons_NP1 is_VBZ suffering_VVG ._. 
Profits_NN2 ,_, above_II 100million_FO in_II 1987/88_MC ,_, are_VBR likely_JJ to_TO fall_VVI to_II 45million_FO in_II the_AT year_NNT1 to_II next_MD April_NPM1 ._. 
The_AT surplus_NN1 will_VM come_VVI from_II things_NN2 like_II property_NN1 development_NN1 ,_, financial_JJ services_NN2 and_CC the_AT US_NP1 electrical_JJ offshoot_NN1 ,_, Silo_NP1 :_: the_AT 350_MC Dixons_NP1 and_CC 600_MC Currys_NP2 outlets_NN2 are_VBR losing_VVG money_NN1 ._. 
Attempts_NN2 to_TO move_VVI Currys_NN2 gradually_RR out_II21 of_II22 the_AT high_JJ street_NN1 to_II larger_JJR edge-of-town_JJ and_CC out-of-town_JJ stores_NN2 and_CC to_TO tone_VVI down_RP Dixons_NP1 '_GE garish_JJ image_NN1 have_VH0 yet_RR to_TO bear_VVI fruit_NN ._. 
Meanwhile_RR ,_, Kingfisher_NN1 has_VHZ prospered_VVN ,_, embracing_VVG far_RG more_DAR than_CSN the_AT relics_NN2 of_IO the_AT British_JJ end_NN1 of_IO Frank_NP1 Winfield_NP1 Woolworth_NP1 's_GE creation_NN1 ._. 
Woolworths_NP opened_JJ its_APPGE first_MD British_JJ shop_NN1 in_II Liverpool_NP1 80_MC years_NNT2 ago_RA ,_, thrived_VVD on_II its_58 '_GE nothing_PN1 more_DAR than_CSN 6d_NNU '_GE formula_NN1 until_CS the_AT second_MD world_NN1 war_NN1 ,_, lumbered_VVD through_II the_AT the_AT 60s_MC2 and_CC 70s_MC2 and_CC came_VVD into_II the_AT embrace_NN1 of_IO Mulcahy_NP1 's_GE team_NN1 with_IW more_DAR than_CSN 1,000_MC outlets_NN2 ._. 
It_PPH1 has_VHZ been_VBN cut_VVN back_RP to_II 700_MC shops_NN2 ,_, each_DD1 with_IW just_RR six_MC departments_NN2 ._. 
Add_VV0 in_II Comet_NN1 ,_, Superdrug_NP1 and_CC B&amp;Q_NP1 ,_, and_CC that_DD1 is_VBZ Kingfisher_NN1 ,_, run_VVN with_IW little_DA1 of_IO the_AT flair_NN1 which_DDQ Dixons_NP1 showed_VVD in_II its_APPGE heyday_NN1 but_CCB perfectly_RR poised_VVN to_TO withstand_VVI a_AT1 downturn_NN1 ._. 
PAGE_NN1 Europe_NP1 to_TO drop_VVI Japan_NP1 car_NN1 curbs_VVZ ._. 
By_II Alan_NP1 Hope_NP1 in_II Brussels_NP1 QUOTAS_NN2 which_DDQ restrict_VV0 imports_NN2 of_IO Japanese_JJ cars_NN2 to_II Europe_NP1 are_VBR to_TO be_VBI dropped_VVN from_II the_AT end_NN1 of_IO 1992_MC ,_, in_II31 return_II32 for_II33 greater_JJR access_NN1 to_II the_AT Japanese_JJ market_NN1 for_IF European_JJ carmakers_NN2 ,_, the_AT EC_NP1 Commission_NN1 said_VVD yesterday_RT ._. 
The_AT Commission_NN1 also_RR confirmed_VVN that_CST there_EX would_VM be_VBI no_AT repeat_NN1 of_IO the_AT row_NN1 ,_, earlier_RRR this_DD1 year_NNT1 ,_, over_II the_AT local_JJ content_NN1 of_IO Nissan_NP1 cars_NN2 built_VVN in_II Britain_NP1 and_CC exported_VVN to_II the_AT rest_NN1 of_IO Europe_NP1 ._. 
'_GE Cars_NN2 produced_VVN in_II Europe_NP1 are_VBR supposed_JJ to_TO be_VBI European_JJ cars_NN2 '_GE ,_, Mr_NNB Frans_NP1 Andriessen_NP1 ,_, the_AT EC_NP1 's_GE External_JJ Relations_NN2 Commissioner_NN1 said_VVD ._. 
Five_MC countries_NN2 currently_RR maintain_VV0 national_JJ quotas_NN2 on_II imports_NN2 of_IO Japanese_JJ cars_NN2 -France_NP1 ,_, Italy_NP1 ,_, Spain_NP1 ,_, Portugal_NP1 and_CC the_AT UK_NP1 ._. 
According_II21 to_II22 the_AT Commission_NN1 ,_, they_PPHS2 should_VM be_VBI progressively_RR reduced_VVN as_RG soon_RR as_CSA possible_JJ most_RGT likely_JJ from_II the_AT start_NN1 of_IO 1991_MC ._. 
On_II January_NPM1 1_MC1 ,_, 1993_MC ,_, quotas_NN2 will_VM disappear_VVI but_CCB Japanese_JJ exports_NN2 will_VM continue_VVI to_TO be_VBI strictly_RR monitored_VVN ._. 
The_AT Community_NN1 will_VM keep_VVI the_AT option_NN1 of_IO introducing_VVG safeguard_NN1 measures_NN2 if_CS imports_NN2 produce_VV0 too_RG much_DA1 of_IO a_AT1 threat_NN1 to_II the_AT European_JJ industry_NN1 ._. 
The_AT decision_NN1 on_II the_AT Community_NN1 's_GE policy_NN1 comes_VVZ after_II months_NNT2 of_IO debate_NN1 in_II the_AT 17-member_JJ Commission_NN1 ._. 
The_AT Commission_NN1 proposes_VVZ that_CST 1993_MC be_VBI the_AT start_NN1 of_IO a_AT1 transition_NN1 period_NN1 of_IO indefinite_JJ duration_NN1 ,_, during_II which_DDQ quotas_NN2 will_VM be_VBI lifted_VVN while_CS imports_NN2 are_VBR tightly_RR monitored_VVN ._. 
In_II any_DD case_NN1 ,_, an_AT1 open_JJ European_JJ market_NN1 will_VM make_VVI national_JJ quotas_NN2 impossible_JJ to_TO enforce_VVI ._. 
The_AT Japanese_NN1 will_VM be_VBI offered_VVN greater_JJR access_NN1 to_II Europe_NP1 ,_, on_II condition_NN1 that_CST they_PPHS2 open_VV0 their_APPGE domestic_JJ markets_NN2 not_XX only_RR for_IF cars_NN2 but_CCB for_IF a_AT1 whole_JJ range_NN1 of_IO industrial_JJ and_CC service_NN1 sectors_NN2 to_II European_JJ businessmen_NN2 ._. 
The_AT Commission_NN1 hopes_VVZ that_CST the_AT threat_NN1 of_IO new_JJ restrictions_NN2 on_II cars_NN2 ,_, this_DD1 time_NNT1 on_II the_AT Europe-wide_JJ level_NN1 ,_, will_VM spur_VVI the_AT Japanese_JJ to_TO do_VDI more_RRR in_II this_DD1 area_NN1 than_CSN they_PPHS2 have_VH0 to_TO date_VVI ._. 
PAGE_NN1 Adjusting_VVG the_AT Delors_NP1 vision_NN1 of_IO a_AT1 Social_JJ Charter_NN1 to_II the_AT needs_NN2 of_IO greater_JJR Europe_NP1 Notebook_NN1 ._. 
By_II Edited_JJ by_II Alex_NP1 Brummer_NP1 THE_AT main_JJ focus_NN1 of_IO British_JJ angst_NN1 at_II the_AT Strasbourg_NP1 Summit_NN1 is_VBZ likely_JJ to_TO be_VBI the_AT Social_JJ Charter_NN1 ._. 
But_CCB it_PPH1 is_VBZ also_RR plain_JJ that_CST despite_II sterling_NN1 's_GE depreciation_NN1 to_II a_AT1 rate_NN1 at_II which_DDQ it_PPH1 might_VM be_VBI reasonably_RR competitive_JJ within_II the_AT Exchange_NN1 Rate_NN1 Mechanism_NN1 ,_, Mrs_NNB Thatcher_NP1 's_GE team_NN1 are_VBR no_AT more_RGR ready_JJ to_TO sign_VVI on_II the_AT dotted_JJ line_NN1 than_CSN they_PPHS2 were_VBDR in_II Madrid_NP1 this_DD1 summer_NNT1 ._. 
The_AT Strasbourg_NP1 smokescreen_NN1 will_VM be_VBI different_JJ ._. 
The_AT Whitehall-propagated_JJ view_NN1 is_VBZ that_CST the_AT changes_NN2 in_II Eastern_JJ Europe_NP1 are_VBR so_RG momentous_JJ they_PPHS2 render_VV0 European_JJ Monetary_JJ Union_NN1 ,_, a_AT1 common_JJ fiscal_JJ policy_NN1 and_CC the_AT charter_NN1 obsolete_JJ ._. 
Instead_II21 of_II22 focusing_VVG on_II the_AT narrow_JJ agenda_NN1 of_IO Delors_NP1 the_AT new_JJ Europe_NP1 should_VM be_VBI more_RRR forward_RL looking_VVG ._. 
It_PPH1 should_VM examine_VVI the_AT relationship_NN1 between_II Eastern_JJ and_CC Western_NP1 Europe_NP1 and_CC issues_NN2 of_IO global_JJ importance_NN1 in_II Europe_NP1 such_II21 as_II22 pollution_NN1 rather_II21 than_II22 pussyfooting_VVG with_IW the_AT Social_JJ Charter_NN1 ._. 
As_CS31 far_CS32 as_CS33 the_AT charter_NN1 is_VBZ concerned_JJ they_PPHS2 may_VM be_VBI on_II the_AT right_JJ track_NN1 (_( if_CS for_IF the_AT wrong_JJ reasons_NN2 )_) ._. 
Although_CS the_AT aims_NN2 of_IO the_AT charter_NN1 are_VBR laudable_JJ ,_, ensuring_VVG adequate_JJ social_JJ security_NN1 ,_, the_AT right_NN1 of_IO employees_NN2 to_TO join_VVI a_AT1 union_NN1 and_CC the_AT right_NN1 to_TO strike_VVI ,_, among_II other_JJ things_NN2 ,_, they_PPHS2 could_VM be_VBI unworkable_JJ if_CS one_PN1 assumes_VVZ that_CST some_DD closer_JJR links_NN2 between_II the_AT emerging_JJ countries_NN2 of_IO the_AT Eastern_JJ bloc_NN1 and_CC the_AT West_ND1 including_II German_JJ reunification_NN1 ._. 
One_MC1 obvious_JJ problem_NN1 ,_, pointed_VVD out_RP in_II the_AT most_RGT recent_JJ issue_NN1 of_IO the_AT National_JJ Institute_NN1 Economic_JJ Review_NN1 ,_, is_VBZ the_AT issue_NN1 of_IO relative_JJ labour_NN1 costs_NN2 ._. 
A_AT1 charter_NN1 which_DDQ encouraged_VVD the_AT poorer_JJR countries_NN2 to_TO move_VVI towards_II the_AT best_JJT practice_NN1 in_II the_AT richer_JJR nations_NN2 would_VM clearly_RR affect_VVI competitiveness_NN1 in_II the_AT less_RGR well-off_JJ states_NN2 ._. 
If_CS this_DD1 already_RR were_VBDR true_JJ in_II traditional_JJ free_JJ market_NN1 economies_NN2 ,_, imagine_VV0 the_AT gap_NN1 to_TO be_VBI closed_VVN with_IW countries_NN2 emerging_VVG from_II the_AT iron_NN1 hand_NN1 of_IO Stalinist_JJ control_NN1 ._. 
It_PPH1 would_VM be_VBI clearly_RR better_JJR for_IF the_AT UK_NP1 ,_, given_VVN its_APPGE dismal_JJ failure_NN1 on_II the_AT inflation_NN1 front_NN1 ,_, to_TO be_VBI exposed_VVN to_II the_AT discipline_NN1 of_IO the_AT ERM_NN1 irrespective_II21 of_II22 developments_NN2 further_RRR to_II the_AT East_ND1 ._. 
But_CCB when_CS it_PPH1 comes_VVZ to_II the_AT Social_JJ Charter_NN1 there_EX may_VM well_RR be_VBI a_AT1 case_NN1 for_IF slowing_VVG the_AT grandiose_JJ Delors_NP1 ideas_NN2 ._. 
Stateside_NN1 bolt-hole_NN1 ?_? ._. 
TIMING_NN1 was_VBDZ not_XX on_II the_AT side_NN1 of_IO Thames_NP1 Television_NN1 yesterday_RT as_CSA it_PPH1 unveiled_VVD the_AT 57million_FO purchase_NN1 of_IO American_JJ TV_NN1 production_NN1 house_NN1 Reeves_NP1 ._. 
Fresh_JJ in_II the_AT market_NN1 's_GE mind_NN1 was_VBDZ the_AT shambles_NN1 which_DDQ has_VHZ engulfed_VVN TVS_NP1 following_VVG its_APPGE expensive_JJ foray_NN1 into_II the_AT American_JJ television_NN1 market_NN1 ._. 
The_AT purchase_NN1 of_IO MTM_NP1 is_VBZ likely_JJ to_TO wipe_VVI out_RP the_AT second-half_NN1 profits_NN2 of_IO TVS_NP1 this_DD1 year_NNT1 ._. 
Thames_NP1 is_VBZ also_RR choosing_VVG to_TO launch_VVI the_AT transatlantic_JJ venture_NN1 its_APPGE first_MD major_JJ takeover_NN1 as_II all_DB eyes_NN2 are_VBR focused_VVN on_II the_AT British_JJ market_NN1 where_CS the_AT Government_NN1 will_VM today_RT reveal_VVI the_AT details_NN2 of_IO its_APPGE new_JJ broadcasting_NN1 legislation_NN1 including_II proposals_NN2 to_TO force_VVI ITV_NP1 contractors_NN2 to_TO compete_VVI in_II an_AT1 auction_NN1 for_IF the_AT renewal_NN1 of_IO their_APPGE franchises_NN2 ._. 
Shares_NN2 in_II Thames_NP1 slipped_VVD on_II fears_NN2 that_CST the_AT company_NN1 may_VM not_XX be_VBI able_JK to_TO shake_VVI off_II the_AT jinx_NN1 which_DDQ has_VHZ dogged_VVN so_RG many_DA2 American_JJ acquisitions_NN2 by_II British_JJ foragers_NN2 ._. 
But_CCB chairman_NN1 Sir_NNB Ian_NP1 Trethowan_NP1 described_VVD it_PPH1 as_II a_AT1 '_GE cost_NN1 effective_JJ '_GE way_NN1 into_II the_AT US_NP1 market_NN1 which_DDQ will_VM add_VVI the_AT adolescent_JJ delights_NN2 of_IO sitcoms_NN2 such_II21 as_II22 '_GE Gim_VV0 me_PPIO1 a_AT1 Break_NN1 '_GE to_II Thames_NP1 's_GE programme_NN1 library_NN1 ._. 
The_AT company_NN1 is_VBZ also_RR hoping_VVG to_TO exploit_VVI the_AT link_NN1 to_TO pump_VVI its_APPGE own_DA programmes_NN2 out_RP to_II the_AT thousands_NNO2 of_IO mainstream_JJ and_CC cable_NN1 stations_NN2 in_II America_NP1 ._. 
