Scots_JJ Power_NN1 surges_VVZ INVESTORS_NN2 in_II Scottish_JJ Power_NN1 can_VM splash_VVI out_RP on_II an_AT1 extra_JJ bottle_NN1 of_IO scotch_NN1 to_TO celebrate_VVI hogmanay_NN1 ._. 
Interim_JJ figures_NN2 unveiled_VVD yesterday_RT show_VV0 a_AT1 16%_NNU leap_NN1 in_II pre-tax_JJ profits_NN2 to_II 95m_NNU and_CC are_VBR at_II the_AT top_JJ end_NN1 of_IO market_NN1 forecasts_NN2 ._. 
Electricity_NN1 sales_NN to_II England_NP1 and_CC Wales_NP1 rose_VVD by_II 6%_NNU ,_, and_CC capacity_NN1 to_TO distribute_VVI electricity_NN1 south_ND1 of_IO the_AT border_NN1 will_VM be_VBI upped_VVN 70%_NNU in_II 1993_MC ._. 
In_RR21 addition_RR22 ,_, Scottish_JJ Power_NN1 is_VBZ forging_VVG ahead_RL with_IW plans_NN2 to_TO compete_VVI against_II BT_NP1 and_CC Mercury_NP1 in_II telephones_NN2 ._. 
The_AT group_NN1 is_VBZ in_II talks_NN2 with_IW National_JJ Grid_NN1 to_TO establish_VVI groundwork_NN1 for_IF a_AT1 new_JJ telecoms_NN alliance_NN1 ._. 
'_" It_PPH1 's_VBZ still_RR in_II the_AT blueprint_NN1 stage_NN1 ,_, but_CCB it_PPH1 has_VHZ gone_VVN further_RRR than_CSN just_RR being_VBG a_AT1 twinkle_NN1 in_II the_AT eye_NN1 ,_, '_GE said_VVD finance_NN1 man_NN1 Duncan_NP1 Whyte_NP1 ._. 
Shares_NN2 jumped_VVD 2p_NNU to_II 222p_NNU ._. 
Merrydown_NP1 cider_NN1 runs_VVZ out_II21 of_II22 fizz_NN1 Liz_NP1 Dolan_NP1 CIDER_NN1 sales_NN are_VBR fizzing_JJ but_CCB Merrydown_NP1 seems_VVZ to_TO have_VHI got_VVN lost_JJ on_II the_AT way_NN1 to_II the_AT party_NN1 ._. 
While_CS competitors_NN2 sparkled_VVD in_II the_AT first_MD half_NN1 ,_, the_AT Sussex-based_JJ cidermaker_NN1 's_GE profits_NN2 trickled_VVD down_RP from_II 1.1m_NNU to_II 1.07m_NNU ._. 
Boss_NN1 Richard_NP1 Purdey_NP1 blames_VVZ higher_JJR interest_NN1 charges_NN2 and_CC falling_VVG sales_NN in_II the_AT price-conscious_JJ South_ND1 East_ND1 ,_, where_CS cider_NN1 drinkers_NN2 have_VH0 been_VBN tempted_VVN away_RL by_II cheaper_JJR newcomers_NN2 like_II Bulmers_NP1 '_GE Scrumpy_NN1 Jack_NP1 and_CC Taunton_NP1 's_GE Brody_NN1 ._. 
Supermarket_NN1 own-label_NN1 brands_NN2 are_VBR another_DD1 headache_NN1 ._. 
Merrydown_NP1 still_RR leads_VVZ the_AT vintage_NN1 cider_NN1 market_NN1 ,_, but_CCB Purdey_NP1 admits_VVZ that_DD1 '_VBZ margins_NN2 are_VBR being_VBG nibbled_JJ '_GE ._. 
Falling_VVG pub_NN1 attendances_NN2 will_VM hit_VVI sales_NN of_IO Merrydown_NP1 's_GE newest_JJT brand_NN1 ,_, Premium_NN1 Draught_NN1 Cider_NN1 ._. 
But_CCB benefits_NN2 from_II a_AT1 new_JJ nationwide_JJ distribution_NN1 deal_NN1 should_VM start_VVI to_TO come_VVI through_II next_MD year_NNT1 ._. 
Merrydown_NP1 is_VBZ suffering_VVG because_CS it_PPH1 is_VBZ smaller_JJR than_CSN most_DAT of_IO its_APPGE rivals_NN2 ,_, but_CCB that_DD1 could_VM also_RR mean_VVI a_AT1 faster_JJR recovery_NN1 ,_, Purdey_NP1 says_VVZ ._. 
'_GE Smaller_JJR boats_NN2 tend_VV0 to_TO rock_VVI about_RP more_RRR when_CS the_AT storms_NN2 come_VV0 ,_, but_CCB they_PPHS2 get_VV0 moving_VVG faster_RRR when_CS the_AT weather_NN1 calms_VVZ down_RP ,_, '_" he_PPHS1 said_VVD ._. 
A_ZZ1 12.5%_FO dividend_NN1 hike_NN1 drew_VVD the_AT sting_NN1 from_II the_AT results_NN2 ,_, and_CC the_AT shares_NN2 fell_VVD just_RR 5p_NNU to_II 233p_NNU ._. 
Food_NN1 flavourings_NN2 maker_NN1 Borthwicks_NP2 jumped_VVD 2p_NNU to_II 30p_NNU after_II serving_VVG up_RP a_AT1 37%_NNU profits_NN2 increase_VV0 to_II 1.28m_NNU in_II the_AT first_MD half_NN1 ._. 
Miserable_JJ summer_NNT1 weather_NN1 hit_VVD sales_NN figures_NN2 of_IO soft_JJ drink_NN1 and_CC ice-cream_NN1 manufacturers_NN2 ,_, but_CCB a_AT1 0.442m_NNU tax_NN1 credit_NN1 for_IF the_AT New_NP1 Zealand_NP1 business_NN1 saved_VVD the_AT day_NNT1 ._. 
Property_NN1 giant_NN1 crumbles_VVZ THE_AT collapse_NN1 of_IO property_NN1 giant_NN1 Rosehaugh_NN1 failed_VVD to_TO dent_VVI the_AT market_NN1 yesterday_RT ._. 
The_AT receivers_NN2 were_VBDR called_VVN in_RP at_II the_AT Broadgate_NP1 developer_NN1 and_CC the_AT shares_NN2 suspended_VVN at_II 7p_NNU ,_, but_CCB the_AT FT-SE_NN1 100_MC Index_NN1 shook_VVD off_RP the_AT crisis_NN1 and_CC climbed_VVD to_II a_AT1 new_JJ peak_NN1 ,_, up_II 18_MC points_NN2 at_II 2778.8_MC ._. 
Money_NN1 supply_NN1 figures_NN2 unveiled_VVD by_II the_AT Bank_NN1 of_IO England_NP1 show_VV0 that_DD1 spending_NN1 is_VBZ again_RT on_II the_AT move_NN1 ._. 
Cash_NN1 and_CC notes_NN2 in_II circulation_NN1 grew_VVD by_II 3%_NNU ,_, hinting_VVG that_CST consumers_NN2 are_VBR putting_VVG their_APPGE hands_NN2 back_RP in_II their_APPGE pockets_NN2 ._. 
A_ZZ1 further_RRR cut_VVN in_II interest_NN1 rates_NN2 ,_, however_RR ,_, to_II 6%_NNU ,_, could_VM be_VBI shelved_VVN until_II next_MD year_NNT1 ._. 
Brewers_NN2 ,_, drugs_NN2 shares_NN2 ,_, leisure_NN1 and_CC stores_NN2 were_VBDR in_II the_AT vanguard_NN1 ._. 
But_CCB properties_NN2 were_VBDR hit_VVN hard_RR with_IW Greycoat_NP1 ,_, Speyhawk_NP1 and_CC Stanhope_VV0 losing_VVG ground_NN1 ._. 
Stores_NN2 ,_, pinning_VVG their_APPGE hopes_NN2 on_II a_AT1 brighter_JJR Christmas_NNT1 ,_, were_VBDR cheerful_JJ ._. 
Leading_VVG the_AT way_NN1 was_VBDZ Body_NN1 Shop_NN1 which_DDQ jumped_VVD 12p_NNU to_II 202p_NNU ._. 
Electricity_NN1 and_CC water_NN1 shares_NN2 lost_VVD ground_NN1 ._. 
Pentland_NN1 Group_NN1 sprinted_VVD 8p_NNU to_II 125p_NNU following_II a_AT1 profit_NN1 of_IO 13m_NNU on_II the_AT sale_NN1 of_IO its_APPGE 20%_NNU holding_VVG in_II BTF_NP1 (_( owner_NN1 of_IO Adidas_NP2 )_) back_RP to_II Bernard_NP1 Tapie_NP1 Finance_VV0 S.A._NP1 A_ZZ1 deal_VV0 to_TO buy_VVI the_AT whole_NN1 of_IO Adidas_NP2 fell_VVD through_II last_MD month_NNT1 ._. 
UK_NP1 's_GE royal_JJ jelly_NN1 maker_NN1 loses_VVZ its_APPGE magic_JJ touch_NN1 George_NP1 Campbell_NP1 ,_, City_NN1 Editor_NN1 REGINA_NP1 ,_, the_AT royal_JJ jelly_NN1 company_NN1 which_DDQ makes_VVZ the_AT magic_JJ queen_NN1 bee_NN1 elixir_NN1 taken_VVN by_II stars_NN2 like_II Cliff_NP1 Richard_NP1 and_CC Maureen_NP1 Lipman_NP1 ,_, stung_VVD the_AT City_NN1 yesterday_RT with_IW massive_JJ losses_NN2 ._. 
It_PPH1 has_VHZ plunged_VVN into_II the_AT red_NN1 ,_, to_II the_AT tune_NN1 of_IO 1.2m_NNU for_IF the_AT year_NNT1 to_II August_NPM1 1992_MC ,_, and_CC will_VM not_XX be_VBI paying_VVG a_AT1 dividend_NN1 ._. 
Sales_NN of_IO the_AT product_NN1 ,_, whose_DDQGE yellow_JJ capsules_NN2 contain_VV0 natural_JJ minerals_NN2 and_CC vitamins_NN2 to_TO alleviate_VVI ailments_NN2 ranging_VVG from_II pre-menstrual_JJ tension_NN1 to_TO lack_VVI of_IO energy_NN1 ,_, have_VH0 crashed_VVN by_II 30%_NNU to_II 1.9m_NNU ._. 
Last_MD night_NNT1 ,_, dealers_NN2 reflected_VVD the_AT trauma_NN1 by_II slashing_VVG the_AT shares_NN2 to_II 1_MC1 3/4p_FU from_II 2p_NNU ,_, valuing_VVG the_AT group_NN1 at_II a_AT1 rock_NN1 bottom_NN1 2.3m_NNU ._. 
Lawyer_NN1 Shiraz_NP1 Malik-Noor_NP1 ,_, whose_DDQGE family_NN1 and_CC trusts_NN2 own_VV0 a_AT1 quarter_NN1 of_IO the_AT group_NN1 ,_, is_VBZ confident_JJ that_CST things_NN2 will_VM pick_VVI up_RP ._. 
He_PPHS1 said_VVD the_AT outfit_NN1 has_VHZ no_AT borrowings_NN2 to_TO speak_VVI of_IO ,_, and_CC the_AT company_NN1 is_VBZ now_RT trading_VVG profitably_RR ._. 
Shiraz_NN1 has_VHZ stitched_VVN up_RP major_JJ deals_NN2 all_RR over_II the_AT world_NN1 to_TO boost_VVI sales_NN ,_, but_CCB it_PPH1 appears_VVZ that_CST UK_NP1 buyers_NN2 are_VBR very_RG reluctant_JJ to_TO splash_VVI out_RP 13_MC for_IF 30_MC capsules_NN2 in_II the_AT middle_NN1 of_IO a_AT1 slump_NN1 ._. 
Despite_II its_APPGE name_NN1 ,_, the_AT company_NN1 's_GE owner_NN1 freely_RR admits_VVZ that_CST :_: '_GE The_AT Royal_JJ family_NN1 have_VH0 never_RR taken_VVN the_AT product_NN1 ._. 
'_GE Shiraz_NN1 ,_, however_RR ,_, is_VBZ not_XX a_AT1 quitter_NN1 ._. 
He_PPHS1 has_VHZ stitched_VVN up_RP deals_NN2 with_IW a_AT1 Singapore_NP1 company_NN1 which_DDQ makes_VVZ Tiger_NN1 Balm_NN1 ,_, one_MC1 of_IO Asia_NP1 's_GE natural_JJ remedies_NN2 most_RGT popular_JJ '_GE cure-all_RR '_GE ointment_NN1 ._. 
The_AT woman_NN1 who_PNQS founded_VVD the_AT company_NN1 ,_, Regina_NP1 ,_, Irene_NP1 Stein_NP1 ,_, sold_VVD out_RP earlier_RRR this_DD1 year_NNT1 ._. 
She_PPHS1 flogged_VVD off_RP her_APPGE remaining_JJ 9%_NNU stake_NN1 for_IF 100,000_MC in_II February_NPM1 ._. 
The_AT government_NN1 has_VHZ given_VVN its_APPGE blessing_NN1 to_II the_AT 935m_NNU bid_NN1 by_II Tomkins_NP1 for_IF Bisto_NP1 to_II Mother_NN1 's_GE Pride_NN1 giant_NN1 Ranks_VVZ Hovis_NP1 McDougall_NP1 ._. 
The_AT Department_NN1 of_IO Trade_NN1 and_CC Industry_NN1 has_VHZ decided_VVN not_XX to_TO refer_VVI the_AT offer_NN1 which_DDQ topped_VVD Lord_NNB Hanson_NP1 's_GE bid_NN1 by_II about_RG 150m_NNU ._. 
Vistec_NP1 's_GE record_NN1 rise_NN1 BOB_NP1 Morton_NP1 ,_, the_AT man_NN1 who_PNQS made_VVD a_AT1 personal_JJ fortune_NN1 of_IO 15m_NNU building_NN1 up_RP and_CC selling_VVG companies_NN2 like_II Kwik-Fit_NP1 ,_, Burgess_NP1 ,_, Hatfield_NP1 Estates_NN2 and_CC Norank_NP1 ,_, is_VBZ poised_VVN to_TO repeat_VVI the_AT process_NN1 ._. 
His_APPGE computer_NN1 software_NN1 group_NN1 Vistec_NP1 has_VHZ romped_VVN in_RP with_IW a_AT1 record_NN1 increase_NN1 of_IO 29%_NNU to_II 1.3m_NNU in_II the_AT first_MD half_NN1 ,_, and_CC the_AT City_NN1 is_VBZ pinning_VVG its_APPGE hopes_NN2 on_II a_AT1 further_JJR leap_NN1 from_II 1m_NNU to_II 3.3m_NNU in_II the_AT full_JJ year_NNT1 ._. 
Meanwhile_RR ,_, Vistec_NP1 is_VBZ making_VVG the_AT most_DAT of_IO the_AT recession_NN1 and_CC has_VHZ a_AT1 Pounds_NN2 4m_NNU cash_NN1 pile_NN1 ._. 
Anyone_PN1 who_PNQS bought_VVD the_AT shares_NN2 when_CS we_PPIS2 tipped_VVD them_PPHO2 last_MD year_NNT1 at_II 8p_NNU has_VHZ done_VDN well_RR ._. 
They_PPHS2 stand_VV0 at_II 25p_NNU and_CC there_EX should_VM be_VBI more_RRR to_TO come_VVI ._. 
GA_NP1 to_TO reduce_VVI policy_NN1 costs_VVZ GENERAL_JJ Accident_NN1 is_VBZ bidding_VVG to_TO stem_VVI claims_NN2 losses_NN2 and_CC bring_VVI down_RP premium_JJ costs_NN2 with_IW the_AT launch_NN1 of_IO customised_JJ household_NN1 and_CC motor_NN1 insurance_NN1 policies_NN2 ._. 
People_NN pay_VV0 extra_JJ for_IF add-ons_NN2 to_II basic_JJ cover_NN1 ._. 
No-claims_NN2 bonuses_NN2 on_II both_DB2 products_NN2 should_VM discourage_VVI all_RR21 but_RR22 vital_JJ claims_NN2 ._. 
Sterling_NN1 's_GE dive_NN1 saves_VVZ Kenwood_NP1 THE_AT cloud_NN1 that_CST engulfed_VVD the_AT market_NN1 on_II Black_JJ Wednesday_NPD1 had_VHN a_AT1 silver_NN1 lining_VVG for_IF electric_JJ gadgets_NN2 maker_NN1 Kenwood_NP1 ._. 
The_AT cheaper_JJR pound_NN1 has_VHZ saved_VVN the_AT group_NN1 from_II an_AT1 embarrassing_JJ profits_NN2 collapse_VV0 within_II months_NNT2 of_IO its_APPGE July_NPM1 stockmarket_NN1 debut_NN1 ._. 
Sales_NN started_VVD to_TO tumble_VVI just_RR as_CSA dealings_NN2 in_II the_AT shares_NN2 began_VVD ,_, but_CCB Stock_NN1 Exchange_NN1 rules_NN2 meant_VVD boss_NN1 Tim_NP1 Parker_NP1 had_VHD to_TO wait_VVI until_II September_NPM1 to_TO warn_VVI the_AT market_NN1 ._. 
A_ZZ1 10%_NNU fall_NN1 in_II profits_NN2 to_II 5m_NNU in_II the_AT six_MC months_NNT2 to_TO end_VVI September_NPM1 is_VBZ pretty_RG bad_JJ news_NN1 ,_, but_CCB a_AT1 10%_NNU jump_NN1 in_II sales_NN since_CS sterling_NN1 left_VVD the_AT ERM_NN1 underpins_VVZ Parker_NP1 's_GE promise_NN1 that_CST the_AT second_MD half_NN1 will_VM be_VBI better_JJR ._. 
He_PPHS1 says_VVZ the_AT government_NN1 's_GE turnaround_NN1 on_II interest_NN1 and_CC exchange_NN1 rate_NN1 policies_NN2 should_VM give_VVI an_AT1 extra_JJ boost_NN1 to_II Christmas_NNT1 trading_VVG too_RR ._. 
US_NP1 demand_NN1 was_VBDZ strong_JJ ,_, and_CC new_JJ products_NN2 like_II the_AT Ultrascreen_JJ electronic_JJ water_NN1 filter_NN1 have_VH0 helped_VVN Kenwood_NP1 carve_VVI out_RP a_AT1 bigger_JJR share_NN1 of_IO the_AT UK_NP1 market_NN1 ._. 
But_CCB the_AT deepening_JJ recession_NN1 in_II most_DAT continental_JJ countries_NN2 is_VBZ hitting_VVG sales_NN across_II the_AT Channel_NN1 ._. 
The_AT shares_NN2 added_VVD 1p_NNU to_II 256p_NNU ,_, 29p_NNU shy_JJ of_IO the_AT float_NN1 price_NN1 ._. 
The_AT first-time_JJ 1.5p_NNU dividend_NN1 should_VM jump_VVI to_II 5p_NNU at_II the_AT full-year_JJ stage_NN1 ._. 
FT-SE_NN1 surges_VVZ as_CSA Honkers_NP1 goes_VVZ bonkers_NN2 A_ZZ1 SHAKE-OUT_NN1 in_II Hong_NP1 Kong_NP1 sent_VVD shudders_NN2 through_II London_NP1 yesterday_RT and_CC almost_RR brought_VVN FT-SE_NN1 's_GE record-breaking_JJ run_NN1 to_II a_AT1 halt_NN1 ._. 
China_NP1 's_GE challenge_NN1 to_II the_AT UK_NP1 's_GE continued_JJ administration_NN1 of_IO the_AT colony_NN1 hit_VVD stocks_NN2 and_CC sent_VVD dealers_NN2 scrambling_VVG ._. 
But_CCB shares_NN2 staged_VVD a_AT1 spirited_JJ rally_NN1 an_AT1 hour_NNT1 before_II the_AT close_JJ and_CC the_AT FT-SE_NN1 roared_VVD to_II a_AT1 new_JJ all-time_JJ peak_NN1 of_IO 2792.0_MC a_AT1 whisker_NN1 below_II the_AT magical_JJ 2800_MC level_JJ ._. 
The_AT pound_NN1 was_VBDZ firm_JJ against_II the_AT dollar_NNU1 and_CC the_AT mark_NN1 ._. 
Hongkong_NP1 Shanghai_NP1 Bank_NP1 (_( owner_NN1 of_IO the_AT Midland_NP1 Bank_NP1 )_) dived_VVD 14p_NNU to_II 502p_NNU along_II21 with_II22 Far_JJ East_ND1 trader_NN1 Standard_NN1 Chartered_VVD ,_, down_RP 10p_NNU at_II 543p_NNU ._. 
Christmas_NNT1 cheer_NN1 ,_, kept_VVD stores_NN2 ticking_VVG over_RP and_CC there_EX were_VBDR good_JJ rises_NN2 at_II Argos_NP1 ,_, Ratners_NP1 ,_, Boots_NP1 and_CC Dixons_NP1 and_CC Clinton_NP1 Cards_NN2 ,_, up_RP 7p_NNU at_II 88p_NNU ._. 
Rumbles_NN2 continued_VVN in_II property_NN1 after_II the_AT Rosehaugh_NN1 collapse_NN1 and_CC MEPC_NP1 lost_VVD 5p_NNU to_II 334p_NNU in_II the_AT wake_NN1 of_IO a_AT1 24%_NNU cut_VVN in_II its_APPGE property_NN1 values_NN2 ._. 
Water_NN1 and_CC electricity_NN1 shares_NN2 were_VBDR on_II the_AT skids_NN2 ._. 
The_AT National_JJ Express_NN1 group_NN1 offer_NN1 has_VHZ been_VBN over_RP subscribed_VVN and_CC the_AT basis_NN1 of_IO allocation_NN1 will_VM be_VBI unveiled_VVN today_RT ._. 
A_AT1 premium_NN1 looks_VVZ likely_JJ ._. 
APV_NP1 ,_, the_AT engineer_NN1 and_CC food_NN1 processor_NN1 ,_, has_VHZ sold_VVN off_II its_APPGE ventilation_NN1 and_CC warm_JJ air_NN1 hand_NN1 dryer_NN1 business_NN1 ,_, Vent-Axia_NP1 ,_, to_II Smiths_NP2 Industries_NN2 for_IF a_AT1 cool_JJ 56m_NNU in_II cash_NN1 ._. 
Rain_NN1 waters_VVZ down_II pub_NN1 group_NN1 profits_VVZ Liz_NP1 Dolan_NP1 DRINK-DRIVING_JJ laws_NN2 ,_, health_NN1 worries_NN2 and_CC shrinking_JJ wallets_NN2 kept_VVD even_RR more_DAR people_NN away_II21 from_II22 pubs_NN2 last_MD summer_NNT1 ._. 
The_AT weather_NN1 did_VDD n't_XX help_VVI much_DA1 either_RR ,_, says_VVZ brewing_NN1 giant_NN1 ,_, Allied_JJ Lyons_NP1 ._. 
Although_CS fewer_DAR people_NN dropped_VVN into_II their_APPGE locals_NN2 ,_, branded_JJ pub_NN1 chains_NN2 like_II Big_JJ Steak_NN1 and_CC Mr_NNB Q_NP1 proved_VVD more_RGR popular_JJ ._. 
And_CC ,_, with_IW more_DAR people_NN languishing_VVG at_II home_NN1 in_II31 front_II32 of_II33 the_AT TV_NN1 ,_, Victoria_NP1 Wine_NN1 off-licences_NN2 managed_VVD to_TO boost_VVI sales_NN by_II more_DAR than_CSN 7%_NNU in_II the_AT six_MC months_NNT2 to_II September_NPM1 19_MC ._. 
Group_NN1 profits_NN2 grew_VVD 2.5%_FO to_II 283m_NNU pre-tax_JJ ,_, but_CCB trading_VVG profits_NN2 slipped_VVD 7m_NNU to_II 372m_NNU ._. 
A_ZZ1 4m_NNU bad_JJ debt_NN1 provision_NN1 sent_VVD brewing_NN1 profits_NN2 6.3%_FO lower_RRR at_II 45m_NNU ._. 
Star_NN1 performer_NN1 in_II the_AT brewing_NN1 division_NN1 was_VBDZ Tetley_NP1 bitter_JJ ,_, which_DDQ boosted_VVD sales_NN by_II 8%_NNU ._. 
Skol_NP1 's_GE sales_NN were_VBDR up_RP by_II 4%_NNU ,_, thanks_NN2 largely_RR to_TO demand_VVI from_II couch_NN1 potatoes_NN2 ._. 
Price-slashing_NN1 by_II Allied_JJ and_CC major_JJ competitors_NN2 has_VHZ wrecked_VVN margins_NN2 ,_, admits_VVZ boss_NN1 Tony_NP1 Hales_NP2 ._. 
He_PPHS1 says_VVZ he_PPHS1 's_VBZ detected_VVN a_AT1 slow-down_NN1 in_II discount_NN1 rates_NN2 ,_, but_CCB reckons_VVZ the_AT market_NN1 will_VM take_VVI two_MC years_NNT2 to_TO recover_VVI ._. 
Dunkin_NP1 Donuts_NP1 had_VHD an_AT1 '_GE excellent_JJ year_NNT1 '_GE ,_, but_CCB bad_JJ weather_NN1 in_II the_AT US_NP1 hit_VVD business_NN1 at_II the_AT Baskin-Robbins_NP1 ice-cream_NN1 chain_NN1 ._. 
Shareholders_NN2 get_VV0 a_AT1 4.5%_FO dividend_NN1 hike_NN1 to_II 6.95p_NNU ._. 
The_AT shares_NN2 slipped_VVD 3p_NNU to_II 641_MC ._. 
A_AT1 secure_JJ bet_NN1 CHUBB_NP1 Security_NN1 ,_, unlocked_VVN by_II parent_NN1 Racal_NP1 ,_, is_VBZ now_RT standing_VVG firmly_RR on_II its_APPGE own_DA two_MC pins_NN2 ._. 
Half_DB year_NNT1 pre-tax_JJ profits_NN2 have_VH0 zoomed_VVN ahead_RL by_II 92%_NNU to_II almost_RR 27m_NNU ,_, a_AT1 much_RR healtheir_NN1 performance_NN1 than_CSN expected_JJ and_CC better_RRR than_CSN Racal_NP1 's_GE 23.1m_NNU for_IF the_AT same_DA period_NN1 ._. 
The_AT rise_NN1 in_II turnover_NN1 of_IO electronic_JJ security_NN1 has_VHZ outstripped_VVN the_AT physical_JJ side_NN1 (_( guards_NN2 etc_RA )_) and_CC this_DD1 seems_VVZ to_TO be_VBI a_AT1 growing_JJ pattern_NN1 ._. 
The_AT results_NN2 also_RR incprorate_JJ redundancy_NN1 ,_, severence_NN1 and_CC reorganisation_NN1 costs_NN2 of_IO nearly_RR 5.4m_NNU ._. 
The_AT shares_NN2 made_VVD their_APPGE debut_NN1 in_II October_NPM1 at_II 210p_NNU and_CC closed_VVD last_MD night_NNT1 at_II 227p_NNU ,_, up_RP a_AT1 penny_NNU1 ._. 
A_AT1 good_JJ bet_NN1 if_CS you_PPY think_VV0 the_AT crime_NN1 wave_NN1 will_VM continue_VVI ._. 
Price_NN1 cut_VVN to_II 100m_NNU for_IF putting_VVG on_II the_AT Ritz_NP1 George_NP1 Campbell_NP1 ,_, City_NN1 Editor_NN1 THE_AT famous_JJ Ritz_NP1 hotel_NN1 is_VBZ up_RP for_IF grabs_NN2 for_IF a_AT1 knock_NN1 down_II Pounds_NN2 100m_NNU ._. 
This_DD1 is_VBZ believed_VVN to_TO be_VBI the_AT lowest_JJT price_NN1 that_CST its_APPGE owner_NN1 Trafalgar_NP1 House_NN1 will_VM accept_VVI in_BCL21 order_BCL22 to_TO dispose_VVI of_IO it_PPH1 ._. 
The_AT Cunard_NP1 shipping_NN1 giant_NN1 ,_, which_DDQ also_RR owns_VVZ the_AT QE2_FO ,_, limped_VVD into_II port_NN1 with_IW storm_NN1 damaged_VVN results_NN2 yesterday_RT ,_, reflecting_VVG just_RR how_RGQ badly_RR it_PPH1 has_VHZ been_VBN blown_VVN off_II course_NN1 ._. 
Losses_NN2 below_II the_AT line_NN1 have_VH0 jumped_VVN to_II over_RG 80m_NNU in_II the_AT last_MD year_NNT1 and_CC in_BCL21 order_BCL22 to_TO add_VVI ballast_NN1 to_II the_AT balance_NN1 sheet_NN1 the_AT group_NN1 may_VM ultimately_RR be_VBI forced_VVN to_TO let_VVI its_APPGE prized_JJ assets_NN2 go_VVI at_II a_AT1 knock_NN1 down_II price_NN1 if_CS the_AT recession_NN1 continues_VVZ ._. 
It_PPH1 slapped_VVD a_AT1 '_" for_IF sale_NN1 '_GE sign_NN1 on_II both_DB2 flagships_NN2 some_DD months_NNT2 ago_RA but_CCB buyers_NN2 have_VH0 not_XX been_VBN queuing_VVG at_II the_AT door_NN1 ._. 
The_AT dire_JJ state_NN1 of_IO the_AT property_NN1 market_NN1 has_VHZ prompted_VVN it_PPH1 to_TO slash_VVI the_AT book_NN1 value_NN1 of_IO its_APPGE bricks_NN2 and_CC mortar_VV0 investments_NN2 by_II 138m_NNU to_II Pounds_NN2 700m_NNU ._. 
The_AT famous_JJ luxury_JJ liner_NN1 and_CC the_AT prestigious_JJ London_NP1 hotel_NN1 have_VH0 both_DB2 plunged_VVN in_II value_NN1 since_CS the_AT slump_NN1 started_VVD three_MC years_NNT2 ._. 
Things_NN2 are_VBR so_RG grim_JJ that_CST the_AT group_NN1 ,_, which_DDQ covers_VVZ such_DA diverse_JJ enterprises_NN2 as_CSA engineering_NN1 and_CC house_NN1 building_NN1 ,_, has_VHZ been_VBN forced_VVN to_TO pay_VVI its_APPGE 6p_NNU total_JJ dividend_NN1 out_II21 of_II22 reserves_NN2 ._. 
But_CCB out-going_JJ bosses_NN2 Sir_NNB Nigel_NP1 Broakes_NP2 and_CC Sir_NNB Eric_NP1 Parker_NP1 ,_, the_AT dynamic_JJ duo_NN1 who_PNQS have_VH0 manned_VVN the_AT pumps_NN2 during_II the_AT storm_NN1 ,_, are_VBR taking_VVG the_AT development_NN1 in_II their_APPGE stride_NN1 ._. 
Between_II them_PPHO2 they_PPHS2 will_VM pick_VVI up_RP an_AT1 aggregate_JJ 1.9m_NNU to_TO cover_VVI early_JJ termination_NN1 of_IO their_APPGE service_NN1 agreements_NN2 ._. 
Sire_VV0 Eric_NP1 gets_VVZ the_AT lion_NN1 's_GE share_NN1 with_IW a_AT1 three-year_JJ contract_NN1 worth_II Pounds_NN2 432,000_MC a_AT1 year_NNT1 ._. 
New_JJ boss_NN1 Allan_NP1 Gormley_NP1 is_VBZ examining_VVG seeking_VVG a_AT1 partner_NN1 to_TO help_VVI run_VVI the_AT Cunard_NP1 shipping_NN1 arm_NN1 ._. 
The_AT disposal_NN1 programme_NN1 comprises_VVZ assets_NN2 of_IO over_RG 500m_NNU and_CC the_AT Ritz_NP1 in_II Piccadilly_NP1 ,_, Mecca_NP1 for_IF the_AT internationally_RR wealthy_JJ ,_, could_VM be_VBI yours_PPGE for_IF 100_MC m_NNO ._. 
The_AT asking_NN1 price_NN1 before_II the_AT recession_NN1 was_VBDZ anything_PN1 bewteen_JJ 150m_NNU and_CC 200m_NNU ._. 
Trafalgar_NP1 paid_VVD less_DAR than_CSN 3m_NNU for_IF it_PPH1 back_RP in_II 1976_MC ,_, five_MC years_NNT2 after_CS it_PPH1 purchased_VVD Cunard_NP1 ._. 
The_AT shares_NN2 ,_, where_CS Hong_NP1 Kong_NP1 Land_NP1 has_VHZ a_AT1 15%_NNU stake_NN1 ,_, dived_VVD 6p_NNU to_II 89p_NNU ._. 
Current_JJ deficit_NN1 THE_AT two_MC million_NNO customers_NN2 of_IO electricity_NN1 giant_NN1 Norweb_NP1 have_VH0 been_VBN watching_VVG their_APPGE bills_NN2 ._. 
This_DD1 is_VBZ reflected_VVN in_II half-time_NN1 profits_NN2 pegged_VVN back_RP to_II 37.1m_NNU ,_, a_AT1 rise_NN1 of_IO only_JJ 3.7m_NNU over_II the_AT last_MD six_MC months_NNT2 ._. 
The_AT figures_NN2 have_VH0 also_RR been_VBN given_VVN a_AT1 boost_NN1 by_II much_RR lower_JJR interest_NN1 charges_NN2 as_II a_AT1 result_NN1 of_IO strong_JJ cash_NN1 flow_NN1 ._. 
But_CCB its_APPGE 214,000_MC shareholders_NN2 need_VM not_XX worry_VVI ._. 
Norweb_NN1 is_VBZ paying_VVG a_AT1 higher_JJR interim_JJ dividend_NN1 ,_, up_RP from_II 5.3p_NNU to_II 5.9p_NNU and_CC the_AT final_NN1 should_VM be_VBI just_RR as_RG healthy_JJ ._. 
Meanwhile_RR ,_, the_AT shares_NN2 have_VH0 performed_VVN well_RR ._. 
From_II a_AT1 December_NPM1 1990_MC price_NN1 of_IO 240p_NNU there_RL has_VHZ been_VBN a_AT1 handsome_JJ gain_NN1 to_II 445p_NNU ._. 
Retailing_NN1 and_CC gas_NN1 diversification_NN1 are_VBR also_RR promising_JJ ._. 
New_JJ face_NN1 takes_VVZ over_RP at_II Nivea_NP1 SMITH_NP1 &amp;_CC NEPHEW_NN1 is_VBZ to_TO pick_VVI up_RP 46.5m_NNU from_II selling_VVG the_AT Nivea_NP1 skin_NN1 care_NN1 brand_NN1 back_RP to_II Beiersdorf_NP1 50_MC years_NNT2 after_CS it_PPH1 was_VBDZ confiscated_VVN from_II the_AT German_JJ company_NN1 during_II the_AT Second_MD World_NN1 War_NN1 ._. 
The_AT deal_NN1 only_RR applies_VVZ to_II Nivea_NP1 products_NN2 in_II the_AT UK_NP1 ,_, the_AT Commonwealth_NN1 and_CC South_NP1 Africa_NP1 ._. 
Beiersdorf_NP1 already_RR owns_VVZ the_AT brand_NN1 elsewhere_RL in_II the_AT world_NN1 ._. 
S_ZZ1 &amp;_CC N_ZZ1 bought_VVD the_AT right_NN1 to_TO make_VVI and_CC sell_VVI Nivea_NP1 in_II Commonwealth_NN1 countries_NN2 for_IF a_AT1 minimal_JJ sum_NN1 in_II 1950_MC ._. 
Under_II the_AT deal_NN1 ,_, S_ZZ1 &amp;_CC N_ZZ1 will_VM continue_VVI to_TO sell_VVI and_CC distribute_VVI Nivea_NP1 to_II existing_JJ customers_NN2 for_IF the_AT next_MD 10_MC years_NNT2 ._. 
Beiersdorf_NP1 will_VM take_VVI responsibility_NN1 for_IF research_NN1 and_CC brand_NN1 development_NN1 ,_, production_NN1 and_CC marketing_NN1 everywhere_RL except_II Australia_NP1 and_CC South_NP1 Africa_NP1 ._. 
S_ZZ1 &amp;_CC N_ZZ1 boss_NN1 John_NP1 Robinson_NP1 said_VVD :_: '_GE Beiersdorf_NP1 will_VM be_VBI able_JK to_TO give_VVI the_AT brand_NN1 much_RR better_JJR marketing_NN1 support_NN1 ._. 
We_PPIS2 've_VH0 already_RR been_VBN working_VVG closely_RR with_IW them_PPHO2 for_IF a_AT1 long_JJ time_NNT1 because_II21 of_II22 the_AT shared_JJ ownership_NN1 ._. 
They_PPHS2 offered_VVD us_PPIO2 a_AT1 handsome_JJ sum_NN1 and_CC we_PPIS2 accepted_VVD ._. 
'_" S_ZZ1 &amp;_CC N_ZZ221 's_ZZ222 shares_NN2 closed_VVD unchanged_JJ at_II 169p_NNU ._. 
Gateway_NP1 's_GE last_MD gasp_NN1 Liz_NP1 Dolan_NP1 DETAILS_NN2 are_VBR expected_VVN this_DD1 week_NNT1 of_IO a_AT1 rescue_NN1 package_NN1 for_IF the_AT Gateway_NP1 supermarkets_NN2 group_NN1 after_II bankers_NN2 were_VBDR warned_VVN it_PPH1 was_VBDZ on_II the_AT verge_NN1 of_IO collapse_NN1 ._. 
Gateway_NP1 's_GE owner_NN1 ,_, Isosceles_NP1 ,_, says_VVZ it_PPH1 will_VM go_VVI bust_JJ unless_CS it_PPH1 is_VBZ allowed_VVN to_TO stop_VVI paying_VVG interest_NN1 on_II its_APPGE massive_JJ 1.3bn_FO debt_NN1 for_IF at_RR21 least_RR22 six_MC months_NNT2 ._. 
It_PPH1 also_RR wants_VVZ the_AT banks_NN2 to_TO cough_VVI up_RP more_DAR cash_NN1 in_II exchange_NN1 for_IF shares_NN2 ._. 
The_AT 38_MC lenders_NN2 are_VBR also_RR thought_VVN to_TO have_VHI been_VBN told_VVN that_DD1 trading_NN1 is_VBZ worse_JJR than_CSN at_II any_DD time_NNT1 since_CS the_AT current_JJ owner_NN1 took_VVD over_RP in_II the_AT late_JJ 1980s_MC2 ._. 
Meanwhile_RR ,_, Storehouse_NN1 finance_NN1 director_NN1 David_NP1 Simons_NP has_VHZ confirmed_VVN news_NN1 leaked_VVN at_II the_AT weekend_NNT1 that_CST he_PPHS1 is_VBZ set_VVN to_TO become_VVI Isosceles_NP1 '_GE third_MD chief_JJ executive_NN1 in_II 15_MC months_NNT2 ._. 
Storehouse_NN1 said_VVD Simons_NP was_VBDZ due_JJ to_TO be_VBI passed_VVN over_RP in_II31 favour_II32 of_II33 BhS_NP1 finance_NN1 director_NN1 Graham_NP1 Rider_NP1 next_MD year_NNT1 ._. 
City_NN1 experts_NN2 say_VV0 profits_NN2 could_VM halve_VVI over_II the_AT next_MD year_NNT1 as_II the_AT other_JJ supermarket_NN1 chains_NN2 eat_VV0 into_II Gateway_NP1 's_GE market_NN1 share_NN1 ._. 
Six-month_JJ figures_NN2 ,_, due_JJ next_MD month_NNT1 ,_, are_VBR likely_JJ to_TO be_VBI delayed_VVN ._. 
Buoyant_JJ market_NN1 sails_NN2 into_II uncharted_JJ waters_NN2 George_NP1 Campbell_NP1 ,_, City_NN1 Editor_NN1 A_ZZ1 FRESH_JJ wave_NN1 of_IO buying_NN1 sent_VVD shares_NN2 scorching_VVG to_II new_JJ highs_NN2 yesterday_RT ._. 
The_AT FT-SE_NN1 100_MC Index_NN1 continued_VVD to_TO sail_VVI into_II unchartered_JJ waters_NN2 and_CC a_AT1 further_JJR 3bn_NNU flooded_VVN into_II the_AT market_NN1 on_II hopes_NN2 that_CST the_AT recession_NN1 may_VM have_VHI finally_RR blown_VVN itself_PPX1 out_RP ._. 
I_PPIS1 ,_, personally_RR ,_, do_VD0 n't_XX think_VVI it_PPH1 has_VHZ ._. 
Cheaper_JJR money_NN1 and_CC a_AT1 plunge_NN1 in_II the_AT cost_NN1 of_IO living_NN1 are_VBR working_VVG their_APPGE way_NN1 through_II the_AT system_NN1 ,_, but_CCB the_AT Government_NN1 's_GE finances_NN2 are_VBR still_RR in_II a_AT1 mess_NN1 and_CC I_PPIS1 think_VV0 we_PPIS2 could_VM inherit_VVI a_AT1 financial_JJ deficit_NN1 of_IO as_RG much_DA1 as_CSA 50bn_NNU in_II 1993-94_MCMC ._. 
The_AT spring_NN1 Budget_NN1 ,_, therefore_RR ,_, will_VM be_VBI kill_NN1 or_CC cure_NN1 ._. 
If_CS it_PPH1 fails_VVZ to_TO contain_VVI a_AT1 panacea_NN1 we_PPIS2 will_VM be_VBI back_RP into_II Europe_NP1 with_IW the_AT begging_NN1 bowl_NN1 ._. 
The_AT Stock_NN1 Market_NN1 ,_, however_RR ,_, tends_VVZ to_TO look_VVI ahead_RL about_RG six_MC months_NNT2 ._. 
