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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
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FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
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FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 10 ==============================================
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FT 07 FEB 92 / Technology (Worth Watching): Relief i
n sight for asthma sufferers
By DELLA BRADSHAW
A BREAKTHROUGH in the treatment of severe asthma could open up t
he way for a
new range of anti-asthma drugs.
Doctors at the Royal Brompton N
ational Heart & Lung Hospital and the London
Chest Hospital have found that
cyclosporin A, a drug used to suppress organ
rejection after transplant surg
ery, produced a marked improvement in chronic
asthma sufferers.
At the momen
t most patients need high doses or oral steroids, which can
produce side eff
ects.
The cyclosporin A drug works by suppressing the T lymphocyte immune ce
lls in
the body. Researchers at the Royal Brompton hospital have suspected f
or some
time that these white blood cells play an important role in causing
asthmatic symptoms.
The results of their research, published in this week's
The Lancet, mean
drugs could be developed in the future which treat asthma e
ffectively but
are less toxic and more selective than today's treatments.
Ro
yal Brompton Hospital: UK, 071 352 8121.
The Financial Times
London Page 10 Illustration (Omitted).
============= Transaction # 11 ==============================================
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FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 12 ==============================================
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FT 07 FEB 92 / Technology (Worth Watching): Relief i
n sight for asthma sufferers
By DELLA BRADSHAW
A BREAKTHROUGH in the treatment of severe asthma could open up t
he way for a
new range of anti-asthma drugs.
Doctors at the Royal Brompton N
ational Heart & Lung Hospital and the London
Chest Hospital have found that
cyclosporin A, a drug used to suppress organ
rejection after transplant surg
ery, produced a marked improvement in chronic
asthma sufferers.
At the momen
t most patients need high doses or oral steroids, which can
produce side eff
ects.
The cyclosporin A drug works by suppressing the T lymphocyte immune ce
lls in
the body. Researchers at the Royal Brompton hospital have suspected f
or some
time that these white blood cells play an important role in causing
asthmatic symptoms.
The results of their research, published in this week's
The Lancet, mean
drugs could be developed in the future which treat asthma e
ffectively but
are less toxic and more selective than today's treatments.
Ro
yal Brompton Hospital: UK, 071 352 8121.
The Financial Times
London Page 10 Illustration (Omitted).
============= Transaction # 13 ==============================================
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FT 07 FEB 92 / Technology (Worth Watching): Relief i
n sight for asthma sufferers
By DELLA BRADSHAW
A BREAKTHROUGH in the treatment of severe asthma could open up t
he way for a
new range of anti-asthma drugs.
Doctors at the Royal Brompton N
ational Heart & Lung Hospital and the London
Chest Hospital have found that
cyclosporin A, a drug used to suppress organ
rejection after transplant surg
ery, produced a marked improvement in chronic
asthma sufferers.
At the momen
t most patients need high doses or oral steroids, which can
produce side eff
ects.
The cyclosporin A drug works by suppressing the T lymphocyte immune ce
lls in
the body. Researchers at the Royal Brompton hospital have suspected f
or some
time that these white blood cells play an important role in causing
asthmatic symptoms.
The results of their research, published in this week's
The Lancet, mean
drugs could be developed in the future which treat asthma e
ffectively but
are less toxic and more selective than today's treatments.
Ro
yal Brompton Hospital: UK, 071 352 8121.
The Financial Times
London Page 10 Illustration (Omitted).
============= Transaction # 14 ==============================================
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FT 07 FEB 92 / Technology (Worth Watching): Relief i
n sight for asthma sufferers
By DELLA BRADSHAW
A BREAKTHROUGH in the treatment of severe asthma could open up t
he way for a
new range of anti-asthma drugs.
Doctors at the Royal Brompton N
ational Heart & Lung Hospital and the London
Chest Hospital have found that
cyclosporin A, a drug used to suppress organ
rejection after transplant surg
ery, produced a marked improvement in chronic
asthma sufferers.
At the momen
t most patients need high doses or oral steroids, which can
produce side eff
ects.
The cyclosporin A drug works by suppressing the T lymphocyte immune ce
lls in
the body. Researchers at the Royal Brompton hospital have suspected f
or some
time that these white blood cells play an important role in causing
asthmatic symptoms.
The results of their research, published in this week's
The Lancet, mean
drugs could be developed in the future which treat asthma e
ffectively but
are less toxic and more selective than today's treatments.
Ro
yal Brompton Hospital: UK, 071 352 8121.
The Financial Times
London Page 10 Illustration (Omitted).
============= Transaction # 16 ==============================================
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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
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920
207
FT 07 FEB 92 / Technology (Worth Watching): Relief i
n sight for asthma sufferers
By DELLA BRADSHAW
A BREAKTHROUGH in the treatment of severe asthma could open up t
he way for a
new range of anti-asthma drugs.
Doctors at the Royal Brompton N
ational Heart & Lung Hospital and the London
Chest Hospital have found that
cyclosporin A, a drug used to suppress organ
rejection after transplant surg
ery, produced a marked improvement in chronic
asthma sufferers.
At the momen
t most patients need high doses or oral steroids, which can
produce side eff
ects.
The cyclosporin A drug works by suppressing the T lymphocyte immune ce
lls in
the body. Researchers at the Royal Brompton hospital have suspected f
or some
time that these white blood cells play an important role in causing
asthmatic symptoms.
The results of their research, published in this week's
The Lancet, mean
drugs could be developed in the future which treat asthma e
ffectively but
are less toxic and more selective than today's treatments.
Ro
yal Brompton Hospital: UK, 071 352 8121.
The Financial Times
London Page 10 Illustration (Omitted).
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15
FT 15 JUN 93 / UK Company News: Fisons launches asthm
a drug in US
By PAUL ABRAHAMS
FISON
S, the healthcare and scientific instruments group, yesterday began
marketin
g Tilade, an asthma treatment, in the US.
'This is Fisons' last throw of the
dice to remain a viable pharmaceutical
entity,' said Mr Paul Woodhouse, dru
gs analyst at Smith New Court. 'They
have to make this launch work'. The com
pany is co-promoting the product with
Rhone-Poulenc Rorer.
The groups aim to
position the product for those with mild asthma who use a
bronchodilator, s
uch as Ventolin, more than three times a week. Whereas
bronchodilators help
improve symptoms, Tilade is designed to treat the
underlying inflammation.
F
isons is co-promoting Azmacourt, RPR's inhaled steroid medicine, which is
de
signed for patients using bronchodilators more than three times a day.
US do
ctors have been reluctant to prescribe inhaled steroids because of
potential
side-effects.
'The group has a window of opportunity to establish this drug
before safer
second-generation inhaled steroids come on the market,' said M
r Woodhouse.
Tilade was approved by the Food and Drug Administration in Janu
ary, but
Fisons waited for the results of a further clinical trial to show i
t was
more effective than Intal, its other asthma treatment.
Co
mpanies:-
Fisons.
Rhone-Poulenc Rorer.
Countries:-
GBZ United Kingdom, EC.
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Ty
pes:-
TECH Products & Product use.
CMMT Comment & Analysis.
The Financial Times
London Page 23
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102
FT 02 JAN 93 / UK Company News: Three groups' shares
rise on drugs approval
By DANIEL GREEN
THREE PRODUCTS from British drug companies have received approval for s
ale
in the US. The move could bring in combined revenues of Dollars 1.5bn
(P
ounds 980m) a year by 1998.
In a year-end spate of approvals, the US Food an
d Drug Administration gave
the go-ahead for Paxil, an antidepressant made by
SmithKline Beecham,
Manoplax, a heart drug from Boots, and Tilade, an asthm
a treatment developed
by Fisons.
Paxil, branded as Seroxat in Europe, should
be the biggest seller of the
three. Analysts believe it could become one of
only a handful of
'blockbuster' drugs with sales of eventually of more than
Dollars 1bn a year
throughout the world.
Sales in the US should begin in th
e next few weeks. SmithKline Beecham
shares rose 12p to 496p on New Year's E
ve.
The approval of Fisons' Tilade ends a long period of uncertainty for the
company. The drug, upon which Fisons has pinned hopes for rapid growth in
t
he 1990s, has been awaiting US approval for almost six years.
In a departure
from the company's usual practice, it will co-promote Tilade
with Rhone-Pou
lenc Rorer, the US-based pharmaceuticals subsidiary of
Rhone-Poulenc, the fr
ench chemicals group. In return, Fisons will co-promote
Azmacort, RPR's asth
ma treatment, which works by a different mechanism.
Tilade will not be launc
hed in the US until the second quarter of 1993, but
its shares advanced 15p
to 245p on New Year's Eve.
Fisons also announced that it was abandoning atte
mpts to revamp production
of one of the suspended drugs, Iron Dextran, a blo
od product, to meet FDA
requirements.
Boots was given a bigger boost than it
expected by the terms of the approval
of Manoplax. The FDA's advisory commi
ttee had recommended approval only for
heart patients who could not tolerate
the class of treatments called ACE
inhibitors. The ruling allows Manoplax t
o be given to any heart patient not
responding to other treatments.
Analysts
forecast sales rising to Dollars 250m a year by 1998, and Boots
shares resp
onded with a gain of 12p to 561p.
The FDA approved a fourth UK product, Indi
clor, an imaging agent used in the
treatment of cancer and made by Amersham
International. Although sales are
likely to be small in relation to the size
of the company, Amersham shares
rose 17p to 619p.
Drug shares lifted, Page
13
Companies:-
SmithKline Beecham.
Boots.
Fis
ons.
Rhone Poulenc Rorer.
Countries:-
GBZ United K
ingdom, EC.
USZ USA.
Industries:-
P2834 Pharmaceu
tical Preparations.
Types:-
TECH Products.
TECH L
icences.
TECH Sales agreements.
MKTS Market Data.
The F
inancial Times
London Page 8
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91051
4
FT 14 MAY 91 / International Company News: Astra jumps
45% before tax
By JOHN BURTON
STOCKHOLM
ASTRA, the Swedish pharma-ceutical company,
yesterday exceeded market
expectations by posting a 45 per cent jump in pre-
tax profits to SKr757m
(Dollars 122.4m) for the first quarter of 1991 as sal
es of its stomach ulcer
drug Losec doubled.
Analysts had predicted a 35 per
cent growth in earnings for Astra, which was
the best performer on the Stock
holm bourse last year. The company, headed by
Mr Hakan Mogren, had revised u
pward its forecast for the year, saying
profits would climb by 30 per cent t
o SKr3.3bn. Its previous forecast had
estimated growth at 25 per cent.
Opera
ting profits increased by 22 per cent to SKr598m. Improved net interest
inco
me from Astra's large cash reserves, which totalled SKr5bn at the end of
Mar
ch, and favourable exchange rates for income from its foreign
subsidiaries c
ontributed to the buoyant pre-tax earnings.
Sales during the period increase
d by 27 per cent to SKr2.74bn, with turnover
from Losec, Astra's largest-sel
ling product, increasing to SKr577m from
SKr284m a year ago.
Marketing of Lo
sec by licensees, primarily Merck in the US, raised the
drug's total sales t
o SKr880m from SKr360m.
Losec suffered a setback in the US in January when t
he US Food and Drug
Administration (FDA) refused to approve the drug for fir
st-line treatment of
all ulcers. Astra said yesterday that it is holding tal
ks with the FDA on
widening its approval of Losec usage and it predicted tha
t the FDA will make
a decision in the near future.
Losec was also introduced
last month in Japan, potentially the biggest
national market for the drug a
fter the US.
Drugs for the treatment of gastrointestinal diseases, dominated
by Losec,
had total sales of SKr626m, a 88 per cent increase. Drugs for res
piratory
diseases, however, remain Astra's largest product group, with sales
climbing
to SKr643m, a 26 per cent rise.
The Turbohaler, an inhaler which d
elivers medication for asthma patients,
has boosted sales for two asthma dru
gs. Sales of the new asthma agent
Pulmicort increased by 57 per cent to SKr2
64m, while sales for the older
bronchial drug Bricanyl rose by 19 per cent t
o SKr182m.
The Financial Times
London Page 25 Pho
tograph Hakan Mogren, led Astra to exceed market forecasts (Omitted).
============= Transaction # 21 ==============================================
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9306
15
FT 15 JUN 93 / UK Company News: Fisons launches asthm
a drug in US
By PAUL ABRAHAMS
FISON
S, the healthcare and scientific instruments group, yesterday began
marketin
g Tilade, an asthma treatment, in the US.
'This is Fisons' last throw of the
dice to remain a viable pharmaceutical
entity,' said Mr Paul Woodhouse, dru
gs analyst at Smith New Court. 'They
have to make this launch work.' Fisons'
s shares closed up 6 1/2 p at 161 1/2
p.
The company is co-promoting the pro
duct with Rhone-Poulenc Rorer and is
marketing Tilade with a combined sales
force of 800 people.
The groups aim to position the product for those with m
ild asthma who use a
bronchodilator, such as Ventolin, more than three times
a week. Whereas
bronchodilators help improve symptoms, Tilade is designed t
o treat the
underlying inflammation.
Fisons is co-promoting Azmacourt, RPR's
inhaled steroid medicine, which is
designed for patients using bronchodilat
ors more than three times a day.
US doctors have been reluctant to prescribe
inhaled steroids because of
potential side-effects.
'The group has a window
of opportunity to establish this drug before safer
second-generation inhale
d steroids come on the market,' says Mr Woodhouse.
Tilade was approved by th
e Food and Drug Administration in January, but the
company waited for the re
sults of a further clinical trial to show the
medicine was more effective th
an Intal, its other asthma treatment. Intal's
sales last year were Pounds 19
0m. Tilade's were Pounds 26.1m.
Companies:-
Fisons.
Rhone-Poulenc Rorer.
Countries:-
GBZ United Kingdom
, EC.
USZ United States of America.
Industries:-
P
2834 Pharmaceutical Preparations.
Types:-
TECH Product
s & Product use.
CMMT Comment & Analysis.
The Financial Time
s
London Page 23
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19
FT 19 FEB 92 / UK Company News: Glaxo asthma drugs cl
eared
By DANIEL GREEN
BETA AGONISTS
, a class of asthma drugs attacked last year for possible
deadly side effect
s, were yesterday given a clean bill of health by the UK
Committee on Safety
and Health of Medicines.
The news gave Glaxo a boost ahead of its interim f
igures tomorrow - the
company dominates UK sales of beta agonists with its p
roducts Ventolin and
Serevent. Glaxo's shares rose 8p to 848p.
Other compani
es selling them include Schering Plough of the US, Ciba-Geigy
of Switzerland
and Astra of Sweden.
The CSM report runs counter to evidence revealed in Ca
nadian studies last
year which seemed to link the use of beta agonists with
the deaths of some
asthma sufferers.
The controversy is likely to be revived
shortly when the latest set of
results from the Canadian studies are publis
hed. Doctors expect them to
repeat the findings first publicised last year.
The CSM report says 'the evidence does not suggest that the use of beta
agon
ists is associated with asthma mortality'. It found that the death rate
per
100,000 people from asthma was the same as 10 years ago, despite a
trebling
of the number of prescriptions in that time.
It nevertheless recommends chan
ges in the wording on the data sheets, which
doctors use when prescribing dr
ugs. 'Patients should be warned against
repeatedly increasing the prescribed
dose of a beta agonist without medical
advice,' it says.
Allen & Hanburys,
a Glaxo subsidiary, said it would examine its data sheets
'to ensure consist
ency with the CSM's recommendations'.
Dr Michael Rudolph, of Ealing Hospital
, London, a member of the
International Asthma Council - a newly-formed grou
p concerned about possible
dangers of the class of drugs - said yesterday: '
Many people feel that beta
agonists have been useful, but patients can over-
use their medication'.
In 1989 the National Health Service spent Pounds 217m
, or 8 per cent of its
drugs budget, on treatments for the country's 3m asth
matics. The US Food and
Drug Administration is still evaluating the class of
drugs in the light of
the Canadian and other studies.
The Fina
ncial Times
London Page 22
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721
FT 21 JUL 94 / Merck-Celltech dealon asthma drug
By DANIEL GREEN
The biggest corporate
deal yet to be signed by a UK biotechnology company is
set to be announced t
oday between Celltech and Merck, the biggest US drugs
manufacturer.
The two
will collaborate on an asthma drug invented by Celltech. Codenamed
CDP840, i
t has been successful in early clinical trials. Merck will largely
pay for t
he much more expensive later rounds of trials.
The deal will bring Merck and
Slough-based Celltech into direct competition
with Europe's biggest drugs c
ompany Glaxo, which has a deal with Icos, the
Seattle-based biotechnology co
mpany, to develop a similar drug.
It reinforces Merck's challenge in asthma,
a sector worth at least Dollars
4bn (Pounds 2.6bn) a year and growing at 15
per cent annually. Glaxo
dominates with two drugs, Ventolin and Becotide. O
ther big-selling products
in the area are made by Astra, of Sweden, Fisons,
of the UK, and Boehringer
Ingelheim, of Germany.
Merck has already signalled
its intention to fight its way into the asthma
sector and has a drug of its
own in the later stages of clinical trials
called MK-476. It would be launc
hed a year or two before the Celltech
product and both could be on the marke
t by the end of the decade.
For Celltech, the deal represents a vote of conf
idence in its product
pipeline, as well as bringing in cash. The drug belong
s to a class,
phosphodiesterase IV inhibitors, which holds out the promise o
f a once-a-day
tablet to replace steroid inhalers.
Several other companies a
re working on similar drugs, including Icos/Glaxo.
Celltech claims that its
drug is either further down the development route
than rivals or performs be
tter in clinical trials even at high doses.
It has now completed phase I tri
als at Guy's Hospital, London, and Phase II
trials are scheduled to start in
September.
Celltech has been in talks with at least eight companies on coll
aborating
over the asthma drug since it decided last autumn that it wanted a
large
partner to shoulder the burden of running large-scale clinical trials
.
It already has a collaborative deal with the German chemicals company Baye
r
to develop a drug for treatment of septic shock.
US drugs groups, Page 28
Companies:-
Celltech.
Merck and Co Inc.
Countries:-
GBZ United Kingdom, EC.
USZ United States of A
merica.
Industries:-
P2834 Pharmaceutical Preparations.
P8731 Commercial Physical Research.
Types:-
COMP
Strategic links & Joint venture.
TECH Products & Product use.
The Financial Times
London Page 23
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117
FT 17 JAN 92 / US drug regulator criticises Fisons p
roduct
By DANIEL GREEN
FISONS' most
promising product has been criticised by the US Food and Drug
Administratio
n (FDA), casting a shadow over the prospects for profits growth
at the UK dr
ug company.
The FDA controls products which go on sale in the Dollars 60bn (
Pounds
33.50bn) a year US drugs market.
Documents released under the Freedom
of Information Act show that UK
production of Tilade, an asthma drug for wh
ich sales were once forecast by
analysts to reach Pounds 500m a year by 1992
, has been breaking US
regulations.
The FDA said Tilade's production methods
'do not conform to NDAs (new drug
application regulations)'.
It criticised
the manufacturing process of Tilade dispensers and said that
testing of the
drug during production was not accurate enough. The report
also listed inade
quacies in quality control of another asthma drug, Intal,
as well as Opticro
m, an eye treatment, and Imferon, an blood-iron treatment.
Fisons said yeste
rday: 'Tilade production issues raised by the FDA have been
answered satisfa
ctorily. There are no further undisclosed issues.' It hopes
to get US approv
al within months.
Tilade is intended to replace Intal, which has been the ma
instay of Fisons
profits growth since the 1970s. However, Tilade has failed
to secure US
approval in spite of statements from Fisons on several occasion
s over the
past 18 months that approval was imminent. The drug is available
in several
countries, including the UK, but revenues in 1992 will probably b
e less than
Pounds 50m.
The FDA has told Fisons that it might be committing
a felony under US law if
the drug were shipped to the US without changing th
e production process.
The criticisms of Tilade production have come to light
two days after the
resignation of Mr John Kerridge, Fisons' chairman and ch
ief executive, on
grounds of ill-health.
His sickness had probably been exac
erbated by controversy surrounding the
company over the last four months, ac
cording to Mr Patrick Egan, his
temporary replacement at Fisons.
The shares
have lost one third of their value since the summer and the
company issued a
profits warning in December.
FDA sets record on approvals, Page 14
The Financial Times
London Page 19
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019
FT 19 OCT 92 / Chemists call for right to sell more
drugs over the counter
By PAUL ABRAHAMS
BRITAIN'S high street chemists have called for the right to add 51 popu
lar
drugs to the list of products they can sell over the counter without a
d
octor's prescription.
The Royal Pharmaceutical Society, which represents and
licenses pharmacists,
says the drugs - which include Glaxo's anti-ulcer med
icine Zantac, the
world's best-selling drug with annual sales of Pounds 1.6b
n - had a proven
track-record of safety.
Its recommendation follows a meetin
g last week between the Medicines Control
Agency, which licenses drugs in th
e UK, and industry associations to discuss
speeding-up procedures for switch
ing drugs from prescription to
over-the-counter status.
The drugs include Za
ntac's arch-rival Tagamet, marketed by SmithKline
Beecham.
Other leading pro
ducts include Wellcome's best-selling herpes treatment
Zovirax, which has al
ready received OTC licences in Germany and New Zealand,
its antihistamine dr
ug Semprex, Schering-Plough's antihistamine drug
Clarityn and SmithKline's a
ntibiotic ointment Bactro-ban.
Fisons' two asthma treatments, Intal and Tila
de, are listed as are Pfizer's
arthritis drug Feldane and the US group's ant
i-fungal treatment Diflucan.
The recommendations come at a time when governm
ents, anxious to contain
rising health costs, are increasingly keen to switc
h prescription medicines
which are largely paid for by government into OTC p
roducts paid for by
patients.
Companies are keen to switch because they can
extend drugs' revenue stream
after their patents expire. In some cases, sale
s can be multiplied more than
fivefold, although the marketing costs of OTC
products are higher than those
of prescription medicines.
A number of pharma
ceutical groups are teaming up with consumer products
companies to help them
switch their products. These include SmithKline
Beecham with Marion Merrell
Dow of the US; Procter & Gamble, America's
leading OTC company, with Syntex
of the US; and Johnson & Johnson with
Merck, both of the US. Wellcome has s
aid it is looking for a European OTC
partner.
The Financial Tim
es
London Page 1
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15
FT 15 SEP 93 / World Trade News: Victory for Glaxo on
asthma drug in US
By PAUL ABRAHAMS
GLAXO, Europe's biggest pharmaceutical group, will continue not to face
gen
eric competition in the US against its second best-selling drug,
Ventolin, f
ollowing a meeting of two Food and Drug Administration advisory
committees y
esterday.
The committees, covering pulmonary and oncology affairs, and gener
ic
products, concluded they could not yet agree a way for generic companies
to
produce versions of off-patent asthma treatments delivered through inhale
rs.
Although Ventolin is off-patent in the US, there is no method for generi
cs
groups to manufacture a device that delivers the correct dosage into the
lungs.
The two bodies were concerned about both the safety and efficacy of g
eneric
inhaled asthma products. They decided further work was required to cr
eate
the protocols for generic devices to be licensed.
The decision is posit
ive for Glaxo, and Schering-Plough of the US, whose
drug Proventil was also
being considered.
Companies:-
Glaxo Holdings.
<
XX>
Countries:-
USZ United States of America.
Industri
es:-
P2834 Pharmaceutical Preparations.
Types:-
<
TP>COMP Company News.
The Financial Times
London P
age 10
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0
FT 30 DEC 92 / Glaxo wins US approval for migraine dru
g
By DANIEL GREEN
GLAXO, the UK's l
argest pharmaceuticals company, yesterday secured approval
in the US for the
sale of what will be one of its biggest selling drugs of
the 1990s, sumatri
ptan, a migraine treatment.
The Food and Drug Administration (FDA), which co
ntrols drugs sold in the US,
approved the injectable version. The tablets ar
e likely to be approved late
in 1993.
Approval came more quickly than some o
bservers had feared: the drug does not
treat a life threatening condition an
d so was thought to be low on the FDA's
list of priorities.
Approval helped
Glaxo shares rise 27p to 774p. Trading was heavy in London
and New York, whe
re the shares are also quoted.
Sumatriptan should be available on prescripti
on in the US by late March
under the name Imitrex, Glaxo said. Its brand nam
e in most other markets is
Imigran.
Some 33 countries have already approved
the drug, in spite of criticism,
especially in France, of its price. Glaxo c
an charge a high price - about
Pounds 40 for two doses - because sumatriptan
is much more effective than
rival treatments for most patients.
In Glaxo's
last financial year, to June 1992, sales of sumatriptan reached
Pounds 43m.
Analysts believe sales for the current year will more than
double.
Within fi
ve years, the drug could be a 'blockbuster', usually defined in the
industry
as having sales of more than Dollars 1bn (Pounds 600m) a year.
About half s
hould be in the US.
US approval is important for Glaxo, the world's second l
argest drug company,
because its best-selling ulcer treatment, Zantac, is lo
sing market share to
a new rival, Losec, made by Swedish company Astra.
Howe
ver, sumatriptan is unlikely to replace Zantac as the company's main
source
of profit. Zantac sales are still growing, while sumatriptan is only
one, al
beit the most important, of a new generation of Glaxo drugs. The
others are
Serevent, an asthma treatment, Zofran, which reduces nausea in
chemotherapy
patients, and Flixonase, an anti-inflammatory designed to help
people with a
llergies.
Between them, these four could account for 25 per cent of Glaxo's
sales
within five years, said Mr Jonathan Gelles, an analyst with New York
s
tockbroker, Wertheim Schroder.
London Stock Exchange, Page 26
T
he Financial Times
London Page 11
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207
FT 07 FEB 92 / Technology (Worth Watching): Relief i
n sight for asthma sufferers
By DELLA BRADSHAW
A BREAKTHROUGH in the treatment of severe asthma could open up t
he way for a
new range of anti-asthma drugs.
Doctors at the Royal Brompton N
ational Heart & Lung Hospital and the London
Chest Hospital have found that
cyclosporin A, a drug used to suppress organ
rejection after transplant surg
ery, produced a marked improvement in chronic
asthma sufferers.
At the momen
t most patients need high doses or oral steroids, which can
produce side eff
ects.
The cyclosporin A drug works by suppressing the T lymphocyte immune ce
lls in
the body. Researchers at the Royal Brompton hospital have suspected f
or some
time that these white blood cells play an important role in causing
asthmatic symptoms.
The results of their research, published in this week's
The Lancet, mean
drugs could be developed in the future which treat asthma e
ffectively but
are less toxic and more selective than today's treatments.
Ro
yal Brompton Hospital: UK, 071 352 8121.
The Financial Times
London Page 10 Illustration (Omitted).
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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
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FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
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============= Transaction # 46 ==============================================
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FT943-2749
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 47 ==============================================
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 48 ==============================================
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 49 ==============================================
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22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 50 ==============================================
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FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 51 ==============================================
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FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 52 ==============================================
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9308
16
FT 16 AUG 93 / World News in Brief: Storm hits Martin
ique
A three-year-old girl was missing, believed drowned,
and about 10 people
were injured as tropical storm Cindy swept the French C
aribbean island of
Martinique, leaving 3,000 homeless.
Countrie
s:-
MQZ Martinique, Caribbean.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natura
l resources.
The Financial Times
International Page
1
============= Transaction # 53 ==============================================
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18
FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
============= Transaction # 54 ==============================================
Transaction #: 54 Transaction Code: 39 (Full Doc Window --TREC)
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941
020
FT 20 OCT 94 / Commodities and Agriculture: EU propo
ses higher banana import quota
By DEBORAH HARGREAVES
The European Commission has proposed a 53,400-tonne increa
se in its quota
for banana imports from Latin America this year in order to
assist the
Windward Islands where agricultural areas were devastated by trop
ical storm
Debbie in September.
Governments from the Windward Islands had as
ked if they could import bananas
from other destinations while they are unab
le to fill their own import
allocations.
This will enable them to maintain t
heir market share in the European Union
while they rebuild their damaged pla
ntations.
The Commission has allocated additional tonnages of 30,000 tonnes
to
Martinique, 14,800 tonnes to St Lucia, 5,900 to Guadeloupe and 2,700 to
D
ominica.
Mr John Compton, prime minister of St Lucia, said recently that 68
per cent
of the country's banana crop worth Pounds 45m had been wiped out by
the
tropical storm. He said it will take two years to repair the damage.
Th
e increase in quota takes EU banana imports from Latin America to 2.171m
ton
nes this year.
Countries:-
QRZ European Economic Com
munity (EC).
XCZ Latin America.
XTZ Windward Islands, Caribbean.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
P5148 Fresh Fruits and Vegetables.
Types:-
MKTS Market shares.
MKTS Production.
The Financial Times
London Page 39
============= Transaction # 55 ==============================================
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9409
23
FT 23 SEP 94 / UK Company News: Geest warns of second
half loss - Shares fall as damage to banana production takes toll
By DAVID BLACKWELL
The aftermath of the trop
ical storm that severely damaged banana production
in the Windward Islands w
ill push Geest, the fresh and chilled food group,
into the red in the second
half.
Shares fell 30p to 190p yesterday following the warning from Mr David
Sugden, chief executive, who presented a strong set of interim results.
Pre
-tax profits rose from Pounds 3m to Pounds 17.9m for the six months to
July
2 on turnover ahead at Pounds 353.8m (Pounds 332.7m).
'The business has been
performing well, but is overshadowed by considerable
uncertainty,' said Mr
Sugden, referring to the European Commission's laxity
in responding to the c
ompany's plea for permission to purchase replacement
bananas in Latin Americ
a.
The EC banana management committee failed to agree on Wednesday on measur
es
that would allow Geest to purchase alternative bananas from Latin America
under the EC quota system. The committee does not meet again until October
5.
Tropical Storm Debbie hit the Windward Islands earlier this month, causin
g
extensive flooding around St Lucia and damage to roads and bridges. Geest,
which is under contract to ship all the islands' bananas, estimates that
ou
tput will be 40 per cent down.
Last week the first ship to arrive since the
storm was half full. The
company is expecting to load only 2,400 tonnes a we
ek, compared with a
normal load of 4,000 tonnes.
The first half, however, sh
owed the company recovering from the
uncertainties surrounding the EC banana
regime, introduced last July, as
well as an attack of disease on its Costa
Rican plantations, which left it
Pounds 5.4m in the red at the end of last y
ear. Operating profits in the
fresh produce division improved from Pounds 2m
to Pounds 15m on sales of
Pounds 285.6m (Pounds 276.5m).
The food preparati
on division, which supplies chilled salads and other
products, lifted operat
ing profits from Pounds 3.3m to Pounds 4.2m on sales
of Pounds 66.6m (Pounds
54.4m).
The result this time included an exceptional gain of Pounds 2.5m fr
om a
disposal. Net interest payable rose from Pounds 500,000 to Pounds 3.2m.
Earnings per share were 18.9p (2.7p). The interim dividend is unchanged at
3.7p.
COMMENT
While the problems of disease in Costa Rica appear to have gon
e away,
Geest's troubles with the European Commission and the banana regime
are not
over yet, thanks to Tropical Storm Debbie. In spite of its successfu
l
efforts to boost its food preparation division, the group remains vulnerab
le
to the banana industry, which is highly political and subject to natural
disaster. It has also only two main areas of supply, leaving it looking
infl
exible beside companies that source more widely. Adding to its problems
is g
earing of more than 100 per cent. Best guesses at this year's final
outcome
seem to be around Pounds 9m of profits - better than last year but a
far cry
from 1991's Pounds 26.2m.
See Commodities
Companies:-
Geest.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P5148 Fresh Fruits and Vegetables.
Types
:-
FIN Interim results.
CMMT Comment & Analysis.
MKTS P
roduction.
The Financial Times
London Page 28
============= Transaction # 56 ==============================================
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zfind "(topic @ {tropical storms}) not (topic {hurricane}) not (topic {typho
on})"
============= Transaction # 57 ==============================================
Transaction #: 57 Transaction Code: 14 (Search Results Displayed)
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============= Transaction # 58 ==============================================
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 59 ==============================================
Transaction #: 59 Transaction Code: 38 (Record Deselected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 60 ==============================================
Transaction #: 60 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 61 ==============================================
Transaction #: 61 Transaction Code: 38 (Record Deselected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 62 ==============================================
Transaction #: 62 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 63 ==============================================
Transaction #: 63 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 64 ==============================================
Transaction #: 64 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 65 ==============================================
Transaction #: 65 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
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zfind "(topic @ {tropical storms}) and (topic {hurricane}) and (topic {typho
on})"
============= Transaction # 66 ==============================================
Transaction #: 66 Transaction Code: 14 (Search Results Displayed)
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============= Transaction # 67 ==============================================
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24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 68 ==============================================
Transaction #: 68 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
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Rec. Format: Short Time Cmd Complete: 11:45:36
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
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Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 69 ==============================================
Transaction #: 69 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 11:45:42
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
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Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 70 ==============================================
Transaction #: 70 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 11:45:45
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
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Associated Variable Length Text:
FT921-409
_AN-CC3A2AAHFT
92033
0
FT 30 MAR 92 / Survey of Lloyd's of London in World In
surance (8): Acts of God and of man - A crescendo of disasters has hit the m
arket
By TREVOR PETCH
WITH A wry sm
ile, Lloyd's deputy chairman, Dick Hazell, readily concedes
that the unprece
dented worldwide string of natural catastrophe and other
large insured losse
s which began with the October 1987 storms in southern
England have been 'an
unhappy' experience for the market.
Since participation at Lloyd's is on a
partly-paid basis (Names Action Group
chairman Peter Nutting candidly calls
it a 'barely-paid' basis) a series of
large claims requiring prompt settleme
nt will necessarily strain cash flow.
Less often identified, but also very i
mportant, is the burden of
administration as claims successively trigger rei
nsurance protections.
It is not only Lloyd's underwriters who are affected,
Mr HazeIl points out:
the company market is faced with the same difficulty,
and London-based
brokers are faced with the task of making collections not j
ust on their
doorstep but from companies all over the world.
In the wake of
the heavy losses suffered by reinsurers and in the
retrocession market (whic
h provides insurance cover to the reinsurers
themselves) there has inevitabl
y been a reduction in those willing to
underwrite catastrophe business, and
the premium which those remaining in
the market demand has risen sharply.
Ac
cording to the traditional insurance cycle, the resulting improvement in
the
ratio of premium to exposure to risk should restore the attractiveness
of c
atastrophe-level cover, provided that the frequency of large losses
returns
to historical norms.
Major reinsurance companies such as Swiss Re and Munich
Re have both
expressed concern that this may prove not to be the case, and
in such
circumstances it is hardly surprising that underwriters at Lloyd's a
nd
elsewhere have taken the view that if a general upturn in insurance rates
is
on its way, it is preferable to wait and take advantage of more predicta
ble
and less inherently high-risk business.
The possibility of a long-term c
hange in weather patterns as an effect of
global warming is only one of the
issues involved. As a result of the
development of manufacturing processes a
nd the organisation of both
industrial and service operations, losses from m
an-made causes such as big
fires or pollution incidents which approach those
associated with natural
catastrophes such as hurricanes or earthquake can n
ow be regarded as
inevitable.
The first industrial accident to generate an i
nsured loss of Dollars 1bn was
the explosion on the Piper Alpha oil platform
in the North Sea in 1988,
followed in 1989 by another at a Philips Petroleu
m plant in Pasadena. In
both cases, an important element in addition to the
concentration of value
represented by expensive equipment was cover for loss
of business as closure
of centralised production facilities disrupted relat
ed areas of production.