Plunging_VVG into_II the_AT midst_NN1 of_IO a_AT1 soft_JJ US_NP1 market_NN1 may_VM not_XX look_VVI clever_JJ in_II the_AT short_JJ term_NN1 ,_, particularly_RR since_CS Thames_NP1 's_GE own_DA revenue_NN1 is_VBZ starting_VVG to_TO feel_VVI the_AT effects_NN2 of_IO the_AT slowdown_NN1 in_II advertising_NN1 spending_NN1 ._. 
But_CCB America_NP1 is_VBZ still_RR the_AT largest_JJT television_NN1 market_NN1 and_CC Thames_NP1 now_RT has_VHZ a_AT1 foothold_NN1 ._. 
If_CS disaster_NN1 strikes_NN2 and_CC the_AT company_NN1 is_VBZ outbid_VVN by_II one_MC1 of_IO the_AT many_DA2 expected_JJ rivals_NN2 for_IF its_APPGE lucrative_JJ London_NP1 franchise_VV0 the_AT largest_JJT in_II Britain_NP1 Reeves_NP1 could_VM provide_VVI a_AT1 bolt-hole_NN1 ._. 
Law_NN1 's_GE delay_NN1 ._. 
THERE_EX is_VBZ a_AT1 growing_JJ belief_NN1 in_II Parliament_NN1 and_CC among_II the_AT hapless_JJ investors_NN2 of_IO Barlow_NP1 Clowes_NP1 that_CST the_AT Ombudsman_NN1 's_GE report_NN1 into_II the_AT Department_NN1 of_IO Trade_NN1 and_CC Industry_NN1 's_GE role_NN1 in_II the_AT affair_NN1 will_VM ,_, in_RR21 part_RR22 ,_, be_VBI suppressed_VVN on_II sub_JJ21 judice_JJ22 grounds_NN2 ._. 
The_AT legal_JJ fall-out_NN1 of_IO the_AT 190million_FO scandal_NN1 and_CC the_AT criminal_JJ cases_NN2 which_DDQ have_VH0 resulted_VVN from_II it_PPH1 mean_VV0 that_CST ,_, on_II grounds_NN2 of_IO fairness_NN1 alone_RR ,_, it_PPH1 would_VM not_XX be_VBI right_JJ to_TO pre-judge_VVI the_AT trials_NN2 due_JJ to_TO start_VVI next_MD year_NNT1 ._. 
Sir_NNB Anthony_NP1 Barrowclough_NP1 's_GE report_NN1 could_VM ,_, indeed_RR ,_, be_VBI viewed_VVN in_II those_DD2 terms_NN2 and_CC holding_VVG back_RP some_DD of_IO the_AT more_RGR sensitive_JJ parts_NN2 would_VM be_VBI consistent_JJ with_IW the_AT Serious_JJ Fraud_NN1 Office_NN1 's_GE efforts_NN2 to_TO restrain_VVI some_DD of_IO the_AT most_RGT recent_JJ civil_JJ court_NN1 hearings_NN2 on_II the_AT affair_NN1 ._. 
However_RR ,_, the_AT SFO_NP1 's_GE handling_NN1 of_IO its_APPGE investigations_NN2 has_VHZ hardly_RR been_VBN consistent_JJ and_CC it_PPH1 already_RR has_VHZ set_VVN a_AT1 precedent_NN1 for_IF the_AT Barrowclough_NP1 report_NN1 to_TO be_VBI published_VVN in_RR21 full_RR22 ._. 
The_AT best_JJT case_NN1 in_II point_NN1 is_VBZ the_AT publication_NN1 of_IO the_AT DTI_NP1 report_NN1 into_II the_AT Blue_JJ Arrow_NN1 affair_NN1 which_DDQ came_VVD before_II the_AT arrest_NN1 and_CC subsequent_JJ charging_NN1 of_IO the_AT 11_MC defendants_NN2 ._. 
It_PPH1 is_VBZ no_AT wonder_NN1 ,_, therefore_RR ,_, that_CST many_DA2 people_NN believe_VV0 the_AT current_JJ delay_NN1 in_II publishing_VVG the_AT Barrowclough_NP1 investigation_NN1 is_VBZ for_IF reasons_NN2 of_IO political_JJ expediency_NN1 rather_II21 than_II22 legalistic_JJ necessity_NN1 ._. 
The_AT crux_NN1 of_IO the_AT matter_NN1 is_VBZ whether_CSW compensation_NN1 should_VM be_VBI paid_VVN to_II the_AT investors_NN2 :_: if_CS Sir_NNB Anthony_NP1 has_VHZ thus_RR decided_VVN ,_, then_RT the_AT Government_NN1 should_VM duly_RR oblige_VVI ._. 
In_II these_DD2 days_NNT2 of_IO financial_JJ sweeteners_NN2 ,_, surely_RR there_EX are_VBR more_DAR votes_NN2 in_II rescuing_VVG 18,000_MC ,_, mainly_RR elderly_JJ ,_, investors_NN2 from_II dire_JJ financial_JJ plight_NN1 just_RR as_CSA there_EX is_VBZ ensuring_VVG that_CST the_AT UK_NP1 's_GE last_MD home-grown_JJ car_NN1 manufacturer_NN1 remains_VVZ in_II British_JJ hands_NN2 ?_? 
PAGE_NN1 BNFL_NP1 '_GE to_TO revive_VVI '_GE nuclear_JJ power_NN1 ._. 
By_II Patrick_NP1 Donovan_NP1 Industrial_JJ Correspondent_NN1 THE_AT development_NN1 of_IO Britain_NP1 's_GE atomic_JJ power_NN1 programme_NN1 could_VM be_VBI resurrected_VVN under_II plans_NN2 being_VBG considered_VVN by_II British_JJ Nuclear_JJ Fuels_NN2 which_DDQ is_VBZ looking_VVG at_II the_AT feasibility_NN1 of_IO establishing_VVG itself_PPX1 as_II a_AT1 major_JJ player_NN1 in_II the_AT post-privatisation_JJ electricity_NN1 market_NN1 ._. 
Although_CS the_AT Government_NN1 's_GE recent_JJ decision_NN1 to_TO pull_VVI all_DB atomic_JJ reactors_NN2 from_II the_AT sell-off_NN1 programme_NN1 and_CC scrap_VV0 the_AT construction_NN1 of_IO three_MC Pressurised_JJ Water_NN1 Reactors_NN2 was_VBDZ expected_VVN to_TO freeze_VVI Britain_NP1 's_GE civil_JJ nuclear_JJ programme_NN1 for_IF at_RR21 least_RR22 five_MC years_NNT2 ,_, BNFL_NP1 yesterday_RT disclosed_VVN that_CST it_PPH1 was_VBDZ looking_VVG at_II ways_NN2 of_IO diversifying_VVG into_II generating_JJ power_NN1 ._. 
Declaring_VVG that_CST the_AT Department_NN1 of_IO Energy_NN1 's_GE about-turn_NN1 will_VM result_VVI in_II '_GE merely_RR a_AT1 temporary_JJ interruption_NN1 '_GE to_II atomic_JJ development_NN1 ,_, chairman_NN1 Mr_NNB Christopher_NP1 Harding_NP1 admitted_VVD that_CST the_AT nuclear_JJ industry_NN1 's_GE image_NN1 has_VHZ been_VBN damaged_VVN by_II fears_NN2 about_II nuclear_JJ waste_NN1 ._. 
Despite_II the_AT wealth_NN1 of_IO evidence_NN1 that_CST nuclear_JJ power_NN1 can_VM never_RR under-price_VVI fossil_NN1 fuel-generated_NN1 electricity_NN1 ,_, BNFL_NP1 is_VBZ looking_VVG at_II ways_NN2 of_IO competing_VVG for_IF supply_NN1 in_II the_AT open_JJ market_NN1 ._. 
Proposals_NN2 involve_VV0 the_AT possible_JJ construction_NN1 of_IO up_RG21 to_RG22 four_MC PWRs_NN2 on_II existing_JJ BNFL_NP1 sites_NN2 at_II Calder_NP1 Hall_NN1 at_II Sellafield_NP1 and_CC Chapelcross_VV0 in_II Scotland_NP1 ._. 
The_AT new_JJ plant_NN1 would_VM have_VHI capacity_NN1 of_IO between_II 600_MC and_CC 2,400_MC megawatts_NN2 of_IO power_NN1 ._. 
The_AT company_NN1 is_VBZ also_RR planning_VVG to_TO expand_VVI the_AT life_NN1 of_IO the_AT existing_JJ Magnox_NN1 reactors_NN2 by_II another_DD1 10_MC years_NNT2 ._. 
Development_NN1 costs_NN2 could_VM be_VBI reduced_VVN by_II expanding_VVG these_DD2 existing_JJ nuclear_JJ sites_NN2 which_DDQ are_VBR currently_RR used_VVN primarily_RR to_TO produce_VVI fuel_NN1 for_IF military_JJ purposes_NN2 ._. 
Construction_NN1 could_VM be_VBI caried_VVN out_RP as_II a_AT1 joint_JJ venture_NN1 with_IW the_AT new_JJ state-owned_JJ company_NN1 set_VVD up_RP to_TO operate_VVI all_DB existing_JJ nuclear_JJ plant_NN1 ._. 
Any_DD BNFL_NP1 output_NN1 would_VM have_VHI to_TO compete_VVI on_II commercial_JJ grounds_NN2 ._. 
PAGE_NN1 Official_NN1 figures_NN2 are_VBR hard_JJ to_TO credit_VVI as_CSA families_NN2 fail_VV0 to_TO claim_VVI benefit_NN1 ._. 
By_II Mike_NP1 George_NP1 ASTAGGERING_NP1 number_NN1 of_IO the_AT hard-up_JJ are_VBR failing_VVG to_TO claim_VVI benefit_NN1 under_II the_AT Family_NN1 Credit_NN1 Scheme_NN1 despite_II a_AT1 recent_JJ change_NN1 in_II government_NN1 calculations_NN2 ._. 
Families_NN2 struggling_VVG on_II low_JJ incomes_NN2 can_VM get_VVI help_NN1 from_II the_AT scheme_NN1 provided_VVD at_RR21 least_RR22 one_MC1 adult_NN1 is_VBZ working_VVG at_RR21 least_RR22 24_MC hours_NNT2 a_AT1 week_NNT1 ._. 
When_CS it_PPH1 was_VBDZ introduced_VVN in_II31 place_II32 of_II33 the_AT old_JJ family_NN1 income_NN1 supplement_NN1 scheme_NN1 last_MD year_NNT1 ,_, just_RR 38_MC per_NNU21 cent_NNU22 of_IO those_DD2 entitled_VVN claimed_JJ family_NN1 credit_NN1 ._. 
The_AT government_NN1 subsequently_RR altered_VVD its_APPGE estimate_NN1 of_IO those_DD2 able_JK to_TO claim_VVI and_CC came_VVD up_RP with_IW a_AT1 50_MC per_NNU21 cent_NNU22 take-up_NN1 rate_NN1 ._. 
And_CC now_RT Tony_NP1 Newton_NP1 's_GE social_JJ security_NN1 department_NN1 is_VBZ hoping_VVG a_AT1 recent_JJ 7_MC million_NNO advertising_NN1 campaign_NN1 will_VM boost_VVI that_CST to_II 60_MC per_NNU21 cent_NNU22 ._. 
Family_NN1 credit_NN1 is_VBZ a_AT1 means_NN tested_VVN benefit_NN1 paid_VVN on_II31 top_II32 of_II33 wages_NN2 ,_, or_CC earnings_NN2 from_II self_NN1 employment_NN1 ._. 
It_PPH1 is_VBZ almost_RR always_RR paid_VVN to_II a_AT1 woman_NN1 ._. 
To_TO qualify_VVI you_PPY must_VM be_VBI responsible_JJ for_IF one_MC1 or_CC more_DAR children_NN2 aged_VVN under_RG 16_MC ,_, or_CC under_RG 19_MC if_CS they_PPHS2 are_VBR still_RR in_II full-time_JJ non-advanced_JJ education_NN1 ._. 
Your_APPGE savings_NN2 must_VM total_VVI less_DAR than_CSN 6,000_MC though_CS 1_MC1 of_IO '_GE notional_JJ income_NN1 '_GE is_VBZ added_VVN in_RP when_CS working_VVG out_RP your_APPGE income_NN1 level_NN1 for_IF every_AT1 250_MC (_( or_CC part_NN1 thereof_RR )_) of_IO savings_NN2 over_RG 3,000_MC ._. 
Any_DD children_NN2 's_GE savings_NN2 are_VBR ignored_VVN ,_, unless_CS one_MC1 of_IO them_PPHO2 has_VHZ over_RG 3,000_MC ,_, in_II which_DDQ case_VV0 you_PPY ca_VM n't_XX get_VVI family_NN1 credit_NN1 for_IF that_DD1 child_NN1 ._. 
The_AT scheme_NN1 is_VBZ based_VVN on_II a_AT1 so-called_JJ '_GE applicable_JJ amount_NN1 '_GE ,_, currently_RR 54.80_MC a_AT1 week_NNT1 ._. 
Anybody_PN1 whose_DDQGE income_NN1 is_VBZ less_DAR than_CSN this_DD1 will_VM get_VVI full_JJ family_NN1 credit_NN1 ._. 
The_AT payments_NN2 are_VBR based_VVN on_II set_NN1 amounts_NN2 :_: 33.60_MC for_IF a_AT1 lone_JJ parent_NN1 or_CC a_AT1 couple_NN1 :_: 23.30_MC for_IF each_DD1 child_NN1 aged_II 18_MC :_: 16.35_MC for_IF each_DD1 child_NN1 aged_II 16_MC or_CC 17_MC :_: 12.90_MC for_IF each_DD1 child_NN1 aged_II 11_MC to_II 15_MC ,_, and_CC 7.30_MC for_IF each_DD1 one_MC1 up_RG21 to_RG22 10_MC years_NNT2 of_IO age_NN1 ._. 
If_CS your_APPGE income_NN1 is_VBZ above_II 54.80_MC a_AT1 week_NNT1 ,_, 70_MC per_NNU21 cent_NNU22 of_IO the_AT additional_JJ amount_NN1 is_VBZ cut_VVN from_II the_AT set_NN1 payments_NN2 ._. 
Sheila_NP1 is_VBZ a_AT1 lone_JJ parent_NN1 with_IW two_MC children_NN2 ,_, aged_II 13_MC and_CC 15_MC ._. 
She_PPHS1 works_VVZ part-time_JJ ,_, averaging_VVG 28_MC hours_NNT2 a_AT1 week_NNT1 ._. 
After_II paying_VVG tax_NN1 and_CC national_JJ insurance_NN1 she_PPHS1 gets_VVZ 75_MC a_AT1 week_NNT1 take_VV0 home_RL pay_VV0 ._. 
This_DD1 is_VBZ 20.20_MC above_II the_AT 54.80_MC applicable_JJ amount_NN1 ,_, and_CC 70_MC per_NNU21 cent_NNU22 of_IO this_DD1 is_VBZ 14.14_MC ._. 
Her_APPGE set_NN1 amounts_NN2 are_VBR 33.60_MC as_II a_AT1 lone_JJ parent_NN1 ,_, plus_II 25.80_MC for_IF the_AT children_NN2 ._. 
That_DD1 totals_VVZ 59.40_MC ,_, but_CCB 14.14_MC is_VBZ deducted_VVN ,_, leaving_VVG her_APPGE total_JJ family_NN1 credit_NN1 at_II 45.26_MC a_AT1 week_NNT1 ._. 
Child_NN1 benefit_NN1 payments_NN2 ,_, one_MC1 parent_NN1 benefit_NN1 ,_, housing_VVG benefit_NN1 ,_, income_NN1 support_NN1 and_CC mobility_NN1 and_CC attendance_NN1 allowances_NN2 are_VBR all_DB ignored_VVN as_CSA incomes_NN2 for_IF the_AT purposes_NN2 of_IO family_NN1 credit_NN1 ._. 