Cuts_NN2 in_II interest_NN1 (_( and_CC mortgage_NN1 )_) rates_NN2 are_VBR starting_VVG to_TO work_VVI their_APPGE way_NN1 through_II and_CC inflation_NN1 is_VBZ heading_VVG for_IF an_AT1 all-time_JJ low_JJ ._. 
The_AT pound_NN1 has_VHZ steadied_VVN and_CC the_AT High_JJ Street_NN1 should_VM get_VVI a_AT1 spending_NN1 boost_NN1 when_CS home_NN1 owners_NN2 receive_VV0 the_AT full_JJ benefits_NN2 of_IO the_AT building_NN1 society_NN1 cuts_VVZ in_II the_AT New_JJ Year_NNT1 ._. 
I_PPIS1 ca_VM n't_XX see_VVI the_AT jobless_JJ figure_NN1 going_VVG below_RG 3m_NNU for_IF a_AT1 long_JJ time_NNT1 ,_, but_CCB our_APPGE 9m_NNU shareholders_NN2 should_VM get_VVI decent_JJ rewards_NN2 ._. 
Returns_NN2 on_II bank_NN1 and_CC building_NN1 society_NN1 deposits_NN2 have_VH0 crashed_VVN to_II 3%-4%_FO and_CC shares_NN2 and_CC properties_NN2 are_VBR now_RT a_AT1 viable_JJ alternative_JJ investment_NN1 ._. 
That_DD1 vital_JJ ingredient_NN1 confidence_NN1 is_VBZ still_RR absent_JJ but_CCB it_PPH1 may_VM resurface_VVI soon_RR ._. 
The_AT FT-SE_NN1 closed_VVD at_II a_AT1 new_JJ high_JJ of_IO 2807.7_MC ,_, up_II 18_MC points_NN2 ._. 
Second_MD line_NN1 shares_NN2 ,_, along_II21 with_II22 blue_JJ chips_NN2 ,_, were_VBDR in_II festive_JJ spirit_NN1 ._. 
Woolwich_NP1 cut_VVD THE_AT Woolwich_NP1 Building_NN1 Society_NN1 is_VBZ copying_VVG the_AT Halifax_NP1 and_CC Bradford_NP1 &amp;_CC Bingley_NP1 's_GE decision_NN1 to_TO slash_VVI mortgage_NN1 rates_NN2 on_II its_APPGE repossessed_JJ homes_NN2 ._. 
It_PPH1 is_VBZ offering_VVG a_AT1 special_JJ 4.99%_FO two-year_JJ mortgage_NN1 on_II leasehold_NN1 properties_NN2 that_CST have_VH0 been_VBN on_II its_APPGE books_NN2 for_IF more_DAR than_CSN six_MC months_NNT2 ._. 
The_AT offer_NN1 applies_VVZ mainly_RR to_II flats_NN2 bought_VVN in_II the_AT late_JJ 1980s_MC2 boom_NN1 by_II first-time_JJ buyers_NN2 who_PNQS could_VM n't_XX keep_VVI up_RP payments_NN2 when_RRQ rates_NN2 soared_VVD ._. 
The_AT package_NN1 also_RR includes_VVZ free_JJ unemployment_NN1 insurance_NN1 for_IF the_AT first_MD two_MC years_NNT2 ._. 
But_CCB the_AT mortgage_NN1 has_VHZ to_TO be_VBI endowment-linked_JJ ,_, and_CC borrowers_NN2 will_VM have_VHI to_TO take_VVI out_RP contents_NN2 insurance_NN1 through_II the_AT Woolwich_NP1 ._. 
The_AT Woolwich_NP1 has_VHZ also_RR launched_VVN a_AT1 7.99%_FO fixed-rate_JJ mortgage_NN1 ,_, which_DDQ lasts_VVZ for_IF three_MC years_NNT2 ._. 
Widows_NN2 fine_JJ BRITAIN_NP1 'S_GE fifth-biggest_JJT life_NN1 insurer_NN1 ,_, Scottish_JJ Widows_NN2 ,_, has_VHZ been_VBN fined_VVN a_AT1 whacking_JJ 120,000_MC for_IF selling_VVG insurance_NN1 policies_NN2 to_II people_NN who_PNQS did_VDD n't_XX need_VVI them_PPHO2 ._. 
It_PPH1 is_VBZ the_AT biggest_JJT fine_JJ ever_RR imposed_VVN by_II the_AT City_NN1 on_II a_AT1 financial_JJ services_NN2 company_NN1 ._. 
Scottish_JJ Widows_NN2 was_VBDZ punished_VVN for_IF allowing_VVG greedy_JJ insurance_NN1 brokers_NN2 to_TO sell_VVI unnecessary_JJ insurance_NN1 to_II customers_NN2 so_CS21 that_CS22 they_PPHS2 could_VM pocket_NN1 huge_JJ commissions_NN2 ._. 
The_AT insurer_NN1 was_VBDZ ordered_VVN to_TO write_VVI to_II 20,000_MC policyholders_NN2 earlier_RRR this_DD1 year_NNT1 ,_, telling_VVG them_PPHO2 they_PPHS2 may_VM have_VHI been_VBN sold_VVN the_AT wrong_JJ products_NN2 ._. 
Some_DD have_VH0 since_RR been_VBN paid_VVN compensation_NN1 ._. 
Industry_NN1 watchdog_NN1 Lautro_NP1 could_VM have_VHI banned_VVN the_AT company_NN1 from_II selling_VVG investment_NN1 products_NN2 altogether_RR ,_, but_CCB decided_VVD not_XX to_TO because_CS it_PPH1 had_VHD been_VBN co-operative_JJ and_CC had_VHD acted_VVN promptly_RR to_II beef_NN1 up_RP its_APPGE sales_NN methods_NN2 ._. 
Green_JJ shoots_NN2 sprout_VV0 in_II the_AT Black_JJ Country_NN1 THE_AT green_JJ shoots_NN2 of_IO recovery_NN1 are_VBR beginning_VVG to_TO sprout_VVI in_II the_AT Black_JJ Country_NN1 ._. 
Manufacturing_NN1 and_CC service_NN1 companies_NN2 in_II the_AT Midlands_NP1 believe_VV0 they_PPHS2 may_VM be_VBI on_II the_AT brink_NN1 of_IO an_AT1 economic_JJ turnaround_NN1 ._. 
A_AT1 survey_NN1 for_IF the_AT Birmingham_NP1 Chamber_NN1 of_IO Commerce_NN1 indicates_VVZ a_AT1 '_GE slow_JJ but_CCB steady_JJ gain_NN1 for_IF business_NN1 in_II the_AT region_NN1 '_GE ._. 
But_CCB while_CS turnover_NN1 is_VBZ expected_VVN to_TO grow_VVI ,_, profits_NN2 will_VM remain_VVI depressed_JJ and_CC job_NN1 prospects_NN2 poor_JJ ._. 
Chamber_NN1 chief_NN1 John_NP1 Douglas_NP1 urged_VVD the_AT Government_NN1 to_TO accelerate_VVI public_JJ sector_NN1 infrastructure_NN1 projects_NN2 ,_, saying_VVG :_: '_" There_EX is_VBZ no_AT time_NNT1 to_TO waste_VVI ._. 
'_GE Chrysalis_NN1 emerges_VVZ in_II front_NN1 by_II a_AT1 short_JJ head_NN1 George_NP1 Campbell_NP1 MILLIONAIRE_NN1 racehorse_NN1 owner_NN1 and_CC entertainments_NN2 boss_NN1 Chris_NP1 Wright_NP1 ,_, who_PNQS sold_VVD his_APPGE 50%_NNU stake_NN1 in_II Chrysalis_NN1 Records_VVZ a_AT1 year_NNT1 ago_RA ,_, unveiled_VVD a_AT1 sparkling_JJ set_NN1 of_IO results_NN2 yesterday_RT ._. 
They_PPHS2 reflect_VV0 a_AT1 miraculous_JJ turnround_NN1 from_II a_AT1 loss_NN1 of_IO 9.3m_NNU to_II a_AT1 profit_NN1 of_IO 5.6m_NNU for_IF the_AT year_NNT1 to_II August_NPM1 1992_MC ._. 
But_CCB a_AT1 lot_NN1 of_IO the_AT impetus_NN1 has_VHZ come_VVN from_II the_AT cash_NN1 Thorn_NP1 paid_VVD when_RRQ he_PPHS1 sold_VVD the_AT record_NN1 company_NN1 ._. 
The_AT results_NN2 include_VV0 11.58m_NNU arising_VVG from_II the_AT disposal_NN1 of_IO the_AT joint_JJ records_NN2 venture_VV0 ._. 
The_AT group_NN1 's_GE operations_NN2 after_II the_AT sale_NN1 show_VV0 a_AT1 thumping_JJ loss_NN1 of_IO Pounds_NN2 4.4m_NNU ._. 
But_II21 for_II22 the_AT Thorn_NP1 deal_NN1 cash_NN1 ,_, the_AT bottom_JJ line_NN1 would_VM have_VHI looked_VVN very_RG shaky_JJ ._. 
However_RR ,_, the_AT music_NN1 entrepreneur_NN1 ,_, who_PNQS is_VBZ sitting_VVG on_II a_AT1 near_JJ 50%_NNU stake_NN1 worth_II 10m_NNU ,_, is_VBZ about_RPK to_TO make_VVI a_AT1 fresh_JJ foray_NN1 into_II the_AT records_NN2 business_NN1 ._. 
Restrictions_NN2 placed_VVN on_II him_PPHO1 by_II Thorn_NP1 end_NN1 in_II March_NPM1 and_CC he_PPHS1 has_VHZ already_RR head-hunted_JJ Steve_NP1 Lewis_NP1 ,_, former_DA boss_NN1 of_IO Richard_NP1 Branson_NP1 's_GE Virgin_NP1 Music_NN1 Publishing_NN1 ,_, to_II head-up_NN1 a_AT1 new_JJ label_NN1 ._. 
The_AT shares_NN2 jumped_VVD 5p_NNU to_II 75p_NNU on_II the_AT figures_NN2 but_CCB reading_VVG between_II the_AT lines_NN2 the_AT group_NN1 's_GE remaining_JJ operations_NN2 are_VBR not_XX exactly_RR dyanmic_JJ ._. 
The_AT amusement_NN1 machines_NN2 side_NN1 is_VBZ deep_RR in_II the_AT red_NN1 ._. 
Chrysalis_NN1 's_GE interests_NN2 now_RT spread_VVN from_II Red_JJ Rooster_NN1 Film_NN1 &amp;_CC Television_NN1 to_II recording_VVG arm_NN1 Lasgo_NN1 Exports_NN2 ,_, but_CCB information_NN1 on_II divisional_JJ performance_NN1 is_VBZ sadly_RR lacking_VVG ._. 
Forte_RR turns_VVZ eye_NN1 to_II Savoy_NP1 again_RT SHARES_VVZ in_II the_AT Savoy_NP1 Hotel_NN1 group_NN1 were_VBDR on_II the_AT move_NN1 last_MD night_NNT1 ,_, fuelled_VVN by_II bid_NN1 talk_NN1 ._. 
Pundits_NN2 reckon_VV0 that_CST Rocco_NP1 Forte_NN1 boss_NN1 of_IO the_AT Little_JJ Chef_NN1 to_II Happy_JJ Eater_NP1 chain_NN1 could_VM be_VBI lining_VVG up_RP a_AT1 takeover_NN1 for_IF the_AT prestigious_JJ London_NP1 group_NN1 and_CC the_AT price_NN1 of_IO the_AT Savoy_NP1 '_GE A_ZZ1 '_GE shares_NN2 rocketed_VVN from_II 633p_NNU to_II 710p_NNU ,_, before_II closing_VVG at_II 7_MC ._. 
Forte_RR already_RR holds_VVZ 68.36%_FO of_IO the_AT equity_NN1 and_CC has_VHZ rights_NN2 to_II 42.12%_FO of_IO the_AT group_NN1 's_GE total_JJ votes_NN2 ._. 
A_AT1 stand-off_JJ agreement_NN1 was_VBDZ struck_VVN between_II the_AT two_MC parties_NN2 a_AT1 couple_NN1 of_IO years_NNT2 ago_RA but_CCB observers_NN2 say_VV0 the_AT recent_JJ death_NN1 of_IO Savoy_NP1 president_NN1 Sir_NNB Hugh_NP1 Wontner_NP1 may_VM have_VHI triggered_VVN a_AT1 fresh_JJ attack_NN1 ._. 
But_CCB Savoy_NP1 boss_NN1 Giles_NP1 Shepherd_NP1 knocked_VVD the_AT speculation_NN1 on_II the_AT head_NN1 ._. 
'_GE The_AT stand-off_JJ agreement_NN1 with_IW Forte_NN1 has_VHZ two_MC years_NNT2 to_TO run_VVI ,_, '_" he_PPHS1 said_VVD ._. 
'_GE The_AT reason_NN1 for_IF the_AT sharp_JJ rise_NN1 in_II the_AT price_NN1 is_VBZ that_CST Warburgs_NP1 wants_VVZ to_TO buy_VVI 5,000_MC shares_NN2 and_CC nobody_PN1 wants_VVZ to_TO sell_VVI ._. 
'_GE Forte_NN1 shares_NN2 added_VVD 2p_NNU to_II 182p_NNU ._. 
Market_VV0 Report_NN1 THE_AT Christmas_NNT1 trading_NN1 account_NN1 hotted_VVD up_RP again_RT yesterday_RT with_IW another_DD1 strong_JJ rally_NN1 in_II the_AT FT-SE_NN1 100_MC Index_NN1 ._. 
It_PPH1 shot_VVD ahead_RL by_II more_DAR than_CSN 34_MC points_NN2 to_II a_AT1 new_JJ all-time_JJ peak_NN1 of_IO 2842.0_MC with_IW buyers_NN2 snapping_VVG up_RP anything_PN1 that_CST moved_VVD ._. 
Talk_NN1 of_IO lower_JJR interest_NN1 rates_NN2 in_II the_AT New_JJ Year_NNT1 provided_CS the_AT main_JJ boost_NN1 to_II sentiment_NN1 ._. 
The_AT other_JJ prime_JJ mover_NN1 was_VBDZ that_CST the_AT slump_NN1 is_VBZ now_RT in_II its_APPGE dying_JJ throes_NN2 ._. 
A_AT1 balance_NN1 of_IO payments_NN2 deficit_NN1 of_IO 1.2bn_FO bang_VV0 in_II31 line_II32 with_II33 expectations_NN2 failed_VVD to_TO dent_VVI the_AT progress_NN1 ._. 
Stores_NN2 ,_, banks_NN2 ,_, brewers_NN2 and_CC leisure_NN1 shares_NN2 were_VBDR in_II the_AT vangard_NN1 of_IO the_AT rally_NN1 ._. 
Property_NN1 and_CC builders_NN2 were_VBDR also_RR moving_VVG ._. 
British_JJ Airways_NN2 soared_VVD 6p_NNU to_II 307p_NNU on_II news_NN1 that_CST it_PPH1 is_VBZ pulling_VVG out_II21 of_II22 the_AT $750m_NNU US-Air_JJ deal_NN1 ._. 
A_ZZ1 200m_NNU disposal_NN1 programme_NN1 pushed_VVD Standard_NN1 Chartered_VVN to_II 560p_NNU ,_, up_II 16p.Christmas_FO sales_NN hopes_NN2 pushed_VVD Marks_NP1 &amp;_CC Spencer_NP1 to_II 327p_NNU ,_, up_RP 6p_NNU ._. 
Banana_NN1 group_NN1 Geest_NP1 jumped_VVD 11p_NNU to_II 365p_NNU ,_, boosted_VVN by_II recent_JJ tariff_NN1 changes_NN2 ._. 
Talk_NN1 of_IO rate_NN1 cuts_NN2 was_VBDZ also_RR good_JJ for_IF the_AT banks_NN2 ._. 
Barclays_NP1 climbed_VVD 9p_NNU to_II 383p_NNU ;_; Lloyds_NP1 gained_VVD 15p_NNU to_II 530p_NNU and_CC NatWest_NP1 closed_VVD at_II 421p_NNU ,_, up_RP 9p_NNU ._. 
Antiques_NN2 on_II gift_NN1 list_NN1 POSH_JJ gifts_NN2 group_NN1 Aspreys_NN2 is_VBZ thought_VVN to_TO have_VHI lined_VVN up_RP a_AT1 late_JJ Christmas_NNT1 present_NN1 for_IF itself_PPX1 ._. 
Shares_NN2 in_II Bond_NP1 Street_NNL1 antiques_NN2 dealer_NN1 Mallett_NP1 surged_VVD 19p_NNU to_II 73p_NNU after_II an_AT1 unnamed_JJ bid_NN1 approach_NN1 ._. 
Gossips_NN2 say_VV0 Aspreys_NN2 has_VHZ picked_VVN up_RP a_AT1 6.8%_FO stake_VV0 from_II banker_NN1 Robert_NP1 Fleming_NP1 and_CC 30%_NNU shareholder_NN1 House_NN1 of_IO Fraser_NP1 ,_, which_DDQ owns_VVZ Harrods_NP2 ,_, is_VBZ keen_JJ to_TO sell_VVI ._. 
Mallett_NP1 is_VBZ recovering_VVG from_II dreadful_JJ first-half_NN1 figures_NN2 ._. 
Asprey_NN1 ,_, 5p_NNU higher_JJR at_II 290p_NNU ,_, is_VBZ flush_RR with_IW cash_NN1 and_CC has_VHZ been_VBN on_II an_AT1 acquisitions_NN2 spree_NN1 in_II the_AT last_MD 15_MC months_NNT2 ._. 
Border_NN1 's_GE hefty_JJ cuts_NN2 keep_VV0 it_PPH1 out_II21 of_II22 red_JJ Liz_NP1 Dolan_NP1 BORDER_NN1 ,_, one_MC1 of_IO Britain_NP1 's_GE smallest_JJT TV_NN1 stations_NN2 ,_, will_VM soon_RR be_VBI manned_VVN by_II a_AT1 team_NN1 of_IO robots_NN2 if_CS current_JJ staff-shedding_NN1 continues_VVZ ._. 
It_PPH1 has_VHZ slashed_VVN its_APPGE workforce_NN1 from_II 350_MC to_II just_RR over_RG 100_MC in_II four_MC years_NNT2 ,_, and_CC substituted_VVD high-tech_JJ gadgets_NN2 like_II remote_JJ control_NN1 cameras_NN2 ._. 
Cost-cutting_JJ helped_JJ boost_NN1 operating_NN1 profits_VVZ 78%_NNU to_II 904,000_MC in_II the_AT six_MC months_NNT2 to_TO end_VVI October_NPM1 ._. 
The_AT pre-tax_JJ rise_NN1 was_VBDZ just_RR 2%_NNU ,_, after_II 385,000_MC redundancy_NN1 costs_NN2 ,_, but_CCB staff_NN reduction_NN1 benefits_NN2 will_VM come_VVI through_RP strongly_RR next_MD year_NNT1 ,_, says_VVZ finance_NN1 director_NN1 Peter_NP1 Brownlow_NP1 ._. 
A_AT1 summer_NNT1 jump_NN1 in_II ad_NN1 sales_NN was_VBDZ clobbered_VVN by_II Black_JJ Wednesday_NPD1 ._. 
Revenue_NN1 is_VBZ currently_RR running_VVG nearly_RR 10%_NNU below_II last_MD year_NNT1 's_GE pre-Christmas_JJ levels_NN2 as_CSA foreign_JJ consumer_NN1 brands_NN2 refuse_VV0 to_TO compete_VVI with_IW cheaper_JJR UK_NP1 goods_NN2 ._. 
But_CCB plans_NN2 are_VBR afoot_RR to_TO raise_VVI more_DAR cash_NN1 from_II new_JJ programme_NN1 sales_NN ._. 
In_II the_AT pipeline_NN1 is_VBZ Silver_NP1 and_CC Gold_NN1 ,_, a_AT1 Tom_NP1 O'Connor-hosted_NP1 games_NN2 show_VV0 ,_, and_CC a_AT1 new_JJ drama_NN1 series_NN ,_, devised_VVN by_II Border_NN1 's_GE chairman_NN1 Melvyn_NP1 Bragg_NP1 ,_, about_II English/Scottish_JJ border_NN1 bandits_VVZ in_II the_AT 16th_MD century_NNT1 ._. 
The_AT shares_NN2 brightened_VVD 4p_NNU to_II 104p_NNU ._. 
Tour_NP1 firms_NN2 dive_VV0 over_RP prices_NN2 fear_VV0 FEARS_NN2 of_IO a_AT1 price_NN1 war_NN1 among_II Britain_NP1 's_GE tour_NN1 operators_NN2 sparked_VVD off_RP a_AT1 fall_NN1 in_II holiday_NN1 shares_NN2 yesterday_RT ._. 
Shares_NN2 in_II Owners_NN2 Abroad_RL and_CC Airtours_NP1 fell_VVD on_II the_AT news_NN1 that_CST market_VV0 leader_NN1 Thomson_NP1 Holidays_NN2 is_VBZ to_TO cut_VVI prices_NN2 on_II some_DD packages_NN2 ._. 
Last_MD year_NNT1 ,_, Thomson_NP1 reduced_VVD its_APPGE prices_NN2 which_DDQ cut_VV0 profits_NN2 forcing_VVG Owners_NN2 Abroad_RL to_TO follow_VVI suit_NN1 with_IW price_NN1 cuts_NN2 ._. 
But_CCB the_AT two_MC tour_NN1 operators_NN2 ,_, Owners_NN2 and_CC Airtours_NP1 ,_, have_VH0 already_RR taken_VVN steps_NN2 to_TO ensure_VVI bigger_JJR business_NN1 ._. 
Airtours_NP1 has_VHZ linked_VVN up_RP with_IW Pickfords_NP2 and_CC Owners_NN2 last_MD week_NNT1 took_VVD a_AT1 large_JJ slice_NN1 of_IO German-owned_JJ Thomas_NP1 Cook_NP1 ._. 
But_CCB analysts_NN2 are_VBR concerned_JJ that_CST the_AT latest_JJT cuts_NN2 at_II Thomson_NP1 could_VM lead_VVI to_TO lower_VVI profits_NN2 all_DB round_RP ._. 
The_AT leisure_NN1 industry_NN1 ,_, however_RR ,_, is_VBZ one_MC1 of_IO the_AT world_NN1 's_GE largest_JJT and_CC most_RGT rapidly_RR expanding_JJ businesses_NN2 ._. 
Airtours_NP1 's_GE progress_NN1 reflected_VVD this_DD1 by_II notching_VVG up_RP its_APPGE sixth_MD successive_JJ year_NNT1 of_IO profits_NN2 ._. 
This_DD1 summer_NNT1 its_APPGE market_NN1 share_NN1 increased_VVN from_II 12.5%_FO to_II 13.9%_FO and_CC it_PPH1 has_VHZ cash_NN1 balances_NN2 of_IO more_DAR than_CSN 150m_NNU ._. 
Quarries_NN2 go_VV0 for_IF 3.2m_NNU BUILDING_NN1 materials_NN2 business_NN1 Albrighton_NP1 is_VBZ paying_VVG Tarmac_NN1 Pounds_NN2 3.2m_NNU for_IF five_MC quarries_NN2 in_II the_AT north_ND1 of_IO England_NP1 ,_, plus_II a_AT1 company_NN1 that_CST provides_VVZ sandstone_NN1 for_IF refurbs_NN2 ._. 
The_AT deal_NN1 is_VBZ being_VBG financed_VVN by_II a_AT1 one-for-seven_MC rights_NN2 issue_VV0 to_TO raise_VVI 5m_NNU ._. 
The_AT balance_NN1 will_VM repay_VVI debts_NN2 ._. 
Albrighton_NP1 jumped_VVD 3p_NNU to_II 13p_NNU ,_, 1p_NNU higher_JJR than_CSN the_AT rights_NN2 price_NN1 ._. 
Tarmac_NN1 shares_NN2 shed_VVD 3p_NNU to_II 110p_NNU ._. 
Hot_JJ tips_NN2 for_IF 1993_MC George_NP1 Campbell_NP1 WE_PPIS2 closed_VVD the_AT book_NN1 on_II our_APPGE share_NN1 tips_VVZ last_MD night_NNT1 and_CC are_VBR pleased_JJ to_TO report_VVI another_DD1 year_NNT1 of_IO success_NN1 ._. 
We_PPIS2 have_VH0 not_XX won_VVN any_DD Oscars_NN2 ,_, but_CCB the_AT majority_NN1 of_IO our_APPGE recommendations_NN2 notched_VVD up_RP gains_NN2 of_IO between_II 20%_NNU and_CC 60%_NNU ._. 
Not_XX at_RR21 all_RR22 bad_JJ considering_CS21 that_CS22 all_DB hell_NN1 broke_VVD loose_JJ in_II September_NPM1 and_CC the_AT City_NN1 was_VBDZ rocked_VVN by_II events_NN2 outside_II its_APPGE control_NN1 ._. 
Britain_NP1 's_GE shock_NN1 exit_NN1 from_II the_AT ERM_NN1 and_CC the_AT pound_NN1 's_GE devaluation_NN1 sent_VVD shudders_NN2 through_II the_AT market_NN1 ,_, but_CCB it_PPH1 recovered_VVD ._. 
Although_CS interest_NN1 rates_NN2 and_CC inflation_NN1 were_VBDR both_DB2 falling_VVG ,_, Britain_NP1 had_VHD to_TO struggle_VVI through_II one_MC1 of_IO the_AT worst_JJT recessions_NN2 since_CS the_AT war_NN1 ._. 
Thousands_NNO2 of_IO companies_NN2 went_VVD to_II the_AT wall_NN1 ._. 
But_CCB money_NN1 was_VBDZ still_RR made_VVN on_II the_AT stock_NN1 market_NN1 ._. 
My_APPGE hunch_NN1 that_CST Sainsbury_NP1 and_CC Marks_NP1 &amp;_CC Spencer_NP1 would_VM emerge_VVI on_II top_NN1 proved_VVD to_TO be_VBI bang_NN1 on_II target_NN1 ._. 
People_NN always_RR have_VH0 to_TO eat_VVI ._. 
The_AT Sainsbury_NP1 share_NN1 price_NN1 ended_VVD 1992_MC with_IW a_AT1 near_JJ 60%_NNU gain_NN1 and_CC M_ZZ1 &amp;_CC S_ZZ1 endorsed_VVD the_AT resilience_NN1 of_IO the_AT quality_NN1 food_NN1 retailers_NN2 with_IW a_AT1 rise_NN1 of_IO almost_RR 25%_NNU ._. 
Liz_NP1 Dolan_NP1 's_GE Surrey_NP1 builder_NN1 Berkeley_NP1 Group_NN1 scored_VVD a_AT1 near_JJ 25%_NNU profit_NN1 for_IF investors_NN2 ;_; elastoplast_VV0 giant_JJ Smith_NP1 &amp;_CC Nephew_NN1 enjoyed_VVD a_AT1 21%_NNU leap_NN1 and_CC exhibition_NN1 group_NN1 Blenheim_NP1 jumped_VVD 25%_NNU ._. 
But_CCB what_DDQ a_AT1 year_NNT1 it_PPH1 has_VHZ been_VBN ._. 
The_AT stock_NN1 market_NN1 had_VHD a_AT1 roller-coaster_NN1 ride_NN1 before_II and_CC after_CS the_AT Tory_JJ election_NN1 victory_NN1 and_CC forged_VVD ahead_RL despite_II frenzied_JJ dealings_NN2 on_II the_AT foreign_JJ exchange_NN1 markets_NN2 ._. 
The_AT blot_NN1 on_II our_APPGE copy_NN1 book_NN1 ,_, as_CS31 far_CS32 as_CS33 tips_NN2 go_VV0 ,_, was_VBDZ Mickey_NP1 Mouse_NP1 ._. 
Our_APPGE Euro_JJ Disney_NP1 selection_NN1 roared_VVD to_II nearly_RR 17_MC at_II one_MC1 stage_NN1 and_CC you_PPY could_VM have_VHI made_VVN 3_MC a_AT1 share_NN1 profit_NN1 then_RT ._. 
However_RR ,_, with_IW Europe_NP1 in_II recession_NN1 and_CC the_AT weather_NN1 very_RG cold_JJ ,_, visitors_NN2 tailed_VVD off_RP and_CC the_AT Disney_NP1 magic_NN1 evaporated_VVD ._. 
Cathy_NP1 Gunn_NP1 's_GE Medeva_NP1 jumped_VVD 1_MC1 to_II nearly_RR 3_MC but_CCB sagged_VVD at_II the_AT close_JJ ._. 
ICI_NP1 endured_VVD a_AT1 similar_JJ fate_NN1 ._. 
The_AT coming_JJ year_NNT1 looks_VVZ just_RR as_RG uncertain_JJ ._. 
The_AT recession_NN1 has_VHZ nearly_RR blown_VVN itself_PPX1 out_RP but_CCB it_PPH1 has_VHZ left_VVN the_AT Government_NN1 with_IW a_AT1 massive_JJ deficit_NN1 of_IO 40bn-50bn_NNU and_CC this_DD1 will_VM have_VHI to_TO be_VBI funded_VVN through_II gilts_NN2 ,_, cost_VV0 cuts_NN2 or_CC taxes_NN2 ._. 
But_CCB we_PPIS2 are_VBR not_XX shirking_VVG our_APPGE duty_NN1 as_CSA tipsters_NN2 ._. 
I_PPIS1 am_VBM going_VVG for_IF water_NN1 and_CC electricity_NN1 and_CC I_PPIS1 also_RR think_VV0 that_CST Asda_NP1 and_CC Kwik-Fit_NP1 will_VM rally_VVI ._. 
Cathy_NP1 Gunn_NP1 is_VBZ going_VVG down_RP the_AT catwalk_NN1 in_II cashmere_NN1 and_CC has_VHZ selected_VVN Dawson_NP1 International_JJ ._. 
She_PPHS1 also_RR likes_VVZ Stirling_NP1 Group_NN1 (_( Ritz_NP1 lingerie_NN1 )_) ._. 
Liz_NP1 Dolan_NP1 (_( who_PNQS was_VBDZ top_JJ of_IO the_AT pops_NN2 in_II 1991_MC with_IW Airtours_NP1 )_) is_VBZ sticking_VVG to_II Spring_NN1 Ram_NN1 ._. 
She_PPHS1 says_VVZ the_AT company_NN1 is_VBZ risky_JJ after_II the_AT recent_JJ fraud_NN1 sensation_NN1 but_CCB she_PPHS1 is_VBZ banking_VVG on_RP there_EX being_VBG no_AT more_DAR nasties_NN2 lurking_VVG in_II the_AT woodwork_NN1 ._. 
Her_APPGE other_JJ choice_NN1 is_VBZ Courts_NN2 ,_, the_AT '_GE see_VV0 you_PPY all_DB in_II Courts_NN2 '_GE furnishings_NN2 group_NN1 ._. 
Clare_NP1 Stewart_NP1 ,_, who_PNQS scored_VVD with_IW Blenheim_NP1 Group_NN1 ,_, reckons_VVZ that_CST drugs_NN2 will_VM be_VBI all_DB the_AT rage_NN1 in_II 1993_MC and_CC selects_VVZ Glaxo_NP1 as_II a_AT1 winner_NN1 ._. 
Her_APPGE other_JJ selection_NN1 is_VBZ discount_NN1 food_NN1 chain_NN1 Kwik-Save_NP1 ._. 
AND_CC HOW_RRQ WE_PPIS2 FARED_VVD IN_II 1992_MC Company_NN1 Tipped_VVD Closed_VVN Up/Down_II High/Low_JJ Tipster_NP1 SAINSBURY_NP1 ,_, J_ZZ1 360_MC 573_MC +59.17%_FO 580/340_MF George_NP1 Campbell_NP1 BLENHEIM_NP1 GROUP_NN1 388_MC 485_MC +25.00%_FO 575/388_MF Clare_NP1 Stewart_NP1 BERKELEY_NP1 GROUP_NN1 250_MC 312_MC +24.80%_FO 344/190_MF Liz_NP1 Dolan_NP1 MARKS_NP1 &amp;_CC SPENCER_NP1 267_MC 325_MC +21.72%_FO 347/267_MF George_NP1 Campbell_NP1 SMITH_NP1 &amp;_CC NEPHEW_NN1 137_MC 166_MC +20.95_MC 170/127_MF George_NP1 Campbell_NP1 MEDEVA_NP1 199_MC 220_MC +10.80_MC 299/150_MF Cathy_NP1 Gunn_NP1 ICI_NP1 1126_MC 1015_MC -8.00%_FO 1403/981_MF Cathy_NP1 Gunn_NP1 SPRING_NN1 RAM_NN1 CORP_NN1 137_MC 123_MC -10.22%_FO 181/89_MF Liz_NP1 Dolan_NP1 EURO_JJ DISNEY_NP1 1393_MC 753_MC -45.97%_FO 1684/678_MF Clare_NP1 Stewart_NP1 FT-SE_NN1 100_MC INDEX_NN1 +18.22%_FO 2842/2281_MF Source_NN1 DATASTREAM_NN1 Dealers_NN2 have_VH0 last_NN1 tidy_VV0 up_RP A_ZZ1 SYSTEMS_NN2 crash_VV0 in_II the_AT morning_NNT1 and_CC a_AT1 Stock_NN1 Exchange_NN1 bomb_NN1 scare_NN1 in_II the_AT afternoon_NNT1 provided_CS virtually_RR all_DB the_AT excitement_NN1 on_II yesterday_RT 's_GE dozy_JJ stock_NN1 market_NN1 ._. 
Hungover_JJ traders_NN2 spent_VVD most_DAT of_IO the_AT day_NNT1 creaming_VVG off_RP profits_NN2 on_II earlier_JJR high-risers_NN2 ,_, or_CC hoovering_VVG up_RP stocks_NN2 that_CST had_VHD got_VVN left_VVN behind_RL ._. 
The_AT latter_DA included_VVD Reckitts_NP2 ,_, 19p_NNU better_RRR at_II 624p_NNU and_CC AB_FO Foods_NN2 ,_, up_RP 13p_NNU at_II 509p_NNU ._. 
Hopes_NN2 of_IO an_AT1 economic_JJ revival_NN1 boosted_VVD advertising_NN1 groups_NN2 Abbot_NP1 Mead_NN1 Vickers_NP1 and_CC Gold_NN1 Greenlees_NP1 Trott_NP1 by_II 20p_NNU and_CC 13p_NNU to_II 402p_NNU and_CC 251p_NNU respectively_RR ._. 
But_CCB shares_NN2 in_II Wheway_NP1 more_RRR than_CSN halved_VVN to_II 6p_NNU after_II the_AT engineer_NN1 plunged_VVN to_II a_AT1 worse_JJR than_CSN expected_JJ 3.51m_NNU loss_NN1 and_CC admitted_VVD that_CST talks_NN2 with_IW a_AT1 bidder_NN1 had_VHD been_VBN abandoned_VVN ._. 
A_AT1 profit_NN1 warning_NN1 from_II computer_NN1 equipment_NN1 supplier_NN1 INSTEM_NN1 had_VHD its_APPGE shares_NN2 falling_VVG 20p_NNU to_II 80p_NNU ._. 
Profit_NN1 taking_VVG knocked_VVD 13p_NNU off_II Clinton_NP1 Cards_NN2 to_II 95p_NNU ,_, 8p_NNU off_II Kingfisher_NN1 to_II 570p_NNU and_CC 6p_NNU apiece_RA off_II Sainsbury_NP1 and_CC Argyll_NP1 to_II 574p_NNU and_CC 426p_NNU ._. 
Debt_NN1 fears_NN2 hit_VVD upturn_NN1 FEAR_NN1 of_IO debt_NN1 seems_VVZ to_TO be_VBI delaying_VVG a_AT1 recovery_NN1 on_II the_AT high_JJ street_NN1 ,_, according_II21 to_II22 government_NN1 figures_NN2 ._. 
The_AT Central_JJ Office_NN1 of_IO Statistics_NN says_VVZ that_CST savings_NN2 and_CC debt_NN1 repayments_NN2 accounted_VVN for_IF 12.5%_FO of_IO disposable_JJ income_NN1 in_II the_AT three_MC months_NNT2 to_II end-September_NPM1 ,_, compared_VVN with_IW 11.4%_FO in_II the_AT previous_JJ quarter_NN1 ._. 
But_CCB the_AT figures_NN2 are_VBR '_GE very_RG volatile_JJ '_GE ,_, government_NN1 sources_NN2 warn_VV0 ._. 
That_DD1 's_VBZ another_DD1 way_NN1 of_IO saying_NN1 '_GE open_JJ to_II error_NN1 '_GE ._. 
Second_MD quarter_NN1 figures_NN2 had_VHD to_TO be_VBI revised_VVN upwards_RL by_II more_DAR than_CSN one_MC1 percentage_NN1 point_NN1 from_II the_AT estimate_NN1 of_IO 10.3%_FO ._. 
Rate_NN1 cut_NN1 treat_NN1 for_IF home_NN1 buyers_NN2 LAMBETH_NP1 Building_NN1 Society_NN1 is_VBZ spreading_VVG a_RR21 little_RR22 seasonal_JJ cheer_NN1 around_RP by_II cutting_VVG mortgage_NN1 rates_NN2 for_IF its_APPGE 12,000_MC borrowers_NN2 in_II January_NPM1 three_MC months_NNT2 ahead_II21 of_II22 schedule_NN1 ._. 
Normally_RR ,_, annual_JJ mortgage_NN1 rates_NN2 change_VV0 in_II April_NPM1 but_CCB mortgages_NN2 general_JJ manager_NN1 Roy_NP1 Stratton_NP1 decided_VVD not_XX to_TO hang_VVI about_RP ._. 
The_AT dip_NN1 takes_VVZ in_II two_MC reductions_NN2 ,_, a_AT1 1.41%_FO for_IF December_NPM1 and_CC a_AT1 smaller_JJR one_PN1 ,_, 0.74%_FO ,_, for_IF January_NPM1 ._. 
'_" We_PPIS2 thought_VVD it_PPH1 would_VM make_VVI a_AT1 nice_JJ Christmas_NNT1 present_NN1 and_CC show_VVI our_APPGE borrowers_NN2 that_CST we_PPIS2 are_VBR passing_VVG on_II the_AT benefits_NN2 of_IO the_AT recent_JJ rate_NN1 reductions_NN2 as_RG soon_RR as_CSA possible_JJ ,_, '_" says_VVZ Stratton_NP1 ._. 
But_CCB the_AT letter_NN1 each_DD1 borrower_NN1 will_VM receive_VVI from_II him_PPHO1 will_VM also_RR point_VVI out_RP that_CST they_PPHS2 do_VD0 n't_XX have_VHI to_TO reduce_VVI their_APPGE payments_NN2 ._. 
'_" If_CSW they_PPHS2 can_VM maintain_VVI a_AT1 higher_JJR monthly_JJ sum_NN1 ,_, they_PPHS2 will_VM pay_VVI off_RP their_APPGE loan_NN1 quicker_RRR ._. 
Even_RR on_II an_AT1 interest-only_JJ mortgage_NN1 ,_, any_DD amount_NN1 paid_VVN above_II the_AT monthly_JJ interest_NN1 charge_NN1 is_VBZ used_VVN to_TO reduce_VVI the_AT capital_NN1 owed_VVD ,_, '_" he_PPHS1 says_VVZ ._. 
And_CC borrowers_NN2 suffering_VVG from_II '_GE negative_JJ euqity_NN1 '_GE owing_VVG more_DAR than_CSN the_AT house_NN1 is_VBZ now_RT worth_NN1 might_VM do_VDI well_RR to_TO maintain_VVI their_APPGE current_JJ monthly_JJ payments_NN2 ._. 
'_" This_DD1 will_VM help_VVI to_TO redress_VVI the_AT balance_NN1 and_CC bring_VVI them_PPHO2 back_RP to_II a_AT1 positive_JJ situation_NN1 ._. 
Every_AT1 little_DA1 helps_VVZ ,_, '_" he_PPHS1 added_VVD ._. 
Brave_JJ mower_NN1 men_NN2 cut_VV0 a_AT1 dash_NN1 for_IF wet_JJ spring_NN1 Cathy_NP1 Gunn_NP1 IN_II this_DD1 season_NNT1 of_IO New_JJ Year_NNT1 forecasts_NN2 which_DDQ mostly_RR come_VV0 unstuck_JJ they_PPHS2 are_VBR praying_VVG for_IF rain_NN1 in_II 1993_MC in_II Stowmarket_NP1 ,_, Suffolk_NP1 ._. 
A_AT1 mild_JJ ,_, wet_JJ spring_NN1 would_VM be_VBI just_RR the_AT ticket_NN1 for_IF Stowmarket-based_JJ lawnmower_NN1 maker_NN1 Atco_NP1 Qualcast_NP1 ,_, whose_DDQGE management_NN1 team_NN1 has_VHZ just_RR bought_VVN the_AT firm_NN1 from_II cement_NN1 group_NN1 Blue_JJ Circle_NN1 Industries_NN2 ._. 
It_PPH1 would_VM make_VVI the_AT green_JJ shoots_NN2 of_IO new_JJ grass_NN1 grow_VV0 under_II their_APPGE feet_NN2 in_II a_AT1 most_RGT comforting_JJ fashion_NN1 ._. 
Could_VM this_DD1 bold_JJ ,_, 17m_NNU management_NN1 buyout_NN1 also_RR signal_VV0 the_AT beginning_NN1 of_IO the_AT end_NN1 of_IO the_AT UK_NP1 recession_NN1 ?_? 
In_II a_AT1 period_NN1 of_IO anxious_JJ entrail-gazing_NN1 ,_, practically_RR anything_PN1 that_CST coincides_VVZ with_IW what_DDQ post-hoc_JJ statistics_NN show_VV0 to_TO have_VHI been_VBN going_VVG on_RP at_II the_AT time_NNT1 ,_, will_VM qualify_VVI for_IF this_DD1 accolade_NN1 ._. 