The chemical industry provides an almost insoluble p
roblem for the insurer
in these terms, Mr HazeIl points out. Under normal co
nditions, the world
market will be in a state of marginal oversupply. A sing
le major loss will
transform that to undersupply, which a second will multip
ly, creating a
level of exposure to which the insurance cover was not design
ed to respond.
The same development is observable in the service sector with
the
development of very large retail units and centralised distribution
net
works.
Not all insurers and reinsurers of catastrophe business have withdraw
n from
the market.
Mr HazeIl continues to underwrite catastrophe business in
the same basis as
he has since 1985, although since the spectacular market-
wide losses of 1988
he has done so on a basis of greater premium income and
lower exposure.
Mr HazeIl's syndicate also carries its catastrophe book with
out reinsurance.
Instead, the overall exposure to losses from natural catast
rophe is limited,
and the effect of a loss on the overall results of the syn
dicate mitigated
by a broad spread of other business - a classical Lloyd's u
nderwriter's
approach.
In Mr Hazell's view, there is no reason why such a fi
rst reinsurance account
should not form part of a prudent underwriter's book
, nor part of a prudent
Name's portfolio of interests. The number of reinsur
eds will tend to be
small and stable, and each will typically be a relativel
y major player in
the particular catastrophe-prone area. As a result, the cl
ient will be more
responsive to the reinsurer's needs.
One example is the Ja
panese agricultural mutual Zenkyoren, which suffered
heavy losses from Typho
on 19 in September last year. 'There was no continual
worsening of the claim
. We knew the exposure and paid out the Pounds 200m
within eight weeks,' Mr
HazeIl comments, adding that the cover has been
renewed at a higher premium.
'I tell my clients we never pay claims, but we
occasionally lend them money
,' he says with an ironic laugh.
Reinsurance brokers with a client who has a
clean loss record will often
argue that it justifies a discount at times wh
en rates in general are
rising. 'That's a fallacy,' Mr Hazell says. 'We need
to return to the
realisation that once a premium is paid and cover offered,
that premium has
been fully earned.' Furthermore, everybody will have to pa
y towards the
catastrophe cover that their insurer needs to buy.
Brokers are
trying to find more underwriters who will replace lost
catastrophe capacity
or provide an alternative.
There are franchise covers, for example, which r
espond to a dual trigger of
individual exposure and overall loss. These Mr H
azeIl describes as 'a
perfectly fair and reasonable way of buying reinsuranc
e'. So-called
financial or finite risk reinsurance is also widely touted, bu
t that is
still a weapon which Lloyd's cannot have in its armoury.
Mr Hazell
sees no difficulty in brokers rather than underwriters providing
the impetu
s for innovations in the field, which he considers is their job.
Lloyd's und
erwriters have 'no idea' what the public, or the insurance buyer
or reinsura
nce buyer wants, as face to face business is done with the
broker: 'That's h
ow we work.'
Although Mr HazeIl remains uncertain about the wisdom of reinsu
ring
catastrophe exposures as a speciality or at a secondary level, others a
re
more sanguine.
Despite the well-publicised losses on the so-called LMX sp
iral, some
underwriters who provided such cover in the past continue to do s
o, although
the cost is higher and the cover offered more clearly segmented.
Whole
account protection can still be obtained, but the terms divide the wo
rld
into Americas and non-Americas, and the insured perils into elemental an
d
man-made.
In order to trigger the policy, two categories must be affected.
This
two-risk warranty avoids whole account cover responding to a single in
sured
event such as Piper Alpha, which, its proponents argue, was not what s
uch
policies were intended to do.
What of the long-term future of Lloyd's as
a catastrophe insurance market?
'It's not a question of the long-term. It's
here and now,' Mr Hazell says.
'The sort of market we're in here, where peo
ple will back their judgment
with their own cash is ideally suited to catast
rophe business.'
----------------------------------------------------------
-------------
LOSSES FROM DISASTERS SINCE 1987
----------------------------
-------------------------------------------
Date Incident
est. loss (Dollars)
--------------------------------------
---------------------------------
1987 Storms in UK
1bn+
1988 Piper Alpha explosion 1.5bn
1
988 Hurricane Gilbert 1bn
------------------
-----------------------------------------------------
1989 Hurricane
Hugo 4.11bn+
1989 Explosion, Philips Petrole
um, Texas 1.1bn
1989 San Francisco earthquake 1bn
+
1989 Cold weather, US 500m
1989 Exx
on Valdez oil spillage 425m
1989 Earthquake, Australia
396m+
1989 Explosion, BASF Antwerp
382m
--------------------------------------------------------------------
---
1990 Storm 'Daria' 4.6bn
1990 S
torm 'Vivian' 3.2bn
1990 Storm 'Herta'
850m
1990 Storm 'Wiebke'
770m
1990 Storms, Colorado 625m
1990 (Dec)
Snow, hail, tornadoes, US 400m
---------------------------
--------------------------------------------
1991 Forest fire, Calif
ornia 1.2bn
1991 Typhoon Mireille
3.9bn
------------------------------------------------------------------
-----
Sources: Swiss Reinsurance Co 'Sigma' and FT World Insurance Report
-
----------------------------------------------------------------------
The Financial Times
London Page VI
============= Transaction # 71 ==============================================
Transaction #: 71 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
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0 Subject 0 ISBN 0 X_Title 0 X_Subject
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0 Series 0 ISSN 0 Keyword 0 Conf
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FT921-409
_AN-CC3A2AAHFT
92033
0
FT 30 MAR 92 / Survey of Lloyd's of London in World In
surance (8): Acts of God and of man - A crescendo of disasters has hit the m
arket
By TREVOR PETCH
WITH A wry sm
ile, Lloyd's deputy chairman, Dick Hazell, readily concedes
that the unprece
dented worldwide string of natural catastrophe and other
large insured losse
s which began with the October 1987 storms in southern
England have been 'an
unhappy' experience for the market.
Since participation at Lloyd's is on a
partly-paid basis (Names Action Group
chairman Peter Nutting candidly calls
it a 'barely-paid' basis) a series of
large claims requiring prompt settleme
nt will necessarily strain cash flow.
Less often identified, but also very i
mportant, is the burden of
administration as claims successively trigger rei
nsurance protections.
It is not only Lloyd's underwriters who are affected,
Mr HazeIl points out:
the company market is faced with the same difficulty,
and London-based
brokers are faced with the task of making collections not j
ust on their
doorstep but from companies all over the world.
In the wake of
the heavy losses suffered by reinsurers and in the
retrocession market (whic
h provides insurance cover to the reinsurers
themselves) there has inevitabl
y been a reduction in those willing to
underwrite catastrophe business, and
the premium which those remaining in
the market demand has risen sharply.
Ac
cording to the traditional insurance cycle, the resulting improvement in
the
ratio of premium to exposure to risk should restore the attractiveness
of c
atastrophe-level cover, provided that the frequency of large losses
returns
to historical norms.
Major reinsurance companies such as Swiss Re and Munich
Re have both
expressed concern that this may prove not to be the case, and
in such
circumstances it is hardly surprising that underwriters at Lloyd's a
nd
elsewhere have taken the view that if a general upturn in insurance rates
is
on its way, it is preferable to wait and take advantage of more predicta
ble
and less inherently high-risk business.
The possibility of a long-term c
hange in weather patterns as an effect of
global warming is only one of the
issues involved. As a result of the
development of manufacturing processes a
nd the organisation of both
industrial and service operations, losses from m
an-made causes such as big
fires or pollution incidents which approach those
associated with natural
catastrophes such as hurricanes or earthquake can n
ow be regarded as
inevitable.
The first industrial accident to generate an i
nsured loss of Dollars 1bn was
the explosion on the Piper Alpha oil platform
in the North Sea in 1988,
followed in 1989 by another at a Philips Petroleu
m plant in Pasadena. In
both cases, an important element in addition to the
concentration of value
represented by expensive equipment was cover for loss
of business as closure
of centralised production facilities disrupted relat
ed areas of production.
The chemical industry provides an almost insoluble p
roblem for the insurer
in these terms, Mr HazeIl points out. Under normal co
nditions, the world
market will be in a state of marginal oversupply. A sing
le major loss will
transform that to undersupply, which a second will multip
ly, creating a
level of exposure to which the insurance cover was not design
ed to respond.
The same development is observable in the service sector with
the
development of very large retail units and centralised distribution
net
works.
Not all insurers and reinsurers of catastrophe business have withdraw
n from
the market.
Mr HazeIl continues to underwrite catastrophe business in
the same basis as
he has since 1985, although since the spectacular market-
wide losses of 1988
he has done so on a basis of greater premium income and
lower exposure.
Mr HazeIl's syndicate also carries its catastrophe book with
out reinsurance.
Instead, the overall exposure to losses from natural catast
rophe is limited,
and the effect of a loss on the overall results of the syn
dicate mitigated
by a broad spread of other business - a classical Lloyd's u
nderwriter's
approach.
In Mr Hazell's view, there is no reason why such a fi
rst reinsurance account
should not form part of a prudent underwriter's book
, nor part of a prudent
Name's portfolio of interests. The number of reinsur
eds will tend to be
small and stable, and each will typically be a relativel
y major player in
the particular catastrophe-prone area. As a result, the cl
ient will be more
responsive to the reinsurer's needs.
One example is the Ja
panese agricultural mutual Zenkyoren, which suffered
heavy losses from Typho
on 19 in September last year. 'There was no continual
worsening of the claim
. We knew the exposure and paid out the Pounds 200m
within eight weeks,' Mr
HazeIl comments, adding that the cover has been
renewed at a higher premium.
'I tell my clients we never pay claims, but we
occasionally lend them money
,' he says with an ironic laugh.
Reinsurance brokers with a client who has a
clean loss record will often
argue that it justifies a discount at times wh
en rates in general are
rising. 'That's a fallacy,' Mr Hazell says. 'We need
to return to the
realisation that once a premium is paid and cover offered,
that premium has
been fully earned.' Furthermore, everybody will have to pa
y towards the
catastrophe cover that their insurer needs to buy.
Brokers are
trying to find more underwriters who will replace lost
catastrophe capacity
or provide an alternative.
There are franchise covers, for example, which r
espond to a dual trigger of
individual exposure and overall loss. These Mr H
azeIl describes as 'a
perfectly fair and reasonable way of buying reinsuranc
e'. So-called
financial or finite risk reinsurance is also widely touted, bu
t that is
still a weapon which Lloyd's cannot have in its armoury.
Mr Hazell
sees no difficulty in brokers rather than underwriters providing
the impetu
s for innovations in the field, which he considers is their job.
Lloyd's und
erwriters have 'no idea' what the public, or the insurance buyer
or reinsura
nce buyer wants, as face to face business is done with the
broker: 'That's h
ow we work.'
Although Mr HazeIl remains uncertain about the wisdom of reinsu
ring
catastrophe exposures as a speciality or at a secondary level, others a
re
more sanguine.
Despite the well-publicised losses on the so-called LMX sp
iral, some
underwriters who provided such cover in the past continue to do s
o, although
the cost is higher and the cover offered more clearly segmented.
Whole
account protection can still be obtained, but the terms divide the wo
rld
into Americas and non-Americas, and the insured perils into elemental an
d
man-made.
In order to trigger the policy, two categories must be affected.
This
two-risk warranty avoids whole account cover responding to a single in
sured
event such as Piper Alpha, which, its proponents argue, was not what s
uch
policies were intended to do.
What of the long-term future of Lloyd's as
a catastrophe insurance market?
'It's not a question of the long-term. It's
here and now,' Mr Hazell says.
'The sort of market we're in here, where peo
ple will back their judgment
with their own cash is ideally suited to catast
rophe business.'
----------------------------------------------------------
-------------
LOSSES FROM DISASTERS SINCE 1987
----------------------------
-------------------------------------------
Date Incident
est. loss (Dollars)
--------------------------------------
---------------------------------
1987 Storms in UK
1bn+
1988 Piper Alpha explosion 1.5bn
1
988 Hurricane Gilbert 1bn
------------------
-----------------------------------------------------
1989 Hurricane
Hugo 4.11bn+
1989 Explosion, Philips Petrole
um, Texas 1.1bn
1989 San Francisco earthquake 1bn
+
1989 Cold weather, US 500m
1989 Exx
on Valdez oil spillage 425m
1989 Earthquake, Australia
396m+
1989 Explosion, BASF Antwerp
382m
--------------------------------------------------------------------
---
1990 Storm 'Daria' 4.6bn
1990 S
torm 'Vivian' 3.2bn
1990 Storm 'Herta'
850m
1990 Storm 'Wiebke'
770m
1990 Storms, Colorado 625m
1990 (Dec)
Snow, hail, tornadoes, US 400m
---------------------------
--------------------------------------------
1991 Forest fire, Calif
ornia 1.2bn
1991 Typhoon Mireille
3.9bn
------------------------------------------------------------------
-----
Sources: Swiss Reinsurance Co 'Sigma' and FT World Insurance Report
-
----------------------------------------------------------------------
The Financial Times
London Page VI
============= Transaction # 72 ==============================================
Transaction #: 72 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 11:46:17
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
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Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
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Associated Variable Length Text:
FT921-409
_AN-CC3A2AAHFT
92033
0
FT 30 MAR 92 / Survey of Lloyd's of London in World In
surance (8): Acts of God and of man - A crescendo of disasters has hit the m
arket
By TREVOR PETCH
WITH A wry sm
ile, Lloyd's deputy chairman, Dick Hazell, readily concedes
that the unprece
dented worldwide string of natural catastrophe and other
large insured losse
s which began with the October 1987 storms in southern
England have been 'an
unhappy' experience for the market.
Since participation at Lloyd's is on a
partly-paid basis (Names Action Group
chairman Peter Nutting candidly calls
it a 'barely-paid' basis) a series of
large claims requiring prompt settleme
nt will necessarily strain cash flow.
Less often identified, but also very i
mportant, is the burden of
administration as claims successively trigger rei
nsurance protections.
It is not only Lloyd's underwriters who are affected,
Mr HazeIl points out:
the company market is faced with the same difficulty,
and London-based
brokers are faced with the task of making collections not j
ust on their
doorstep but from companies all over the world.
In the wake of
the heavy losses suffered by reinsurers and in the
retrocession market (whic
h provides insurance cover to the reinsurers
themselves) there has inevitabl
y been a reduction in those willing to
underwrite catastrophe business, and
the premium which those remaining in
the market demand has risen sharply.
Ac
cording to the traditional insurance cycle, the resulting improvement in
the
ratio of premium to exposure to risk should restore the attractiveness
of c
atastrophe-level cover, provided that the frequency of large losses
returns
to historical norms.
Major reinsurance companies such as Swiss Re and Munich
Re have both
expressed concern that this may prove not to be the case, and
in such
circumstances it is hardly surprising that underwriters at Lloyd's a
nd
elsewhere have taken the view that if a general upturn in insurance rates
is
on its way, it is preferable to wait and take advantage of more predicta
ble
and less inherently high-risk business.
The possibility of a long-term c
hange in weather patterns as an effect of
global warming is only one of the
issues involved. As a result of the
development of manufacturing processes a
nd the organisation of both
industrial and service operations, losses from m
an-made causes such as big
fires or pollution incidents which approach those
associated with natural
catastrophes such as hurricanes or earthquake can n
ow be regarded as
inevitable.
The first industrial accident to generate an i
nsured loss of Dollars 1bn was
the explosion on the Piper Alpha oil platform
in the North Sea in 1988,
followed in 1989 by another at a Philips Petroleu
m plant in Pasadena. In
both cases, an important element in addition to the
concentration of value
represented by expensive equipment was cover for loss
of business as closure
of centralised production facilities disrupted relat
ed areas of production.
The chemical industry provides an almost insoluble p
roblem for the insurer
in these terms, Mr HazeIl points out. Under normal co
nditions, the world
market will be in a state of marginal oversupply. A sing
le major loss will
transform that to undersupply, which a second will multip
ly, creating a
level of exposure to which the insurance cover was not design
ed to respond.
The same development is observable in the service sector with
the
development of very large retail units and centralised distribution
net
works.
Not all insurers and reinsurers of catastrophe business have withdraw
n from
the market.
Mr HazeIl continues to underwrite catastrophe business in
the same basis as
he has since 1985, although since the spectacular market-
wide losses of 1988
he has done so on a basis of greater premium income and
lower exposure.
Mr HazeIl's syndicate also carries its catastrophe book with
out reinsurance.
Instead, the overall exposure to losses from natural catast
rophe is limited,
and the effect of a loss on the overall results of the syn
dicate mitigated
by a broad spread of other business - a classical Lloyd's u
nderwriter's
approach.
In Mr Hazell's view, there is no reason why such a fi
rst reinsurance account
should not form part of a prudent underwriter's book
, nor part of a prudent
Name's portfolio of interests. The number of reinsur
eds will tend to be
small and stable, and each will typically be a relativel
y major player in
the particular catastrophe-prone area. As a result, the cl
ient will be more
responsive to the reinsurer's needs.
One example is the Ja
panese agricultural mutual Zenkyoren, which suffered
heavy losses from Typho
on 19 in September last year. 'There was no continual
worsening of the claim
. We knew the exposure and paid out the Pounds 200m
within eight weeks,' Mr
HazeIl comments, adding that the cover has been
renewed at a higher premium.
'I tell my clients we never pay claims, but we
occasionally lend them money
,' he says with an ironic laugh.
Reinsurance brokers with a client who has a
clean loss record will often
argue that it justifies a discount at times wh
en rates in general are
rising. 'That's a fallacy,' Mr Hazell says. 'We need
to return to the
realisation that once a premium is paid and cover offered,
that premium has
been fully earned.' Furthermore, everybody will have to pa
y towards the
catastrophe cover that their insurer needs to buy.
Brokers are
trying to find more underwriters who will replace lost
catastrophe capacity
or provide an alternative.
There are franchise covers, for example, which r
espond to a dual trigger of
individual exposure and overall loss. These Mr H
azeIl describes as 'a
perfectly fair and reasonable way of buying reinsuranc
e'. So-called
financial or finite risk reinsurance is also widely touted, bu
t that is
still a weapon which Lloyd's cannot have in its armoury.
Mr Hazell
sees no difficulty in brokers rather than underwriters providing
the impetu
s for innovations in the field, which he considers is their job.
Lloyd's und
erwriters have 'no idea' what the public, or the insurance buyer
or reinsura
nce buyer wants, as face to face business is done with the
broker: 'That's h
ow we work.'
Although Mr HazeIl remains uncertain about the wisdom of reinsu
ring
catastrophe exposures as a speciality or at a secondary level, others a
re
more sanguine.
Despite the well-publicised losses on the so-called LMX sp
iral, some
underwriters who provided such cover in the past continue to do s
o, although
the cost is higher and the cover offered more clearly segmented.
Whole
account protection can still be obtained, but the terms divide the wo
rld
into Americas and non-Americas, and the insured perils into elemental an
d
man-made.
In order to trigger the policy, two categories must be affected.
This
two-risk warranty avoids whole account cover responding to a single in
sured
event such as Piper Alpha, which, its proponents argue, was not what s
uch
policies were intended to do.
What of the long-term future of Lloyd's as
a catastrophe insurance market?
'It's not a question of the long-term. It's
here and now,' Mr Hazell says.
'The sort of market we're in here, where peo
ple will back their judgment
with their own cash is ideally suited to catast
rophe business.'
----------------------------------------------------------
-------------
LOSSES FROM DISASTERS SINCE 1987
----------------------------
-------------------------------------------
Date Incident
est. loss (Dollars)
--------------------------------------
---------------------------------
1987 Storms in UK
1bn+
1988 Piper Alpha explosion 1.5bn
1
988 Hurricane Gilbert 1bn
------------------
-----------------------------------------------------
1989 Hurricane
Hugo 4.11bn+
1989 Explosion, Philips Petrole
um, Texas 1.1bn
1989 San Francisco earthquake 1bn
+
1989 Cold weather, US 500m
1989 Exx
on Valdez oil spillage 425m
1989 Earthquake, Australia
396m+
1989 Explosion, BASF Antwerp
382m
--------------------------------------------------------------------
---
1990 Storm 'Daria' 4.6bn
1990 S
torm 'Vivian' 3.2bn
1990 Storm 'Herta'
850m
1990 Storm 'Wiebke'
770m
1990 Storms, Colorado 625m
1990 (Dec)
Snow, hail, tornadoes, US 400m
---------------------------
--------------------------------------------
1991 Forest fire, Calif
ornia 1.2bn
1991 Typhoon Mireille
3.9bn
------------------------------------------------------------------
-----
Sources: Swiss Reinsurance Co 'Sigma' and FT World Insurance Report
-
----------------------------------------------------------------------
The Financial Times
London Page VI
============= Transaction # 73 ==============================================
Transaction #: 73 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 11:46:21
Selec. Rec. #: 3
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
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0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
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FT923-4394
_AN-CIGBWADKFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (7): Storm warni
ng for insurers / Examining the rising trend in catastrophe losses
By SIMON REYNOLDS
KLAUS CONRAD, a member of
Munich Re's board of management, advises insurers:
'Beware of a catastrophe
reinsurer who asks no questions . . . who does not
ask to be paid a fair pri
ce for his goods and services; they may turn out to
be worthless.' This is s
ound advice: many reinsurers who did not ask
questions or a fair price have
in recent years been hit by the rising trend
in catastrophe losses.
The comp
act but intense Hurricane Andrew, the first big storm of the 1992
Atlantic h
urricane season, is one more example of nature's destructive
potential. In i
ts recent review of 1991 catastrophe losses the large
international reinsure
r Swiss Re argues that 'the last five years have shown
a loss burden above t
he long-term trend, both in the natural catastrophe and
major man-made loss
sectors. If this development continues, the world
insurance system will face
a huge challenge.'
A similar review of natural catastrophes from Munich Re,
the world's largest
reinsurer, 'confirms a continuation in 1991 of the tren
d that has been
observed for more than 30 years: natural disasters are becom
ing more and
more costly,' in terms of overall economic loss and insured los
s.
Since the mid-1980s insured damage from natural catastrophes have far
out
stripped significant man-made losses. Typhoon Mireille which swept Japan
for
two days in September 1991 caused insured damage of Dollars 5.2bn - the
lar
gest insured loss from a single storm. For the third year a wind storm
produ
ced a Dollars 4bn plus loss, following Hurricane Hugo in September
1989, and
the storm Daria in western Europe in January 1990. Insured wind
storm damag
e throughout North America totalled more than Dollars 3bn in
1991, while a b
ush fire in California in October 1991 caused an insured loss
of Dollars 1.2
bn.
Looking at man-made catastrophe losses the trend is similar: more losses
costing more money. Swiss Re's survey argues that in totalling more than
Do
llars 3.2bn in 1991 'man-made insured damage is still clearly above the
long
-term average'. The biggest losses in this category were the sinking of
the
Sleipner A gas platform while still in Grandafjord off Stavanger, Norway
(in
sured loss Dollars 334.5m), and the fire during construction of the
London U
nderwriting Centre (Dollars 290m). The latter highlighted the
increasing ris
k of construction site losses developed countries.
According to Munich Re, i
nsurers' real claims burdens from natural disasters
in the decade to 1991 we
re eight times heavier than during the 1960s.
Figures from Swiss Re, show th
at total insured damage from natural disasters
and large man-made losses tog
ether bounced around between Dollars 2bn and
Dollars 6bn (at 1991 prices) be
tween 1970 and 1985. Since then the yearly
totals have been sharply higher:
reaching Dollars 14bn in 1889, Dollars 18bn
in 1990, Dollars 15bn in 1991.
T
hese figures are small in comparison with the overall Dollars 1,200bn taken
in premiums each year by insurers world-wide. However, the recent trend in
f
requency and value of catastrophe losses is of concern because of its
uncert
ainty. Is the trend going to be the norm for future years? And how far
will
the figures rise?
Piper Alpha was an old platform (169 people died in the 19
88 disaster and
the insured loss was Dollars 1.4bn) - the newer North Sea pl
atforms are
multi-billion dollar structures. Insurance market estimates of p
ossible
future natural catastrophe incidents make grim reading. A large eart
hquake
in Tokyo or San Francisco could lead to a Dollars 50-Dollars 100bn do
llar
loss. If a Hugo-intensity storm had landed farther north up the US east
coast in New York, the loss could have been twice that actually suffered.
A
ccording to Andrew Dlugolecki, chief manager operations at General
Accident,
there are many factors driving these trends of rising cost and
frequency. O
ne significant factor may be that the weather trends of the
1950s, 1960s and
1970s were milder than the long-term trend, and recent
storm developments a
re a return towards that longer-term trend. Other
factors raising catastroph
e losses include:
Increasing concentration of values: industries have tended
to build
increasingly expensive plant, of higher output, with greater produ
ct
inventory on site.
Increasing business interruption (B/I): more businesse
s are buying B/I
insurance cover, and B/I insured losses are rising at a fas
ter rate than
property losses. Larger, higher output plant take longer to re
build in the
event of a disaster.
New business practices: the development of
just-in-time (jit) techniques is
one facet of increasing dependencies betwe
en suppliers and customers. In
recognition of this more supplier/customer B/
I extensions to cover are being
purchased.
New construction techniques: fast
track and unitary methods mean a higher
percentage of high value finished f
ixtures and fittings are on site during
earlier stages of building construct
ion, possibly a time of raised risk from
fire. Increasing population density
: cities are becoming larger and, on
average, richer. If a natural disaster
hits, losses are increased. Much of
the loss from a large wind storm is acco
unted for by many, relatively small
claims from householders. New geographic
al areas: both industry and
populations are moving into increasingly risky a
reas, especially coastal
regions more susceptible to storms, storm surges, t
sunamis (huge sea waves).
Increasing insurance density: greater demand from
customers has led to more
insurance purchasing. It was easy to sell wind sto
rm cover in Europe after
the 1987 and 1990 storms. A corresponding push from
insurers selling cheaply
in a soft market added to the trend.
Changes in cl
imate: natural variation in climate alters the propensity for
climatic event
s. The jury is still out on global warming, but scientists
argue that if the
troposphere is warming, the earth's weather system will
contain more energy
leading to greater intensity of climatic events.
What is to be done? Mr Con
rad argues that 'private fortunes gathered over
generations, were lost by Ll
oyd's names, reinsurers mobilised their
emergency reserves, retrocessionaire
s started selling their nest eggs.
(Premiums) apparently had been too low, o
therwise one would not have lost in
five years, what it had taken 50 to coll
ect'. His solution is simple: a
return to insurance basics; premiums rates c
ommensurate with risk,
appropriate levels of deductibles, proper calculation
of probable and
possible catastrophe scenarios, proper loss prevention, los
s mitigation, and
accumulation control.
The Financial Times
London Page 30
============= Transaction # 74 ==============================================
Transaction #: 74 Transaction Code: 16 (History Viewed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 78 ==============================================
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 80 ==============================================
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============= Transaction # 83 ==============================================
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10
FT 10 AUG 93 / High death toll in Caracas storm
By JOSEPH MANN
CARACAS
VENEZUELAN firemen and civil defence crews were yesterday pulling b
odies out
of the wreckage of shanty towns ringing Caracas, after tropical st
orm Bret
hit at the weekend.
The storm killed about 150 people in the capita
l, according to reports.
Hundreds have been injured and thousands left homel
ess. Yesterday, residents
were clearing up after the rains (picture left).
M
ost of the damage occurred in the Caracas metropolitan area, where heavy
rai
ns on Sunday morning battered slum dwellings perched on the city's many
hill
s, causing mudslides and burying people alive.
The total number of victims w
as still in doubt yesterday and the government
had not issued official figur
es.
Caracas newspapers estimated fatalities nationwide could exceed 300.
The
US National Weather Service said yesterday that Bret, which was breaking
up
as it moved off the Colombian coast, could gain strength before passing
ove
r Central America.
The government of Venezuelan President Ramon Jose Velasqu
ez of has declared
a state of national mourning.
Despite a big fiscal defici
t, officials are looking for ways to release
funds for emergency relief.
Countries:-
VEZ Venezuela, South America.
In
dustries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
============= Transaction # 85 ==============================================
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18
FT 18 AUG 93 / Manila floods continue
Residents in the southern suburbs of Manila use guide ropes to steer the
m
through streets waist deep in water yesterday. Heavy rainfall caused by a
tropical storm off the coast has continued to bring severe flooding to
low-l
ying areas of the Philippine capital
Countries:-
PHZ
Philippines, Asia.
Industries:-
P9229 Public Order and
Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
============= Transaction # 86 ==============================================
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805
FT 05 AUG 94 / Commodities and Agriculture: Price wa
r hits Far East plywood markets
By KIERAN COOKE
Malaysian officials have warned of the dangers of a plywood pri
ce war and
say Malaysian and Indonesian producers, who account for more than
90 per
cent of tropical plywood output, must co-operate to ensure the long
term
health of the industry.
Aggressive cutting has taken the price to Dolla
rs 440 a cubic metre from
USDollars 550 in June and Mr Lim Keng Yaik, Malays
ia's primary industries
minister, says producers should consider holding bac
k supplies to support
the market. He warns that many customers, particularly
in China, are not
buying because the price is now so fluid.
'It may continu
e to drop, perhaps even below Dollars 400 a cu m, a price
fetched by tropica
l plywood way back in 1988,' says Mr Lim. 'This is the
time when producers h
ave to pool resources and experience to weather the
ongoing storm of a price
slump.'
Countries:-
MYZ Malaysia, Asia.
Industries:-
P2435 Hardwood Veneer and Plywood.
P2436 Softwood
Veneer and Plywood.
Types:-
COSTS Product costs & Pro
duct prices.
The Financial Times
London Page 22
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12
FT 12 MAY 93 / Commodities and Agriculture: Tropical
timber 'bashers' attacked
By GEOFFREY PLEYDELL
KUALA LUMPUR
MR LIM Kem Yaik, Malaysia
's minister of primary industries, yesterday
attacked importing countries fo
r 'bashing' tropical timber exporting
countries for their own ends. He said
that those who criticised tropical
countries should show goodwill and patien
ce.
Speaking at the opening here of the 12th meeting of International Tropic
al
Timber Organisation, Mr Lim called for an end to unilateral decisions to
boycott the purchase of tropical wood by national governments and individual
organisations. He cited the plight of Sarawak, Malaysia, where decisions to
reduce tropical logging by 1.5m cubic metres in 1992 and similar amount in
1993 in response to ITTO recommendations had meant the loss of 26,000 jobs
a
nd USDollars 50m.
Producer and consumer country members of the ITTO are divi
ded over the
future role of the organisation. Mr Lim restated his views that
trade in
timber from temperate forests should be considered alongside tropi
cal
interests. He said he wanted to see the present renegotiation of the
Int
ernational Tropical Timber Agreement expanded to include all world
forests.
With less than 10 per cent of world international trade being in tropical
wo
od and the rest of temperate origin, the minister said that the new
agreemen
t, scheduled to be in place by March 1994, should widen its scope.
But tropi
cal timber importing countries do not agree.
Mr Menzo Baratini, spokesman fo
r the European Community, pointed out that
the ITTO was set up specifically
for tropical timber and had developed
principles and strategies aimed at ens
uring sustainable management of
tropical forests by the year 2000. The syste
m of annual national reporting
on progress toward sustainable management of
productive tropical forests
should be standardised, he said, adding that ITT
O's real objectives should
be in the field of trade.
The ITTO meeting takes
place against a background of steeply rising prices
for tropical timber from
Asia Pacific sources. Sawn wood and plywood prices
have leapt 40 per cent o
ver recent months as log production and export in
the Sabah and Sarawak Stat
es of Malaysia have fallen in response to moves to
conserve forest resources
in terms of sustainability and industrial
requirements.
Countr
ies:-
MYZ Malaysia, Asia.
XAZ World.
Industries:-
P0811 Timber Tracts.
Types:-
RES Natural re
sources.
The Financial Times
London Page 30
============= Transaction # 88 ==============================================
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105
FT 05 NOV 93 / World News in Brief: Airliner skids i
nto harbour
All 296 people aboard a Boeing 747 of Taiwan'
s China Airlines scrambled down
escape chutes to safety after the airliner s
kidded off a runway into Hong
Kong harbour during a severe tropical storm. T
wenty-three people were taken
to hospital with minor injuries and shock.
Pic
ture, Page 5
Countries:-
HKZ Hong Kong, Asia.
Industries:-
P9229 Public Order and Safety, NEC.
T
ypes:-
NEWS General News.
The Financial Times
<
PAGE> International Page 1
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711
FT 11 JUL 94 / Business Travel (Update): Taiwan typh
oon
By DAVID OWEN
Typhoon Tim lashe
d eastern Taiwan with strong winds and heavy rain
yesterday, forcing the sus
pension of flights to two offshore islets.
Taiwanese officials said an impor
tant highway in Hualien city was closed
because of landslides set off by the
torrential downpour.
In the Philippines, the Manila weather bureau said ano
ther tropical storm,
Vanessa, had developed in the South China Sea and was b
ringing strong winds
and heavy rains to the main Philippine island, Luzon.
<
/TEXT>
Countries:-
TWZ Taiwan, Asia.
PHZ Philippines, A
sia.
Industries:-
P9229 Public Order and Safety, NEC.
<
/IN>
Types:-
RES Natural resources.
The Financial
Times
London Page 14
============= Transaction # 90 ==============================================
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FT943-15451
_AN-EGJAPAA1FT
940
709
FT 09 JUL 94 / Georgia awash after Alberto brings fl
oods
Muddy floodwaters cover the streets of downtown Mont
ezuma, Georgia,
yesterday as the remnants of tropical storm Alberto drenched
the state for a
fourth day, leaving damage estimated at over Dollars 100m.
At least 19
people were reported to have died in Georgia and another in Alab
ama. The
city of Albany, 175 miles south of Atlanta along the swollen Flint
River,
evacuated some 15,000 people to higher ground as coffins floated in
c
emeteries. Across the US, at least 12 firefighters were reported to have
die
d when they were overrun by a forest fire in the Rockies about 120 miles
wes
t of Denver.
Countries:-
USZ United States of Americ
a.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 91 ==============================================
Transaction #: 91 Transaction Code: 39 (Full Doc Window --TREC)
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930
408
FT 08 APR 93 / Commodities and Agriculture: Timber a
ccord faces green pressures
By FRANCES WILLIAMS
GENEVA
NEGOTIATIONS ON a new tropical
timber accord to replace the 1983 United
Nations agreement begin next week
in Geneva amid strong pressure from
environmental groups for tougher rules o
n forest conservation.
The 51 members of the International Tropical Timber A
greement - who account
for virtually all the Dollars 7.5bn world tropical ti
mber trade - will also
discuss a controversial demand from producing countr
ies that non-tropical
timber be included in the successor accord. This idea
has already been
rejected by consumer nations.
Producers will in addition be
pressing rich nations to share the burden of
tropical forest conservation b
y increasing financial assistance and
facilitating technology transfer.
The
four-day meeting, which ends on April 16, is not expected to resolve the
mai
n differences between the two sides. The UN Conference on Trade and
Developm
ent has already scheduled a further negotiating session in Geneva
for June 2
1-25.
The 1983 tropical timber accord, which came into force in 1985, is due
to
expire at the end of March 1994. Its 23 producing members, the biggest b
eing
Brazil, Indonesia and Malaysia, represent about 89 per cent of the worl
d's
tropical forests and about the same proportion of world exports of tropi
cal
timber by volume.
Japan and the European Community are by far the bigges
t importers among the
28 consumer members, which account for about 80 per ce
nt of tropical timber
imports.
The 1983 agreement aims to ensure that the ec
onomic use of tropical timber
is balanced with conservation efforts and envi
ronmental needs. But
environmentalists complain that the International Tropi
cal Timber
Organisation, which administers the pact, has failed to stop larg
e-scale
forest destruction and degradation. For their part, producers say th
e ITTO
has been of little help in promoting sustainable forest development.