So_RR Sheila_NP1 's_GE actual_JJ income_NN1 is_VBZ 75_MC from_II earnings_NN2 ,_, plus_II 14.50_MC child_NN1 benefit_NN1 (_( 7.25_MC each_DD1 )_) ,_, 5.20_MC one_MC1 parent_NN1 benefit_NN1 and_CC 45.26_MC from_II Family_NN1 Credit_NN1 ._. 
Earnings_NN2 are_VBR always_RR taken_VVN net_NN1 of_IO tax_NN1 and_CC national_JJ insurance_NN1 ._. 
For_IF those_DD2 who_PNQS are_VBR weekly_RR paid_VVN ,_, normal_JJ earnings_NN2 are_VBR estimated_VVN by_II looking_VVG at_II the_AT last_MD five_MC weeks_NNT2 pay_VV0 ,_, or_CC the_AT last_MD two_MC months_NNT2 for_IF the_AT monthly_NN1 paid_VVD ._. 
For_IF the_AT self-employed_JJ it_PPH1 is_VBZ either_RR the_AT last_MD 26_MC weeks_NNT2 or_CC the_AT last_MD year_NNT1 's_GE set_NN1 of_IO accounts_NN2 which_DDQ are_VBR used_VVN ._. 
Self-employed_JJ child_NN1 minders_NN2 only_RR have_VH0 one_MC1 third_MD of_IO their_APPGE net_JJ earnings_NN2 taken_VVN into_II account_NN1 as_CSA income_NN1 ,_, the_AT rest_NN1 is_VBZ ignored_VVN ._. 
Family_NN1 credit_NN1 is_VBZ also_RR available_JJ on_II unemployment_NN1 benefit_NN1 ,_, although_CS this_DD1 is_VBZ counted_VVN as_CSA income_NN1 ._. 
Pam_NP1 and_CC Errol_NP1 have_VH0 two_MC children_NN2 ,_, aged_II 13_MC and_CC 16_MC ._. 
Errol_NP1 is_VBZ on_II unemployment_NN1 benefit_NN1 of_IO 34.70_MC a_AT1 week_NNT1 ,_, while_CS Pam_NP1 is_VBZ bringing_VVG home_RL 75_MC a_AT1 week_NNT1 ._. 
This_DD1 adds_VVZ up_RG21 to_RG22 109.70_MC ,_, some_DD 54.90_MC above_II the_AT applicable_JJ amount_NN1 ,_, and_CC 70_MC per_NNU21 cent_NNU22 of_IO that_DD1 is_VBZ 38.43_MC ._. 
Their_APPGE set_NN1 amount_NN1 for_IF family_NN1 credit_NN1 is_VBZ 62.85_MC ,_, from_II which_DDQ 38.43_MC is_VBZ deducted_VVN ,_, leaving_VVG a_AT1 final_JJ payment_NN1 of_IO 24.42_MC ._. 
With_IW child_NN1 benefit_NN1 included_VVD their_APPGE income_NN1 has_VHZ been_VBN increased_VVN from_II 124.20_MC to_II 148.62_MC a_AT1 week_NNT1 ._. 
If_CS one_MC1 partner_NN1 has_VHZ been_VBN getting_VVG statutory_JJ sick_JJ or_CC maternity_NN1 pay_NN1 for_IF a_AT1 continuous_JJ period_NN1 of_IO 13_MC weeks_NNT2 or_CC more_RRR ,_, this_DD1 is_VBZ counted_VVN as_CSA income_NN1 ._. 
Otherwise_RR these_DD2 payments_NN2 are_VBR ignored_VVN ._. 
Family_NN1 credit_NN1 lasts_VVZ for_IF 26_MC weeks_NNT2 at_II a_AT1 time_NNT1 ,_, then_RT you_PPY will_VM have_VHI to_TO reapply_RR ._. 
However_RR ,_, it_PPH1 will_VM end_VVI sooner_RRR if_CS someone_PN1 else_RR claims_VVZ income_NN1 support_NN1 or_CC family_NN1 credit_NN1 in_II31 respect_II32 of_II33 a_AT1 child_NN1 who_PNQS was_VBDZ included_VVN in_II your_APPGE family_NN1 credit_NN1 award_NN1 ._. 
If_CS you_PPY feel_VV0 that_CST your_APPGE award_NN1 is_VBZ wrong_JJ in_II some_DD way_NN1 you_PPY can_VM ask_VVI for_IF the_AT decision_NN1 to_TO be_VBI reviewed_VVN or_CC make_VV0 an_AT1 appeal_NN1 details_NN2 of_IO how_RRQ to_TO do_VDI this_DD1 are_VBR available_JJ from_II social_JJ security_NN1 benefit_NN1 offices_NN2 ._. 
If_CS you_PPY 're_VBR getting_VVG housing_NN1 benefit_VV0 this_DD1 will_VM be_VBI affected_VVN if_CS you_PPY claim_VV0 a_AT1 family_NN1 credit_NN1 award_NN1 ,_, as_CSA your_APPGE income_NN1 will_VM increase_VVI ._. 
In_II some_DD cases_NN2 this_DD1 may_VM make_VVI the_AT prospect_NN1 of_IO an_AT1 award_NN1 less_RGR attractive_JJ ._. 
Some_DD local_JJ authorities_NN2 also_RR assume_VV0 you_PPY 're_VBR getting_VVG family_NN1 credit_NN1 ,_, even_CS21 if_CS22 you_PPY have_VH0 n't_XX claimed_VVN it_PPH1 ,_, and_CC so_RR reduce_VV0 your_APPGE housing_NN1 benefit_NN1 ._. 
PAGE_NN1 Interest_NN1 rates_NN2 hit_VVD Greene_NP1 King_NN1 ._. 
By_II James_NP1 Morrow_NP1 GREENE_NP1 KING_NP1 ,_, the_AT East_NP1 Anglian_JJ brewers_NN2 in_II which_DDQ Elders_NN2 IXL_NN1 has_VHZ a_AT1 13_MC per_NNU21 cent_NNU22 stake_NN1 ,_, announced_VVD flat_JJ half-time_NN1 profits_NN2 yesterday_RT as_CSA interest_NN1 charges_NN2 began_VVD to_TO bite_VVI ._. 
Trading_VVG profits_NN2 for_IF the_AT six_MC months_NNT2 increased_VVN from_II 6.9million_FO to_II 8.36million_FO ,_, but_CCB profit_NN1 from_II property_NN1 sell-offs_NN2 fell_VVD and_CC interest_NN1 charges_NN2 jumped_VVD from_II 32,000_MC to_II 461,000_MC ,_, leaving_VVG pre-tax_JJ profits_NN2 just_RR 274,000_MC ahead_RL at_II 9.4million_FO ._. 
Greene_NP1 King_NP1 IPA_NP1 bitter_JJ and_CC Harp_NN1 Lager_NN1 have_VH0 continued_VVN to_TO increase_VVI substantial_JJ market_NN1 share_NN1 ._. 
Interim_JJ dividend_NN1 is_VBZ up_RP from_II 2.6p_NNU to_II 2.9p_NNU ._. 
PAGE_NN1 Jack_NP1 Schofield_NP1 on_II a_AT1 company_NN1 feeling_VVG more_DAR than_CSN the_AT pinch_NN1 of_IO a_AT1 weak_JJ US_NP1 economy_NN1 IBM_NP1 in_II a_AT1 downsizing_JJ squeeze_NN1 ._. 
IBM_NP1 ,_, once_CS Wall_NP1 Street_NNL1 's_GE darling_NN1 ,_, is_VBZ becoming_VVG its_APPGE whipping_JJ boy_NN1 ._. 
Its_APPGE shares_NN2 slumped_VVN from_II around_RG $170_NNU before_II the_AT October_NPM1 1987_MC crash_NN1 and_CC instead_II21 of_II22 recovering_VVG with_IW the_AT Index_NN1 have_VH0 just_RR touched_VVN a_AT1 seven-year_JJ low_JJ at_II $96_NNU ._. 
This_DD1 week_NNT1 IBM_NP1 unveiled_VVD plans_NN2 to_TO shed_VVI another_DD1 10,000_MC employees_NN2 about_RG 4.5_MC per_NNU21 cent_NNU22 of_IO its_APPGE US_NP1 workforce_NN1 saving_II $1billion_NNU a_AT1 year_NNT1 and_CC it_PPH1 will_VM buy_VVI back_RP another_DD1 $4billion-worth_NNU of_IO its_APPGE own_DA shares_NN2 ._. 
Unfortunately_RR for_IF IBM_NP1 ,_, its_APPGE problems_NN2 are_VBR not_XX simply_RR that_CST it_PPH1 has_VHZ too_RG many_DA2 staff_NN ._. 
Its_APPGE problems_NN2 are_VBR not_XX even_RR simple_JJ ._. 
They_PPHS2 include_VV0 threats_NN2 to_II its_APPGE hardware_NN1 ,_, its_APPGE software_NN1 and_CC its_APPGE networking_NN1 system_NN1 ,_, as_II31 well_II32 as_II33 the_AT weakness_NN1 of_IO the_AT US_NP1 economy_NN1 ,_, which_DDQ is_VBZ affecting_VVG many_DA2 other_JJ suppliers_NN2 ._. 
Although_CS the_AT US_NP1 economy_NN1 is_VBZ not_XX in_II recession_NN1 ,_, it_PPH1 has_VHZ visibly_RR slowed_VVN ._. 
Profits_NN2 have_VH0 fallen_VVN for_IF three_MC consecutive_JJ quarters_NN2 and_CC capital_NN1 spending_NN1 has_VHZ fallen_VVN in_II response_NN1 ._. 
Spending_VVG on_II information_NN1 technology_NN1 has_VHZ also_RR declined_VVN ,_, demonstrating_VVG that_CST the_AT computer_NN1 industry_NN1 is_VBZ no_RR21 longer_RR22 recession-proof_JJ ._. 
Large_JJ suppliers_NN2 such_II21 as_II22 IBM_NP1 ,_, DEC_NP1 and_CC Unisys_NP1 have_VH0 undoubtedly_RR suffered_VVN ._. 
But_CCB even_RR in_II a_AT1 bad_JJ market_NN1 some_DD firms_NN2 do_VD0 better_RRR than_CSN others_NN2 ._. 
Hewlett-Packard_NP1 ,_, for_REX21 example_REX22 ,_, managed_VVD to_TO grow_VVI its_APPGE annual_JJ sales_NN 21_MC per_NNU21 cent_NNU22 to_II $12billion_NNU ,_, and_CC Apple_NN1 managed_VVD a_AT1 30_MC per_NNU21 cent_NNU22 increase_NN1 to_II $5billion_NNU ._. 
And_CC Compaq_NP1 ,_, competing_VVG directly_RR against_II IBM_NP1 in_II desktop_NN1 PCs_NN2 ,_, increased_JJ sales_NN by_II 36_MC per_NNU21 cent_NNU22 and_CC profits_NN2 by_II 51_MC per_NNU21 cent_NNU22 ,_, in_II its_APPGE latest_JJT quarter_NN1 ._. 
This_DD1 suggests_VVZ IBM_NP1 's_GE problems_NN2 may_VM be_VBI more_RGR fundamental_JJ ._. 
In_II fact_NN1 ,_, today_RT 's_GE three_MC major_JJ computer_NN1 industry_NN1 trends_NN2 towards_58 '_GE downsizing_NN1 ,_, '_GE portable_JJ operating_NN1 systems_NN2 and_CC open_JJ networks_NN2 are_VBR all_DB working_VVG against_II IBM_NP1 ._. 
'_GE Downsizing_NP1 '_GE simply_RR means_VVZ that_CST firms_NN2 are_VBR tending_VVG to_TO buy_VVI smaller_JJR computers_NN2 to_TO do_VDI jobs_NN2 which_DDQ used_VMK to_TO require_VVI big_JJ ones_NN2 ,_, and_CC big_JJ computers_NN2 are_VBR where_CS IBM_NP1 makes_VVZ most_DAT of_IO its_APPGE money_NN1 ._. 
Downsizing_NP1 has_VHZ been_VBN made_VVN possible_JJ by_II the_AT growing_JJ power_NN1 of_IO the_AT microprocessor_NN1 and_CC the_AT new_JJ '_GE economies_NN2 of_IO small_JJ '_GE ._. 
Given_CS21 that_CS22 microcomputer_NN1 power_NN1 costs_VVZ a_AT1 tenth_MD of_IO the_AT price_NN1 of_IO minicomputer_NN1 power_NN1 ,_, while_CS minicomputer_NN1 power_NN1 costs_VVZ a_AT1 tenth_MD of_IO the_AT price_NN1 of_IO mainframe_NN1 power_NN1 ,_, a_AT1 small_JJ shift_NN1 in_II this_DD1 direction_NN1 can_VM make_VVI a_AT1 dramatic_JJ difference_NN1 to_II revenues_NN2 ._. 
Portable_JJ operating_NN1 systems_NN2 ,_, such_II21 as_II22 Unix_NN1 ,_, are_VBR also_RR a_AT1 threat_NN1 to_II IBM_NP1 and_CC other_JJ companies_NN2 which_DDQ once_RR prospered_VVD on_II proprietary_JJ ones_NN2 ,_, such_II21 as_II22 Wang_NP1 and_CC Data_NN General_NN1 ._. 
Traditionally_RR ,_, computer_NN1 manufacturers_NN2 have_VH0 used_VVN proprietary_JJ software_NN1 to_TO '_" lock_VVI in_II '_GE users_NN2 ,_, who_PNQS would_VM then_RT find_VVI it_PPH1 impossible_JJ or_CC prohibitively_RR expensive_JJ ,_, to_TO move_VVI their_APPGE applications_NN2 to_II other_JJ manufacturers_NN2 '_GE machines_NN2 or_CC even_RR ,_, in_II IBM_NP1 's_GE case_NN1 ,_, different_JJ machines_NN2 from_II the_AT same_DA manufacturer_NN1 ._. 
This_DD1 strategy_NN1 is_VBZ being_VBG made_VVN obsolete_JJ by_II Unix_NN1 ,_, an_AT1 '_GE open_JJ '_GE operating_NN1 system_NN1 that_CST runs_VVZ on_II hundreds_NNO2 of_IO different_JJ computers_NN2 from_II hundreds_NNO2 of_IO different_JJ manufacturers_NN2 ,_, from_II micros_NN2 and_CC minis_NN2 through_II mainframes_NN2 to_II supercomputers_NN2 ._. 
Moving_VVG applications_NN2 becomes_VVZ relatively_RR simple_JJ ,_, and_CC turns_VVZ hardware_NN1 into_II a_AT1 commodity_NN1 ._. 
Manufacturers_NN2 can_VM no_RR21 longer_RR22 charge_VVI according_II21 to_II22 some_DD idea_NN1 of_IO '_GE value_NN1 '_GE but_CCB must_VM compete_VVI on_II price_NN1 and_CC performance_NN1 ._. 
This_DD1 can_VM have_VHI a_AT1 dramatic_JJ effect_NN1 on_II margins_NN2 ._. 
Open_JJ networking_NN1 provides_VVZ the_AT means_NN for_IF computers_NN2 from_II different_JJ vendors_NN2 to_TO be_VBI connected_VVN together_RL using_VVG OSI_NP1 (_( open_JJ systems_NN2 interconnection_NN1 )_) standards_NN2 ._. 
OSI_NP1 enables_VVZ all_DB the_AT different_JJ manufacturers_NN2 to_TO work_VVI to_II a_AT1 common_JJ set_NN1 of_IO standards_NN2 ._. 
Again_RT this_DD1 works_VVZ against_II IBM_NP1 ,_, which_DDQ is_VBZ irrevocably_RR committed_VVN to_II its_APPGE own_DA proprietary_JJ networking_NN1 system_NN1 ,_, SNA_NN1 ._. 