In_II the_AT meantime_NNT1 ,_, a_AT1 brave_JJ team_NN1 led_VVN by_II marketing_NN1 director_NN1 Stephen_NP1 Roberts_NP1 have_VH0 put_VVN their_APPGE homes_NN2 on_II the_AT line_NN1 to_TO do_VDI this_DD1 lawnmower_NN1 deal_NN1 ._. 
This_DD1 is_VBZ a_AT1 most_RGT un-1990s_MC2 '_GE move_NN1 but_CCB the_AT spice_NN1 to_II the_AT deal_NN1 is_VBZ that_CST this_DD1 is_VBZ a_AT1 largely_RR recession-proof_JJ business_NN1 ._. 
Provided_CS the_AT rain_NN1 falls_NN2 ,_, and_CC the_AT grass_NN1 grows_VVZ ,_, the_AT team_NN1 has_VHZ few_DA2 worries_NN2 ._. 
Their_APPGE worst_JJT patch_NN1 was_VBDZ in_II 1989_MC and_CC 1990_MC ,_, before_CS recession_NN1 really_RR bit_VVD ._. 
That_DD1 was_VBDZ when_RRQ drought_NN1 dried_VVD up_RP the_AT lawns_NN2 ,_, playing_VVG havoc_NN1 with_IW lawnmower_NN1 sales_NN and_CC profits_NN2 ._. 
Now_RT ,_, with_IW a_AT1 wet_JJ 1992_MC behind_II them_PPHO2 ,_, green_JJ shoots_NN2 are_VBR a_AT1 distinct_JJ possibility_NN1 in_II the_AT garden_NN1 ,_, at_RR21 least_RR22 ,_, and_CC Atco_NP1 Qualcast_NP1 is_VBZ ready_JJ to_TO mow_VVI them_PPHO2 down_RP ._. 
Roberts_NP1 and_CC his_APPGE cohorts_NN2 have_VH0 persuaded_VVN venture_NN1 capital_NN1 specialist_NN1 Candover_NN1 to_TO stump_VVI up_RP the_AT lion_NN1 's_GE share_NN1 of_IO 9m_NNU for_IF shares_NN2 in_II this_DD1 potentially_RR growth_NN1 business_NN1 ,_, and_CC the_AT Bank_NN1 of_IO Scotland_NP1 to_TO provide_VVI 8m_NNU of_IO loans_NN2 and_CC working_VVG capital_NN1 facilties_NN2 ._. 
They_PPHS2 have_VH0 timed_VVN the_AT deal_NN1 pretty_RG well_RR ,_, and_CC not_XX just_RR from_II a_AT1 weather_NN1 outlook_NN1 ._. 
Atco_NP1 Qualcast_NP1 ,_, signalled_VVN as_CSA up_RP for_IF sale_NN1 by_II BCI_NP1 some_DD two_MC years_NNT2 ago_RA ,_, without_IW takers_NN2 ,_, has_VHZ been_VBN restructured_VVN at_II BCI_NP1 's_GE expense_NN1 by_II the_AT very_JJ team_NN1 now_RT taking_VVG it_PPH1 over_RP ._. 
The_AT outfit_NN1 has_VHZ moved_VVN from_II losses_NN2 of_IO around_RG 1.7m_NNU in_II calendar_NN1 year_NNT1 1991_MC ,_, to_II an_AT1 as-yet_RR unfinalised_JJ figure_NN1 in_II the_AT black_NN1 which_DDQ should_VM be_VBI well_JJ in_II31 excess_II32 of_II33 1m_NNU for_IF 1992_MC ._. 
Not_XX a_AT1 bad_JJ turn_NN1 round_RP ._. 
Or_CC ,_, as_CSA Roberts_NP1 cheerfully_RR confesses_VVZ :_: '_" We_PPIS2 have_VH0 had_VHN a_AT1 good_JJ year_NNT1 ._. 
Sales_NN are_VBR up_RP ,_, profits_NN2 are_VBR up_RP and_CC all_DB the_AT new_JJ systems_NN2 are_VBR working_VVG ._. 
It_PPH1 was_VBDZ as_RG good_JJ a_AT1 time_NNT1 as_CSA ever_RR the_AT lawnmower_NN1 season_NNT1 starts_VVZ in_II mid-February_NPM1 ,_, so_RR any_DD deal_NN1 has_VHZ to_TO be_VBI done_VDN now_RT ._. 
'_GE Next_MD month_NNT1 ,_, the_AT trade_NN1 starts_VVZ to_TO build_VVI up_RP stocks_NN2 ahead_II21 of_II22 the_AT grass_NN1 starting_VVG to_TO grow_VVI in_II March_NPM1 ._. 
Atco_NP1 Qualcast_NP1 offers_VVZ a_AT1 range_NN1 of_IO lawnmowers_NN2 from_II the_AT kind-on-the-pocket_JJ variety_NN1 with_IW a_AT1 wheel_NN1 either_DD1 side_NN1 of_IO a_AT1 grass-cutting_JJ cylinder_NN1 (_( and_CC a_AT1 handle_NN1 )_) costing_VVG a_AT1 mere_JJ 45_MC ,_, to_II a_AT1 top-of-the-range_JJ ,_, fuel-consuming_JJ Atco_NP1 30-inch_NNU1 cut_NN1 with_IW a_AT1 ride-on_NN1 seat_NN1 and_CC a_AT1 roller_NN1 ._. 
The_AT former_DA are_VBR finding_VVG takers_NN2 in_II eastern_JJ Europe_NP1 ._. 
The_AT firm_JJ exports_NN2 to_II 75_MC countries_NN2 ,_, but_CCB the_AT British_JJ are_VBR still_RR the_AT main_JJ buyers_NN2 ._. 
Foreigners_NN2 ,_, apparently_RR ,_, favour_VV0 a_AT1 different_JJ type_NN1 of_IO grass_NN1 ._. 
(_( Do_VD0 n't_XX tell_VVI British_JJ Rail_NN1 ,_, of_IO the_AT wrong_JJ sort_NN1 of_IO snow_NN1 and_CC wrong_JJ leaves_NN2 fame_NN1 ,_, about_II this_DD1 one_PN1 )_) ._. 
The_AT plan_NN1 is_VBZ to_TO grow_VVI the_AT lawnmower_NN1 business_NN1 over_II the_AT next_MD couple_NN1 of_IO years_NNT2 and_CC then_RT float_VV0 the_AT shares_NN2 to_TO raise_VVI cash_NN1 to_TO add_VVI in_II a_AT1 few_DA2 operations_NN2 that_CST are_VBR less_RGR seasonal_JJ ,_, and_CC less_RGR weather-dependent_JJ ._. 
Let_VM21 's_VM22 hope_VVI that_CST a_AT1 wet_JJ spring_NN1 will_VM bring_VVI green_JJ shoots_NN2 for_IF Roberts_NP1 and_CC the_AT economy_NN1 alike_RR ._. 
Happy_JJ New_JJ Year_NNT1 ._. 
Sweet_JJ and_CC sour_JJ AS_CSA 1993_MC approaches_NN2 ,_, City_NN1 hopes_NN2 are_VBR (_( again_RT )_) geared_VVD to_II economic_JJ recovery_NN1 ._. 
This_DD1 short_JJ week_NNT1 promises_VVZ to_TO be_VBI one_MC1 of_IO talk_NN1 of_IO an_AT1 improving_JJ economic_JJ outlook_NN1 ,_, another_DD1 point_NN1 off_II base_NN1 rates_NN2 to_II 6%_NNU by_II the_AT Budget_NN1 (_( maybe_RR )_) ,_, and_CC on_II a_AT1 sourer_JJR note_NN1 the_AT danger_NN1 of_IO a_AT1 creeping_JJ rise_NN1 in_II inflation_NN1 later_RRR in_II the_AT year_NNT1 ._. 
Rising_VVG government_NN1 debt_NN1 will_VM also_RR be_VBI a_AT1 worry_NN1 ,_, though_CS most_DAT of_IO us_PPIO2 will_VM be_VBI concentrating_VVG on_II dealing_VVG with_IW our_APPGE own_DA borrowing_NN1 exposures_NN2 ._. 
Property_NN1 shares_NN2 will_VM get_VVI a_AT1 shot-in-the-arm_NN1 should_VM one_MC1 of_IO their_APPGE over-geared_JJ number_NN1 announce_VV0 that_CST its_APPGE bankers_NN2 are_VBR backing_VVG it_PPH1 into_II the_AT New_JJ Year_NNT1 ,_, rather_II21 than_II22 pulling_VVG the_AT plug_NN1 ._. 
(_( There_EX has_VHZ to_TO be_VBI a_AT1 first_MD one_PN1 soon_RR )_) ._. 
And_CC ,_, on_II the_AT home_NN1 front_NN1 ,_, credit_NN1 card_NN1 charges_NN2 are_VBR still_RR being_VBG nibbled_VVN downwards_RL by_II issuers_NN2 ._. 
January_NPM1 1_MC1 sees_VVZ the_AT Co-op_NN1 's_GE 12_MC fee_NN1 cards_NN2 '_GE APR_NN1 fall_NN1 to_II 26.8%_FO and_CC Barclays_NP1 Bank_NN1 10_MC Visa_NN1 card_NN1 's_GE APR_NN1 dip_VV0 to_TO just_RR 22.9%_FO ._. 
January_NPM1 4_MC brings_VVZ Girobank_NP1 's_GE 12_MC fee_NN1 card_NN1 rate_NN1 down_RP to_II to_II 26.1%_FO ,_, while_CS January_NPM1 25_MC sees_VVZ TSB_NP1 cut_VVD its_APPGE no-fee_JJ Trustcard_NP1 and_CC Mastercard_NP1 rates_NN2 to_II 23.7%_FO ._. 
CASKET_NN1 ,_, the_AT Falcon_NN1 bikes_NN2 to_II kids_NN2 '_GE clothier_NN1 ,_, waved_VVN off_II chairman_NN1 Neil_NP1 Balfour_NP1 just_RR before_II Christmas_NNT1 ._. 
Casket_NN1 's_GE new_JJ non-exec_JJ chairman_NN1 is_VBZ Headlam_NP1 Group_NN1 boss_NN1 Graham_NP1 Waldron_NP1 ._. 
Bank_NN1 finds_VVZ some_DD hope_NN1 for_IF jobless_JJ BEING_VBG unemployed_JJ could_VM be_VBI an_AT1 advantage_NN1 for_IF people_NN who_PNQS want_VV0 to_TO start_VVI their_APPGE own_DA business_NN1 ,_, according_II21 to_II22 National_JJ Westminster_NP1 Bank_NN1 ._. 
A_AT1 recent_JJ survey_NN1 by_II the_AT bank_NN1 has_VHZ discovered_VVN that_CST people_NN who_PNQS have_VH0 experience_NN1 of_IO unemployment_NN1 before_II becoming_VVG self-employed_JJ tend_VV0 to_TO do_VDI better_RRR than_CSN those_DD2 who_PNQS give_VV0 up_RP a_AT1 job_NN1 to_TO do_VDI so_RR ._. 
Jane_NP1 Bradford_NP1 ,_, head_NN1 of_IO NatWest_NP1 's_GE small_JJ business_NN1 service_NN1 ,_, said_VVD people_NN who_PNQS had_VHD been_VBN unemployed_JJ possibly_RR took_VVD more_DAR care_NN1 over_II the_AT initial_JJ planning_NN1 ,_, or_CC were_VBDR less_RGR likely_JJ to_TO be_VBI optimistic_JJ than_CSN those_DD2 who_PNQS had_VHD quit_VVN their_APPGE jobs_NN2 ._. 
The_AT bank_NN1 also_RR found_VVN that_CST young_JJ people_NN were_VBDR less_RGR likely_JJ to_TO go_VVI bust_JJ than_CSN older_JJR people_NN ._. 
The_AT survey_NN1 looked_VVN at_II 2,000_MC start-up_JJ businesses_NN2 over_RG 2_MC years_NNT2 between_II 1988_MC and_CC 1990_MC ._. 
Homebuyers_NN2 breathe_VV0 life_NN1 into_II dead_JJ season_NNT1 Liz_NP1 Dolan_NP1 HOMEBUYERS_NN2 are_VBR flocking_VVG to_TO take_VVI advantage_NN1 of_IO cheap_JJ mortgages_NN2 and_CC rock-bottom_JJ property_NN1 prices_NN2 ,_, says_VVZ Harry_NP1 Hill_NNL1 ,_, boss_NN1 of_IO estate_NN1 agents_NN2 Hambro_NP1 Countrywide_NP1 ._. 
In_II a_AT1 traditionally_RR dead_JJ time_NNT1 of_IO the_AT year_NNT1 for_IF the_AT housing_NN1 market_NN1 ,_, Hambros_NP1 has_VHZ been_VBN inundated_VVN with_IW buyers_NN2 ._. 
'_" December_NPM1 ,_, which_DDQ should_VM have_VHI been_VBN awful_JJ ,_, was_VBDZ almost_RR hectic_JJ in_II some_DD places_NN2 ,_, '_GE Hill_NN1 says_VVZ ._. 
'_" These_DD2 are_VBR words_NN2 I_PPIS1 've_VH0 not_XX used_VVN for_IF five_MC years_NNT2 ._. 
'_GE As_CS31 long_CS32 as_CS33 the_AT weather_NN1 stays_VVZ reasonable_JJ ,_, Hill_NP1 believes_VVZ January_NPM1 could_VM be_VBI '_GE very_RG busy_JJ '_GE and_CC the_AT upturn_NN1 should_VM continue_VVI through_II the_AT spring_NN1 at_RR21 least_RR22 ._. 
And_CC after_II that_DD1 ?_? 
'_GE The_AT market_NN1 has_VHZ to_TO move_VVI up_RP sharply_RR one_MC1 of_IO these_DD2 years_NNT2 ,_, and_CC 1993_MC could_VM well_RR be_VBI that_DD1 year_NNT1 ._. 
'_GE Hambro_NN1 Countrywide_NP1 's_GE shares_NN2 soared_VVD 7p_NNU to_II 36p_NNU on_II Hill_NP1 's_GE bullish_JJ comments_NN2 ,_, boosting_VVG its_APPGE market_NN1 value_NN1 by_II nearly_RR 25%_NNU ,_, as_CSA the_AT stock_NN1 market_NN1 savoured_VVD the_AT first_MD piece_NN1 of_IO good_JJ news_NN1 about_II housing_VVG for_IF a_AT1 long_JJ time_NNT1 ._. 
Hill_NP1 sums_VVZ up_RP the_AT 1992_MC housing_NN1 market_NN1 in_II one_MC1 word_NN1 '_GE weird_JJ '_GE ._. 
In_II a_AT1 normal_JJ year_NNT1 ,_, he_PPHS1 says_VVZ ,_, estate_NN1 agents_NN2 expect_VV0 a_AT1 quiet_JJ start_NN1 ,_, followed_VVN by_II a_AT1 good_JJ spring_NN1 and_CC autumn_NNT1 ,_, a_AT1 quiet_JJ summer_NNT1 and_CC a_AT1 poor_JJ winter_NNT1 ._. 
'_" This_DD1 year_NNT1 we_PPIS2 had_VHD a_AT1 not_XX very_RG encouraging_JJ spring_NN1 ,_, a_AT1 busy-ish_JJ summer_NNT1 and_CC a_AT1 hideously_RR bad_JJ autumn_NNT1 ,_, '_" he_PPHS1 says_VVZ ,_, as_CSA people_NN rushed_VVD to_TO buy_VVI before_II the_AT government_NN1 reimposed_JJ stamp_NN1 duty_NN1 at_II the_AT end_NN1 of_IO August_NPM1 ._. 
'_" Then_RT ,_, bizarrely_RR ,_, we_PPIS2 had_VHD a_AT1 very_RG good_JJ November_NPM1 and_CC ,_, although_CS we_PPIS2 've_VH0 not_XX seen_VVN the_AT figures_NN2 yet_RR ,_, we_PPIS2 're_VBR expecting_VVG them_PPHO2 to_TO show_VVI a_AT1 good_JJ December_NPM1 ._. 
'_GE A_AT1 report_NN1 published_VVD yesterday_RT by_II the_AT National_JJ Association_NN1 of_IO Estate_NN1 Agents_NN2 says_VVZ many_DA2 members_NN2 had_VHD their_APPGE busiest_JJT December_NPM1 for_IF three_MC years_NNT2 ._. 
'_GE The_AT UK_NP1 housing_NN1 market_NN1 looks_VVZ set_NN1 for_IF a_AT1 sustained_JJ and_CC significant_JJ recovery_NN1 in_II 1993_MC ,_, '_" says_VVZ the_AT report_NN1 ._. 
'_GE Houses_NN2 are_VBR now_RT as_RG affordable_JJ as_CSA they_PPHS2 were_VBDR 10_MC years_NNT2 ago_RA ._. 
'_GE President_NNB Michael_NP1 Jones_NP1 said_VVD :_: '_GE At_RR21 last_RR22 it_PPH1 looks_VVZ as_CS21 though_CS22 home_NN1 owners_NN2 and_CC estate_NN1 agents_NN2 have_VH0 something_PN1 to_TO be_VBI cheerful_JJ about_II ._. 
'_GE The_AT optimistic_JJ prediction_NN1 contradicts_VVZ this_DD1 week_NNT1 's_GE review_NN1 by_II the_AT Halifax_NP1 Building_NN1 Society_NN1 which_DDQ said_VVD house_NN1 buying_NN1 activity_NN1 in_II the_AT fourth_MD quarter_NN1 remained_VVD '_GE very_RG depressed_JJ '_GE ._. 
Glaxo_NP1 surges_VVZ on_II Imitrex_NP1 approval_NN1 SHARES_NN2 in_II drugs_NN2 giant_JJ Glaxo_NP1 powered_VVD ahead_RL 26p_NNU to_II 774p_NNU yesterday_RT after_II US_NP1 authorities_NN2 gave_VVD their_APPGE blessing_NN1 to_II sales_NN of_IO its_APPGE anti-migraine_JJ treatment_NN1 Imitrex_NN1 ,_, in_II injectable_JJ form_NN1 ._. 
The_AT late_JJ surge_NN1 more_RRR than_CSN reversed_VVN an_AT1 earlier_JJR price_NN1 plunge_NN1 as_II the_AT bubbling_JJ US_NP1 market_NN1 turned_VVD cautious_JJ about_II defensive_JJ stocks_NN2 ._. 
Drugs_NN2 always_RR do_VD0 better_RRR in_II nervous_JJ markets_NN2 because_CS people_NN need_VV0 them_PPHO2 at_RR21 least_RR22 as_RG much_DA1 ,_, if_CS not_XX more_DAR ,_, when_CS the_AT economy_NN1 is_VBZ doing_VDG badly_RR than_CSN when_CS it_PPH1 starts_VVZ to_TO recover_VVI ._. 
Other_JJ pharmaceuticals_NN2 recouped_VVD some_DD of_IO their_APPGE losses_NN2 on_II the_AT back_NN1 of_IO Glaxo_NP1 's_GE late_JJ recovery_NN1 ._. 
Wellcome_NP1 closed_VVD just_RR 4p_NNU adrift_JJ at_II 475p_NNU ,_, SmithKline_NP1 Beecham_NP1 shed_VVD 15p_NNU to_II 428p_NNU and_CC Medeva_NP1 slipped_VVD 1p_NNU to_II 219p_NNU ._. 
The_AT rest_NN1 of_IO the_AT stock_NN1 market_NN1 put_VVN on_II a_AT1 spurt_NN1 late_RR in_II the_AT day_NNT1 on_II the_AT back_NN1 of_IO encouraging_JJ US_NP1 consumer_NN1 confidence_NN1 figures_NN2 ._. 
The_AT FT-SE_NN1 100_MC woke_VVD up_RP with_IW a_AT1 bang_NN1 to_TO finish_VVI 20.3_MC points_NN2 ahead_RL at_II a_AT1 record_NN1 2847.8_MC ,_, after_CS an_AT1 earlier_JJR 1.9_MC point_NN1 downturn_NN1 ._. 
Stores_NN2 posted_VVD healthy_JJ gains_NN2 after_II reporting_VVG lively_JJ post-Christmas_JJ sales_NN ._. 
Kingfisher_NN1 jumped_VVD 11p_NNU to_II 583p_NNU ,_, Marks_NP1 &amp;_CC Spencer_NP1 added_VVD 6p_NNU to_II 332p_NNU and_CC Boots_NP1 finished_VVD 9p_NNU ahead_RL at_II 550p_NNU ._. 
Only_RR Ratners_NP1 failed_VVD to_TO join_VVI the_AT party_NN1 ,_, falling_VVG p_ZZ1 to_II 16p_NNU ._. 
Food_NN1 stocks_NN2 had_VHD a_AT1 dismal_JJ session_NNT1 after_II a_AT1 survey_NN1 suggested_VVD that_CST fewer_DAR than_CSN half_DB the_AT UK_NP1 's_GE big_JJ food_NN1 companies_NN2 had_VHD seen_VVN an_AT1 upturn_NN1 in_II demand_NN1 by_II the_AT middle_NN1 of_IO December_NPM1 ._. 
Major_NNB M&amp;S_NP1 supplier_NN1 Northern_JJ Foods_NN2 gave_VVD up_RP 4p_NNU to_II 273p_NNU ,_, AB_FO Foods_NN2 dipped_VVD 1p_NNU to_II 505p_NNU ,_, and_CC Cadbury_NP1 Schweppes_NP1 fell_VVD 5p_NNU to_II 448p_NNU ._. 
Industry_NN1 faces_VVZ cash_NN1 famine_NN1 GOVERNMENT_NN1 cash_NN1 needs_NN2 may_VM starve_VVI recession-bashed_JJ companies_NN2 of_IO vital_JJ City_NN1 funds_NN2 ,_, a_AT1 top_JJ merchant_NN1 bank_NN1 warned_VVD yesterday_RT ._. 
Flemings_NP2 Corporate_JJ Finance_NN1 says_VVZ the_AT cash_NN1 famine_NN1 that_CST limited_JJ recovery_NN1 in_II 1992_MC could_VM get_VVI worse_JJR as_CSA City_NN1 investors_NN2 fund_VV0 government_NN1 needs_VVZ by_II buying_VVG gilts_NN2 ,_, rather_CS21 than_CS22 invest_VVI in_II industry_NN1 ._. 
Gilts_NN2 are_VBR special_JJ bonds_NN2 sold_VVN by_II the_AT government_NN1 to_TO finance_VVI its_APPGE requirements_NN2 ._. 
Building_NN1 societies_NN2 have_VH0 already_RR warned_VVN that_CST they_PPHS2 will_VM have_VHI problems_NN2 attracting_VVG savings_NN2 because_CS the_AT Government_NN1 's_GE National_JJ Savings_NN2 bonds_NN2 offer_VV0 better_JJR returns_NN2 ._. 
In_II its_APPGE report_NN1 ,_, 1992_MC :_: A_ZZ1 Pregnant_JJ Pause_NN1 ?_? ,_, 
Flemings_NP2 also_RR says_VVZ company_NN1 efforts_NN2 to_TO raise_VVI funds_NN2 by_II share_NN1 placings_NN2 and_CC rights_NN2 issues_NN2 did_VDD little_DA1 to_TO lessen_VVI borrowings_NN2 ._. 
Profit_NN1 from_II our_APPGE 10_MC resolutions_NN2 Liz_NP1 Dolan_NP1 AS_CSA 1993_MC dawns_NNT2 ,_, it_PPH1 's_VBZ time_NNT1 to_TO shake_VVI up_RP your_APPGE financial_JJ lifestyle_NN1 ._. 
Here_RL are_VBR 10_MC New_JJ Year_NNT1 resolutions_NN2 to_TO get_VVI you_PPY in_II the_AT mood._NNU 1_MC1 ._. 
Declare_VV0 war_NN1 on_II debt_NN1 ._. 
Do_VD0 n't_XX hoard_VVI savings_NN2 when_CS they_PPHS2 could_VM be_VBI better_RRR used_VVN to_TO repay_VVI borrowings_NN2 ._. 
Falling_VVG interest_NN1 rates_NN2 have_VH0 made_VVN debts_NN2 cheaper_JJR ,_, but_CCB they_PPHS2 could_VM still_RR be_VBI costing_VVG you_PPY more_RRR than_CSN you_PPY 're_VBR earning_VVG on_II investments._NNU 2_MC ._. 
If_CS you_PPY ca_VM n't_XX afford_VVI to_TO repay_VVI debts_NN2 on_II time_NNT1 ,_, do_VD0 n't_XX bury_VVI your_APPGE head_NN1 in_II the_AT sand_NN1 ._. 
Contact_VV0 lenders_NN2 and_CC work_VV0 out_RP a_AT1 new_JJ repayment_NN1 schedule_NN1 ,_, or_CC visit_VV0 your_APPGE local_JJ Citizens_NN2 '_GE Advice_NN1 Bureau_NN1 or_CC money_NN1 advice_NN1 centre_NN1 (_( ask_VV0 local_JJ councils_NN2 or_CC libraries_NN2 ,_, for_IF details_NN2 )_) ._. 
3_MC ._. 
Take_VV0 a_AT1 long_JJ ,_, cool_JJ look_NN1 at_II your_APPGE shares_NN2 ._. 
Some_DD privatised_JJ stocks_NN2 are_VBR nearing_VVG their_APPGE sell-by_NN1 date_NN1 ._. 
British_JJ Airways_NN2 ,_, British_JJ Aerospace_NN1 and_CC Rolls_NP1 Royce_NP1 are_VBR all_DB under_II a_AT1 cloud_NN1 at_II the_AT moment_NN1 ,_, for_REX21 instance_REX22 ._. 
But_CCB do_VD0 n't_XX sell_VVI just_RR because_CS the_AT price_NN1 starts_VVZ to_TO slide_VVI ._. 
Most_DAT shares_NN2 should_VM be_VBI held_VVN for_IF at_RR21 least_RR22 five_MC years_NNT2 to_TO show_VVI a_AT1 decent_JJ return._NNU 4_MC ._. 
Check_VV0 out_RP building_NN1 society_NN1 savings_NN2 rates_NN2 in_II the_AT weekend_NNT1 press_NN1 ._. 
If_CS your_APPGE cash_NN1 has_VHZ been_VBN in_II the_AT same_DA account_NN1 for_IF some_DD time_NNT1 ,_, make_VV0 sure_JJ it_PPH1 has_VHZ n't_XX been_VBN closed_VVN to_II new_JJ customers_NN2 ._. 
These_DD2 '_GE obsolete_JJ accounts_NN2 '_GE usually_RR pay_VV0 derisory_JJ rates_NN2 ,_, but_CCB many_DA2 people_NN do_VD0 n't_XX notice._NNU 5_MC ._. 
Does_VDZ your_APPGE current_NN1 account_VVI pay_NN1 interest_NN1 ?_? 
Most_DAT banks_NN2 leave_VV0 customers_NN2 in_II non-interest_NN1 bearing_VVG accounts_NN2 unless_CS they_PPHS2 ask_VV0 to_TO be_VBI moved._NNU 6_MC ._. 
Open_VV0 a_AT1 Tax_NN1 Exempt_VV0 Special_JJ Savings_NN2 Account_VV0 (_( Tessa_NP1 )_) ,_, or_CC top_VV0 up_RP the_AT one_PN1 you_PPY 've_VH0 got_VVN ._. 
Early_JJ cash_NN1 withdrawals_NN2 wipe_VV0 out_RP the_AT tax-free_JJ element_NN1 ,_, but_CCB you_PPY still_RR benefit_VV0 from_II better-than-average_JJR savings_NN2 rates._NNU 7_MC ._. 
Switch_VV0 to_II a_AT1 credit_NN1 card_NN1 with_IW lower_JJR interest_NN1 charges_NN2 and_CC an_AT1 interest_NN1 free_JJ period_NN1 ._. 
Most_DAT cards_NN2 now_RT charge_VV0 interest_NN1 from_II the_AT date_NN1 of_IO transaction_NN1 ._. 
Repay_VV0 in_RR21 full_RR22 each_DD1 month_NNT1 ,_, otherwise_RR it_PPH1 's_VBZ a_AT1 horrendously_RR expensive_JJ way_NN1 of_IO borrowing._NNU 8_MC ._. 
Make_VV0 a_AT1 will_NN1 ._. 
If_CS you_PPY 're_VBR planning_VVG to_TO leave_VVI the_AT lot_NN1 to_II one_MC1 person_NN1 ,_, or_CC do_VD0 n't_XX have_VHI a_AT1 lot_NN1 to_II leave_NN1 ,_, buy_VV0 a_AT1 DIY_NN1 will-pack_NN1 from_II WH_NP1 Smith_NP1 or_CC the_AT Consumers_NN2 '_GE Association_NN1 ._. 
The_AT CA_NP1 's_GE Make_VV0 Your_APPGE Own_DA Will_NN1 Action_NN1 Pack_NN1 ,_, Pounds_NN2 9.99_MC ,_, includes_VVZ forms_NN2 and_CC a_AT1 50-page_JJ advice_NN1 booklet_NN1 ._. 
Tel_NN1 :_: 0992_MC 587773_MC ._. 
Use_VV0 a_AT1 solicitor_NN1 if_CS your_APPGE affairs_NN2 are_VBR in_II any_DD way_NN1 complicated._NNU 9_MC ._. 
Check_VV0 out_RP shopping_NN1 bargains_NN2 ._. 
Thrift_NN1 is_VBZ smart_JJ in_II the_AT cash-strapped_JJ '90s_MC2 ._. 
The_AT Good_JJ Deal_NN1 Directory_NN1 (_( 25_MC a_AT1 year_NNT1 from_II 071_MC 352_MC 8976_MC )_) lists_VVZ bargains_NN2 in_II places_NN2 like_II factory_NN1 shops_NN2 ,_, shopping_NN1 clubs_NN2 and_CC cut-price_JJ stores_NN2 ._. 
Bargain_VV0 Hunter_NP1 (_( 1.95_MC on_II bookstalls_NN2 ,_, or_CC 21_MC a_AT1 year_NNT1 from_II 081_MC 309_MC 6576_MC )_) includes_VVZ charity_NN1 shops_NN2 and_CC government_NN1 auctions_NN2 ,_, but_CCB only_RR in_II London_NP1 ._. 
Buy_VV0 regional_JJ Factory_NN1 Shop_NN1 guides_NN2 from_II WH_NP1 Smith_NP1 for_IF 3.95._MC 10_MC ._. 
Try_VV0 to_TO cut_VVI down_RP on_II motor_NN1 and_CC household_NN1 insurance_NN1 bills_NN2 ._. 
Switch_VV0 from_II comprehensive_JJ to_II third_MD party_NN1 motor_NN1 insurance_NN1 if_CS your_APPGE car_NN1 's_GE value_NN1 has_VHZ fallen_VVN far_RR enough_RR ._. 
Check_VV0 out_RP direct_JJ insurers_NN2 ._. 
Their_APPGE rates_NN2 tend_VV0 to_TO be_VBI lower_JJR because_CS they_PPHS2 do_VD0 n't_XX have_VHI to_TO pay_VVI commission_NN1 to_II middlemen_NN2 ._. 
Direct_JJ Line_NN1 's_GE motor_NN1 quotes_NN2 are_VBR on_II :_: 081_MC 686_MC 2468_MC ;_; household_NN1 quotes_VVZ on_RP :_: 081_MC 686_MC 8877_MC ._. 
Churchill_NP1 Direct_JJ is_VBZ on_II :_: 081_MC 313_MC 3030_MC ._. 
Holiday_NN1 groups_NN2 off_RP to_II flying_JJ start_NN1 SHARES_NN2 in_II holiday_NN1 groups_NN2 Airtours_NP1 and_CC Owners_NN2 Abroad_RL surged_VVD as_RG newly_RR confident_JJ Brits_NN2 shook_VVD off_RP recession_NN1 blues_NN2 and_CC started_VVD poring_VVG over_II travel_NN1 brochures_NN2 ._. 
Reports_NN2 of_IO buoyant_JJ bookings_NN2 lifted_VVD Airtours_NP1 15p_NNU to_II 300p_NNU and_CC Owners_NN2 7p_NNU to_II 94p_NNU ._. 
Other_JJ high_JJ fliers_NN2 included_VVD water_NN1 and_CC electricity_NN1 shares_NN2 ,_, and_CC Glaxo_NP1 ,_, up_II another_DD1 11p_NNU to_II 785p_NNU as_II US_NP1 buyers_NN2 continued_VVD to_TO pile_VVI in_RP ._. 
But_CCB they_PPHS2 were_VBDR the_AT exceptions_NN2 ._. 
Sainsbury_NP1 's_GE decision_NN1 to_TO slash_VVI prices_NN2 in_II the_AT New_JJ Year_NNT1 sent_VVD the_AT shares_NN2 plunging_VVG 14p_NNU to_II 561p_NNU as_II competitors_NN2 declared_VVD a_AT1 full-scale_JJ price_NN1 war_NN1 ._. 
Safeway_NP1 owner_NN1 Argyll_NP1 plummeted_VVD 22p_NNU to_II 398p_NNU ,_, Tesco_NP1 fell_VVD 14p_NNU to_II 251p_NNU and_CC Kwik_NP1 Save_VV0 22p_NNU to_II 784p_NNU ._. 
Food_NN1 manufacturers_NN2 ,_, already_RR wobbly_JJ after_II Tuesday_NPD1 's_GE pessimistic_JJ industry_NN1 report_NN1 ,_, took_VVD another_DD1 bath_NN1 at_II this_DD1 added_JJ blow_NN1 to_II potential_JJ profits_NN2 ._. 
Pentos_NN2 ,_, the_AT Dillons_NP1 bookshops_NN2 group_NN1 ,_, slithered_VVD all_DB the_AT way_NN1 down_RP to_II 56p_NNU ,_, 14p_NNU lower_JJR on_II the_AT day_NNT1 ,_, after_CS a_AT1 profits_NN2 warning_NN1 ._. 
Fellow_JJ stores_NN2 groups_NN2 also_RR lost_VVN ground_NN1 as_CSA dealers_NN2 decided_VVD the_AT euphoria_NN1 about_II the_AT New_JJ Year_NNT1 sales_NN had_VHD been_VBN overdone_VVN ._. 
It_PPH1 was_VBDZ all_DB too_RG much_DA1 for_IF the_AT FT-SE_NN1 100_MC index_NN1 ,_, which_DDQ closed_VVD 15.3_MC points_NN2 adrift_JJ at_II 2832.50_MC ._. 
Pentos_NN2 set_VV0 to_TO plunge_VVI PROFITS_NN2 at_II bookshops_NN2 group_NN1 Pentos_NN2 are_VBR set_VVN to_TO plunge_VVI this_DD1 year_NNT1 ,_, boss_NN1 Terry_NP1 Maher_NP1 warned_VVD ._. 
Brokers_NN2 promptly_RR cut_VV0 forecasts_NN2 by_II two_MC thirds_MF to_II around_RG 5m_NNU ._. 
Sales_NN at_II Dillons_NP1 and_CC Ryman_NP1 are_VBR marginally_RR ahead_RL ,_, but_CCB Pentos_NP1 Office_NN1 Furniture_NN1 and_CC Athena_NP1 have_VH0 done_VDN badly_RR in_II the_AT fourth_MD quarter_NN1 ._. 
Too_RG bad_JJ if_CS you_PPY missed_VVD the_AT bus_NN1 George_NP1 Campbell_NP1 Table_NN1 not_XX included_VVN THE_AT offer_NN1 for_IF shares_NN2 in_II long_JJ distance_NN1 coach_VV0 giant_JJ National_JJ Express_NN1 is_VBZ twice_RR over-subscribed_JJ and_CC a_AT1 premium_NN1 is_VBZ on_II the_AT cards_NN2 when_RRQ dealings_NN2 start_VV0 next_MD Thursday_NPD1 ._. 
Applications_NN2 for_IF 250_MC shares_NN2 will_VM be_VBI satisfied_VVN in_RR21 full_RR22 and_CC anyone_PN1 asking_VVG for_IF 500_MC gets_VVZ 75%_NNU ,_, ie_REX 375_MC shares_NN2 ._. 
Those_DD2 who_PNQS wanted_VVD more_DAR than_CSN 500_MC have_VH0 been_VBN scaled_VVN down_RP ,_, as_CSA the_AT table_NN1 illustrates_VVZ ._. 
Employees_NN2 and_CC contractors_NN2 have_VH0 been_VBN given_VVN preferential_JJ treatment_NN1 and_CC get_VV0 the_AT total_JJ amount_NN1 applied_VVN for_IF ._. 
Last_MD night_NNT1 ,_, bets_VVZ on_II what_DDQ the_AT premium_NN1 would_VM be_VBI ranged_VVN from_II 20p_NNU to_II 35p_NNU ,_, which_DDQ means_VVZ the_AT shares_NN2 could_VM kick_VVI off_RP in_II the_AT region_NN1 of_IO 2_MC compared_VVN to_II the_AT 165p_NNU offer_NN1 price_NN1 ._. 
The_AT group_NN1 ,_, Britain_NP1 's_GE biggest_JJT coach_NN1 operator_NN1 ,_, employs_VVZ 1,000_MC people_NN and_CC carries_VVZ 12m_NNU passengers_NN2 a_AT1 year_NNT1 ._. 
It_PPH1 owns_VVZ Euro_JJ Lines_NN2 ,_, Speedlink_NP1 ,_, Jetlink_NP1 and_CC Flightlines_NP2 ,_, the_AT company_NN1 which_DDQ ferries_NN2 passengers_NN2 to_II and_CC from_II UK_NP1 airports_NN2 ._. 
Hotel_NN1 values_NN2 plummet_VV0 BRITAIN_NP1 'S_GE biggest_JJT brewer_NN1 has_VHZ been_VBN clobbered_VVN by_II toppling_VVG property_NN1 prices_NN2 ._. 
Bass_NN1 ,_, which_DDQ owns_VVZ the_AT Holiday_NN1 Inns_NN2 hotels_NN2 group_NN1 and_CC sells_VVZ one_MC1 in_II every_AT1 five_MC pints_NNU2 of_IO beer_NN1 downed_VVD by_II the_AT public_NN1 ,_, has_VHZ slashed_VVN the_AT book_NN1 value_NN1 of_IO its_APPGE property_NN1 assets_NN2 by_II a_AT1 staggering_JJ 496m_NNU ,_, almost_RR as_RG much_DA1 as_CSA it_PPH1 made_VVD in_II profit_NN1 ._. 
This_DD1 jumped_VVD more_DAR than_CSN 70m_NNU to_II 501m_NNU for_IF the_AT year_NNT1 to_II September_NPM1 but_CCB the_AT recession_NN1 has_VHZ torn_VVN a_AT1 gaping_JJ hole_NN1 in_II the_AT value_NN1 of_IO its_APPGE hotels_NN2 ,_, restaurants_NN2 and_CC pubs_NN2 ._. 
But_CCB the_AT giant_NN1 is_VBZ still_RR cash_VV0 rich_JJ ._. 
The_AT group_NN1 raised_VVD a_AT1 thumping_JJ 560m_NNU through_II a_AT1 rights_NN2 issue_VV0 last_MD year_NNT1 and_CC has_VHZ shed_VVN more_DAR than_CSN 84,000_MC jobs_NN2 worldwide_RL in_II an_AT1 effort_NN1 to_TO reduce_VVI its_APPGE overheads_NN2 ._. 
Shareholders_NN2 can_VM afford_VVI to_TO celebrate_VVI when_RRQ it_PPH1 comes_VVZ to_II the_AT dividend_NN1 ._. 
The_AT final_NN1 is_VBZ boosted_VVN to_II 13.65p_NNU giving_VVG a_AT1 total_NN1 of_IO 18.9p_NNU ,_, up_II 6.2p%_FO ._. 
The_AT shares_NN2 ,_, however_RR ,_, were_VBDR caught_VVN in_II the_AT market_NN1 slide_NN1 and_CC lost_VVN 16p_NNU to_II 584p_NNU ._. 
Granada_NP1 boss_NN1 tunes_VVZ in_RP to_II soaring_JJ profits_NN2 Liz_NP1 Dolan_NP1 THE_AT man_NN1 John_NP1 Cleese_NP2 once_RR called_VVN an_AT1 '_GE ignorant_JJ upstart_NN1 caterer_NN1 '_GE has_VHZ celebrated_VVN his_APPGE first_MD anniversary_NN1 as_CSA boss_NN1 of_IO Granada_NP1 with_IW a_AT1 129%_NNU profits_NN2 increase_VV0 to_II 130.2m_NNU ._. 
Gerry_NP1 Robinson_NP1 joined_VVD the_AT TV_NN1 and_CC leisure_NN1 giant_NN1 from_II catering_VVG group_NN1 Compass_NN1 late_RR last_MD year_NNT1 and_CC promptly_RR infuriated_JJ stars_NN2 most_RGT notably_RR Cleese_JJ staff_NN and_CC shareholders_NN2 by_II ousting_VVG TV_NN1 guru_NN1 David_NP1 Plowright_NP1 from_II Granada_NP1 TV_NN1 's_GE top_JJ slot_NN1 ._. 
But_CCB no-one_PN1 complained_VVD about_RP yesterday_RT 's_GE figures_NN2 ,_, which_DDQ sent_VVD the_AT shares_NN2 soaring_VVG 25p_NNU to_II 334p_NNU in_II a_AT1 plunging_JJ stockmarket_NN1 ._. 
Plans_NN2 for_IF a_AT1 comedy_NN1 about_II the_AT royals_NN2 ,_, House_NN1 of_IO Windsor_NP1 ,_, appear_VV0 to_TO have_VHI been_VBN quietly_RR shelved_VVN maybe_RR it_PPH1 would_VM be_VBI hard_JJ to_TO better_RRR real_JJ life_NN1 ._. 