Initially, the main function of the Yokohama-based organisation was seen as
promoting research and development projects related to forest management,
ex
ploitation and economic and market information. By the end of last year,
the
ITTO's council had approved 179 projects worth Dollars 150m.
But in the pas
t two to three years, the ITTO has paid more attention to
environmental issu
es. Its 1990 action plan includes giving priority to
arresting the decline a
nd degradation of tropical forests, and in 1991
members committed themselves
to ensuring that by the year 2000 all tropical
timber exports will come fro
m sustainably managed forests. The ITTO has also
issued guidelines on sustai
nable forest management and the conservation of
biological diversity in trop
ical forests.
Countries:-
XAZ World.
Indu
stries:-
P0811 Timber Tracts.
Types:-
NEWS G
eneral News.
The Financial Times
London Page 30
============= Transaction # 92 ==============================================
Transaction #: 92 Transaction Code: 39 (Full Doc Window --TREC)
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93062
5
FT 25 JUN 93 / Commodities and Agriculture: Divisions
remain over tropical timber pact
By FRANCES WILLIAMS
GENEVA
UNITED NATIONS-sponsored
talks on a new tropical timber pact are due to end
today with little progres
s on key issues, despite initial optimism. A third
round of negotiations on
a successor to the 1983 International Tropical
Timber Agreement, which expir
es next March, is likely in two or three
months' time.
Consuming and produci
ng countries are still split over the scope of a new
agreement. Consumers ar
e resisting producer calls to include temperate and
boreal timber in the pac
t. Producers complain that tropical timber is
discriminated against in inter
national trade because it has to satisfy
stricter environmental criteria. Tr
opical timber has been losing market
share to temperate timber in recent yea
rs, in part because of environmental
concerns.
At the beginning of the week-
long talks, consumers put forward a
three-pronged compromise plan that would
keep temperate timber out of the
agreement but commit consumer nations to a
im at sustainable forest
management for traded temperate wood. The plan also
included language in the
new agreement to bar trade discrimination against
tropical timber as such
and more finance for projects of benefit to producer
nations.
Producers then said they wanted consumer nations to take on enviro
nmental
commitments 'as clear and unambiguous' as those in the proposed trop
ical
timber agreement. If consumers have their way, the new accord will requ
ire
all traded tropical timber to come from sustainably managed forests by t
he
year 2000, a target already set by the International Tropical Timber
Orga
nisation.
Although consumers have refined their proposals over the week, con
ference
sources said yesterday that they remained unacceptable to producers.
Countries:-
XCZ Latin America.
XOZ Asia.
Industries:-
P0831 Forest Products.
P2411 Logging.
P
9611 Administration of General Economic Programs.
Types:-
<
TP>NEWS General News.
The Financial Times
London P
age 28
============= Transaction # 93 ==============================================
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zfind "(topic @ {tropical storms}) or (topic {tsunami})"
============= Transaction # 94 ==============================================
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============= Transaction # 95 ==============================================
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FT923-4394
_AN-CIGBWADKFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (7): Storm warni
ng for insurers / Examining the rising trend in catastrophe losses
By SIMON REYNOLDS
KLAUS CONRAD, a member of
Munich Re's board of management, advises insurers:
'Beware of a catastrophe
reinsurer who asks no questions . . . who does not
ask to be paid a fair pri
ce for his goods and services; they may turn out to
be worthless.' This is s
ound advice: many reinsurers who did not ask
questions or a fair price have
in recent years been hit by the rising trend
in catastrophe losses.
The comp
act but intense Hurricane Andrew, the first big storm of the 1992
Atlantic h
urricane season, is one more example of nature's destructive
potential. In i
ts recent review of 1991 catastrophe losses the large
international reinsure
r Swiss Re argues that 'the last five years have shown
a loss burden above t
he long-term trend, both in the natural catastrophe and
major man-made loss
sectors. If this development continues, the world
insurance system will face
a huge challenge.'
A similar review of natural catastrophes from Munich Re,
the world's largest
reinsurer, 'confirms a continuation in 1991 of the tren
d that has been
observed for more than 30 years: natural disasters are becom
ing more and
more costly,' in terms of overall economic loss and insured los
s.
Since the mid-1980s insured damage from natural catastrophes have far
out
stripped significant man-made losses. Typhoon Mireille which swept Japan
for
two days in September 1991 caused insured damage of Dollars 5.2bn - the
lar
gest insured loss from a single storm. For the third year a wind storm
produ
ced a Dollars 4bn plus loss, following Hurricane Hugo in September
1989, and
the storm Daria in western Europe in January 1990. Insured wind
storm damag
e throughout North America totalled more than Dollars 3bn in
1991, while a b
ush fire in California in October 1991 caused an insured loss
of Dollars 1.2
bn.
Looking at man-made catastrophe losses the trend is similar: more losses
costing more money. Swiss Re's survey argues that in totalling more than
Do
llars 3.2bn in 1991 'man-made insured damage is still clearly above the
long
-term average'. The biggest losses in this category were the sinking of
the
Sleipner A gas platform while still in Grandafjord off Stavanger, Norway
(in
sured loss Dollars 334.5m), and the fire during construction of the
London U
nderwriting Centre (Dollars 290m). The latter highlighted the
increasing ris
k of construction site losses developed countries.
According to Munich Re, i
nsurers' real claims burdens from natural disasters
in the decade to 1991 we
re eight times heavier than during the 1960s.
Figures from Swiss Re, show th
at total insured damage from natural disasters
and large man-made losses tog
ether bounced around between Dollars 2bn and
Dollars 6bn (at 1991 prices) be
tween 1970 and 1985. Since then the yearly
totals have been sharply higher:
reaching Dollars 14bn in 1889, Dollars 18bn
in 1990, Dollars 15bn in 1991.
T
hese figures are small in comparison with the overall Dollars 1,200bn taken
in premiums each year by insurers world-wide. However, the recent trend in
f
requency and value of catastrophe losses is of concern because of its
uncert
ainty. Is the trend going to be the norm for future years? And how far
will
the figures rise?
Piper Alpha was an old platform (169 people died in the 19
88 disaster and
the insured loss was Dollars 1.4bn) - the newer North Sea pl
atforms are
multi-billion dollar structures. Insurance market estimates of p
ossible
future natural catastrophe incidents make grim reading. A large eart
hquake
in Tokyo or San Francisco could lead to a Dollars 50-Dollars 100bn do
llar
loss. If a Hugo-intensity storm had landed farther north up the US east
coast in New York, the loss could have been twice that actually suffered.
A
ccording to Andrew Dlugolecki, chief manager operations at General
Accident,
there are many factors driving these trends of rising cost and
frequency. O
ne significant factor may be that the weather trends of the
1950s, 1960s and
1970s were milder than the long-term trend, and recent
storm developments a
re a return towards that longer-term trend. Other
factors raising catastroph
e losses include:
Increasing concentration of values: industries have tended
to build
increasingly expensive plant, of higher output, with greater produ
ct
inventory on site.
Increasing business interruption (B/I): more businesse
s are buying B/I
insurance cover, and B/I insured losses are rising at a fas
ter rate than
property losses. Larger, higher output plant take longer to re
build in the
event of a disaster.
New business practices: the development of
just-in-time (jit) techniques is
one facet of increasing dependencies betwe
en suppliers and customers. In
recognition of this more supplier/customer B/
I extensions to cover are being
purchased.
New construction techniques: fast
track and unitary methods mean a higher
percentage of high value finished f
ixtures and fittings are on site during
earlier stages of building construct
ion, possibly a time of raised risk from
fire. Increasing population density
: cities are becoming larger and, on
average, richer. If a natural disaster
hits, losses are increased. Much of
the loss from a large wind storm is acco
unted for by many, relatively small
claims from householders. New geographic
al areas: both industry and
populations are moving into increasingly risky a
reas, especially coastal
regions more susceptible to storms, storm surges, t
sunamis (huge sea waves).
Increasing insurance density: greater demand from
customers has led to more
insurance purchasing. It was easy to sell wind sto
rm cover in Europe after
the 1987 and 1990 storms. A corresponding push from
insurers selling cheaply
in a soft market added to the trend.
Changes in cl
imate: natural variation in climate alters the propensity for
climatic event
s. The jury is still out on global warming, but scientists
argue that if the
troposphere is warming, the earth's weather system will
contain more energy
leading to greater intensity of climatic events.
What is to be done? Mr Con
rad argues that 'private fortunes gathered over
generations, were lost by Ll
oyd's names, reinsurers mobilised their
emergency reserves, retrocessionaire
s started selling their nest eggs.
(Premiums) apparently had been too low, o
therwise one would not have lost in
five years, what it had taken 50 to coll
ect'. His solution is simple: a
return to insurance basics; premiums rates c
ommensurate with risk,
appropriate levels of deductibles, proper calculation
of probable and
possible catastrophe scenarios, proper loss prevention, los
s mitigation, and
accumulation control.
The Financial Times
London Page 30
============= Transaction # 96 ==============================================
Transaction #: 96 Transaction Code: 19 (Record Selected)
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FT923-4394
_AN-CIGBWADKFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (7): Storm warni
ng for insurers / Examining the rising trend in catastrophe losses
By SIMON REYNOLDS
KLAUS CONRAD, a member of
Munich Re's board of management, advises insurers:
'Beware of a catastrophe
reinsurer who asks no questions . . . who does not
ask to be paid a fair pri
ce for his goods and services; they may turn out to
be worthless.' This is s
ound advice: many reinsurers who did not ask
questions or a fair price have
in recent years been hit by the rising trend
in catastrophe losses.
The comp
act but intense Hurricane Andrew, the first big storm of the 1992
Atlantic h
urricane season, is one more example of nature's destructive
potential. In i
ts recent review of 1991 catastrophe losses the large
international reinsure
r Swiss Re argues that 'the last five years have shown
a loss burden above t
he long-term trend, both in the natural catastrophe and
major man-made loss
sectors. If this development continues, the world
insurance system will face
a huge challenge.'
A similar review of natural catastrophes from Munich Re,
the world's largest
reinsurer, 'confirms a continuation in 1991 of the tren
d that has been
observed for more than 30 years: natural disasters are becom
ing more and
more costly,' in terms of overall economic loss and insured los
s.
Since the mid-1980s insured damage from natural catastrophes have far
out
stripped significant man-made losses. Typhoon Mireille which swept Japan
for
two days in September 1991 caused insured damage of Dollars 5.2bn - the
lar
gest insured loss from a single storm. For the third year a wind storm
produ
ced a Dollars 4bn plus loss, following Hurricane Hugo in September
1989, and
the storm Daria in western Europe in January 1990. Insured wind
storm damag
e throughout North America totalled more than Dollars 3bn in
1991, while a b
ush fire in California in October 1991 caused an insured loss
of Dollars 1.2
bn.
Looking at man-made catastrophe losses the trend is similar: more losses
costing more money. Swiss Re's survey argues that in totalling more than
Do
llars 3.2bn in 1991 'man-made insured damage is still clearly above the
long
-term average'. The biggest losses in this category were the sinking of
the
Sleipner A gas platform while still in Grandafjord off Stavanger, Norway
(in
sured loss Dollars 334.5m), and the fire during construction of the
London U
nderwriting Centre (Dollars 290m). The latter highlighted the
increasing ris
k of construction site losses developed countries.
According to Munich Re, i
nsurers' real claims burdens from natural disasters
in the decade to 1991 we
re eight times heavier than during the 1960s.
Figures from Swiss Re, show th
at total insured damage from natural disasters
and large man-made losses tog
ether bounced around between Dollars 2bn and
Dollars 6bn (at 1991 prices) be
tween 1970 and 1985. Since then the yearly
totals have been sharply higher:
reaching Dollars 14bn in 1889, Dollars 18bn
in 1990, Dollars 15bn in 1991.
T
hese figures are small in comparison with the overall Dollars 1,200bn taken
in premiums each year by insurers world-wide. However, the recent trend in
f
requency and value of catastrophe losses is of concern because of its
uncert
ainty. Is the trend going to be the norm for future years? And how far
will
the figures rise?
Piper Alpha was an old platform (169 people died in the 19
88 disaster and
the insured loss was Dollars 1.4bn) - the newer North Sea pl
atforms are
multi-billion dollar structures. Insurance market estimates of p
ossible
future natural catastrophe incidents make grim reading. A large eart
hquake
in Tokyo or San Francisco could lead to a Dollars 50-Dollars 100bn do
llar
loss. If a Hugo-intensity storm had landed farther north up the US east
coast in New York, the loss could have been twice that actually suffered.
A
ccording to Andrew Dlugolecki, chief manager operations at General
Accident,
there are many factors driving these trends of rising cost and
frequency. O
ne significant factor may be that the weather trends of the
1950s, 1960s and
1970s were milder than the long-term trend, and recent
storm developments a
re a return towards that longer-term trend. Other
factors raising catastroph
e losses include:
Increasing concentration of values: industries have tended
to build
increasingly expensive plant, of higher output, with greater produ
ct
inventory on site.
Increasing business interruption (B/I): more businesse
s are buying B/I
insurance cover, and B/I insured losses are rising at a fas
ter rate than
property losses. Larger, higher output plant take longer to re
build in the
event of a disaster.
New business practices: the development of
just-in-time (jit) techniques is
one facet of increasing dependencies betwe
en suppliers and customers. In
recognition of this more supplier/customer B/
I extensions to cover are being
purchased.
New construction techniques: fast
track and unitary methods mean a higher
percentage of high value finished f
ixtures and fittings are on site during
earlier stages of building construct
ion, possibly a time of raised risk from
fire. Increasing population density
: cities are becoming larger and, on
average, richer. If a natural disaster
hits, losses are increased. Much of
the loss from a large wind storm is acco
unted for by many, relatively small
claims from householders. New geographic
al areas: both industry and
populations are moving into increasingly risky a
reas, especially coastal
regions more susceptible to storms, storm surges, t
sunamis (huge sea waves).
Increasing insurance density: greater demand from
customers has led to more
insurance purchasing. It was easy to sell wind sto
rm cover in Europe after
the 1987 and 1990 storms. A corresponding push from
insurers selling cheaply
in a soft market added to the trend.
Changes in cl
imate: natural variation in climate alters the propensity for
climatic event
s. The jury is still out on global warming, but scientists
argue that if the
troposphere is warming, the earth's weather system will
contain more energy
leading to greater intensity of climatic events.
What is to be done? Mr Con
rad argues that 'private fortunes gathered over
generations, were lost by Ll
oyd's names, reinsurers mobilised their
emergency reserves, retrocessionaire
s started selling their nest eggs.
(Premiums) apparently had been too low, o
therwise one would not have lost in
five years, what it had taken 50 to coll
ect'. His solution is simple: a
return to insurance basics; premiums rates c
ommensurate with risk,
appropriate levels of deductibles, proper calculation
of probable and
possible catastrophe scenarios, proper loss prevention, los
s mitigation, and
accumulation control.
The Financial Times
London Page 30
============= Transaction # 97 ==============================================
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FT923-4394
_AN-CIGBWADKFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (7): Storm warni
ng for insurers / Examining the rising trend in catastrophe losses
By SIMON REYNOLDS
KLAUS CONRAD, a member of
Munich Re's board of management, advises insurers:
'Beware of a catastrophe
reinsurer who asks no questions . . . who does not
ask to be paid a fair pri
ce for his goods and services; they may turn out to
be worthless.' This is s
ound advice: many reinsurers who did not ask
questions or a fair price have
in recent years been hit by the rising trend
in catastrophe losses.
The comp
act but intense Hurricane Andrew, the first big storm of the 1992
Atlantic h
urricane season, is one more example of nature's destructive
potential. In i
ts recent review of 1991 catastrophe losses the large
international reinsure
r Swiss Re argues that 'the last five years have shown
a loss burden above t
he long-term trend, both in the natural catastrophe and
major man-made loss
sectors. If this development continues, the world
insurance system will face
a huge challenge.'
A similar review of natural catastrophes from Munich Re,
the world's largest
reinsurer, 'confirms a continuation in 1991 of the tren
d that has been
observed for more than 30 years: natural disasters are becom
ing more and
more costly,' in terms of overall economic loss and insured los
s.
Since the mid-1980s insured damage from natural catastrophes have far
out
stripped significant man-made losses. Typhoon Mireille which swept Japan
for
two days in September 1991 caused insured damage of Dollars 5.2bn - the
lar
gest insured loss from a single storm. For the third year a wind storm
produ
ced a Dollars 4bn plus loss, following Hurricane Hugo in September
1989, and
the storm Daria in western Europe in January 1990. Insured wind
storm damag
e throughout North America totalled more than Dollars 3bn in
1991, while a b
ush fire in California in October 1991 caused an insured loss
of Dollars 1.2
bn.
Looking at man-made catastrophe losses the trend is similar: more losses
costing more money. Swiss Re's survey argues that in totalling more than
Do
llars 3.2bn in 1991 'man-made insured damage is still clearly above the
long
-term average'. The biggest losses in this category were the sinking of
the
Sleipner A gas platform while still in Grandafjord off Stavanger, Norway
(in
sured loss Dollars 334.5m), and the fire during construction of the
London U
nderwriting Centre (Dollars 290m). The latter highlighted the
increasing ris
k of construction site losses developed countries.
According to Munich Re, i
nsurers' real claims burdens from natural disasters
in the decade to 1991 we
re eight times heavier than during the 1960s.
Figures from Swiss Re, show th
at total insured damage from natural disasters
and large man-made losses tog
ether bounced around between Dollars 2bn and
Dollars 6bn (at 1991 prices) be
tween 1970 and 1985. Since then the yearly
totals have been sharply higher:
reaching Dollars 14bn in 1889, Dollars 18bn
in 1990, Dollars 15bn in 1991.
T
hese figures are small in comparison with the overall Dollars 1,200bn taken
in premiums each year by insurers world-wide. However, the recent trend in
f
requency and value of catastrophe losses is of concern because of its
uncert
ainty. Is the trend going to be the norm for future years? And how far
will
the figures rise?
Piper Alpha was an old platform (169 people died in the 19
88 disaster and
the insured loss was Dollars 1.4bn) - the newer North Sea pl
atforms are
multi-billion dollar structures. Insurance market estimates of p
ossible
future natural catastrophe incidents make grim reading. A large eart
hquake
in Tokyo or San Francisco could lead to a Dollars 50-Dollars 100bn do
llar
loss. If a Hugo-intensity storm had landed farther north up the US east
coast in New York, the loss could have been twice that actually suffered.
A
ccording to Andrew Dlugolecki, chief manager operations at General
Accident,
there are many factors driving these trends of rising cost and
frequency. O
ne significant factor may be that the weather trends of the
1950s, 1960s and
1970s were milder than the long-term trend, and recent
storm developments a
re a return towards that longer-term trend. Other
factors raising catastroph
e losses include:
Increasing concentration of values: industries have tended
to build
increasingly expensive plant, of higher output, with greater produ
ct
inventory on site.
Increasing business interruption (B/I): more businesse
s are buying B/I
insurance cover, and B/I insured losses are rising at a fas
ter rate than
property losses. Larger, higher output plant take longer to re
build in the
event of a disaster.
New business practices: the development of
just-in-time (jit) techniques is
one facet of increasing dependencies betwe
en suppliers and customers. In
recognition of this more supplier/customer B/
I extensions to cover are being
purchased.
New construction techniques: fast
track and unitary methods mean a higher
percentage of high value finished f
ixtures and fittings are on site during
earlier stages of building construct
ion, possibly a time of raised risk from
fire. Increasing population density
: cities are becoming larger and, on
average, richer. If a natural disaster
hits, losses are increased. Much of
the loss from a large wind storm is acco
unted for by many, relatively small
claims from householders. New geographic
al areas: both industry and
populations are moving into increasingly risky a
reas, especially coastal
regions more susceptible to storms, storm surges, t
sunamis (huge sea waves).
Increasing insurance density: greater demand from
customers has led to more
insurance purchasing. It was easy to sell wind sto
rm cover in Europe after
the 1987 and 1990 storms. A corresponding push from
insurers selling cheaply
in a soft market added to the trend.
Changes in cl
imate: natural variation in climate alters the propensity for
climatic event
s. The jury is still out on global warming, but scientists
argue that if the
troposphere is warming, the earth's weather system will
contain more energy
leading to greater intensity of climatic events.
What is to be done? Mr Con
rad argues that 'private fortunes gathered over
generations, were lost by Ll
oyd's names, reinsurers mobilised their
emergency reserves, retrocessionaire
s started selling their nest eggs.
(Premiums) apparently had been too low, o
therwise one would not have lost in
five years, what it had taken 50 to coll
ect'. His solution is simple: a
return to insurance basics; premiums rates c
ommensurate with risk,
appropriate levels of deductibles, proper calculation
of probable and
possible catastrophe scenarios, proper loss prevention, los
s mitigation, and
accumulation control.
The Financial Times
London Page 30
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FT932-8122
_AN-DETCAADKFT
9305
20
FT 20 MAY 93 / Arts: A cut in the wrong direction - C
inema
By STEPHEN AMIDON
THE ABYSS:
SPECIAL EDITION (12)
James Cameron
NOWHERE TO RUN (15)
Robert Harmon
PASSENG
ER 57 (15)
Kevin Hooks
I WAS ON MARS (15)
Dani Levy
When it was first releas
ed in 1989, The Abyss was a half hour away from
being a very strong movie in
deed. Its writer and director, James Cameron,
seems to have realised somethi
ng was amiss and has now used the clout he has
garnered from making Terminat
or 2 to have the movie released in a special
edition, or director's cut. The
idea is that the decision of his studio's
marketing people to alter the fil
m to make it more audience friendly is
thereby reversed. Unfortunately, Came
ron's final version is a half hour
longer than the original, when what the f
ilm always needed was to be a half
hour shorter.
For those who missed it in
its first incarnation, The Abyss portrays a group
of likeable redneck divers
whose underwater oil rig is commandeered by the
US navy to rescue a sunken
nuclear sub. Matters are complicated by the
fraught marital relationship bet
ween the chief divers (Ed Harris and Mary
Elizabeth Mastrantonio), the insan
ity of the navy commander (Michael Biehn),
a looming hurricane, encroaching
Russians and, finally, a colony of
underwater aliens. It was the last ingred
ient that ruined the recipe the
first time around, transforming what might h
ave been a taut, sweaty
adventure flick into a ludicrous fantasy feature.
Un
fortunately, Cameron's new version expands on this very aspect of the
film,
further padding out his picture with a tendentious morality play in
which wo
rld war III is averted by these squishy ETs when they unleash giant
tsunamis
on the superpowers to make them put their nuclear weapons away. The
resulti
ng blend of dated and simplistic cold war politics, overwhelming
special eff
ects and sentimentality thoroughly undermines the two hours of
skillful acti
on and suspense that preceded it, forcing one into the rather
alarming concl
usion that those chop-happy studio executives might not be so
purblind after
all.
Cameron's special edition also calls into question the whole recent tr
end of
director's cuts, which, with the exception of last year's restored Bl
ade
Runner, seems to be little more than yet another way Hollywood is trying
to
have its cake and eat it too. After all, film-making is a collaborative
process. What does the future hold - actor's cuts? cinematographer's cuts?
T
he only thing you can be sure of is that the studios and the producers will
certainly be getting their cuts, both times around.
If there were such a thi
ng as an audience cut, Nowhere to Run would be five
minutes long. One minute
for the amount of time Rosanna Arquette spends
naked, the other four devote
d to Jean-Claude Van Damme as he ruptures the
spleens and deviates the septu
ms of various baddies with his vaunted martial
arts. As for the remainder of
the film, it is hard to see who the makers had
in mind as potential viewers
when they consigned it to celluloid.
The plot, such as it is, has Van Damme
playing an escaped con who holes up
on the farm belonging to a noble widow
(Arquette) being threatened by greedy
real estate developers. After the obli
gatory rocky start to their
relationship, Van Damme and Arquette soon fall i
nto the sack and then join
forces to see off the bad guys.
Nowhere to Run is
the latest step in the effort to domesticate the Belgian
bruiser. As such,
it is a resounding failure. Unlike Schwarzenegger or
Willis, Van Damme is ut
terly lacking in charisma, his bland stoicism failing
to suggest anything ot
her than, well, bland stoicism. He is unable to
humanise his macho antics wi
th the sort of self-deprecating wit needed to
break free of the straight-to-
video category. To makes matters worse, his
toned down and surprisingly lack
lustre fighting here should prove a
disappointment to his regular core of fa
ns. And as for Arquette, it is sad
to see this once promising actress reduce
d to playing little more than
bearnaise sauce to Van Damme's slab of beef.
I
t is easy to see why a video star wants to go upmarket. What is harder to
fi
gure out is why the fine film actor Wesley Snipes wants to travel in the
opp
osite direction. After a series of roles that put him well on the way to
bec
oming one of the most popular black leading men of all time, Snipes finds
hi
mself up in the air in Passenger 57, a hackneyed action movie that might
hav
e given even Van Damme pause.
The story has Snipes playing a former cop turn
ed airline security consultant
who locks horns with a 'sophisticated British
aristocrat' (Bruce Payne) who
also happens to be a lunatic with a penchant
for blowing up 747s. What
results is so laughably ill-conceived that you kee
p on expecting Snipes's
agent to burst out of one of the hijacked plane's to
ilets and force the
whole thing to make an emergency landing. Unfortunately,
it keeps on going
right up to the bloody finale, in which, ironically, Snip
es fights with far
more aplomb that the new model Van Damme.
I Was on Mars i
s the story of Silva (Maria Schrader), a young Polish woman
who arrives in N
ew York with plenty of dollars but apparently little in the
way of motivatio
n or common sense. She wanders aimlessly about the city for
a few days, only
to be relieved of her cash by Alio (Dani Levy), a slick con
man with a line
of patter only someone fresh off the boat could buy. Not one
to take this s
ort of thing lying down, Silva decides to pursue Alio, soon
involving hersel
f in his bizarre existence and exacting a subtle yet telling
revenge.
Fans o
f Stranger Than Paradise and Johnny Suede will find themselves on
familiar t
urf here, though the film lacks the bizarre sublimity of those two
efforts.
Director Levy has a wonderful eye for detail - Silva carries an
iron in her
briefcase but only one change of clothes, while Alio garnishes
his cocktails
with Twinkies. And Schrader's Silva is a memorable creation, a
woman who us
es passivity as a weapon more effective than anything the men
she finds hers
elf among can employ. But the film fails to establish a
consistent comic pit
ch, undermining its fine observation and
characterisation with an unevenness
worsened by a tendency to indulge in
weirdness for its own sake.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P7812 Motion Picture and Video Production.
Types:-
NEWS General News.
The Financial Times
London
Page 17
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FT943-10010
_AN-EHHDNACAFT
940
808
FT 08 AUG 94 / Media Futures: I've read the future a
nd it spins - Reference works are blooming on CD-Rom but not yet the novel <
/HEADLINE>
By MARTIN MULLIGAN
The secondhand bo
okshop Marks & Co at 84 Charing Cross Road, made famous by
a play about its
correspondence with the American writer Helene Hanff, is
now the Compact Dis
c Centre.
Inside, a sign over a staircase and a glass cabinet with paperback
s of Ms
Hanff's works are the only traces of its former occupancy. TV screen
s
showing Stravinsky's Oedipus Rex (Laser Disc version) and Star Trek VI: Th
e
Undiscovered Country (CD-i version) compete for the browser's attention in
that distracting environment common to electronic emporia everywhere.
The f
ormer bookshop symbolises the fate which jeremiahs insist has overtaken
pape
r-based publishing: classical literary values overrun by barbaric
commercial
ism, battered by a tsunami of electronic products.
Changes in sales patterns
, new marketplace relationships, and cost-cutting
technologies are transform
ing publishing as the Gatling gun transformed
warfare. Computer, telephone,
TV, and video appear to be interacting so
quickly that even manufacturers ar
e unsure what to produce next.
Against this background, the home computer -
thanks to Sonic the Hedgehog,
the Brooklyn plumber Super Mario, and others -
is vying for television's
crown as primary home entertainment format. Publi
shers seeking to broaden
their media base have to board the computer bandwag
on.
CD-Rom is tipped to be tomorrow's dominant publishing medium: compact di
scs
that can store video images, text, and stereo sound. Reference works,
at
lases, cookbooks, and family health manuals have been quickly adapted
during
the past few years, becoming staple CD-Rom fare. The 'reader', by
clicking
a mouse, can explore a vast network of text and moving images.
Sales figures
suggest that more encyclopedias are now sold on CD-Rom than in
book form.
Y
et the fact is that the wider creative possibilities are so poorly
understoo
d that unprecedented creative alliances of artists and technicians
will have
to be forged before the medium can come of age.
A few pioneering entertainm
ent CD-Roms already exist. Peter Gabriel's
interactive music CD-Rom Xplora1
led the way, and David Bowie has followed
suit recently with Jump, a disc in
corporating interview clips, music video,
point-and-click elements galore, a
nd even the option to remix a song.
The way forward for literature and popul
ar fiction (or hyperfiction) on
CD-Rom is much harder to see.
Andromeda Inte
ractive's Classic Library contains the complete works of
Shakespeare, Chauce
r, Jane Austen, Dickens, Poe and Melville, and W. B.
Yeats, but such a disc
full of words is useful chiefly as a study tool which
allows swifter word-se
arches than paper versions.
Real multimedia products are much rarer than tex
t-dumped-to-CD offerings. A
notable exception which may be a premonition of
future products is
HarperCollins-Nimbus' The Bronte Sisters. This CD-Rom inc
ludes sketches,
poems, essays, diary entries and biographies of the sisters,
alongside
photos of 60 Bronte museum treasures from the Howarth Parsonage.
The reader
can summon an image of the desk the sisters wrote at or the brida
l veil worn
by Charlotte next to diary entries or passages from the novels w
hich relate
to those items.
A chief obstacle to the CD-Rom and multimedia re
volution is that, as an
Anglo-American wit has observed, 'Before I can get o
n to the information
superhighway I need to get off my driveway.'
Youngsters
adapt to the new media at primary school, but many adults are
technophobes.
The jungle of products and lack of standardisation are
bewildering and disc
ouraging.
Kanwal Sharma, marketing manager for new media for Apple Computer
UK, admits
that while CD-Rom and multimedia have been around for two or thre
e years
'the information flow seems to have stopped with the technology prod
ucers.'
Too few people in local markets own CD-Rom equipment at the moment t
o make
such publishing viable unless on a global scale.
The London market's
darling, Dorling Kindersley, proves the point.
A publisher of high quality i
llustrated books, with an extensive
information-based backlist, Dorling Kind
ersley has a foreign co-editions
network already in place.
Without such a ne
twork, the market for this technology is too small at
present in the UK, or
in any single country, for publishers to make a
sizeable profit, although co
nsumer adoption of CD-Rom is strongest in North
America.
It is hard neverthe
less to escape the conclusion that if Shakespeare were
alive today, he'd be
looking for ways to work on CD-Rom.
Another point in CD-Rom's favour is that
discs can be mass-produced very
cheaply. Paper-based production costs are a
stronomical by comparison.
Yet books remain the favoured currency in 1990s p
ublishing, defying their
electronic rivals. Here too, there have been enormo
us changes. Paperback
sales now routinely take precedence over hardcover, wh
ile wholesalers and
retailers increasingly influence what finds its way into
print.
W. H. Smith, whose stores account for one third of UK fiction sales,
is so
confident in its knowledge of its consumers' tastes that it has taken
the
driving seat to steer the publishing process in the direction the compa
ny
chooses with its Fresh Talent programme, now in its second year.
'The obj
ect,' says Graham Edmonds, product manager for paperback fiction,
'is to bri
ng a good deal for new writers'.
W. H. Smith asks the main paperback publish
ers for recommendations, a team
of seven people reads manuscripts from sugge
sted authors, and if they are
unanimously enthusiastic, the work appears und
er the Fresh Talent banner.
Penguin, Black Swan, Signet, Corgi and Hodder He
adline are the participating
publishers for 1994.
Reports of the death of th
e book, in brief, are much exaggerated.
Paper-based reading may not be the c
hief hallmark of an intellectually
active person much longer, and CD-Rom wil
l find its Shakespeare sooner or
later, but it is certainly too soon to be c
onsigning the work of Helene
Hanff to glass cabinets.
Countries
:-
GBZ United Kingdom, EC.
Industries:-
P273
1 Book Publishing.
P3572 Computer Storage Devices.
Types:-
CMMT Comment & Analysis.
MGMT Management & Marketing.
MKTS
Market shares.
The Financial Times
London Page 9
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FT943-2749
_AN-EIRAQACEFT
9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
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9209
07
FT 07 SEP 92 / Survey of Reinsurance (6): Skills tran
scend disaster / Assessing the changing role of Lloyd's
By LEE COPPACK
THERE IS a continuing and growing demand
for reinsurance, particularly
catastrophe protection. Insured values increa
se and maximum potential
exposures rise, but this type of business is inevit
ably volatile. Lloyd's is
the second or third largest reinsurer in the world
, and reinsurance of all
types represents more than half its premium income.
As a consequence of the type of business they write, reinsurers have carrie
d
the brunt of catastrophes which coincided with a period of exceptional
ove
r-capacity and low premium rates. Lloyd's was never likely to escape the
cla
ims its competitors have suffered, and its entrepreneurial nature and
constr
aints on its reserving capability exacerbated the losses and their
effects.
The next few years will show to what level individuals are prepared to be
so
urces of risk capital to bear this volatility, particularly if they cannot
b
uild up reserves for the purpose of mitigating the worst effects.
The Rowlan
d task force examining Lloyd's put it this way: 'Lloyd's
underwriting skills
and appetite for risk enable it to compete effectively
to provide high-leve
l catastrophe insurance and reinsurance. However, its
capital structure is n
ot well matched to this business of volatile profit
streams. Full pay-out of
profits from an 'annual venture' will inevitably
result in highly volatile
returns.'
In spite of the disadvantages and an at least temporary reduction
in market
capacity, there is little doubt there is a continuing and growing
role for
Lloyd's as a source of reinsurance capacity. Richard Hazell, deputy
chairman
and a reinsurance underwriter, said: 'There is no question about i
t. The
pure reinsurance market is not large enough to service the needs of t
he
industry.'
Lloyd's exercises its greatest influence in reinsurance as wel
l as direct
business in the marine market where it has always been a world l
eader.
Lloyd's controls about 30 to 35 per cent of the marine reinsurance ma
rket.
In non-marine, its share is perhaps 1.5 or 2 per cent, though syndicat
es
often lead business which is substantially placed elsewhere.
Excess of lo
ss business is by a substantial margin the largest type of
reinsurance that
the market writes. It peaked as a proportion of the
market's total income in
1990 with the collapse of the spiral of excess of
loss retrocessions, but i
n 1991, excess of loss business was still
responsible for 36.2 per cent of t
he market's premium income.
Alan Grant is the underwriter for syndicate 991,
one of only three new
syndicates in Lloyd's this year. The syndicate has a
capacity of just over
Pounds 15m and it is expected to rise to about Pounds
25m for 1993. He
writes various types of reinsurance including long tail bus
iness. He
describes the exercise of getting the capacity as one of convincin
g names
'that it was the right time in the underwriting cycle to start a new
syndicate even if it was a difficult time in the capital supply cycle.'
He
stressed the importance of not confusing excess of loss business, a
mechanis
m no different from buying motor insurance above a deductible, from
retroces
sions of excess of loss where the risks may pass around the same
market seve
ral times. 'What we sold to the membership is that we are
bringing fresh bus
iness into the market; we are not recycling business from
the market.'