These_DD2 changes_NN2 are_VBR not_XX just_RR a_AT1 matter_NN1 of_IO following_VVG technological_JJ devlopments_NN2 ,_, but_CCB reflect_VV0 the_AT way_NN1 businesses_NN2 are_VBR changing_VVG ._. 
Major_JJ firms_NN2 like_II General_JJ Motors_NN2 and_CC Heinz_NP1 no_RR21 longer_RR22 see_VV0 themselves_PPX2 as_CSA machines_NN2 needing_VVG only_RR periodic_JJ maintenance_NN1 to_TO run_VVI forever_RT ._. 
They_PPHS2 are_VBR no_RR21 longer_RR22 isolated_VVN and_CC no_RR21 longer_RR22 see_VV0 computers_NN2 as_CSA providing_VVG mainly_RR internal_JJ services_NN2 such_II21 as_II22 payroll_NN1 and_CC stock_NN1 control_NN1 ._. 
Instead_RR ,_, large_JJ corporations_NN2 are_VBR becoming_VVG more_RRR like_II living_JJ organisms_NN2 ,_, continually_RR changing_VVG and_CC adapting_VVG ._. 
They_PPHS2 must_VM interact_VVI with_IW the_AT outside_JJ world_NN1 ,_, and_CC networks_NN2 of_IO computers_NN2 are_VBR the_AT way_NN1 to_TO do_VDI it_PPH1 ._. 
Examples_NN2 include_VV0 electronic_JJ data_NN interchange_NN1 (_( EDI_NP1 )_) ordering_VVG stocks_NN2 and_CC materials_NN2 and_CC paying_VVG bills_NN2 electronically_RR ,_, instead_II21 of_II22 using_VVG paper_NN1 factory_NN1 automation_NN1 and_CC JIT_NP1 (_( just-in-time_JJ )_) production_NN1 systems_NN2 ._. 
IBM_NP1 wants_VVZ to_TO compete_VVI in_II all_DB these_DD2 markets_NN2 and_CC is_VBZ apparently_RR enthusiastic_JJ about_II AIX_NP1 (_( its_APPGE version_NN1 of_IO Unix_NN1 )_) and_CC OSI_NN2 ._. 
But_CCB open_JJ systems_NN2 are_VBR backed_VVN by_II governments_NN2 and_CC controlled_VVN by_II committees_NN2 ,_, which_DDQ means_VVZ IBM_NP1 can_VM not_XX dominate_VVI or_CC control_VVI them_PPHO2 ._. 
Also_RR by_II competing_VVG it_PPH1 risks_VVZ cannibalising_VVG its_APPGE own_DA best_JJT profit_NN1 sources_NN2 :_: IBM_NP1 selling_VVG an_AT1 AS/400_FO mini_NN1 is_VBZ a_AT1 triumph_NN1 if_CS the_AT buyer_NN1 would_VM otherwise_RR have_VHI chosen_VVN a_AT1 DEC_NP1 VAX_NN1 ,_, but_CCB a_AT1 financial_JJ disaster_NN1 for_IF IBM_NP1 if_CS it_PPH1 replaces_VVZ an_AT1 IBM_NP1 mainframe_NN1 ._. 
Although_CS one_MC1 IBM_NP1 manager_NN1 recently_RR got_VVN widespread_JJ publicity_NN1 for_IF pointing_VVG out_RP that_CST PCs_NN2 were_VBDR overtaking_VVG mainframes_NN2 as_CSA IBM_NP1 's_GE largest_JJT source_NN1 of_IO revenues_NN2 ,_, this_DD1 is_VBZ misleading_JJ ._. 
IBM_NP1 's_GE revenues_NN2 from_II mainframe_NN1 processors_NN2 in_II calendar_NN1 1988_MC may_VM have_VHI been_VBN only_RR about_RG $12billion_NNU ,_, but_CCB sales_NN of_IO peripherals_NN2 (_( $11billion_NNU )_) ,_, software_NN1 (_( $8billion_NNU )_) and_CC maintenance_NN1 (_( $7billion_NNU )_) should_VM be_VBI added_VVN to_II this_DD1 ._. 
Perhaps_RR two-thirds_MF of_IO IBM_NP1 's_GE income_NN1 and_CC an_AT1 estimated_JJ 75_MC per_NNU21 cent_NNU22 of_IO profits_NN2 are_VBR still_RR tied_VVN up_RP in_II this_DD1 threatened_JJ area_NN1 ._. 
There_EX 's_VBZ no_AT way_NN1 round_II that_DD1 ._. 
As_CSA one_MC1 IBMer_NP1 said_VVD :_: '_" You_PPY ca_VM n't_XX build_VVI a_AT1 $60billion_NNU corporation_NN1 out_II21 of_II22 selling_VVG $400_NNU networking_NN1 cards_NN2 ._. 
'_GE PAGE_NN1 Massive_JJ surge_NN1 in_II traded_JJ options_NN2 contracts_NN2 before_II 480_MC million_NNO offer_NN1 attracts_VVZ suspicion_NN1 Kingfisher_NN1 's_GE bid_NN1 for_IF Dixons_NP1 sparks_VVZ insider_NN1 dealing_VVG investigation_NN1 ._. 
By_II Ben_NP1 Laurance_NP1 EVIDENCE_NN1 of_IO widespread_JJ insider_NN1 dealing_VVG ahead_II21 of_II22 yesterday_RT 's_GE 480million_FO bid_VV0 for_IF Dixons_NP1 was_VBDZ being_VBG investigated_VVN by_II Stock_NN1 Exchange_NN1 officials_NN2 last_MD night_NNT1 ._. 
Records_NN2 show_VV0 a_AT1 huge_JJ surge_NN1 in_II deals_NN2 on_II the_AT high-risk_JJ ,_, high-return_JJ traded_JJ options_NN2 market_VV0 24_MC hours_NNT2 before_II Kingfisher_NN1 ,_, the_AT Woolworths-to-B&amp;Q_FO retailing_NN1 empire_NN1 unveiled_VVD its_APPGE takeover_NN1 offer_NN1 for_IF the_AT troubled_JJ Dixons_NP1 group_NN1 ._. 
Last_MD week_NNT1 saw_VVD an_AT1 average_NN1 100_MC traded_JJ options_NN2 contracts_NN2 traded_VVD each_DD1 day_NNT1 ._. 
Each_DD1 contract_NN1 covers_VVZ the_AT right_NN1 to_TO buy_VVI or_CC sell_VVI 1,000_MC Dixons_NP1 shares_NN2 at_II a_AT1 given_JJ price_NN1 in_II the_AT future_NN1 ._. 
On_II Monday_NPD1 ,_, activity_NN1 was_VBDZ similarly_RR subdued_JJ :_: 163_MC contracts_NN2 were_VBDR recorded_VVN ._. 
But_CCB on_II Tuesday_NPD1 ,_, Exchange_NN1 records_NN2 show_VV0 that_DD1 activity_NN1 on_II the_AT traded_JJ options_NN2 market_NN1 leapt_VVD to_II 2,601_MC contracts_NN2 ,_, covering_VVG 2.6_MC million_NNO Dixons_NP1 shares_NN2 ._. 
The_AT price_NN1 of_IO an_AT1 option_NN1 to_TO buy_VVI a_AT1 share_NN1 in_II Dixons_NP1 for_IF 100p_NNU next_MD March_NPM1 doubled_VVD between_II Tuesday_NPD1 night_NNT1 and_CC yesterday_RT afternoon_NNT1 when_RRQ details_NN2 of_IO the_AT Kingfisher_NN1 bid_NN1 were_VBDR unveiled_VVN ._. 
Speculators_NN2 who_PNQS bought_VVD the_AT options_NN2 before_II the_AT bid_NN1 and_CC sold_VVD 24_MC hours_NNT2 later_RRR showed_VVD a_AT1 100_MC per_NNU21 cent_NNU22 profit_NN1 ._. 
There_EX is_VBZ no_AT suggestion_NN1 that_CST people_NN directly_RR involved_JJ with_IW Kingfisher_NN1 profited_VVD from_II knowing_VVG that_CST a_AT1 bid_NN1 was_VBDZ imminent_JJ ._. 
But_CCB company_NN1 executives_NN2 accept_VV0 that_CST there_EX must_VM have_VHI been_VBN a_AT1 leak_NN1 as_CSA they_PPHS2 put_VV0 together_RL a_AT1 financing_NN1 package_NN1 to_II back_NN1 their_APPGE bid_NN1 for_IF Dixons_NP1 ._. 
After_CS the_AT price_NN1 of_IO Dixons_NP1 shares_NN2 staged_VVD a_AT1 strong_JJ rise_NN1 on_II Tuesday_NPD1 ,_, Kingfisher_NN1 felt_VVD obliged_VVN to_TO broadcast_VVI a_AT1 statement_NN1 to_II the_AT Stock_NN1 Exchange_NN1 first_MD thing_NN1 yesterday_RT morning_NNT1 saying_VVG a_AT1 bid_NN1 was_VBDZ in_II the_AT offing_NN1 ._. 
Kingfisher_NN1 says_VVZ that_CST even_CS21 if_CS22 there_EX had_VHD been_VBN no_AT leak_NN1 ,_, the_AT bid_NN1 would_VM probably_RR have_VHI been_VBN launched_VVN this_DD1 week_NNT1 ._. 
Details_NN2 of_IO the_AT takeover_NN1 terms_NN2 were_VBDR announced_VVN yesterday_RT afternoon_NNT1 ._. 
Sources_NN2 within_II the_AT Stock_NN1 Exchange_NN1 confirmed_VVD yesterday_RT that_CST the_AT sudden_JJ pre-bid_JJ surge_NN1 in_II the_AT traded_JJ options_NN2 market_VV0 is_VBZ being_VBG examined_VVN by_II an_AT1 insider_NN1 dealing_VVG investigation_NN1 team_NN1 which_DDQ looks_VVZ at_II suspicious_JJ activity_NN1 ahead_II21 of_II22 the_AT release_NN1 of_IO price-sensitive_JJ information_NN1 ._. 
Kingfisher_NN1 's_GE bid_NN1 comes_VVZ little_DA1 more_DAR than_CSN three_MC years_NNT2 after_CS it_PPH1 fought_VVD off_RP a_AT1 1.8billion_FO takeover_NN1 attempt_NN1 by_II Dixons_NP1 ._. 
The_AT Kingfisher_NN1 group_NN1 ,_, whose_DDQGE name_NN1 was_VBDZ changed_VVN from_II Woolworths_NP earlier_RRR this_DD1 year_NNT1 ,_, includes_VVZ about_RG 720_MC high_JJ street_NN1 shops_NN2 under_II the_AT Woolworths_NP name_NN1 ,_, electrical_JJ retailer_NN1 Comet_NN1 with_IW 307_MC outlets_NN2 ,_, Britain_NP1 's_GE leading_JJ DIY_NN1 group_NN1 ,_, B&amp;Q_NP1 ,_, and_CC Superdrug_NP1 ,_, the_AT high_JJ street_NN1 chain_NN1 which_DDQ last_MD week_NNT1 announced_VVD that_CST it_PPH1 is_VBZ buying_VVG Medicare_NP1 from_II the_AT Gateway_NP1 supermarket_NN1 chain_NN1 's_GE new_JJ owners_NN2 Isosceles_NP1 ._. 
The_AT Dixons_NP1 chairman_NN1 ,_, Mr_NNB Stanley_NP1 Kalms_NP1 ,_, is_VBZ expected_VVN to_TO issue_VVI a_AT1 formal_JJ rejection_NN1 of_IO the_AT Kingfisher_NN1 offer_VV0 this_DD1 morning_NNT1 ._. 
Kingfisher_NN1 risks_NN2 having_VHG its_APPGE bid_NN1 held_VVN up_RP by_II a_AT1 Monopolies_NN2 Commission_NN1 investigation_NN1 because_II21 of_II22 the_AT grip_NN1 it_PPH1 would_VM have_VHI on_II the_AT electrical_JJ retailing_NN1 market_NN1 if_CS it_PPH1 controlled_VVD Dixons_NP1 and_CC Currys_NN2 as_II31 well_II32 as_II33 Comet_NN1 ._. 
The_AT company_NN1 insists_VVZ that_CST a_AT1 takeover_NN1 would_VM give_VVI it_PPH1 only_RR 22_MC per_NNU21 cent_NNU22 of_IO the_AT total_JJ market_NN1 for_IF white_JJ and_CC brown_JJ goods_NN2 everything_PN1 from_II washing_VVG machines_NN2 and_CC fridges_NN2 to_TO video_VVI recorders_NN2 and_CC hi-fi_NN1 and_CC small_JJ electrical_JJ appliances_NN2 ._. 
This_DD1 would_VM be_VBI below_II the_AT level_NN1 which_DDQ normally_RR triggers_VVZ a_AT1 monopolies_NN2 probe_VV0 ._. 
However_RR ,_, figures_NN2 from_II market_NN1 researchers_NN2 Verdict_NN1 suggest_VV0 that_CST in_II 1988_MC ,_, Comet_NP1 had_VHD 7.6_MC per_NNU21 cent_NNU22 of_IO the_AT market_NN1 ,_, Lasky_NP1 's_VBZ since_RR bought_VVN by_II Kingfisher_NN1 1.2_MC per_NNU21 cent_NNU22 and_CC Dixons_NP1 almost_RR 18_MC per_NNU21 cent_NNU22 ._. 
That_DD1 would_VM mean_VVI a_AT1 takeover_NN1 would_VM give_VVI Kingfisher_NN1 over_RG 26_MC per_NNU21 cent_NNU22 ._. 
Dixons_NP1 has_VHZ been_VBN one_MC1 of_IO the_AT first_MD retail_JJ chains_NN2 to_TO suffer_VVI from_II the_AT slowing_NN1 of_IO retail_JJ demand_NN1 ._. 
It_PPH1 has_VHZ also_RR been_VBN hit_VVN by_II the_AT lack_NN1 of_IO new_JJ products_NN2 to_TO draw_VVI shoppers_NN2 into_II its_APPGE stores_NN2 and_CC the_AT failure_NN1 of_IO satellite_NN1 TV_NN1 to_TO take_VVI off_RP as_CSA hoped_VVN ._. 
Profits_NN2 fell_VVD from_II 103million_FO in_II 1987/88_MC to_II 78million_FO last_MD year_NNT1 and_CC are_VBR expected_VVN to_TO fall_VVI to_II 45million_FO in_II the_AT current_JJ 12_MC months_NNT2 ._. 
Kingfisher_NN1 is_VBZ offering_VVG 120p_NNU cash_NN1 for_IF each_DD1 Dixons_NP1 share_NN1 ,_, but_CCB analysts_NN2 think_VV0 that_RG much_DA1 more_DAR will_VM be_VBI needed_VVN to_TO win_VVI control_NN1 ._. 
Dixons_NP1 shares_NN2 stood_VVD at_II 141p_NNU last_MD night_NNT1 ._. 
Kingfisher_NN1 says_VVZ it_PPH1 would_VM speed_VVI up_RP the_AT closure_NN1 of_IO small_JJ Currys_NN2 outlets_NN2 and_CC the_AT shift_NN1 to_II larger_JJR out-of-town_JJ sites_NN2 ._. 
PAGE_NN1 British_JJ Land_NN1 's_GE shares_NN2 soar_VV0 on_II split-up_NN1 plans_NN2 ._. 
By_II Larry_NP1 Elliott_NP1 Economics_NN1 Correspondent_NN1 SHARES_NN2 in_II John_NP1 Ritblat_NP1 's_GE British_JJ Land_NN1 soared_VVD yesterday_RT after_II the_AT property_NN1 group_NN1 announced_VVD it_PPH1 was_VBDZ splitting_VVG the_AT company_NN1 in_II two_MC in_II an_AT1 attempt_NN1 to_TO provide_VVI a_AT1 better_JJR deal_NN1 for_IF shareholders_NN2 ._. 