Robinson_NP1 wo_VM n't_XX comment_VVI on_II House_NN1 of_IO Windsor_NP1 ,_, but_CCB he_PPHS1 's_VBZ delighted_JJ to_TO talk_VVI about_II the_AT forthcoming_JJ 15m_NNU sponsorship_NN1 of_IO Coronation_NP1 Street_NNL1 ._. 
Bidders_NN2 are_VBR queuing_VVG round_II the_AT block_NN1 ,_, he_PPHS1 says_VVZ ._. 
Robinson_NP1 denies_VVZ the_AT need_NN1 to_TO find_VVI a_AT1 major_JJ acquisition_NN1 ,_, following_VVG the_AT failure_NN1 of_IO a_AT1 reputed_JJ 420m_NNU bid_NN1 for_IF Forte_NN1 's_GE contract_NN1 catering_NN1 business_NN1 ._. 
But_CCB he_PPHS1 makes_VVZ no_AT secret_NN1 of_IO his_APPGE desire_NN1 to_TO merge_VVI with_IW at_RR21 least_RR22 one_MC1 other_JJ ITV_NP1 company_NN1 ,_, just_RR as_CS31 soon_CS32 as_CS33 the_AT Government_NN1 allows_VVZ ._. 
He_PPHS1 says_VVZ :_: '_" It_PPH1 's_VBZ ludicrous_JJ that_CST we_PPIS2 have_VH0 to_TO wait_VVI for_IF three_MC to_II five_MC years_NNT2 when_RRQ a_AT1 foreign_JJ company_NN1 can_VM come_VVI in_RP and_CC pick_VVI up_RP a_AT1 UK_NP1 TV_NN1 company_NN1 right_RR now_RT ._. 
'_GE The_AT leisure_NN1 division_NN1 ,_, with_IW the_AT possible_JJ exception_NN1 of_IO motorway_NN1 services_NN2 ,_, looks_VVZ likely_JJ to_TO be_VBI sold_VVN ._. 
Cream_NN1 rises_VVZ to_II the_AT top_JJ DAIRY_NN1 Crest_NN1 ,_, the_AT Milk_NN1 Marketing_NN1 Board_NN1 's_GE dairy_NN1 arm_NN1 ,_, boosted_VVD profits_NN2 by_II 38%_NNU to_II 17.2m_NNU last_MD year_NNT1 ._. 
This_DD1 was_VBDZ despite_II a_AT1 5%_NNU drop_NN1 in_II demand_NN1 for_IF milk_NN1 and_CC pressure_NN1 from_II tough-bargaining_JJ supermarkets_NN2 ._. 
Dairy_NN1 Crest_NN1 is_VBZ due_JJ on_II the_AT stockmarket_NN1 in_II 1994_MC ,_, and_CC MMB_NP1 will_VM be_VBI abolished_VVN ._. 
Tarmac_NN1 hit_VVD roof_NN1 SHARES_NN2 in_II Tarmac_NN1 ,_, the_AT UK_NP1 's_GE largest_JJT construction_NN1 group_NN1 ,_, received_VVD a_AT1 boost_NN1 yesterday_RT on_II talk_NN1 of_IO a_AT1 takeover_NN1 ._. 
The_AT price_NN1 surged_VVD 6p_NNU to_II 96p_NNU amid_II rumours_NN2 conglomerate_NN1 BTR_NP1 was_VBDZ to_TO make_VVI a_AT1 750m_NNU bid_NN1 ._. 
Flames_NN2 were_VBDR fanned_VVN on_II reports_NN2 that_CST BTR_NP1 's_GE broker_NN1 had_VHD been_VBN buying_VVG Tarmac_NN1 shares_NN2 ._. 
Some_DD 6.5m_NNU shares_NN2 are_VBR said_VVN to_TO have_VHI changed_VVN hands_NN2 in_II two_MC hours_NNT2 ._. 
Elsewhere_RL ,_, FT-SE_NN1 's_GE four-day_JJ record_NN1 run_NN1 halted_VVN and_CC it_PPH1 closed_VVD at_II 2764.5_MC ,_, down_II 27_MC ._. 
Weakness_NN1 in_II New_NP1 York_NP1 and_CC Hong_NP1 Kong_NP1 gave_VVD traders_NN2 an_AT1 excuse_NN1 to_TO mark_VVI prices_NN2 lower_VV0 ._. 
Shares_NN2 in_II A_ZZ1 B_ZZ1 Electronics_NN1 dived_VVD 6p_NNU to_II 50p_NNU ,_, despite_II a_AT1 50.3p_NNU a_AT1 share_NN1 bid_NN1 from_II TT_UH Group_NN1 ._. 
Lucas_NP1 charged_VVD ahead_RL by_II 8p_NNU to_II 132p_NNU on_II talk_NN1 of_IO an_AT1 offer_NN1 from_II GEC_NP1 ,_, which_DDQ unveiled_VVD interim_JJ figures_NN2 up_RP from_II 346m_NNU to_II 356m_NNU along_II21 with_II22 a_AT1 1bn-plus_JJ cash_NN1 pile_NN1 ._. 
London_NP1 Electricity_NN1 dipped_VVD 1p_NNU to_II 421p_NNU after_II half-time_NN1 profits_VVZ up_RP from_II 14.5m_NNU to_II 17.3m_NNU ._. 
Following_VVG story_NN1 should_VM be_VBI in_II text_NN1 TaSpor_NP1 David_NP1 is_VBZ in_II Hirst_NP1 class_NN1 form_NN1 again_RT by_II David_NP1 Alexander_NP1 STRIKER_NN1 David_NP1 Hirst_NP1 is_VBZ back_RP in_II business_NN1 after_II believing_VVG his_APPGE season_NNT1 had_VHD gone_VVN bankrupt_JJ ._. 
Sheffield_NP1 Wednesday_NPD1 's_GE chief_JJ goalscorer_NN1 made_VVD it_PPH1 nine_MC from_II 13_MC games_NN2 in_II the_AT defeat_NN1 of_IO QPR_NP1 but_CCB later_RRR revealed_VVD he_PPHS1 is_VBZ happy_JJ for_IF the_AT first_MD time_NNT1 this_DD1 season_NNT1 ._. 
Hirst_NP1 has_VHZ kept_VVN scoring_VVG despite_II injuries_NN2 ,_, suspension_NN1 and_CC transfer_NN1 talk_NN1 ._. 
'_" I_PPIS1 feel_VV0 back_RP in_II the_AT groove_NN1 ,_, '_" he_PPHS1 said_VVD yesterday_RT ._. 
'_" It_PPH1 's_VBZ the_AT best_RRT I_PPIS1 've_VH0 felt_VVN all_DB season_NNT1 ._. 
I_PPIS1 'm_VBM fit_JJ and_CC can_VM feel_VVI the_AT confidence_NN1 flowing_VVG back_RP again_RT ._. 
'_GE Hirst_NP1 's_GE pace_NN1 and_CC power_NN1 was_VBDZ too_RG much_DA1 for_IF QPR_NP1 and_CC he_PPHS1 might_VM have_VHI had_VHN a_AT1 hat-trick_NN1 ._. 
Relief_NN1 '_GE This_DD1 has_VHZ set_VVN me_PPIO1 up_RP for_IF the_AT rest_NN1 of_IO the_AT season_NNT1 and_CC now_RT I_PPIS1 can_VM have_VHI a_AT1 real_JJ crack_NN1 at_II the_AT England_NP1 squad_NN1 ,_, '_" he_PPHS1 said_VVD ._. 
The_AT 24-year-old_JJ ,_, leading_JJ scorer_NN1 for_IF the_AT past_JJ four_MC seasons_NNT2 ,_, was_VBDZ unsettled_VVN by_II a_AT1 3.5_MC million_NNO offer_NN1 from_II Manchester_NP1 United_JJ ._. 
Hirst_NP1 denied_VVD it_PPH1 affected_VVD him_PPHO1 ,_, even_CS21 though_CS22 he_PPHS1 did_VDD not_XX score_VVI and_CC missed_VVD several_DA2 chances_NN2 after_II the_AT bid_NN1 ._. 
But_CCB he_PPHS1 conceded_VVD :_: '_" It_PPH1 was_VBDZ a_AT1 big_JJ relief_NN1 to_TO get_VVI this_DD1 one_PN1 ._. 
'_" I_PPIS1 'm_VBM glad_JJ to_TO see_VVI the_AT back_NN1 of_IO all_DB the_AT speculation_NN1 ._. 
Whether_CSW you_PPY 're_VBR going_VVG or_CC staying_VVG ,_, it_PPH1 makes_VVZ you_PPY wonder_VVI what_DDQ 's_VBZ going_VVG on_RP ._. 
Now_RT I_PPIS1 've_VH0 got_VVN peace_NN1 of_IO mind_NN1 and_CC I_PPIS1 hope_VV0 that_DD1 's_VBZ the_AT end_NN1 of_IO it_PPH1 ._. 
'_GE Hirst_NP1 's_GE combination_NN1 with_IW Mark_NP1 Bright_NP1 is_VBZ developing_JJ and_CC the_AT former_DA Crystal_NP1 Palace_NP1 striker_NN1 's_GE goal_NN1 made_VVD it_PPH1 eight_MC in_II 14_MC games_NN2 for_IF Wednesday_NPD1 ._. 
Bright_NP1 said_VVD last_MD night_NNT1 :_: '_" I_PPIS1 've_VH0 gone_VVN four_MC without_IW a_AT1 goal_NN1 so_CS I_PPIS1 needed_VVD one_PN1 ._. 
But_CCB it_PPH1 's_VBZ a_AT1 pleasure_NN1 to_TO be_VBI a_AT1 striker_NN1 in_II this_DD1 team_NN1 ,_, they_PPHS2 make_VV0 chances_NN2 for_IF you_PPY ._. 
'_" Wednesday_NPD1 now_RT go_VV0 to_II Aston_NP1 Villa_NP1 or_CC Ipswich_NP1 in_II the_AT Coca-Cola_NP1 Cup_NN1 quarter-final_NN1 ._. 
They_PPHS2 won_VVD the_AT League_NN1 Cup_NN1 two_MC years_NNT2 ago_RA and_CC Hirst_NP1 added_VVD :_: '_" We_PPIS2 've_VH0 done_VDN it_PPH1 once_RR and_CC the_AT way_NN1 we_PPIS2 're_VBR going_VVG we_PPIS2 can_VM do_VDI it_PPH1 again_RT ._. 
This_DD1 team_NN1 wants_VVZ to_TO play_VVI and_CC wants_VVZ to_TO win_VVI and_CC it_PPH1 's_VBZ beginning_VVG to_TO show_VVI ._. 
'_GE Mortgage_NN1 rates_NN2 fall_VV0 below_RG 5%_NNU TWO_MC of_IO Britain_NP1 's_GE top_JJ building_NN1 societies_NN2 have_VH0 slashed_VVN their_APPGE mortgage_NN1 rates_NN2 to_II below_RG 5%_NNU in_II an_AT1 attempt_NN1 to_TO clear_VVI their_APPGE backlog_NN1 of_IO repossessed_JJ homes_NN2 ._. 
Halifax_NP1 Building_NN1 Society_NN1 ,_, the_AT nation_NN1 's_GE biggest_JJT mortgage_NN1 lender_NN1 ,_, and_CC Bradford_NP1 &amp;_CC Bingley_NP1 are_VBR offering_VVG new_JJ buyers_NN2 of_IO repossessed_JJ homes_NN2 a_AT1 rock-bottom_JJ mortgage_NN1 rate_NN1 of_IO 4.99%_FO ._. 
This_DD1 represents_VVZ a_AT1 massive_JJ 2%_NNU cut_VVN on_II previous_JJ rates_NN2 and_CC compares_VVZ with_IW the_AT existing_JJ average_JJ mortgage_NN1 rate_NN1 of_IO 8.5%_FO and_CC fixed_JJ rates_NN2 of_IO between_II 7.2%_FO and_CC 7.75%_FO ._. 
The_AT National_JJ Association_NN1 of_IO Estate_NN1 Agents_NN2 is_VBZ concerned_JJ about_II price_NN1 rigging_NN1 of_IO repossessed_JJ homes_NN2 ._. 
But_CCB new_JJ borrowers_NN2 will_VM not_XX get_VVI the_AT repossessed_JJ homes_NN2 for_IF a_AT1 song_NN1 ._. 
A_AT1 spokesman_NN1 for_IF Bradford_NP1 &amp;_CC Bingley_NP1 said_VVD its_APPGE 2,000_MC stock_NN1 would_VM be_VBI sold_JJ '_GE at_II the_AT best_JJT possible_JJ price_NN1 to_TO give_VVI the_AT evicted_JJ owners_NN2 the_AT best_JJT chance_NN1 of_IO clearing_VVG their_APPGE debts_NN2 '_GE ._. 
The_AT total_JJ UK_NP1 repossession_NN1 figure_NN1 is_VBZ now_RT around_II the_AT 70,000_MC mark_NN1 ._. 
A_AT1 spokesman_NN1 for_IF Stickley_NP1 &amp;_CC Kent_NP1 ,_, one_MC1 of_IO the_AT UK_NP1 's_GE biggest_JJT repossession_NN1 auctioneers_NN2 said_VVD :_: '_" We_PPIS2 sold_VVD a_AT1 couple_NN1 of_IO flats_NN2 last_MD month_NNT1 for_IF Pounds_NN2 5,000_MC ,_, but_CCB by_RR31 and_RR32 large_RR33 anyone_PN1 buying_VVG a_AT1 repossessed_JJ home_NN1 does_VDZ not_XX actually_RR get_VVI a_AT1 bargain_NN1 ._. 
'_GE The_AT bidding_NN1 at_II our_APPGE auctions_NN2 can_VM be_VBI rather_RG fierce_JJ ._. 
'_GE Ian_NP1 Darby_NP1 ,_, of_IO mortgage_NN1 brokers_NN2 John_NP1 Charcol_NP1 ,_, said_VVD :_: '_GE Things_NN2 are_VBR picking_VVG up_RP ._. 
We_PPIS2 're_VBR getting_VVG more_DAR enquiries_NN2 following_VVG all_DB the_AT recent_JJ cuts_NN2 ._. 
'_GE A_AT1 report_NN1 suggesting_VVG a_AT1 slight_JJ rise_NN1 in_II house_NN1 prices_NN2 brought_VVD a_AT1 further_JJR glimmer_NN1 of_IO hope_NN1 for_IF embattled_JJ homeowners_NN2 yesterday_RT ._. 
Produced_VVN by_II the_AT Halifax_NP1 ,_, the_AT report_NN1 says_VVZ that_DD1 house_NN1 prices_NN2 edged_VVD up_RP 0.1%_FO in_II November_NPM1 ._. 
But_CCB it_PPH1 is_VBZ contradicted_VVN by_II Nationwide_RL 's_GE house_NN1 prices_NN2 index_VV0 for_IF November_NPM1 which_DDQ shows_VVZ a_AT1 2%_NNU fall_NN1 in_II prices_NN2 ._. 
The_AT Halifax_NP1 figures_NN2 ,_, however_RR ,_, will_VM be_VBI welcome_JJ news_NN1 to_II more_DAR than_CSN a_AT1 million_NNO homeowners_NN2 ._. 
With_IW housing_VVG prices_NN2 having_VHG fallen_VVN 7.9%_FO since_CS November_NPM1 1991_MC ,_, these_DD2 homeowners_NN2 now_RT owe_VV0 banks_NN2 and_CC building_NN1 societies_NN2 more_RRR than_CSN their_APPGE house_NN1 is_VBZ worth_NN1 ._. 
Condom_NN1 giant_NN1 's_GE profits_NN2 double_JJ Clare_NP1 Stewart_NP1 EXPANSION_NN1 into_II new_JJ Asian_JJ markets_NN2 is_VBZ fuelling_VVG continued_JJ growth_NN1 at_II consumer_NN1 products_NN2 group_NN1 London_NP1 International_JJ ._. 
The_AT condom_NN1 giant_NN1 saw_VVD interim_JJ profits_NN2 more_RRR than_CSN double_JJ at_II 15.5m_NNU ,_, reflecting_VVG a_AT1 strong_JJ performance_NN1 in_II its_APPGE health_NN1 and_CC personal_JJ products_NN2 divisions_NN2 where_RRQ profits_NN2 rose_VVD 18.4%_FO ._. 
London_NP1 International_JJ has_VHZ 48%_NNU of_IO the_AT European_JJ condom_NN1 market_NN1 ,_, which_DDQ is_VBZ growing_VVG by_II 2-3%_FO a_AT1 year_NNT1 ._. 
Says_VVZ chief_JJ executive_NN1 Tony_NP1 Butterworth_NP1 ,_, the_AT Asia_NP1 Pacific_NP1 division_NN1 is_VBZ its_APPGE fastest_JJT profit_NN1 growth_NN1 area_NN1 ,_, as_CSA awareness_NN1 of_IO birth_NN1 control_NN1 and_CC AIDS_NN1 prevention_NN1 grows_VVZ ._. 
Allied_JJ businesses_NN2 such_II21 as_II22 specialist_JJ surgical_JJ gloves_NN2 also_RR offer_VV0 strong_JJ growth_NN1 potential_NN1 worldwide_RL ._. 
Butterworth_NP1 said_VVD that_CST London_NP1 International_JJ 's_VBZ other_JJ main_JJ business_NN1 ,_, ColourCare_NP1 photo-processing_NN1 had_VHD '_" been_VBN heavily_RR hit_VVN by_II the_AT recession_NN1 '_GE ._. 
While_CS there_EX is_VBZ scope_NN1 for_IF expansion_NN1 in_II Europe_NP1 ,_, the_AT group_NN1 is_VBZ cutting_VVG costs_NN2 with_IW the_AT closure_NN1 of_IO three_MC processing_NN1 labs_NN2 in_II the_AT UK_NP1 ._. 
No_AT major_JJ acquisitions_NN2 are_VBR planned_VVN in_II 1992-93_MCMC ._. 
'_" We_PPIS2 are_VBR concentrating_VVG on_II managing_VVG our_APPGE cash_NN1 and_CC maintaining_VVG market_NN1 share_NN1 ,_, '_GE Butterworth_NP1 said_VVD ._. 
The_AT interim_JJ dividend_NN1 is_VBZ pegged_VVN at_II 3.2p_NNU ._. 
Shares_NN2 closed_VVD up_RP 1p_NNU at_II 235p_NNU ._. 
GrandMet_NP1 slips_VVZ POOR_JJ results_NN2 from_II Grand_JJ Metropolitan_JJ 's_GE US_NP1 operations_NN2 have_VH0 eaten_VVN into_II profits_NN2 at_II the_AT food_NN1 and_CC drink_VV0 group_NN1 ._. 
Pre-tax_JJ profits_NN2 after_II exceptional_JJ items_NN2 slid_VVD by_II 5%_NNU to_II 902m_NNU ._. 
The_AT worse-than-expected_JJR results_NN2 knocked_VVD shares_NN2 down_RP 13p_NNU to_II 427p_NNU ,_, before_CS they_PPHS2 closed_VVD at_II 428p_NNU ,_, down_RP 12p_NNU ._. 
Trading_VVG profit_NN1 at_II GrandMet_NP1 's_GE food_NN1 businesses_NN2 in_II America_NP1 ,_, which_DDQ include_VV0 Pillsbury_NP1 and_CC Haagen-Dazs_NN2 fell_VVD 15%_NNU to_II 181m_NNU ._. 
Results_NN2 from_II its_APPGE international_JJ drinks_NN2 business_NN1 IDV_NP1 provide_VV0 rather_RG more_DAR cheer_NN1 ,_, with_IW profits_NN2 up_RP 12%_NNU to_II 509m_NNU ,_, while_CS its_APPGE retailing_NN1 division_NN1 had_VHD a_AT1 mixed_JJ performance_NN1 ._. 
Group_NN1 gearing_NN1 has_VHZ been_VBN cut_VVN from_II 75%_NNU to_II 64%_NNU ,_, while_CS the_AT dividend_NN1 is_VBZ up_II 8.4%_FO to_II 12.3p_NNU ._. 
Hanson_NP1 romps_VVZ home_RL with_IW sparkling_JJ results_NN2 George_NP1 Campbell_NP1 LORD_NNB Hanson_NP1 ,_, the_AT 70-year-old_JJ Huddersfield-born_JJ tycoon_NN1 ,_, grabbed_VVD the_AT limelight_NN1 again_RT yesterday_RT ._. 
The_AT Anglo-American_JJ conglomerate_NN1 that_CST went_VVD public_NN1 in_II 1964_MC romped_VVD in_RP with_IW results_NN2 that_CST should_VM guarantee_VVI him_PPHO1 another_DD1 bumper_JJ pay_NN1 packet_NN1 ._. 
Operating_VVG profits_NN2 of_IO the_AT Imperial_JJ cigarettes_NN2 to_II Butterley_NP1 bricks_NN2 giant_NN1 have_VH0 soared_VVN from_II 955m_NNU to_II 1.07bn_FO for_IF the_AT year_NNT1 to_II September_NPM1 1992_MC ,_, and_CC this_DD1 year_NNT1 should_VM be_VBI just_RR as_RG buoyant_JJ ._. 
A_AT1 blip_NN1 in_II profits_NN2 in_II 1991_MC cut_VV0 Hanson_NP1 's_GE remuneration_NN1 from_II 1.45m_NNU to_II 1.38m_NNU ,_, but_CCB this_DD1 year_NNT1 his_APPGE pay_NN1 packet_NN1 should_VM stage_VVI a_AT1 smart_JJ recovery_NN1 to_II around_II Pounds_NN2 1.5m_NNU ._. 
Hanson_NP1 has_VHZ been_VBN earning_VVG megabucks_NN2 for_IF decades_NNT2 ;_; his_APPGE personal_JJ wealth_NN1 is_VBZ estimated_VVN at_II around_RG 100m_NNU and_CC speculation_NN1 is_VBZ rife_JJ that_CST before_CS he_PPHS1 retires_VVZ he_PPHS1 will_VM go_VVI out_RP with_IW a_AT1 final_JJ spectacular_JJ takeover_NN1 ._. 
He_PPHS1 came_VVD near_RL with_IW ICI_NP1 and_CC Ranks_NN2 Hovis_NP1 McDougall_NP1 but_CCB backed_VVD off_RP when_CS the_AT stakes_NN2 got_VVD too_RG high_JJ ._. 
Pundits_NN2 reckon_VV0 he_PPHS1 has_VHZ his_APPGE sights_NN2 on_II at_RR21 least_RR22 two_MC other_JJ UK_NP1 concerns_VVZ ,_, and_CC if_CS you_PPY can_VM put_VVI your_APPGE finger_NN1 on_II them_PPHO2 before_CS he_PPHS1 pounces_VVZ ,_, you_PPY will_VM make_VVI a_AT1 killing_NN1 ._. 
But_CCB even_RR without_IW another_DD1 huge_JJ bid_NN1 ,_, Hanson_NP1 will_VM forge_VVI ahead_RL ._. 
Profits_NN2 this_DD1 year_NNT1 should_VM top_VVI 1.2bn_FO ._. 
The_AT shares_NN2 ,_, which_DDQ yield_VV0 over_RG 6%_NNU ,_, climbed_VVD 3p_NNU to_II 239p_NNU ,_, a_AT1 whisker_NN1 below_II their_APPGE peak_NN1 of_IO 244p_NNU back_RP in_II May_NPM1 ._. 
Bank_NN1 boosts_VVZ Fraud_NN1 Squad_NN1 BARCLAYS_NP1 ,_, the_AT biggest_JJT plastic_NN1 card_NN1 issuer_NN1 ,_, is_VBZ gearing_VVG up_RP for_IF a_AT1 blitz_NN1 on_II card_NN1 fraud_NN1 in_II the_AT run-up_NN1 to_II Christmas_NNT1 ._. 
The_AT bank_NN1 's_GE fraud_NN1 referral_NN1 unit_NN1 ,_, which_DDQ handles_VVZ calls_NN2 from_II suspicious_JJ retailers_NN2 24-hours_NNT2 a_AT1 day_NNT1 ,_, is_VBZ increasing_JJ staff_NN numbers_NN2 by_II 20%_NNU to_TO cope_VVI with_IW what_DDQ could_VM be_VBI a_AT1 15%_NNU rise_NN1 in_II yule-tide_JJ fraud_NN1 ._. 
The_AT unit_NN1 expects_VVZ to_TO make_VVI about_RG 300_MC arrests_NN2 this_DD1 month_NNT1 alone_JJ ._. 
Bad_JJ debt_NN1 soars_VVZ SOARING_JJ bad_JJ debts_NN2 continue_VV0 to_TO hit_VVI the_AT Royal_JJ Bank_NN1 of_IO Scotland_NP1 ._. 
Although_CS there_EX was_VBDZ a_AT1 marked_JJ improvement_NN1 at_II the_AT operating_NN1 level_NN1 ,_, bad_JJ debt_NN1 provisions_NN2 of_IO 401m_NNU ,_, up_RP from_II 351m_NNU ,_, pushed_VVD year-end_JJ profits_NN2 down_RP from_II 58m_NNU to_II 21m_NNU ._. 
Despite_II earlier_JJR profit_NN1 warnings_NN2 ,_, the_AT results_NN2 were_VBDR worse_JJR than_CSN expected_JJ ._. 
The_AT bank_NN1 blames_VVZ problem_NN1 debts_NN2 from_II small_JJ business_NN1 and_CC personal_JJ customers_NN2 particularly_RR in_II the_AT south_ND1 of_IO England_NP1 ._. 
Scotland_NP1 remains_VVZ relatively_RR free_JJ of_IO debt_NN1 difficulties_NN2 ._. 
Direct_JJ Line_NN1 ,_, the_AT bank_NN1 's_GE insurance_NN1 subsidiary_NN1 paints_VVZ a_AT1 brighter_JJR figure_NN1 ,_, with_IW profits_NN2 up_RP from_II 10m_NNU to_II 24.2m_NNU ._. 
The_AT divi_NN1 is_VBZ being_VBG held_VVN at_II 8.8p_NNU ._. 
Shares_NN2 closed_VVN at_II 189p_NNU ,_, up_RP 8p_NNU ._. 
HK_NP1 panic_NN1 rocks_NN2 UK_NP1 A_ZZ1 wave_NN1 of_IO panic_NN1 selling_VVG in_II Hong_NP1 Kong_NP1 shook_VVD the_AT City_NN1 yesterday_RT ._. 
Fears_VVZ that_DD1 trade_NN1 between_II the_AT Crown_NN1 Colony_NN1 and_CC the_AT Chinese_JJ mainland_NN1 will_VM dry_VVI up_RP triggered_VVD frenzied_JJ dealings_NN2 ,_, with_IW the_AT Hang_VV0 Seng_NP1 Index_NN1 Hong_NP1 Kong_NP1 's_VBZ equivalent_JJ to_II the_AT FT-SE_NN1 slumping_VVG by_II 8%_NNU ._. 
This_DD1 kept_VVD the_AT lid_NN1 on_II shares_NN2 in_II both_DB2 London_NP1 and_CC New_NP1 York_NP1 ,_, and_CC at_II the_AT close_NN1 of_IO trading_VVG the_AT FT-SE_NN1 Index_NN1 was_VBDZ up_RP ,_, but_CCB only_RR marginally_RR ._. 
Sterling_NN1 bucked_VVD the_AT trend_NN1 and_CC gained_VVN against_II the_AT dollar_NNU1 and_CC the_AT mark_NN1 ._. 
There_EX was_VBDZ a_AT1 strong_JJ upward_JJ surge_NN1 in_II drugs_NN2 shares_NN2 early_RR ,_, but_CCB The_AT floods_NN2 swept_VVD insurance_NN1 prices_NN2 lower_VV0 ,_, with_IW talk_NN1 of_IO big_JJ claims_NN2 lopping_VVG 9p-12p_NNU off_II General_JJ Accident_NN1 ,_, Royal_JJ ,_, Sun_NN1 Alliance_NN1 and_CC Commercial_JJ Union_NN1 ._. 
Severn_NP1 Trent_NP1 added_VVD a_AT1 penny_NNU1 to_II 445p_NNU following_II a_AT1 3%_NNU midway_NN1 rise_NN1 to_II Pounds_NN2 141m_NNU pre-tax_JJ ._. 
Eastern_JJ Electricity_NN1 gained_VVD 3p_NNU to_II 4_MC ,_, after_CS an_AT1 interim_JJ rise_NN1 from_II 15.4m_NNU to_II 26.1m_NNU ._. 
Alexon_NN1 ,_, the_AT fashion_NN1 retailer_NN1 ,_, crashed_VVD 27p_NNU to_II 98p_NNU following_II warnings_NN2 of_IO a_AT1 dividend_NN1 cut_NN1 ._. 
Abbey_NN1 in_II big_JJ share_NN1 sell-off_NN1 Clare_NP1 Stewart_NP1 SHARES_NN2 in_II Abbey_NN1 National_JJ were_VBDR in_II plentiful_JJ supply_NN1 as_II the_AT building_NN1 society_NN1 raised_VVD 103m_NNU through_II the_AT sale_NN1 of_IO 30m_NNU unclaimed_JJ shares_NN2 ._. 
The_AT placing_NN1 was_VBDZ at_II 360p_NNU ,_, 13p_NNU below_II the_AT opening_NN1 price_NN1 ._. 
The_AT shares_NN2 were_VBDR the_AT remainder_NN1 of_IO those_DD2 allotted_VVN to_II Abbey_NN1 National_JJ savers_NN2 and_CC borrowers_NN2 at_II the_AT time_NNT1 of_IO its_APPGE flotation_NN1 ._. 
The_AT Abbey_NN1 's_GE Charitable_JJ Trust_NN1 ,_, which_DDQ funds_VVZ community_NN1 projects_NN2 ,_, will_VM receive_VVI 5m_NNU of_IO the_AT proceeds_NN2 ,_, with_IW the_AT balance_NN1 being_VBG absorbed_VVN by_II the_AT building_NN1 society_NN1 ._. 
Abbey_NN1 shares_NN2 reacted_VVD calmly_RR ,_, falling_VVG slowly_RR to_TO close_VVI down_RP 7p_NNU at_II 366p_NNU ._. 
Drugs_NN2 group_NN1 Glaxo_NP1 soared_VVD 36p_NNU to_II 823p_NNU on_II news_NN1 of_IO US_NP1 approval_NN1 for_IF its_APPGE migraine_NN1 drug_NN1 Imigran_NP1 ._. 
Hongkong_NP1 &amp;_CC Shanghai_NP1 Bank_NP1 fell_VVD 16p_NNU to_II 469p_NNU following_II the_AT turmoil_NN1 in_II Hong_NP1 Kong_NP1 ,_, while_CS retailer_NN1 John_NP1 Menzies_NP1 added_VVD 13p_NNU to_II 459p_NNU after_II the_AT sale_NN1 of_IO a_AT1 US_NP1 subsidiary_NN1 ._. 
The_AT FT-SE_NN1 100_MC closed_VVD down_RP 11.6_MC at_II 2759.4_MC ,_, while_CS sterling_NN1 closed_VVD unchanged_JJ against_II the_AT dollar_NNU1 at_II $1.56_NNU ,_, but_CCB up_RP against_II the_AT mark_NN1 at_II DM2.48_FO ._. 
Brewer_NP1 's_GE Xmas_NNT1 joy_NN1 WOLVERHAMPTON_NP1 and_CC Dudley_NP1 Breweries_NN2 pumped_VVD out_RP record_NN1 year-end_JJ profits_NN2 of_IO 35.2m_NNU ,_, up_RP 7%_NNU ,_, with_IW a_AT1 hefty_JJ 11%_NNU dividend_NN1 increase_NN1 to_II 11.4p_NNU ,_, giving_VVG shareholders_NN2 a_AT1 pre-Christmas_JJ bonus_NN1 ._. 
The_AT better-than-expected_JJR results_NN2 gave_VVD the_AT shares_NN2 some_DD fizz_NN1 ,_, adding_VVG 10p_NNU to_TO close_VVI at_II 536p_NNU ._. 
'_GE The_AT beer_NN1 market_NN1 has_VHZ been_VBN sticky_JJ throughout_RL ,_, '_GE chairman_NN1 David_NP1 Miller_NP1 said_VVD ,_, but_CCB the_AT group_NN1 's_GE strategy_NN1 of_IO '_GE offering_NN1 customers_NN2 good_JJ beer_NN1 at_II reasonable_JJ prices_NN2 '_GE is_VBZ clearly_RR paying_VVG off_RP ._. 
Turnover_NN1 was_VBDZ up_RP 12%_NNU ,_, helped_VVD in_RR21 part_RR22 by_II the_AT 21m_NNU acquisition_NN1 of_IO Hartlepool_NP1 brewer_NN1 and_CC pub_NN1 business_NN1 J_ZZ1 W_ZZ1 Cameron_NP1 group_NN1 from_II Brent_NP1 Walker_NP1 ._. 
Pub_NN1 trade_NN1 was_VBDZ reported_VVN to_TO be_VBI quiet_JJ ,_, though_CS stronger_JJR trade_NN1 was_VBDZ reported_VVN at_II W&amp;D_FO 's_VBZ Milestone_NP1 Restaurants_NN2 and_CC Taverns_NP2 where_CS profits_NN2 were_VBDR up_RP 23%_NNU ._. 
Cashpoint_NN1 NEW_JJ issues_NN2 of_IO National_JJ Savings_NN2 schemes_NN2 go_VV0 on_II sale_NN1 on_II Monday_NPD1 ._. 
These_DD2 include_VV0 index-linked_JJ savings_NN2 certificates_NN2 paying_VVG an_AT1 extra_JJ 3.25%_FO interest_NN1 if_CS held_VVN for_IF five_MC years_NNT2 ,_, and_CC 40th_MD issue_NN1 savings_NN2 certificates_NN2 paying_VVG 5.75%_FO over_RG five_MC years_NNT2 ._. 
OPEN_VV0 until_II December_NPM1 14_MC is_VBZ Bristol_NP1 &amp;_CC West_ND1 's_GE Guaranteed_JJ Equity_NN1 Bond_NP1 Plus_NN1 ._. 
It_PPH1 is_VBZ a_AT1 five-year_JJ investment_NN1 which_DDQ pays_VVZ a_AT1 gross_JJ rate_NN1 of_IO 110%_NNU of_IO the_AT percentage_NN1 increase_NN1 in_II the_AT FT-SE_NN1 100_MC ._. 
A_AT1 FIRST_MD time_NNT1 buyers_NN2 mortgage_NN1 fixed_VVN at_II 5.95%_FO is_VBZ now_RT available_JJ from_II National_JJ &amp;_CC Provincial_JJ ._. 
First_MD Time_NNT1 Buyer_NN1 Guarantee_NN1 is_VBZ fixed_VVN until_II January_NPM1 1994_MC ._. 
A_AT1 TAX_NN1 video_NN1 for_IF people_NN setting_VVG up_RP their_APPGE own_DA businesses_NN2 is_VBZ now_RT available_JJ from_II Inland_JJ Revenue_NN1 ._. 
The_AT video_NN1 and_CC booklet_NN1 are_VBR available_JJ free_JJ from_II IR_NN1 Tax_NN1 Inquiry_NN1 Centres_NN2 ._. 
Brewers_NN2 lacking_VVG sparkle_NN1 Clare_NP1 Stewart_NP1 FLAT_NN1 ,_, not_XX fizzy_JJ that_CST 's_VBZ the_AT general_JJ outlook_NN1 for_IF the_AT clutch_NN1 of_IO brewers_NN2 reporting_VVG this_DD1 week_NNT1 ._. 
Halfway_JJ results_NN2 from_II Scottish_JJ &amp;_CC Newcastle_NP1 promise_VV0 much_RR the_AT same_DA as_CSA last_MD year_NNT1 ,_, around_II the_AT 115m_NNU mark_NN1 ,_, as_CSA the_AT beer_NN1 market_NN1 remains_VVZ difficult_JJ ._. 
Its_APPGE leisure_NN1 arm_NN1 ,_, which_DDQ includes_VVZ Center_NN1 Parcs_NN2 and_CC Pontins_NP2 ,_, reported_VVD bumpy_JJ demand_NN1 over_II the_AT summer_NNT1 ._. 
A_AT1 slow_JJ recovery_NN1 in_II the_AT hotel_NN1 market_NN1 is_VBZ likely_JJ to_TO hold_VVI back_RP profits_NN2 tomorrow_RT at_II Vaux_NP1 Group_NN1 ,_, which_DDQ owns_VVZ the_AT Swallow_NP1 chain_NN1 ._. 
County_NN1 NatWest_NP1 is_VBZ looking_VVG for_IF profits_NN2 to_TO dip_VVI from_II 34m_NNU to_II 30m_NNU ,_, though_CS its_APPGE brewing_NN1 business_NN1 is_VBZ looking_VVG stronger_JJR ._. 
Wednesday_NPD1 sees_VVZ year-end_JJ figures_NN2 from_II Greenalls_NP2 ,_, with_IW profits_NN2 slipping_VVG 1%_NNU to_II 63.5m_NNU ,_, again_RT reflecting_VVG conditions_NN2 in_II the_AT hotel_NN1 and_CC pub_NN1 market_NN1 ._. 
Airtours_NP1 should_VM unveil_VVI excellent_JJ profits_NN2 of_IO 36m_NNU today_RT ._. 
TV_NN1 company_NN1 Carlton_NP1 Communications_NN2 ,_, which_DDQ takes_VVZ over_II the_AT Thames_NP1 franchise_NN1 in_II January_NPM1 ,_, is_VBZ looking_VVG good_JJ with_IW analysts_NN2 forecasting_VVG a_AT1 profits_NN2 increase_NN1 of_IO up_RG21 to_RG22 16%_NNU ,_, at_II 103m_NNU ._. 
Expect_VV0 good_JJ news_NN1 also_RR from_II retailer_NN1 Great_JJ Universal_JJ Stores_NN2 ._. 
Interim_JJ figures_NN2 due_II Thursday_NPD1 are_VBR on_II course_NN1 for_IF a_AT1 7%_NNU rise_NN1 to_II 195.3m_NNU with_IW analysts_NN2 likely_JJ to_TO be_VBI upgrading_VVG full_JJ year_NNT1 predictions_NN2 ._. 
Glass_NN1 giant_NN1 Pilkington_NP1 looks_VVZ rather_RG less_RGR sparkling_JJ ,_, as_CSA profits_NN2 continue_VV0 to_TO fall_VVI ._. 
Now_RT Mickey_NP1 Mouse_NP1 's_GE 2bn_NNU magic_JJ kingdom_NN1 starts_VVZ to_TO wobble_VVI George_NP1 Campbell_NP1 MICKEY_NP1 MOUSE_NP1 and_CC Donald_NP1 Duck_NP1 are_VBR in_II the_AT dog_NN1 house_NN1 with_IW Goofey_NP1 ._. 
EuroDisney_NP1 shares_NN2 have_VH0 crashed_VVN like_II a_AT1 stone_NN1 and_CC the_AT future_NN1 of_IO the_AT Pounds_NN2 2bn_NNU Magic_JJ Kingdom_NN1 operation_NN1 near_II Paris_NP1 is_VBZ looking_VVG shaky_JJ ._. 
It_PPH1 is_VBZ heading_VVG for_IF a_AT1 thumping_JJ loss_NN1 of_IO more_DAR than_CSN FF700m_FO (_( about_RG 85m_NNU )_) this_DD1 year_NNT1 and_CC if_CS you_PPY believe_VV0 all_DB the_AT doomsters_NN2 and_CC gloomsters_NN2 ,_, the_AT vultures_NN2 are_VBR already_RR circling_VVG over_II the_AT lovable_JJ animated_JJ characters_NN2 created_VVN by_II the_AT legendary_JJ Walt_NP1 Disney_NP1 ._. 
On_II Friday_NPD1 ,_, the_AT price_NN1 crashed_VVD to_II a_AT1 new_JJ all-time_JJ low_NN1 of_IO 683p_NNU ,_, 24p_NNU below_II the_AT float_NN1 price_NN1 and_CC well_RR below_II their_APPGE all-time_JJ peak_NN1 of_IO 17_MC ._. 
But_CCB that_DD1 ,_, as_CSA they_PPHS2 say_VV0 ,_, is_VBZ showbusiness_NN1 ._. 
I_PPIS1 do_VD0 n't_XX know_VVI about_II you_PPY ,_, but_CCB I_PPIS1 'm_VBM a_AT1 Disney_NP1 fanatic_NN1 through_RP and_CC through_RP ._. 
I_PPIS1 was_VBDZ weaned_VVN on_II a_AT1 regular_JJ diet_NN1 of_IO Hollywood_NP1 fantasy_NN1 at_II my_APPGE local_JJ cinema_NN1 ,_, The_AT Grand_JJ ,_, in_II a_AT1 remote_JJ ,_, windswept_JJ North-east_ND1 village_NN1 during_II the_AT war_NN1 years_NNT2 and_CC my_APPGE passion_NN1 for_IF Snow_NP1 White_NP1 ,_, Grumpy_NP1 ,_, Happy_JJ and_CC Mickey_NP1 has_VHZ not_XX dimmed_VVN with_IW the_AT passage_NN1 of_IO time_NNT1 ._. 
I_PPIS1 was_VBDZ even_RR lucky_JJ enough_RR to_TO rub_VVI shoulders_NN2 with_IW my_APPGE perspiring_JJ hero_NN1 Mickey_NP1 Mouse_NP1 ,_, under_II a_AT1 maze_NN1 of_IO tunnels_NN2 beneath_II Paramount_NP1 studios_NN2 three_MC years_NNT2 ago_RA ._. 
He_PPHS1 had_VHD his_APPGE head_NN1 in_II one_MC1 hand_NN1 and_CC a_AT1 cigarette_NN1 in_II the_AT other_JJ ,_, but_CCB even_RR the_AT shock_NN1 that_CST Mickey_NP1 was_VBDZ in_II fact_NN1 human_NN1 and_CC a_AT1 reformed_JJ drop-out_NN1 from_II the_AT Bronx_NP1 failed_VVD to_TO dispel_VVI the_AT magic_NN1 ._. 