Poten
tial catastrophe exposures have exploded. The largest North Sea
platforms ha
ve insured values of between Dollars 2bn and Dollars 3bn.
According to Munic
h Re, natural disasters are becoming ever more costly. It
says that the burd
en of claims from natural disasters was eight times higher
in real terms in
the 1980s than the 1960s.
Typhoon Mireille in Japan in September 1991 was th
e most costly wind storm
loss in insurance history. Insured claims reached D
ollars 5.2bn, though, for
once, Lloyd's has not suffered heavily. In 1990 lo
sses from natural
disasters reached the record total of Dollars 15.3bn.
Said
Munich Re: 'This trend is primarily the consequence of increasing
populatio
n density, especially in conurbations, and the simultaneous
increase in the
concentration of values, as well as the phenomenon of people
and industry se
ttling in coastal areas and other regions that are
particularly exposed to n
atural hazards.'
The volatility of catastrophe risks and the Lloyd's system
of reconstituting
each syndicate every year would be less significant if nam
es were better
able to offset good years against bad. Neither names nor synd
icates are
allowed tax deductions for equalisation reserves, deductions in g
ood years
which can be brought back into the underwriting account to soften
the blow
of a serious loss.
The task force concluded that Lloyd's should be
able to continue to write
catastrophe business but that to do so competitive
ly, names needed to be
able to build up equalisation reserves. It said: 'Llo
yd's is at a severe
competitive disadvantage since its principal European co
mpetitors enjoy
advantageous tax treatment on reserves for both past and fut
ure losses.'
Talks are still taking place with the Inland Revenue over the p
ossible
creation of a form of equalisation reserves which could be used to p
rovide
cover for large variations in underwriting performance. 'Reserving ha
s
become an issue of acute concern within the market,' commented the task
fo
rce.
Seeing themselves as providers of capital for the insurance industry, t
he
reinsurance industry is now telling direct insurers what the cost for tha
t
capital is now. It is not just taking the form of higher prices,
particula
rly in the marine market where retrocession capacity has contracted
most sha
rply, but also in requiring direct companies to carry more of the
risk thems
elves. Richard Hazell said: 'The reinsurance market really decided
it had lo
st enough money.
When Hurricane Andrew hit the southern states of the US in
August, the
effect of these increased retentions emerged. Lloyd's was not ex
pecting to
face serious claims until insured damages reached around Dollars
3bn. Terry
Hayday, chief executive of the insurance division of underwriting
agent
Sturge Holdings, commented: 'Had the same loss occurred three years a
go, the
situation would have been different.'
Perhaps the biggest single exc
ess of loss contract in Lloyd's covers the
shipowners' liability insurers, t
he International Group of P & I Clubs. The
clubs this year have to retain Do
llars 15m of each loss instead of Dollars
12m in 1991. The top limit has dro
pped from Dollars 1.25bn to Dollars 1bn,
and the premiums have increased bet
ween 91 per cent and 144 per cent
depending on the type of ship insured.
The
clubs as a group are co-insuring 7 per cent of the bottom layer of the
exce
ss, and because of a shortage of capacity in Lloyd's, the brokers used
the B
ermuda-based XL, a company set up with capital from industrial
policyholders
during the liability insurance crisis of the 1980s, to
complete the slip.
I
n spite of these encouraging signs, losses from the most recent years are
le
ading to resignations, and many remaining names are wary of increasing
their
underwriting limits, Lloyd's capacity is expected to drop by 20 to 25
per c
ent.
The Financial Times
London Page 30
<
/DOC>
============= Transaction # 104 ==============================================
Transaction #: 104 Transaction Code: 39 (Full Doc Window --TREC)
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FT923-4395
_AN-CIGBWADJFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (6): Skills tran
scend disaster / Assessing the changing role of Lloyd's
By LEE COPPACK
THERE IS a continuing and growing demand
for reinsurance, particularly
catastrophe protection. Insured values increa
se and maximum potential
exposures rise, but this type of business is inevit
ably volatile. Lloyd's is
the second or third largest reinsurer in the world
, and reinsurance of all
types represents more than half its premium income.
As a consequence of the type of business they write, reinsurers have carrie
d
the brunt of catastrophes which coincided with a period of exceptional
ove
r-capacity and low premium rates. Lloyd's was never likely to escape the
cla
ims its competitors have suffered, and its entrepreneurial nature and
constr
aints on its reserving capability exacerbated the losses and their
effects.
The next few years will show to what level individuals are prepared to be
so
urces of risk capital to bear this volatility, particularly if they cannot
b
uild up reserves for the purpose of mitigating the worst effects.
The Rowlan
d task force examining Lloyd's put it this way: 'Lloyd's
underwriting skills
and appetite for risk enable it to compete effectively
to provide high-leve
l catastrophe insurance and reinsurance. However, its
capital structure is n
ot well matched to this business of volatile profit
streams. Full pay-out of
profits from an 'annual venture' will inevitably
result in highly volatile
returns.'
In spite of the disadvantages and an at least temporary reduction
in market
capacity, there is little doubt there is a continuing and growing
role for
Lloyd's as a source of reinsurance capacity. Richard Hazell, deputy
chairman
and a reinsurance underwriter, said: 'There is no question about i
t. The
pure reinsurance market is not large enough to service the needs of t
he
industry.'
Lloyd's exercises its greatest influence in reinsurance as wel
l as direct
business in the marine market where it has always been a world l
eader.
Lloyd's controls about 30 to 35 per cent of the marine reinsurance ma
rket.
In non-marine, its share is perhaps 1.5 or 2 per cent, though syndicat
es
often lead business which is substantially placed elsewhere.
Excess of lo
ss business is by a substantial margin the largest type of
reinsurance that
the market writes. It peaked as a proportion of the
market's total income in
1990 with the collapse of the spiral of excess of
loss retrocessions, but i
n 1991, excess of loss business was still
responsible for 36.2 per cent of t
he market's premium income.
Alan Grant is the underwriter for syndicate 991,
one of only three new
syndicates in Lloyd's this year. The syndicate has a
capacity of just over
Pounds 15m and it is expected to rise to about Pounds
25m for 1993. He
writes various types of reinsurance including long tail bus
iness. He
describes the exercise of getting the capacity as one of convincin
g names
'that it was the right time in the underwriting cycle to start a new
syndicate even if it was a difficult time in the capital supply cycle.'
He
stressed the importance of not confusing excess of loss business, a
mechanis
m no different from buying motor insurance above a deductible, from
retroces
sions of excess of loss where the risks may pass around the same
market seve
ral times. 'What we sold to the membership is that we are
bringing fresh bus
iness into the market; we are not recycling business from
the market.'
Poten
tial catastrophe exposures have exploded. The largest North Sea
platforms ha
ve insured values of between Dollars 2bn and Dollars 3bn.
According to Munic
h Re, natural disasters are becoming ever more costly. It
says that the burd
en of claims from natural disasters was eight times higher
in real terms in
the 1980s than the 1960s.
Typhoon Mireille in Japan in September 1991 was th
e most costly wind storm
loss in insurance history. Insured claims reached D
ollars 5.2bn, though, for
once, Lloyd's has not suffered heavily. In 1990 lo
sses from natural
disasters reached the record total of Dollars 15.3bn.
Said
Munich Re: 'This trend is primarily the consequence of increasing
populatio
n density, especially in conurbations, and the simultaneous
increase in the
concentration of values, as well as the phenomenon of people
and industry se
ttling in coastal areas and other regions that are
particularly exposed to n
atural hazards.'
The volatility of catastrophe risks and the Lloyd's system
of reconstituting
each syndicate every year would be less significant if nam
es were better
able to offset good years against bad. Neither names nor synd
icates are
allowed tax deductions for equalisation reserves, deductions in g
ood years
which can be brought back into the underwriting account to soften
the blow
of a serious loss.
The task force concluded that Lloyd's should be
able to continue to write
catastrophe business but that to do so competitive
ly, names needed to be
able to build up equalisation reserves. It said: 'Llo
yd's is at a severe
competitive disadvantage since its principal European co
mpetitors enjoy
advantageous tax treatment on reserves for both past and fut
ure losses.'
Talks are still taking place with the Inland Revenue over the p
ossible
creation of a form of equalisation reserves which could be used to p
rovide
cover for large variations in underwriting performance. 'Reserving ha
s
become an issue of acute concern within the market,' commented the task
fo
rce.
Seeing themselves as providers of capital for the insurance industry, t
he
reinsurance industry is now telling direct insurers what the cost for tha
t
capital is now. It is not just taking the form of higher prices,
particula
rly in the marine market where retrocession capacity has contracted
most sha
rply, but also in requiring direct companies to carry more of the
risk thems
elves. Richard Hazell said: 'The reinsurance market really decided
it had lo
st enough money.
When Hurricane Andrew hit the southern states of the US in
August, the
effect of these increased retentions emerged. Lloyd's was not ex
pecting to
face serious claims until insured damages reached around Dollars
3bn. Terry
Hayday, chief executive of the insurance division of underwriting
agent
Sturge Holdings, commented: 'Had the same loss occurred three years a
go, the
situation would have been different.'
Perhaps the biggest single exc
ess of loss contract in Lloyd's covers the
shipowners' liability insurers, t
he International Group of P & I Clubs. The
clubs this year have to retain Do
llars 15m of each loss instead of Dollars
12m in 1991. The top limit has dro
pped from Dollars 1.25bn to Dollars 1bn,
and the premiums have increased bet
ween 91 per cent and 144 per cent
depending on the type of ship insured.
The
clubs as a group are co-insuring 7 per cent of the bottom layer of the
exce
ss, and because of a shortage of capacity in Lloyd's, the brokers used
the B
ermuda-based XL, a company set up with capital from industrial
policyholders
during the liability insurance crisis of the 1980s, to
complete the slip.
I
n spite of these encouraging signs, losses from the most recent years are
le
ading to resignations, and many remaining names are wary of increasing
their
underwriting limits, Lloyd's capacity is expected to drop by 20 to 25
per c
ent.
The Financial Times
London Page 30
<
/DOC>
============= Transaction # 105 ==============================================
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FT934-14415
_AN-DJQAAADWFT
931
016
FT 16 OCT 93 / Finance and the Family: After the del
uge, the shocks - Inadequate insurance could cause companies to scale down d
amage claims
By BETHAN HUTTON
AUTUM
N HAS once again proved to be the season not of mists but of storms,
floods
and insurance claims. But a number of the people now mopping up and
inspecti
ng the damage ruefully after this week's deluge could get an
unpleasant surp
rise when it comes to having their claim assessed.
If the company decides yo
u have been under-insured - that is, you have not
been paying enough to cove
r all your possessions - it can scale back the
amount it pays, or pay out on
ly on an indemnity basis rather than
new-for-old.
Most companies now offer a
choice between 'sum insured' and bedroom-rated
policies. A sum insured poli
cy means you have to calculate how much your
possessions are worth altogethe
r, and insure for that amount. But many
people use only a rough estimate, wh
ich can be very inaccurate.
Unfortunately, working out if you are insured fo
r the right amount is a
time-consuming business. You must go through each ro
om, making a list of
every item and how much it is worth (whether at replace
ment or new-for-old
levels).
With some items, such as jewellery and antiques
, it could pay you to obtain
a professional valuation, but that sort of serv
ice rarely is free. Expect to
pay 1 or 2 per cent of the value of the items,
and there is usually a
minimum of Pounds 20 or Pounds 30.
With a bedroom-ra
ted policy, the company fixes a standard maximum sum
insured for your type o
f home and number of bedrooms, based on its
experience of typical home conte
nts.
An average three-bed semi-detached house would usually have a maximum o
f
about Pounds 30,000. Both types of policy will have a limit for single
val
uable items such as jewellery or antiques.
Bedroom-rated policies have been
popular recently. They save people the
bother of valuing everything they own
, and the standard figure should mean
most people are not under-insured. But
it is still worth making a rough
assessment of your own; you could be surpr
ised by the figure you reach.
Insurance is intended to cover the cost of rep
lacing everything in your home
if it should be destroyed - from carpets and
furniture to bed linen and
crockery and not just the obviously valuable ster
eos and silver which are
most likely to be stolen.
If you calculate that rep
lacing what you have would cost more than the fixed
limit, you should think
about getting a sum-insured policy instead or, if
you have valuable antiques
or artworks, a specialist high-value policy.
A bedroom-rated policy could b
e money wasted if you have few possessions,
because you pay the same premium
s as someone owning far more. Some insurers
now offer minimalist policies wi
th a low sum insured. These cater
particularly for people in small, inner-ci
ty flats, which can be difficult
to insure, or for elderly people in shelter
ed housing.
Insuring too high or too low also can be a problem with building
s cover.
Your sum insured for buildings is based on the cost of re-building
the
property, not its market value.
This means that old or unusual buildings
may have to be insured for more
than those of a standard type, even if thei
r market values are the same. You
might not re-build such a property identic
ally, but repairs to old or listed
buildings can be more expensive than norm
al.
The Association of British Insurers produces an annual guide to re-build
ing
costs for property in England and Wales.
While this gives a reasonable e
stimate for the most common types of house,
it does not cover stone, wooden,
thatched or prefabricated houses; houses
with more than two stories; or fla
ts. You would need to get a surveyor to
estimate the re-building costs for s
uch properties.
If you think the buildings sum insured for your house is too
high or too
low, contact your insurer, who should be able to adjust it.
Countries:-
GBZ United Kingdom, EC.
Industri
es:-
P6331 Fire, Marine, and Casualty Insurance.
Types:
-
CMMT Comment & Analysis.
The Financial Times
London Page VI
============= Transaction # 106 ==============================================
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FT924-9727
_AN-CKEBPACHFT
9211
04
FT 04 NOV 92 / Business and the Environment: A strang
e case of jungle fever -How a billionaire's tropical dream is starting to p
ay off after 25 years
By CHRISTINA LAMB
Mention Jari in Brazilian business circles and people generally raise t
heir
eyebrows. As the world's biggest tropical forestry project, Jari is the
product of an American shipping magnate's dream to plant trees in the Amazo
n
to produce pulp and paper as well as cultivate rice and raise buffalo.
Aft
er 25 years, billions of dollars, a lot of ridicule and setbacks, Jari
may j
ust be turning into a model for industrial development and silviculture
in t
ropical rainforests.
The project, now run by a group of Brazilian companies,
is the largest
employer in the Amazon and this year expects its first net p
rofit. More
important, it is defying the established view that poor Amazonia
n soil would
not support large-scale agroforestry.
Arriving at the remote si
te at the confluence of the Amazon and Jari rivers,
it is easy to see why th
e project was labelled crazy. Accessible only by
small aeroplane or slowboat
from Belem, 250 miles away, Jari is a bizarre
sight.
Skimming over lush for
est for more than an hour, the aeroplane lands in
Monte Dourado, a neat but
somewhat out-of-place company town complete with
club, hospital and identica
l houses with front lawns.
Drive through the jungle and suddenly at the edge
of a muddy river in the
middle of nowhere arises a gleaming metal pulp mill
and powerplant. Pines
that would look more at home in the Swiss alps grow i
n sandy fields. In
cleared areas herds of bemused water buffalo wander, look
ing as if they
would rather be wallowing in the mud far away.
Nowadays, envi
ronmental concerns mean that permission would never be granted
for such a pr
oject. But back in the late 1960s Brazil's military rulers were
eager to 'co
lonise' the Amazon, which makes up 60 per cent of national
territory. Starte
d in 1967, Jari owes its existence to the determination of
the late billiona
ire Daniel K Ludwig, who loved to do things which everyone
said were impossi
ble.
Intended as his crowning glory, the scheme to tame the jungle and insta
ll a
pulp mill, buffalo farm and rice plantation in an area the size of Belg
ium,
was the biggest and craziest of all.
Convinced of an impending world fo
od and fibre shortage, Ludwig sent men all
over the world in search of the p
erfect tree for pulp. He also needed a
parcel of land near a deep water harb
our in a country with cheap labour.
Undaunted by its remoteness he settled o
n Jari, an area of wild jungle
populated only by Indians, monkeys and a few
rubber-tappers. Inside its 1.6m
hectares, Ludwig built a port, railroad, 9,0
00km of roads and the town of
Monte Dourado from scratch, shipping in people
from the northeast and
industrialised south.
The first problem came when th
e seedlings planted on the newly cleared land
promptly died. Already 69 when
the project began, Ludwig was in a hurry.
Rather than experimenting with ma
ny species to see which fared best in the
poor Amazonian soil, he risked mil
lions on a monoculture of gmelina, a tree
native to India and Burma, chosen
because it could be harvested for pulp in
just six years.
Gmelina was a disa
ster, succumbing to disease when it finally did grow. In
1973, Ludwig brough
t in pine trees, planting many thousands of hectares.
These, however, grew s
lowly in the sandy soil and torrential rains. The rice
plantation was a dism
al failure despite a complicated system of irrigation
by dykes.
In 1978, und
aunted by such setbacks, Ludwig shipped in a Japanese pulp mill
with 220,000
tonnes per year capacity. A wood-fired power plant was also
ordered, towed
by barges across three oceans and up the Amazon in 87 days.
A year later, eu
calyptus was planted and it is now the main crop, taking up
40 per cent of t
he 100,000 hectares of planted trees. By this time, Jari had
become the focu
s of Brazilian fears that imperialist foreigners would
expropriate the Amazo
n.
Rumours abounded that it was an American military training camp. Unable t
o
find partners or finance, Ludwig had to abandon plans for a second pulp mi
ll
and newsprint plant. Jari was put up for sale in 1980 amid a financial an
d
managerial crisis.
Ludwig's planned investments of Dollars 300m-Dollars 50
0m (Pounds
180m-Pounds 300m) had run into billions, while the first year of
pulp mill
operation in 1979 saw revenues of just Dollars 70m instead of the
Dollars
300m he had predicted.
In 1982 Jari was bought for around Dollars 30
0m by a group of 22 Brazilian
companies. With the government providing finan
ce and technology in the form
of advisers from Embrapa, the Agricultural Res
earch Institute, the Jari
company is now producing 291,000 tonnes of pulp pe
r year, of which 80 per
cent is exported. This year it will finally move out
of the red.
The turnaround has been mostly due to the new attention on tech
nical
concerns. Facing an imminent lack of wood, the new owners decided to
i
ncrease the diameter of trees, increase plantation size, and cultivate a
typ
e of eucalyptus more suitable to local conditions.
Contracted in 1984, Sergi
o Coutinho, the project's forest adviser, developed
a new model. After exten
sive soil surveys which discovered 23 different soil
types, he classified th
e land depending on how intensely it could stand
alteration - low, medium, h
igh or very high - and it is now exploited
accordingly. A soil correction pr
ogramme was initiated as well as cloning to
produce the best tree for each a
rea.
Coutinho has no illusions about the immensity of the task. 'Man is by n
ature
a destroyer. The big challenge here has been to develop this large fro
ntier
of tropical forest differently.'
As a result of his work Jari has show
n an incredible increase in
productivity. Eucalyptus is now yielding an annu
al 27.7 cu m/hectare - 110
per cent up on 1982; pine 19.9 - 49 per cent up;
and gmelina 22.6 - 18.9 per
cent up. These results fly in the face of tradit
ional wisdom that the
shallow nature of Amazonian soil would cause productiv
ity to decrease,
forcing the land to be abandoned as has happened in agricul
tural projects
all over the forest.
'We expected that with such poor soil, t
he first rotation would grow but
then production would fall. Instead we now
have areas on their third and
fourth rotation and the yield is rising,' Cout
inho says. He believes that
through forest management combined with adjustin
g trees to local soil
characteristics, average yield could reach 40 cu m/hec
by the end of this
decade.
A natural target of attack by green activists, e
nvironmental concerns have
top priority at Jari. Dismissing the thesis that
the forest should be left
untouched as 'absurdly romantic - the people of th
e Amazon deserve a decent
living too,' Coutinho points out that exploited ar
eas account for less than
10 per cent of the total land. Native forest has b
een left on slopes and
around water and in 400m-wide bands between plantatio
ns to allow circulation
of animals as well as acting as a barrier against th
e spreading of disease.
Eight 20,000-hectare genetic reserves have been crea
ted to serve as fully
preserved control samples of areas of different forest
types to be cut down
for economic activity. Coutinho's team has catalogued
more than 629 species
of trees, all of which are monitored in situ.
Neverthe
less, the sight of rows of spindly eucalyptus replacing centuries
old Amazon
ian trees is shocking. But Eduardo Barreto, president of the Jari
company, s
ays: 'Producing pulp in the Amazon exposes you to fire, but
criticism is bas
ed on ignorance. We have four hectares of native forest for
every one of pla
nted forest. We are protecting biodiversity and proving that
it's possible t
o generate an environmentally friendly and economically sound
business in th
e Amazon.'
Ludwig's dream of taming the jungle may not have been realised, n
or would
anyone cite Jari as the solution to the Amazon's development proble
m, but
after 25 years of hard work and enormous amounts of money at least it
is
providing an example.
The Financial Times
Lon
don Page 18
============= Transaction # 107 ==============================================
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FT923-5573
_AN-CIBBTAC6FT
9208
29
FT 29 AUG 92 / Finance and the Family: Don't play int
o the hands of Burglar Bill - Soaring crime means higher home insurance prem
iums / What householders should look for
By SCHEHERA
ZADE DANESHKHU
IT WAS Hurricane Andrew in Florida but it is
more likely to be Bill, your
neighbourhood burglar, in the UK.
Whatever the
disaster, if you do not have insurance for damage or loss to
home contents,
you may regret it.
The insurance company Top-UK estimates that around 40 pe
r cent of homes are
either not insured for loss to their contents or are und
erinsured.
One reason may be the rise in premiums over the past year because
of the
increased number of claims. This is caused by the substantial rise i
n crime,
but insurance companies also believe that there has been an increas
e in
fraudulent claims, with victims of theft exaggerating the value of thei
r
missing goods. The Association of British Insurers estimated in June that
the cost of domestic crime claims had risen by up to 75 per cent last year
c
ompared with 1990.
As homeowners face up to heavier premiums, it becomes mor
e and more
important to obtain more than one quotation.
Many people are happ
y to buy a home contents policy through their mortgage
provider - but they m
ay be paying over the odds for the convenience. As the
table shows, quotes v
ary widely between companies, because the cover they
provide, while similar,
is not identical.
Many companies offer the incentive of reduced premiums to
those householders
who fit security devices to windows and doors, or who ar
e part of a
Neighbourhood Watch scheme. Usually, the older you are, the lowe
r the
premium. Some insurers also offer no claims discounts, similar to moto
r
insurance.
Type of policy
The policy you choose depends on the type of cov
er you need and the amount
that has to be insured. There are two basic types
of policy: bedroom-rated
cover, which is the more common, and sum-insured.
The first often represents better value for those needing larger amounts of
cover, typically Pounds 30,000. 'Insurers offering bedroom-rated policies
kn
ow that the average person has not got Pounds 30,000 worth of goods to
cover
but around Pounds 16,000 instead,' says Charles Stollery of Directline
Insu
rance, which provides sum-insured cover. 'For those with Pounds 30,000
of go
ods it is a very competitive deal, but those with Pounds 16,000 can do
bette
r elsewhere.'
For many people, the drawback with sum-insured policies is tha
t they are
cumbersome. The homeowner has to estimate the value of all the ho
me's
contents, often needing to seek professional advice regarding the value
of
items and running the risk of underestimating.
It was partly for these r
easons that bedroom-rated policies took off in the
1980s. Countrywide Insura
nce says that premiums for bedroom-rated policies
have been low for the amou
nt of cover provided and an increase in premiums
in this area may revive int
erest in sum-insured policies.
What the policy should cover
All policies sho
uld insure your possessions against disasters such as storm,
flood, fire, ea
rthquake, theft, vandalism, falling trees, riot/political
disturbance and su
bsidence.
In addition, you should ensure the policy offers new for old cover
and not
simply indemnity, which only replaces the cost of the item with ded
uction
for wear and tear. Note the exclusions to the new for old cover - som
e
insurers will not extend this to carpets and curtains and most exclude
clo
thes.
Accidental damage. Most companies provide cover for accidental damage
to
hi-fis, videos and home computers but you are likely to pay more to have
accidental damage cover extended beyond those products.
Good policies should
also pay for new locks if you lose your keys and
temporary accommodation if
your house is made uninhabitable. You should also
be covered for legal liab
ility. For example, if a visitor to the home sues
you because the chandelier
fell on his head, you would be covered for the
claim, usually up to Pounds
1m.
Check that the policy has inflation protection and is adjusted in line w
ith
the Retail Prices Index every month.
Optionals: You can pay more to take
out all-risks cover to cover your
belongings outside the home. Extra insura
nce can also be taken out to cover
cash in the home, which is usually insure
d to Pounds 250.
Where claims can fail
Note the exclusions to the policy. Ma
ny insurers have come up with
user-friendly policies, stating clearly what i
s and is not covered.
Vagueness on the part of the insurer can sometimes be
to your advantage. The
Insurance Ombudsman said in his 1990 annual report th
at in cases where the
phrase 'personal effects' is not clearly defined, 'any
uncertainty in
construction must benefit the policyholder.'
Most policies w
ill not cover you if the house is left unoccupied for more
than 30 days.
Col
in Taylor of Frizzell Insurance says that people insure their basic
contents
but forget about their personal valuables, such as spectacles or
watches. A
nother common failing is to forget that most insurers have a
single article
limit (usually around Pounds 1,000) and neglect to insure
high value single
items separately.
The Consumers' Association warns homeowners not to underva
lue their
possessions because insurance companies will pay only a portion of
your
claim and may not pay at all. By the same token, if you have overvalue
d your
possessions, you will only be paid what the insurance company calcula
tes
they are worth.
If you take in lodgers or rent out your home you must in
form your insurance
company as your cover will be affected.
The
Financial Times
London Page V
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FT923-4395
_AN-CIGBWADJFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (6): Skills tran
scend disaster / Assessing the changing role of Lloyd's
By LEE COPPACK
THERE IS a continuing and growing demand
for reinsurance, particularly
catastrophe protection. Insured values increa
se and maximum potential
exposures rise, but this type of business is inevit
ably volatile. Lloyd's is
the second or third largest reinsurer in the world
, and reinsurance of all
types represents more than half its premium income.
As a consequence of the type of business they write, reinsurers have carrie
d
the brunt of catastrophes which coincided with a period of exceptional
ove
r-capacity and low premium rates. Lloyd's was never likely to escape the
cla
ims its competitors have suffered, and its entrepreneurial nature and
constr
aints on its reserving capability exacerbated the losses and their
effects.
The next few years will show to what level individuals are prepared to be
so
urces of risk capital to bear this volatility, particularly if they cannot
b
uild up reserves for the purpose of mitigating the worst effects.
The Rowlan
d task force examining Lloyd's put it this way: 'Lloyd's
underwriting skills
and appetite for risk enable it to compete effectively
to provide high-leve
l catastrophe insurance and reinsurance. However, its
capital structure is n
ot well matched to this business of volatile profit
streams. Full pay-out of
profits from an 'annual venture' will inevitably
result in highly volatile
returns.'
In spite of the disadvantages and an at least temporary reduction
in market
capacity, there is little doubt there is a continuing and growing
role for
Lloyd's as a source of reinsurance capacity. Richard Hazell, deputy
chairman
and a reinsurance underwriter, said: 'There is no question about i
t. The
pure reinsurance market is not large enough to service the needs of t
he
industry.'
Lloyd's exercises its greatest influence in reinsurance as wel
l as direct
business in the marine market where it has always been a world l
eader.
Lloyd's controls about 30 to 35 per cent of the marine reinsurance ma
rket.
In non-marine, its share is perhaps 1.5 or 2 per cent, though syndicat
es
often lead business which is substantially placed elsewhere.
Excess of lo
ss business is by a substantial margin the largest type of
reinsurance that
the market writes. It peaked as a proportion of the
market's total income in
1990 with the collapse of the spiral of excess of
loss retrocessions, but i
n 1991, excess of loss business was still
responsible for 36.2 per cent of t
he market's premium income.
Alan Grant is the underwriter for syndicate 991,
one of only three new
syndicates in Lloyd's this year. The syndicate has a
capacity of just over
Pounds 15m and it is expected to rise to about Pounds
25m for 1993. He
writes various types of reinsurance including long tail bus
iness. He
describes the exercise of getting the capacity as one of convincin
g names
'that it was the right time in the underwriting cycle to start a new
syndicate even if it was a difficult time in the capital supply cycle.'
He
stressed the importance of not confusing excess of loss business, a
mechanis
m no different from buying motor insurance above a deductible, from
retroces
sions of excess of loss where the risks may pass around the same
market seve
ral times. 'What we sold to the membership is that we are
bringing fresh bus
iness into the market; we are not recycling business from
the market.'
Poten
tial catastrophe exposures have exploded. The largest North Sea
platforms ha
ve insured values of between Dollars 2bn and Dollars 3bn.
According to Munic
h Re, natural disasters are becoming ever more costly. It
says that the burd
en of claims from natural disasters was eight times higher
in real terms in
the 1980s than the 1960s.
Typhoon Mireille in Japan in September 1991 was th
e most costly wind storm
loss in insurance history. Insured claims reached D
ollars 5.2bn, though, for
once, Lloyd's has not suffered heavily. In 1990 lo
sses from natural
disasters reached the record total of Dollars 15.3bn.
Said
Munich Re: 'This trend is primarily the consequence of increasing
populatio
n density, especially in conurbations, and the simultaneous
increase in the
concentration of values, as well as the phenomenon of people
and industry se
ttling in coastal areas and other regions that are
particularly exposed to n
atural hazards.'
The volatility of catastrophe risks and the Lloyd's system
of reconstituting
each syndicate every year would be less significant if nam
es were better
able to offset good years against bad. Neither names nor synd
icates are
allowed tax deductions for equalisation reserves, deductions in g
ood years
which can be brought back into the underwriting account to soften
the blow
of a serious loss.
The task force concluded that Lloyd's should be
able to continue to write
catastrophe business but that to do so competitive
ly, names needed to be
able to build up equalisation reserves. It said: 'Llo
yd's is at a severe
competitive disadvantage since its principal European co
mpetitors enjoy
advantageous tax treatment on reserves for both past and fut
ure losses.'
Talks are still taking place with the Inland Revenue over the p
ossible
creation of a form of equalisation reserves which could be used to p
rovide
cover for large variations in underwriting performance. 'Reserving ha
s
become an issue of acute concern within the market,' commented the task
fo
rce.
Seeing themselves as providers of capital for the insurance industry, t
he
reinsurance industry is now telling direct insurers what the cost for tha
t
capital is now. It is not just taking the form of higher prices,
particula
rly in the marine market where retrocession capacity has contracted
most sha
rply, but also in requiring direct companies to carry more of the
risk thems
elves. Richard Hazell said: 'The reinsurance market really decided
it had lo
st enough money.
When Hurricane Andrew hit the southern states of the US in
August, the
effect of these increased retentions emerged. Lloyd's was not ex
pecting to
face serious claims until insured damages reached around Dollars
3bn. Terry
Hayday, chief executive of the insurance division of underwriting
agent
Sturge Holdings, commented: 'Had the same loss occurred three years a
go, the
situation would have been different.'
Perhaps the biggest single exc
ess of loss contract in Lloyd's covers the
shipowners' liability insurers, t
he International Group of P & I Clubs. The
clubs this year have to retain Do
llars 15m of each loss instead of Dollars
12m in 1991. The top limit has dro
pped from Dollars 1.25bn to Dollars 1bn,
and the premiums have increased bet
ween 91 per cent and 144 per cent
depending on the type of ship insured.
The
clubs as a group are co-insuring 7 per cent of the bottom layer of the
exce
ss, and because of a shortage of capacity in Lloyd's, the brokers used
the B
ermuda-based XL, a company set up with capital from industrial
policyholders
during the liability insurance crisis of the 1980s, to
complete the slip.
I
n spite of these encouraging signs, losses from the most recent years are
le
ading to resignations, and many remaining names are wary of increasing
their
underwriting limits, Lloyd's capacity is expected to drop by 20 to 25
per c
ent.
The Financial Times
London Page 30
<
/DOC>
============= Transaction # 109 ==============================================
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FT923-4395
_AN-CIGBWADJFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (6): Skills tran
scend disaster / Assessing the changing role of Lloyd's
By LEE COPPACK
THERE IS a continuing and growing demand
for reinsurance, particularly
catastrophe protection. Insured values increa
se and maximum potential
exposures rise, but this type of business is inevit
ably volatile. Lloyd's is
the second or third largest reinsurer in the world
, and reinsurance of all
types represents more than half its premium income.
As a consequence of the type of business they write, reinsurers have carrie
d
the brunt of catastrophes which coincided with a period of exceptional
ove
r-capacity and low premium rates. Lloyd's was never likely to escape the
cla
ims its competitors have suffered, and its entrepreneurial nature and
constr
aints on its reserving capability exacerbated the losses and their
effects.
The next few years will show to what level individuals are prepared to be
so
urces of risk capital to bear this volatility, particularly if they cannot
b
uild up reserves for the purpose of mitigating the worst effects.
The Rowlan
d task force examining Lloyd's put it this way: 'Lloyd's
underwriting skills
and appetite for risk enable it to compete effectively
to provide high-leve
l catastrophe insurance and reinsurance. However, its
capital structure is n
ot well matched to this business of volatile profit
streams. Full pay-out of
profits from an 'annual venture' will inevitably
result in highly volatile
returns.'
In spite of the disadvantages and an at least temporary reduction
in market
capacity, there is little doubt there is a continuing and growing
role for
Lloyd's as a source of reinsurance capacity. Richard Hazell, deputy
chairman
and a reinsurance underwriter, said: 'There is no question about i
t. The
pure reinsurance market is not large enough to service the needs of t
he
industry.'
Lloyd's exercises its greatest influence in reinsurance as wel
l as direct
business in the marine market where it has always been a world l
eader.
Lloyd's controls about 30 to 35 per cent of the marine reinsurance ma
rket.
In non-marine, its share is perhaps 1.5 or 2 per cent, though syndicat
es
often lead business which is substantially placed elsewhere.
Excess of lo
ss business is by a substantial margin the largest type of
reinsurance that
the market writes. It peaked as a proportion of the
market's total income in
1990 with the collapse of the spiral of excess of
loss retrocessions, but i
n 1991, excess of loss business was still
responsible for 36.2 per cent of t
he market's premium income.
Alan Grant is the underwriter for syndicate 991,
one of only three new
syndicates in Lloyd's this year. The syndicate has a
capacity of just over
Pounds 15m and it is expected to rise to about Pounds
25m for 1993. He
writes various types of reinsurance including long tail bus
iness. He
describes the exercise of getting the capacity as one of convincin
g names
'that it was the right time in the underwriting cycle to start a new
syndicate even if it was a difficult time in the capital supply cycle.'
He
stressed the importance of not confusing excess of loss business, a
mechanis
m no different from buying motor insurance above a deductible, from
retroces
sions of excess of loss where the risks may pass around the same
market seve
ral times. 'What we sold to the membership is that we are
bringing fresh bus
iness into the market; we are not recycling business from
the market.'
Poten
tial catastrophe exposures have exploded. The largest North Sea
platforms ha
ve insured values of between Dollars 2bn and Dollars 3bn.
According to Munic
h Re, natural disasters are becoming ever more costly. It
says that the burd
en of claims from natural disasters was eight times higher
in real terms in
the 1980s than the 1960s.
Typhoon Mireille in Japan in September 1991 was th
e most costly wind storm
loss in insurance history. Insured claims reached D
ollars 5.2bn, though, for
once, Lloyd's has not suffered heavily. In 1990 lo
sses from natural
disasters reached the record total of Dollars 15.3bn.