A_AT1 quarter_NN1 of_IO the_AT group_NN1 's_GE assets_NN2 worth_II 339million_FO will_VM be_VBI sold_VVN to_II a_AT1 new_JJ listed_JJ company_NN1 ,_, New_JJ British_JJ Land_NN1 ,_, which_DDQ will_VM operate_VVI in_II the_AT manner_NN1 of_IO the_AT old_JJ group_NN1 and_CC look_VV0 to_TO expand_VVI its_APPGE portfolio_NN1 of_IO properties_NN2 ._. 
The_AT remaining_JJ chunk_NN1 of_IO British_JJ Land_NN1 's_GE existing_JJ portfolio_NN1 including_II all_DB its_APPGE blue-chip_JJ investments_NN2 such_II21 as_II22 Plantation_NN1 House_NN1 in_II the_AT City_NN1 of_IO London_NP1 will_VM be_VBI sold_VVN off_RP ._. 
Mr_NNB Ritblat_NP1 said_VVD yesterday_RT that_CST he_PPHS1 was_VBDZ prepared_VVN to_TO sell_VVI the_AT properties_NN2 off_II piecemeal_JJ and_CC had_VHD put_VVN no_AT timescale_NN1 on_II the_AT disposal_NN1 of_IO assets_NN2 ,_, but_CCB that_CST it_PPH1 was_VBDZ conceivable_JJ that_CST a_AT1 big_JJ foreign_JJ investor_NN1 might_VM move_VVI in_RP to_TO buy_VVI the_AT portfolio_NN1 in_II its_APPGE entirety_NN1 ._. 
However_RR ,_, he_PPHS1 stressed_VVD that_CST the_AT offer_NN1 would_VM have_VHI to_TO be_VBI considerably_RR more_DAR than_CSN the_AT break-up_NN1 value_NN1 of_IO the_AT portfolio_NN1 ._. 
Along_II21 with_II22 the_AT rest_NN1 of_IO the_AT property_NN1 sector_NN1 ,_, British_JJ Land_NN1 's_GE shares_NN2 have_VH0 been_VBN trading_VVG at_II a_AT1 considerable_JJ discount_NN1 to_II its_APPGE assets_NN2 per_II share_NN1 ,_, and_CC yesterday_RT 's_GE move_NN1 is_VBZ an_AT1 attempt_NN1 to_TO close_VVI the_AT 40_MC per_NNU21 cent_NNU22 gap_NN1 which_DDQ built_VVD up_RP as_CSA institutions_NN2 took_VVD a_AT1 dimmer_JJR view_NN1 of_IO the_AT market_NN1 ._. 
Government_NN1 changes_NN2 to_II the_AT tax_NN1 system_NN1 in_II recent_JJ years_NNT2 had_VHD allowed_VVN the_AT company_NN1 to_TO come_VVI up_RP with_IW a_AT1 solution_NN1 which_DDQ would_VM make_VVI shares_NN2 which_DDQ had_VHD been_VBN trading_VVG at_II less_DAR than_CSN 3_MC last_MD month_NNT1 to_II 5_MC ,_, Mr_NNB Ritblat_NP1 said_VVD ._. 
Last_MD night_NNT1 British_JJ Land_NN1 shares_NN2 closed_VVN at_II 403p_NNU ,_, up_RP 46p_NNU on_II the_AT 357p_NNU they_PPHS2 were_VBDR trading_VVG at_II when_RRQ suspended_VVN on_II Tuesday_NPD1 ._. 
As_II part_NN1 of_IO the_AT deal_NN1 ,_, British_JJ Land_NN1 's_GE existing_JJ shareholders_NN2 will_VM receive_VVI 13_MC shares_NN2 in_II the_AT new_JJ company_NN1 for_IF every_AT1 40_MC they_PPHS2 own_VV0 ._. 
There_EX will_VM also_RR be_VBI a_AT1 tender_JJ offer_NN1 to_II repurchase_NN1 10_MC per_NNU21 cent_NNU22 of_IO British_JJ Land_NN1 's_GE shares_NN2 at_II 420p_NNU ,_, together_RL with_IW a_AT1 voucher_NN1 for_IF the_AT associated_JJ tax_NN1 credit_NN1 worth_II 89p_NNU ._. 
Mr_NNB Ritblat_NP1 said_VVD he_PPHS1 and_CC his_APPGE fellow_JJ directors_NN2 were_VBDR showing_VVG their_APPGE commitment_NN1 to_II New_JJ British_JJ Land_NN1 by_II investing_VVG almost_RR 12million_FO in_II cash_NN1 into_II the_AT new_JJ company_NN1 ,_, which_DDQ he_PPHS1 said_VVD would_VM concentrate_VVI on_II the_AT UK_NP1 but_CCB also_RR look_VV0 for_IF overseas_JJ opportunities_NN2 provided_VVN by_II the_AT creation_NN1 of_IO the_AT Single_JJ European_JJ market_NN1 ._. 
Analysts_NN2 said_VVD they_PPHS2 expected_VVD the_AT group_NN1 to_TO have_VHI no_AT big_JJ problems_NN2 persuading_VVG shareholders_NN2 to_TO approve_VVI the_AT restructuring_NN1 plans_VVZ at_II an_AT1 extraordinary_JJ general_JJ meeting_NN1 on_II December_NPM1 21_MC ._. 
'_GE The_AT scheme_NN1 is_VBZ beautifully_RR tax-efficient_JJ ,_, '_" one_MC1 analyst_NN1 said_VVD ._. 
But_CCB the_AT success_NN1 of_IO the_AT restructuring_NN1 depended_VVN on_II the_AT speed_NN1 and_CC price_NN1 of_IO asset_NN1 disposals_NN2 ._. 
PAGE_NN1 Fall_NN1 in_II car_NN1 sales_NN ._. 
UK_NP1 car_NN1 sales_NN fell_VVD by_II 4.07_MC per_NNU21 cent_NNU22 to_II 143,323_MC last_MD month_NNT1 compared_VVN with_IW November_NPM1 1988_MC ,_, according_II21 to_II22 the_AT Society_NN1 of_IO Motor_NN1 Manufacturers_NN2 and_CC Traders_NN2 ,_, with_IW Vauxhall_NP1 's_GE Cavalier_NN1 taking_VVG the_AT lead_NN1 from_II Ford_NP1 ._. 
Johnson_NP1 chief_NN1 quits_VVZ ._. 
Eugene_NP1 Anderson_NP1 resigned_VVD as_RG chief_JJ executive_NN1 of_IO platinum_NN1 metals_NN2 producer_NN1 Johnson_NP1 Matthey_NP1 on_II the_AT eve_NNT1 of_IO the_AT company_NN1 's_VBZ half_DB year_NNT1 results._NNU 158m_NNU deal_NN1 ._. 
CMB_NP1 Packaging_NN1 ,_, the_AT merged_JJ Metal_NN1 Box_NN1 Packaging_NN1 and_CC Carnaud_NP1 group_NN1 ,_, is_VBZ selling_VVG its_APPGE tinplate_NN1 division_NN1 to_II France_NP1 's_GE state-owned_JJ Usinor-Sacilor_NP1 group_NN1 for_IF 158million_FO ._. 
Happy_JJ Isosceles_NP1 ._. 
Underwriters_NN2 of_IO the_AT 1.36_MC billion_NNO loans_NN2 for_IF Gateway_NP1 owners_NN2 Isosceles_NP1 said_VVD they_PPHS2 were_VBDR comfortable_JJ with_IW the_AT syndication_NN1 after_II 60_MC per_NNU21 cent_NNU22 of_IO the_AT debt_NN1 was_VBDZ taken_VVN up_RP ._. 
Isosceles_NP1 plans_VVZ no_AT further_JJR meetings_NN2 with_IW its_APPGE bankers_NN2 who_PNQS say_VV0 they_PPHS2 are_VBR happy_JJ with_IW its_APPGE performance_NN1 ._. 
Pearson_NP1 's_GE new_JJ MD_NN1 ._. 
Frank_NP1 Barlow_NP1 ,_, chief_JJ executive_NN1 of_IO the_AT Financial_JJ Times_NNT2 ,_, was_VBDZ appointed_VVN Pearson_NP1 's_GE new_JJ managing_JJ director_NN1 ._. 
Maxwell_NP1 move_NN1 ._. 
Publishing_VVG tycoon_NN1 ,_, Robert_NP1 Maxwell_NP1 ,_, and_CC his_APPGE family_NN1 plan_NN1 to_TO buy_VVI out_RP the_AT shares_NN2 they_PPHS2 do_VD0 not_XX own_VVI in_II Pergamon_NP1 AGB_NP1 ._. 
Wall_NP1 Street_NNL1 down_NN1 ._. 
The_AT Dow_NP1 fell_VVD 4.91_MC points_NN2 to_TO close_VVI at_II 2,736.77_MC ._. 
PAGE_NN1 Perelman_NN1 eyes_NN2 stake_VV0 in_II Shearson_NP1 ._. 
By_II Mary_NP1 Brasier_NP1 in_II New_NP1 York_NP1 RONALD_NP1 PERELMAN_NP1 ,_, the_AT former_DA corporate_JJ raider_NN1 who_PNQS heads_VVZ the_AT Revlon_NP1 cosmetics_NN2 empire_NN1 ,_, is_VBZ being_VBG tipped_VVN to_TO take_VVI a_AT1 significant_JJ stake_NN1 in_II Shearson_NP1 Lehman_NP1 ,_, Wall_NP1 Street_NNL1 's_GE second_MD largest_JJT broking_NN1 firm_NN1 ._. 
Mr_NNB Perelman_NP1 has_VHZ been_VBN talking_VVG to_II Shearson_NP1 and_CC its_APPGE parent_NN1 ,_, American_JJ Express_NN1 ,_, about_II buying_VVG a_AT1 20_MC per_NNU21 cent_NNU22 shareholding_NN1 in_II the_AT broking_NN1 business_NN1 ._. 
Mr_NNB Perelman_NP1 and_CC Shearson_NP1 will_VM not_XX comment_VVI but_CCB a_AT1 share_NN1 sale_NN1 to_II the_AT Revlon_NP1 chairman_NN1 could_VM increase_VVI the_AT upheaval_NN1 within_II Shearson_NP1 ._. 
'_GE Normally_RR when_CS people_NN come_VV0 in_RP from_II the_AT outside_JJ into_II the_AT securities_NN2 business_NN1 they_PPHS2 leave_VV0 management_NN1 alone_JJ ._. 
If_CS Shearson_NP1 hope_VV0 for_IF a_AT1 passive_JJ investor_NN1 ,_, it_PPH1 is_VBZ not_XX in_II Perelman_NP1 's_GE make_VV0 up_RP ,_, '_" says_VVZ Perrin_NP1 Long_RR ,_, a_AT1 securities_NN2 analyst_NN1 at_II Lipper_NP1 Analytical_JJ ._. 
Shearson_NN1 has_VHZ reshuffled_VVN senior_JJ management_NN1 and_CC it_PPH1 plans_VVZ to_TO cut_VVI its_APPGE US_NP1 workforce_NN1 in_II an_AT1 attempt_NN1 to_TO restore_VVI its_APPGE finances_NN2 ._. 
It_PPH1 also_RR faces_VVZ increased_JJ interest_NN1 costs_VVZ on_II its_APPGE debt_NN1 unless_CS it_PPH1 improves_VVZ its_APPGE balance_NN1 sheet_NN1 in_II time_NNT1 to_TO stave_VVI off_RP a_AT1 threatened_JJ downgrading_NN1 of_IO its_APPGE debt_NN1 by_II the_AT Moody_NP1 's_GE credit_NN1 rating_NN1 agency_NN1 ._. 
Last_MD week_NNT1 the_AT firm_NN1 said_VVD it_PPH1 hoped_VVD to_TO agree_VVI a_AT1 sale_NN1 of_IO part_NN1 of_IO the_AT 61_MC per_NNU21 cent_NNU22 stake_NN1 owned_VVN by_II American_JJ Express_NN1 as_II part_NN1 of_IO a_AT1 deal_NN1 to_TO inject_VVI new_JJ equity_NN1 into_II the_AT firm_NN1 ._. 
Mr_NNB Perelman_NP1 previously_RR attempted_VVN to_TO buy_VVI a_AT1 stake_NN1 in_II Salomon_NP1 Brothers_NN2 ,_, which_DDQ rejected_VVD his_APPGE approach_NN1 ._. 
PAGE_NN1 Saatchi_NP1 plunges_VVZ into_II red_NN1 ._. 
By_II Roger_NP1 Cowe_NP1 SAATCHI_NP1 and_CC Saatchi_NP1 ,_, the_AT world_NN1 's_GE largest_JJT advertising_NN1 agency_NN1 group_NN1 ,_, has_VHZ plunged_VVN into_II the_AT red_NN1 after_II providing_VVG for_IF 78million_FO of_IO reorganisation_NN1 and_CC redundancy_NN1 cost_NN1 ._. 
The_AT company_NN1 has_VHZ slashed_VVN the_AT dividend_NN1 ,_, which_DDQ is_VBZ being_VBG paid_VVN out_II21 of_II22 reserves_NN2 ._. 
The_AT company_NN1 admitted_VVD it_PPH1 had_VHD been_VBN '_GE a_AT1 tough_JJ year_NNT1 '_GE but_CCB said_VVD the_AT second_MD half_NN1 had_VHD seen_VVN a_AT1 '_GE substantial_JJ recovery_NN1 '_GE in_II performance_NN1 of_IO the_AT main_JJ communications_NN2 businesses_NN2 as_CSA costs_NN2 were_VBDR controlled_VVN ._. 
Central_JJ staff_NN numbers_NN2 have_VH0 been_VBN cut_VVN by_II a_AT1 quarter_NN1 ,_, including_II the_AT closure_NN1 of_IO the_AT office_NN1 in_II Washington_NP1 DC_NP1 ._. 
After_CS those_DD2 cuts_NN2 ,_, trading_VVG profits_NN2 of_IO the_AT communications_NN2 division_NN1 were_VBDR more_DAR than_CSN double_RR those_DD2 in_II the_AT first_MD half_DB year_NNT1 and_CC marginally_RR ahead_II21 of_II22 the_AT second_MD half_NN1 of_IO last_MD year_NNT1 as_CSA business_NN1 held_VVD up_RP ._. 
But_CCB profits_NN2 continued_VVD to_TO fall_VVI in_II the_AT troubled_JJ consultancy_NN1 division_NN1 which_DDQ is_VBZ up_RP for_IF sale_NN1 ._. 
And_CC a_AT1 27million_FO swing_VV0 in_II interest_NN1 costs_VVZ left_JJ trading_NN1 profits_NN2 before_II tax_NN1 virtually_RR halved_VVN at_II 61million_FO ._. 
After_CS tax_NN1 ,_, reorganisation_NN1 costs_NN2 and_CC preference_NN1 dividends_NN2 that_CST turned_VVD into_II a_AT1 loss_NN1 of_IO 58million_FO ,_, but_CCB despite_II the_AT loss_NN1 the_AT company_NN1 is_VBZ paying_VVG a_AT1 minimal_JJ final_JJ dividend_NN1 ._. 
'_GE After_CS careful_JJ thought_NN1 it_PPH1 was_VBDZ decided_VVN that_CST a_AT1 final_JJ dividend_NN1 of_IO 1.6p_NNU be_VBI recommended_VVN ,_, '_GE the_AT board_NN1 stated_VVD ,_, '_GE making_VVG a_AT1 dividend_NN1 of_IO 9p_NNU for_IF the_AT year_NNT1 ._. 