He_PPHS1 quickly_RR stubbed_VVD out_RP the_AT cigarette_NN1 ,_, replaced_VVD his_APPGE head_NN1 and_CC raced_VVD back_RP up_RP into_II the_AT daylight_NN1 to_TO entertain_VVI the_AT kids_NN2 ._. 
And_CC I_PPIS1 reckon_VV0 the_AT same_DA will_VM happen_VVI to_II the_AT shares_NN2 ._. 
They_PPHS2 'll_VM come_VVI back_RP with_IW a_AT1 bang_NN1 ._. 
But_CCB ,_, like_II showbusiness_NN1 ,_, it_PPH1 may_VM take_VVI a_AT1 year_NNT1 before_II EuroDisney_NP1 polishes_VVZ up_RP its_APPGE act_NN1 ._. 
Most_DAT UK_NP1 shareholders_NN2 ,_, if_CS they_PPHS2 were_VBDR honest_JJ ,_, would_VM admit_VVI they_PPHS2 bought_VVD the_AT shares_NN2 for_IF their_APPGE children_NN2 and_CC grandchildren_NN2 ._. 
They_PPHS2 invested_VVD in_II a_AT1 dream_NN1 !_! 
And_CC ,_, if_CS like_II me_PPIO1 you_PPY believe_VV0 that_CST dreams_NN2 come_VV0 true_JJ ,_, you_PPY should_VM hang_VVI on_RP to_II them_PPHO2 ._. 
Investors_NN2 in_II parent_NN1 Walt_NP1 Disney_NP1 in_II America_NP1 have_VH0 seen_VVN their_APPGE shares_NN2 rocket_NN1 from_II $3.80_NNU to_II more_DAR than_CSN $40_NNU ._. 
Dreams_NN2 do_VD0 come_VVI true_JJ ._. 
It_PPH1 wo_VM n't_XX happen_VVI overnight_RT ,_, but_CCB I_PPIS1 can_VM assure_VVI you_PPY it_PPH1 will_VM one_MC1 day_NNT1 ._. 
The_AT fact_NN1 that_CST Disney_NP1 boss_NN1 Michael_NP1 Eisner_NP1 sold_VVD a_AT1 big_JJ parcel_NN1 of_IO shares_NN2 last_MD week_NNT1 to_TO net_VVI a_AT1 cool_JJ 82.6m_NNU is_VBZ also_RR irrelevant_JJ ._. 
He_PPHS1 was_VBDZ simply_RR cashing_VVG in_RP before_II Bill_NP1 Clinton_NP1 takes_VVZ office_NN1 ._. 
That_DD1 's_VBZ all_DB folks_NN2 !_! 
Amstrad_NP1 takeover_NN1 '_GE scuppered_JJ '_GE REBEL_NN1 shareholders_NN2 are_VBR believed_VVN to_TO have_VHI shot_VVN down_II Alan_NP1 Sugar_NP1 's_GE plan_NN1 to_TO take_VVI his_APPGE electronics_NN1 giant_NN1 Amstrad_NP1 private_JJ at_II 30p_NNU a_AT1 share_NN1 ._. 
Two_MC of_IO Britain_NP1 's_GE biggest_JJT fund_NN1 managers_NN2 are_VBR understood_VVN to_TO have_VHI galloped_VVN to_II the_AT rescue_NN1 of_IO beleaguered_JJ shareholders_NN2 and_CC will_VM be_VBI lending_VVG their_APPGE weight_NN1 with_IW proxy_NN1 votes_NN2 to_TO scupper_VVI the_AT controversial_JJ 113m_NNU takeover_NN1 ._. 
Sugar_NN1 needs_VVZ 75%_NNU of_IO shares_NN2 voted_VVD ,_, plus_II a_AT1 simple_JJ majority_NN1 among_II shareholders_NN2 voting_VVG ,_, but_CCB he_PPHS1 ca_VM n't_XX vote_VVI his_APPGE own_DA sizeable_JJ holding_NN1 ._. 
An_AT1 egm_NN1 to_TO decide_VVI the_AT company_NN1 's_GE fate_NN1 will_VM be_VBI held_VVN on_II Thursday_NPD1 ._. 
Pupils_NN2 want_VV0 their_APPGE share_NN1 Cathy_NP1 Gunn_NP1 SCHOOLS_NN2 and_CC colleges_NN2 are_VBR rushing_VVG to_TO join_VVI a_AT1 competition_NN1 which_DDQ teaches_VVZ 16_MC to_II 19-year-olds_NN2 about_II the_AT thrills_NN2 and_CC spills_NN2 of_IO share_NN1 ownership_NN1 ._. 
Pam_NP1 Mapes_NP1 ,_, director_NN1 of_IO education_NN1 at_II Proshare_NP1 ,_, was_VBDZ advised_VVN by_II experts_NN2 that_CST her_APPGE mailshot_NN1 to_II 5,000_MC secondary_JJ schools_NN2 and_CC sixth_MD form_NN1 colleges_NN2 may_VM get_VVI a_AT1 maximum_JJ take-up_NN1 of_IO 10%_NNU making_VVG 500_MC entrants_NN2 ._. 
But_CCB by_II this_DD1 weekend_NNT1 ,_, 850_MC had_VHD applied_VVN and_CC more_DAR are_VBR still_RR coming_VVG in_RP ._. 
'_" I_PPIS1 'm_VBM overwhelmed_JJ ,_, '_" she_PPHS1 said_VVD ._. 
First_MD prize_NN1 will_VM be_VBI a_AT1 5,000_MC portfolio_NN1 of_IO shares_NN2 donated_VVN by_II NatWest_NP1 Stockbrokers_NN2 ,_, along_II21 with_II22 free_JJ investment_NN1 advice_NN1 and_CC share_VV0 dealing_VVG services_NN2 for_IF the_AT life_NN1 of_IO the_AT portfolio_NN1 ._. 
Regional_JJ and_CC runners-up_NN2 prizes_NN2 will_VM also_RR be_VBI up_RP for_IF grabs_NN2 ._. 
Under_II The_AT National_JJ Investment_NN1 Programme_NN1 for_IF Schools_NN2 and_CC Colleges_NN2 ,_, each_DD1 school_NN1 has_VHZ to_TO invest_VVI an_AT1 imaginary_JJ 10,000_MC left_VVD to_II them_PPHO2 by_II an_AT1 ex-pupil_NN1 ._. 
A_AT1 pilot_NN1 version_NN1 ,_, carried_VVN out_RP in_II March_NPM1 in_II Nottingham_NP1 ,_, proved_VVD popular_JJ among_II teachers_NN2 and_CC students_NN2 ,_, according_II21 to_II22 Proshare_NP1 ,_, which_DDQ was_VBDZ set_VVN up_RP earlier_RRR this_DD1 year_NNT1 to_TO disseminate_VVI information_NN1 about_II share_NN1 ownership_NN1 to_II would-be_JJ investors_NN2 ._. 
Flat_JJ beer_NN1 results_VVZ McEWANS_NP1 to_II Brown_NP1 Ale_NN1 giant_NN1 Scottish_NN2 &amp;_CC Newcastle_NP1 has_VHZ unveiled_VVN flat_JJ results_NN2 ._. 
Half-year_JJ profits_NN2 are_VBR down_RP 6%_NNU at_II 108.4m_NNU and_CC it_PPH1 seems_VVZ the_AT recession_NN1 has_VHZ finally_RR hit_VVN the_AT North_ND1 ._. 
Beer_NN1 profits_NN2 slumped_VVN from_II 54.2m_NNU to_II 51m_NNU but_CCB the_AT leisure_NN1 side_NN1 ,_, Center_NN1 Parcs_NN2 ,_, kept_VVD up_RP its_APPGE momentum_NN1 with_IW maintained_JJ occupancy_NN1 of_IO 90%_NNU and_CC profits_NN2 nearly_RR 2m_NNU up_RP at_II 38.8m_NNU ._. 
Occupancy_NN1 at_II Pontins_NP2 dropped_VVD 13%_NNU and_CC bookings_NN2 dipped_VVN after_II pit_NN1 closures_NN2 were_VBDR announced_VVN ._. 
Ahead_II21 of_II22 an_AT1 expected_JJ Christmas_NNT1 boom_NN1 ,_, shareholders_NN2 get_VV0 a_AT1 lift_NN1 in_II the_AT interim_JJ dividend_NN1 of_IO 4.5%_FO to_II 5.76p_NNU ._. 
Shares_NN2 jumped_VVD 13p_NNU to_II 414p_NNU ._. 
Fat_JJ figures_NN2 for_IF pig_NN1 farmers_NN2 Cranswick_NP1 Liz_NP1 Dolan_NP1 HAPPY_JJ porkers_NN2 meant_VVD fatter_JJR first_MD half_DB profits_NN2 for_IF Cranswick_NP1 ,_, the_AT free-range_JJ pig_NN1 farming_NN1 business_NN1 ._. 
Boss_NN1 Jim_NP1 Bloom_NP1 says_VVZ 90%_NNU of_IO Cranswick_NP1 's_GE pigs_NN2 now_RT live_VV0 in_II fields_NN2 ._. 
A_AT1 major_JJ contract_NN1 to_TO supply_VVI Sainsbury_NP1 with_IW '_GE high_JJ welfare_NN1 '_GE pork_NN1 helped_VVD profits_NN2 leap_VVI nearly_RR 50%_NNU to_II 968,000_MC ._. 
A_AT1 chunky_JJ first_MD time_NNT1 contribution_NN1 from_II meat_NN1 processor_NN1 Yorkshire_NP1 Country_NN1 Pork_NN1 supplied_VVD added_JJ spice_NN1 ._. 
'_GE Super_JJ figures_NN2 ,_, '_" says_VVZ James_NP1 Capel_NP1 's_GE Roger_NP1 Hardman_NP1 ,_, who_PNQS forecasts_VVZ at_RR21 least_RR22 2.2m_NNU (_( 1.71m_NNU )_) for_IF the_AT year_NNT1 ._. 
Nearly_RR one_MC1 third_MD of_IO Britain_NP1 's_GE 800,000_MC sows_NN2 will_VM be_VBI out_RP in_II the_AT fields_NN2 by_II the_AT end_NN1 of_IO next_MD year_NNT1 ,_, reckons_VVZ marketing_NN1 director_NN1 Bernard_NP1 Hoggarth_NP1 ._. 
That_DD1 means_VVZ less_DAR need_NN1 for_IF Cranswick_NP1 's_GE special_JJ footballs_NN2 ,_, used_VMK to_TO stop_VVI inside-reared_JJ pigs_NN2 from_II getting_VVG bored_JJ ._. 
The_AT group_NN1 has_VHZ also_RR sold_VVN the_AT balls_NN2 to_TO racehorse_VVI trainers_NN2 to_TO entertain_VVI sick_JJ horses_NN2 confined_VVN to_II their_APPGE boxes_NN2 ,_, but_CCB says_VVZ there_EX are_VBR no_AT plans_NN2 to_TO send_VVI one_PN1 to_II famous_JJ equine_JJ convalescent_NN1 ,_, Desert_VV0 Orchid_NN1 ._. 
Discussions_NN2 with_IW another_DD1 major_JJ supermarket_NN1 chain_NN1 should_VM yield_VVI an_AT1 own-label_JJ deal_NN1 soon_RR ._. 
Next_MD step_NN1 is_VBZ the_AT development_NN1 of_IO Cranswick_NP1 's_GE own_DA sausages_NN2 and_CC pies_NN2 business_NN1 ._. 
Laughter_NN1 in_II the_AT hillsides_NN2 INVESTORS_NN2 in_II South_ND1 Wales_NP1 Electricity_NN1 the_AT smallest_JJT of_IO the_AT distributors_NN2 are_VBR laughing_VVG all_DB the_AT way_NN1 to_II the_AT bank_NN1 ._. 
The_AT company_NN1 's_GE decision_NN1 to_TO pull_VVI out_II21 of_II22 retailing_NN1 and_CC sell_VV0 its_APPGE interests_NN2 to_TO close_VVI rival_JJ South_ND1 Western_JJ Electricity_NN1 has_VHZ helped_VVN push_VVI profits_NN2 to_II 29.7m_NNU for_IF the_AT half_DB year_NNT1 ,_, up_RP 9m_NNU ._. 
The_AT move_NN1 to_II hive_NN1 off_II the_AT bulk_NN1 of_IO the_AT retailing_NN1 shops_NN2 has_VHZ ,_, apparently_RR ,_, saved_VVN over_RG 6m_NNU ._. 
Shareholders_NN2 get_VV0 a_AT1 dividend_NN1 rise_NN1 of_IO 0.8p_NNU to_II 6.6p_NNU ._. 
The_AT shares_NN2 jumped_VVD 8p_NNU to_II 507p_NNU ,_, 32p_NNU below_II their_APPGE all-time_JJ peak_NN1 of_IO 539p_NNU ._. 
A_AT1 RAILWAY_NN1 leasing_NN1 plan_NN1 may_VM form_VVI part_NN1 of_IO the_AT British_JJ Rail_NN1 sell-off_NN1 ._. 
Transport_NN1 Minister_NN1 Roger_NP1 Freeman_NN1 said_VVD the_AT plan_NN1 is_VBZ being_VBG considered_VVN ahead_II21 of_II22 privatisation_NN1 legislation_NN1 next_MD October_NPM1 ._. 
Airtours_NP1 flying_VVG high_JJ as_CSA profits_NN2 soar_VV0 George_NP1 Campbell_NP1 HOLIDAY_NN1 giant_NN1 Airtours_NP1 touched_VVD down_RP with_IW a_AT1 bumper_JJ set_NN1 of_IO results_NN2 yesterday_RT ,_, considering_CS the_AT UK_NP1 slump_NN1 and_CC the_AT fact_NN1 that_CST the_AT group_NN1 operates_VVZ from_II a_AT1 refurbished_JJ Lancashire_NP1 mill_NN1 ._. 
Pre-tax_JJ profits_NN2 for_IF the_AT year_NNT1 to_II September_NPM1 30_MC zoomed_VVD from_II 27.5m_NNU to_II 36.5m_NNU ._. 
Dividends_NN2 jumped_VVD 26%_NNU to_II 7.25p_NNU and_CC shareholders_NN2 are_VBR pinning_VVG their_APPGE hopes_NN2 on_II continued_JJ success_NN1 ._. 
The_AT group_NN1 doubled_VVD the_AT number_NN1 of_IO passengers_NN2 it_PPH1 carried_VVD last_MD year_NNT1 to_II 1.65m_NNU and_CC should_VM perform_VVI even_RR better_RRR this_DD1 year_NNT1 following_VVG the_AT purchase_NN1 in_II September_NPM1 of_IO Pickfords_NP2 Travel_VV0 from_II NFC_NP1 for_IF more_DAR than_CSN 16m_NNU ._. 
The_AT latter_DA is_VBZ the_AT third_MD largest_JJT travel_NN1 agent_NN1 in_II the_AT UK_NP1 ,_, has_VHZ 334_MC branches_NN2 ,_, and_CC employs_VVZ 1,300_MC people_NN well_RR over_RG a_AT1 third_MD of_IO Airtours_NP1 3,500_MC total_JJ workforce_NN1 ._. 
Meanwhile_RR ,_, the_AT company_NN1 is_VBZ diversifying_VVG into_II skiing_NN1 ,_, to_TO utilise_VVI planes_NN2 during_II the_AT winter_NNT1 months_NNT2 ._. 
The_AT collapse_NN1 of_IO International_JJ Leisure_NN1 in_II 1990_MC and_CC the_AT sale_NN1 of_IO Dan_NP1 Air_NN1 to_II British_JJ Airways_NN2 created_VVD waves_NN2 but_CCB failed_VVD to_TO blow_VVI Airtours_NP1 off_II course_NN1 ._. 
It_PPH1 is_VBZ sitting_VVG on_II a_AT1 cash_NN1 pile_NN1 of_IO 155m_NNU ,_, which_DDQ equates_VVZ to_II over_RG half_DB its_APPGE current_JJ Stock_NN1 Market_NN1 capitalisation_NN1 ._. 
'_GE The_AT holiday_NN1 business_NN1 generates_VVZ substantial_JJ cash_NN1 flow_NN1 because_CS passengers_NN2 pay_VV0 in_II advance_NN1 and_CC the_AT holiday_NN1 company_NN1 pays_VVZ its_APPGE suppliers_NN2 in_II arrears_NN2 ,_, '_GE said_VVD boss_NN1 David_NP1 Crossland_NP1 ._. 
This_DD1 helped_VVD Airtours_NP1 generate_VVI no_AT less_DAR than_CSN 8m_NNU in_II interest_NN1 alone_RR during_II the_AT year_NNT1 ._. 
As_II21 to_II22 this_DD1 year_NNT1 's_GE profits_NN2 ,_, top_JJ City_NN1 analysts_NN2 have_VH0 pencilled_VVN in_RP around_RG 45m_NNU pre-tax_JJ and_CC expect_VV0 Pickfords_NP2 to_TO chip_VVI in_RP well_RR over_RG 4m_NNU ,_, against_II last_MD year_NNT1 's_GE 2.7m_NNU ._. 
Investors_NN2 have_VH0 also_RR had_VHN a_AT1 good_JJ run_NN1 for_IF their_APPGE money_NN1 ._. 
The_AT shares_NN2 were_VBDR floated_VVN on_II the_AT Stock_NN1 Market_NN1 in_II 1987_MC at_II an_AT1 equivalent_JJ 45p_NNU and_CC yesterday_RT managed_VVD to_TO level_VVI out_RP at_II 260p_NNU ._. 
Lift-off_JJ for_IF Westland_NP1 WESTLAND_NP1 ,_, the_AT Yeovil_NP1 helicopter_NN1 giant_NN1 at_II the_AT centre_NN1 of_IO a_AT1 Government_NN1 storm_NN1 seven_MC years_NNT2 ago_RA ,_, has_VHZ managed_VVN to_TO lift_VVI off_II the_AT ground_NN1 ._. 
Pre-tax_JJ profits_NN2 for_IF the_AT year_NNT1 to_II October_NPM1 have_VH0 climbed_VVN from_II 23.7m_NNU to_II 26.3m_NNU ,_, with_IW a_AT1 lot_NN1 of_IO the_AT impetus_NN1 stemming_VVG from_II cost_NN1 cutting_NN1 and_CC improved_JJ productivity_NN1 ._. 
Meanwhile_RR ,_, after_CS recent_JJ shake-outs_NN2 ,_, the_AT staff_NN levels_NN2 are_VBR now_RT pegged_VVN following_II a_AT1 bumper_JJ order_NN1 book_NN1 ,_, up_II four_MC times_NNT2 on_II the_AT previous_JJ year_NNT1 ,_, at_II 1.7bn_FO ,_, after_CS Royal_JJ Navy_NN1 orders_NN2 ._. 
First_MD deliveries_NN2 of_IO the_AT new_JJ EH_UH 101_MC aircraft_NN for_IF the_AT RN_NP1 are_VBR expected_VVN in_II 1995-96_MCMC ._. 
Work_NN1 is_VBZ well_JJ under_RR21 way_RR22 in_II Britain_NP1 ,_, Italy_NP1 and_CC with_IW Westland_NP1 's_GE production_NN1 partner_NN1 Agusta_NP1 ._. 
The_AT shares_NN2 ,_, where_CS engineer_NN1 GKN_NP1 has_VHZ a_AT1 29%_NNU stake_NN1 ,_, jumped_VVD 3p_NNU to_II 116p_NNU ._. 
Cupid_JJ boss_NN1 darts_VVZ MICHAEL_NP1 Murray_NP1 has_VHZ quit_VVN as_CSA boss_NN1 of_IO wedding_NN1 dresses_NN2 and_CC dinner_NN1 jackets_NN2 group_NN1 ,_, Cupid_NP1 after_II a_AT1 boardroom_NN1 row_NN1 ._. 
An_AT1 insider_NN1 said_VVD :_: '_" It_PPH1 was_VBDZ the_AT old_JJ tale_NN1 of_IO the_AT founder_NN1 wanting_VVG to_TO keep_VVI running_VVG the_AT show_NN1 his_APPGE way_NN1 ._. 
'_GE Cupid_NP1 unveiled_VVD a_AT1 168,000_MC first_MD half_NN1 loss_NN1 ,_, down_RP from_II 93,000_MC profit_NN1 last_MD time_NNT1 ._. 
New_JJ boss_NN1 Richard_NP1 Lee_NP1 ,_, non-executive_JJ chairman_NN1 for_IF eight_MC years_NNT2 ,_, blames_VVZ increased_JJ costs_NN2 after_II the_AT acquisition_NN1 from_II the_AT receiver_NN1 of_IO Youngs_NP1 ,_, the_AT clothes_NN2 hirer_NN1 ._. 
Shares_NN2 fell_VVD 32p_NNU to_II 53p_NNU ._. 
Rocco_NP1 's_GE forte_NN1 ROCCO_NN1 Forte_NN1 ,_, the_AT boss_NN1 of_IO Happy_JJ Eater_NP1 to_II Little_JJ Chef_NN1 motorway_NN1 restaurant_NN1 chain_NN1 ,_, has_VHZ finally_RR sold_VVN his_APPGE contract_NN1 catering_NN1 arm_NN1 Gardner_NP1 Merchant_NN1 ._. 
It_PPH1 has_VHZ been_VBN snapped_VVN up_RP by_II a_AT1 consortium_NN1 led_VVN by_II Cinven_NP1 ,_, a_AT1 venture_NN1 capital_NN1 giant_NN1 backed_VVN by_II the_AT Coal_NN1 Board_NN1 Pension_NN1 Fund_NN1 ._. 
Forte_RR gets_VVZ a_AT1 cool_JJ Pounds_NN2 402m_NNU a_AT1 profit_NN1 of_IO around_RG 300m_NNU and_CC still_RR retains_VVZ just_RR under_RG 25%_NNU of_IO the_AT caterer_NN1 ahead_II21 of_II22 a_AT1 future_JJ flotation_NN1 ._. 
Rocco_NP1 's_GE shares_NN2 fell_VVD 5p_NNU to_II 164p_NNU after_II news_NN1 he_PPHS1 is_VBZ spending_VVG 64m_NNU on_II the_AT 52-strong_JJ Relais_NN1 motorway_NN1 chain_NN1 in_II France_NP1 ._. 
Elsewhere_RL ,_, shares_NN2 had_VHD a_AT1 decent_JJ run_NN1 but_CCB after_CS a_AT1 16-point_JJ rise_NN1 ,_, the_AT FT-SE_NN1 closed_VVD about_II fivepoints_NN2 adrift_JJ at_II 2754.5_MC ._. 
The_AT pound_NN1 was_VBDZ firm_JJ against_II the_AT dollar_NNU1 and_CC the_AT mark_NN1 ._. 
On_II the_AT bid_NN1 front_NN1 ,_, Henderson_NP1 Administration_NN1 jumped_VVD 47p_NNU to_II 685p_NNU after_II a_AT1 42m_NNU cash_NN1 bid_NN1 for_IF Touche_NP1 Remnant_NN1 ._. 
New_JJ issue_NN1 Hunters_NN2 Armley_NP1 ,_, placed_VVN at_II 90p_NNU ,_, jumped_VVD to_II 1_MC1 and_CC Tadpole_NP1 Technology_NN1 rose_VVD 20p_NNU to_II 85p_NNU ._. 
Bid_VV0 talk_VV0 also_RR pushed_VVD Midlands_NP2 Radio_NN1 to_II 116p_NNU ,_, up_RP 11p_NNU ._. 
The_AT account_NN1 ends_VVZ on_II December_NPM1 11_MC ._. 
Pay_VV0 day_NNT1 ,_, Dec_NPM1 21_MC ._. 
New_JJ boss_NN1 demands_NN2 end_VV0 to_TO ban_VVI on_II ITV_NP1 mergers_NN2 Liz_NP1 Dolan_NP1 MICHAEL_NP1 Green_NP1 ,_, boss_NN1 of_IO London_NP1 's_GE new_JJ weekday_NNT1 TV_NN1 station_NN1 Carlton_NP1 ,_, yesterday_RT fired_VVN off_II another_DD1 broadside_NN1 in_II the_AT escalating_JJ row_NN1 over_II the_AT Government_NN1 's_GE ban_NN1 on_II ITV_NP1 company_NN1 mergers_NN2 ._. 
He_PPHS1 cited_VVD growing_JJ competition_NN1 from_II satellite_NN1 and_CC cable_NN1 stations_NN2 as_CSA one_MC1 of_IO the_AT reasons_NN2 why_RRQ the_AT rules_NN2 should_VM be_VBI relaxed_VVN ._. 
Companies_NN2 like_II Carlton_NP1 should_VM be_VBI allowed_VVN to_TO compete_VVI fairly_RR with_IW foreigners_NN2 who_PNQS already_RR had_VHD the_AT freedom_NN1 to_TO buy_VVI British_JJ TV_NN1 companies_NN2 ,_, Green_NP1 said_VVD ._. 
The_AT demand_NN1 ,_, which_DDQ followed_VVD a_AT1 similar_JJ plea_NN1 from_II Granada_NP1 chief_NN1 Gerry_NP1 Robinson_NP1 last_MD week_NNT1 ,_, came_VVD alongside_II news_NN1 that_CST Carlton_NP1 had_VHD boosted_VVN profits_NN2 by_II 15%_NNU to_II 102.3m_NNU in_II the_AT year_NNT1 to_TO end_VVI September_NPM1 ._. 
'_GE Good_JJ progress_NN1 in_II a_AT1 tough_JJ year_NNT1 ,_, '_GE said_VVD Green_JJ ._. 
But_CCB the_AT City_NN1 took_VVD fright_NN1 at_II escalating_JJ costs_NN2 and_CC marked_VVD the_AT shares_NN2 down_RP 4p_NNU to_II 715p_NNU ._. 
Just_RR over_RG half_DB the_AT profits_NN2 came_VVD from_II the_AT US_NP1 ,_, where_CS Carlton_NP1 's_GE North_ND1 Hollywood_NP1 processing_NN1 lab_NN1 dealt_VVN with_IW a_AT1 record_NN1 1.2bn_FO feet_NN2 of_IO film_NN1 ,_, including_II Warner_NP1 's_GE blockbuster_NN1 ,_, Batman_NP1 Returns_VVZ ._. 
The_AT group_NN1 has_VHZ splashed_VVN out_RP on_II a_AT1 string_NN1 of_IO new_JJ programmes_NN2 to_TO be_VBI shown_VVN when_CS it_PPH1 takes_VVZ over_RP from_II Thames_NP1 next_MD month_NNT1 ._. 
They_PPHS2 include_VV0 Body_NN1 and_CC Soul_NN1 ,_, a_AT1 series_NN about_II a_AT1 disillusioned_JJ nun_NN1 ,_, and_CC Head_NN1 over_II Heels_NN2 ,_, a_AT1 Fifties_MC2 drama_NN1 about_II the_AT early_JJ days_NNT2 of_IO rock_NN1 'n'_CC roll_NN1 ._. 
Serving_VVG up_RP a_AT1 smaller_JJR profit_NN1 HEAVY_JJ spending_NN1 on_II pubs_NN2 and_CC hotels_NN2 knocked_VVD 10%_NNU off_II profits_NN2 last_MD year_NNT1 at_II Vaux_NP1 ,_, the_AT Geordie_NN1 brewer_NN1 and_CC nursing_JJ homes_NN2 group_NN1 ._. 
Vaux_NP1 served_VVD up_RP 30.91m_NNU (_( 34.34m_NNU )_) profits_NN2 to_II October_NPM1 3_MC ,_, after_II pumping_VVG out_RP 35m_NNU on_II 270_MC new_JJ pubs_NN2 and_CC 25m_NNU on_II revamps_NN2 and_CC new_JJ brewing_NN1 equipment_NN1 ._. 
In_RR21 addition_RR22 ,_, hotel_NN1 and_CC property_NN1 values_NN2 have_VH0 plunged_VVN in_II the_AT recession_NN1 ._. 
But_CCB trading_VVG profits_NN2 grew_VVD by_II 10.9%_FO ,_, and_CC boss_NN1 Paul_NP1 Nicholson_NP1 says_VVZ this_DD1 year_NNT1 's_GE spending_NN1 should_VM be_VBI broadly_RR covered_VVN by_II cash_NN1 flow_NN1 ._. 
Hotel_NN1 occupancy_NN1 rates_NN2 slipped_VVD by_II nearly_RR 1%_NNU ,_, following_VVG last_MD year_NNT1 's_GE 7.5%_FO fall_NN1 ,_, and_CC sliding_JJ room_NN1 rates_NN2 wiped_VVD 2.7m_NNU off_II profits_NN2 ._. 
But_CCB nursing_JJ homes_NN2 had_VHD another_DD1 good_JJ year_NNT1 ,_, with_IW profits_NN2 up_RP from_II Pounds_NN2 3.2m_NNU to_II 4.1m_NNU ._. 
The_AT dividend_NN1 was_VBDZ pegged_VVN at_II 6.1p_NNU ,_, but_CCB the_AT shares_NN2 added_VVD 6p_NNU to_II 216p_NNU ._. 
The_AT Tadpole_NN1 finds_VVZ its_APPGE legs_NN2 SHARES_NN2 in_II stockmarket_NN1 newcomer_NN1 ,_, Tadpole_NP1 Technology_NN1 ,_, have_VH0 gone_VVN through_II the_AT roof_NN1 ._. 
After_CS just_RR two_MC days_NNT2 on_II the_AT market_NN1 ,_, the_AT software_NN1 group_NN1 has_VHZ shot_VVN up_RP from_II 70p_NNU to_II 113p_NNU great_JJ news_NN1 for_IF the_AT institutions_NN2 who_PNQS got_VVD in_RP on_II the_AT ground_NN1 floor_NN1 ._. 
But_CCB it_PPH1 's_VBZ not_XX so_RG brilliant_JJ for_IF any_DD shareholders_NN2 who_PNQS sold_VVD at_II the_AT float_NN1 price_NN1 ._. 
Hopeful_JJ signs_NN2 that_CST consumers_NN2 were_VBDR at_II last_MD starting_NN1 to_TO put_VVI their_APPGE hands_NN2 in_II their_APPGE pockets_NN2 helped_VVD to_TO breathe_VVI new_JJ life_NN1 into_II the_AT brewers_NN2 and_CC stores_NN2 ._. 
Grand_JJ Met_NN1 added_VVD 11p_NNU to_II 435p_NNU ,_, Scottish_JJ &amp;_CC Newcastle_NP1 12p_NNU to_II 425p_NNU ,_, Kingfisher_NN1 6p_NNU to_II 583p_NNU and_CC Dixons_NP1 5p_NNU to_II 269p_NNU ._. 
The_AT FT-SE_NN1 100_MC index_NN1 caught_VVD the_AT mood_NN1 ,_, recovering_VVG from_II an_AT1 8.8_MC point_NN1 fall_NN1 early_RR on_II21 to_II22 close_JJ 15.4_MC higher_JJR at_II 2769.9_MC ._. 
Shares_NN2 in_II Ossory_JJ Estates_NN2 lost_VVD one_MC1 third_MD of_IO their_APPGE market_NN1 value_NN1 ._. 
They_PPHS2 crashed_VVD to_II 4p_NNU on_II news_NN1 that_CST the_AT recession-bashed_JJ property_NN1 group_NN1 had_VHD plunged_VVN to_II a_AT1 41.6m_NNU loss_NN1 (_( from_II 7.15m_NNU profit_NN1 )_) ._. 
But_CCB the_AT Newcastle-based_JJ computer_NN1 group_NN1 Sage_NN1 has_VHZ surged_VVN ahead_RL by_II 20p_NNU to_II 454p_NNU after_II a_AT1 32%_NNU annual_JJ profits_NN2 increase_VV0 ._. 
East_NP1 Midlands_NP2 Electricity_NN1 added_VVD 1p_NNU to_II 408p_NNU after_II generating_VVG a_AT1 23%_NNU profits_NN2 rise_VV0 to_II 30.3m_NNU ._. 
Bosses_NN2 get_VV0 pay_NN1 message_NN1 DIRECTORS_NN2 have_VH0 finally_RR got_VVN the_AT message_NN1 about_II bumper_JJ pay_NN1 awards_NN2 ,_, the_AT Institute_NN1 of_IO Directors_NN2 reports_NN2 ._. 
They_PPHS2 gave_VVD themselves_PPX2 an_AT1 average_NN1 1992_MC rise_NN1 of_IO 5%_NNU ,_, says_VVZ the_AT IoD_NP1 ,_, and_CC a_RR21 lot_RR22 got_VVN even_RR less_RRR ._. 
A_AT1 survey_NN1 of_IO 6,000_MC managers_NN2 showed_VVD one_MC1 in_II three_MC took_VVD 4%_NNU or_CC less_RRR ;_; 14%_NNU got_VVD no_AT rise_NN1 ,_, and_CC 1%_NNU took_VVD a_AT1 cut_NN1 ._. 
Average_JJ salary_NN1 for_IF managers_NN2 of_IO large_JJ companies_NN2 is_VBZ 78,000_MC ,_, plus_II an_AT1 11,000_MC bonus_NN1 ,_, and_CC in_II top_NN1 concerns_VVZ 107,000_MC plus_II 18,000_MC ._. 
Renting_VVG is_VBZ way_NN1 ahead_RL THE_AT great_JJ British_JJ love_NN1 affair_NN1 with_IW owner-occupied_JJ housing_NN1 is_VBZ coming_VVG to_II an_AT1 end_NN1 ,_, according_II21 to_II22 a_AT1 report_NN1 yesterday_RT ._. 
Merchant_NN1 bank_NN1 Morgan_NP1 Grenfell_NP1 says_VVZ the_AT honeymoon_NN1 is_VBZ over_RP and_CC the_AT implications_NN2 for_IF building_NN1 societies_NN2 could_VM be_VBI serious_JJ ._. 
The_AT smaller_JJR societies_NN2 have_VH0 had_VHN a_AT1 lousy_JJ 12_MC months_NNT2 and_CC this_DD1 year_NNT1 is_VBZ looking_VVG no_AT better_JJR ._. 
They_PPHS2 will_VM continue_VVI to_TO decline_VVI in_II numbers_NN2 and_CC mergers_NN2 with_IW their_APPGE big_JJ brothers_NN2 are_VBR on_II the_AT cards_NN2 ._. 
The_AT abolition_NN1 of_IO tax_NN1 concessions_NN2 for_IF home_NN1 owners_NN2 over_II the_AT next_MD two_MC years_NNT2 ,_, along_II21 with_II22 continued_JJ falls_NN2 in_II house_NN1 prices_NN2 ,_, will_VM trigger_VVI a_AT1 stampede_NN1 to_TO rent_VVI ,_, it_PPH1 says_VVZ ._. 
Sterling_NN1 sinks_NN2 under_II German_JJ pressure_NN1 A_ZZ1 SHAKY_JJ pound_NN1 and_CC the_AT prospect_NN1 of_IO Germany_NP1 pegging_VVG its_APPGE interest_NN1 rates_NN2 until_CS next_MD year_NNT1 took_VVD the_AT cream_NN1 off_II the_AT market_NN1 yesterday_RT ._. 
The_AT Bundesbank_NN1 is_VBZ due_JJ to_TO meet_VVI this_DD1 morning_NNT1 ,_, and_CC the_AT cost_NN1 of_IO borrowing_NN1 is_VBZ likely_JJ to_TO remain_VVI unchanged_JJ to_TO keep_VVI a_AT1 lid_NN1 on_II the_AT German_JJ economy_NN1 ._. 
The_AT pound_NN1 ,_, which_DDQ has_VHZ enjoyed_VVN a_AT1 decent_JJ run_NN1 so_RG far_RR this_DD1 week_NNT1 ,_, was_VBDZ again_RT under_II pressure_NN1 and_CC sank_VVD back_RP against_II the_AT mark_NN1 and_CC the_AT dollar_NNU1 ._. 
This_DD1 sent_VVD a_AT1 few_DA2 tremors_NN2 through_II the_AT market_NN1 with_IW the_AT FT-SE_NN1 Index_NN1 closing_VVG more_DAR than_CSN 19_MC points_NN2 adrift_JJ at_II 2750.7_MC ._. 
BT_NP1 lost_VVD 9p_NNU to_II 392p_NNU ahead_II21 of_II22 the_AT final_JJ government_NN1 sell-off_NN1 next_MD year_NNT1 ._. 
The_AT food_NN1 retailers_NN2 were_VBDR also_RR weaker_JJR ,_, with_IW Sainsbury_NP1 down_RP 13p_NNU to_II 529p_NNU ,_, and_CC M&amp;S_NP1 falling_VVG 5p_NNU to_II 328p_NNU ._. 
Tesco_NP1 lost_VVD 7p_NNU to_II 250p_NNU ,_, while_CS Asda_NP1 ,_, ahead_II21 of_II22 figures_NN2 tomorrow_RT ,_, was_VBDZ also_RR down_RP falling_VVG 3p_NNU to_II 52p_NNU ._. 
GUS_NP1 '_GE A_ZZ1 '_GE lost_JJ 35p_NNU to_II 1653p_NNU ahead_II21 of_II22 today_RT 's_GE figures_NN2 ._. 
Newcomer_NN1 Tadpole_NN1 Technology_NN1 leapt_VVD to_II 135p_NNU ,_, up_RP 22p_NNU ._. 
Avon_NP1 Rubber_NN1 was_VBDZ also_RR buoyant_JJ ,_, adding_VVG 25p_NNU to_II 435p_NNU on_II the_AT back_NN1 of_IO a_AT1 profits_NN2 recovery_NN1 ._. 
Euro_JJ Disney_NP1 recovered_VVD ,_, jumping_VVG 30p_NNU to_II 720p_NNU ,_, a_AT1 bearish_JJ statement_NN1 from_II Guinness_NP1 knocked_VVD the_AT price_NN1 down_RP 23p_NNU to_II 502p_NNU ,_, while_CS a_AT1 significant_JJ disposal_NN1 at_II Lonrho_NP1 sent_VVD the_AT shares_NN2 to_II 79p_NNU ,_, up_RP 5p_NNU ._. 
Sugar_NN1 's_GE buy-out_NN1 bites_VVZ the_AT dust_NN1 George_NP1 Campbell_NP1 THE_AT Amstrad_NP1 saga_NN1 took_VVD a_AT1 dramatic_JJ twist_NN1 yesterday_RT with_IW shareholders_NN2 putting_VVG the_AT boot_NN1 into_II Alan_NP1 Sugar_NP1 's_GE 113m_NNU buy-out_NN1 plan_NN1 ._. 
His_APPGE 30p-a-share_JJ offer_NN1 to_TO take_VVI his_APPGE consumer_NN1 electronics_NN1 giant_NN1 private_NN1 has_VHZ been_VBN rejected_VVN ._. 
A_AT1 fair_JJ price_NN1 ,_, they_PPHS2 say_VV0 ,_, is_VBZ about_RG 46p_NNU ,_, the_AT equivalent_NN1 of_IO net_JJ assets_NN2 ._. 
So_RR it_PPH1 will_VM be_VBI interesting_JJ to_TO see_VVI if_CSW Sugar_NP1 's_GE financial_JJ advisers_NN2 Kleinwort_VV0 Benson_NP1 can_VM come_VVI up_RP with_IW any_DD more_DAR cash_NN1 ._. 
Basically_RR ,_, there_EX is_VBZ not_XX a_RR21 lot_RR22 that_DD1 former_DA barrow_NN1 boy_NN1 Sugar_NN1 can_VM do_VDI ._. 
He_PPHS1 has_VHZ more_DAR than_CSN 50m_NNU wrapped_VVD up_RP in_II the_AT concern_NN1 ,_, via_II his_APPGE 35%_NNU share_NN1 stake_NN1 ,_, and_CC needs_VVZ to_TO protect_VVI it_PPH1 ._. 
He_PPHS1 is_VBZ also_RR extremely_RR wealthy_JJ ,_, and_CC personally_RR worth_II an_AT1 additional_JJ Pounds_NN2 50m_NNU ,_, thanks_NN2 to_II the_AT cash_NN1 he_PPHS1 raked_VVD in_RP during_II the_AT roaring_JJ 80s_MC2 ._. 
At_II its_APPGE peak_NN1 ,_, when_CS profits_NN2 touched_VVD 160m_NNU ,_, Amstrad_NP1 shares_NN2 zoomed_VVD to_II 230p_NNU ._. 
Sugar_NN1 had_VHD half_DB the_AT company_NN1 then_RT ,_, was_VBDZ the_AT golden_JJ boy_NN1 of_IO the_AT decade_NNT1 ,_, and_CC was_VBDZ worth_II at_RR21 least_RR22 600m_NNU on_II paper_NN1 ._. 
But_CCB the_AT City_NN1 is_VBZ all_DB about_II greed_NN1 and_CC fear_NN1 ,_, and_CC winners_NN2 can_VM be_VBI losers_NN2 overnight_RT ._. 
Small_JJ shareholders_NN2 '_GE champion_NN1 Gideon_NP1 Fiegel_NP1 the_AT man_NN1 who_PNQS led_VVD the_AT revolt_NN1 against_II Sugar_NN1 has_VHZ won_VVN a_AT1 battle_NN1 ,_, but_CCB it_PPH1 is_VBZ too_RG soon_RR to_TO say_VVI whether_CSW31 or_CSW32 not_CSW33 he_PPHS1 has_VHZ won_VVN the_AT war_NN1 ._. 
I_PPIS1 first_MD met_VVD Alan_NP1 Sugar_NN1 back_RP in_II 1980_MC at_II Hulton_NP1 House_NN1 on_II Fleet_NP1 Street_NNL1 when_RRQ he_PPHS1 floated_VVD off_II the_AT company_NN1 at_II an_AT1 effective_JJ price_NN1 of_IO just_RR under_RG 2p_NNU a_AT1 share_NN1 ,_, adjusting_VVG for_IF scrips_NN2 and_CC the_AT like_NN1 which_DDQ came_VVD later_RRR ._. 