Said
Munich Re: 'This trend is primarily the consequence of increasing
populatio
n density, especially in conurbations, and the simultaneous
increase in the
concentration of values, as well as the phenomenon of people
and industry se
ttling in coastal areas and other regions that are
particularly exposed to n
atural hazards.'
The volatility of catastrophe risks and the Lloyd's system
of reconstituting
each syndicate every year would be less significant if nam
es were better
able to offset good years against bad. Neither names nor synd
icates are
allowed tax deductions for equalisation reserves, deductions in g
ood years
which can be brought back into the underwriting account to soften
the blow
of a serious loss.
The task force concluded that Lloyd's should be
able to continue to write
catastrophe business but that to do so competitive
ly, names needed to be
able to build up equalisation reserves. It said: 'Llo
yd's is at a severe
competitive disadvantage since its principal European co
mpetitors enjoy
advantageous tax treatment on reserves for both past and fut
ure losses.'
Talks are still taking place with the Inland Revenue over the p
ossible
creation of a form of equalisation reserves which could be used to p
rovide
cover for large variations in underwriting performance. 'Reserving ha
s
become an issue of acute concern within the market,' commented the task
fo
rce.
Seeing themselves as providers of capital for the insurance industry, t
he
reinsurance industry is now telling direct insurers what the cost for tha
t
capital is now. It is not just taking the form of higher prices,
particula
rly in the marine market where retrocession capacity has contracted
most sha
rply, but also in requiring direct companies to carry more of the
risk thems
elves. Richard Hazell said: 'The reinsurance market really decided
it had lo
st enough money.
When Hurricane Andrew hit the southern states of the US in
August, the
effect of these increased retentions emerged. Lloyd's was not ex
pecting to
face serious claims until insured damages reached around Dollars
3bn. Terry
Hayday, chief executive of the insurance division of underwriting
agent
Sturge Holdings, commented: 'Had the same loss occurred three years a
go, the
situation would have been different.'
Perhaps the biggest single exc
ess of loss contract in Lloyd's covers the
shipowners' liability insurers, t
he International Group of P & I Clubs. The
clubs this year have to retain Do
llars 15m of each loss instead of Dollars
12m in 1991. The top limit has dro
pped from Dollars 1.25bn to Dollars 1bn,
and the premiums have increased bet
ween 91 per cent and 144 per cent
depending on the type of ship insured.
The
clubs as a group are co-insuring 7 per cent of the bottom layer of the
exce
ss, and because of a shortage of capacity in Lloyd's, the brokers used
the B
ermuda-based XL, a company set up with capital from industrial
policyholders
during the liability insurance crisis of the 1980s, to
complete the slip.
I
n spite of these encouraging signs, losses from the most recent years are
le
ading to resignations, and many remaining names are wary of increasing
their
underwriting limits, Lloyd's capacity is expected to drop by 20 to 25
per c
ent.
The Financial Times
London Page 30
<
/DOC>
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})"
============= Transaction # 111 ==============================================
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FT943-2749
_AN-EIRAQACEFT
9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
============= Transaction # 113 ==============================================
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FT923-1747
_AN-CIWCOAE3FT
9209
22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 114 ==============================================
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16
FT 16 AUG 93 / World News in Brief: Storm hits Martin
ique
A three-year-old girl was missing, believed drowned,
and about 10 people
were injured as tropical storm Cindy swept the French C
aribbean island of
Martinique, leaving 3,000 homeless.
Countrie
s:-
MQZ Martinique, Caribbean.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natura
l resources.
The Financial Times
International Page
1
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FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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020
FT 20 OCT 94 / Commodities and Agriculture: EU propo
ses higher banana import quota
By DEBORAH HARGREAVES
The European Commission has proposed a 53,400-tonne increa
se in its quota
for banana imports from Latin America this year in order to
assist the
Windward Islands where agricultural areas were devastated by trop
ical storm
Debbie in September.
Governments from the Windward Islands had as
ked if they could import bananas
from other destinations while they are unab
le to fill their own import
allocations.
This will enable them to maintain t
heir market share in the European Union
while they rebuild their damaged pla
ntations.
The Commission has allocated additional tonnages of 30,000 tonnes
to
Martinique, 14,800 tonnes to St Lucia, 5,900 to Guadeloupe and 2,700 to
D
ominica.
Mr John Compton, prime minister of St Lucia, said recently that 68
per cent
of the country's banana crop worth Pounds 45m had been wiped out by
the
tropical storm. He said it will take two years to repair the damage.
Th
e increase in quota takes EU banana imports from Latin America to 2.171m
ton
nes this year.
Countries:-
QRZ European Economic Com
munity (EC).
XCZ Latin America.
XTZ Windward Islands, Caribbean.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
P5148 Fresh Fruits and Vegetables.
Types:-
MKTS Market shares.
MKTS Production.
The Financial Times
London Page 39
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23
FT 23 SEP 94 / UK Company News: Geest warns of second
half loss - Shares fall as damage to banana production takes toll
By DAVID BLACKWELL
The aftermath of the trop
ical storm that severely damaged banana production
in the Windward Islands w
ill push Geest, the fresh and chilled food group,
into the red in the second
half.
Shares fell 30p to 190p yesterday following the warning from Mr David
Sugden, chief executive, who presented a strong set of interim results.
Pre
-tax profits rose from Pounds 3m to Pounds 17.9m for the six months to
July
2 on turnover ahead at Pounds 353.8m (Pounds 332.7m).
'The business has been
performing well, but is overshadowed by considerable
uncertainty,' said Mr
Sugden, referring to the European Commission's laxity
in responding to the c
ompany's plea for permission to purchase replacement
bananas in Latin Americ
a.
The EC banana management committee failed to agree on Wednesday on measur
es
that would allow Geest to purchase alternative bananas from Latin America
under the EC quota system. The committee does not meet again until October
5.
Tropical Storm Debbie hit the Windward Islands earlier this month, causin
g
extensive flooding around St Lucia and damage to roads and bridges. Geest,
which is under contract to ship all the islands' bananas, estimates that
ou
tput will be 40 per cent down.
Last week the first ship to arrive since the
storm was half full. The
company is expecting to load only 2,400 tonnes a we
ek, compared with a
normal load of 4,000 tonnes.
The first half, however, sh
owed the company recovering from the
uncertainties surrounding the EC banana
regime, introduced last July, as
well as an attack of disease on its Costa
Rican plantations, which left it
Pounds 5.4m in the red at the end of last y
ear. Operating profits in the
fresh produce division improved from Pounds 2m
to Pounds 15m on sales of
Pounds 285.6m (Pounds 276.5m).
The food preparati
on division, which supplies chilled salads and other
products, lifted operat
ing profits from Pounds 3.3m to Pounds 4.2m on sales
of Pounds 66.6m (Pounds
54.4m).
The result this time included an exceptional gain of Pounds 2.5m fr
om a
disposal. Net interest payable rose from Pounds 500,000 to Pounds 3.2m.
Earnings per share were 18.9p (2.7p). The interim dividend is unchanged at
3.7p.
COMMENT
While the problems of disease in Costa Rica appear to have gon
e away,
Geest's troubles with the European Commission and the banana regime
are not
over yet, thanks to Tropical Storm Debbie. In spite of its successfu
l
efforts to boost its food preparation division, the group remains vulnerab
le
to the banana industry, which is highly political and subject to natural
disaster. It has also only two main areas of supply, leaving it looking
infl
exible beside companies that source more widely. Adding to its problems
is g
earing of more than 100 per cent. Best guesses at this year's final
outcome
seem to be around Pounds 9m of profits - better than last year but a
far cry
from 1991's Pounds 26.2m.
See Commodities
Companies:-
Geest.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P5148 Fresh Fruits and Vegetables.
Types
:-
FIN Interim results.
CMMT Comment & Analysis.
MKTS P
roduction.
The Financial Times
London Page 28
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941
011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
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20
FT 20 SEP 94 / Commodities and Agriculture: St Lucia
hit hardest as tropical storm devastates Windwards' banana crops
By CANUTE JAMES
KINGSTON, JAMAICA
The banana industry in the Windward Islands, the main source o
f British
imports, was devastated by the tropical storm that passed through
the
eastern Caribbean ten days ago. Shipping schedules will be disrupted,
ac
cording to government and industry officials.
The islands - Dominica, Grenad
a, St Lucia and St Vincent - will lose
millions of dollars in exports earnin
gs and could also lose some share of
the market because of the damage, the i
ndustry officials said. St Lucia, the
largest producer in the group, has bee
n the hit hardest.
'All of our banana, coconut and cattle production has bee
n lost, small
gardens are destroyed and the roads are flooded,' said Mr John
Compton, St
Lucia's prime minister. Banana exports provide the island with
income of
about USDollars 60m a year, representing just under a half of all
its
foreign earnings.
The Windward Islands Crop Insurance Scheme (Wincrop),
an agency which
insures the region's agriculture, says it is receiving hundr
eds of claims
following the storm.
'We are receiving claims now mainly from
Dominica, St Lucia and St Vincent,'
said Mr Kerwin Ferreira, Wincrop's manag
er.
'St Vincent's loss is of a fair level, Dominica's significant, and I wou
ld
say St Lucia is very, very, very bad.'
The losses in the Windward Islands
will disrupt suppliers to the UK,
according to a St Lucian government offic
ial. The loss for the four islands
will not only be in export earnings but a
lso in market share, he said.
There is concern in the Windward Islands that
any reduction in shipments
from the region will benefit Latin American expor
ters, who will fill the
shortfall. Latin American producers had earlier atta
cked the new European
Union import regime, which allows duty free entry to C
aribbean fruit.
'The has come at a very bad time for the Windwards' industry
,' said the
official. 'We might not be able to recapture our markets after t
his. The
only consolation is that if we start replanting now we will have ex
port
fruit ready in a few months.'
Countries:-
XTZ W
indward Islands, Caribbean.
Industries:-
P0179 Fruits a
nd Tree Nuts, NEC.
Types:-
MKTS Market shares.
MKT
S Production.
The Financial Times
London Page 32 <
/PAGE>
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930
716
FT 16 JUL 93 / French Privatisation: French look for
the strong, silent type - Government seeks supportive investors in sell-off
By ALICE RAWSTHORN
WANTED: Long-te
rm investors willing to take minority holdings in privatised
companies. Any
nationality accepted. Deep pockets and strong nerves
essential.
The French g
overnment is searching for noyaux durs, 'hard core' investors,
to participat
e in its privatisation programme. These are companies which
take minority st
akes in another and then act as a stable, supportive
shareholder to shelter
it against the storms of the private sector.
Noyaux durs played a prominent
part in the last French privatisation drive
in 1986 and 1987. However, those
sales took place at a time when the Paris
stock market was soaring and corp
orate profits were rising.
It may be more difficult for the present governme
nt to unearth loyal
investors in the current climate when many companies are
strapped for cash
and the stock market is sluggish.
The concept of noyaux d
urs is indicative of France's ambivalent attitude to
capitalism. Although th
ese shareholders act as strategic partners for the
company, they are alsoexp
ected to serve as a source of support for the board
in the event of a hostil
e takeover.
This contradicts of the prevailing Anglo-Saxon view that the thr
eat of
takeovers makes senior management more efficient. 'What is it that yo
u
French have got against takeovers?' asked an incredulous American banker a
t
a privatisation conference in Paris last week.
The answer is that the Fren
ch have nothing against takeovers per se, but
prefer continuity of ownership
.
This is understandable in a country such as France where many large
compan
ies are controlled either by the state or by their founding families.
The fe
w that fall outside those categories tend to be protected by complex
webs of
cross-shareholdings and sweetheart deals.
Against this backdrop it is scarc
ely surprising that when the new French
government started to plan its priva
tisation drive it resurrected the
concept of noyaux durs as a way of offerin
g some protection to the companies
on its hit list.
In theory the government
faces a tougher task in rustling up compliant
investors in the present unfa
vourable economic environment. And some French
companies may be wary of alie
nating the US and UK shareholders that have in
recent years invsted heavily
in the Paris stock market.
In addition, the performance of some of the 1986
and 1987 privatisation
candidates has been poor. For example, the share pric
e of Suez, the
industrial and financial group, is now trading below the offe
r price
But in practice there seems to be no shortage of prospective noyaux
durs for
the next round of privatisations.
Some groups have expressed intere
st in investing in companies with which
they have strategic links. Matra-Hac
hette, the defence electronics group,
has declared its interest in Renault,
the motor group with which it produces
the successful Espace van in a joint
venture, and Aerospatiale, the
aerospace concern.
Alcatel-Alsthom, the elect
ronics company, has said that it would be prepared
to invest in France Telec
om, even though it is not on the privatisation
list.
Other would-be noyaux d
urs have different motives. Societe Generale, the
banking group, has said th
at it plans to participate in the privatisations
as 'advisor, vendor and inv
estor'. Its rivals interpret this as a
thinly-disguised bid for lucrative ad
visorships from the French government.
There are even signs of interest from
foreign investors. IFIL, an Agnelli
family holding company, has said it see
s the French privatisation programme
as a way of expanding beyond its native
Italy.
There are also hopes of investment from Japan, where the concept of
a long
term, silent-partner investment seems far less foreign than in the US
or UK.
The critical question is whether the concept will still work in the
modern
Paris stock market. It did in 1988 when the recently privatised Socie
te
Generale rallied its noyaux durs to stave off a raid by Mr Georges Pebere
au,
the French financier.
But last year's drama when Nestle, the Swiss food
group, succeeded in taking
over Perrier mineral water after a long and compl
ex battle, showed that such
boardroom allies do not make companies invulnera
ble.
Meanwhile the recent row between Suez and Union des Assurances de Paris
over
the former's refusal to cede control of Colonia, one of its German ins
urance
subsidiaries, illustrates that noyaux durs are not always as mutually
supportive as the French government would like to think.
Count
ries:-
FRZ France, EC.
Industries:-
P9611 Ad
ministration of General Economic Programs.
Types:-
NEWS
General News.
The Financial Times
London Page 2 <
/PAGE>
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_AN-CL2A6ABXFT
92122
4
FT 24 DEC 92 / Fashion: Undercover guide on what to bu
y her - Avril Groom gives a brief guide to the type of lingerie women would
really like to find in their festive stockings
By AV
RIL GROOM
WHAT should a man give to show his love and win a
smile of intimate
complicity? A slip of silk, trimmed coquettishly with lac
e, or a wisp of
bedtime chiffon that only he should see? Maybe, gentlemen. B
ut romantic
fantasies aside, what she would chose herself is often far less
adventurous.
The large volume of unwanted lingerie which is returned to the
shops in
January shows that seduction is often far from a woman's mind when
she
choses items for herself.
The nightdress she buys must withstand the was
hing machine and be decent
enough for the milkman to see. And underwear? Wha
t she really wants is
something crisp, comfortable and practical - like her
man's Y-fronts.
New York designer Calvin Klein recognised this plain truth y
ears ago and
promptly converted his range of austere, white or grey interloc
k men's
underwear to a womanly form, raising a retailing storm.
Now that eve
n top couture houses such as Chanel are putting women's Y-fronts
on the catw
alk, this is obviously not a trend to be trifled with. The
original makers o
f the men's version, Jockey, have just introduced a women's
range and see th
eir brand name, emblazoned on the outside, as a positive
selling point to wo
men.
It suggests, they reason, those qualities of comfort and support which
have
long made the brand popular with men and which are exactly the reasons
why
women would choose them, too. The women's Jockey briefs and top (not a b
ra,
but with a supporting under-bust elastic trim) look more like exercise w
ear,
in the tradition of the sports bra pioneered by Berlei and Triumph.
The
y may fulfil the female wish for underwear so supremely comfortable that
the
wearer is barely conscious of it, but it would take a brave man to buy
them
as a Christmas present.
But rather than risk misinterpretation by today's s
uper-sensitive males and
discord under the Christmas tree, women would proba
bly prefer to be given
something equally practical but prettier, not to say
romantic.
Here it is a matter of a little gentle education for the chaps, fo
r whom the
words 'pretty and romantic' have somewhat different connotations.
It may be
wise for present-buyers to steer away from the red, black, transp
arent and
lacy which the words may conjure up in the minds of menfolk.
A wom
an's choice would invariably be fine silk or fresh cotton with
trimmings and
lace soft enough not to appear knubbly under close-fitting
clothes, and in
white or pastels.
In recent years, many stores have introduced lingerie even
ings for male
customers, where chaps who were once reduced to vaguely cuppin
g their hands
in the air and muttering 'she's about this big' get a sympathe
tic hearing
from helpful assistants in less embarrassing conditions.
Apart f
rom upping sales, the main aim of such evenings has been education
and it se
ems to be paying off. 'We don't get as many returns these days
because the s
tyle is wrong,' say Fenwick in London's Bond Street, 'but they
do sometimes
mistake the size.'
Triumph's chief consultant, Yvonne Snell, agrees. 'Men ar
e much more clued
up now. They ask their wife her size and often come in wit
h a picture from a
magazine of something they think she will like.' She beli
eves women's
attitudes are also softening in these post feminist days. 'Ther
e is so much
advice these days on how to keep a relationship alive that they
will wear
glamorous but tasteful lingerie occasionally to add a little spic
e. And they
might not admit it, but most women are flattered by being given
something
flippant and sexy.'
The only problem, she says, is stockings. 'All
men like them but only
younger women, who see them as something new, do.' A
survey carried out by
Gallup for lingerie company, Ballet International, sh
owed this was right.
After interviewing 546 women and 505 men aged between 1
9 and 24 across the
country, only nine per cent said they were going to buy
stockings or would
like to receive them.
Out of the one in three men buying
their wives or girlfriends lingerie this
Christmas, only three per cent said
they would be shopping
for a basque - and only
two per cent of women said t
hey would like to receive one.
The most popular lingerie gift mentioned in t
he survey was French knickers
and matching camisole, with 18 per cent of wom
en saying they would like to
receive them and 10 per cent of men planning to
buy a set.
Cotton lingerie is second in popularity, with figure-hugging bod
y suits the
third choice.
The survey also revealed that two in three men cla
im to know their partner's
statistics - although only a quarter of the women
said the last lingerie
they received from their man was a perfect fit.
But
with today's less austere styles, sizing is not the problem it once was.
Har
rods buyer Louise Garner says: 'We gently try and steer men uncertain
about
size towards something where it's not crucial, such as a camisole,
teddy or
nightie. As long as they have a fair idea of the right dress size,
there is
usually no problem.'
There are, says Garner, two distinct types of male cust
omer. 'Some consult
the recipient or may even bring her in to look around an
d then come back and
buy. Others come in pre-Christmas for a surprise presen
t and they really
haven't a clue. We try and guide them, by asking questions
about the woman
to discover what she might like.
'But some are determined t
o choose what they want to see her in, which is
usually bright or dark colou
rs and invariably involves a suspender belt. We
gently try and discourage th
at because neither we nor the customer wants the
inconvenience of bringing i
t back later.'
In a less rarefied sector of the market, at Knickerbox with i
ts 57 high
street shops, managing director Stephen Schaffer also admits that
returns
are a problem. 'Our male customers appear to have a very definite v
iew of
what their partner should wear - whether she likes it or not,' he say
s.
'They tend to choose stereotyped items such as French knickers or suspend
er
belts, though if they consult our staff they discover that what women wan
t
and select for themselves are comfortable, practical, cotton and Lycra mix
es
that are attractive but not too fussy.
'Usually, our returns run at about
nine per cent; after Christmas this
shoots up to 15 per cent, invariably br
ought back by the female recipients.'
Any men wanting last-minute guidance o
n buying lingerie could do worse than
follow Knickerbox's advice. Ignore scr
atchy red lace and bumpy black
suspenders. Look instead for pure cotton or s
ilk, plus Lycra for
close-fitting stretch and Tactel for soft comfort.
Check
that lace trims are soft to the touch (cotton-mix laces are best) and
that
details such as bows will not make awkward bumps under sweaters or
clingy sk
irts.
Men could earn maximum Brownie points by choosing just about anything
from
La Perla, the Rolls-Royce of lingerie which has a big new department in
Harrods and can manage to make long-line, control panties look sexy, in
sil
ky stretch plus lots of lace, although they do cost Pounds 115. You could
al
so earn points with a pretty, lace-trimmed, all-in-one body - by far the
bes
t thing for keeping out the winter chill.
For nightwear, the same principles
apply. Women are generally happier with
cosy pyjamas, soft flower-prints or
nostalgic embroidered white cotton such
as Damask's pretty range, than brig
ht satin, split thigh-high. In winter,
styles with sleeves are welcome, thou
gh low necks and fine shoulder straps
are flattering.
But if all this sounds
too worthy and unexciting, there is one area where
male fantasies can be in
dulged with full female approval, and it is
engineering rather than lingerie
.
Every woman wants a Wonderbra, Gossard's best-selling design that remains
unchanged since 1968 and is constructed to give even the smallest chest a
cl
eavage. It is the one design that women buy for themselves in black, which
o
utsells white two to one.
The reason is that these days the Wonderbra is wor
n to be seen,
Madonna-style, at clubs and parties throughout Europe. It goes
fearlessly
under low-buttoned jackets or see-through chiffon blouses becaus
e, though it
produces a lacy cleavage, it is sturdily constructed and perfec
tly decent.
So popular has the Wonderbra become that it has inspired even Ma
rks and
Spencer, whose Christmas best-sellers include a lacy black bra and a
black
net body with built-in bra.
For some alternative undies: Bras: Triump
h Amarillo cotton jersey and lace
underwired in white, Pounds 12.99; Triumph
Amourette soft white lace style,
Pounds 18.99; Knickerbox Americano top-sti
tched cotton jersey in cream,
Pounds 16.99; BHS flowered grey jersey and whi
te lace longline, Pounds 8.99;
Lejaby cotton-jersey underwired, lattice trim
in white Pounds 29.95.
Bodies: Dim cotton jersey and lace underwired in whi
te, Pounds 29.50; Marks
and Spencer cream satin with wide straps, Pounds 16.
99; Rosy stretch cream
satin, wide straps, longline, Pounds 49; Triumph Amar
illo soft lace and
cotton jersey, underwired, Pounds 22.99.
On show: BHS bla
ck lace and jersey body, Pounds 14.99; Marks and Spencer
black lace underwir
ed bra, wide straps, Pounds 14.99; Marks and Spencer
jersey and net body, bu
ilt-in bra, Pounds 19.99; La Perla Marvel black
jersey strapless body, mould
ed cups, maribou trim, Pounds 124.
The Financial Times
<
PAGE> London Page III
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940
711
FT 11 JUL 94 / Business Travel (Update): Taiwan typh
oon
By DAVID OWEN
Typhoon Tim lashe
d eastern Taiwan with strong winds and heavy rain
yesterday, forcing the sus
pension of flights to two offshore islets.
Taiwanese officials said an impor
tant highway in Hualien city was closed
because of landslides set off by the
torrential downpour.
In the Philippines, the Manila weather bureau said ano
ther tropical storm,
Vanessa, had developed in the South China Sea and was b
ringing strong winds
and heavy rains to the main Philippine island, Luzon.
<
/TEXT>
Countries:-
TWZ Taiwan, Asia.
PHZ Philippines, A
sia.
Industries:-
P9229 Public Order and Safety, NEC.
<
/IN>
Types:-
RES Natural resources.
The Financial
Times
London Page 14
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
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22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
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30
FT 30 NOV 92 / Construction Contracts: Waste water tr
eatment scheme
AMEC CIVIL ENGINEERING has won a Pounds 4m
contract from Anglian Water to
construct diaphragm wall waste water holding
tanks, together with gravity
sewers, pumping mains and buildings at Cromer,
Sheringham and Overstrand on
the north Norfolk coast.
Sewage discharging th
rough the short sea outfalls is to be intercepted and
delivered to a new tre
atment centre near Cromer. Treated effluent will then
be discharged into the
North Sea via a new long sea outfall.
The company will install a 4,300 cu m
etre storm waste water holding tank and
construct a pumping station on the w
est promenade at Cromer. The tank will
be located at the site of a Victorian
shelter at the base of the cliff.
A sewer will be laid along the promenade
in Cromer from the town centre to
the new pumping station and storm tank, to
intercept all sewage flows
presently discharging onto the beach or the shor
t sea outfall.
At Sheringham a 25 metre diameter, 3,076 cu metre storm sewag
e holding tank
will be installed and a pumping station constructed. On compl
etion of the
cover slab, a building will be constructed to house pump contro
l equipment,
odour control and other facilities.
New sewers, generally up to
375mm diameter, will be constructed at
Overstrand and will include construc
tion of 1.5 metre diameter and 2.1 metre
diameter on-line sewer storage tank
s.
The Financial Times
London Page 12
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FT 16 AUG 93 / World News in Brief: Storm hits Martin
ique
A three-year-old girl was missing, believed drowned,
and about 10 people
were injured as tropical storm Cindy swept the French C
aribbean island of
Martinique, leaving 3,000 homeless.
Countrie
s:-
MQZ Martinique, Caribbean.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natura
l resources.
The Financial Times
International Page
1
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FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
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P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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020
FT 20 OCT 94 / Commodities and Agriculture: EU propo
ses higher banana import quota
By DEBORAH HARGREAVES
The European Commission has proposed a 53,400-tonne increa
se in its quota
for banana imports from Latin America this year in order to
assist the
Windward Islands where agricultural areas were devastated by trop
ical storm
Debbie in September.
Governments from the Windward Islands had as
ked if they could import bananas
from other destinations while they are unab
le to fill their own import
allocations.
This will enable them to maintain t
heir market share in the European Union
while they rebuild their damaged pla
ntations.
The Commission has allocated additional tonnages of 30,000 tonnes
to
Martinique, 14,800 tonnes to St Lucia, 5,900 to Guadeloupe and 2,700 to
D
ominica.
Mr John Compton, prime minister of St Lucia, said recently that 68
per cent
of the country's banana crop worth Pounds 45m had been wiped out by
the
tropical storm. He said it will take two years to repair the damage.
Th
e increase in quota takes EU banana imports from Latin America to 2.171m
ton
nes this year.
Countries:-
QRZ European Economic Com
munity (EC).
XCZ Latin America.
XTZ Windward Islands, Caribbean.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
P5148 Fresh Fruits and Vegetables.
Types:-
MKTS Market shares.
MKTS Production.
The Financial Times
London Page 39
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23
FT 23 SEP 94 / UK Company News: Geest warns of second
half loss - Shares fall as damage to banana production takes toll
By DAVID BLACKWELL
The aftermath of the trop
ical storm that severely damaged banana production
in the Windward Islands w
ill push Geest, the fresh and chilled food group,
into the red in the second
half.
Shares fell 30p to 190p yesterday following the warning from Mr David
Sugden, chief executive, who presented a strong set of interim results.
Pre
-tax profits rose from Pounds 3m to Pounds 17.9m for the six months to
July
2 on turnover ahead at Pounds 353.8m (Pounds 332.7m).
'The business has been
performing well, but is overshadowed by considerable
uncertainty,' said Mr
Sugden, referring to the European Commission's laxity
in responding to the c
ompany's plea for permission to purchase replacement
bananas in Latin Americ
a.
The EC banana management committee failed to agree on Wednesday on measur
es
that would allow Geest to purchase alternative bananas from Latin America
under the EC quota system. The committee does not meet again until October
5.
Tropical Storm Debbie hit the Windward Islands earlier this month, causin
g
extensive flooding around St Lucia and damage to roads and bridges. Geest,
which is under contract to ship all the islands' bananas, estimates that
ou
tput will be 40 per cent down.
Last week the first ship to arrive since the
storm was half full. The
company is expecting to load only 2,400 tonnes a we
ek, compared with a
normal load of 4,000 tonnes.
The first half, however, sh
owed the company recovering from the
uncertainties surrounding the EC banana
regime, introduced last July, as
well as an attack of disease on its Costa
Rican plantations, which left it
Pounds 5.4m in the red at the end of last y
ear. Operating profits in the
fresh produce division improved from Pounds 2m
to Pounds 15m on sales of
Pounds 285.6m (Pounds 276.5m).
The food preparati
on division, which supplies chilled salads and other
products, lifted operat
ing profits from Pounds 3.3m to Pounds 4.2m on sales
of Pounds 66.6m (Pounds
54.4m).
The result this time included an exceptional gain of Pounds 2.5m fr
om a
disposal. Net interest payable rose from Pounds 500,000 to Pounds 3.2m.
Earnings per share were 18.9p (2.7p). The interim dividend is unchanged at
3.7p.
COMMENT
While the problems of disease in Costa Rica appear to have gon
e away,
Geest's troubles with the European Commission and the banana regime
are not
over yet, thanks to Tropical Storm Debbie. In spite of its successfu
l
efforts to boost its food preparation division, the group remains vulnerab
le
to the banana industry, which is highly political and subject to natural
disaster. It has also only two main areas of supply, leaving it looking
infl
exible beside companies that source more widely. Adding to its problems
is g
earing of more than 100 per cent. Best guesses at this year's final
outcome
seem to be around Pounds 9m of profits - better than last year but a
far cry
from 1991's Pounds 26.2m.
See Commodities
Companies:-
Geest.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P5148 Fresh Fruits and Vegetables.
Types
:-
FIN Interim results.
CMMT Comment & Analysis.
MKTS P
roduction.
The Financial Times
London Page 28
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011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
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20
FT 20 SEP 94 / Commodities and Agriculture: St Lucia
hit hardest as tropical storm devastates Windwards' banana crops
By CANUTE JAMES
KINGSTON, JAMAICA
The banana industry in the Windward Islands, the main source o
f British
imports, was devastated by the tropical storm that passed through
the
eastern Caribbean ten days ago. Shipping schedules will be disrupted,
ac
cording to government and industry officials.
The islands - Dominica, Grenad
a, St Lucia and St Vincent - will lose
millions of dollars in exports earnin
gs and could also lose some share of
the market because of the damage, the i
ndustry officials said. St Lucia, the
largest producer in the group, has bee
n the hit hardest.
'All of our banana, coconut and cattle production has bee
n lost, small
gardens are destroyed and the roads are flooded,' said Mr John
Compton, St
Lucia's prime minister. Banana exports provide the island with
income of
about USDollars 60m a year, representing just under a half of all
its
foreign earnings.
The Windward Islands Crop Insurance Scheme (Wincrop),
an agency which
insures the region's agriculture, says it is receiving hundr
eds of claims
following the storm.
'We are receiving claims now mainly from
Dominica, St Lucia and St Vincent,'
said Mr Kerwin Ferreira, Wincrop's manag
er.
'St Vincent's loss is of a fair level, Dominica's significant, and I wou
ld
say St Lucia is very, very, very bad.'
The losses in the Windward Islands
will disrupt suppliers to the UK,
according to a St Lucian government offic
ial. The loss for the four islands
will not only be in export earnings but a
lso in market share, he said.
There is concern in the Windward Islands that
any reduction in shipments
from the region will benefit Latin American expor
ters, who will fill the
shortfall. Latin American producers had earlier atta
cked the new European
Union import regime, which allows duty free entry to C
aribbean fruit.
'The has come at a very bad time for the Windwards' industry
,' said the
official. 'We might not be able to recapture our markets after t
his. The
only consolation is that if we start replanting now we will have ex
port
fruit ready in a few months.'
Countries:-
XTZ W
indward Islands, Caribbean.
Industries:-
P0179 Fruits a
nd Tree Nuts, NEC.
Types:-
MKTS Market shares.
MKT
S Production.
The Financial Times
London Page 32 <
/PAGE>
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10
FT 10 AUG 93 / High death toll in Caracas storm
By JOSEPH MANN
CARACAS
VENEZUELAN firemen and civil defence crews were yesterday pulling b
odies out
of the wreckage of shanty towns ringing Caracas, after tropical st
orm Bret
hit at the weekend.
The storm killed about 150 people in the capita
l, according to reports.
Hundreds have been injured and thousands left homel
ess. Yesterday, residents
were clearing up after the rains (picture left).
M
ost of the damage occurred in the Caracas metropolitan area, where heavy
rai
ns on Sunday morning battered slum dwellings perched on the city's many
hill
s, causing mudslides and burying people alive.
The total number of victims w
as still in doubt yesterday and the government
had not issued official figur
es.
Caracas newspapers estimated fatalities nationwide could exceed 300.
The
US National Weather Service said yesterday that Bret, which was breaking
up
as it moved off the Colombian coast, could gain strength before passing
ove
r Central America.
The government of Venezuelan President Ramon Jose Velasqu
ez of has declared
a state of national mourning.
Despite a big fiscal defici
t, officials are looking for ways to release
funds for emergency relief.
Countries:-
VEZ Venezuela, South America.
In
dustries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
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204
FT 04 FEB 93 / Commodities and Agriculture: North Se
a storms halve Norwegian crude oil output
By KAREN F
OSSLI
OSLO
NORWEGIAN North Sea cr
ude oil production was cut by half yesterday as raging
storms forced the clo
sure of the Statfjord and Snorre fields, and sharply
cut output from the Gul
lfaks field, said Statoil, the Norwegian state oil
company.
Norway normally
produces a daily average of 2.3m barrels of oil but
extremely high waves pre
vented crude tankers from loading oil from buoys at
Statfjord and from Gullf
aks as storage capacity had reached its limits at
the two fields.
Statfjord
also stores oil from the 100,000 barrel-a-day Snorre field.
Gullfaks was pro
ducing just 15,000 barrels yesterday, compared with its
normal daily output
of 491,000 barrels.
A Statoil spokesman said the weather forecast did not bo
de well for the
resumption of full production until at least Friday, when cr
ude oil tankers
might be able to commence loading if waves subside to 4.5 me
tres or less. He
said that storms had created the worst conditions in 20 yea
rs for offshore
crude oil loading by tankers.
Companies:-
Statoil.
Countries:-
NOZ Norway, West Europe.
Industries:-
P1311 Crude Petroleum and Natural Gas.
Types:-
RES Natural resources.
MKTS Production.
The Financial Times
London Page 30
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18
FT 18 AUG 93 / Manila floods continue
Residents in the southern suburbs of Manila use guide ropes to steer the
m
through streets waist deep in water yesterday. Heavy rainfall caused by a
tropical storm off the coast has continued to bring severe flooding to
low-l
ying areas of the Philippine capital
Countries:-
PHZ
Philippines, Asia.
Industries:-
P9229 Public Order and
Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
============= Transaction # 144 ==============================================
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011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
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27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
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16
FT 16 MAR 93 / Letter: Not so much tropical rainfores
t
From Prof GHILLEAN T PRANCE
Sir,
I should like to correct the alarmingly optimistic figure for the area
of th
is planet which is covered by tropical forest, given in your article,
'FAO c
uts estimate of tropical forest loss' (March 9). This states that 37
per cen
t of the planet is covered in tropical forest.
It states correctly that, acc
ording to FAO figures, 1.75bn hectares of
tropical forest remain; however, t
his is not 37 per cent of the planet. It
is 3.4 per cent of the total area o
f the planet and 11.6 per cent of the
total land surface of the planet.
More
alarming for those of us trying to preserve the biodiversity of the
species
-rich tropical rainforest is that it has now been reduced to 0.83bn
hectares
, or only 5.5 per cent of the total land surface.
There is no room for compl
acency if we are to preserve this ecosystem which
is so vital for the functi
oning of our planet.
Ghillean T Prance,
director,
Royal Botanic Gardens,
Kew
, Richmond,
Surrey TW9 3AB
Countries:-
GBZ United Ki
ngdom, EC.
Industries:-
P99 Nonclassifiable Establish
ments.
Types:-
CMMT Comment & Analysis.