We_PPIS2 believe_VV0 this_DD1 level_NN1 to_TO be_VBI sustainable_JJ ._. 
'_GE The_AT group_NN1 is_VBZ negotiating_VVG the_AT sale_NN1 of_IO its_APPGE remaining_JJ consultancy_NN1 businesses_NN2 and_CC says_VVZ this_DD1 will_VM leave_VVI it_PPH1 with_IW a_AT1 strong_JJ and_CC focused_JJ base_NN1 in_II advertising_NN1 and_CC marketing_NN1 services_NN2 ._. 
Charles_NP1 and_CC Maurice_NP1 Saatchi_NP1 have_VH0 stepped_VVN back_RP from_II the_AT top_JJ executive_NN1 roles_NN2 and_CC have_VH0 recruited_VVN Frenchman_NN1 Robert_NP1 Louis-Dreyfus_NP1 as_CSA chief_JJ executive_NN1 ._. 
Despite_II the_AT results_NN2 and_CC the_AT dividend_NN1 being_VBG lower_JJR than_CSN expected_JJ ,_, Saatchi_NP1 shares_NN2 rose_VVD 15p_NNU yesterday_RT on_II hopes_NN2 of_IO a_AT1 takeover_NN1 bid_NN1 ._. 
Outlook_NN1 ,_, page_NN1 13_MC PAGE_NN1 Saatchi_NP1 crumbles_VVZ as_CSA Thatcher_NP1 's_GE star_NN1 wanes_VVZ Outlook_NN1 ._. 
By_II Roger_NP1 Cowe_NP1 IT_NN1 IS_VBZ grimly_RR appropriate_JJ that_CST as_CSA Mrs_NNB Thatcher_NP1 's_GE star_NN1 wanes_VVZ the_AT fortunes_NN2 of_IO the_AT advertising_NN1 agency_NN1 which_DDQ shot_VVD her_PPHO1 to_II stardom_NN1 should_VM also_RR crumble_VVI ._. 
It_PPH1 remains_VVZ to_TO be_VBI seen_VVN whether_CSW either_DD1 can_VM bounce_VVI back_RP ,_, and_CC whether_CSW Saatchi_NP1 and_CC Saatchi_NP1 will_VM soon_RR be_VBI fighting_VVG off_RP a_AT1 rather_RG more_RGR vigorous_JJ takeover_NN1 bid_NN1 than_CSN Mrs_NNB Thatcher_NP1 faced_VVD this_DD1 week_NNT1 ._. 
But_II21 for_II22 the_AT moment_NN1 there_EX is_VBZ precious_RG little_DA1 good_JJ news_NN1 from_II the_AT brothers_NN2 who_PNQS built_VVD the_AT world_NN1 's_GE largest_JJT advertising_NN1 agency_NN1 from_II a_AT1 standing_NN1 start_NN1 19_MC years_NNT2 ago_RA ,_, in_II the_AT process_NN1 building_NN1 Mrs_NNB Thatcher_NP1 into_II a_AT1 formidable_JJ vote-winner_NN1 and_CC doing_VDG themselves_PPX2 no_AT end_NN1 of_IO good_JJ thereby_RR ._. 
The_AT cracks_NN2 were_VBDR already_RR beginning_VVG to_TO show_VVI at_II the_AT moment_NN1 of_IO their_APPGE greatest_JJT triumph_NN1 ._. 
Even_RR as_CSA Mrs_NNB Thatcher_NP1 stood_VVD triumphant_JJ for_IF the_AT third_MD time_NNT1 on_II the_AT stairs_NN2 at_II Central_JJ Office_NN1 the_AT applauding_JJ apparatchiks_NN2 were_VBDR already_RR honing_VVG the_AT knives_NN2 for_IF the_AT Saatchi_NP1 team_NN1 which_DDQ was_VBDZ blamed_VVN for_IF various_JJ mid-campaign_NN1 woes_NN2 ._. 
And_CC as_II the_AT Saatchi_NP1 shares_NN2 peaked_VVN ahead_II21 of_II22 the_AT 1987_MC stock_NN1 market_NN1 crash_VV0 the_AT seeds_NN2 of_IO its_APPGE financial_JJ decline_NN1 had_VHD already_RR been_VBN sown_VVN ._. 
The_AT shoots_NN2 were_VBDR pushing_VVG their_APPGE heads_NN2 above_II the_AT ground_NN1 even_CS21 though_CS22 the_AT group_NN1 was_VBDZ still_RR able_JK to_TO claim_VVI record_NN1 profits_VVZ as_RG late_RR as_CSA January_NPM1 of_IO this_DD1 year_NNT1 ._. 
In_II his_APPGE statement_NN1 with_IW the_AT annual_JJ report_NN1 chairman_NN1 Maurice_NP1 Saatchi_NP1 described_VVD the_AT group_NN1 as_II '_GE the_AT most_RGT successful_JJ company_NN1 of_IO the_AT decade_NNT1 ._. 
'_GE Two_MC months_NNT2 later_RRR the_AT truth_NN1 was_VBDZ out_RP ._. 
At_II the_AT annual_JJ meeting_NN1 in_II March_NP1 Mr_NNB Saatchi_NP1 warned_VVD that_CST profits_NN2 would_VM fall_VVI this_DD1 year_NNT1 (_( although_CS nobody_PN1 expected_VVD they_PPHS2 would_VM fall_VVI nearly_RR as_RG much_DA1 as_CSA they_PPHS2 have_VH0 done_VDN )_) and_CC there_EX would_VM be_VBI disposals_NN2 ._. 
Business_NN1 was_VBDZ bad_JJ in_II the_AT main_NN1 '_GE communications_NN2 '_GE division_NN1 while_CS the_AT consultancy_NN1 operation_NN1 was_VBDZ in_II big_JJ trouble_NN1 ._. 
Costs_NN2 everywhere_RL were_VBDR out_II21 of_II22 control_NN1 ._. 
Three_MC years_NNT2 ago_RA the_AT agency_NN1 was_VBDZ clearly_RR struggling_VVG for_IF profitability_NN1 ,_, coming_VVG well_RR down_RP the_AT annual_JJ leagaue_NN1 table_NN1 for_IF the_AT industry_NN1 prepared_VVN by_II accountants_NN2 Spicer_NP1 and_CC Oppenheim_NP1 ._. 
The_AT illusion_NN1 of_IO success_NN1 was_VBDZ maintained_VVN only_RR because_CS the_AT group_NN1 's_GE high_JJ share_NN1 price_NN1 enabled_VVD it_PPH1 to_TO buy_VVI companies_NN2 on_II the_AT cheap_JJ and_CC so_RR keep_VV0 pushing_VVG up_RP total_JJ profits_NN2 and_CC earnings_NN2 per_II share_NN1 ._. 
Now_RT the_AT illusion_NN1 is_VBZ well_JJ and_CC truly_RR shattered_VVN and_CC the_AT only_JJ reason_NN1 the_AT share_NN1 price_NN1 has_VHZ not_XX plunged_VVN much_RR further_RRR than_CSN it_PPH1 has_VHZ is_VBZ the_AT hope_NN1 that_CST some_DD brave_JJ soul_NN1 will_VM put_VVI the_AT group_NN1 out_II21 of_II22 its_APPGE misery_NN1 with_IW a_AT1 takeover_NN1 ._. 
(_( In_II fact_NN1 the_AT share_NN1 price_NN1 rose_VVD 15p_NNU yesterday_RT on_II just_RR such_DA hopes_NN2 despite_II the_AT fact_NN1 that_CST the_AT results_NN2 were_VBDR much_RR worse_JJR than_CSN expected_JJ )_) ._. 
The_AT company_NN1 was_VBDZ putting_VVG a_AT1 brave_JJ face_NN1 on_II it_PPH1 yesterday_RT ,_, as_CSA can_VM only_RR be_VBI expected_VVN ._. 
The_AT second_MD half_NN1 represented_VVD a_AT1 substantial_JJ recovery_NN1 ,_, the_AT company_NN1 said_VVD ._. 
Trading_VVG profits_NN2 in_II the_AT communications_NN2 division_NN1 were_VBDR more_DAR than_CSN double_RR the_AT figure_NN1 for_IF the_AT first_MD half_DB year_NNT1 thanks_NN2 to_II the_AT cost_NN1 control_NN1 programme_NN1 ._. 
New_JJ executives_NN2 had_VHD been_VBN appointed_VVN ._. 
Four_MC consulting_JJ companies_NN2 had_VHD been_VBN sold_VVN ._. 
But_CCB in_II fact_NN1 the_AT worse_JJR may_VM not_XX yet_RR be_VBI over_RP ._. 
The_AT doubling_NN1 of_IO profits_NN2 in_II Communications_NN2 brings_VVZ the_AT level_NN1 back_RP only_RR to_II what_DDQ it_PPH1 was_VBDZ in_II the_AT second_MD half_NN1 of_IO last_MD year_NNT1 ._. 
Consultancy_NN1 profits_NN2 were_VBDR down_RP again_RT from_II the_AT poor_JJ first_MD half_NN1 level_NN1 ._. 
Interest_NN1 costs_NN2 ate_VVD a_AT1 great_JJ hole_NN1 in_II what_DDQ profits_NN2 were_VBDR left_VVN and_CC will_VM continue_VVI at_II a_AT1 high_JJ level_NN1 unless_CS the_AT group_NN1 can_VM raise_VVI substantial_JJ sums_NN2 from_II asset_NN1 sales_NN ._. 
There_EX is_VBZ still_RR no_AT sign_NN1 of_IO a_AT1 buyer_NN1 for_IF the_AT main_JJ consultancy_NN1 business_NN1 ,_, Hay_NP1 ,_, and_CC uncertainty_NN1 over_II whether_CSW an_AT1 agreement_NN1 is_VBZ imminent_JJ on_II Gartner_NP1 Group_NN1 ._. 
And_CC executives_NN2 are_VBR still_RR leaving_VVG even_RR before_II new_JJ chief_JJ executive_NN1 Robert_NP1 Louis-Dreyfus_NP1 and_CC his_APPGE finance_NN1 director_NN1 have_VH0 joined_VVN the_AT group_NN1 ._. 
Their_APPGE task_NN1 is_VBZ unenviable_JJ ._. 
The_AT whole_JJ rationale_NN1 of_IO a_AT1 global_JJ advertising_NN1 business_NN1 is_VBZ under_II question_NN1 ._. 
But_CCB quite_RR apart_II21 from_II22 that_CST the_AT group_NN1 faces_VVZ difficult_JJ times_NNT2 ._. 
Costs_NN2 may_VM now_RT be_VBI under_II control_NN1 ,_, after_II 750_MC redundancies_NN2 and_CC the_AT Washington_NP1 office_NN1 closed_VVD along_II21 with_II22 cuts_NN2 in_II New_NP1 York_NP1 and_CC London_NP1 ._. 
But_CCB now_RT the_AT pressure_NN1 will_VM shift_VVI to_II revenues_NN2 as_II the_AT advertising_NN1 industry_NN1 environment_NN1 sours_VVZ ._. 
So_RG far_RR Saatchi_NP1 and_CC Saatchi_NP1 has_VHZ maintained_VVN its_APPGE ability_NN1 to_TO win_VVI new_JJ business_NN1 and_CC remarkably_RR has_VHZ clung_VVN on_II21 to_II22 its_APPGE status_NN1 among_II advertisers_NN2 ,_, only_RR recently_RR being_VBG voted_VVN the_AT best_JJT all-round_JJ agency_NN1 ._. 
But_CCB advertising_NN1 is_VBZ a_AT1 mercurial_JJ business_NN1 ._. 
Much_RR depends_VVZ on_II the_AT intangibles_NN2 which_DDQ produce_VV0 whatever_DDQV it_PPH1 is_VBZ in_II the_AT ether_NN1 that_CST allows_VVZ creative_JJ sparks_NN2 to_TO ignite_VVI ._. 
In_II the_AT past_NN1 those_DD2 intangibles_NN2 have_VH0 been_VBN fed_VVN by_II the_AT group_NN1 's_GE apparent_JJ invincibility_NN1 ._. 
But_CCB who_PNQS knows_VVZ what_DDQ debilitating_JJ effect_NN1 sackings_NN2 and_CC losses_NN2 will_VM have_VHI on_II those_DD2 vital_JJ fluids_NN2 ._. 
Perhaps_RR we_PPIS2 will_VM never_RR know_VVI ._. 
Foreign_JJ bodies_NN2 have_VH0 already_RR appeared_VVN on_II the_AT Saatchi_NP1 share_NN1 register_NN1 and_CC despite_II its_APPGE problems_NN2 the_AT group_NN1 would_VM clearly_RR be_VBI a_AT1 juicy_JJ prize_NN1 for_IF someone_PN1 such_II21 as_II22 the_AT fast-expanding_JJ French_NN1 ._. 
It_PPH1 would_VM be_VBI even_RR more_RGR grimly_RR appropriate_JJ for_IF Saatchi_NP1 to_TO be_VBI swallowed_VVN by_II the_AT French_NN1 just_RR as_CSA Mrs_NNB Thatcher_NP1 lost_VVD her_APPGE struggle_NN1 to_TO prevent_VVI the_AT pound_NN1 being_VBG swallowed_VVN into_II the_AT European_JJ Monetary_JJ System_NN1 ._. 
PAGE_NN1 Tiphook_NP1 confident_JJ ._. 
Container_NN1 group_NN1 Tiphook_NP1 yesterday_RT said_VVD it_PPH1 was_VBDZ still_RR confident_JJ of_IO winning_VVG its_APPGE joint_JJ 643million_FO bid_VV0 for_IF Sea_NN1 Containers_NN2 even_CS21 though_CS22 the_AT battle_NN1 has_VHZ swung_VVN towards_II James_NP1 Sherwood_NP1 's_GE ferries-to-trailers_NN2 combine_VV0 ._. 
The_AT offer_NN1 from_II the_AT Anglo-Swedish_JJ consortium_NN1 formed_VVN by_II Tiphook_NP1 and_CC Stena_NP1 AB_FO is_VBZ the_AT subject_NN1 of_IO an_AT1 appeal_NN1 in_II the_AT Bermudan_NP1 courts_NN2 which_DDQ is_VBZ aimed_VVN at_II overturning_VVG an_AT1 earlier_JJR ruling_NN1 allowing_VVG SeaCo_NP1 to_TO proceed_VVI with_IW its_58 '_GE poison_NN1 pill_NN1 '_GE defence_NN1 ._. 
Tiphook_NP1 ,_, which_DDQ yesterday_RT unveiled_VVD a_AT1 124_MC per_NNU21 cent_NNU22 increase_NN1 in_II half_DB year_NNT1 profits_NN2 to_II 10million_FO ,_, hopes_VVZ the_AT court_NN1 will_VM block_VVI SeaCo_NP1 's_GE purchases_NN2 of_IO its_APPGE own_DA shares_NN2 ._. 
Alternatively_RR ,_, it_PPH1 may_VM be_VBI able_JK to_TO muster_VVI enough_DD support_NN1 from_II SeaCo_NP1 shareholders_NN2 to_TO halt_VVI the_AT current_JJ disposal_NN1 of_IO assets_NN2 by_II Mr_NNB Sherwood_NP1 for_IF its_APPGE bid_NN1 with_IW Stena_NP1 to_TO be_VBI fully_RR considered_VVN ._. 
The_AT cost_NN1 of_IO the_AT bid_NN1 to_II Tiphook_NP1 is_VBZ put_VVN at_II 2million_FO ,_, which_DDQ it_PPH1 says_VVZ will_VM have_VHI only_RR a_AT1 minor_JJ impact_NN1 on_II full_JJ year_NNT1 results_NN2 ._. 