So_RR anyone_PN1 who_PNQS kept_VVD their_APPGE shares_NN2 has_VHZ had_VHN one_MC1 hell_NN1 of_IO a_AT1 ride_NN1 and_CC has_VHZ still_RR multiplied_VVN their_APPGE investment_NN1 15_MC times_NNT2 ,_, at_RR21 least_RR22 ._. 
The_AT barrow_NN1 boy_NN1 has_VHZ tried_VVN ,_, in_RR21 vain_RR22 ,_, to_TO buy_VVI fresh_JJ fruit_NN ,_, but_CCB his_APPGE price_NN1 is_VBZ pitched_VVN too_RG low_JJ ._. 
BA_NP1 confirms_VVZ Qantas_NP2 move_VV0 THE_AT world_NN1 's_GE favourite_JJ airline_NN1 yesterday_RT rubber-stamped_JJ the_AT rumours_NN2 that_CST have_VH0 been_VBN swirling_VVG on_II Qantas_NP2 ._. 
British_JJ Airways_NN2 is_VBZ bidding_VVG for_IF a_AT1 25%_NNU stake_NN1 in_II the_AT Australian_JJ airline_NN1 ,_, but_CCB will_VM have_VHI to_TO fight_VVI off_RP challenges_NN2 from_II Singapore_NP1 Airlines_NN2 and_CC Air_NN1 New_NP1 Zealand_NP1 ,_, and_CC a_AT1 degree_NN1 of_IO '_GE anti-Pommie_JJ '_GE feeling_NN1 Down_NP1 Under_NP1 ._. 
The_AT Australian_JJ government_NN1 has_VHZ placed_VVN 49_MC per_NNU21 cent_NNU22 of_IO Qantas_NP2 ,_, worth_II Pounds_NN2 640m_NNU ,_, on_II offer_NN1 ,_, with_IW foreign_JJ investors_NN2 limited_VVN to_II a_AT1 25%_NNU holding_NN1 ._. 
The_AT deadline_NN1 for_IF bids_NN2 ended_VVD yesterday_RT ,_, and_CC a_AT1 decision_NN1 could_VM be_VBI reached_VVN in_II the_AT next_MD few_DA2 weeks_NNT2 ._. 
'_GE Certainly_RR we_PPIS2 will_VM reach_VVI a_AT1 decision_NN1 before_II the_AT next_MD election_NN1 is_VBZ called_VVN ,_, '_GE a_AT1 government_NN1 official_NN1 said_VVD ._. 
Political_JJ analysts_NN2 expect_VV0 the_AT Labor_NN1 government_NN1 to_TO call_VVI the_AT poll_NN1 some_DD time_NNT1 in_II February_NPM1 ,_, about_RG five_MC weeks_NNT2 before_CS it_PPH1 is_VBZ held_VVN ._. 
The_AT remaining_JJ 51_MC per_NNU21 cent_NNU22 of_IO Qantas_NP2 will_VM be_VBI sold_VVN off_RP in_II a_AT1 public_JJ share_NN1 float_VV0 some_DD time_NNT1 next_MD year_NNT1 ._. 
Financial_JJ boost_NN1 for_IF Eagle_NN1 Star_NN1 TOBACCO_NN1 to_II financial_JJ services_NN2 giant_JJ BAT_NN1 Industries_NN2 which_DDQ makeEND_VV0 SLUcky_JJ Strike_NN1 and_CC Kent_NP1 has_VHZ decided_VVN to_TO use_VVI some_DD of_IO its_APPGE cash_NN1 pile_NN1 to_TO boost_VVI its_APPGE insurance_NN1 arm_NN1 Eagle_NN1 Star_NN1 ._. 
It_PPH1 is_VBZ poised_VVN to_TO channel_VVI a_AT1 massive_JJ 450m_NNU into_II the_AT insurance_NN1 company_NN1 in_II a_AT1 move_NN1 that_CST hints_VVZ that_CST the_AT competition_NN1 is_VBZ getting_VVG fiercer_JJR and_CC that_CST only_RR the_AT big_JJ boys_NN2 will_VM survive_VVI ._. 
However_RR ,_, Martin_NP1 Broughton_NP1 ,_, managing_JJ director_NN1 of_IO BAT_NP1 Industries_NN2 '_GE financial_JJ services_NN2 side_NN1 ,_, says_VVZ that_CST a_AT1 recovery_NN1 in_II underwriting_NN1 is_VBZ already_RR underway_RR ._. 
'_" I_PPIS1 am_VBM confident_JJ that_CST Eagle_NN1 Star_NN1 will_VM use_VVI the_AT windfall_NN1 to_TO build_VVI a_AT1 sound_NN1 and_CC profitable_JJ future_NN1 ,_, '_" he_PPHS1 said_VVD ._. 
Growth-hungry_JJ pubs_NN2 and_CC hotels_NN2 group_NN1 Greenalls_NP2 has_VHZ wrestled_VVN a_AT1 tiny_JJ profits_NN2 improvement_NN1 out_II21 of_II22 a_AT1 difficult_JJ year_NNT1 ._. 
Group_NN1 profits_NN2 rose_VVD by_II 300,000_MC to_II 61.4m_NNU after_II strong_JJ improvements_NN2 by_II inns_NN2 ,_, restaurants_NN2 and_CC the_AT Blayneys_NP2 and_CC Cellar_NN1 5_MC off-licence_NN1 chains_NN2 ._. 
De_NP1 Vere_NP1 Hotels_NN2 slipped_VVD back_RP 1.4m_NNU to_II 14.2m_NNU after_II room_NN1 rates_NN2 were_VBDR marked_VVN down_RP by_II 7.6%_FO ._. 
Drinks_NN2 and_CC services_NN2 slipped_VVD from_II 6.4m_NNU to_II 6.2m_NNU ._. 
The_AT shares_NN2 added_VVD 2p_NNU to_II 356p_NNU on_II better_JJR prospects_NN2 for_IF this_DD1 year_NNT1 ._. 
Manweb_NN1 plugs_VVZ into_II a_AT1 chilly_JJ reception_NN1 MANWEB_NN1 ,_, the_AT north-west_ND1 electricity_NN1 company_NN1 ,_, suffered_VVD a_AT1 chilly_JJ reception_NN1 from_II the_AT market_NN1 yesterday_RT ,_, despite_II announcing_VVG a_AT1 35%_NNU profits_NN2 increase_VV0 in_II the_AT six_MC months_NNT2 to_TO end_VVI September_NPM1 ._. 
The_AT company_NN1 's_GE shareholders_NN2 got_VVD tangled_VVN up_RP in_II a_AT1 general_JJ bout_NN1 of_IO profit-taking_NN1 that_CST hit_VVD all_DB electricity_NN1 shares_NN2 ._. 
But_CCB Manweb_NP1 reckons_VVZ it_PPH1 deserves_VVZ a_AT1 pat_NN1 on_II the_AT back_NN1 for_IF producing_VVG such_DA a_AT1 sterling_NN1 performance_NN1 despite_II keeping_VVG electricity_NN1 prices_NN2 well_RR below_II the_AT rate_NN1 of_IO inflation_NN1 ._. 
The_AT group_NN1 has_VHZ ploughed_VVN back_RP 31m_NNU into_II the_AT business_NN1 over_II the_AT last_MD six_MC months_NNT2 which_DDQ boss_NN1 John_NP1 Roberts_NP1 says_VVZ should_VM lead_VVI to_II further_JJR improvements_NN2 in_II services_NN2 ._. 
Unlike_II many_DA2 other_JJ electricity_NN1 companies_NN2 ,_, Manweb_NP1 managed_VVD to_TO improve_VVI margins_NN2 in_II its_APPGE high_JJ street_NN1 retail_JJ outlets_NN2 ,_, where_RRQ sales_NN held_VVD steady_JJ year-on-year_JJ ._. 
But_CCB electrical_JJ contracting_JJ business_NN1 fell_VVD 5%_NNU ,_, despite_II lower_JJR wage_NN1 costs_NN2 ._. 
The_AT group_NN1 has_VHZ invested_VVN 1.7m_NNU in_II two_MC wind_NN1 farms_NN2 via_II a_AT1 company_NN1 called_VVN Wind_NN1 Resources_NN2 ,_, in_II which_DDQ it_PPH1 is_VBZ a_AT1 45%_NNU shareholder_NN1 ._. 
The_AT rate_NN1 of_IO disconnections_NN2 fell_VVD by_II nearly_RR 50%_NNU ,_, and_CC should_VM continue_VVI to_TO fall_VVI over_II the_AT next_MD six_MC months_NNT2 ._. 
Shares_NN2 fell_VVD by_II 2p_NNU to_II 471p_NNU ._. 
CORONATION_NN1 Street_NN1 TV_NN1 group_NN1 ,_, Granada_NP1 ,_, is_VBZ to_TO cut_VVI 250_MC jobs_NN2 in_II a_AT1 streamlining_JJ operation_NN1 ._. 
Redundancies_NN2 will_VM take_VVI place_NN1 across_II the_AT company_NN1 's_GE 1,300_MC workforce_NN1 but_CCB Granada_NP1 insists_58 '_GE quality_NN1 of_IO programmes_NN2 will_VM be_VBI unaffected_JJ '_GE ._. 
The_AT shares_NN2 dipped_VVD 6p_NNU to_II 335p_NNU ._. 
Loyal_JJ losers_NN2 at_II NFC_NP1 Liz_NP1 Dolan_NP1 THE_AT loyal_JJ band_NN1 of_IO worker_NN1 shareholders_NN2 at_II NFC_NP1 took_VVD a_AT1 hefty_JJ kick_NN1 in_II the_AT wallet_NN1 yesterday_RT after_II the_AT Pickfords_NP2 removals_NN2 and_CC transport_NN1 group_NN1 wheeled_VVD out_RP its_APPGE annual_JJ figures_NN2 to_II October_NPM1 3_MC ._. 
The_AT shares_NN2 plunged_VVD 18p_NNU to_II 266p_NNU on_II news_NN1 that_CST profits_NN2 have_VH0 fallen_VVN to_II 91m_NNU from_II 93.7m_NNU ._. 
Boss_NN1 James_NP1 Watson_NP1 says_VVZ it_PPH1 is_VBZ still_RR pretty_RG bleak_JJ out_RP there_RL in_II the_AT market_NN1 ,_, and_CC removals_NN2 continue_VV0 to_TO have_VHI a_AT1 rough_JJ time_NNT1 ._. 
Business_NN1 in_II October_NPM1 and_CC November_NPM1 ,_, after_CS the_AT reimposition_NN1 of_IO stamp_NN1 duty_NN1 hit_VVD the_AT housing_NN1 market_NN1 ,_, was_VBDZ much_RR worse_JJR than_CSN last_MD year_NNT1 ._. 
A_AT1 surge_NN1 in_II borrowings_NN2 from_II 29%_NNU to_II 55%_NNU of_IO shareholders_NN2 '_GE funds_NN2 was_VBDZ largely_RR due_II21 to_II22 a_AT1 buying_NN1 spree_NN1 during_II the_AT year_NNT1 when_RRQ NFC_NP1 shelled_VVD out_RP 75m_NNU on_II 16_MC businesses_NN2 ._. 
Watson_NP1 says_VVZ he_PPHS1 is_VBZ planning_VVG more_DAR acquisitions_NN2 this_DD1 year_NNT1 ,_, probably_RR in_II France_NP1 and_CC Germany_NP1 ._. 
Shareholders_NN2 get_VV0 a_AT1 total_JJ 5%_NNU dividend_NN1 increase_NN1 for_IF the_AT year_NNT1 to_II 6.55p_NNU ._. 
MFI_NP1 'S_GE 2.3m_NNU bedfellow_NN1 BEDS_NN2 group_NN1 ,_, Airsprung_NP1 ,_, swopped_VVD Habitat_NN1 for_IF MFI_NN2 and_CC found_VVD a_AT1 better_JJR market_NN1 for_IF its_APPGE pine_NN1 furniture_NN1 ._. 
Trading_VVG down_RP helped_VVD the_AT firm_NN1 grab_VVI business_NN1 from_II smaller_JJR operators_NN2 and_CC more_DAR than_CSN made_VVN up_RP for_IF falling_VVG sales_NN of_IO its_APPGE classier_JJR Gainsborough_NP1 furniture_NN1 in_II the_AT six_MC months_NNT2 to_TO end_VVI September_NPM1 ._. 
But_CCB the_AT main_JJ reason_NN1 for_IF a_AT1 37%_NNU profits_NN2 rise_VV0 to_II 2.32m_NNU was_VBDZ a_AT1 Pounds_NN2 440,000_MC turnround_NN1 in_II interest_NN1 payments_NN2 to_II 105,000_MC interest_NN1 receivable_JJ ,_, thanks_NN2 to_TO cash_VVI from_II last_MD year_NNT1 's_GE 3m_NNU rights_NN2 issue_VV0 ._. 
The_AT years_NNT2 catch_VV0 up_RP with_IW Tiny_JJ TINY_JJ Rowland_NP1 ,_, the_AT 75-year-old_JJ boss_NN1 of_IO Lonrho_NP1 ,_, is_VBZ selling_VVG nearly_RR half_DB his_APPGE holdings_NN2 ,_, it_PPH1 was_VBDZ revealed_VVN yesterday_RT ._. 
The_AT sale_NN1 to_II German_JJ financier_NN1 Dieter_NP1 Bock_NP1 should_VM gross_VVI him_PPHO1 around_RP Pounds_NN2 54m_NNU and_CC is_VBZ understood_VVN to_TO involve_VVI the_AT sale_NN1 of_IO Lonrho_NN1 shares_NN2 at_II 115p_NNU each_DD1 ._. 
The_AT deal_NN1 provokes_VVZ further_JJR speculation_NN1 that_CST Rowland_NP1 is_VBZ preparing_VVG the_AT way_NN1 for_IF a_AT1 successor_NN1 to_TO take_VVI over_II the_AT group_NN1 he_PPHS1 has_VHZ led_VVN for_IF 30_MC years_NNT2 ._. 
Lonrho_NP1 's_GE chief_NN1 is_VBZ expected_VVN to_TO be_VBI left_VVN with_IW about_RG 7%_NNU of_IO the_AT company_NN1 ,_, which_DDQ employs_VVZ 137,000_MC people_NN in_II international_JJ interests_NN2 including_II publishing_NN1 ,_, car-dealing_NN1 ,_, mining_VVG and_CC farming_NN1 ._. 
Depending_II21 on_II22 the_AT take-up_NN1 of_IO the_AT 181m_NNU rights_NN2 issue_VV0 ,_, Bock_NP1 will_VM own_VVI between_II 9%_NNU and_CC 19%_NNU of_IO the_AT group_NN1 ._. 
His_APPGE holding_NN1 could_VM rise_VVI eventually_RR to_II 25%_NNU ._. 
In_II a_AT1 letter_NN1 to_II shareholders_NN2 Rowland_NP1 said_VVD :_: '_GE Believe_VV0 me_PPIO1 ,_, it_PPH1 is_VBZ only_RR my_APPGE age_NN1 which_DDQ occasions_VVZ this_DD1 ._. 
'_GE The_AT shares_NN2 crashed_VVD 4p_NNU to_II 75p_NNU ,_, a_AT1 full_JJ 10p_NNU below_II the_AT proposed_JJ 3-for-10_MC cash_NN1 call_NN1 ._. 
Sugar_NN1 stays_VVZ at_II the_AT helm_NN1 MILLIONAIRE_NN1 Alan_NP1 Sugar_NN1 will_VM be_VBI staying_VVG on_RP as_CSA chairman_NN1 following_VVG the_AT defeat_NN1 of_IO his_APPGE buy-out_NN1 plan_NN1 ._. 
He_PPHS1 told_VVD yesterday_RT 's_GE EGM_NP1 :_: '_" I_PPIS1 will_VM continue_VVI to_TO steer_VVI the_AT ship_NN1 ._. 
I_PPIS1 wo_VM n't_XX do_VDI anything_PN1 destructive_JJ ._. 
I_PPIS1 have_VH0 200m_NNU shares_NN2 ,_, nothing_PN1 would_VM please_VVI me_PPIO1 more_RRR than_CSN to_TO see_VVI them_PPHO2 at_II 1_MC1 each_DD1 ._. 
'_GE The_AT final_JJ result_NN1 of_IO Sugar_NN1 's_GE plan_NN1 to_TO buy_VVI out_RP Amstrad_NP1 for_IF 30p_NNU a_AT1 share_NN1 will_VM not_XX be_VBI known_VVN until_CS this_DD1 morning_NNT1 ,_, but_CCB the_AT board_NN1 has_VHZ already_RR accepted_VVN defeat_NN1 ._. 
Sugar_NN1 said_VVD :_: '_GE Life_NN1 goes_VVZ on_RP ._. 
I_PPIS1 will_VM be_VBI in_II the_AT office_NN1 tomorrow_RT ,_, storming_VVG around_II the_AT rooms_NN2 as_RR21 usual_RR22 ._. 
'_GE The_AT shares_NN2 closed_VVD unchanged_JJ at_II 24p_NNU ._. 
Burberry_NP1 's_GE giant_NN1 has_VHZ 600m_NNU up_II its_APPGE sleeve_NN1 Clare_NP1 Stewart_NP1 BUNDLES_NN2 of_IO cash_NN1 and_CC no_AT borrowings_NN2 are_VBR the_AT orders_NN2 of_IO the_AT day_NNT1 at_II Burberry_NP1 's_VBZ to_II Kay_NP1 's_GE Catalogue_NN1 retailer_NN1 Great_JJ Universal_JJ Stores_NN2 ._. 
Profits_NN2 at_II the_AT group_NN1 continue_VV0 their_APPGE unbroken_JJ rise_NN1 ,_, adding_VVG 6%_NNU in_II the_AT first_MD half_NN1 to_II 195m_NNU ,_, as_CSA improved_JJ figures_NN2 were_VBDR rung_VVN up_RP by_II all_DB divisions_NN2 and_CC the_AT dividend_NN1 was_VBDZ upped_VVN a_AT1 penny_NNU1 to_II 13.75p_NNU ._. 
Strong_JJ cash_NN1 flow_NN1 means_VVZ GUS_NP1 has_VHZ a_AT1 cash_NN1 pile_NN1 of_IO more_DAR than_CSN 600m_NNU ,_, ready_JJ for_IF any_DD aquisitions_NN2 that_CST come_VV0 within_II range_NN1 ,_, and_CC no_AT borrowings_NN2 to_TO worry_VVI about_RP ._. 
Home_RL shopping_VVG through_II its_APPGE mail-order_NN1 catalogues_NN2 accounts_VVZ for_IF 42%_NNU of_IO the_AT business_NN1 and_CC saw_VVD profits_NN2 increase_VVI to_II 81.5m_NNU ._. 
'_GE Trade_NN1 has_VHZ been_VBN keeping_VVG up_RP well_RR ,_, '_GE said_VVD GUS_NP1 's_GE deputy_NN1 chairman_NN1 Richard_NP1 Pugh_NP1 ,_, with_IW the_AT average_JJ spend_NN1 of_IO its_APPGE eight_MC million_NNO UK_NP1 customers_NN2 up_RP on_II last_MD year_NNT1 ._. 
More_DAR tourists_NN2 in_II London_NP1 helped_VVD its_APPGE Burberry_NN1 's_GE and_CC Scotch_JJ House_NN1 shops_NN2 ,_, while_CS exports_NN2 have_VH0 been_VBN helped_VVN by_II the_AT cheaper_JJR pound_NN1 ._. 
Worldwide_RL there_EX are_VBR 48_MC Burberry_NN1 outlets_NN2 ,_, with_IW a_AT1 good_JJ performance_NN1 reported_VVN from_II new_JJ outlets_NN2 such_II21 as_II22 in_II Berlin_NP1 ._. 
Profits_NN2 edged_VVN ahead_RL to_II 12.5m_NNU and_CC further_JJR expansion_NN1 of_IO its_APPGE shops_NN2 and_CC product_NN1 licensing_NN1 is_VBZ underway_RR ._. 
GUS_NP1 's_GE other_JJ international_JJ retailing_NN1 interests_NN2 were_VBDR helped_VVN by_II a_AT1 good_JJ performance_NN1 from_II its_APPGE South_NP1 African_JJ business_NN1 ._. 
The_AT consumer_NN1 and_CC corporate_JJ finance_NN1 division_NN1 kept_VVD a_AT1 check_NN1 on_II bad_JJ debt_NN1 difficulties_NN2 ,_, and_CC notched_VVD up_RP a_AT1 small_JJ profit_NN1 increase_NN1 to_II 62m_NNU ._. 
GUS_NP1 strikes_VVZ a_AT1 typically_RR cautious_JJ note_NN1 as_II21 to_II22 the_AT business_NN1 outlook_NN1 ._. 
There_EX are_VBR signs_NN2 of_IO improvement_NN1 but_CCB trading_NN1 remains_VVZ volatile_JJ ,_, the_AT group_NN1 says_VVZ ._. 
Shares_NN2 fell_VVD back_RP to_TO end_VVI at_II 1618p_NNU ,_, down_RP 35p_NNU ._. 
Coach_VV0 operator_NN1 stalls_VVZ George_NP1 Campbell_NP1 BRITAIN_NP1 'S_GE biggest_JJT long-distance_JJ coach_NN1 operator_NN1 made_VVD its_APPGE stock_NN1 market_NN1 debut_NN1 yesterday_RT but_CCB its_APPGE backers_NN2 have_VH0 not_XX exactly_RR made_VVN their_APPGE fortunes_NN2 ._. 
Shares_NN2 in_II National_JJ Express_NN1 opened_VVN with_IW a_AT1 modest_JJ 6p_NNU premium_NN1 at_II 171p_NNU ,_, a_AT1 sharp_JJ disappointment_NN1 to_II investors_NN2 who_PNQS were_VBDR hoping_VVG they_PPHS2 would_VM roar_VVI off_RP to_II around_II the_AT 2_MC level_JJ ._. 
Dealings_NN2 in_II the_AT new_JJ issue_NN1 ,_, however_RR ,_, coincided_VVD with_IW a_AT1 lull_NN1 in_II the_AT market_NN1 ._. 
A_AT1 decision_NN1 by_II the_AT Germans_NN2 to_TO leave_VVI their_APPGE interest_NN1 rates_NN2 unchanged_JJ put_VV0 the_AT skids_NN2 under_II prices_NN2 in_II London_NP1 and_CC the_AT FT-SE_NN1 100_MC was_VBDZ on_II the_AT slippery_JJ slope_NN1 ._. 
It_PPH1 lost_VVD another_DD1 25-points_NN2 to_TO close_VVI at_II 2725.6_MC ._. 
Norman_NP1 Lamont_NP1 compounded_VVD the_AT situation_NN1 by_II ruling_NN1 out_RP an_AT1 early_JJ cut_NN1 in_II interest_NN1 rates_NN2 ._. 
The_AT pound_NN1 was_VBDZ again_RT shaky_JJ ,_, losing_VVG ground_NN1 against_II both_DB2 the_AT dollar_NNU1 and_CC the_AT German_JJ mark_NN1 ._. 
Tadpole_NN1 Technology_NN1 grabbed_VVD the_AT limelight_NN1 ,_, up_II another_DD1 8p_NNU at_II 143p_NNU and_CC nearly_RR double_VV0 its_APPGE 75p_NNU offer_NN1 price_NN1 ._. 
Eldridge_NN1 ,_, Pope_NP1 ,_, on_II the_AT back_NN1 of_IO bumper_JJ interims_NN2 ,_, added_VVD a_AT1 penny_NNU1 to_II 75p_NNU ,_, while_CS Fuller_NP1 Smith_NP1 ,_, with_IW profits_NN2 rising_VVG to_II 3.75m_NNU (_( 3.6m_NNU )_) at_II midway_RL ,_, climbed_VVD 5p_NNU to_II 345p_NNU ._. 
Midlands_NP2 Electricity_NN1 and_CC South_ND1 Western_NP1 also_RR reported_VVN healthy_JJ figures_NN2 but_CCB the_AT shares_NN2 retreated_VVD :_: Midland_NP1 fell_VVD 2p_NNU to_II 451p_NNU ;_; South_ND1 Western_NP1 slipped_VVD the_AT same_DA to_II 436p_NNU ._. 
Fine_JJ Art_NN1 Developments_NN2 also_RR failed_VVN to_TO rally_VVI and_CC after_CS interims_NN2 ahead_RL from_II 4.5m_NNU to_II 4.95m_NNU ,_, the_AT price_NN1 slipped_VVD 9p_NNU to_II 465p_NNU ._. 
Glass_NN1 group_NN1 slips_VVZ GLASS_NN1 giant_NN1 Pilkington_NP1 continues_VVZ to_TO find_VVI it_PPH1 a_AT1 hard_JJ grind_NN1 ._. 
As_CSA worldwide_JJ demand_NN1 for_IF its_APPGE products_NN2 stays_VVZ flat_JJ and_CC costs_NN2 remain_VV0 high_JJ ,_, half-year_JJ profits_NN2 have_VH0 plunged_VVN 70%_NNU to_II 15.1m_NNU ._. 
Despite_II the_AT grim_JJ news_NN1 ,_, Pilkington_NP1 has_VHZ not_XX chopped_VVN the_AT dividend_NN1 as_CSA feared_VVN but_CCB is_VBZ dipping_VVG into_II reserves_NN2 to_TO maintain_VVI the_AT payout_NN1 at_II 2.93p_NNU ._. 
The_AT group_NN1 is_VBZ continuing_VVG with_IW its_APPGE harsh_JJ medicine_NN1 of_IO job_NN1 cuts_NN2 and_CC disposals_NN2 ._. 
Over_II the_AT past_JJ six_MC months_NNT2 1,500_MC jobs_NN2 have_VH0 gone_VVN ,_, with_IW up_RG21 to_RG22 4,000_MC more_DAR to_TO go_VVI by_II 1994_MC ._. 
Gearing_VVG at_II 65%_NNU is_VBZ too_RG high_JJ ,_, says_VVZ chairman_NN1 Sir_NNB Antony_NP1 Pilkington_NP1 ._. 
The_AT group_NN1 is_VBZ looking_VVG for_IF a_AT1 major_JJ balance_NN1 sheet_NN1 boost_NN1 with_IW the_AT sale_NN1 of_IO its_APPGE spectacle_NN1 lens_NN1 business_NN1 Sola_NP1 ,_, which_DDQ made_VVD a_AT1 10m_NNU profit_NN1 in_II the_AT first_MD half_NN1 ._. 
Pilkington_NP1 's_GE main_JJ business_NN1 of_IO flat_JJ and_CC safety_NN1 glass_NN1 saw_VVD profits_NN2 slide_VVI 27%_NNU to_II 38.3m_NNU with_IW Europe_NP1 hardest_RRT hit_VVN ._. 
Signs_NN2 of_IO improvement_NN1 in_II some_DD international_JJ markets_NN2 ,_, as_II31 well_II32 as_II33 sterling_NN1 's_GE devaluation_NN1 ,_, could_VM provide_VVI some_DD help_NN1 for_IF the_AT full_JJ year_NNT1 in_II which_DDQ analysts_NN2 are_VBR looking_VVG for_IF profits_NN2 of_IO around_RG 45m_NNU ._. 
Shares_NN2 closed_VVN at_II 87p_NNU ,_, up_RP 3p_NNU ._. 
Earnings_NN2 up_RP at_II Compass_NN1 CONTRACT_NN1 catering_VVG giant_JJ Compass_NN1 which_DDQ aborted_VVD its_APPGE bid_NN1 for_IF Gardner_NP1 Merchant_NN1 has_VHZ pushed_VVN pre-tax_JJ profits_NN2 from_II 32m_NNU to_II Pounds_NN2 34.9m_NNU for_IF the_AT year_NNT1 to_II September_NPM1 ._. 
The_AT figures_NN2 are_VBR struck_VVN before_II an_AT1 extraordinary_JJ charge_NN1 of_IO 2.3m_NNU reflecting_VVG costs_NN2 incurred_VVN in_II the_AT failed_JJ Forte_NN1 catering_NN1 bid_NN1 ._. 
A_AT1 final_JJ dividend_NN1 of_IO 2.8p_NNU (_( 2.6p_NNU )_) lifts_VVZ the_AT total_JJ payment_NN1 from_II 7.7p_NNU to_II 8.4p_NNU ._. 
Ad_NN1 agency_NN1 chief_NN1 Martin_NP1 Boase_NP1 has_VHZ joined_VVN the_AT ranks_NN2 of_IO the_AT groovy_JJ on_II his_APPGE appointment_NN1 as_CSA chairman_NN1 of_IO London_NP1 radio_NN1 station_NN1 Kiss_NN1 100_MC FM_NN1 ._. 
Publishing_VVG group_NN1 EMAP_NN1 has_VHZ a_AT1 98%_NNU stake_NN1 in_II Kiss_NN1 FM_NN1 which_DDQ boasts_VVZ an_AT1 audience_NN1 of_IO 2.25m_NNU ._. 
Inflation_NN1 fall_NN1 lifts_NN2 market_VV0 Clare_NP1 Stewart_NP1 NEWS_NN1 that_CST inflation_NN1 had_VHD fallen_VVN to_II 3%_NNU ,_, its_APPGE lowest_JJT level_NN1 for_IF six_MC years_NNT2 ,_, injected_VVD some_DD much-needed_JJ confidence_NN1 into_II a_AT1 wobbly_JJ stockmarket_NN1 ._. 
Worries_NN2 about_II the_AT outcome_NN1 of_IO the_AT Edinburgh_NP1 summit_NN1 ,_, concern_NN1 over_II events_NN2 in_II Russia_NP1 ,_, and_CC the_AT shock_NN1 collapse_NN1 of_IO a_AT1 leading_JJ German_JJ steel_NN1 company_NN1 kept_VVD the_AT market_NN1 mood_NN1 sober_JJ ._. 
The_AT FT-SE_NN1 fell_VVD 22_MC points_NN2 before_II rallying_VVG on_II the_AT cheerier_JJR economic_JJ news_NN1 to_TO close_VVI down_RP 10.3_MC at_II 2716.2_MC ._. 
Retail_JJ group_NN1 GUS_NP1 followed_VVD the_AT market_NN1 mood_NN1 ,_, climbing_VVG back_RP from_II a_AT1 25p_NNU fall_NN1 to_TO end_VVI 12p_NNU higher_JJR at_II 1630p_NNU ._. 
Also_RR on_II the_AT up_RP was_VBDZ newcomer_NN1 Tadpole_NN1 Technology_NN1 which_DDQ climbed_VVD 48p_NNU to_II 194p_NNU a_AT1 premium_NN1 of_IO 129p_NNU to_II its_APPGE 65p_NNU placing_NN1 price_NN1 ._. 
Expansion_NN1 plans_NN2 and_CC improved_JJ profits_NN2 at_II textile_NN1 group_NN1 Albion_NP1 helped_VVD it_PPH1 to_II a_AT1 24p_NNU rise_NN1 to_II 75p_NNU ._. 
An_AT1 800,000_MC loss_NN1 at_II upmarket_JJ wallpaper_NN1 group_NN1 Osborne_NP1 &amp;_CC Little_RR left_VVD its_APPGE shares_NN2 unchanged_JJ at_II 66p_NNU ._. 
Bid_VV0 speculation_NN1 lifted_VVD Tarmac_NN1 6p_NNU to_II 105p_NNU ._. 
Sterling_NN1 was_VBDZ little_RR changed_VVN ,_, at_II $1.56_NNU and_CC DM2.46_FO ._. 
Unilever_NP1 's_GE Euro_JJ deals_NN2 PERSIL_VV0 to_II Sunsilk_NP1 consumer_NN1 brands_VVZ giant_JJ Unilever_NP1 is_VBZ boosting_VVG its_APPGE European_JJ businesses_NN2 with_IW two_MC multi-million_JJ pound_NN1 deals_NN2 ._. 
It_PPH1 is_VBZ spending_VVG 25m_NNU to_TO acquire_VVI 70%_NNU of_IO state-owned_JJ Polish_JJ margarine_NN1 and_CC oils_NN2 business_NN1 SZPT_NP1 Olmex_NP1 ._. 
It_PPH1 is_VBZ also_RR taking_VVG a_AT1 49.9%_FO stake_VV0 in_II Swedish_JJ food_NN1 company_NN1 Bake_VV0 Off_RP for_IF an_AT1 undisclosed_JJ sum_NN1 ._. 
The_AT Polish_JJ acquisition_NN1 could_VM see_VVI the_AT arrival_NN1 of_IO brands_NN2 such_II21 as_II22 Flora_NP1 and_CC Blue_JJ Band_NN1 in_II Polish_JJ shops_NN2 ._. 
Unilever_NP1 shares_NN2 were_VBDR given_VVN a_AT1 boost_NN1 adding_VVG 7p_NNU to_II 1069p_NNU before_II slipping_VVG to_TO close_VVI at_II 1064p_NNU ._. 
SMALL_JJ companies_NN2 wanting_VVG to_TO join_VVI the_AT stock_NN1 market_NN1 have_VH0 a_AT1 new_JJ champion_NN1 in_II the_AT City_NN1 Group_NN1 for_IF Smaller_JJR Companies_NN2 (_( CISCO_NP1 )_) ._. 
With_IW the_AT axe_NN1 soon_RR to_TO fall_VVI on_II the_AT Unlisted_JJ Securities_NN2 Market_VV0 ,_, CISCO_NP1 seeks_VVZ to_TO promote_VVI the_AT importance_NN1 of_IO the_AT smaller_JJR public_JJ company_NN1 ._. 
Cashpoint_NN1 NEW_JJ fixed-rate_JJ mortgages_NN2 include_VV0 7.79%_FO until_CS January_NPM1 1995_MC from_II Abbey_NN1 National_JJ ,_, and_CC Cheltenham_NP1 &amp;_CC Gloucester_NP1 's_GE 7.5%_FO fixed_VVN for_IF two_MC years_NNT2 or_CC 8.75%_FO set_VV0 for_IF five_MC years_NNT2 ._. 
FREE_JJ insurance_NN1 while_CS on_II the_AT piste_NN1 is_VBZ available_JJ from_II National_JJ &amp;_CC Provincial_JJ ._. 
Its_APPGE annual_JJ travel_NN1 policy_NN1 includes_VVZ cover_NN1 for_IF up_RG21 to_RG22 17_MC days_NNT2 of_IO winter_NNT1 sports_NN2 ._. 
INVEST_VV0 upwards_RG21 of_RG22 5,000_MC in_II a_AT1 Bradford_NP1 &amp;_CC Bingley_NP1 one-year_JJ investment_NN1 bond_NN1 and_CC an_AT1 interest_NN1 rate_NN1 of_IO 6.6%_FO gross_JJ is_VBZ guaranteed_VVN ,_, with_IW rates_NN2 adjusted_VVN upwards_RL if_CS base_NN1 rates_NN2 increase_VV0 ._. 
HOLDERS_NN2 of_IO self_NN1 invested_VVD personal_JJ pensions_NN2 can_VM invest_VVI a_AT1 minimum_NN1 10,000_MC in_II a_AT1 range_NN1 of_IO pension_NN1 funds_NN2 including_II guaranteed_JJ equity_NN1 and_CC with-profits_NN2 funds_NN2 ._. 
The_AT option_NN1 is_VBZ available_JJ through_II a_AT1 Personal_JJ Investment_NN1 Plan_NN1 from_II Legal_JJ &amp;_CC General_NN1 ._. 
Big_JJ potential_NN1 in_II small_JJ companies_NN2 Cathy_NP1 Gunn_NP1 SMALL_NP1 investors_NN2 could_VM use_VVI any_DD spare_JJ cash_NN1 to_TO pick_VVI up_RP a_AT1 few_DA2 holdings_NN2 in_II carefully_RR chosen_VVN smaller_JJR companies_NN2 ._. 
Roger_NP1 Hardman_NN1 of_IO broking_NN1 house_NN1 James_NP1 Capel_NP1 reckons_VVZ the_AT smaller_JJR company_NN1 is_VBZ about_RPK to_TO come_VVI back_RP into_II fashion_NN1 in_II a_AT1 very_RG big_JJ way_NN1 ._. 
But_CCB hang_VV0 on_RP to_II your_APPGE water_NN1 and_CC electricity_NN1 shares_NN2 for_IF the_AT winter_NNT1 ,_, just_RR in_CS21 case_CS22 economic_JJ recovery_NN1 once_RR21 again_RR22 takes_VVZ longer_JJR than_CSN the_AT boffins_NN2 say_VV0 ._. 
Their_APPGE profits_NN2 are_VBR safe_JJ and_CC sure_JJ and_CC their_APPGE dividends_NN2 generous_JJ and_CC reliable_JJ ._. 
Another_DD1 tip_NN1 this_DD1 Christmas_NNT1 is_VBZ do_VD0 n't_XX put_VVI all_DB of_IO your_APPGE nest_NN1 egg_NN1 into_II gilts_NN2 ,_, particularly_RR if_CS you_PPY are_VBR likely_JJ to_TO want_VVI the_AT cash_NN1 out_RP again_RT in_II the_AT next_MD couple_NN1 of_IO years_NNT2 ._. 
Prices_NN2 are_VBR likely_JJ to_TO remain_VVI cheap_JJ ,_, deflated_VVN by_II heavy_JJ government_NN1 issues_NN2 of_IO new_JJ stock_NN1 ,_, for_IF some_DD time_NNT1 ._. 
All_DB of_IO which_DDQ could_VM give_VVI the_AT right_NN1 shares_VVZ a_AT1 healthy_JJ glow_NN1 ._. 
Bigger_JJR groups_NN2 are_VBR likely_JJ to_TO find_VVI economic_JJ recovery_NN1 patchy_JJ and_CC it_PPH1 could_VM take_VVI time_NNT1 for_IF higher_JJR earnings_NN2 and_CC dividends_NN2 to_TO feed_VVI through_RP to_II investors_NN2 ;_; while_CS the_AT more_RGR volatile_JJ smaller_JJR businesses_NN2 ,_, having_VHG been_VBN hit_VVN harder_RRR on_II the_AT way_NN1 down_RP could_VM spring_VVI back_RP faster_RRR ,_, Hardman_NP1 says_VVZ ._. 
His_APPGE choice_NN1 for_IF your_APPGE Christmas_NNT1 stocking_NN1 includes_VVZ pig-breeder_JJ Cranswick_NP1 ,_, Capita_NP1 Group_NN1 which_DDQ runs_VVZ computer_NN1 departments_NN2 for_IF local_JJ government_NN1 ,_, electronic_JJ publisher_NN1 Dorling_NP1 Kindersely_NP1 ,_, and_CC pen_NN1 people_NN Platignum_NN1 ._. 
Banks_NN2 may_VM close_VVI in_RP on_II Gateway_NP1 's_GE Christmas_NNT1 George_NP1 Campbell_NP1 THE_AT banks_NN2 could_VM be_VBI poised_VVN to_TO slam_VVI the_AT door_NN1 on_II Gateway_NP1 ,_, the_AT supermarket_NN1 chain_NN1 ._. 
Isosceles_NP1 ,_, its_APPGE debt-laden_JJ owner_NN1 ,_, is_VBZ still_RR knee-deep_RR in_II hock_NN1 to_II its_APPGE big_JJ high_JJ street_NN1 lenders_NN2 ,_, and_CC speculation_NN1 is_VBZ rife_JJ that_CST the_AT remaining_JJ 10_MC shopping_NN1 days_NNT2 to_II Christmas_NNT1 could_VM be_VBI crucial_JJ ._. 
Isosceles_NP1 ,_, formed_VVD only_RR three_MC years_NNT2 ago_RA in_II a_AT1 2bn-plus_JJ management_NN1 buy-out_NN1 ,_, continues_VVZ to_TO pay_VVI its_APPGE debts_NN2 on_II time_NNT1 ._. 
But_CCB there_EX are_VBR fears_NN2 that_CST any_DD hiccup_NN1 in_II Christmas_NNT1 trading_NN1 could_VM lead_VVI to_II it_PPH1 having_VHG problems_NN2 maintaining_VVG its_APPGE banking_NN1 covenants_VVZ in_II the_AT new_JJ year_NNT1 ._. 
Its_APPGE debts_NN2 total_VV0 a_AT1 staggering_JJ 1.3bn_FO and_CC although_CS interest_NN1 rates_NN2 have_VH0 crashed_VVN in_II the_AT past_JJ two_MC years_NNT2 ,_, it_PPH1 still_RR needs_VVZ a_AT1 massive_JJ cash_NN1 flow_NN1 to_TO keep_VVI the_AT banks_NN2 happy_JJ ._. 
Competition_NN1 between_II its_APPGE supermarket_NN1 rivals_NN2 is_VBZ fierce_JJ ._. 
Sainsbury_NP1 ,_, Tesco_NP1 ,_, Safeway_NP1 (_( owned_VVN by_II Argyll_NP1 )_) and_CC Asda_NP1 are_VBR all_DB slashing_VVG prices_NN2 to_TO keep_VVI the_AT yuletide_NN1 tills_NN2 ringing_VVG and_CC this_DD1 has_VHZ hammered_VVN Gateway_NP1 ._. 
Rumours_NN2 over_II the_AT weekend_NNT1 were_VBDR that_CST the_AT food_NN1 manufacturers_NN2 who_PNQS supply_VV0 more_DAR than_CSN 50m_NNU worth_NN1 of_IO goods_NN2 to_II Gateway_NP1 each_DD1 week_NNT1 are_VBR concerned_JJ about_II extending_VVG further_JJR credit_NN1 ._. 
The_AT gravity_NN1 of_IO the_AT situation_NN1 has_VHZ been_VBN heightened_VVN by_II recent_JJ management_NN1 turmoil_NN1 ._. 