The
Financial Times
London Page 20
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
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22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
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16
FT 16 AUG 93 / World News in Brief: Storm hits Martin
ique
A three-year-old girl was missing, believed drowned,
and about 10 people
were injured as tropical storm Cindy swept the French C
aribbean island of
Martinique, leaving 3,000 homeless.
Countrie
s:-
MQZ Martinique, Caribbean.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natura
l resources.
The Financial Times
International Page
1
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18
FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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941
020
FT 20 OCT 94 / Commodities and Agriculture: EU propo
ses higher banana import quota
By DEBORAH HARGREAVES
The European Commission has proposed a 53,400-tonne increa
se in its quota
for banana imports from Latin America this year in order to
assist the
Windward Islands where agricultural areas were devastated by trop
ical storm
Debbie in September.
Governments from the Windward Islands had as
ked if they could import bananas
from other destinations while they are unab
le to fill their own import
allocations.
This will enable them to maintain t
heir market share in the European Union
while they rebuild their damaged pla
ntations.
The Commission has allocated additional tonnages of 30,000 tonnes
to
Martinique, 14,800 tonnes to St Lucia, 5,900 to Guadeloupe and 2,700 to
D
ominica.
Mr John Compton, prime minister of St Lucia, said recently that 68
per cent
of the country's banana crop worth Pounds 45m had been wiped out by
the
tropical storm. He said it will take two years to repair the damage.
Th
e increase in quota takes EU banana imports from Latin America to 2.171m
ton
nes this year.
Countries:-
QRZ European Economic Com
munity (EC).
XCZ Latin America.
XTZ Windward Islands, Caribbean.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
P5148 Fresh Fruits and Vegetables.
Types:-
MKTS Market shares.
MKTS Production.
The Financial Times
London Page 39
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FT924-2489
_AN-CLMAOAATFT
9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
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9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
============= Transaction # 164 ==============================================
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9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
============= Transaction # 165 ==============================================
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9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
============= Transaction # 166 ==============================================
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
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9212
12
FT 12 DEC 92 / World travel sees growth
<
BYLINE> By DAVID DODWELL, World Trade Editor
THE travel
and tourism industry is expected to contribute Dollars 3,500bn to
the world
economy in 1993 - a 20 per cent increase on its Dollars 2,900bn
contribution
in 1990, according to Wharton Econometric Forecasting in a
study commission
ed by the World Travel and Tourism Council.*
The study predicts that the ind
ustry will account for 127m jobs worldwide by
next year. It will attract Dol
lars 422bn in investment (6.7 per cent of the
expected world total) and will
account for Dollars 2,000bn in consumer
spending. The study warns of increa
sing congestion in the air, and the
emergence of ecotourism and rural touris
m as new growth areas.
* Travel & Tourism, the WTTC Report, 1992. For copies
, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brussels, Belgium, o
r tel: Brussels
660 2067.
The Financial Times
Lon
don Page 4
============= Transaction # 168 ==============================================
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9403
16
FT 16 MAR 94 / Tourism body calls for wind farm curb
By ROLAND ADBURGHAM
Restrictions on
wind farms are backed by the Wales Tourist Board today in a
strategy for to
urism in the principality, Roland Adburgham writes.
Wind farms, which use tu
rbines to harness the wind and provide an
alternative source of energy, face
increasing opposition from Welsh local
authorities and residents concerned
about visual intrusion and noise of the
turbines.
In its Tourism 2000 strate
gy document - to be launched today by Mr John
Redwood, Welsh secretary - the
board says: 'The quality of Wales's natural
environment is one of the indus
try's greatest assets.
'Tourism 2000 recognises the need to conserve and enh
ance that environment
and is concerned about threats which might impact upon
the industry, for
example wind farms.' It endorses the policies of the Coun
tryside Council for
Wales, which opposes wind farms in national parks and ot
her special areas.
Wales has eight wind farms and planning consent is being
sought for many
more.
The board hopes its strategy will create 10,000 jobs a
nd increase tourism
earnings by Pounds 700m by 2000. Tourism now contributes
Pounds 1.3bn, or 6
per cent, of gross domestic product.
Countr
ies:-
GBZ United Kingdom, EC.
Industries:-
P
4911 Electric Services.
P7999 Amusement and Recreation, NEC.
Types:-
RES Energy use.
MGMT Management & Marketing.
<
PUB>The Financial Times
London Page 11
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============= Transaction # 170 ==============================================
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9311
09
FT 09 NOV 93 / Survey of Australia (2): A place in th
e Pacific sun - Tourism
By BRUCE JACQUES
<
TEXT>
INTERNATIONAL tourism has emerged from near obscurity to become one of
Australia's fastest growing industries in the past decade, but it heads
tow
ards 1994 in a state of dichotomy. Although the industry is one of the
few d
efying world recession with solid growth rates, tourism remains
hazardous gr
ound for investors, writes Bruce Jacques.
This reflects a 'two-speed' growth
record in the past decade which has left
substantial imbalances in infrastr
ucture, sapped confidence and increased
the perceived risk of tourism invest
ment. But there are signs, boosted by
Sydney's successful bid to host the 20
00 Olympics, that tourism is set for a
period of accelerated new growth.
Int
ernational tourism burst on to an unsuspecting Australia amid the
financial
boom of the mid 1980s, with overseas visits jumping nearly 200 per
cent to 2
.25m in the half decade to 1988. Figures just released confirm that
growth i
n the half decade since has been a more modest 28 per cent for
visits of jus
t under 2.8m in 1992-93.
This growth volatility has left some bad investment
decisions in its wake.
Real estate estimates suggest that almost 10 per cen
t of the nation's three,
four and five star accommodation properties are now
either in receivership
or under the administration of their banks. That is
almost 70 properties,
covering about 10,000 rooms - enough to give pause to
any investor.
Several other factors have added to the industry's roller coas
ter feel,
including:
the Federal Government's deregulation of the aviation i
ndustry and
subsequent heavy losses and rationalisation among the country's
airlines;
the unique double failure of Compass Airlines - the new market ent
rant that
was touted as giving meaning to deregulation; and
postponement of
the public float of Qantas, the country's international
carrier, from which
the Federal Government hopes to raise more than ADollars
1.5bn.
But just as
investors were caught by overestimating the industry's growth,
there are sig
ns that those who continue to retreat will miss the next cycle.
Christopher
Brown, executive director of tourism's umbrella body, Tourism
Task Force, be
lieves some hard lessons have been learned.
target more rapid growth.
'You h
ave to remember we've only been in the international tourism business
in a b
ig way for just over a decade,' Mr Brown says. 'What we had in the
1980s was
a marketing-led rather than product-led boom. Some of our early
marketing c
ampaigns (notably the Paul Hogan 'shrimp on the barbie'
advertisements) were
among the best in the world. But events since have
shown that the industry
wasn't really able to handle the boom in overseas
tourists that followed.'
M
r Brown believes the industry tried to become too sophisticated too early.
'
We thought we had achieved worldwide awareness, but we now know we didn't.
B
ut the result is that, although some of it is under-utilised, we now have
so
me of the world's best tourism infrastructure.'
Mr Brown says that with the
Olympics and increased government recognition
and funding for tourism, the i
ndustry is now targeting an annual rate of
around 7.5m overseas arrivals by
2000. The target would have been around 6m
without the Olympics, but both ai
ms are considerably higher than estimates
of 4.8m arrivals by the government
funded Bureau of Tourism Research (BTR).
While any of these estimates sugge
sts strong growth, the industry still has
a task ahead in educating investor
s. Mr Brown says banks and institutions
are still far less adept at assessin
g investments in tourism than other
sectors. That ranks as a serious oversig
ht given the scale of the industry.
While tourism is often proudly promoted
as Australia's biggest export
earner, that description understates its econo
mic importance. If the
international and domestic tourism components are tak
en together, the
industry is arguably Australia's biggest.
Judging by BTR fi
gures, no investment institution of any standing can afford
not to have expo
sure to the industry. The BTR publication, Tourism and the
Economy, calculat
ed that tourism accounted for 465,000 jobs, 5.6 per cent of
the country's gr
oss domestic product and 10 per cent of its foreign exchange
earnings in 199
2.
The BTR figures showed that domestic tourism expenditure, at ADollars
18.
4bn, was almost 2.4 times the size of its international counterpart at
ADoll
ars 7.7bn, for respective GDP contributions of 3.8 and 1.8 per cent.
Latest
estimates suggest that in 1993 domestic tourism expenditure will
exceed ADol
lars 22bn, with international expenditure rising to ADollars
8.6bn.
Perhaps
the clincher for the tourism industry in its push for a larger share
of inve
stment funds lies in Australia's geographic location. Leading
stockbrokers A
NZ McCaughan (AM) put the case well in a recent publication,
urging investme
nt in Australian air lines.
'Australia is positioned on the edge of the fast
est-growing tourism region
in the world - the Asia/Pacific,' AM analysts sai
d. 'By the Year 2000, the
Asia/Pacific region with a 39 per cent share, is e
xpected to dominate the
world's international air traffic.
'The other two ma
jor regions will be Europe (26 per cent) and North America
(23 per cent). Fo
r the remainder of the 1990s air travel in the Asia/Pacific
region is expect
ed to grow by an average 9.4 per cent a year, almost twice
as fast as the US
(4.9 per cent) and far faster than Europe (5.5 per cent).'
AM quoted a BTR
break down forecasting that the proportion of Asia/Pacific
tourists visiting
Australia will rise from 43 to almost 50 per cent by 2000.
'Japan, Asia, th
e US and Europe will be the key inbound markets by the year
2000,' AM said.
'The proximity of these countries to Australia, together
with relaxation of
institutional constraints on travel, .. augurs well for
larger visitor numbe
rs.'
Countries:-
AUZ Australia.
Industrie
s:-
P7999 Amusement and Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
L
ondon Page I
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9311
09
FT 09 NOV 93 / Survey of Australia (2): A place in th
e Pacific sun - Tourism
By BRUCE JACQUES
<
TEXT>
INTERNATIONAL tourism has emerged from near obscurity to become one of
Australia's fastest growing industries in the past decade, but it heads
tow
ards 1994 in a state of dichotomy. Although the industry is one of the
few d
efying world recession with solid growth rates, tourism remains
hazardous gr
ound for investors, writes Bruce Jacques.
This reflects a 'two-speed' growth
record in the past decade which has left
substantial imbalances in infrastr
ucture, sapped confidence and increased
the perceived risk of tourism invest
ment. But there are signs, boosted by
Sydney's successful bid to host the 20
00 Olympics, that tourism is set for a
period of accelerated new growth.
Int
ernational tourism burst on to an unsuspecting Australia amid the
financial
boom of the mid 1980s, with overseas visits jumping nearly 200 per
cent to 2
.25m in the half decade to 1988. Figures just released confirm that
growth i
n the half decade since has been a more modest 28 per cent for
visits of jus
t under 2.8m in 1992-93.
This growth volatility has left some bad investment
decisions in its wake.
Real estate estimates suggest that almost 10 per cen
t of the nation's three,
four and five star accommodation properties are now
either in receivership
or under the administration of their banks. That is
almost 70 properties,
covering about 10,000 rooms - enough to give pause to
any investor.
Several other factors have added to the industry's roller coas
ter feel,
including:
the Federal Government's deregulation of the aviation i
ndustry and
subsequent heavy losses and rationalisation among the country's
airlines;
the unique double failure of Compass Airlines - the new market ent
rant that
was touted as giving meaning to deregulation; and
postponement of
the public float of Qantas, the country's international
carrier, from which
the Federal Government hopes to raise more than ADollars
1.5bn.
But just as
investors were caught by overestimating the industry's growth,
there are sig
ns that those who continue to retreat will miss the next cycle.
Christopher
Brown, executive director of tourism's umbrella body, Tourism
Task Force, be
lieves some hard lessons have been learned.
target more rapid growth.
'You h
ave to remember we've only been in the international tourism business
in a b
ig way for just over a decade,' Mr Brown says. 'What we had in the
1980s was
a marketing-led rather than product-led boom. Some of our early
marketing c
ampaigns (notably the Paul Hogan 'shrimp on the barbie'
advertisements) were
among the best in the world. But events since have
shown that the industry
wasn't really able to handle the boom in overseas
tourists that followed.'
M
r Brown believes the industry tried to become too sophisticated too early.
'
We thought we had achieved worldwide awareness, but we now know we didn't.
B
ut the result is that, although some of it is under-utilised, we now have
so
me of the world's best tourism infrastructure.'
Mr Brown says that with the
Olympics and increased government recognition
and funding for tourism, the i
ndustry is now targeting an annual rate of
around 7.5m overseas arrivals by
2000. The target would have been around 6m
without the Olympics, but both ai
ms are considerably higher than estimates
of 4.8m arrivals by the government
funded Bureau of Tourism Research (BTR).
While any of these estimates sugge
sts strong growth, the industry still has
a task ahead in educating investor
s. Mr Brown says banks and institutions
are still far less adept at assessin
g investments in tourism than other
sectors. That ranks as a serious oversig
ht given the scale of the industry.
While tourism is often proudly promoted
as Australia's biggest export
earner, that description understates its econo
mic importance. If the
international and domestic tourism components are tak
en together, the
industry is arguably Australia's biggest.
Judging by BTR fi
gures, no investment institution of any standing can afford
not to have expo
sure to the industry. The BTR publication, Tourism and the
Economy, calculat
ed that tourism accounted for 465,000 jobs, 5.6 per cent of
the country's gr
oss domestic product and 10 per cent of its foreign exchange
earnings in 199
2.
The BTR figures showed that domestic tourism expenditure, at ADollars
18.
4bn, was almost 2.4 times the size of its international counterpart at
ADoll
ars 7.7bn, for respective GDP contributions of 3.8 and 1.8 per cent.
Latest
estimates suggest that in 1993 domestic tourism expenditure will
exceed ADol
lars 22bn, with international expenditure rising to ADollars
8.6bn.
Perhaps
the clincher for the tourism industry in its push for a larger share
of inve
stment funds lies in Australia's geographic location. Leading
stockbrokers A
NZ McCaughan (AM) put the case well in a recent publication,
urging investme
nt in Australian air lines.
'Australia is positioned on the edge of the fast
est-growing tourism region
in the world - the Asia/Pacific,' AM analysts sai
d. 'By the Year 2000, the
Asia/Pacific region with a 39 per cent share, is e
xpected to dominate the
world's international air traffic.
'The other two ma
jor regions will be Europe (26 per cent) and North America
(23 per cent). Fo
r the remainder of the 1990s air travel in the Asia/Pacific
region is expect
ed to grow by an average 9.4 per cent a year, almost twice
as fast as the US
(4.9 per cent) and far faster than Europe (5.5 per cent).'
AM quoted a BTR
break down forecasting that the proportion of Asia/Pacific
tourists visiting
Australia will rise from 43 to almost 50 per cent by 2000.
'Japan, Asia, th
e US and Europe will be the key inbound markets by the year
2000,' AM said.
'The proximity of these countries to Australia, together
with relaxation of
institutional constraints on travel, .. augurs well for
larger visitor numbe
rs.'
Countries:-
AUZ Australia.
Industrie
s:-
P7999 Amusement and Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
L
ondon Page I
============= Transaction # 173 ==============================================
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_AN-DKIC6AF4FT
9311
09
FT 09 NOV 93 / Survey of Australia (2): A place in th
e Pacific sun - Tourism
By BRUCE JACQUES
<
TEXT>
INTERNATIONAL tourism has emerged from near obscurity to become one of
Australia's fastest growing industries in the past decade, but it heads
tow
ards 1994 in a state of dichotomy. Although the industry is one of the
few d
efying world recession with solid growth rates, tourism remains
hazardous gr
ound for investors, writes Bruce Jacques.
This reflects a 'two-speed' growth
record in the past decade which has left
substantial imbalances in infrastr
ucture, sapped confidence and increased
the perceived risk of tourism invest
ment. But there are signs, boosted by
Sydney's successful bid to host the 20
00 Olympics, that tourism is set for a
period of accelerated new growth.
Int
ernational tourism burst on to an unsuspecting Australia amid the
financial
boom of the mid 1980s, with overseas visits jumping nearly 200 per
cent to 2
.25m in the half decade to 1988. Figures just released confirm that
growth i
n the half decade since has been a more modest 28 per cent for
visits of jus
t under 2.8m in 1992-93.
This growth volatility has left some bad investment
decisions in its wake.
Real estate estimates suggest that almost 10 per cen
t of the nation's three,
four and five star accommodation properties are now
either in receivership
or under the administration of their banks. That is
almost 70 properties,
covering about 10,000 rooms - enough to give pause to
any investor.
Several other factors have added to the industry's roller coas
ter feel,
including:
the Federal Government's deregulation of the aviation i
ndustry and
subsequent heavy losses and rationalisation among the country's
airlines;
the unique double failure of Compass Airlines - the new market ent
rant that
was touted as giving meaning to deregulation; and
postponement of
the public float of Qantas, the country's international
carrier, from which
the Federal Government hopes to raise more than ADollars
1.5bn.
But just as
investors were caught by overestimating the industry's growth,
there are sig
ns that those who continue to retreat will miss the next cycle.
Christopher
Brown, executive director of tourism's umbrella body, Tourism
Task Force, be
lieves some hard lessons have been learned.
target more rapid growth.
'You h
ave to remember we've only been in the international tourism business
in a b
ig way for just over a decade,' Mr Brown says. 'What we had in the
1980s was
a marketing-led rather than product-led boom. Some of our early
marketing c
ampaigns (notably the Paul Hogan 'shrimp on the barbie'
advertisements) were
among the best in the world. But events since have
shown that the industry
wasn't really able to handle the boom in overseas
tourists that followed.'
M
r Brown believes the industry tried to become too sophisticated too early.
'
We thought we had achieved worldwide awareness, but we now know we didn't.
B
ut the result is that, although some of it is under-utilised, we now have
so
me of the world's best tourism infrastructure.'
Mr Brown says that with the
Olympics and increased government recognition
and funding for tourism, the i
ndustry is now targeting an annual rate of
around 7.5m overseas arrivals by
2000. The target would have been around 6m
without the Olympics, but both ai
ms are considerably higher than estimates
of 4.8m arrivals by the government
funded Bureau of Tourism Research (BTR).
While any of these estimates sugge
sts strong growth, the industry still has
a task ahead in educating investor
s. Mr Brown says banks and institutions
are still far less adept at assessin
g investments in tourism than other
sectors. That ranks as a serious oversig
ht given the scale of the industry.
While tourism is often proudly promoted
as Australia's biggest export
earner, that description understates its econo
mic importance. If the
international and domestic tourism components are tak
en together, the
industry is arguably Australia's biggest.
Judging by BTR fi
gures, no investment institution of any standing can afford
not to have expo
sure to the industry. The BTR publication, Tourism and the
Economy, calculat
ed that tourism accounted for 465,000 jobs, 5.6 per cent of
the country's gr
oss domestic product and 10 per cent of its foreign exchange
earnings in 199
2.
The BTR figures showed that domestic tourism expenditure, at ADollars
18.
4bn, was almost 2.4 times the size of its international counterpart at
ADoll
ars 7.7bn, for respective GDP contributions of 3.8 and 1.8 per cent.
Latest
estimates suggest that in 1993 domestic tourism expenditure will
exceed ADol
lars 22bn, with international expenditure rising to ADollars
8.6bn.
Perhaps
the clincher for the tourism industry in its push for a larger share
of inve
stment funds lies in Australia's geographic location. Leading
stockbrokers A
NZ McCaughan (AM) put the case well in a recent publication,
urging investme
nt in Australian air lines.
'Australia is positioned on the edge of the fast
est-growing tourism region
in the world - the Asia/Pacific,' AM analysts sai
d. 'By the Year 2000, the
Asia/Pacific region with a 39 per cent share, is e
xpected to dominate the
world's international air traffic.
'The other two ma
jor regions will be Europe (26 per cent) and North America
(23 per cent). Fo
r the remainder of the 1990s air travel in the Asia/Pacific
region is expect
ed to grow by an average 9.4 per cent a year, almost twice
as fast as the US
(4.9 per cent) and far faster than Europe (5.5 per cent).'
AM quoted a BTR
break down forecasting that the proportion of Asia/Pacific
tourists visiting
Australia will rise from 43 to almost 50 per cent by 2000.
'Japan, Asia, th
e US and Europe will be the key inbound markets by the year
2000,' AM said.
'The proximity of these countries to Australia, together
with relaxation of
institutional constraints on travel, .. augurs well for
larger visitor numbe
rs.'
Countries:-
AUZ Australia.
Industrie
s:-
P7999 Amusement and Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
L
ondon Page I
============= Transaction # 174 ==============================================
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_AN-CLMAOAATFT
9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
============= Transaction # 175 ==============================================
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9212
12
FT 12 DEC 92 / World travel sees growth
<
BYLINE> By DAVID DODWELL, World Trade Editor
THE travel
and tourism industry is expected to contribute Dollars 3,500bn to
the world
economy in 1993 - a 20 per cent increase on its Dollars 2,900bn
contribution
in 1990, according to Wharton Econometric Forecasting in a
study commission
ed by the World Travel and Tourism Council.*
The study predicts that the ind
ustry will account for 127m jobs worldwide by
next year. It will attract Dol
lars 422bn in investment (6.7 per cent of the
expected world total) and will
account for Dollars 2,000bn in consumer
spending. The study warns of increa
sing congestion in the air, and the
emergence of ecotourism and rural touris
m as new growth areas.
* Travel & Tourism, the WTTC Report, 1992. For copies
, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brussels, Belgium, o
r tel: Brussels
660 2067.
The Financial Times
Lon
don Page 4
============= Transaction # 176 ==============================================
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9408
17
FT 17 AUG 94 / Aid sought to stem tourism decline
By JAMES BUXTON, Scottish Correspondent
Spending by visitors to Scotland is declining, tourist industry leaders we
re
warned yesterday.
Mr Derek Reid, new chief executive of the Scottish Tour
ist Board, said
Scotland was falling behind other developed countries in the
growth of its
tourism industry.
Mr Reid called for extra government funding
for marketing and substantial
private-sector investment in tourist faciliti
es and training.
Spending by tourists in Scotland peaked at Pounds 2.5bn in
1987, he said.
Last year's spending of Pounds 2.1bn was 17 per cent below th
at for 1989 in
real terms.
Growth in overseas tourism in recent years had no
t been enough to offset the
decline in domestic tourism, both from England a
nd from Scotland.
Mr Reid was speaking at a conference in Stirling Castle he
ld to launch a
Pounds 1.5m television advertising campaign aimed at the Engl
ish market,
which he described as the Scottish industry's problem child.
The
40-second commercial, first screened last night in England and Northern
Ire
land, is intended to give Scotland a more contemporary image for the
English
.
The Scottish Tourist Board has unveiled a new logo based on the thistle.
T
he conference, attended by 200 leaders of organisations and companies
involv
ed in tourism, also heard details of a strategic plan prepared by the
Scotti
sh Tourism Co-Ordinating Group, which consists of public-sector
agencies led
by the Scottish Office. The strategy contains measures aimed at
achieving 2
0 per cent growth in tourist spending by the year 2000 and
increasing the em
ployment in the industry from 170,000 in 1991 to 210,000 by
then.
The organi
sation of Scotland's tourist industry is being revamped. The
Scottish Touris
t Board promotes tourism across the whole country, having
taken over marketi
ng of the Highlands from Highlands and Islands Enterprise.
However, it has h
anded over the task of assisting tourism businesses to the
network of local
enterprise companies controlled by Scottish Enterprise and
Highlands and Isl
ands Enterprise.
The number of area tourist boards is to be reduced to 14 fr
om 34 by 1996.
Countries:-
GBZ United Kingdom, EC.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
Types:-
MGMT Management & Marketing.
The Financial Times
London Page 7
============= Transaction # 177 ==============================================
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9408
17
FT 17 AUG 94 / Aid sought to stem tourism decline
By JAMES BUXTON, Scottish Correspondent
Spending by visitors to Scotland is declining, tourist industry leaders we
re
warned yesterday.
Mr Derek Reid, new chief executive of the Scottish Tour
ist Board, said
Scotland was falling behind other developed countries in the
growth of its
tourism industry.
Mr Reid called for extra government funding
for marketing and substantial
private-sector investment in tourist faciliti
es and training.
Spending by tourists in Scotland peaked at Pounds 2.5bn in
1987, he said.
Last year's spending of Pounds 2.1bn was 17 per cent below th
at for 1989 in
real terms.
Growth in overseas tourism in recent years had no
t been enough to offset the
decline in domestic tourism, both from England a
nd from Scotland.
Mr Reid was speaking at a conference in Stirling Castle he
ld to launch a
Pounds 1.5m television advertising campaign aimed at the Engl
ish market,
which he described as the Scottish industry's problem child.
The
40-second commercial, first screened last night in England and Northern
Ire
land, is intended to give Scotland a more contemporary image for the
English
.
The Scottish Tourist Board has unveiled a new logo based on the thistle.
T
he conference, attended by 200 leaders of organisations and companies
involv
ed in tourism, also heard details of a strategic plan prepared by the
Scotti
sh Tourism Co-Ordinating Group, which consists of public-sector
agencies led
by the Scottish Office. The strategy contains measures aimed at
achieving 2
0 per cent growth in tourist spending by the year 2000 and
increasing the em
ployment in the industry from 170,000 in 1991 to 210,000 by
then.
The organi
sation of Scotland's tourist industry is being revamped. The
Scottish Touris
t Board promotes tourism across the whole country, having
taken over marketi
ng of the Highlands from Highlands and Islands Enterprise.
However, it has h
anded over the task of assisting tourism businesses to the
network of local
enterprise companies controlled by Scottish Enterprise and
Highlands and Isl
ands Enterprise.
The number of area tourist boards is to be reduced to 14 fr
om 34 by 1996.
Countries:-
GBZ United Kingdom, EC.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
Types:-
MGMT Management & Marketing.
The Financial Times
London Page 7
============= Transaction # 178 ==============================================
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9408
17
FT 17 AUG 94 / Aid sought to stem tourism decline
By JAMES BUXTON, Scottish Correspondent
Spending by visitors to Scotland is declining, tourist industry leaders we
re
warned yesterday.
Mr Derek Reid, new chief executive of the Scottish Tour
ist Board, said
Scotland was falling behind other developed countries in the
growth of its
tourism industry.
Mr Reid called for extra government funding
for marketing and substantial
private-sector investment in tourist faciliti
es and training.
Spending by tourists in Scotland peaked at Pounds 2.5bn in
1987, he said.
Last year's spending of Pounds 2.1bn was 17 per cent below th
at for 1989 in
real terms.
Growth in overseas tourism in recent years had no
t been enough to offset the
decline in domestic tourism, both from England a
nd from Scotland.
Mr Reid was speaking at a conference in Stirling Castle he
ld to launch a
Pounds 1.5m television advertising campaign aimed at the Engl
ish market,
which he described as the Scottish industry's problem child.
The
40-second commercial, first screened last night in England and Northern
Ire
land, is intended to give Scotland a more contemporary image for the
English
.
The Scottish Tourist Board has unveiled a new logo based on the thistle.
T
he conference, attended by 200 leaders of organisations and companies
involv
ed in tourism, also heard details of a strategic plan prepared by the
Scotti
sh Tourism Co-Ordinating Group, which consists of public-sector
agencies led
by the Scottish Office. The strategy contains measures aimed at
achieving 2
0 per cent growth in tourist spending by the year 2000 and
increasing the em
ployment in the industry from 170,000 in 1991 to 210,000 by
then.
The organi
sation of Scotland's tourist industry is being revamped. The
Scottish Touris
t Board promotes tourism across the whole country, having
taken over marketi
ng of the Highlands from Highlands and Islands Enterprise.
However, it has h
anded over the task of assisting tourism businesses to the
network of local
enterprise companies controlled by Scottish Enterprise and
Highlands and Isl
ands Enterprise.
The number of area tourist boards is to be reduced to 14 fr
om 34 by 1996.
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FT 05 JAN 94 / World Trade News: Global tourism up 3
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International tourism receipts rose by 9 per cent to Dollar
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FT 05 JAN 94 / World Trade News: Global tourism up 3
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the World Tourism
Organisation, writes Michael Skapinker, Leisure Industrie
s Correspondent.
International tourism receipts rose by 9 per cent to Dollar
s 324bn (Pounds
219bn).
The East Asian and Pacific region recorded the highe
st level of growth last
year, with arrivals up 11.8 per cent to 68.5m.
Touri
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cent to 106.5m
and receipts up 14.3 per cent to Dollars 95.5bn.
Europe remained the world'
s largest tourist destination, with 296.5m
arrivals last year and receipts o
f Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and 5.7
per cent respectively.
Countries:-
XBZ North Americ
a.
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de last year was about
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the World Tourism
Organisation, writes Michael Skapinker, Leisure Industrie
s Correspondent.
International tourism receipts rose by 9 per cent to Dollar
s 324bn (Pounds
219bn).
The East Asian and Pacific region recorded the highe
st level of growth last
year, with arrivals up 11.8 per cent to 68.5m.
Touri
st receipts in the region rose 15.2 per cent to Dollars 52.6bn.
The Americas
recorded the second highest growth, with arrivals up 5.6 per
cent to 106.5m
and receipts up 14.3 per cent to Dollars 95.5bn.
Europe remained the world'
s largest tourist destination, with 296.5m
arrivals last year and receipts o
f Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and 5.7
per cent respectively.
Countries:-
XBZ North Americ
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XEZ South America.
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940930
FT 30 SEP 94 / Survey of World Economy and Finance - In
dustry (28): A powerhouse of revenue - Tourism / Developing countries are co
ttoning on
By RICHARD GORDON
At a r
ecent tourism conference, held on a Thames river boat in London,
Stephen Dor
rell, the UK heritage secretary, told a group of tourism leaders
that Britai
n needs to regain its declining share of the growing global
tourism market.
At that moment, a London red bus, emblazoned with a sign
inviting Londoners
to 'Visit Korea in 1994', thundered overhead on Vauxhall
Bridge.
The problem
for Britain, and other traditional tourist destinations, is that
the rest o
f the world has cottoned on to tourism. As the biggest growth
industry, empl
oyer and source of revenue around the world, many developing
countries have
realised a quicker way to buy into first world affluence is
by boosting thei
r tourism potential rather then by selling tractors, bananas
and rice.
Globa
l tourism, according to the World Travel & Tourism Council, will double
in s
ize between 1990 and 2005. The market has been growing by 5 per cent a
year
in real terms since 1970. In 1993, the global tourism industry
generated USD
ollars 3,400bn in gross output, produced 10.1 per cent of GDP,
and accounted
for 10.5 per cent of all jobs.
The Council says governments cannot afford t
o ignore the industry's role as
an economic powerhouse and should make it a
strategic development priority.
The sheer size of the global industry has aw
akened many multinational
companies to the possibilities of global brands an
d market dominance. As
airlines form international networks and alliances, s
o, too, travel agents,
hotel brands and car hire firms are banding together.
Several companies have already made the first moves towards serving the
glo
bal tourism marketplace. The US travel agent Carlson, together with its
Euro
pean counterpart Wagonlit, is now the world's largest travel agent, with
4,0
00 units. Carlson also wants to be the world's largest hotel brand using
its
Radisson name. American Express is about to buy a large chunk of Thomas
Coo
k's travel agency business in North America, the largest tourism market
The
only areas not targeted by the global brands are the Middle East and
Asia, w
here international arrivals in East Asia and the Pacific grew four
times fas
ter than the world average in 1993, reaching a record of 69m
visitors. While
arrivals were up by 12.6 per cent, revenue grew by 15.2 per
cent to USDolla
rs 52.6bn. The World Tourism Organisation forecasts 101m
arrivals in East As
ia and the Pacific by 2000, and 190m by 2010.
However, this growth may be co
nstrained by a shortage of human resources,
the health and safety of tourist
s, environmental concerns, under-developed
infrastructure and local resident
s' unease over the number of tourists.
But global tourism growth makes it cl
ear why the UK annual tourism revenue
growth of 5.7 per cent has caused a gr
eat deal of hand wringing within
certain UK tourism industry circles.
Robert
Peel, chairman and chief executive of UK hotel company Mount
Charlotte Inve
stments, says the world tourism market is all about value for
money.
'There
is a distinct relationship between prices and volume in world
tourism. To ge
t more tourists to the UK we have to make it worth their while
to come here.
The foreign exchange rate is a big factor in the equation. The
UK is now 20
per cent better value for foreign tourists than two years ago.'
But the UK
is facing tough competition in the international marketplace. For
example, M
exico, Australia and the Caribbean island of Aruba each spend more
on touris
m promotion in the US than the UK does. The biggest expense of any
tourism d
estination is advertising and promotion. In 1993, national
governments spent
USDollars 1.4bn selling themselves to the tourists.
Apart from advertising,
other factors such as investment in tourism
infrastructure, new airline rou
tes and political stability influence the
international tourists' holiday de
cision.
One of the most important issues impacting the MIddle East is the pr
esent
peace negotiations between Israel, the PLO, Jordan and Syria. The lack
of
peace in the region has been a principal reason for the limited number o
f
tourist arrivals. As a whole, the Middle East in its best year of 1992
att
racted only 2 per cent of the world's tourist arrivals or 9m visitors,
compa
red to Greece which also attracted 9m.
Israel stands to benefit the most in
terms of tourism from the recent peace
process. Tourist arrivals in Israel r
eached a record level of 1.65m last
year. Lasting peace in the region would
create a vast influx of business and
leisure tourists in Israel. Jordan, Leb
anon, and Syria could also expect to
see a sizeable increase in tourism.
Vie
tnam is the latest fashionable destination for tourists. There has been
huge
growth in tourism to Vietnam, but the figures are relatively small.
Most vi
sitors are business people as tourist visas are hard to obtain.
Foreign inve
stment in Vietnam in the first quarter of this year jumped by 58
per cent co
mpared to the same period last year. Between 1988 and 1990, most
projects in
volving foreign money were in the hotel and oil sectors. The
total amount of
foreign investment in 1994 is expected to reach USDollars
3.5bn, of which 7
0 per cent is in joint ventures.
The emergence and acceptability of Vietnam
was confirmed recently when
British Airways announced that it is negotiating
to operate two flights per
week from London to Ho Chi Minh City.
Robert Bur
ns, chairman of the World Travel & Tourism Council, believes
Shanghai will e
merge in 10 years as the most important Asian city. A new
airport, which cou
ld handle 150 landings an hour, is being built. Hotels in
Shanghai are opera
ting at near capacity and room rates are rocketing.
As Mr Burns pointed out,
Japan now has a policy, the result of a balance of
trade problem, that 20 p
er cent of its population should travel abroad by
2010. If China ever had ju
st two 2 per cent of its population travelling
overseas, the rest of the wor
ld would be inundated with Chinese tourists.
Countries:-
GBZ United Kingdom, EC.
XAZ World.
Industries:-
<
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P7999 Amusement an
d Recreation, NEC.
Types:-
CMMT Comment & Analysis.
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London Page XVI
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940930
FT 30 SEP 94 / Survey of World Economy and Finance - In
dustry (28): A powerhouse of revenue - Tourism / Developing countries are co
ttoning on
By RICHARD GORDON
At a r
ecent tourism conference, held on a Thames river boat in London,
Stephen Dor
rell, the UK heritage secretary, told a group of tourism leaders
that Britai
n needs to regain its declining share of the growing global
tourism market.
At that moment, a London red bus, emblazoned with a sign
inviting Londoners
to 'Visit Korea in 1994', thundered overhead on Vauxhall
Bridge.
The problem
for Britain, and other traditional tourist destinations, is that
the rest o
f the world has cottoned on to tourism. As the biggest growth
industry, empl
oyer and source of revenue around the world, many developing
countries have
realised a quicker way to buy into first world affluence is
by boosting thei
r tourism potential rather then by selling tractors, bananas
and rice.