Increased_JJ demand_NN1 for_IF its_APPGE road_NN1 ,_, rail_NN1 and_CC sea_NN1 container_NN1 fleets_NN2 during_II the_AT first_MD half_NN1 helped_VVN boost_VVI the_AT latest_JJT figures_NN2 ._. 
This_DD1 flowed_VVD through_RP to_II earnings_NN2 per_II share_NN1 ,_, up_RP a_AT1 half_NN1 at_II 19.6p_NNU and_CC shareholders_NN2 receive_VV0 a_AT1 25_MC per_NNU21 cent_NNU22 increase_NN1 in_II the_AT interim_JJ dividend_NN1 to_II 2.7p_NNU ._. 
The_AT shares_NN2 rose_VVD 9p_NNU to_II 443p_NNU ._. 
Salvesen_NN1 boost_NN1 ._. 
Christian_JJ Salvesen_NP1 ,_, the_AT food_NN1 process_NN1 and_CC distribution_NN1 ,_, generator_NN1 hire_NN1 and_CC brick_NN1 making_VVG group_NN1 ,_, raised_VVD pre-tax_JJ profits_NN2 by_II almost_RR 21_MC per_NNU21 cent_NNU22 to_II 32.6million_FO in_II the_AT six_MC months_NNT2 to_II September_NPM1 ._. 
Aggreko_NN1 generator_NN1 hire_NN1 ,_, Salvesen_NP1 's_GE world_NN1 market_NN1 leader_NN1 which_DDQ provides_VVZ power_NN1 for_IF customers_NN2 from_II pop_NN1 concerts_NN2 to_II the_AT oil_NN1 industry_NN1 ,_, contributed_VVD strongly_RR to_II a_AT1 37_MC per_NNU21 cent_NNU22 growth_NN1 in_II trading_VVG profits_NN2 in_II the_AT industrial_JJ services_NN2 division_NN1 ._. 
Oil_NN1 slicks_NN2 in_II Alaska_NP1 and_CC elsewhere_RL helped_VVD Vikoma_NP1 ,_, the_AT group_NN1 's_GE environmental_JJ cleaning_NN1 equipment_NN1 manufacturer_NN1 ,_, which_DDQ specialises_VVZ in_II separating_JJ oil_NN1 from_II water_NN1 ,_, and_CC although_CS Salvesen_NP1 brick_NN1 ,_, is_VBZ suffering_VVG in_II the_AT second_MD half_NN1 from_II a_AT1 30_MC to_II 40_MC per_NNU21 cent_NNU22 cut_VVN in_II demand_NN1 as_CSA housebuilding_VVG nosedives_NN2 ,_, the_AT first_MD half_NN1 was_VBDZ prosperous_JJ and_CC full_JJ year_NNT1 trading_NN1 profit_NN1 should_VM be_VBI on_II a_AT1 level_NN1 with_IW 1988_MC ,_, says_VVZ finance_NN1 director_NN1 Brian_NP1 Fidler_NP1 ._. 
Almost_RR a_AT1 third_MD of_IO group_NN1 profits_NN2 are_VBR earned_VVN overseas_RL ,_, interest_NN1 and_CC tax_NN1 charges_NN2 are_VBR down_RP on_II last_MD year_NNT1 and_CC gearing_NN1 stands_VVZ at_II 13_MC per_NNU21 cent_NNU22 ._. 
Capital_NN1 spending_NN1 of_IO 43_MC million_NNO should_VM reach_VVI a_AT1 total_NN1 of_IO 87_MC million_NNO for_IF the_AT full_JJ year_NNT1 ._. 
The_AT shares_NN2 rose_VVD 10p_NNU to_II 170p_NNU ._. 
Avon_NP1 treads_VVZ warily_RR ._. 
Shares_NN2 in_II Avon_NP1 Rubber_NN1 have_VH0 fallen_VVN sharply_RR this_DD1 year_NNT1 as_II a_AT1 result_NN1 of_IO the_AT weak_JJ demand_NN1 for_IF winter_NNT1 tyres_NN2 and_CC rights_NN2 issue_VV0 call_VV0 to_TO finance_VVI the_AT move_NN1 into_II US_NP1 motor_NN1 components_NN2 ._. 
The_AT sale_NN1 of_IO most_DAT of_IO the_AT lossmaking_JJ tyre_NN1 distribution_NN1 business_NN1 to_II Sumitomo_NP1 ,_, now_RT also_RR a_AT1 minority_NN1 shareholder_NN1 in_II the_AT only_JJ British-controlled_JJ tyremaker_NN1 's_GE plant_NN1 ,_, gives_VVZ the_AT board_NN1 confidence_NN1 in_II some_DD improvement_NN1 this_DD1 year_NNT1 ,_, despite_II a_AT1 poor_JJ immediate_JJ outlook_NN1 for_IF the_AT motor_NN1 producers_NN2 ._. 
Pre-tax_JJ profit_NN1 fell_VVD 4.1million_FO to_II 12.2_MC million_NNO in_II the_AT year_NNT1 to_II September_NPM1 30_MC ,_, in_II31 line_II32 with_II33 the_AT severely-reduced_JJ expecations_NN2 after_II the_AT Cadillac_JJ Rubber_JJ acquisition_NN1 and_CC rights_NN2 issue_VV0 in_II July_NPM1 ._. 
Turnover_NN1 was_VBDZ held_VVN at_II 228.6million_FO ,_, an_AT1 rise_NN1 of_IO about_II 2million_FO ,_, by_II the_AT earlier_JJR contribution_NN1 from_II tyre_NN1 distribution_NN1 and_CC the_AT US_NP1 replacement_NN1 ._. 
The_AT final_JJ dividend_NN1 goes_VVZ up_RG21 to_RG22 11.5p_NNU ,_, making_VVG 16.5p_NNU ,_, against_II 14p_NNU for_IF the_AT year_NNT1 ._. 
Earnings_NN2 crashed_VVD by_II a_AT1 third_MD to_II 41p_NNU ._. 
There_EX was_VBDZ an_AT1 extraordinary_JJ gain_NN1 of_IO 13.4_MC million_NNO ,_, covering_VVG the_AT Motorway_NN1 Tyres_NN2 disposal_NN1 and_CC more_DAR rationalisation_NN1 costs_NN2 ._. 
In_RR21 short_RR22 ..._... 
WHESSOE_NP1 saw_VVD pre-tax_JJ profit_NN1 rise_NN1 to_II 4.78_MC million_NNO ,_, from_II 3.55_MC million_NNO ,_, on_II sales_NN of_IO 58_MC million_NNO down_JJ from_II 100_MC million_NNO ._. 
Earnings_NN2 were_VBDR level_JJ at_II 17.5p_NNU a_AT1 share_NN1 ._. 
Dividends_NN2 total_VV0 5p_NNU ,_, up_RP a_AT1 penny_NNU1 ,_, with_IW a_AT1 3.75p_NNU final_NN1 ._. 
BTP_NP1 's_GE enlarged_JJ specialist_NN1 chemicals_NN2 activities_NN2 boosted_VVD turnover_NN1 to_II 60.1million_FO ,_, from_II 44.8million_FO ,_, in_II the_AT September_NPM1 half_NN1 and_CC profit_NN1 rose_VVD to_II 9.6_MC million_NNO from_II 5.6_MC million_NNO ,_, including_II an_AT1 exceptional_JJ 3.1_MC million_NNO ,_, from_II the_AT Rizzi_JJ engineering_NN1 sale_NN1 in_II Italy_NP1 ._. 
Earnings_NN2 without_IW such_DA gains_NN2 were_VBDR 1.9p_NNU higher_JJR at_II 6.8p_NNU a_AT1 share_NN1 ._. 
The_AT interim_JJ dividend_NN1 is_VBZ 2.75p_NNU ,_, a_AT1 rise_NN1 of_IO 10_MC per_NNU21 cent_NNU22 ._. 
NORCROS_NN2 ,_, the_AT property_NN1 ,_, building_NN1 materials_NN2 and_CC printing_VVG group_NN1 ,_, saw_VVD profits_NN2 crash_VVI from_II 29million_FO to_II 18.3million_FO ._. 
However_RR ,_, the_AT City_NN1 had_VHD been_VBN expecting_VVG bad_JJ figures_NN2 and_CC the_AT shares_NN2 rose_VVD 15p_NNU to_II 239p_NNU ._. 
HARDANGER_VV0 ,_, the_AT retail_JJ property_NN1 developer_NN1 ,_, posted_VVD pre-tax_JJ profits_NN2 up_II 1.3million_FO to_II 8.37million_FO ._. 
The_AT final_JJ dividend_NN1 is_VBZ 26.5p_NNU ,_, making_VVG a_AT1 total_NN1 of_IO 37.5p_NNU ,_, against_II 30p_NNU ._. 
CRYSTALATE_NP1 ,_, the_AT electronics_NN1 product_NN1 group_NN1 ,_, experienced_VVD a_AT1 '_GE serious_JJ disappointment_NN1 '_GE in_II the_AT second_MD half_NN1 and_CC hence_RR profits_NN2 fell_VVD from_II 5.6million_FO to_II 2.9million_FO in_II the_AT year_NNT1 to_II September_NPM1 ._. 
The_AT markets_NN2 ._. 
Kingfisher_NN1 's_VBZ 461million_FO bid_VV0 for_IF Dixon_NP1 's_VBZ led_VVN to_II a_AT1 resurgence_NN1 of_IO speculative_JJ activity_NN1 yesterday_RT ._. 
Dixons_NP1 '_GE shares_NN2 jumped_VVD to_II 153p_NNU in_II early_JJ trading_NN1 but_CCB ended_VVD the_AT day_NNT1 at_II 141p_NNU ,_, a_AT1 22p_NNU rise_NN1 ._. 
Other_JJ recently_RR depressed_JJ stores_NN2 ,_, and_CC companies_NN2 with_IW businesses_NN2 similar_JJ to_II Dixons_NP1 ,_, rose_VVD in_II sympathy_NN1 ._. 
Gus_NP1 A_ZZ1 were_VBDR particularly_RR prominent_JJ at_II 1118p_NNU ,_, up_RP 28p_NNU ahead_II21 of_II22 today_RT 's_GE interim_JJ figures_NN2 ._. 
Properties_NN2 continued_VVD to_TO shine_VVI as_RG British_JJ Land_NN1 produced_VVD a_AT1 complicated_JJ scheme_NN1 to_TO release_VVI the_AT value_NN1 of_IO its_APPGE property_NN1 portfolio_NN1 ._. 
British_JJ Land_NN1 closed_VVD at_II 405p_NNU ,_, a_AT1 net_JJ gain_NN1 of_IO 48p_NNU ._. 
Hammerson_NP1 shot_VVD up_RP 45p_NNU to_II 855p_NNU in_II sympathy_NN1 ._. 
Tokyo_NP1 :_: Nikkei_NP1 index_NN1 :_: 37,654.29_MC (_( 37,494.17_MC )_) ._. 
Hong_NP1 Kong_NP1 :_: Hang_VV0 Seng_NP1 index_NN1 :_: 2,756.39_MC (_( 2,764.44_MC )_) ._. 
Frankfurt_NP1 :_: FAZ_VV0 index_NN1 :_: 695.74_MC (_( 684.01_MC )_) ._. 
Paris_NP1 :_: CAC_JJ index_NN1 :_: 542.6_MC (_( 543.8_MC )_) ._. 
PAGE_NN1 Chrysler_NP1 to_TO sell_VVI its_APPGE $1bn_NNU technology_NN1 arm_NN1 ._. 
By_II Mary_NP1 Brasier_NP1 in_II New_NP1 York_NP1 US_NP1 car_NN1 maker_NN1 Chrysler_NP1 ,_, in_II another_DD1 move_NN1 to_TO reinforce_VVI its_APPGE defences_NN2 against_II recession_NN1 ,_, is_VBZ to_TO sell_VVI off_RP its_APPGE $1billion_NNU technology_NN1 arm_NN1 to_TO concentrate_VVI resources_NN2 on_II its_APPGE core_NN1 business_NN1 ._. 
Chairman_NN1 Lee_NP1 Iacocca_NP1 yesterday_RT said_VVD the_AT proposed_JJ sell-off_NN1 was_VBDZ part_NN1 of_IO Chrysler_NP1 's_GE plan_NN1 to_TO become_VVI the_AT world_NN1 's_GE lowest-cost_JJT and_CC highest-quality_JJ car_NN1 manufacturer_NN1 ._. 
He_PPHS1 promised_VVD to_TO step_VVI up_RP competition_NN1 against_II the_AT company_NN1 's_GE Japanese_JJ rivals_NN2 ._. 
Chrysler_NN1 has_VHZ already_RR suspended_VVN production_NN1 at_II one_MC1 of_IO its_APPGE main_JJ assembly_NN1 plants_NN2 and_CC cut_VV0 back_RP on_II managerial_JJ staff_NN ._. 
It_PPH1 has_VHZ announced_VVN plans_NN2 to_TO cut_VVI $1billion_NNU from_II its_APPGE budget_NN1 next_MD year_NNT1 to_TO cope_VVI with_IW a_AT1 slump_NN1 in_II car_NN1 sales_NN ._. 
The_AT decision_NN1 to_TO put_VVI the_AT technology_NN1 division_NN1 up_RP for_IF sale_NN1 marks_VVZ an_AT1 about-turn_NN1 for_IF Chrysler_NP1 which_DDQ has_VHZ spent_VVN more_RRR than_CSN $1billion_NNU in_II the_AT last_MD four_MC years_NNT2 on_II its_APPGE policy_NN1 of_IO diversifying_VVG out_II21 of_II22 cars_NN2 into_II related_JJ areas_NN2 ._. 
The_AT technology_NN1 businesses_NN2 built_VVD up_RP since_II 1985_MC include_VV0 Gulfstream_NN1 Aerospace_NN1 ,_, known_VVN for_IF producing_VVG corporate_JJ jets_NN2 ._. 
Chrysler_NP1 's_GE retreat_NN1 is_VBZ the_AT latest_JJT retrenchment_NN1 among_II the_AT US_NP1 Big_JJ Three_MC car_NN1 makers_NN2 ._. 
Allen_NP1 Paulson_NP1 ,_, who_PNQS runs_VVZ Gulfstream_NP1 ,_, has_VHZ resigned_VVN from_II the_AT Chrysler_NP1 board_NN1 to_TO try_VVI to_TO launch_VVI a_AT1 buy-out_NN1 of_IO the_AT technology_NN1 business_NN1 ._. 
Ronald_NP1 Perelman_NP1 ,_, the_AT former_DA corporate_JJ raider_NN1 who_PNQS heads_VVZ the_AT Revlon_NP1 cosmetics_NN2 empire_NN1 ,_, is_VBZ being_VBG tipped_VVN to_TO take_VVI a_AT1 significant_JJ stake_NN1 in_II Shearson_NP1 Lehman_NP1 ,_, Wall_NP1 Street_NNL1 's_GE second_MD largest_JJT broking_NN1 firm_NN1 ._. 
PAGE_NN1 More_DAR than_CSN 600_MC claimants_NN2 die_VV0 awaiting_VVG compensation_NN1 Barlow_NP1 Clowes_NP1 '_GE death_NN1 toll_NN1 rises_NN2 ._. 
By_II Daniel_NP1 John_NP1 MORE_DAR than_CSN 600_MC of_IO the_AT original_JJ 18,000_MC investors_NN2 caught_VVN up_RP in_II the_AT collapse_NN1 of_IO the_AT Barlow_NP1 Clowes_NP1 investment_NN1 empire_NN1 have_VH0 died_VVN during_II the_AT 18_MC month-long_JJ battle_NN1 to_TO secure_VVI compensation_NN1 ,_, it_PPH1 was_VBDZ revealed_VVN yesterday_RT ._. 