Only_RR last_MD week_NNT1 ,_, Isosceles_NP1 confirmed_VVD that_CST chief_JJ executive_NN1 Alistair_NP1 Mitchell-Innes_NP1 will_VM step_VVI down_RP in_II the_AT near_JJ future_NN1 ._. 
A_AT1 successor_NN1 is_VBZ being_VBG head-hunted_JJ but_CCB may_VM not_XX be_VBI appointed_VVN until_CS well_RR into_II the_AT new_JJ year_NNT1 ._. 
The_AT new_JJ crisis_NN1 comes_VVZ only_JJ months_NNT2 after_II Isosceles_NP1 completed_VVD its_APPGE second_MD re-financing_NN1 ._. 
Losses_NN2 are_VBR expected_VVN to_TO top_VVI 100m_NNU this_DD1 year_NNT1 ,_, a_AT1 major_JJ blow_NN1 to_II the_AT company_NN1 's_GE 40,000_MC employees_NN2 ._. 
A_AT1 team_NN1 of_IO Coopers_NP1 &amp;_CC Lybrand_NP1 management_NN1 consultants_NN2 is_VBZ currently_RR examining_VVG the_AT group_NN1 's_GE trading_NN1 strategy_NN1 and_CC should_VM report_VVI before_II Christmas_NNT1 ._. 
THE_AT final_JJ 5bn_NNU tranche_NN1 of_IO the_AT Government_NN1 's_GE BT_NP1 holding_NN1 will_VM be_VBI sold_VVN off_RP next_MD year_NNT1 for_RR21 certain_RR22 ._. 
Millions_NNO2 of_IO extra_JJ shares_NN2 will_VM flood_VVI the_AT market_NN1 ,_, but_CCB this_DD1 should_VM n't_XX deter_VVI investors_NN2 ._. 
The_AT telecoms_NN industry_NN1 is_VBZ still_RR in_II its_APPGE infancy_NN1 and_CC growth_NN1 is_VBZ guaranteed_VVN ._. 
Meanwhile_RR ,_, existing_JJ shares_NN2 go_NN1 '_GE ex-dividend_NN1 '_GE today_RT ._. 
This_DD1 means_VVZ that_CST if_CS you_PPY sell_VV0 after_II today_RT ,_, you_PPY are_VBR still_RR entitled_VVN to_TO receive_VVI the_AT forthcoming_JJ dividend_NN1 of_IO 6.15p_NNU per_II share_NN1 paid_VVN on_II February_NPM1 15_MC ._. 
The_AT 1.7m_NNU people_NN who_PNQS bought_VVD their_APPGE shares_NN2 last_MD December_NPM1 will_VM get_VVI their_APPGE final_JJ payment_NN1 call_NN1 next_MD March_NPM1 ._. 
This_DD1 is_VBZ for_IF 1.05p_NNU ,_, or_CC 90p_NNU if_CS you_PPY opted_VVD for_IF the_AT discount_NN1 ._. 
A_AT1 recent_JJ survey_NN1 by_II Proshare-Mori_NP1 reveals_VVZ that_CST there_EX are_VBR now_RT 9.26m_NNU shareholders_NN2 in_II Britain_NP1 ._. 
Some_DD 5.7m_NNU (_( including_II BT_NP1 's_GE 1.7m_NNU )_) have_VH0 the_AT government_NN1 's_GE privatisation_NN1 issues_NN2 ,_, which_DDQ embrace_VV0 gas_NN1 ,_, electricity_NN1 and_CC water_NN1 ._. 
But_CCB only_RR 200,000_MC have_VH0 taken_VVN a_AT1 leap_NN1 into_II the_AT dark_JJ to_TO buy_VVI non-privatised_JJ quoted_JJ shares_NN2 ._. 
Utilities_NN2 top_JJ market_NN1 's_GE bill_NN1 Clare_NP1 Stewart_NP1 WATER_NN1 and_CC electricity_NN1 companies_NN2 dominate_VV0 this_DD1 week_NNT1 as_II a_AT1 fairly_RR select_JJ group_NN1 of_IO companies_NN2 report_VV0 results_NN2 in_II the_AT run_NN1 up_II21 to_II22 Christmas_NNT1 ._. 
Tomorrow_RT 's_GE figures_NN2 from_II Southern_JJ Electric_JJ promise_NN1 a_AT1 modest_JJ increase_NN1 to_II 16m_NNU at_II the_AT interim_JJ stage_NN1 ,_, while_CS expectations_NN2 at_II Southern_JJ Water_NN1 have_VH0 been_VBN dampened_VVN and_CC a_AT1 slight_JJ fall_NN1 in_II profits_NN2 to_II 60m_NNU is_VBZ forecast_NN1 ._. 
Transport_NN1 and_CC container_NN1 group_NN1 Tiphook_NP1 is_VBZ holding_VVG its_APPGE own_DA ,_, but_CCB while_CS tipped_VVN as_II a_AT1 recovery_NN1 stock_NN1 ,_, analysts_NN2 are_VBR cautious_JJ about_II improvements_NN2 this_DD1 year_NNT1 ._. 
At_II the_AT half-year_JJ stage_NN1 profits_NN2 are_VBR expected_VVN to_TO be_VBI down_RP on_II last_MD year_NNT1 around_RG 35m_NNU against_II 39m_NNU ._. 
Newspaper_NN1 group_NN1 the_AT Daily_JJ Mail_NN1 looks_VVZ set_NN1 for_IF a_AT1 healthy_JJ year-end_JJ rise_NN1 in_II profits_NN2 when_CS it_PPH1 announces_VVZ results_NN2 on_II Wednesday_NPD1 ._. 
Top-end_JJ forecasts_NN2 are_VBR looking_VVG for_IF 55m_NNU ,_, an_AT1 increase_NN1 of_IO just_RR over_RG 15%_NNU ._. 
Good_JJ things_NN2 are_VBR expected_VVN of_IO south_ND1 eastern_JJ electricity_NN1 business_NN1 SEEBOARD_NN1 ,_, which_DDQ saw_VVD a_AT1 change_NN1 of_IO top_JJ management_NN1 earlier_RRR in_II the_AT year_NNT1 ._. 
Analysts_NN2 at_II Phillips_NP1 &amp;_CC Drew_NP1 are_VBR looking_VVG for_IF profits_NN2 up_RP from_II 5.9m_NNU to_II Pounds_NN2 10m_NNU ,_, with_IW the_AT dividend_NN1 rising_VVG to_II 5.6p_NNU ._. 
Encouraging_JJ profit_NN1 increases_NN2 are_VBR also_RR expected_VVN from_II Wessex_NP1 Water_NN1 and_CC Yorkshire_NP1 Electricity_NN1 ,_, which_DDQ both_DB2 report_VV0 interim_JJ figures_NN2 on_II Thursday_NPD1 ._. 
West_ND1 country_NN1 brewer_NN1 Devenish_NN1 should_VM top_VVI up_RP last_MD year_NNT1 's_GE profits_NN2 best_RRT estimates_VVZ are_VBR of_IO profits_NN2 of_IO 14m_NNU against_II 11.5m_NNU ._. 
Food_NN1 group_NN1 ASDA_NP1 will_VM announce_VVI good_JJ profits_NN2 growth_NN1 ,_, up_RP from_II 10m_NNU to_II 35m_NNU at_II half-way_RR ._. 
Pelican_NN1 takes_VVZ off_RP LONDONERS_NN2 who_PNQS can_VM no_RR21 longer_RR22 afford_VVI expensive_JJ restaurant_NN1 fare_NN1 are_VBR flocking_VVG to_II French-style_JJ cafe-bars_NN2 such_II21 as_II22 Pelican_NN1 Group_NN1 's_GE Cafe_NN1 Rouge_NN1 chain_NN1 ._. 
Customers_NN2 are_VBR thin_JJ on_II the_AT ground_NN1 at_II the_AT group_NN1 's_GE pricier_JJR outlets_NN2 such_II21 as_II22 Cafe_NN1 Pelican_NN1 and_CC the_AT Leadenhall_NP1 Wine_NN1 Bar_NN1 ,_, but_CCB the_AT Cafe_NN1 Rouge_NN1 is_VBZ heaving_VVG ._. 
And_CC that_DD1 's_VBZ how_RRQ Pelican_NN1 managed_VVD to_TO boost_VVI profits_NN2 by_II an_AT1 astonishing_JJ 173%_NNU to_II 357,000_MC in_II the_AT six_MC months_NNT2 to_TO end_VVI September_NPM1 ,_, despite_II a_AT1 more_RGR pedestrian_JJ 35%_NNU rise_NN1 in_II turnover_NN1 to_II 3.83m_NNU ._. 
The_AT party_NN1 continues_VVZ in_II the_AT second_MD half_NN1 ,_, says_VVZ boss_NN1 Roger_NP1 Myers_NP1 ._. 
Two_MC new_JJ Cafe_NN1 Rouge_NN1 bars_NN2 in_II Kensington_NP1 and_CC the_AT Whiteley_NP1 's_GE Shopping_NN1 Centre_NN1 in_II Queensway_NP1 should_VM add_VVI flavour_NN1 to_II full_JJ year_NNT1 profits_NN2 ._. 
The_AT shares_NN2 added_VVD 1p_NNU to_II 29p_NNU ._. 
Anglo_JJ facing_JJ collapse_NN1 DEBT-ridden_NN1 Coalite_NP1 fuel_NN1 group_NN1 Anglo_NP1 United_JJ is_VBZ on_II the_AT brink_NN1 of_IO collapse_NN1 just_RR six_MC months_NNT2 after_II wresting_VVG a_AT1 refinancing_JJ agreement_NN1 from_II its_APPGE bankers_NN2 ._. 
Boss_NN1 David_NP1 McErlain_NP1 blames_VVZ poor_JJ summer_NNT1 business_NN1 and_CC a_AT1 vital_JJ sell-off_NN1 deal_VV0 that_CST fell_VVD through_RP at_II the_AT last_MD minute_NNT1 for_IF this_DD1 latest_JJT crisis_NN1 ._. 
Anglo_JJ crashed_VVD to_II a_AT1 22.65m_NNU loss_NN1 from_II profits_NN2 of_IO 3m_NNU in_II the_AT six_MC months_NNT2 to_TO end_VVI September_NPM1 ._. 
Now_RT it_PPH1 is_VBZ pleading_VVG with_IW the_AT banks_NN2 to_TO reschedule_VVI 250m_NNU of_IO borrowings_NN2 to_TO keep_VVI the_AT company_NN1 afloat_JJ ._. 
The_AT core_NN1 businesses_NN2 are_VBR still_RR profitable_JJ ,_, but_CCB are_VBR suffering_VVG from_II lack_NN1 of_IO investment_NN1 ,_, McErlain_NP1 said_VVD ._. 
Anglo_JJ 's_GE problems_NN2 have_VH0 been_VBN exacerbated_VVN by_II the_AT mild_JJ weather_NN1 over_II the_AT past_JJ few_DA2 years_NNT2 which_DDQ hit_VVD demand_NN1 for_IF solid_JJ fuel_NN1 just_RR as_CSA the_AT recession_NN1 clobbered_VVD other_JJ parts_NN2 of_IO the_AT business_NN1 ._. 
The_AT liquid_JJ fuel_NN1 division_NN1 ,_, which_DDQ provides_VVZ heating_NN1 oil_NN1 for_IF offices_NN2 and_CC homes_NN2 ,_, and_CC diesel_NN1 fuel_NN1 for_IF lorries_NN2 ,_, is_VBZ still_RR suffering_VVG from_II low_JJ industrial_JJ demand_NN1 ._. 
The_AT group_NN1 's_GE debt_NN1 mountain_NN1 is_VBZ largely_RR the_AT result_NN1 of_IO massive_JJ borrowings_NN2 taken_VVN on_RP when_CS it_PPH1 bought_VVD Coalite_NP1 in_II 1989_MC ._. 
Plans_NN2 to_TO sell_VVI off_RP businesses_NN2 to_TO raise_VVI cash_NN1 have_VH0 proved_VVN hard_RR to_TO achieve_VVI ._. 
McErlain_NP1 said_VVD the_AT 40m_NNU sale_NN1 of_IO a_AT1 liquid_JJ fuels_NN2 business_NN1 fell_VVD through_II the_AT day_NNT1 before_CS contracts_NN2 were_VBDR due_JJ to_TO be_VBI signed_VVN because_CS the_AT buyer_NN1 demanded_VVD a_AT1 price_NN1 cut_VVN to_II 29m_NNU ._. 
The_AT shares_NN2 fell_VVD 1p_NNU to_II 6p_NNU ._. 
Berkeley_NP1 's_GE success_NN1 defies_VVZ home_RL slump_VV0 Liz_NP1 Dolan_NP1 TONY_NP1 Pidgely_NP1 ,_, boss_NN1 of_IO upmarket_JJ builder_NN1 Berkeley_NP1 Group_NN1 ,_, has_VHZ taken_VVN the_AT bombed_JJ out_RP housing_NN1 market_NN1 by_II the_AT throat_NN1 and_CC shaken_VVN out_RP 27%_NNU more_DAR profits_NN2 in_II the_AT six_MC months_NNT2 to_TO end_VVI October_NPM1 ._. 
Flushed_VVN by_II success_NN1 in_II selling_VVG homes_NN2 in_II the_AT slump_NN1 ,_, Pidgeley_NP1 now_RT plans_VVZ to_TO perform_VVI the_AT same_DA miracle_NN1 in_II the_AT recession-bashed_JJ commercial_JJ property_NN1 sector_NN1 ._. 
By_II selling_VVG out_RP when_CS land_NN1 values_NN2 hit_VVD their_APPGE peak_NN1 in_II 1988_MC and_CC then_RT buying_VVG back_RP at_II bargain_NN1 levels_NN2 later_RRR on_RP ,_, canny_JJ Pidgely_NP1 has_VHZ been_VBN able_JK to_TO slash_VVI house_NN1 prices_NN2 and_CC still_RR make_VV0 a_AT1 near-20%_FO average_JJ profit_NN1 per_II property_NN1 ._. 
Sales_NN up_RP 47%_NNU to_II 75.8m_NNU generated_VVD interim_JJ profits_NN2 of_IO 6.9m_NNU ,_, with_IW the_AT number_NN1 of_IO homes_NN2 sold_VVD increasing_VVG by_II nearly_RR 40%_NNU to_II 468_MC ._. 
Because_CS Berkeley_NP1 tends_VVZ to_TO build_VVI just_RR two_MC or_CC three_MC properties_NN2 per_II site_NN1 ,_, it_PPH1 can_VM react_VVI very_RG quickly_RR to_II any_DD changes_NN2 in_II the_AT market_NN1 ._. 
When_CS Black_JJ Wednesday_NPD1 blasted_VVD another_DD1 hole_NN1 in_II house_NN1 sales_NN ,_, Pidgely_RR slashed_VVN prices_NN2 by_II another_DD1 5%_NNU and_CC shelled_VVN out_RP a_AT1 further_JJR 10m_NNU on_II cheap_JJ building_NN1 land_NN1 ._. 
Berkeley_NP1 Eastoak_NP1 Investment_NN1 ,_, the_AT jointly-owned_JJ commercial_JJ property_NN1 arm_NN1 set_VVD up_RP 18_MC months_NNT2 ago_RA ,_, announced_VVD yesterday_RT it_PPH1 was_VBDZ doubling_VVG its_APPGE original_JJ 100m_NNU investment_NN1 in_II the_AT market_NN1 ._. 
BEI_NP1 buys_VVZ at_II knock-down_JJ prices_NN2 from_II companies_NN2 in_II difficulty_NN1 ._. 
It_PPH1 only_RR considers_VVZ properties_NN2 let_VV0 on_II long_JJ leases_NN2 to_II blue_JJ chip_NN1 companies_NN2 ._. 
US_NP1 buying_NN1 threatens_VVZ Telecom_NP1 HEAVY_JJ US_NP1 buying_NN1 sent_VVD telecommunications_NN2 giant_JJ Cable_NN1 &amp;_CC Wireless_NN1 zooming_VVG ahead_RL 20p_NNU to_II 667p_NNU after_II 2.4m_NNU shares_NN2 changed_VVD hands_NN2 in_II late_JJ trading_NN1 yesterday_RT ._. 
The_AT Americans_NN2 reckon_VV0 C&amp;W_NP1 's_GE Mercury_NP1 offshoot_NN1 will_VM be_VBI able_JK to_TO grab_VVI business_NN1 from_II arch-rival_NN1 British_JJ Telecom_NP1 ,_, down_RP 5p_NNU at_II 380p_NNU ._. 
Shock_NN1 news_NN1 that_CST the_AT European_JJ Commission_NN1 could_VM ,_, after_II all_DB ,_, block_VV0 British_JJ Airways_NN2 '_GE Dan-Air_NP1 bid_NN1 sent_VVD BA_NP1 's_GE shares_NN2 2p_NNU better_RRR at_II 282p_NNU ._. 
British_JJ Gas_NN1 rebounded_VVD from_II recent_JJ weakness_NN1 to_TO close_VVI 6p_NNU better_RRR at_II 272p_NNU ._. 
Brokers_NN2 believe_VV0 it_PPH1 has_VHZ been_VBN oversold_NN1 ._. 
A_AT1 late_JJ burst_NN1 after_II a_AT1 lacklustre_JJ day_NNT1 on_II the_AT stockmarket_NN1 sent_VVD the_AT FT-SE_NN1 index_NN1 5.6_MC points_NN2 better_RRR at_II the_AT close_JJ to_II 2721.8_MC ,_, helped_VVN by_II a_AT1 firmer_JJR opening_NN1 on_II Wall_NP1 Street_NNL1 ._. 
A_AT1 flurry_NN1 of_IO brokers_NN2 '_GE profit_NN1 downgrades_NN2 hit_VVD Ladbrokes_NP1 ,_, off_II 12p_NNU at_II 168p_NNU ,_, TI_JJ Group_NN1 ,_, down_RP 6p_NNU at_II 278p_NNU ,_, and_CC English_JJ China_NN1 Clays_NN2 ._. 
But_CCB a_AT1 '_GE buy_NN1 '_GE recommendation_NN1 by_II James_NP1 Capel_NP1 broker_NN1 Roger_NP1 Hardman_NP1 was_VBDZ good_JJ for_IF a_AT1 13p_NNU rise_NN1 to_II 173p_NNU at_II Cranswick_NP1 ,_, the_AT free_JJ range_NN1 pigs_NN2 group_NN1 ._. 
Also_RR tipped_VVN by_II Capel_NP1 were_VBDR Capita_NP1 ,_, up_RP 5p_NNU at_II 417p_NNU ,_, and_CC Dorling_NP1 Kindersley_NP1 ,_, 8p_NNU better_RRR at_II 253p_NNU ._. 
Courts_NN2 ,_, the_AT furnishing_NN1 group_NN1 ,_, jumped_VVD 6p_NNU to_II 319p_NNU ._. 
Shareholders_NN2 in_II Tadpole_NP1 Technology_NN1 took_VVD profits_NN2 ._. 
The_AT shares_NN2 ,_, floated_VVN at_II 65p_NNU a_AT1 week_NNT1 ago_RA ,_, slipped_VVD 15p_NNU to_II 179p_NNU ._. 
Fisons_NP2 arm_NN1 goes_VVZ Swiss_JJ FISONS_NP2 ,_, the_AT ailing_JJ drugs_NN2 group_NN1 best_RRT known_VVN for_IF asthma_NN1 and_CC hayfever_NN1 products_NN2 Intal_JJ and_CC Opticrom_NP1 ,_, has_VHZ sold_VVN its_APPGE UK_NP1 consumer_NN1 health_NN1 arm_NN1 ._. 
Swiss_JJ drugs_NN2 giant_JJ Roche_NP1 is_VBZ paying_VVG 90m_NNU for_IF the_AT business_NN1 ,_, which_DDQ includes_VVZ Sanatogen_NN1 vitamins_NN2 ._. 
Fisons_NP2 sold_VVD its_APPGE US_NP1 consumer_NN1 health_NN1 division_NN1 to_II Ciba-Geigy_NP1 for_IF 93m_NNU last_MD month_NNT1 ._. 
Eastern_JJ fragrance_NN1 TOILETRIES_NN2 maker_NN1 Creighton_NP1 's_GE Naturally_RR is_VBZ at_II last_MD shaking_VVG off_RP its_APPGE dependence_NN1 on_II two_MC major_JJ customers_NN2 ,_, Body_NN1 Shop_NN1 and_CC Crabtree_NP1 &amp;_CC Evelyn_NP1 ._. 
Its_APPGE own-branded_JJ apricot_JJ skincare_NN1 is_VBZ selling_VVG well_RR in_II the_AT 1800-strong_JJ US_NP1 drugstore_NN1 chain_NN1 ,_, K-Mart_NP1 ,_, though_CS a_AT1 deal_NN1 to_TO supply_VVI Euro_JJ Disney_NP1 hotels_NN2 is_VBZ thought_VVN to_TO be_VBI suffering_VVG from_II low_JJ bookings_NN2 ._. 
Now_RT Creighton_NP1 reports_VVZ the_AT signing_NN1 of_IO two_MC new_JJ contracts_NN2 to_TO supply_VVI own-label_JJ products_NN2 to_II major_JJ UK_NP1 supermarket_NN1 chains_NN2 ._. 
The_AT recent_JJ acquisition_NN1 of_IO 50%_NNU of_IO marketing_NN1 business_NN1 Fine_JJ Fragrancesshould_NN1 help_NN1 expansion_NN1 in_II the_AT Middle_JJ East_ND1 and_CC Far_JJ East_ND1 ._. 
A_ZZ1 10%_NNU jump_NN1 in_II half-time_NN1 profits_NN2 to_II 617,000_MC was_VBDZ due_JJ mainly_RR to_TO cost_VVI savings_NN2 ._. 
The_AT shares_NN2 brightened_VVD 7p_NNU to_II 225p_NNU ._. 
Courts_NN2 finds_VVZ cheer_NN1 in_II sluggish_JJ high_JJ street_NN1 Liz_NP1 Dolan_NP1 CHINKS_NN2 of_IO light_NN1 are_VBR at_II last_MD starting_NN1 to_TO shine_VVI through_II the_AT high_JJ street_NN1 gloom_NN1 ,_, reports_VVZ Courts_NN2 ,_, the_AT furniture_NN1 stores_NN2 business_NN1 best_RRT known_VVN for_IF its_APPGE irritating_JJ TV_NN1 ads_NN2 ._. 
The_AT shares_NN2 surged_VVD 24p_NNU to_II 343p_NNU on_II news_NN1 that_CST profits_NN2 had_VHD leapt_VVN 31.4%_FO to_II 2.81m_NNU in_II the_AT six_MC months_NNT2 to_II end-September_NPM1 ._. 
But_CCB that_DD1 was_VBDZ largely_RR due_II21 to_II22 higher_JJR sales_NN in_II the_AT Far_JJ East_ND1 ,_, notably_RR Singapore_NP1 and_CC Fiji_NP1 ._. 
A_AT1 host_NN1 of_IO new_JJ stores_NN2 have_VH0 opened_VVN in_II the_AT Caribbean_JJ and_CC Far_JJ East_ND1 this_DD1 year_NNT1 ._. 
In_II the_AT UK_NP1 ,_, four_MC high_JJ street_NN1 outlets_NN2 have_VH0 closed_VVN but_CCB a_AT1 new_JJ superstore_NN1 is_VBZ to_TO open_VVI in_II Swindon_NP1 early_RR next_MD year_NNT1 ._. 
While_CS welcoming_VVG the_AT first_MD signs_NN2 of_IO an_AT1 upturn_NN1 in_II UK_NP1 demand_NN1 ,_, boss_NN1 Bruce_NP1 Cohen_NP1 warns_VVZ that_CST any_DD full-blooded_JJ recovery_NN1 will_VM have_VHI to_TO wait_VVI until_CS the_AT housing_NN1 market_NN1 gets_VVZ moving_VVG ._. 
He_PPHS1 predicts_VVZ an_AT1 increase_NN1 in_II house-buying_JJ activity_NN1 some_DD time_NNT1 during_II 1993_MC which_DDQ ,_, in_II turn_NN1 ,_, will_NN1 fuel_NN1 demand_NN1 for_IF furniture_NN1 ._. 
Cohen_NP1 's_GE caution_NN1 echoes_VVZ a_AT1 warning_NN1 from_II the_AT CBI_NP1 that_CST earlier_JJR hopes_NN2 for_IF a_AT1 better_JJR Christmas_NNT1 on_II the_AT high_JJ street_NN1 may_VM prove_VVI unfounded_JJ ._. 
High_JJ street_NN1 sales_NN fell_VVD in_II Novbember_NP1 and_CC business_NN1 this_DD1 month_NNT1 is_VBZ now_RT expected_VVN to_TO remain_VVI at_II last_MD year_NNT1 's_GE depressed_JJ levels_NN2 ,_, says_VVZ Nigel_NP1 Whittaker_NP1 ,_, chairman_NN1 of_IO the_AT CBI_NP1 's_GE Distributive_JJ Trades_NN2 Panel_NN1 ._. 
Most_DAT of_IO the_AT grief_NN1 appears_VVZ to_TO have_VHI been_VBN felt_VVN by_II the_AT smaller_JJR shops_NN2 ._. 
The_AT major_JJ chains_NN2 did_VDD better_RRR ._. 
Furniture_NN1 and_CC carpet_NN1 stores_NN2 are_VBR doing_VDG better_RRR than_CSN most_DAT ,_, as_CSA are_VBR grocers_NN2 ,_, chemists_NN2 ,_, footwear_NN1 and_CC leather_NN1 shops_NN2 ._. 
More_DAR evidence_NN1 that_CST the_AT recession_NN1 may_VM have_VHI bottomed_VVN out_RP came_VVD with_IW news_NN1 of_IO the_AT first_MD rise_NN1 in_II manufacturing_NN1 output_NN1 in_II 26_MC months_NNT2 ._. 
The_AT Government_NN1 said_VVD that_DD1 manufacturing_NN1 output_NN1 grew_VVD by_II 0.3%_FO in_II October_NPM1 ,_, while_CS industrial_JJ output_NN1 rose_VVD by_II 1%_NNU ._. 
Brighter_JJR hopes_NN2 for_IF Pound_NP1 George_NP1 Campbell_NP1 THE_AT fizz_NN1 of_IO the_AT Edinburgh_NP1 summit_NN1 evaporated_VVN and_CC shares_NN2 were_VBDR back_RP in_II limbo_NN1 yesterday_RT ._. 
The_AT FT-SE_NN1 100_MC Index_NN1 shed_VVD around_RG 4_MC points_NN2 at_II 2717.9_MC at_II the_AT close_JJ but_CCB over_II the_AT next_MD few_DA2 weeks_NNT2 all_DB eyes_NN2 will_VM be_VBI on_II the_AT pound_NN1 ._. 
It_PPH1 managed_VVD to_TO hold_VVI its_APPGE own_DA yesterday_RT and_CC if_CS it_PPH1 continues_VVZ to_TO strengthen_VVI the_AT pundits_NN2 reckon_VV0 we_PPIS2 could_VM be_VBI due_JJ for_IF another_DD1 prolonged_JJ rally_NN1 in_II shares_NN2 in_II the_AT New_JJ Year_NNT1 ._. 
Ex-ERM_NN1 ,_, the_AT situation_NN1 looks_VVZ considerably_RR brighter_JJR ._. 
The_AT pound_NN1 has_VHZ found_VVN its_APPGE own_DA level_NN1 and_CC if_CS the_AT UK_NP1 continues_VVZ to_TO creep_VVI out_II21 of_II22 the_AT recession_NN1 with_IW a_AT1 stronger_JJR pound_NN1 ,_, anything_PN1 is_VBZ possible_JJ ._. 
There_EX will_VM be_VBI no_AT need_NN1 for_IF a_AT1 further_JJR cut_NN1 in_II UK_NP1 interest_NN1 rates_NN2 ,_, even_CS21 if_CS22 the_AT Bundesbank_NN1 decides_VVZ to_TO opt_VVI for_IF cheaper_JJR money_NN1 as_CSA its_APPGE own_DA recession_NN1 deepens_VVZ ._. 
However_RR ,_, a_AT1 sizeable_JJ placing_NN1 in_II South_ND1 Wales_NP1 Electricity_NN1 fresh_JJ downgradings_NN2 ,_, and_CC profit_NN1 warnings_NN2 ,_, kept_VVD buyers_NN2 at_II bay_NN1 ._. 
Welsh_JJ Water_NN1 jumped_VVD 13p_NNU to_II 526p_NNU following_II the_AT South_ND1 Wales_NP1 Electricity_NN1 stake_NN1 placed_VVN at_II 460p_NNU ._. 
But_CCB signs_NN2 of_IO life_NN1 were_VBDR visible_JJ ._. 
Guinness_NP1 jumped_VVD 9p_NNU ;_; tobacco_NN1 giant_NN1 BAT_NP1 added_VVD 16p_NNU and_CC there_EX was_VBDZ fresh_JJ buying_NN1 among_II the_AT brewers_NN2 ._. 
Southern_JJ Water_NN1 added_VVD 2p_NNU to_II 455p_NNU following_II good_JJ figures_NN2 and_CC a_AT1 dividend_NN1 raised_VVN by_II 9.2%_FO ._. 
A_ZZ1 profits_VVZ warning_NN1 at_II Wace_NP1 Group_NN1 lopped_VVD 25p_NNU off_II the_AT shares_NN2 at_II 55p_NNU ._. 
But_CCB last_MD week_NNT1 's_GE newcomer_NN1 ,_, National_JJ Express_NN1 ,_, closed_VVD at_II 182p_NNU ,_, up_RP 4p_NNU ._. 
Exhaust_VV0 giant_JJ Kwik-Fit_NP1 was_VBDZ also_RR ahead_RL ,_, up_RP 5p_NNU at_II 101p_NNU on_II talk_NN1 of_IO a_AT1 bid_NN1 from_II Kingfisher_NN1 ,_, owner_NN1 of_IO Woolies_NP1 ._. 
Southern_JJ Electricity_NN1 short-circuited_NN1 ,_, down_RP 2p_NNU at_II 419p._NNU despite_II healthy_JJ interims_NN2 ._. 
Tadpole_NN1 Technology_NN1 sank_VVD 13p_NNU to_II 165p_NNU on_II profit_NN1 taking_VVG ._. 
Computer_NN1 firm_NN1 Pegasus_NP1 had_VHD its_APPGE wings_NN2 clipped_VVN and_CC closed_JJ unchanged_JJ at_II 120p_NNU after_II a_AT1 boardroom_NN1 shake-up_NN1 ._. 
Housebuilder_VV0 Y_ZZ1 J_ZZ1 Lovell_NP1 slipped_VVD p_NNU to_II 10p_NNU after_II exceptional_JJ charges_NN2 sent_VVD it_PPH1 plunging_VVG to_II a_AT1 12.2m_NNU loss_NN1 ._. 
Tunnel_NN1 deadlock_NN1 George_NP1 Campbell_NP1 SANTA_NP1 Claus_NP1 will_VM not_XX be_VBI arriving_VVG courtesy_NN1 of_IO Euro_JJ Tunnel_NN1 ._. 
A_AT1 long-running_JJ cash_NN1 row_NN1 between_II builders_NN2 TML_NP1 and_CC operators_NN2 Eurotunnel_NP1 reached_VVD deadlock_NN1 yesterday_RT ._. 
The_AT two_MC are_VBR in_II dispute_NN1 over_II a_AT1 1.27bn_FO sum_NN1 to_II which_DDQ TML_NP1 (_( Transmanche_NP1 Link_NN1 )_) believes_VVZ it_PPH1 is_VBZ entitled_VVN ._. 
TML_NP1 ,_, a_AT1 10-member_JJ Anglo-French_JJ consortium_NN1 ,_, has_VHZ had_VHN endless_JJ disputes_NN2 with_IW Eurotunnel_NP1 over_II costs_NN2 ._. 
The_AT latest_JJT row_NN1 is_VBZ mainly_RR over_II the_AT cost_NN1 of_IO the_AT fixed_JJ equipment_NN1 for_IF the_AT tunnel_NN1 ._. 
The_AT Tunnel_NN1 is_VBZ due_JJ to_TO open_VVI in_II December_NPM1 1993_MC ,_, but_CCB full_JJ rail_NN1 services_NN2 are_VBR unlikely_JJ to_TO be_VBI operating_VVG before_II mid-1994_MC ._. 
The_AT cost_NN1 of_IO the_AT project_NN1 has_VHZ soared_VVN to_II more_DAR than_CSN 8bn_NNU ._. 
The_AT shares_NN2 crashed_VVD 11p_NNU to_II 329p_NNU ._. 
Debt_NN1 drain_NN1 on_II water_NN1 BAD_JJ debts_NN2 at_II Southern_JJ Water_NN1 more_RRR than_CSN doubled_VVN to_II 2.7m_NNU in_II the_AT first_MD six_MC months_NNT2 to_II end-September_NPM1 ,_, when_CS profits_NN2 rose_VVD 8%_NNU to_II Pounds_NN2 60m_NNU ._. 
Boss_NN1 William_NP1 Courtney_NP1 says_VVZ many_DA2 more_DAR people_NN were_VBDR cut_VVN off_RP for_IF non-payment_NN1 ,_, but_CCB the_AT shares_NN2 added_VVD 2p_NNU to_II 455p_NNU ._. 
Anger_VV0 in_II the_AT glens_NN2 CHANCELLOR_NNB Norman_NP1 Lamont_NP1 came_VVD under_II heavy_JJ fire_NN1 on_II booze_NN1 tax_NN1 yesterday_RT ._. 
Pieda_NN1 ,_, a_AT1 powerful_JJ economic_JJ group_NN1 ,_, has_VHZ attacked_VVN him_PPHO1 for_IF his_APPGE crippling_JJ levy_NN1 on_II whisky_NN1 and_CC says_VVZ the_AT excise_NN1 tax_NN1 policy_NN1 on_II the_AT famous_JJ tipple_NN1 is_58 '_GE against_II the_AT national_JJ interest_NN1 and_CC discriminates_VVZ against_II one_MC1 of_IO the_AT UK_NP1 's_GE top_NN1 five_MC exporters_NN2 '_GE ._. 
Whisky_NN1 has_VHZ export_NN1 earnings_NN2 of_IO 1.8bn_FO and_CC gives_VVZ the_AT Chancellor_NN1 1bn_NNU a_AT1 year_NNT1 ._. 
'_" One_MC1 whisky_NN1 worker_NN1 keeps_VVZ four_MC others_NN2 in_II a_AT1 job_NN1 ,_, '_" says_VVZ Pieda_NP1 boss_NN1 Donald_NP1 McKay_NP1 ._. 
Pieda_NP1 's_GE report_NN1 found_VVD that_CST 56,000_MC jobs_NN2 outside_II the_AT Scotch_JJ whisky_NN1 industry_NN1 depend_VV0 on_II the_AT jobs_NN2 of_IO 15,000_MC employed_VVD directly_RR by_II the_AT big_JJ Scotch_JJ concerns_NN2 ._. 
Seeb_NN1 powers_NN2 to_II a_AT1 rebate_NN1 INVESTORS_NN2 in_II Seeboard_NP1 saw_VVD their_APPGE shares_NN2 spark_VVI to_II life_NN1 again_RT yesterday_RT following_VVG electrifying_JJ figures_NN2 ._. 
The_AT South_ND1 East_ND1 distributor_NN1 enjoyed_VVD a_AT1 midway_NN1 profits_NN2 jump_NN1 of_IO 53%_NNU to_II 9.2m_NNU ._. 
Turnover_NN1 charged_VVN from_II 495m_NNU to_II 524m_NNU and_CC earnings_NN2 per_II share_NN1 climbed_VVD from_II 3.5p_NNU to_II 5.1p_NNU ._. 
Domestic_JJ consumers_NN2 enjoyed_VVD the_AT cheapest_JJT prices_NN2 in_II England_NP1 and_CC Wales_NP1 and_CC will_VM receive_VVI a_AT1 rebate_NN1 ,_, says_VVZ boss_NN1 Sir_NNB Keith_NP1 Stuart_NP1 ._. 
The_AT shares_NN2 jumped_VVD 7p_NNU to_II 440p_NNU ._. 
Cook_NP1 link_NN1 with_IW Owners_NN2 Abroad_RL in_II tours_NN2 battle_VV0 George_NP1 Campbell_NP1 THE_AT battle_NN1 between_II the_AT tour_NN1 operators_NN2 hotted_VVD up_RP yesterday_RT with_IW another_DD1 major_JJ travel_NN1 agent_NN1 link-up_NN1 ._. 
Thomas_NP1 Cook_NP1 ,_, the_AT best-known_JJ name_NN1 on_II the_AT high_JJ street_NN1 ,_, has_VHZ taken_VVN a_AT1 leaf_NN1 out_II21 of_II22 the_AT book_NN1 of_IO Airtours_NP1 (_( which_DDQ owns_VVZ Pickfords_NP2 )_) and_CC has_VHZ snapped_VVN up_RP a_AT1 10.3%_FO stake_VV0 in_II Owners_NN2 Abroad_RL ,_, the_AT UK_NP1 's_GE second_MD biggest_JJT operator_NN1 ._. 
Cook_NP1 ,_, now_RT owned_VVN by_II Germany_NP1 's_GE WestDeutsche_NP1 Landsbank_NP1 and_CC LTU_NP1 ,_, is_VBZ subscribing_VVG for_IF 22.5m_NNU new_JJ shares_NN2 in_II OA_NP1 at_II 100p_NNU each_DD1 and_CC in_II return_NN1 the_AT tour_NN1 operator_NN1 ,_, run_VVN by_II Howard_NP1 Klein_NP1 ,_, is_VBZ investing_VVG 20m_NNU in_II Cook_NP1 9.33%_FO fixed-rate_JJ loan_NN1 notes_NN2 ,_, redeemable_JJ in_II the_AT year_NNT1 2002_MC ._. 
In_II financial_JJ terms_NN2 ,_, it_PPH1 is_VBZ a_AT1 shrewd_JJ move_NN1 for_IF both_DB2 concerns_NN2 because_CS it_PPH1 is_VBZ expected_VVN to_TO boost_VVI Owners_NN2 Abroad_RL profits_VVZ this_DD1 year_NNT1 by_II as_RG much_DA1 as_CSA Pounds_NN2 15m_NNU ._. 
Cook_NP1 ,_, on_II the_AT other_JJ hand_NN1 ,_, will_VM benefit_VVI from_II a_AT1 genuine_JJ boost_NN1 in_II sales_NN ._. 
Both_DB2 companies_NN2 have_VH0 compatible_JJ fleets_NN2 ,_, generating_VVG significant_JJ savings_NN2 in_II maintenance_NN1 ,_, fuel_NN1 buying_NN1 ,_, catering_VVG and_CC other_JJ in-flight_JJ services_NN2 ._. 
Cook_NP1 's_GE determination_NN1 to_TO grab_VVI a_AT1 slice_NN1 of_IO the_AT tour_NN1 operator_NN1 business_NN1 is_VBZ also_RR reflected_VVN in_II the_AT price_NN1 it_PPH1 has_VHZ paid_VVN for_IF its_APPGE stake_NN1 ._. 
The_AT 100p_NNU represents_VVZ a_AT1 21%_NNU premium_NN1 on_II the_AT closing_JJ price_NN1 earlier_RRR in_II the_AT week_NNT1 ._. 
The_AT recession_NN1 ,_, however_RR ,_, has_VHZ blown_VVN a_AT1 hole_NN1 in_II recent_JJ results_NN2 ._. 
In_II its_APPGE last_MD year_NNT1 ,_, Owners_NN2 Abroad_RL profits_NN2 slumped_VVD 19%_NNU to_II 25.5m_NNU ._. 
Rival_VV0 Airtours_NP1 has_VHZ fared_VVN a_RR21@ lot_RR22 better_RRR ._. 
Its_APPGE figures_NN2 unveiled_VVD last_MD week_NNT1 showed_VVD a_AT1 leap_NN1 of_IO 33%_NNU to_II 36.5m_NNU with_IW nearly_RR 8m_NNU stemming_VVG from_II interest_NN1 on_II its_APPGE 155m_NNU cash_NN1 pile_NN1 ._. 
It_PPH1 doubled_VVD the_AT number_NN1 of_IO passengers_NN2 it_PPH1 carries_VVZ to_II 1.65m_NNU ._. 
Owners_NN2 Abroad_RL dipped_VVD 1p_NNU to_II 87p_NNU ;_; Airtours_NP1 added_VVD 1p_NNU to_II 244p_NNU ._. 
Daily_JJ Mail_NN1 profits_NN2 dip_VV0 THE_AT recession_NN1 has_VHZ taken_VVN a_AT1 large_JJ bite_NN1 out_II21 of_II22 profits_NN2 at_II Daily_JJ Mail_NN1 Trust_NN1 ,_, parent_NN1 of_IO the_AT Daily_JJ Mail_NN1 ,_, Mail_NN1 on_II Sunday_NPD1 and_CC the_AT Evening_NNT1 Standard_NN1 ._. 
The_AT crash_NN1 in_II property_NN1 values_NN2 in_II central_JJ London_NP1 has_VHZ resulted_VVN in_II provisions_NN2 of_IO 26.5m_NNU ._. 
This_DD1 has_VHZ slashed_VVN the_AT pre-tax_JJ profit_NN1 figure_NN1 from_II 47.7m_NNU to_II Pounds_NN2 43.8m_NNU for_IF the_AT year_NNT1 to_II September_NPM1 .._... 
A_AT1 final_JJ dividend_NN1 of_IO 98p_NNU (_( against_II 90p_NNU )_) lifts_VVZ the_AT total_NN1 from_II 119p_NNU to_II 130p_NNU ._. 
The_AT shares_NN2 climbed_VVD 9_MC to_II 78_MC ._. 