Globa
l tourism, according to the World Travel & Tourism Council, will double
in s
ize between 1990 and 2005. The market has been growing by 5 per cent a
year
in real terms since 1970. In 1993, the global tourism industry
generated USD
ollars 3,400bn in gross output, produced 10.1 per cent of GDP,
and accounted
for 10.5 per cent of all jobs.
The Council says governments cannot afford t
o ignore the industry's role as
an economic powerhouse and should make it a
strategic development priority.
The sheer size of the global industry has aw
akened many multinational
companies to the possibilities of global brands an
d market dominance. As
airlines form international networks and alliances, s
o, too, travel agents,
hotel brands and car hire firms are banding together.
Several companies have already made the first moves towards serving the
glo
bal tourism marketplace. The US travel agent Carlson, together with its
Euro
pean counterpart Wagonlit, is now the world's largest travel agent, with
4,0
00 units. Carlson also wants to be the world's largest hotel brand using
its
Radisson name. American Express is about to buy a large chunk of Thomas
Coo
k's travel agency business in North America, the largest tourism market
The
only areas not targeted by the global brands are the Middle East and
Asia, w
here international arrivals in East Asia and the Pacific grew four
times fas
ter than the world average in 1993, reaching a record of 69m
visitors. While
arrivals were up by 12.6 per cent, revenue grew by 15.2 per
cent to USDolla
rs 52.6bn. The World Tourism Organisation forecasts 101m
arrivals in East As
ia and the Pacific by 2000, and 190m by 2010.
However, this growth may be co
nstrained by a shortage of human resources,
the health and safety of tourist
s, environmental concerns, under-developed
infrastructure and local resident
s' unease over the number of tourists.
But global tourism growth makes it cl
ear why the UK annual tourism revenue
growth of 5.7 per cent has caused a gr
eat deal of hand wringing within
certain UK tourism industry circles.
Robert
Peel, chairman and chief executive of UK hotel company Mount
Charlotte Inve
stments, says the world tourism market is all about value for
money.
'There
is a distinct relationship between prices and volume in world
tourism. To ge
t more tourists to the UK we have to make it worth their while
to come here.
The foreign exchange rate is a big factor in the equation. The
UK is now 20
per cent better value for foreign tourists than two years ago.'
But the UK
is facing tough competition in the international marketplace. For
example, M
exico, Australia and the Caribbean island of Aruba each spend more
on touris
m promotion in the US than the UK does. The biggest expense of any
tourism d
estination is advertising and promotion. In 1993, national
governments spent
USDollars 1.4bn selling themselves to the tourists.
Apart from advertising,
other factors such as investment in tourism
infrastructure, new airline rou
tes and political stability influence the
international tourists' holiday de
cision.
One of the most important issues impacting the MIddle East is the pr
esent
peace negotiations between Israel, the PLO, Jordan and Syria. The lack
of
peace in the region has been a principal reason for the limited number o
f
tourist arrivals. As a whole, the Middle East in its best year of 1992
att
racted only 2 per cent of the world's tourist arrivals or 9m visitors,
compa
red to Greece which also attracted 9m.
Israel stands to benefit the most in
terms of tourism from the recent peace
process. Tourist arrivals in Israel r
eached a record level of 1.65m last
year. Lasting peace in the region would
create a vast influx of business and
leisure tourists in Israel. Jordan, Leb
anon, and Syria could also expect to
see a sizeable increase in tourism.
Vie
tnam is the latest fashionable destination for tourists. There has been
huge
growth in tourism to Vietnam, but the figures are relatively small.
Most vi
sitors are business people as tourist visas are hard to obtain.
Foreign inve
stment in Vietnam in the first quarter of this year jumped by 58
per cent co
mpared to the same period last year. Between 1988 and 1990, most
projects in
volving foreign money were in the hotel and oil sectors. The
total amount of
foreign investment in 1994 is expected to reach USDollars
3.5bn, of which 7
0 per cent is in joint ventures.
The emergence and acceptability of Vietnam
was confirmed recently when
British Airways announced that it is negotiating
to operate two flights per
week from London to Ho Chi Minh City.
Robert Bur
ns, chairman of the World Travel & Tourism Council, believes
Shanghai will e
merge in 10 years as the most important Asian city. A new
airport, which cou
ld handle 150 landings an hour, is being built. Hotels in
Shanghai are opera
ting at near capacity and room rates are rocketing.
As Mr Burns pointed out,
Japan now has a policy, the result of a balance of
trade problem, that 20 p
er cent of its population should travel abroad by
2010. If China ever had ju
st two 2 per cent of its population travelling
overseas, the rest of the wor
ld would be inundated with Chinese tourists.
Countries:-
GBZ United Kingdom, EC.
XAZ World.
Industries:-
<
IN>P9611 Administration of General Economic Programs.
P7999 Amusement an
d Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page XVI
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940930
FT 30 SEP 94 / Survey of World Economy and Finance - In
dustry (28): A powerhouse of revenue - Tourism / Developing countries are co
ttoning on
By RICHARD GORDON
At a r
ecent tourism conference, held on a Thames river boat in London,
Stephen Dor
rell, the UK heritage secretary, told a group of tourism leaders
that Britai
n needs to regain its declining share of the growing global
tourism market.
At that moment, a London red bus, emblazoned with a sign
inviting Londoners
to 'Visit Korea in 1994', thundered overhead on Vauxhall
Bridge.
The problem
for Britain, and other traditional tourist destinations, is that
the rest o
f the world has cottoned on to tourism. As the biggest growth
industry, empl
oyer and source of revenue around the world, many developing
countries have
realised a quicker way to buy into first world affluence is
by boosting thei
r tourism potential rather then by selling tractors, bananas
and rice.
Globa
l tourism, according to the World Travel & Tourism Council, will double
in s
ize between 1990 and 2005. The market has been growing by 5 per cent a
year
in real terms since 1970. In 1993, the global tourism industry
generated USD
ollars 3,400bn in gross output, produced 10.1 per cent of GDP,
and accounted
for 10.5 per cent of all jobs.
The Council says governments cannot afford t
o ignore the industry's role as
an economic powerhouse and should make it a
strategic development priority.
The sheer size of the global industry has aw
akened many multinational
companies to the possibilities of global brands an
d market dominance. As
airlines form international networks and alliances, s
o, too, travel agents,
hotel brands and car hire firms are banding together.
Several companies have already made the first moves towards serving the
glo
bal tourism marketplace. The US travel agent Carlson, together with its
Euro
pean counterpart Wagonlit, is now the world's largest travel agent, with
4,0
00 units. Carlson also wants to be the world's largest hotel brand using
its
Radisson name. American Express is about to buy a large chunk of Thomas
Coo
k's travel agency business in North America, the largest tourism market
The
only areas not targeted by the global brands are the Middle East and
Asia, w
here international arrivals in East Asia and the Pacific grew four
times fas
ter than the world average in 1993, reaching a record of 69m
visitors. While
arrivals were up by 12.6 per cent, revenue grew by 15.2 per
cent to USDolla
rs 52.6bn. The World Tourism Organisation forecasts 101m
arrivals in East As
ia and the Pacific by 2000, and 190m by 2010.
However, this growth may be co
nstrained by a shortage of human resources,
the health and safety of tourist
s, environmental concerns, under-developed
infrastructure and local resident
s' unease over the number of tourists.
But global tourism growth makes it cl
ear why the UK annual tourism revenue
growth of 5.7 per cent has caused a gr
eat deal of hand wringing within
certain UK tourism industry circles.
Robert
Peel, chairman and chief executive of UK hotel company Mount
Charlotte Inve
stments, says the world tourism market is all about value for
money.
'There
is a distinct relationship between prices and volume in world
tourism. To ge
t more tourists to the UK we have to make it worth their while
to come here.
The foreign exchange rate is a big factor in the equation. The
UK is now 20
per cent better value for foreign tourists than two years ago.'
But the UK
is facing tough competition in the international marketplace. For
example, M
exico, Australia and the Caribbean island of Aruba each spend more
on touris
m promotion in the US than the UK does. The biggest expense of any
tourism d
estination is advertising and promotion. In 1993, national
governments spent
USDollars 1.4bn selling themselves to the tourists.
Apart from advertising,
other factors such as investment in tourism
infrastructure, new airline rou
tes and political stability influence the
international tourists' holiday de
cision.
One of the most important issues impacting the MIddle East is the pr
esent
peace negotiations between Israel, the PLO, Jordan and Syria. The lack
of
peace in the region has been a principal reason for the limited number o
f
tourist arrivals. As a whole, the Middle East in its best year of 1992
att
racted only 2 per cent of the world's tourist arrivals or 9m visitors,
compa
red to Greece which also attracted 9m.
Israel stands to benefit the most in
terms of tourism from the recent peace
process. Tourist arrivals in Israel r
eached a record level of 1.65m last
year. Lasting peace in the region would
create a vast influx of business and
leisure tourists in Israel. Jordan, Leb
anon, and Syria could also expect to
see a sizeable increase in tourism.
Vie
tnam is the latest fashionable destination for tourists. There has been
huge
growth in tourism to Vietnam, but the figures are relatively small.
Most vi
sitors are business people as tourist visas are hard to obtain.
Foreign inve
stment in Vietnam in the first quarter of this year jumped by 58
per cent co
mpared to the same period last year. Between 1988 and 1990, most
projects in
volving foreign money were in the hotel and oil sectors. The
total amount of
foreign investment in 1994 is expected to reach USDollars
3.5bn, of which 7
0 per cent is in joint ventures.
The emergence and acceptability of Vietnam
was confirmed recently when
British Airways announced that it is negotiating
to operate two flights per
week from London to Ho Chi Minh City.
Robert Bur
ns, chairman of the World Travel & Tourism Council, believes
Shanghai will e
merge in 10 years as the most important Asian city. A new
airport, which cou
ld handle 150 landings an hour, is being built. Hotels in
Shanghai are opera
ting at near capacity and room rates are rocketing.
As Mr Burns pointed out,
Japan now has a policy, the result of a balance of
trade problem, that 20 p
er cent of its population should travel abroad by
2010. If China ever had ju
st two 2 per cent of its population travelling
overseas, the rest of the wor
ld would be inundated with Chinese tourists.
Countries:-
GBZ United Kingdom, EC.
XAZ World.
Industries:-
<
IN>P9611 Administration of General Economic Programs.
P7999 Amusement an
d Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page XVI
============= Transaction # 185 ==============================================
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_AN-EKAEZAHRFT
941
101
FT 01 NOV 94 / Survey of Australia (8): Harvest in t
he hotels - Japanese tourists flock in
By BRUCE JACQ
UES
The growing importance of tourism to the Australian eco
nomy was underlined
in 1994 by recognition of the diverse and complex sector
as a leading stock
exchange investment indicator.
The pooling of nine leadi
ng tourism-related companies into a single
indicator, the Tourism and Leisur
e Index, represented a coming of age for a
sector which has had more than it
s share of credibility problems with
investors.
While the index will help to
make a fragmented industry more accessible and
easier to analyse, it will r
eflect merely the tip of what is a very large
and growing iceberg. By Septem
ber this year, companies included in the index
boasted a market capitalisati
on comfortably above ADollars 3bn, or around
one per cent of the benchmark A
ll Ordinaries index.
But the new index sits atop a sector which now makes up
more than 5.5 per
cent of Australia's gross domestic product, employs almos
t 6 per cent of the
country's workforce, generated foreign exchange earnings
exceeding ADollars
10.7bn and accounted for expenditure estimated at Dollar
s 26.2bn last year.
Although the bulk of that expenditure total - ADollars 1
8.4bn - came from
domestic tourism, inbound tourism is expected to be the ma
jor growth area
for the rest of the century, boosted by Sydney's capture las
t year of the
2000 Olympic Games.
This climate of growth has already catalys
ed strong investment. The
Australian Tourism Commission (ATC) has identified
tourism-related
accommodation projects worth almost ADollars 5bn scheduled
for completion by
1996, including two new casinos.
The activity has also thr
own up plans which will test equity markets,
including a float of the Federa
l Government's flagship airline Qantas,
possible refloating of the rival pri
vate airline, Ansett, and privatisation
of the country's airports. These pro
posals could call on markets for around
ADollars 7bn over the next five year
s, providing a keen indication of
investor attitudes to the tourism sector.
Some see even more at stake. Many analysts see tourism performance as an
aci
d test of the wider Australian economy's ability to compete
internationally
into the next century. A recent study by ANZ McCaughan, the
Australian stock
broker, says tourism growth will largely reflect the
country's ability to wi
n an increasing share of the global tourism market,
clearly one of the world
's biggest industries.
ANZ McCaughan quotes estimates that tourism accounted
for around 5.5 per
cent of world gross national product in 1993, with more
than 500m tourists
spending almost ADollars 325bn. Tourism is widely forecas
t to create one in
nine new jobs in the world next year, rising to one in ei
ght by the turn of
the century.
Australia has one crucial advantage in captu
ring more than its share of this
growth - its location in the Asia-Pacific r
egion, the world's fastest
growing tourist area. ANZ McCaughan says in the 1
2 years to 1992, tourist
arrivals in the region grew at an annual average of
almost 9 per cent, more
than double the world average. Continued regional o
utperformance is forecast
for the next decade.
Australia has more than match
ed this regional growth over the past decade,
with arrivals increasing at mo
re than 9 per cent annually. This record, plus
the boost expected from the O
lympic Games, recently led the ATC to confirm
its estimate that 6.8m oversea
s tourists would visit Australia in the year
2000, rising to 8.4m by 2004. T
his compares with 3.2m actual arrivals in
1993-4.
These forecasts reflect an
estimated 2.1m overseas visitors generated
directly over the next decade by
the Sydney 2000 Olympics, with the bulk of
business coming from Asia as slo
w economic recovery and intense competition
curb traffic from Europe and the
US.
Japan remained the largest single source of inbound tourists to Austral
ia in
1993, claiming 22.4 per cent of the total. This was shaded by combined
visitors from other Asian sources, which took 22.7 per cent. New Zealand
pr
ovided another 16.6 per cent of visitors, the US 9.4 per cent, UK/Ireland
8.
1 per cent and other European countries 10.5 per cent.
While less numerous t
han their Asian counterparts, UK/Ireland and other
European visitors probabl
y contributed more to the Australian economy
because their average stay was
around 40 nights compared with just nine
nights for Japan and 32 nights for
other Asian countries. The main reason
for the discrepancy appears to be tha
t UK/Ireland and European visitors come
mainly to see relatives while most A
sians come primarily for holidays.
ANZ McCaughan's analysis concludes that A
ustralia's inbound tourism record
over the past decade largely reflects the
emergence of the country as an
inexpensive place to visit. A weakening curre
ncy has helped, but the brokers
calculate that the cost of tourism related s
ervices in Australia are now
among the lowest in the industrialised world.
'
Australia's tourism infrastructure is generally adequate for present needs
a
nd there is every indication that it can respond quickly to actual and
estim
ated changes in tourism plans,' the analysis said. 'The national
attractions
of Australia are such that great opportunities exist in the
growing eco-tou
rism market, reflecting in part the preferences of travellers
for more activ
e, participatory or experimental travel experiences.'
Countries
:-
JPZ Japan, Asia.
Industries:-
P7999 Amuse
ment and Recreation, NEC.
Types:-
CMMT Comment & Analy
sis.
The Financial Times
London Page IV
============= Transaction # 186 ==============================================
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921
008
FT 08 OCT 92 / Survey on Austria (11): Hotel owners
calculate carefully - Tourism aims at quality
By IAN
RODGER
FOR AUSTRIA'S ambitious tourism industry, a good ye
ar may not be good
enough.
After several years of rapid expansion in the num
ber of visitors and in
tourism revenue, Austria's most important industry is
expecting a
significant growth slowdown for 1992, primarily because of the
world
recession.
Revenue from tourism will still reach a new record high, bu
t hotel owners
and tour operators are talking about a crisis. 'The profitabi
lity of hotels
is very poor, it is a real problem both in the cities and the
resorts,' says
Mr Michael Raffling, head of the hotel and restaurant sectio
n in the
Austrian chamber of commerce.
Following years of heavy investment i
n expanding and upgrading facilities,
many hotel owners are heavily indebted
and are being hurt by high European
interest rates. Any difficulties fillin
g beds are often solved by offering
heavy discounts on room prices, which te
nds to depress profits further, he
says.
'We are advising hotel owners to ca
lculate carefully. We tell them not to
subsidise their guests,' Mr Raffling
says. Instead, he says hotels could
attract more visitors by focusing on spe
cial groups such as skiers, golfers
or fitness fanatics, who are willing the
pay the full price if their
interests are met.
Tourism experts who are not
affiliated with the hotel industry do not see
any fundamental problems behin
d the growth slowdown. The extremely hot
weather in central Europe this summ
er has hurt some resorts because many
Austrians decided to stay at home whil
e Germans went to the cooler Baltic
sea resorts, says Mr Paul Schimka, head
of the tourism section in the
chamber of commerce.
The main cities of Vienna
and Salzburg, where hotels rely heavily on US and
British visitors, had suf
fered a major setback last year because of the Gulf
war, and are only recove
ring modestly so far this year. Recession in the US
and Britain and the weak
dollar are keeping those groups of tourists away,
Mr Schimka says.
But he e
xpects the winter season to be very strong 'because last year's
heavy snowfa
ll was the best advertisement we could get.'
Mr Egon Smeral, tourism forecas
ter at the Austrian Economic Research
Institute (WIFO), is expecting a reven
ue increase of 5 per cent or less from
the record ASch364bn earned from tour
ism in 1991. This is less than targets
set early in the year, but it will ke
ep the country on a long-term growth
track well above its main European comp
etitors.
'Austria is gaining market share,' Mr Smeral says. 'Last year, tour
ism in
Europe declined, and this year it is stagnating, but in Austria it is
still
growing.'
The country continues to benefit indirectly from the war in
what was
formerly Yugoslavia, because tourists who might have gone there go
to
Austria instead. Reports of pollution in the Mediterranean may have also
worked in Austria's favour.
Austria is investing heavily in advertising, an
d a series of exhibitions on
the Hapsburg empire is generating good publicit
y as far as San Francisco and
Tokyo.
The number of overnight stays, which cl
imbed 5.3 per cent to 130 million
last year, is likely to stagnate in 1992,
but experts say this is no reason
to worry. The industry is focusing on qual
ity rather than mass tourism, and
cheap private beds are quickly disappearin
g.
The opening of Eastern Europe has brought less of an influx of low-budget
tourists than many had expected. In the early days after the collapse of th
e
Berlin wall, hordes of tourists in rickety coaches would arrive in Vienna
at
weekends for a look at the city's treasures and depart after spending alm
ost
nothing. But both the coaches and the tourists' spending power have impr
oved
significantly, tourism officials say.
The Financial Times
London Page IV
============= Transaction # 187 ==============================================
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============= Transaction # 188 ==============================================
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FT922-4424
_AN-CFEA9AD4FT
9206
05
FT 05 JUN 92 / Survey of South Africa (19): Out of th
e cold into the sun - The call of the wild in a tourist's paradise
By PHILIP GAWITH
I do not believe there are
many more impressive sights than a city man's
first glimpse of a live, maned
lion loose on a plain in a strange country.
Robert Ruark
FOLLOWING a recent
visit to Sabi Sabi, one of the luxury game lodges in the
Eastern Transvaal,
I can unequivocally endorse the comments of the famous
American hunter and
novelist. The spectacle of two lions roaring at each
other, literally yards
away from our open Jeep, was one of such primal power
and immediacy as to de
fy adequate description.
Likewise, the sight of a leopard cleaning her two c
ubs in a sandy river bed
and, later, the massive, tank-like menace of the wh
ite rhino. But it is not
only the big animals which constitute the appeal of
the bush. The sights,
sounds and smells are so distinctive, and the locatio
ns so remote, as to
allow for the sort of relaxation not easily found elsewh
ere.
Robert Ruark would not have been familiar with the modern phrase
'eco-t
ourism', but those who now make heavy play of the 'eco' prefix are
essential
ly making a similar appeal about the call of the wild in an age
when the qua
lity of city life is widely perceived as deteriorating. Already
80 per cent
of visitors to South Africa come to see its fauna and flora.
Mr Clem Sunter,
South Africa's leading scenario guru, has predicted that
conservation is th
e area where the smart money is heading and he is
enthusiastically supported
by people such as Mr Dave Varty who is associated
with the Londolozi and Ph
inda eco-tourism developments. Mr Varty comments:
'We see eco-tourism as bei
ng the next major growth industry in South
Africa.' The reasoning is simple:
wildlife is a finite resource, for which
there is an increasing tourism dem
and.
It is also an area, of course, in which South Africa has a competitive
advantage. Only a handful of other countries in Africa can offer a similar
p
roduct, and South Africans believe they offer a more sophisticated wildlife
product than East Africa and a better balanced destination overall. In
suppo
rt of his claim, Mr Varty cites the high occupancy rates achieved by
places
such as Sabi Sabi, Londolozi and Mala Mala through the sanctions
period.
Alt
hough eco-tourism is seen as probably South Africa's main marketing
feature,
enthusiasm in the tourism industry is more widely based. Mr Pieter
van Hove
n, chairman of the South African Tourism Board (Satour), notes:
'We've come
out of the cold era into the sun. For many years we had to deal
with South A
frica's moral unacceptability as a tourism destination. Now all
this has cha
nged. Effectively the country can market itself on equal terms
with other co
mpeting destinations.'
South Africa markets itself, not unreasonably, as 'a
world in one country'.
From game parks in the east, to the Drakensberg mount
ains in Natal and fine
beaches along the coast, there is a lot of variety to
offer the tourist.
Aside from intrinsic merits, however, Mr van Hoven belie
ves the tourism
industry has a good future merely in catch-up terms. He note
s that the
industry at present only constitutes about 0.7 per cent of gross
domestic
product, compared to a world average of about 10 per cent.
In 1990,
South Africa attracted about 1m visitors, making it the fourth most
popular
destination in Africa behind Tunisia, Morocco and Algeria, all
short-haul d
estinations. Mr Org Marais, minister of tourism, talks in terms
of South Afr
ica attracting 3m foreign visitors by 2000.
Mr Van Hoven says any post-apart
heid benefit in 1991 was obscured by the
detrimental impact of the Gulf War.
He says, however, that for the first
quarter of 1992 quite a few European m
arkets showed growth of 45-47 per cent
compared to 1990 and he forecasts ove
rall growth of 30 per cent in foreign
visitors for 1992.
The government has
recently shown a new-found enthusiasm for the economic
potential of tourism.
A White Paper in May outlined a policy for assisting
the industry, includin
g financial assistance for new tourist accommodation
projects and a commitme
nt to deregulate the industry to assist the private
sector.
A recent liberal
isation of international aviation policy should also make
South Africa a con
siderably cheaper destination to fly to. Last year saw 16
international airl
ines start new scheduled flights to South Africa.
There is not yet much indi
cation of additional investment from the private
sector, because there is co
nsiderable spare capacity following a few lean
years in the hotel industry.
That said, industry consensus is that up to
five foreign hotel groups are li
kely soon to announce investments.
In a category of its own is the R730m Los
t City project being developed at
Sun City by Mr Sol Kerzner. For the faint-
hearted worrying about whether the
country has a future, there could be no g
reater gesture of faith.
The Financial Times
Lond
on Page IX
============= Transaction # 190 ==============================================
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9206
05
FT 05 JUN 92 / Survey of South Africa (19): Out of th
e cold into the sun - The call of the wild in a tourist's paradise
By PHILIP GAWITH
I do not believe there are
many more impressive sights than a city man's
first glimpse of a live, maned
lion loose on a plain in a strange country.
Robert Ruark
FOLLOWING a recent
visit to Sabi Sabi, one of the luxury game lodges in the
Eastern Transvaal,
I can unequivocally endorse the comments of the famous
American hunter and
novelist. The spectacle of two lions roaring at each
other, literally yards
away from our open Jeep, was one of such primal power
and immediacy as to de
fy adequate description.
Likewise, the sight of a leopard cleaning her two c
ubs in a sandy river bed
and, later, the massive, tank-like menace of the wh
ite rhino. But it is not
only the big animals which constitute the appeal of
the bush. The sights,
sounds and smells are so distinctive, and the locatio
ns so remote, as to
allow for the sort of relaxation not easily found elsewh
ere.
Robert Ruark would not have been familiar with the modern phrase
'eco-t
ourism', but those who now make heavy play of the 'eco' prefix are
essential
ly making a similar appeal about the call of the wild in an age
when the qua
lity of city life is widely perceived as deteriorating. Already
80 per cent
of visitors to South Africa come to see its fauna and flora.
Mr Clem Sunter,
South Africa's leading scenario guru, has predicted that
conservation is th
e area where the smart money is heading and he is
enthusiastically supported
by people such as Mr Dave Varty who is associated
with the Londolozi and Ph
inda eco-tourism developments. Mr Varty comments:
'We see eco-tourism as bei
ng the next major growth industry in South
Africa.' The reasoning is simple:
wildlife is a finite resource, for which
there is an increasing tourism dem
and.
It is also an area, of course, in which South Africa has a competitive
advantage. Only a handful of other countries in Africa can offer a similar
p
roduct, and South Africans believe they offer a more sophisticated wildlife
product than East Africa and a better balanced destination overall. In
suppo
rt of his claim, Mr Varty cites the high occupancy rates achieved by
places
such as Sabi Sabi, Londolozi and Mala Mala through the sanctions
period.
Alt
hough eco-tourism is seen as probably South Africa's main marketing
feature,
enthusiasm in the tourism industry is more widely based. Mr Pieter
van Hove
n, chairman of the South African Tourism Board (Satour), notes:
'We've come
out of the cold era into the sun. For many years we had to deal
with South A
frica's moral unacceptability as a tourism destination. Now all
this has cha
nged. Effectively the country can market itself on equal terms
with other co
mpeting destinations.'
South Africa markets itself, not unreasonably, as 'a
world in one country'.
From game parks in the east, to the Drakensberg mount
ains in Natal and fine
beaches along the coast, there is a lot of variety to
offer the tourist.
Aside from intrinsic merits, however, Mr van Hoven belie
ves the tourism
industry has a good future merely in catch-up terms. He note
s that the
industry at present only constitutes about 0.7 per cent of gross
domestic
product, compared to a world average of about 10 per cent.
In 1990,
South Africa attracted about 1m visitors, making it the fourth most
popular
destination in Africa behind Tunisia, Morocco and Algeria, all
short-haul d
estinations. Mr Org Marais, minister of tourism, talks in terms
of South Afr
ica attracting 3m foreign visitors by 2000.
Mr Van Hoven says any post-apart
heid benefit in 1991 was obscured by the
detrimental impact of the Gulf War.
He says, however, that for the first
quarter of 1992 quite a few European m
arkets showed growth of 45-47 per cent
compared to 1990 and he forecasts ove
rall growth of 30 per cent in foreign
visitors for 1992.
The government has
recently shown a new-found enthusiasm for the economic
potential of tourism.
A White Paper in May outlined a policy for assisting
the industry, includin
g financial assistance for new tourist accommodation
projects and a commitme
nt to deregulate the industry to assist the private
sector.
A recent liberal
isation of international aviation policy should also make
South Africa a con
siderably cheaper destination to fly to. Last year saw 16
international airl
ines start new scheduled flights to South Africa.
There is not yet much indi
cation of additional investment from the private
sector, because there is co
nsiderable spare capacity following a few lean
years in the hotel industry.
That said, industry consensus is that up to
five foreign hotel groups are li
kely soon to announce investments.
In a category of its own is the R730m Los
t City project being developed at
Sun City by Mr Sol Kerzner. For the faint-
hearted worrying about whether the
country has a future, there could be no g
reater gesture of faith.
The Financial Times
Lond
on Page IX
============= Transaction # 191 ==============================================
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9206
05
FT 05 JUN 92 / Survey of South Africa (19): Out of th
e cold into the sun - The call of the wild in a tourist's paradise
By PHILIP GAWITH
I do not believe there are
many more impressive sights than a city man's
first glimpse of a live, maned
lion loose on a plain in a strange country.
Robert Ruark
FOLLOWING a recent
visit to Sabi Sabi, one of the luxury game lodges in the
Eastern Transvaal,
I can unequivocally endorse the comments of the famous
American hunter and
novelist. The spectacle of two lions roaring at each
other, literally yards
away from our open Jeep, was one of such primal power
and immediacy as to de
fy adequate description.
Likewise, the sight of a leopard cleaning her two c
ubs in a sandy river bed
and, later, the massive, tank-like menace of the wh
ite rhino. But it is not
only the big animals which constitute the appeal of
the bush. The sights,
sounds and smells are so distinctive, and the locatio
ns so remote, as to
allow for the sort of relaxation not easily found elsewh
ere.
Robert Ruark would not have been familiar with the modern phrase
'eco-t
ourism', but those who now make heavy play of the 'eco' prefix are
essential
ly making a similar appeal about the call of the wild in an age
when the qua
lity of city life is widely perceived as deteriorating. Already
80 per cent
of visitors to South Africa come to see its fauna and flora.
Mr Clem Sunter,
South Africa's leading scenario guru, has predicted that
conservation is th
e area where the smart money is heading and he is
enthusiastically supported
by people such as Mr Dave Varty who is associated
with the Londolozi and Ph
inda eco-tourism developments. Mr Varty comments:
'We see eco-tourism as bei
ng the next major growth industry in South
Africa.' The reasoning is simple:
wildlife is a finite resource, for which
there is an increasing tourism dem
and.
It is also an area, of course, in which South Africa has a competitive
advantage. Only a handful of other countries in Africa can offer a similar
p
roduct, and South Africans believe they offer a more sophisticated wildlife
product than East Africa and a better balanced destination overall. In
suppo
rt of his claim, Mr Varty cites the high occupancy rates achieved by
places
such as Sabi Sabi, Londolozi and Mala Mala through the sanctions
period.
Alt
hough eco-tourism is seen as probably South Africa's main marketing
feature,
enthusiasm in the tourism industry is more widely based. Mr Pieter
van Hove
n, chairman of the South African Tourism Board (Satour), notes:
'We've come
out of the cold era into the sun. For many years we had to deal
with South A
frica's moral unacceptability as a tourism destination. Now all
this has cha
nged. Effectively the country can market itself on equal terms
with other co
mpeting destinations.'
South Africa markets itself, not unreasonably, as 'a
world in one country'.
From game parks in the east, to the Drakensberg mount
ains in Natal and fine
beaches along the coast, there is a lot of variety to
offer the tourist.
Aside from intrinsic merits, however, Mr van Hoven belie
ves the tourism
industry has a good future merely in catch-up terms. He note
s that the
industry at present only constitutes about 0.7 per cent of gross
domestic
product, compared to a world average of about 10 per cent.
In 1990,
South Africa attracted about 1m visitors, making it the fourth most
popular
destination in Africa behind Tunisia, Morocco and Algeria, all
short-haul d
estinations. Mr Org Marais, minister of tourism, talks in terms
of South Afr
ica attracting 3m foreign visitors by 2000.
Mr Van Hoven says any post-apart
heid benefit in 1991 was obscured by the
detrimental impact of the Gulf War.
He says, however, that for the first
quarter of 1992 quite a few European m
arkets showed growth of 45-47 per cent
compared to 1990 and he forecasts ove
rall growth of 30 per cent in foreign
visitors for 1992.
The government has
recently shown a new-found enthusiasm for the economic
potential of tourism.
A White Paper in May outlined a policy for assisting
the industry, includin
g financial assistance for new tourist accommodation
projects and a commitme
nt to deregulate the industry to assist the private
sector.
A recent liberal
isation of international aviation policy should also make
South Africa a con
siderably cheaper destination to fly to. Last year saw 16
international airl
ines start new scheduled flights to South Africa.
There is not yet much indi
cation of additional investment from the private
sector, because there is co
nsiderable spare capacity following a few lean
years in the hotel industry.
That said, industry consensus is that up to
five foreign hotel groups are li
kely soon to announce investments.
In a category of its own is the R730m Los
t City project being developed at
Sun City by Mr Sol Kerzner. For the faint-
hearted worrying about whether the
country has a future, there could be no g
reater gesture of faith.
The Financial Times
Lond
on Page IX
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9311
18
FT 18 NOV 93 / Survey of South Africa - Open for inve
stment (20): Playground for visitors - Tourism
By TO
NY HAWKINS
ONE industry where South Africa seems certain to
develop a competitive
advantage is leisure. Even under sanctions and with h
igh levels of violence
and political uncertainty, it is the continent's seco
nd largest tourist
industry, accounting for almost 20 per cent of regional t
ourist income, more
than double Kenya's 9.6 per cent. In 1991, Morocco heade
d the African league
with 24 per cent of tourist revenue.
Globally, South Af
rica is a tiny player accounting for less than 0.25 per
cent of the internat
ional tourist business. Excluding African visitors,
there were some 560,000
tourist arrivals last year, the bulk of whom (70 per
cent) came from Europe,
with the UK as the main market (26 per cent)
followed by Germany (16 per ce
nt) and the US (9 per cent). With a growth
rate of 18,5 per cent in 1992, th
e Asian market - especially Taiwan (4 per
cent) and Japan (1.5 per cent) - i
s becoming increasingly important. Growth
accelerated in the first seven mon
ths of 1993 with the number of arrivals
increasing 12.7 per cent.
Overseas t
ourists spend an estimated R4,800 (Dollars 1,750) per visit
(excluding air f
ares to and from the country) and the industry earned
R2.75bn (Dollars 1bn)
in foreign exchange in 1991, making it the fourth
largest foreign currency e
arner, after manufactures, gold and other
minerals.
Aside from the lifting o
f sanctions, the main factor making for tourism
growth at a time of global r
ecession has been the liberalisation of the
aviation policies and the expans
ion of air traffic capacity. In the past
three years, 18 new airlines have s
tarted services to South Africa.
A more market-driven aviation policy has re
sulted in more competitive market
prices and the opening up of the charter m
arket. The number of tour
operators has more than doubled, while government
has become more active in
tourism promotion allowing accelerated tax write-o
ffs for the accommodation
industry, a R600m (Dollars 180m) loan programme fo
r Eco-tourism projects and
support schemes for small entrepreneurs.
On the d
ebit side, tourist perceptions of personal safety in South Africa
have deter
iorated markedly. In January 1990, some 70 per cent of overseas
visitors rat
ed the safety factor in South Africa good but by January this
year, this rat
ing had fallen below 30 per cent.
The government's target is to more than tr
eble the number of arrivals by
2000 reaching 1.75m visitors earning some R24
bn in foreign exchange. With
hotels operating at below 50 per cent of bed-ni
ght capacity, there is
considerable scope for expansion without significant
new investment in
hotels.
Nevertheless, three leading global players - Hilto
n, Hyatt and Sheraton -
have expressed interest in opening up in South Afric
a.
Countries:-
ZAZ South Africa, Africa.
Industries:-
P7999 Amusement and Recreation, NEC.
P9611 Admini
stration of General Economic Programs.
Types:-
CMMT Co
mment & Analysis.
The Financial Times
London Page 4
0
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9311
18
FT 18 NOV 93 / Survey of South Africa - Open for inve
stment (20): Playground for visitors - Tourism
By TO
NY HAWKINS
ONE industry where South Africa seems certain to
develop a competitive
advantage is leisure. Even under sanctions and with h
igh levels of violence
and political uncertainty, it is the continent's seco
nd largest tourist
industry, accounting for almost 20 per cent of regional t
ourist income, more
than double Kenya's 9.6 per cent. In 1991, Morocco heade
d the African league
with 24 per cent of tourist revenue.