The_AT death_NN1 toll_NN1 has_VHZ worked_VVN out_RP at_II the_AT equivalent_NN1 of_IO seven_MC a_AT1 week_NNT1 since_CS the_AT two_MC companies_NN2 responsible_JJ for_IF investing_VVG 190million_FO in_II government_NN1 securities_NN2 went_VVD into_II liquidation_NN1 last_MD June_NPM1 ._. 
Many_DA2 who_PNQS invested_VVD in_II UK-based_JJ Barlow_NP1 Clowes_NP1 Gilt_NN1 Managers_NN2 and_CC its_APPGE Gibraltar_NP1 sister_NN1 operation_NN1 ,_, Barlow_NP1 Clowes_NP1 International_JJ ,_, were_VBDR elderly_JJ people_NN whose_DDQGE plight_NN1 has_VHZ been_VBN made_VVN worse_RRR by_II the_AT loss_NN1 of_IO their_APPGE savings_NN2 ._. 
The_AT latest_JJT number_NN1 of_IO deaths_NN2 were_VBDR released_VVN yesterday_RT as_II the_AT Barlow_NP1 Clowes_NP1 Investors_NN2 Group_NN1 (_( BCIG_NP1 )_) sought_VVD to_TO secure_VVI the_AT release_NN1 of_IO the_AT Parliamentary_JJ Ombudsman_NN1 's_GE report_NN1 into_II the_AT Department_NN1 of_IO Trade_NN1 and_CC Industry_NN1 's_GE role_NN1 in_II the_AT affair_NN1 ._. 
The_AT draft_NN1 written_VVN by_II Sir_NNB Anthony_NP1 Barrowclough_NP1 ,_, the_AT Ombudsman_NN1 ,_, is_VBZ currently_RR in_II the_AT hands_NN2 of_IO the_AT DTI_NP1 for_IF factual_JJ checking_NN1 ._. 
Investors_NN2 have_VH0 been_VBN expecting_VVG its_APPGE publication_NN1 for_IF the_AT last_MD two_MC weeks_NNT2 but_CCB are_VBR fearful_JJ it_PPH1 will_VM be_VBI kept_VVN back_RP for_IF the_AT week_NNT1 when_RRQ Parliament_NN1 goes_VVZ into_II the_AT Christmas_NNT1 recess_NN1 ._. 
That_DD1 will_VM prevent_VVI MPs_NN2 scrutinising_VVG the_AT report_NN1 in_II detail_NN1 and_CC from_II questioning_JJ Trade_NN1 Secretary_NN1 Nicholas_NP1 Ridley_NP1 about_II the_AT DTI_NP1 's_GE role_NN1 in_II allowing_VVG Barlow_NP1 Clowes_NP1 to_TO operate_VVI over_II the_AT years_NNT2 leading_VVG up_II21 to_II22 its_APPGE collapse_NN1 ._. 
There_EX are_VBR also_RR indications_NN2 that_CST the_AT current_JJ criminal_JJ investigation_NN1 into_II Barlow_NP1 Clowes_NP1 may_VM prevent_VVI the_AT most_RGT sensitive_JJ parts_NN2 from_II being_VBG released_VVN ._. 
BCIG_VV0 representatives_NN2 ,_, including_II chairman_NN1 John_NP1 Dyer_NP1 ,_, yesterday_RT lobbied_VVD key_JJ MPs_NNU in_II an_AT1 effort_NN1 to_TO secure_VVI the_AT report_NN1 's_GE earliest_JJT release_NN1 ._. 
An_AT1 early_JJ day_NNT1 motion_NN1 has_VHZ also_RR been_VBN put_VVN down_RP in_II the_AT House_NN1 of_IO Commons_NP supporting_JJ their_APPGE case_NN1 ._. 
A_AT1 spokeswoman_NN1 for_IF the_AT Ombudsman_NN1 's_GE office_NN1 said_VVD the_AT draft_NN1 report_NN1 was_VBDZ still_RR in_II the_AT hands_NN2 of_IO the_AT DTI_NP1 and_CC that_DD1 publication_NN1 could_VM not_XX take_VVI place_NN1 until_CS it_PPH1 had_VHD been_VBN returned_VVN ._. 
Labour_NN1 's_GE City_NN1 spokeswoman_NN1 Dr_NNB Marjorie_NP1 Mowlam_NP1 yesterday_RT claimed_VVD the_AT delay_NN1 was_VBDZ part_NN1 of_IO a_AT1 Government_NN1 attempt_NN1 to_TO avoid_VVI further_JJR embarrassment_NN1 over_II the_AT affair_NN1 ._. 
The_AT possibility_NN1 that_CST the_AT report_NN1 would_VM not_XX appear_VVI before_II Christmas_NNT1 would_VM mean_VVI another_DD1 miserable_JJ time_NNT1 for_IF investors_NN2 ._. 
'_" How_RGQ many_DA2 more_DAR have_VH0 to_TO die_VVI before_II the_AT report_NN1 is_VBZ published_VVN and_CC they_PPHS2 receive_VV0 compensation_NN1 ,_, '_" she_PPHS1 said_VVD ._. 
PAGE_NN1 New_JJ rules_NN2 mean_VV0 a_AT1 set-back_NN1 for_IF army_NN1 of_IO casual_JJ workers_NN2 ._. 
By_II Linda_NP1 Lennard_NP1 Unemployment_NN1 benefit_NN1 ._. 
NEW_JJ rules_NN2 to_TO be_VBI introduced_VVN from_II tomorrow_RT will_VM hit_VVI many_DA2 part-time_JJ workers_NN2 receiving_VVG unemployment_NN1 benefit_NN1 ._. 
Those_DD2 who_PNQS earn_VV0 43_MC a_AT1 week_NNT1 or_CC more_DAR will_VM lose_VVI benefit_NN1 for_IF the_AT whole_NN1 of_IO that_DD1 week_NNT1 even_CS21 if_CS22 they_PPHS2 work_VV0 only_JJ part_NN1 of_IO it_PPH1 and_CC are_VBR unemployed_JJ for_IF the_AT remaining_JJ days_NNT2 ._. 
Only_JJ people_NN who_PNQS earn_VV0 12_MC or_CC less_RRR in_II any_DD week_NNT1 will_VM escape_VVI having_VHG their_APPGE entitlement_NN1 affected_VVN at_RR21 all_RR22 ._. 
Anybody_PN1 who_PNQS earns_VVZ between_II 12_MC and_CC 43_MC in_II a_AT1 given_JJ week_NNT1 may_VM still_RR be_VBI able_JK to_TO qualify_VVI for_IF unemployment_NN1 benefit_NN1 on_II the_AT days_NNT2 they_PPHS2 are_VBR not_XX working_VVG ._. 
However_RR ,_, they_PPHS2 will_VM have_VHI to_TO satisfy_VVI unemployment_NN1 benefit_NN1 officers_NN2 that_CST part-time_JJ work_NN1 is_VBZ not_XX their_APPGE usual_JJ pattern_NN1 ,_, and_CC they_PPHS2 are_VBR just_RR doing_VDG it_PPH1 while_CS looking_VVG for_IF full-time_JJ employment_NN1 ._. 
In_RR21 general_RR22 ,_, it_PPH1 has_VHZ been_VBN accepted_VVN that_CST people_NN can_VM take_VVI on_RP part-time_JJ work_NN1 in_II this_DD1 way_NN1 if_CS it_PPH1 has_VHZ not_XX been_VBN their_APPGE usual_JJ employment_NN1 pattern_NN1 ._. 
But_CCB adjudication_NN1 officers_NN2 may_VM eventually_RR claim_VVI that_DD1 part-time_JJ employment_NN1 is_VBZ your_APPGE normal_JJ pattern_NN1 ,_, and_CC that_CST you_PPY should_VM not_XX be_VBI entitled_VVN to_TO benefit_VVI on_II the_AT days_NNT2 you_PPY do_VD0 n't_XX work_VVI because_CS you_PPY would_VM not_XX normally_RR expect_VVI to_TO be_VBI working_VVG anyway_RR ._. 
This_DD1 so-called_JJ '_GE full_JJ extent_NN1 normal_JJ rule_NN1 '_GE has_VHZ come_VVN under_II considerable_JJ criticism_NN1 from_II the_AT Court_NN1 of_IO Appeal_NN1 downwards_RL ._. 
The_AT new_JJ rules_NN2 coming_VVG in_RP tomorrow_RT effectively_RR mean_VV0 the_AT end_NN1 of_IO the_AT full_JJ extent_NN1 normal_JJ rule_NN1 for_IF people_NN earning_VVG 12_MC or_CC less_RRR in_II a_AT1 week_NNT1 ._. 
The_AT government_NN1 says_VVZ the_AT changes_NN2 are_VBR interim_JJ measures_NN2 and_CC it_PPH1 intends_VVZ to_TO reconsider_VVI the_AT whole_JJ question_NN1 of_IO the_AT treatment_NN1 of_IO earnings_NN2 received_VVN by_II people_NN on_II unemployment_NN1 benefit_NN1 ._. 
If_CS you_PPY do_VD0 any_DD part-time_RR work_VVI while_CS on_II unemployment_NN1 benefit_NN1 and_CC your_APPGE earnings_NN2 do_VD0 not_XX affect_VVI your_APPGE benefit_NN1 entitlement_NN1 ,_, you_PPY will_VM still_RR have_VHI to_TO meet_VVI the_AT rest_NN1 of_IO the_AT conditions_NN2 for_IF this_DD1 benefit_NN1 on_II the_AT remaining_JJ days_NNT2 ._. 
These_DD2 include_VV0 a_AT1 new_JJ stringent_JJ '_GE actively_RR seeking_VVG work_NN1 '_GE test_NN1 which_DDQ was_VBDZ introduced_VVN this_DD1 October_NPM1 ,_, as_II31 well_II32 as_II33 showing_VVG that_CST you_PPY are_VBR available_JJ for_IF work_NN1 the_AT rest_NN1 of_IO the_AT week_NNT1 ._. 
As_II31 well_II32 as_II33 earnings_NN2 from_II part-time_JJ work_NN1 ,_, other_JJ income_NN1 can_VM affect_VVI your_APPGE entitlement_NN1 to_II unemployment_NN1 benefit_NN1 ._. 
If_CS you_PPY are_VBR aged_II 55_MC or_CC over_RP and_CC have_VH0 a_AT1 personal_JJ or_CC occupational_JJ pension_NN1 which_DDQ is_VBZ more_DAR than_CSN 35_MC per_II week_NNT1 ,_, the_AT rest_NN1 will_VM be_VBI deducted_VVN from_II your_APPGE benefit_NN1 ._. 
Money_NN1 from_II a_AT1 redundancy_NN1 payment_NN1 should_VM not_XX affect_VVI your_APPGE right_NN1 to_II this_DD1 benefit_NN1 ._. 
Also_RR note_VV0 that_CST if_CS your_APPGE partner_NN1 earns_VVZ more_DAR than_CSN 21.40_MC the_AT adult_NN1 dependants_NN2 increase_VV0 will_VM not_XX be_VBI payable_JJ for_IF her_PPHO1 or_CC him_PPHO1 ._. 
PAGE_NN1 Water_NN1 shares_NN2 '_GE underpriced_JJ '_GE ._. 
By_II Patrick_NP1 Donovan_NP1 Industrial_JJ Correspondent_NN1 MR_NNB MICHAEL_NP1 Howard_NP1 ,_, the_AT Water_NN1 Minister_NN1 ,_, yesterday_RT effectively_RR admitted_VVN that_DD1 water_NN1 shares_NN2 have_VH0 been_VBN underpriced_JJ as_CSA he_PPHS1 formally_RR closed_VVD the_AT deadline_NN1 for_IF application_NN1 amid_II City_NN1 predictions_NN2 that_CST the_AT issue_NN1 will_VM open_VVI at_II a_AT1 premium_NN1 of_IO up_RG21 to_RG22 30_MC per_NNU21 cent_NNU22 ._. 
As_CSA he_PPHS1 waited_VVD to_TO pose_VVI for_IF photographers_NN2 drinking_VVG a_AT1 glass_NN1 of_IO water_NN1 in_II a_AT1 City_NN1 bank_NN1 ,_, Mr_NNB Howard_NP1 said_VVD the_AT Government_NN1 's_GE calculations_NN2 had_VHD been_VBN overtaken_VVN by_II the_AT surge_NN1 in_II the_AT stock_NN1 market_NN1 ._. 
Ministers_NN2 however_RR were_VBDR not_XX at_II fault_NN1 because_CS '_" nobody_PN1 could_VM tell_VVI that_CST the_AT stock_NN1 market_NN1 would_VM go_VVI up_RP 150_MC points_NN2 since_CS we_PPIS2 priced_VVD the_AT shares_NN2 ._. 
I_PPIS1 do_VD0 n't_XX feel_VVI any_DD difficulty_NN1 about_II that_DD1 ._. 
'_" As_CSA flotation_NN1 advisers_NN2 suggested_VVD that_CST as_RG many_DA2 as_CSA two_MC million_NNO people_NN could_VM have_VHI applied_VVN for_IF shares_NN2 after_II a_AT1 last-minute_JJ surge_NN1 of_IO applications_NN2 ,_, he_PPHS1 added_VVD that_CST the_AT issue_NN1 would_VM be_VBI a_AT1 big_JJ step_NN1 towards_II the_AT Government_NN1 's_GE goal_NN1 of_IO increasing_VVG the_AT level_NN1 of_IO share-ownership_NN1 ._. 
Meanwhile_RR Labour_JJ 's_GE water_NN1 spokeswoman_NN1 ,_, Ms_NNB Ann_NP1 Taylor_NP1 ,_, yesterday_RT asked_VVD the_AT House_NN1 of_IO Commons_NP Public_JJ Accounts_NN2 Committee_NN1 to_TO investigate_VVI '_GE the_AT loss_NN1 suffered_VVN by_II taxpayers_NN2 as_II a_AT1 result_NN1 of_IO the_AT privatisation_NN1 of_IO water_NN1 ._. 
'_" She_PPHS1 said_VVD :_: '_GE Overall_NN1 the_AT loss_NN1 to_II the_AT taxpayer_NN1 due_II21 to_II22 the_AT write_VV0 off_II21 of_II22 debt_NN1 and_CC injection_NN1 of_IO cash_NN1 is_VBZ 1.291billion_FO ._. 
'_GE The_AT whole_NN1 of_IO the_AT Government_NN1 's_GE political_JJ campaign_NN1 to_TO privatise_VVI water_NN1 has_VHZ been_VBN massively_RR subsidised_VVN by_II taxpayers_NN2 ._. 
Throughout_II the_AT year_NNT1 we_PPIS2 have_VH0 all_DB had_VHN to_TO pay_VVI huge_JJ amounts_NN2 for_IF advertising_NN1 and_CC for_IF fees_NN2 to_II PR_NP1 firms_NN2 and_CC City_NN1 advisers_NN2 ._. 
This_DD1 has_VHZ added_VVN insult_NN1 to_II injury_NN1 of_IO a_AT1 privatisation_NN1 carried_VVN out_RP against_II the_AT wishes_NN2 of_IO the_AT public_NN1 ._. 
'_GE The_AT industry_NN1 has_VHZ been_VBN massively_RR undersold_VV0 ._. 
The_AT price_NN1 the_AT Government_NN1 has_VHZ put_VVN on_II the_AT water_NN1 industry_NN1 is_VBZ a_AT1 small_JJ fraction_NN1 of_IO the_AT values_NN2 of_IO the_AT assets_NN2 shown_VVN in_II the_AT prospectus_NN1 ._. 
'_GE The_AT 500,000_MC acres_NNU2 of_IO land_NN1 held_VVN by_II the_AT water_NN1 companies_NN2 would_VM be_VBI prey_NN1 to_II '_GE massive_JJ exploitation_NN1 ._. 
'_GE PAGE_NN1 