Aussies_NN2 boost_VV0 cider_NN1 CIDER_NN1 giant_NN1 H_ZZ1 P_ZZ1 Bulmer_NP1 ,_, whose_DDQGE brands_NN2 include_VV0 Strongbow_NN1 and_CC Woodpecker_NP1 ,_, kept_VVD shareholders_NN2 happy_JJ yesterday_RT with_IW tip-top_JJ results_NN2 ._. 
Boss_NN1 Esmond_NP1 Bulmer_NP1 says_VVZ that_DD1 cider_NN1 sales_NN '_GE continue_VV0 to_TO show_VVI great_JJ resistance_NN1 to_II the_AT slump_NN1 '_GE and_CC this_DD1 has_VHZ bumped_VVN half-year_JJ pre-tax_JJ profits_NN2 to_II 10.7m_NNU ,_, a_AT1 jump_NN1 of_IO 18%_NNU on_II the_AT corresponding_JJ period_NN1 ._. 
The_AT threat_NN1 to_II cider_NN1 from_II EC_NP1 duty_NN1 harmonisation_NN1 has_VHZ also_RR evaporated_VVN ,_, paving_VVG the_AT way_NN1 for_IF a_AT1 big_JJ drive_NN1 into_II Europe_NP1 ._. 
Aussies_NN2 have_VH0 also_RR developed_VVN a_AT1 taste_NN1 for_IF the_AT drink_NN1 ,_, despite_II strong_JJ competition_NN1 from_II lager_NN1 ._. 
Australian_JJ profits_NN2 leapt_VVD by_II 55%_NNU ._. 
Analysts_NN2 forecast_VV0 18.5m_NNU in_II the_AT full_JJ year_NNT1 (_( 17m_NNU )_) ._. 
The_AT shares_NN2 rose_VVD 9p_NNU to_II 400p_NNU ._. 
Market_VV0 Report_NN1 SHARES_NN2 in_II Mirror_NN1 Group_NN1 Newspapers_NN2 jumped_VVD 4p_NNU to_II 90p_NNU yesterday_RT on_II speculation_NN1 of_IO a_AT1 major_JJ placing_NN1 ._. 
Observers_NN2 reckon_VV0 that_CST 52%_NNU of_IO the_AT company_NN1 ,_, currently_RR in_II the_AT hands_NN2 of_IO Maxwell_NP1 's_GE administrators_NN2 ,_, will_VM be_VBI sold_VVN to_II institutions_NN2 at_II around_II the_AT 125p_NNU mark_NN1 ._. 
A_AT1 pre-Christmas_JJ rally_NN1 got_VVD underway_RR on_II hopes_NN2 that_CST the_AT economy_NN1 will_VM gather_VVI momentum_NN1 in_II the_AT New_JJ Year_NNT1 ._. 
The_AT FT-SE_NN1 100_MC Index_NN1 shook_VVD off_RP lacklustre_JJ retail_JJ sales_NN figures_NN2 and_CC shot_VVD ahead_RL by_II 15_MC points_NN2 ._. 
The_AT pound_NN1 was_VBDZ in_II no-man_NN1 's_GE land_NN1 but_CCB there_EX were_VBDR some_DD gains_NN2 in_II blue_JJ chip_NN1 and_CC second_MD line_NN1 shares_NN2 as_CSA buyers_NN2 got_VVD a_AT1 whiff_NN1 of_IO a_AT1 brighter_JJR 1993_MC ._. 
Brewers_NN2 ,_, banks_NN2 ,_, leisure_NN1 stocks_NN2 and_CC stores_NN2 were_VBDR in_II the_AT vanguard_NN1 ._. 
There_EX is_VBZ also_RR speculation_NN1 of_IO a_AT1 mini-revival_NN1 in_II the_AT battered_JJ property_NN1 market_NN1 ._. 
A_ZZ1 52%_NNU profits_NN2 leap_VV0 to_II 39.5m_NNU at_II Northern_JJ Electric_NN1 sent_VVD the_AT shares_NN2 to_II 453p_NNU ,_, a_AT1 jump_NN1 of_IO 7p_NNU ._. 
Alvis_NP1 climbed_VVD 5p_NNU to_II 19p_NNU ,_, despite_II a_AT1 71%_NNU plunge_NN1 in_II profits_NN2 to_II Pounds_NN2 1.1m_NNU ._. 
It_PPH1 is_VBZ also_RR laying_VVG off_II 230_MC of_IO its_APPGE 750_MC Coventry_NP1 staff_NN ._. 
Food_NN1 giant_NN1 Hillsdown_NP1 Holdings_NN2 added_VVD 8p_NNU to_II 130p_NNU after_II a_AT1 maintained_JJ dividend_NN1 forecast_NN1 and_CC boardroom_NN1 shake-up_NN1 ._. 
High_JJ street_NN1 retailer_NN1 Argos_NP1 dipped_VVD 7p_NNU to_II 277p_NNU after_II a_AT1 Panmure_NN1 downgrading_NN1 ._. 
Electricity_NN1 bosses_NN2 slash_VV0 power_NN1 bills_NN2 in_II the_AT Dales_NN2 Clare_NP1 Stewart_NP1 GOOD_JJ news_NN1 for_IF shareholders_NN2 and_CC customers_NN2 out_RP now_RT from_II Yorkshire_NP1 Electricity_NN1 ._. 
Customers_NN2 can_VM look_VVI forward_RL to_II an_AT1 5_MC cut_VV0 in_II their_APPGE standing_NN1 charges_NN2 while_CS a_AT1 15%_NNU dividend_NN1 rise_NN1 to_II 6p_NNU is_VBZ on_II the_AT way_NN1 for_IF shareholders_NN2 ._. 
Yorkshire_NP1 Electricity_NN1 ,_, regarded_VVN as_II one_MC1 of_IO the_AT sparkier_JJR electricity_NN1 companies_NN2 ,_, generated_VVD better_RRR than_CSN expected_JJ profits_NN2 at_II the_AT half_DB year_NNT1 up_RP 28%_NNU to_II 42.5m_NNU despite_II increased_JJ provisions_NN2 of_IO 24m_NNU against_II restructuring_VVG costs_NN2 ._. 
Chairman_NN1 John_NP1 Tysoe_NP1 says_VVZ that_CST the_AT Yorkshire_NP1 and_CC Humberside_NP1 region_NN1 '_GE continues_VVZ to_TO show_VVI a_AT1 marked_JJ relative_JJ resilience_NN1 despite_II the_AT recession_NN1 ._. 
'_GE And_CC demand_VV0 at_II the_AT beginning_NN1 of_IO the_AT second_MD half_NN1 has_VHZ shown_VVN '_GE an_AT1 encouraging_JJ increase_NN1 ._. 
'_GE The_AT increased_JJ profitability_NN1 comes_VVZ after_II cost_NN1 cutting_NN1 ,_, with_IW 200_MC job_NN1 losses_NN2 this_DD1 year_NNT1 contributing_VVG to_II a_AT1 2%_NNU drop_NN1 in_II operating_VVG costs_NN2 ,_, with_IW a_AT1 further_JJR 200_MC to_TO go_VVI in_II 1993_MC ._. 
The_AT reduced_JJ cost_NN1 of_IO electricity_NN1 purchased_VVN by_II the_AT company_NN1 as_II31 well_II32 as_II33 lower_JJR inflation_NN1 is_VBZ fuelling_VVG the_AT 13m_NNU of_IO customer_NN1 refunds_NN2 ._. 
A_ZZ1 0.8%_FO increase_VV0 in_II distribution_NN1 to_II industrial_JJ customers_NN2 offset_VV0 a_AT1 fall_NN1 in_II demand_NN1 from_II domestic_JJ and_CC commercial_JJ customers_NN2 ._. 
Its_APPGE supply_NN1 business_NN1 ,_, to_II customers_NN2 outside_II its_APPGE geographical_JJ area_NN1 ,_, showed_VVD an_AT1 increased_JJ loss_NN1 of_IO 18.3m_NNU but_CCB a_AT1 profit_NN1 is_VBZ expected_VVN in_II the_AT full_JJ year_NNT1 ._. 
Non-core_JJ businesses_NN2 including_II its_APPGE retailing_NN1 arm_NN1 was_VBDZ back_RP in_II the_AT black_JJ with_IW profits_NN2 of_IO 1.7m_NNU ._. 
Last_MD month_NNT1 Yorkshire_NP1 announced_VVD plans_NN2 to_TO merge_VVI its_APPGE retailing_NN1 business_NN1 with_IW East_ND1 Midland_NP1 Electricity_NN1 to_TO create_VVI a_AT1 chain_NN1 of_IO more_DAR than_CSN 100_MC shops_NN2 ._. 
Analysts_NN2 are_VBR looking_VVG for_IF full-year_JJ profits_NN2 approaching_VVG 160m_NNU ,_, after_CS the_AT important_JJ second_MD half_NN1 ._. 
The_AT level_NN1 of_IO price_NN1 increases_VVZ for_IF 1993-94_MCMC have_VH0 yet_RR to_TO be_VBI announced_VVN ._. 
Tariffs_NN2 in_II the_AT past_NN1 have_VH0 been_VBN among_II the_AT lowest_RRT in_II the_AT country_NN1 ,_, with_IW a_AT1 2%_NNU rise_NN1 in_II 1991-92_MCMC ._. 
The_AT shares_NN2 added_VVD 5p_NNU to_II 473p_NNU ._. 
Market_VV0 Report_NN1 SHARES_NN2 shook_VVD off_RP a_AT1 massive_JJ jump_NN1 in_II the_AT jobless_JJ figure_NN1 and_CC went_VVD up_RP again_RT yesterday_RT ._. 
More_DAR than_CSN one_MC1 in_II 10_MC are_VBR now_RT on_II the_AT dole_NN1 but_CCB the_AT green_JJ shoots_NN2 of_IO recovery_NN1 are_VBR showing_VVG through_II which_DDQ gave_VVD a_AT1 welcome_JJ boost_NN1 to_II prices_NN2 ._. 
The_AT FT-SE_NN1 100_MC Index_NN1 continued_VVD Wednesday_NPD1 's_GE rally_NN1 and_CC climbed_VVD 15_MC points_NN2 before_II ending_VVG the_AT session_NNT1 with_IW a_AT1 rise_NN1 of_IO 7.5_MC to_II 2740.3_MC ._. 
British_JJ Airways_NN2 added_VVD 2p_NNU to_II 280p_NNU following_II the_AT go_NN1 ahead_RL on_II its_APPGE link_NN1 with_IW Qantas_NP2 ._. 
British_JJ Gas_NN1 was_VBDZ also_RR in_II demand_NN1 up_RP 3p_NNU at_II 270p_NNU after_II an_AT1 Ofgas_NN2 report_VV0 suggesting_VVG the_AT giant_NN1 should_VM be_VBI split_VVN in_II two_MC ._. 
Mirror_NN1 Group_NN1 Newspapers_NN2 touched_VVD 92p_NNU ,_, but_CCB closed_JJ unchanged_JJ at_II 90p_NNU ._. 
Barclays_NP1 dived_VVD 10p_NNU to_II 377p_NNU as_II brokers_NN2 downgraded_VVD their_APPGE forecasts_NN2 in_II the_AT wake_NN1 of_IO 240m_NNU provisions_NN2 at_II property_NN1 giant_NN1 Imry_NN1 ._. 
Rolls-Royce_NP1 rocketed_VVD following_VVG confirmation_NN1 of_IO add-ons_NN2 to_II a_AT1 the_AT multi-million_JJ Harrier_NN1 II_MC combat_VV0 aircraft_NN order_NN1 from_II the_AT Italian_JJ air_NN1 force_NN1 ._. 
Bolstering_VVG the_AT deal_NN1 with_IW 13_MC new_JJ Pegasus_NP1 power_NN1 packs_NN2 pushed_VVD the_AT shares_NN2 up_RP 5p_NNU to_II 114p_NNU ._. 
Homes_NN2 on_II the_AT move_NN1 THE_AT first_MD signs_NN2 of_IO spring_NN1 flowers_NN2 are_VBR showing_VVG through_RP in_II the_AT housing_NN1 market_NN1 ,_, according_II21 to_II22 a_AT1 report_NN1 yesterday_RT ._. 
Estate_NN1 agents_NN2 right_RR across_II the_AT country_NN1 are_VBR swinging_VVG back_RP into_II action_NN1 and_CC The_AT Royal_JJ Institute_NN1 of_IO Chartered_JJ Surveyors_NN2 says_VVZ that_CST rising_JJ activity_NN1 has_VHZ continued_VVN this_DD1 month_NNT1 ._. 
There_EX is_VBZ vast_JJ supply_NN1 of_IO '_GE keenly_RR priced_JJ '_GE houses_NN2 and_CC pent-up_JJ demand_NN1 is_VBZ high_JJ ,_, it_PPH1 says_VVZ ._. 
Merrydown_NP1 gets_VVZ a_AT1 welcome_JJ slurp_NN1 An_AT1 8m_NNU deal_VV0 to_TO acquire_VVI two_MC soft_JJ drinks_NN2 brands_NN2 put_VV0 the_AT fizz_NN1 back_RP into_II shares_NN2 of_IO Merrydown_NP1 Wine_NN1 ,_, battered_VVN after_II its_APPGE poor_JJ results_NN2 this_DD1 year_NNT1 ._. 
Yesterday_RT 's_GE deal_NN1 to_TO acquire_VVI fruit_NN juice_NN1 brand_NN1 Shloer_NN1 and_CC lemon_NN1 drink_NN1 PLJ_NP1 from_II SmithKline_NP1 Beecham_NP1 helped_VVD shares_NN2 rise_VVI 23p_NNU to_II 248p_NNU ._. 
Merrydown_NP1 is_VBZ financing_VVG the_AT move_NN1 with_IW a_AT1 share_NN1 placing_NN1 and_CC offer_VV0 to_TO raise_VVI just_RR over_RG 5m_NNU ._. 
The_AT offer_NN1 is_VBZ one_MC1 new_JJ share_NN1 for_IF every_AT1 3_MC held_VVD ,_, priced_VVN at_II 205p_NNU ._. 
The_AT company_NN1 is_VBZ also_RR to_TO change_VVI its_APPGE name_NN1 from_II Merrydown_NP1 Wine_NN1 to_II Merrydown_NP1 plc_NN1 and_CC is_VBZ applying_VVG to_TO move_VVI up_RP from_II the_AT USM_NP1 to_II the_AT main_JJ market_NN1 in_II January_NPM1 ._. 
The_AT cider_NN1 and_CC wine_NN1 company_NN1 has_VHZ been_VBN building_VVG its_APPGE soft_JJ drinks_NN2 portfolio_NN1 with_IW the_AT acquisitions_NN2 of_IO the_AT Piermont_NP1 and_CC Sorelle_NP1 brands_VVZ earlier_RRR this_DD1 year_NNT1 ._. 
Merrydown_NP1 's_GE boss_NN1 Richard_NP1 Purdey_NP1 believes_VVZ there_RL is_58 '_GE considerable_JJ scope_NN1 '_GE for_IF boosting_VVG sales_NN of_IO Shloer_NP1 and_CC PLJ_NP1 ._. 
For_IF the_AT half_DB year_NNT1 to_II September_NPM1 ,_, Merrydown_NP1 reported_VVD profits_NN2 down_RP 19%_NNU to_II 760,000_MC reflecting_VVG strong_JJ competition_NN1 ._. 
Air_NN1 waves_NN2 buzz_FU for_IF Classic_JJ FM_NN1 A_ZZ1 REVIVAL_NN1 in_II local_JJ radio_NN1 has_VHZ put_VVN the_AT icing_NN1 on_II the_AT cake_NN1 for_IF GWR_NP1 ,_, the_AT M4_FO corridor_NN1 operator_NN1 which_DDQ also_RR has_VHZ a_AT1 large_JJ slice_NN1 of_IO Classic_JJ FM_NN1 for_IF which_DDQ TV_NN1 star_NN1 Henry_NP1 Kelly_NP1 is_VBZ a_AT1 regular_JJ presenter_NN1 ._. 
Pre-tax_JJ profits_NN2 for_IF the_AT year_NNT1 to_II September_NPM1 have_VH0 mushroomed_VVN 112%_NNU to_II 721,000_MC and_CC boss_NN1 Ralph_NP1 Bernard_NP1 reckons_VVZ there_EX is_VBZ more_DAR to_TO come_VVI this_DD1 year_NNT1 ._. 
Its_APPGE four_MC franchises_NN2 in_II the_AT South_ND1 West_ND1 are_VBR booming_VVG due_II21 to_II22 a_AT1 successful_JJ advertiing_JJ formula_NN1 ._. 
Local_JJ advertising_NN1 revenue_NN1 is_VBZ up_RP 16%_NNU and_CC sponsorship_NN1 revenue_NN1 is_VBZ ahead_RL no_AT less_DAR than_CSN 71%_NNU ._. 
Overall_RR listening_JJ figures_NN2 climbed_VVD 10%_NNU and_CC all_DB stations_NN2 are_VBR in_II profit_NN1 from_II local_JJ income_NN1 alone_RR ._. 
'_GE The_AT launch_NN1 of_IO the_AT new_JJ GWR_NP1 FM_NN1 is_VBZ the_AT spring_NN1 resulted_VVN in_II a_AT1 23%_NNU increase_NN1 in_II hours_NNT2 in_II Bristol_NP1 and_CC Bath_NP1 and_CC the_AT Swindon-West_ND1 Wiltshire_NP1 areas_NN2 ,_, '_" says_VVZ Bernard_NP1 ._. 
The_AT divi_NN1 is_VBZ up_RP from_II 4p_NNU to_II 7p_NNU and_CC the_AT shares_NN2 ,_, which_DDQ peaked_VVD at_II 755p_NNU in_II 1989_MC ,_, jumped_VVD 7p_NNU to_II 297p_NNU ._. 
Top_VV0 up_RP at_II Wessex_NP1 WESSEX_NP1 Water_NN1 saw_VVD profits_NN2 rise_VVI 11.3%_FO to_II 44.3m_NNU in_II the_AT first_MD half_NN1 helped_VVN by_II a_AT1 tight_JJ control_NN1 of_IO costs_NN2 and_CC improved_JJ results_NN2 from_II its_APPGE non_FU core_NN1 businesses_NN2 ._. 
The_AT interim_JJ dividend_NN1 is_VBZ up_II 10.6%_FO to_II 7.3p_NNU ._. 
Chairman_NN1 Nicholas_NP1 Hood_NP1 described_VVD the_AT regulated_JJ business_NN1 as_CSA performing_VVG well_RR ,_, with_IW its_APPGE waste_NN1 management_NN1 company_NN1 boosting_VVG profits_NN2 to_II 3.2m_NNU ._. 
Wessex_NP1 shares_NN2 added_VVD 7p_NNU to_II 584p_NNU ._. 
Things_NN2 look_VV0 tasty_JJ down_RP at_II the_AT local_JJ MORE_DAR people_NN are_VBR looking_VVG in_RP at_II the_AT local_JJ ,_, if_CS figures_NN2 from_II West_ND1 Country_NN1 brewer_NN1 Devenish_NN1 are_VBR any_DD guide_NN1 ._. 
Profits_NN2 for_IF 1991-92_MCMC have_VH0 jumped_VVN 2m_NNU to_II 13.6m_NNU and_CC its_APPGE pubs_NN2 total_NN1 has_VHZ rocketed_VVN from_II 376_MC to_II 532_MC ._. 
But_CCB Devenish_NN1 is_VBZ discovering_VVG that_CST there_EX is_VBZ as_RG much_DA1 profit_NN1 on_II a_AT1 plate_NN1 as_CSA in_II a_AT1 pint_NNU1 ._. 
It_PPH1 has_VHZ snapped_VVN up_RP 28_MC Roast_JJ Inns_NN2 and_CC Henry_NP1 's_GE Cafe_NN1 Bars_NN2 from_II Whitbread_NP1 and_CC aims_VVZ to_TO buy_VVI more_RRR ._. 
The_AT question_NN1 is_VBZ whether_CSW rival_JJ Boddingtons_NP will_NN1 return_VVI to_II the_AT fray_NN1 ._. 
Its_APPGE 128m_NNU bid_NN1 (_( worth_II 210p_NNU a_AT1 share_NN1 )_) failed_VVD 18_MC months_NNT2 ago_RA ,_, but_CCB it_PPH1 still_RR has_VHZ 20%_NNU ._. 
A_AT1 new_JJ bid_NN1 at_II yesterday_RT 's_GE price_NN1 of_IO 259p_NNU would_VM cost_VVI 160m_NNU ._. 
But_CCB Devenish_JJ shareholders_NN2 get_VV0 a_AT1 dividend_NN1 sweetener_NN1 ._. 
The_AT final_NN1 is_VBZ up_RP from_II 5.05p_NNU to_II 6.35p_NNU pushing_VVG the_AT total_NN1 to_II 7.85p_NNU ,_, a_AT1 jump_NN1 of_IO 25.6%_FO ._. 
Spoiling_VVG the_AT party_NN1 TOP_NN1 tax_NN1 expert_NN1 Leslie_NP1 Ferrar_NN1 of_IO KPMG_NP1 reckons_VVZ the_AT Tax_NN1 man_NN1 is_VBZ keeping_VVG a_AT1 sharp_JJ eye_NN1 on_II Christmas_NNT1 parties_NN2 ._. 
The_AT Inland_JJ Revenue_NN1 does_VDZ not_XX tax_VVI the_AT benefit_NN1 where_CS the_AT cost_NN1 is_VBZ modest_JJ ,_, but_CCB if_CS a_AT1 company_NN1 goes_VVZ over_II the_AT 50_MC a_AT1 head_NN1 bracket_NN1 ,_, look_VV0 out_RP ._. 
Hampers_NN2 ,_, turkeys_NN2 ,_, wines_NN2 and_CC spirits_NN2 are_VBR also_RR treated_VVN as_II a_AT1 benefit_NN1 and_CC employees_NN2 P11Ds_FO should_VM show_VVI the_AT cost_NN1 to_II the_AT employer_NN1 ._. 
Shares_NN2 surge_VV0 10bn_NNU George_NP1 Campbell_NP1 SHARES_NN2 surged_VVD to_II within_II a_AT1 whisker_NN1 of_IO their_APPGE all-time_JJ high_JJ yesterday_RT following_VVG a_AT1 brighter_JJR outlook_NN1 for_IF the_AT economy_NN1 ._. 
A_AT1 handsome_JJ 10bn_NNU flooded_VVN into_II the_AT market_NN1 on_II the_AT back_NN1 of_IO a_AT1 healthier_JJR manu_NN1 facturing_VVG order_NN1 book_NN1 combined_VVN with_IW a_AT1 bumper_JJ trade_NN1 balance_NN1 boosted_VVN by_II invisibles_NN2 like_II tourism_NN1 ._. 
This_DD1 triggered_VVD a_AT1 mini_JJ buying_NN1 stampede_NN1 and_CC the_AT FT-SE_NN1 100_MC Index_NN1 soared_VVD 49.4_MC points_NN2 to_II 2789.7_MC ,_, just_RR 2_MC points_NN2 below_II its_APPGE peak_NN1 ._. 
Banks_NN2 ,_, builders_NN2 ,_, brewers_NN2 ,_, stores_NN2 and_CC leisure_NN1 stocks_NN2 roared_VVD ahead_RL ._. 
The_AT CBI_NP1 says_VVZ that_DD1 order_NN1 books_NN2 are_VBR picking_VVG up_RP and_CC this_DD1 follows_VVZ brighter_JJR news_NN1 on_II retail_JJ sales_NN ._. 
British_JJ Airways_NN2 soared_VVD 12p_NNU to_II 293p_NNU ;_; electricity_NN1 and_CC water_NN1 shares_NN2 surged_VVD ;_; building_NN1 shares_NN2 rallied_VVD ,_, banana_NN1 giant_NN1 Geest_NP1 jumped_VVD 55p_NNU to_II 345p_NNU and_CC there_EX were_VBDR double-digit_JJ gains_NN2 in_II stores_NN2 and_CC pharmaceuticals_NN2 ._. 
Consumer_NN1 recovery_NN1 hopes_NN2 pushed_VVD Kingfisher_NN1 (_( Woolies_NP1 )_) to_II 580p_NNU ,_, up_RP 15p_NNU ._. 
But_CCB National_JJ Lottery_NN1 worries_NN2 hit_VVD pools_NN2 shares_NN2 and_CC Zetters_NP1 sank_VVD 7p_NNU to_II 86p_NNU ._. 
Tesco_NP1 leap_NN1 in_II Europe_NP1 Clare_NP1 Stewart_NP1 SUPERMARKET_NN1 giant_NN1 Tesco_NP1 is_VBZ stacking_NN1 up_RP its_APPGE continental_JJ shelf_NN1 with_IW the_AT 150m_NNU acquisition_NN1 of_IO a_AT1 majority_NN1 stake_NN1 in_II French_JJ retail_JJ chain_NN1 Catteau_NN1 ._. 
The_AT move_NN1 marks_VVZ a_AT1 first_MD step_NN1 into_II Europe_NP1 by_II Tesco_NP1 ,_, which_DDQ has_VHZ been_VBN tipped_VVN for_IF a_AT1 Euro_JJ deal_NN1 for_IF some_DD time_NNT1 ._. 
The_AT family-owned_JJ Catteau_NN1 group_NN1 operates_VVZ 90_MC supermarkets_NN2 across_II northern_JJ France_NP1 and_CC made_VVD profits_NN2 of_IO 15m_NNU in_II 1991_MC ._. 
Tesco_NP1 shares_NN2 responded_VVN to_II the_AT tasty_JJ deal_NN1 rising_VVG 8p_NNU to_II 253p_NNU ._. 
Supermarket_NN1 group_NN1 Asda_NP1 delivered_VVD a_AT1 Christmas_NNT1 bonus_NN1 in_II the_AT shape_NN1 of_IO much_DA1 improved_JJ profits_NN2 for_IF the_AT half_DB year_NNT1 to_II November_NPM1 ._. 
Beating_VVG expectations_NN2 Asda_NP1 rang_VVD up_RP of_IO profits_NN2 of_IO 46.1m_NNU against_II Pounds_NN2 10.1m_NNU last_MD time_NNT1 ._. 
Operating_VVG profits_NN2 rose_VVD 9.4%_FO to_II 91.9m_NNU ._. 
The_AT shares_NN2 jumped_VVD 7p_NNU to_II 61p_NNU ._. 
Cashpoint_NN1 A_ZZ1 NEW_JJ investment_NN1 account_NN1 for_IF companies_NN2 ,_, clubs_NN2 and_CC societies_NN2 is_VBZ available_JJ from_II the_AT Norwich_NP1 and_CC Peterborough_NP1 Building_NN1 Society_NN1 ._. 
The_AT Business_NN1 Extra_JJ account_NN1 pays_VVZ up_RG21 to_RG22 7%_NNU gross_NNO ,_, and_CC offers_NN2 instant_JJ access_NN1 without_IW penalty_NN1 ._. 
YOUNG_JJ savers_NN2 with_IW the_AT TSB_NP1 could_VM win_VVI vouchers_NN2 worth_II 150_MC in_II a_AT1 Christmas_NNT1 competition_NN1 that_CST runs_VVZ until_II January_NPM1 8_MC ._. 
BIG_JJ savers_NN2 with_IW more_DAR than_CSN 30,000_MC to_TO invest_VVI are_VBR offered_VVN 9.25%_FO on_II the_AT Select_JJ Gold_NN1 Account_NN1 at_II the_AT Life_NN1 Association_NN1 of_IO Scotland_NP1 ._. 
The_AT depositor_NN1 can_VM invest_VVI in_II any_DD of_IO the_AT leading_JJ building_NN1 societies_NN2 and_CC receive_VV0 special_JJ tax_NN1 status_NN1 ,_, with_IW interest_NN1 taxed_VVN at_II 25%_NNU ._. 
NEW_JJ fixed_JJ rates_NN2 now_RT out_RP included_VVD 7.99%_FO from_II the_AT Royal_JJ Bank_NN1 of_IO Scotland_NP1 ;_; 6.99%_FO from_II Nottingham_NP1 Building_NN1 Society_NN1 and_CC 8.55%_FO from_II the_AT Prudential_NP1 ._. 
Winners_NN2 hang_VV0 on_RP to_II their_APPGE success_NN1 WINNING_VVG business_NN1 awards_NN2 is_VBZ often_RR the_AT commercial_JJ equivalent_NN1 of_IO appearing_VVG in_II Hello_UH magazine_NN1 ._. 
No_AT sooner_RRR has_VHZ the_AT smiling_JJ executive_NN1 received_VVD the_AT accolade_NN1 or_CC the_AT happy_JJ couple_NN1 been_VBN shown_VVN in_II their_APPGE glamorous_JJ home_NN1 ,_, than_CSN the_AT axe_NN1 seems_VVZ to_TO fall_VVI ,_, as_CSA the_AT high_JJ flyer_NN1 is_VBZ ousted_VVN and_CC the_AT divorce_NN1 lawyers_NN2 summoned_VVD ._. 
The_AT Veuve_NP1 Clicquot_NP1 Business_NN1 Woman_NN1 of_IO the_AT Year_NNT1 Award_NN1 has_VHZ had_VHN a_AT1 happier_JJR track_NN1 record_NN1 ._. 
Now_RT in_II its_APPGE 20th_MD year_NNT1 ,_, it_PPH1 has_VHZ few_DA2 black_JJ marks_NN2 among_II its_APPGE winners_NN2 ._. 
The_AT most_RGT recent_JJ holders_NN2 include_VV0 Phyllis_NP1 Cunningham_NP1 ,_, chief_JJ executive_NN1 of_IO the_AT Royal_JJ Marsden_NN1 Hospital_NN1 in_II London_NP1 ,_, Prue_NP1 Leith_NP1 of_IO catering_NN1 and_CC restaurant_NN1 group_NN1 Leith_NP1 's_GE ,_, Anne_NP1 Gloag_NP1 ,_, chairman_NN1 of_IO Scottish_JJ bus_NN1 company_NN1 ,_, Stagecoach_NN1 Holdings_NN2 ,_, and_CC Mair_NP1 Barnes_NP1 ,_, managing_JJ director_NN1 at_II Woolworths_NP ._. 
All_DB are_VBR still_RR very_RG much_DA1 in_II business_NN1 ._. 
Would-be_JJ holders_NN2 of_IO this_DD1 award_NN1 (_( and_CC birthday_NN1 champers_NN2 for_IF life_NN1 )_) have_VH0 until_II January_NPM1 31_MC to_TO be_VBI nominated_VVN ,_, or_CC nominate_VV0 themselves_PPX2 ,_, with_IW the_AT winner_NN1 announced_VVN in_II April_NPM1 ._. 
It_PPH1 is_VBZ sponsored_VVN by_II champagne_NN1 house_NN1 Veuve_NP1 Clicquot_NP1 ,_, founded_VVN by_II the_AT redoubtable_JJ Mme_NNB Clicquot_NP1 ._. 
The_AT awards_NN2 both_RR recognise_VV0 achievement_NN1 and_CC encourage_VV0 up-and-coming_JJ business_NN1 women_NN2 ._. 
Heseltine_NP1 backs_VVZ down_RP on_II terror_NN1 bomb_NN1 cover_NN1 Cathy_NP1 Gunn_NP1 CITY_NN1 people_NN will_VM celebrate_VVI Christmas_NNT1 with_IW lighter_JJR hearts_NN2 ._. 
This_DD1 morning_NNT1 ,_, Board_NN1 of_IO Trade_NN1 President_NNB Michael_NP1 Heseltine_NP1 is_VBZ expected_VVN to_TO cave_NN1 in_RP to_II City_NN1 pressure_NN1 ,_, and_CC commit_VV0 the_AT Government_NN1 to_II contributing_VVG money_NN1 to_II an_AT1 insurance_NN1 pool_NN1 to_TO cover_VVI commercial_JJ property_NN1 against_II terrorist_JJ attack_NN1 ._. 
New_JJ Lord_NN1 Mayor_NN1 of_IO London_NP1 Francis_NP1 McWiliams_NP1 is_VBZ said_VVN to_TO have_VHI played_VVN a_AT1 key_JJ role_NN1 in_II persuading_VVG Mr_NNB Heseltine_NP1 to_TO turn_VVI again_RT ._. 
The_AT Government_NN1 's_GE earlier_JJR reluctance_NN1 to_TO put_VVI its_APPGE hand_NN1 in_II its_APPGE pocket_NN1 had_VHD led_VVN property_NN1 experts_NN2 to_TO accuse_VVI it_PPH1 of_IO unwittingly_RR aiding_VVG and_CC abetting_VVG the_AT IRA_NP1 's_GE efforts_NN2 to_TO disrupt_VVI the_AT City_NN1 ._. 
They_PPHS2 feared_VVD that_CST ,_, without_IW proper_JJ cover_NN1 ,_, the_AT City_NN1 would_VM lose_VVI out_RP as_II an_AT1 international_JJ financial_JJ centre_NN1 as_CSA large_JJ overseas_JJ institutions_NN2 moved_VVD their_APPGE European_JJ offices_NN2 to_II less-exposed_JJ capitals_NN2 ._. 
London_NP1 ,_, City_NN1 workers_NN2 ,_, and_CC Britain_NP1 's_GE balance_NN1 of_IO payments_NN2 ,_, all_DB stood_VVD to_TO lose_VVI billions_NNO2 if_CSW that_DD1 happened_VVD something_PN1 the_AT Government_NN1 ,_, in_II its_APPGE desire_NN1 to_TO cut_VVI public_JJ spending_NN1 ,_, seemed_VVD remarkably_RR slow_JJ to_TO grasp_VVI ._. 
The_AT drama_NN1 blew_VVD up_RP ,_, so_RR to_TO speak_VVI ,_, when_CS top_JJ reinsurance_NN1 companies_NN2 refused_VVD to_TO offer_VVI cover_NN1 for_IF next_MD year_NNT1 against_II terrorist_JJ attack_NN1 after_II counting_VVG the_AT 800m_NNU cost_NN1 of_IO last_MD April_NPM1 's_GE expensive_JJ election_NN1 night_NNT1 bomb_NN1 in_II the_AT City_NN1 ._. 
London_NP1 is_VBZ seen_VVN as_II the_AT insurance_NN1 capital_NN1 of_IO the_AT world_NN1 ._. 
But_CCB top_JJ insurers_NN2 said_VVD terrorism_NN1 was_VBDZ a_AT1 political_JJ problem_NN1 not_XX a_AT1 commercial_JJ one_PN1 ,_, so_CS the_AT Government_NN1 should_VM pick_VVI up_RP at_RR21 least_RR22 part_NN1 of_IO the_AT tab_NN1 for_IF future_JJ claims_NN2 ._. 
It_PPH1 already_RR pays_VVZ all_DB claims_NN2 of_IO more_DAR than_CSN 220_MC in_II Northern_NP1 Ireland_NP1 at_II a_AT1 cost_NN1 of_IO 680m_NNU over_II the_AT past_JJ 23_MC years_NNT2 ._. 
But_CCB the_AT Government_NN1 was_VBDZ not_XX keen_JJ to_TO give_VVI blanket_NN1 cover_NN1 on_II the_AT mainland_NN1 ._. 
True_JJ to_II modern_JJ Tory_JJ principles_NN2 ,_, it_PPH1 said_VVD the_AT insurance_NN1 market_NN1 should_VM find_VVI a_AT1 solution_NN1 on_II its_APPGE own_DA forgetting_VVG that_CST even_RR the_AT battered_JJ UK_NP1 insurance_NN1 market_NN1 can_VM ,_, and_CC sometimes_RT does_VDZ ,_, reject_VV0 unappealing_VVG business_NN1 ._. 
'_" Not_XX a_AT1 risk_NN1 we_PPIS2 want_VV0 to_TO cover_VVI alone_RR at_II any_DD price_NN1 ._. 
Sorry_JJ chaps_NN2 ,_, '_GE the_AT insurers_NN2 said_VVD ._. 
Market_VV0 karma_NN1 had_VHD (_( as_CSA the_AT old_JJ joke_NN1 goes_VVZ )_) just_RR run_VVN over_II the_AT Tory_JJ dogma_NN1 and_CC the_AT shock_NN1 has_VHZ brought_VVN the_AT Government_NN1 to_II heel_NN1 ._. 
With_IW many_DA2 companies_NN2 '_GE insurance_NN1 arrangements_NN2 due_JJ for_IF renewal_NN1 from_II December_NPM1 31_MC ,_, financial_JJ institutions_NN2 had_VHD faced_VVN starting_VVG the_AT New_JJ Year_NNT1 exposed_VVD to_TO ruin_VVI should_VM other_JJ City_NN1 buildings_NN2 become_VV0 the_AT terrorist_JJ targets_NN2 ._. 
But_CCB industries_NN2 right_RR across_II the_AT UK_NP1 faced_VVD the_AT same_DA risk_NN1 ._. 
Most_DAT City_NN1 firms_NN2 rent_VV0 their_APPGE office_NN1 space_NN1 from_II the_AT big_JJ institutions_NN2 that_CST invest_VV0 in_II commercial_JJ developments_NN2 ._. 
Leases_NN2 are_VBR long_JJ ,_, perhaps_RR 25_MC years_NNT2 ,_, and_CC tenants_NN2 agree_VV0 to_TO be_VBI responsible_JJ for_IF general_JJ insurance_NN1 and_CC repairs_NN2 ._. 
Policies_NN2 usually_RR cover_VV0 such_DA things_NN2 as_CSA riot_NN1 and_CC falling_VVG objects_NN2 ._. 
But_CCB if_CS the_AT entire_JJ building_NN1 is_VBZ so_RR damaged_VVN that_CST it_PPH1 has_VHZ to_TO be_VBI torn_VVN down_RP and_CC rebuilt_JJ ,_, the_AT landlord_NN1 collects_VVZ from_II his_APPGE insurer_NN1 to_TO rebuild_VVI ._. 
With_IW terrorism_NN1 suddenly_RR specifically_RR excluded_VVN ,_, tenants_NN2 and_CC landlords_NN2 faced_VVN being_VBG left_VVN with_IW a_AT1 very_RG expensive_JJ hole_NN1 in_II the_AT ground_NN1 ,_, and_CC no_AT cover_NN1 for_IF the_AT disruption_NN1 of_IO their_APPGE business_NN1 ._. 
Now_RT the_AT Government_NN1 is_VBZ set_VVN to_TO contribute_VVI to_II a_AT1 central_JJ fund_NN1 set_VVN up_RP by_II leading_JJ insurers_NN2 that_CST will_VM meet_VVI bills_NN2 for_IF terrorist_JJ damage_NN1 ._. 
Companies_NN2 will_VM have_VHI to_TO pay_VVI between_II 5%_NNU and_CC 10%_NNU more_RRR for_IF their_APPGE property_NN1 insurance_NN1 and_CC the_AT extra_JJ money_NN1 ,_, estimated_VVN at_II 300m-350m_NNU ,_, will_VM go_VVI into_II the_AT pool_NN1 ._. 
The_AT deal_NN1 covers_VVZ the_AT whole_JJ UK_NP1 mainland_NN1 ,_, and_CC was_VBDZ greeted_VVN in_II the_AT City_NN1 as_II an_AT1 important_JJ breakthrough_NN1 ._. 
Happy_JJ Christmas_NNT1 ,_, everyone_PN1 ._. 
Stakis_NP1 climbs_VVZ back_RP Clare_NP1 Stewart_NP1 HOTEL_NN1 and_CC leisure_NN1 group_NN1 Stakis_NP1 will_VM have_VHI something_PN1 to_TO celebrate_VVI today_RT ,_, as_CSA a_AT1 modest_JJ profit_NN1 marks_VVZ the_AT beginning_NN1 of_IO its_APPGE recovery_NN1 ._. 
After_II facing_VVG near_II collapse_NN1 ,_, the_AT new_JJ management_NN1 under_II chairman_NN1 Sir_NNB Lewis_NP1 Robertson_NP1 has_VHZ restructured_VVN the_AT company_NN1 and_CC a_AT1 profit_NN1 of_IO 0.3m_NNU for_IF the_AT year_NNT1 is_VBZ forecast_VVN by_II analysts_NN2 at_II County_NN1 NatWest_NP1 ._. 
This_DD1 compares_VVZ with_IW a_AT1 loss_NN1 last_MD time_NNT1 of_IO 47.4m_NNU ._. 
To_TO complete_VVI the_AT turnaround_NN1 at_II the_AT Glasgow-based_JJ group_NN1 ,_, analysts_NN2 are_VBR expecting_VVG a_AT1 call_NN1 on_II investors_NN2 with_IW a_AT1 rights_NN2 issue_VV0 ._. 
Entertainment_NN1 and_CC media_NN group_NN1 Chrysalis_NN1 reports_VVZ year-end_JJ figures_NN2 tomorrow_RT ._. 
Reduced_JJ losses_NN2 are_VBR expected_VVN between_II 1m_NNU and_CC 3m_NNU from_II the_AT group_NN1 which_DDQ has_VHZ now_RT sold_VVN all_DB of_IO its_APPGE interest_NN1 in_II the_AT Chrysalis_NN1 record_NN1 label_NN1 ._. 
Although_CS it_PPH1 has_VHZ plans_NN2 to_TO start_VVI a_AT1 new_JJ record_NN1 label_NN1 in_II 1993_MC ,_, its_APPGE current_JJ activities_NN2 include_VV0 television_NN1 services_NN2 and_CC amusement_NN1 machines_NN2 ._. 
Statistics_NN out_RP this_DD1 week_NNT1 for_IF the_AT economists_NN2 to_TO chew_VVI over_RP include_VV0 November_NPM1 's_GE balance_NN1 of_IO payment_NN1 figures_NN2 ._. 
An_AT1 increase_NN1 in_II the_AT deficit_NN1 to_II 1.4bn_FO is_VBZ expected_VVN ,_, reflecting_VVG lower_JJR export_NN1 volumes_NN2 last_MD month_NNT1 ._. 