Globally, South Af
rica is a tiny player accounting for less than 0.25 per
cent of the internat
ional tourist business. Excluding African visitors,
there were some 560,000
tourist arrivals last year, the bulk of whom (70 per
cent) came from Europe,
with the UK as the main market (26 per cent)
followed by Germany (16 per ce
nt) and the US (9 per cent). With a growth
rate of 18,5 per cent in 1992, th
e Asian market - especially Taiwan (4 per
cent) and Japan (1.5 per cent) - i
s becoming increasingly important. Growth
accelerated in the first seven mon
ths of 1993 with the number of arrivals
increasing 12.7 per cent.
Overseas t
ourists spend an estimated R4,800 (Dollars 1,750) per visit
(excluding air f
ares to and from the country) and the industry earned
R2.75bn (Dollars 1bn)
in foreign exchange in 1991, making it the fourth
largest foreign currency e
arner, after manufactures, gold and other
minerals.
Aside from the lifting o
f sanctions, the main factor making for tourism
growth at a time of global r
ecession has been the liberalisation of the
aviation policies and the expans
ion of air traffic capacity. In the past
three years, 18 new airlines have s
tarted services to South Africa.
A more market-driven aviation policy has re
sulted in more competitive market
prices and the opening up of the charter m
arket. The number of tour
operators has more than doubled, while government
has become more active in
tourism promotion allowing accelerated tax write-o
ffs for the accommodation
industry, a R600m (Dollars 180m) loan programme fo
r Eco-tourism projects and
support schemes for small entrepreneurs.
On the d
ebit side, tourist perceptions of personal safety in South Africa
have deter
iorated markedly. In January 1990, some 70 per cent of overseas
visitors rat
ed the safety factor in South Africa good but by January this
year, this rat
ing had fallen below 30 per cent.
The government's target is to more than tr
eble the number of arrivals by
2000 reaching 1.75m visitors earning some R24
bn in foreign exchange. With
hotels operating at below 50 per cent of bed-ni
ght capacity, there is
considerable scope for expansion without significant
new investment in
hotels.
Nevertheless, three leading global players - Hilto
n, Hyatt and Sheraton -
have expressed interest in opening up in South Afric
a.
Countries:-
ZAZ South Africa, Africa.
Industries:-
P7999 Amusement and Recreation, NEC.
P9611 Admini
stration of General Economic Programs.
Types:-
CMMT Co
mment & Analysis.
The Financial Times
London Page 4
0
============= Transaction # 194 ==============================================
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9311
18
FT 18 NOV 93 / Survey of South Africa - Open for inve
stment (20): Playground for visitors - Tourism
By TO
NY HAWKINS
ONE industry where South Africa seems certain to
develop a competitive
advantage is leisure. Even under sanctions and with h
igh levels of violence
and political uncertainty, it is the continent's seco
nd largest tourist
industry, accounting for almost 20 per cent of regional t
ourist income, more
than double Kenya's 9.6 per cent. In 1991, Morocco heade
d the African league
with 24 per cent of tourist revenue.
Globally, South Af
rica is a tiny player accounting for less than 0.25 per
cent of the internat
ional tourist business. Excluding African visitors,
there were some 560,000
tourist arrivals last year, the bulk of whom (70 per
cent) came from Europe,
with the UK as the main market (26 per cent)
followed by Germany (16 per ce
nt) and the US (9 per cent). With a growth
rate of 18,5 per cent in 1992, th
e Asian market - especially Taiwan (4 per
cent) and Japan (1.5 per cent) - i
s becoming increasingly important. Growth
accelerated in the first seven mon
ths of 1993 with the number of arrivals
increasing 12.7 per cent.
Overseas t
ourists spend an estimated R4,800 (Dollars 1,750) per visit
(excluding air f
ares to and from the country) and the industry earned
R2.75bn (Dollars 1bn)
in foreign exchange in 1991, making it the fourth
largest foreign currency e
arner, after manufactures, gold and other
minerals.
Aside from the lifting o
f sanctions, the main factor making for tourism
growth at a time of global r
ecession has been the liberalisation of the
aviation policies and the expans
ion of air traffic capacity. In the past
three years, 18 new airlines have s
tarted services to South Africa.
A more market-driven aviation policy has re
sulted in more competitive market
prices and the opening up of the charter m
arket. The number of tour
operators has more than doubled, while government
has become more active in
tourism promotion allowing accelerated tax write-o
ffs for the accommodation
industry, a R600m (Dollars 180m) loan programme fo
r Eco-tourism projects and
support schemes for small entrepreneurs.
On the d
ebit side, tourist perceptions of personal safety in South Africa
have deter
iorated markedly. In January 1990, some 70 per cent of overseas
visitors rat
ed the safety factor in South Africa good but by January this
year, this rat
ing had fallen below 30 per cent.
The government's target is to more than tr
eble the number of arrivals by
2000 reaching 1.75m visitors earning some R24
bn in foreign exchange. With
hotels operating at below 50 per cent of bed-ni
ght capacity, there is
considerable scope for expansion without significant
new investment in
hotels.
Nevertheless, three leading global players - Hilto
n, Hyatt and Sheraton -
have expressed interest in opening up in South Afric
a.
Countries:-
ZAZ South Africa, Africa.
Industries:-
P7999 Amusement and Recreation, NEC.
P9611 Admini
stration of General Economic Programs.
Types:-
CMMT Co
mment & Analysis.
The Financial Times
London Page 4
0
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940
105
FT 05 JAN 94 / World Trade News: Global tourism clim
bs by 3.8%
By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
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105
FT 05 JAN 94 / World Trade News: Global tourism clim
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By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
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105
FT 05 JAN 94 / World Trade News: Global tourism clim
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By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
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11
FT 11 JUN 93 / Survey of South Africa (17): Dressed u
p with nowhere to go - The problems facing the tourist industry
By PHILIP GAWITH
THE PROBLEM facing the South A
frican tourism industry was aptly illustrated
last month by the state presid
ent, Mr FW de Klerk, when he opened the
Indaba, the annual tourism marketing
forum, in Durban.
He started his speech by quoting a famous passage from Al
an Paton's novel
Cry the Beloved Country, the most well known book written a
bout South
Africa:
'There is a lovely road that runs from Ixopo into the hil
ls. These hills are
grass covered and rolling and they are lovely beyond the
singing of it.'
As Mr de Klerk noted, Ixopo is not far from Durban. Sadly,
'those same
rolling hills, and some other parts of our country are now scene
s of
violence'. Having shaken off the stigma of apartheid, the tourism indus
try
now finds itself saddled with the stigma of violence.
That is the percep
tion: it matters little that most of the country is
untouched by violence.
A
lthough figures supplied by the South African Tourism Board (Satour) show
th
at foreign visitors increased last year by 7.4 per cent to 560,000
(excludin
g 2.1m visitors from Africa), this was a long way short of the 20
per cent g
rowth hoped for.
The Indaba itself provided confirmation of hard times in th
e industry. The
corridors of the huge exhibition hall were hardly bustling a
nd many
participants said business was quiet. It was very much a case of an
industry
all dressed up with nowhere to go.
To be fair, economic recession i
s also an important factor. Indeed, some in
the trade argue that it is a mor
e important determinant of business activity
than violence.
One such person
was Mr Nick Seewer, general manager of the prestigious Mount
Nelson hotel in
Cape Town. He said the hotel was doing very well, had had
its best April in
years, and summer bookings were good.
He made the point that seasoned trave
llers, of the sort that frequent his
sort of establishment, know South Afric
a and are not easily put off.
Lower down the market, however, the pinch is b
eing felt. Mr Helder Pereira,
operations director of Southern Suns, the coun
try's largest hotel group,
confirms a 25 per cent increase in cancellations
after the assassination in
April of Chris Hani, the black political leader.
Whether stability will bring the riches the industry feels it deserves -
'ou
r fair share of the market' - is another matter.
Tourism only accounts for a
bout 2 per cent of South Africa's GDP compared to
an international average o
f 6 per cent. Clearly there is enormous potential
for growth given that the
quality of the product is not in dispute, and
Satour has set targets of 966,
000 annual foreign visitors by 1995 and 1.75m
by 2000.
Stability alone, howe
ver, will not see these targets realised. Recent
surveys show declining cons
umer satisfaction in areas such as 'value for
money' and service. These shor
tcomings need to be rectified if South Africa
is to establish itself as a co
mpetitive, user-friendly destination.
On the other hand, tourism can only be
nefit from the increased priority it
now enjoys with government. A new minis
try, solely responsible for tourism,
has been established; a White Paper, ou
tlining the development of the
industry has been published and deregulation
continues (evident in the
dramatic increase in the number of international c
arriers flying to the
country, from 19 in 1990 to 36 in 1993).
All these ste
ps augur well for the future.
Countries:-
ZAZ South
Africa, Africa.
Industries:-
P7011 Hotels and Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration of General
Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page VIII
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940930
FT 30 SEP 94 / Survey of World Economy and Finance - Wo
rld's Economies - Developing Countries (56): Not growing, but recovering - A
frica
By TONY HAWKINS
After a disma
l decade of stagnation and decline, sub-Saharan Africa can, at
last, see a g
limmer of light at the end of the tunnel. This is the result of
firmer commo
dity prices, faster world trade growth, accelerating economic
reforms in man
y countries, and the remarkably smooth political transition in
South Africa.
The IMF forecasts growth of 3.4 per cent this year and 4.5 per cent in 1995
-well above the average 2.2 per cent over the past decade. However, this
m
arginally brighter prospect should be seen in perspective. Africa is not
gro
wing, but recovering. In the past 10 years, per capita incomes fell 0.8
per
cent a year. Nor is the recovery solidly based. Events in Sudan, Somalia
and
Rwanda, ongoing hostilities in Angola and the uneasy mood in Mozambique
ahe
ad of the October elections underscore its fragility. Tensions in Nigeria
an
d Zaire could any day spill over into serious regional economic
disruption.
A recent research paper by World Bank economists William Easterly and Ross
L
evine* explains the region's poor performance 'statistically' in terms of
po
or education, political instability, weak infrastructure and financial
syste
ms, overvalued exchange rates, ethnic diversity and 'troubles with
neighbour
s'.
This last effect is explained in terms of critical mass; the writers arg
ue
that if African neighbours act together to reform their economic policies
,
as indeed is happening increasingly now, there will be positive spillover
and demonstration effects across national borders. This leads them to
conclu
de, optimistically, that Africa's poor growth performance is 'very
much reve
rsible', even if some adverse factors, such as poor education and
infrastruc
tural decay, will have long-lasting effects.
Factor into their analysis, a r
ejuvenated South African economy, and the
potential for positive cross-borde
r spillovers is considerable. At current
exchange rates, following the 50 pe
r cent devaluation of the CFA Franc in
January, South Africa's GDP of Dollar
s 120bn falls not very short of that of
the rest of sub-Saharan Africa - Dol
lars 135bn to Dollars 140bn. South
Africa's economy, too, has stagnated for
the past dozen years, and its
return to growth of 4 per cent annually, which
is not unrealistic, would be
a significant boost for the regional economy,
especially for southern
Africa.
There are two distinct schools of thought on
this. On one side, it is argued
that the South Africans will be so preoccup
ied with their own internal
problems - especially the successful implementat
ion of their social
advancement programme, the Reconstruction and Developmen
t Programme (RDP),
that they will pay little attention to the rest of the re
gion in the
immediate future.
The alternative viewpoint holds that South Afr
ica is on course to become the
locomotive for much of sub-Saharan Africa, pa
rtly as a growing market for
African primary products and some low-price man
ufactures, but more
importantly as an exporter of capital, skills and servic
es. It's no
coincidence that South African firms are in the forefront of the
privatisation of hotels and cement plants in Mozambique, the planned
sell-o
ff of Zambia Consolidated Copper Mines, involved in tourism in East
Africa,
manufacturing and mining in Botswana and Zimbabwe and the
development of the
region's financial infrastructure.
While western banks are pulling in their
horns in Africa, Stanbic, South
Africa's leading banking group, has expande
d by taking over the African
operations of ANZ Grindlays. Fledgling stock ex
changes being set up all over
the continent will benefit from South African
advice and expertise. There is
enormous, largely untapped potential for inte
grated tourism programmes
linking destinations in Kenya, Malawi, Mauritius,
Botswana and Zimbabwe with
South Africa.
South Africa's Escom is becoming th
e hub of a regional energy grid, drawing
on Pretoria's excess capacity but a
lso electricity imports from Mozambique's
Cahora Bassa, and South African in
vestors may develop the Pande gas deposit
in Mozambique.
The 1992 drought wa
s a reminder of just how dependent southern Africa had
become on South Afric
a's transport system, in spite of ambitious
donor-funded programmes which we
re intended to reduce that dependence. The
bulk of the maize and wheat neede
d came in through South Africa.
The trade numbers tell the same largely lops
ided story. In 1992, South
Africa had an estimated trade surplus of R13.8bn
(Dollars 4.8bn) with the
rest of Africa. Most of this was with its Southern
African Customs Union
(SACU) partners - Botswana, Lesotho, Swaziland and Nam
ibia - which between
them accounted for R9bn. But it also had sizeable trade
surpluses with
Zimbabwe, Zambia, Malawi, Mauritius and Mozambique.
While su
ch a one-sided trade pattern - African exports to South Africa were
worth R2
.6bn compared with imports of R16.4bn - is a cause of concern to
both sides,
it is likely to get worse rather than better. African countries
are finding
South African products to be cheaper (in some cases), often more
appropriat
e, and frequently more readily available with shorter lead times.
The Dollar
s 225m Hartley Platinum development in Zimbabwe announced last
month will so
urce much of its capital equipment from South Africa.
At the same time, ther
e is little appetite in South Africa itself for the
rest of the region's goo
ds, which are largely poor quality, and cannot
compete with imports from Asi
a.
The signs are that the existing south-north trade and payments gap will
w
iden, despite increased purchases of African primary goods - Kenyan coffee,
Malawian tea, Botswana soda ash, Angolan oil, Zimbabwean tobacco and Zambian
copper - by South African firms and increased tourist spending by
holidayma
kers from the south.
Southern Africa, in particular, has much to gain from c
loser co-operation in
transport, energy, tourism and even education, but hop
es of a regional free
trade area and of broadening the existing rand monetar
y area to include
other countries, are almost certainly premature. The heart
s are willing, the
rhetoric is there in spades, but harsh economic reality s
peaks otherwise. At
the end of the day, few African leaders are prepared to
surrender an ounce
of what little of economic autonomy they have managed to
salvage from
bilateral and multilateral donors, and multinational corporatio
ns.
Whether South Africa's re-emergence will be the catalyst providing the
n
eighbourly spillover for the rest of the region is highly problematic.
Presi
dent Mandela and his largely untried team have to prove that they can
break
the African mould, delivering the east Asian cocktail of rapid growth
with i
mproved equity, that has eluded the often-feeble efforts of the rest
of the
continent. History, and hard economic numbers are against them, but
at the t
ail-end of a decade of wasted aid and often-ineffectual policy
reform in sub
-Saharan Africa, the new South Africa is the region's best bet.
* Africa's G
rowth Tragedy. William Easterly and Ross Levine. World Bank
Research Papers,
May 1994.
Countries:-
XMZ Africa.
Indust
ries:-
P9311 Finance, Taxation, and Monetary Policy.
Ty
pes:-
CMMT Comment & Analysis.
ECON Economic Indicators.
The Financial Times
London Page XXIX
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94092
7
FT 27 SEP 94 / Survey of Mauritius (9): Mainstay of gr
owth - The island's attractions make tourism a potential economic powerhouse
By MICHAEL HOLMAN
'Tiger in paradi
se,' proclaims a slogan promoting the international image of
Mauritius.
It i
s intended to bring to mind the group of newly industrialised countries
led
by the Asian 'tigers' which Mauritius wishes to emulate, while evoking
the i
sland's balmy climate and glorious beaches.
But the would-be Indian ocean ti
ger may be taking a breather, preparing for
what the government hopes will b
e its next leap forward; in the meantime,
paradise is expected to bring in e
ven more visitors.
The record suggests that this can be done, and the potent
ial is there. The
island's spectacular beaches and marine life, and its frie
ndly people, are a
highly marketable combination. Mauritius also offers a se
nse of security and
peace of mind rarely found in any large holiday destinat
ion - violent crime
is rare and visitors go unmolested.
Nevertheless, some l
ong running issues and concerns will have to be
addressed. If the current ra
te of increase in visitors - nearly 10 per cent
a year - is to be sustained,
Mauritius may have to reconsider its ban on
direct charter flights, while p
rotecting its reputation as an up-market
destination.
The island will also h
ave to fend off competition from a post-apartheid
South Africa, raise the st
andards of a number of hotels whose services and
facilities do not justify t
heir high prices, and encourage visitors to spend
more during their stay. Mo
st important is to ensure that growth is not at
the expense of the environme
nt, where the record has so far been mixed.
It is a tall order. But most ana
lysts agree that if the remarkable economic
growth Mauritius has enjoyed for
more than a decade is to continue, much of
the impetus may have to come fro
m tourism.
The textile industry, backbone of the export processing zone (EPZ
) that
accounted for the economy's dramatic take-off in the early 1980s, fac
es its
most testing time since its inception. Local labour costs have escala
ted and
international competition in the new GATT era is getting tougher.
Al
though diversification within the EPZ is under way, it is proving a slow
pro
cess, as is the development of financial services and offshore banking.
With
the sugar sector expected to do little more than hold its own, tourism
will
have to carry much of the burden for keeping up the 5-6 per cent annual
GDP
growth to which Mauritians have become accustomed.
Tourism has already play
ed a crucial part in the island's success, expanding
at a rate few thought p
ossible. From 124,000 tourists in 1983, the numbers
have climbed to 335,000
in 1992, rising to 375,000 last year. With the tally
for the first quarter o
f this year at 101,000, the year end target of
400,000 is within reach.
Fore
ign exchange earnings in 1993 reached MRs5,300m - exceeded only by
textile e
xports and sugar receipts - while providing direct employment to
more than 1
1,000 people, and thousands more indirectly.
The high growth of recent years
(nearly 11 per cent in 1993, 10 per cent in
1992) can be maintained, say ho
teliers, without adding to the island's 85
hotels - at least in the short te
rm. Occupancy rate in the larger hotels was
68.5 per cent last year, and 60
per cent in the smaller establishments.
There is also room for growth in the
traditional markets. Last year France
and the island of Reunion each accoun
ted for 23 per cent, Germany 10 per
cent, the United Kingdom 8 per cent and
South Africa 11 per cent - while
officials single out India as a barely tapp
ed target.
The island's national carrier, Air Mauritius, is also better equi
pped to
cope. Sir Harry Tirvengadum, its chairman and managing director, has
been
raising the quality of the airline, which in May this year became the
first
southern hemisphere airline to operate the new Airbus A340-400, with
i
ndividual video entertainment systems available throughout the whole cabin,
and telephones on board.
But if tourism is to play a greater part than its a
lready significant role,
the overall standard of hotels will have to be rais
ed.
The top of the range resorts - such as Le Touessrok recently remodelled
at a
cost of MRs480m La Pirogue and Le Saint Gerain - can compete with the b
est
in the world.
The trio are owned by Sun Resorts Ltd, a public company, l
isted on the
Mauritian stock exchange, in which two of the major shareholder
s are Sol
Kersner's Sun International and the Mauritian conglomerate, Irelan
d Blyth
Ltd (now renamed as IBL), each with about 24 per cent.
With the inte
rnational management and marketing expertise to draw on, and
locations secon
d to none, these Mauritian hotels can claim to be among the
best resorts in
the world. But many of the hotels on the island fall short
of the standards
their image and room rates require, whether the food, the
furnishings or the
amenities - other than the main attraction, the sea.
This issue becomes mor
e pressing given the challenge to Mauritius posed by
South Africa. It offers
game parks as well as beaches, hotels as good but
cheaper, and above all, l
ower air fares thanks to competition on a popular
route.
Although a charter
route to Mauritius continues to operate through the back
door - via Reunion,
the French dependency a hop away - the government seems
set to continue the
policy which bans direct services which would cut fares
and bring the islan
d within reach of more tourists.
Meanwhile efforts to encourage tourists to
spend more on the island are
paying off, boutiques offering EPZ clothing and
knitwear, as well as duty
free shopping facilities.
Countries:
-
MUZ Mauritius, Africa.
Industries:-
P9611
Administration of General Economic Programs.
P7011 Hotels and Motels.
P4512 Air Transportation, Scheduled.
Types:-
CMMT Co
mment & Analysis.
RES Facilities.
The Financial Times
London Page IV
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940
105
FT 05 JAN 94 / World Trade News: Global tourism clim
bs by 3.8%
By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
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9206
05
FT 05 JUN 92 / Survey of South Africa (19): Out of th
e cold into the sun - The call of the wild in a tourist's paradise
By PHILIP GAWITH
I do not believe there are
many more impressive sights than a city man's
first glimpse of a live, maned
lion loose on a plain in a strange country.
Robert Ruark
FOLLOWING a recent
visit to Sabi Sabi, one of the luxury game lodges in the
Eastern Transvaal,
I can unequivocally endorse the comments of the famous
American hunter and
novelist. The spectacle of two lions roaring at each
other, literally yards
away from our open Jeep, was one of such primal power
and immediacy as to de
fy adequate description.
Likewise, the sight of a leopard cleaning her two c
ubs in a sandy river bed
and, later, the massive, tank-like menace of the wh
ite rhino. But it is not
only the big animals which constitute the appeal of
the bush. The sights,
sounds and smells are so distinctive, and the locatio
ns so remote, as to
allow for the sort of relaxation not easily found elsewh
ere.
Robert Ruark would not have been familiar with the modern phrase
'eco-t
ourism', but those who now make heavy play of the 'eco' prefix are
essential
ly making a similar appeal about the call of the wild in an age
when the qua
lity of city life is widely perceived as deteriorating. Already
80 per cent
of visitors to South Africa come to see its fauna and flora.
Mr Clem Sunter,
South Africa's leading scenario guru, has predicted that
conservation is th
e area where the smart money is heading and he is
enthusiastically supported
by people such as Mr Dave Varty who is associated
with the Londolozi and Ph
inda eco-tourism developments. Mr Varty comments:
'We see eco-tourism as bei
ng the next major growth industry in South
Africa.' The reasoning is simple:
wildlife is a finite resource, for which
there is an increasing tourism dem
and.
It is also an area, of course, in which South Africa has a competitive
advantage. Only a handful of other countries in Africa can offer a similar
p
roduct, and South Africans believe they offer a more sophisticated wildlife
product than East Africa and a better balanced destination overall. In
suppo
rt of his claim, Mr Varty cites the high occupancy rates achieved by
places
such as Sabi Sabi, Londolozi and Mala Mala through the sanctions
period.
Alt
hough eco-tourism is seen as probably South Africa's main marketing
feature,
enthusiasm in the tourism industry is more widely based. Mr Pieter
van Hove
n, chairman of the South African Tourism Board (Satour), notes:
'We've come
out of the cold era into the sun. For many years we had to deal
with South A
frica's moral unacceptability as a tourism destination. Now all
this has cha
nged. Effectively the country can market itself on equal terms
with other co
mpeting destinations.'
South Africa markets itself, not unreasonably, as 'a
world in one country'.
From game parks in the east, to the Drakensberg mount
ains in Natal and fine
beaches along the coast, there is a lot of variety to
offer the tourist.
Aside from intrinsic merits, however, Mr van Hoven belie
ves the tourism
industry has a good future merely in catch-up terms. He note
s that the
industry at present only constitutes about 0.7 per cent of gross
domestic
product, compared to a world average of about 10 per cent.
In 1990,
South Africa attracted about 1m visitors, making it the fourth most
popular
destination in Africa behind Tunisia, Morocco and Algeria, all
short-haul d
estinations. Mr Org Marais, minister of tourism, talks in terms
of South Afr
ica attracting 3m foreign visitors by 2000.
Mr Van Hoven says any post-apart
heid benefit in 1991 was obscured by the
detrimental impact of the Gulf War.
He says, however, that for the first
quarter of 1992 quite a few European m
arkets showed growth of 45-47 per cent
compared to 1990 and he forecasts ove
rall growth of 30 per cent in foreign
visitors for 1992.
The government has
recently shown a new-found enthusiasm for the economic
potential of tourism.
A White Paper in May outlined a policy for assisting
the industry, includin
g financial assistance for new tourist accommodation
projects and a commitme
nt to deregulate the industry to assist the private
sector.
A recent liberal
isation of international aviation policy should also make
South Africa a con
siderably cheaper destination to fly to. Last year saw 16
international airl
ines start new scheduled flights to South Africa.
There is not yet much indi
cation of additional investment from the private
sector, because there is co
nsiderable spare capacity following a few lean
years in the hotel industry.
That said, industry consensus is that up to
five foreign hotel groups are li
kely soon to announce investments.
In a category of its own is the R730m Los
t City project being developed at
Sun City by Mr Sol Kerzner. For the faint-
hearted worrying about whether the
country has a future, there could be no g
reater gesture of faith.
The Financial Times
Lond
on Page IX
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105
FT 05 JAN 94 / World Trade News: Global tourism up 3
.8%
By MICHAEL SKAPINKER, Leisure Industries Corresp
ondent
The number of international tourist arrivals worldwi
de last year was about
500m, a 3.8 per cent increase over 1992, according to
the World Tourism
Organisation, writes Michael Skapinker, Leisure Industrie
s Correspondent.
International tourism receipts rose by 9 per cent to Dollar
s 324bn (Pounds
219bn).
The East Asian and Pacific region recorded the highe
st level of growth last
year, with arrivals up 11.8 per cent to 68.5m.
Touri
st receipts in the region rose 15.2 per cent to Dollars 52.6bn.
The Americas
recorded the second highest growth, with arrivals up 5.6 per
cent to 106.5m
and receipts up 14.3 per cent to Dollars 95.5bn.
Europe remained the world'
s largest tourist destination, with 296.5m
arrivals last year and receipts o
f Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and 5.7
per cent respectively.
Countries:-
XBZ North Americ
a.
XEZ South America.
XGZ Europe.
XOZ Asia.
Indust
ries:-
P7999 Amusement and Recreation, NEC.
Types:-
NEWS General News.
The Financial Times
Lond
on Page 4
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9311
18
FT 18 NOV 93 / Survey of South Africa - Open for inve
stment (20): Playground for visitors - Tourism
By TO
NY HAWKINS
ONE industry where South Africa seems certain to
develop a competitive
advantage is leisure. Even under sanctions and with h
igh levels of violence
and political uncertainty, it is the continent's seco
nd largest tourist
industry, accounting for almost 20 per cent of regional t
ourist income, more
than double Kenya's 9.6 per cent. In 1991, Morocco heade
d the African league
with 24 per cent of tourist revenue.
Globally, South Af
rica is a tiny player accounting for less than 0.25 per
cent of the internat
ional tourist business. Excluding African visitors,
there were some 560,000
tourist arrivals last year, the bulk of whom (70 per
cent) came from Europe,
with the UK as the main market (26 per cent)
followed by Germany (16 per ce
nt) and the US (9 per cent). With a growth
rate of 18,5 per cent in 1992, th
e Asian market - especially Taiwan (4 per
cent) and Japan (1.5 per cent) - i
s becoming increasingly important. Growth
accelerated in the first seven mon
ths of 1993 with the number of arrivals
increasing 12.7 per cent.
Overseas t
ourists spend an estimated R4,800 (Dollars 1,750) per visit
(excluding air f
ares to and from the country) and the industry earned
R2.75bn (Dollars 1bn)
in foreign exchange in 1991, making it the fourth
largest foreign currency e
arner, after manufactures, gold and other
minerals.
Aside from the lifting o
f sanctions, the main factor making for tourism
growth at a time of global r
ecession has been the liberalisation of the
aviation policies and the expans
ion of air traffic capacity. In the past
three years, 18 new airlines have s
tarted services to South Africa.
A more market-driven aviation policy has re
sulted in more competitive market
prices and the opening up of the charter m
arket. The number of tour
operators has more than doubled, while government
has become more active in
tourism promotion allowing accelerated tax write-o
ffs for the accommodation
industry, a R600m (Dollars 180m) loan programme fo
r Eco-tourism projects and
support schemes for small entrepreneurs.
On the d
ebit side, tourist perceptions of personal safety in South Africa
have deter
iorated markedly. In January 1990, some 70 per cent of overseas
visitors rat
ed the safety factor in South Africa good but by January this
year, this rat
ing had fallen below 30 per cent.
The government's target is to more than tr
eble the number of arrivals by
2000 reaching 1.75m visitors earning some R24
bn in foreign exchange. With
hotels operating at below 50 per cent of bed-ni
ght capacity, there is
considerable scope for expansion without significant
new investment in
hotels.
Nevertheless, three leading global players - Hilto
n, Hyatt and Sheraton -
have expressed interest in opening up in South Afric
a.
Countries:-
ZAZ South Africa, Africa.
Industries:-
P7999 Amusement and Recreation, NEC.
P9611 Admini
stration of General Economic Programs.
Types:-
CMMT Co
mment & Analysis.
The Financial Times
London Page 4
0
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11
FT 11 JUN 93 / Survey of South Africa (17): Dressed u
p with nowhere to go - The problems facing the tourist industry
By PHILIP GAWITH
THE PROBLEM facing the South A
frican tourism industry was aptly illustrated
last month by the state presid
ent, Mr FW de Klerk, when he opened the
Indaba, the annual tourism marketing
forum, in Durban.
He started his speech by quoting a famous passage from Al
an Paton's novel
Cry the Beloved Country, the most well known book written a
bout South
Africa:
'There is a lovely road that runs from Ixopo into the hil
ls. These hills are
grass covered and rolling and they are lovely beyond the
singing of it.'
As Mr de Klerk noted, Ixopo is not far from Durban. Sadly,
'those same
rolling hills, and some other parts of our country are now scene
s of
violence'. Having shaken off the stigma of apartheid, the tourism indus
try
now finds itself saddled with the stigma of violence.
That is the percep
tion: it matters little that most of the country is
untouched by violence.
A
lthough figures supplied by the South African Tourism Board (Satour) show
th
at foreign visitors increased last year by 7.4 per cent to 560,000
(excludin
g 2.1m visitors from Africa), this was a long way short of the 20
per cent g
rowth hoped for.
The Indaba itself provided confirmation of hard times in th
e industry. The
corridors of the huge exhibition hall were hardly bustling a
nd many
participants said business was quiet. It was very much a case of an
industry
all dressed up with nowhere to go.
To be fair, economic recession i
s also an important factor. Indeed, some in
the trade argue that it is a mor
e important determinant of business activity
than violence.
One such person
was Mr Nick Seewer, general manager of the prestigious Mount
Nelson hotel in
Cape Town. He said the hotel was doing very well, had had
its best April in
years, and summer bookings were good.
He made the point that seasoned trave
llers, of the sort that frequent his
sort of establishment, know South Afric
a and are not easily put off.
Lower down the market, however, the pinch is b
eing felt. Mr Helder Pereira,
operations director of Southern Suns, the coun
try's largest hotel group,
confirms a 25 per cent increase in cancellations
after the assassination in
April of Chris Hani, the black political leader.
Whether stability will bring the riches the industry feels it deserves -
'ou
r fair share of the market' - is another matter.
Tourism only accounts for a
bout 2 per cent of South Africa's GDP compared to
an international average o
f 6 per cent. Clearly there is enormous potential
for growth given that the
quality of the product is not in dispute, and
Satour has set targets of 966,
000 annual foreign visitors by 1995 and 1.75m
by 2000.
Stability alone, howe
ver, will not see these targets realised. Recent
surveys show declining cons
umer satisfaction in areas such as 'value for
money' and service. These shor
tcomings need to be rectified if South Africa
is to establish itself as a co
mpetitive, user-friendly destination.
On the other hand, tourism can only be
nefit from the increased priority it
now enjoys with government. A new minis
try, solely responsible for tourism,
has been established; a White Paper, ou
tlining the development of the
industry has been published and deregulation
continues (evident in the
dramatic increase in the number of international c
arriers flying to the
country, from 19 in 1990 to 36 in 1993).
All these ste
ps augur well for the future.
Countries:-
ZAZ South
Africa, Africa.
Industries:-
P7011 Hotels and Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration of General
Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page VIII
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9406
08
FT 08 JUN 94 / Survey of New Zealand (9): Asia discov
ers the south - Improved air links are helping tourism to take off
By TERRY HALL
After many false starts, New Z
ealand's tourist industry believes it has a
winning formula - a view reinfor
ced by the rapidly rising number of
visitors.
Even 150 years ago, settlers f
rom Europe spotted the country's leisure
potential. One relatively small cou
ntry seemed to offer just about
everything: hundreds of miles of warm, sandy
beaches in the sub-tropical
north, remarkable volcanic geysers, mountain-cl
imbing, skiing, wilderness
bush walks, ample fish and game hunting.
From the
1870s, tourist hotels began to appear in the most popular
destinations, and
later the government added its support.
Visitor numbers ebbed and flowed, d
istance always being a problem.
Initially, only wealthy tourists from the US
and Europe had the time for
long sea voyages. Closer to home, as air links
developed, Australians might
enjoy visiting New Zealand, three hours away, f
or an annual skiing holiday.
Now, mass air travel is changing perceptions. N
ew Zealand is today served by
24 international airlines that link it to most
parts of the world. Tourist
numbers are climbing, helped by the economic re
covery. Between January and
March, 400,000 visitors arrived, 17 per cent mor
e than in the same period of
last year.
March alone saw a 21 per cent increa
se (to 139,000) over the same month last
year. Visitors from the UK represen
ted the strongest growth (up 26 per
cent), followed by the Netherlands (up 2
2 per cent). In the year to March
31, visitor numbers grew by 12 per cent, t
o 1,213,318, the strongest growth
this decade.
Norman Geary, chairman of the
New Zealand Tourism Board, says the recovery
has been startling. Between 19
88 and 1991, annual arrivals had risen by an
average of 3.8 per cent, compar
ed with the world average growth rate of 5.2
per cent. But since 1992 visito
r numbers have been growing by an average 10
per cent a year, substantially
ahead of the world's average growth of 3.8
per cent projected for the 1990s
by the World Tourism Organisation.
The industry is encouraged by the increas
e, because, for much of the period,
most of the countries from which visitor
s came - Australia, North America,
Britain, Japan and Germany - were coping
with recession. Mr Geary is
confident that the industry's goal of 2m tourist
s a year by 2000 will be
met.
Its strategy is one of sustained promotion in
target countries, and a
reasonable level of government support. Assisting th
e drive are independent
operators, including Air New Zealand, which has exte
nded its services to
much of Asia during the past 18 months.
The South Korea
n market has developed strongly. Koreans' interest in New
Zealand is high, b
ecause they have become one of the largest migrant groups;
and in the year t
o March, 40,000 visited, compared with a few hundred in
1990.
Taiwanese numb
ers have also risen. Nearly 50,000 visited New Zealand in the
year to March,
up from 10,000 in 1991. The recession in Japan has impeded
growth, although
numbers have continued to climb (145,000 in the same
period, compared with
100,000 a year earlier).
Numbers like these are forcing New Zealand to impro
ve facilities. One
regular complaint from Asian tourists is that, while ther
e is plenty to do
during the day, there are insufficient attractions at nigh
t. Two
international-standard casinos are being built, in Auckland and
Chris
tchurch, and others will follow in major towns. Relaxed migration
policies,
which open the door to anyone who meets the criteria, have led to
the openin
g of hundreds of ethnic restaurants and night clubs.
However, Mr Geary ackno
wledges that much still needs to be done. More hotels
must be built, involvi
ng substantial investment. Asian developers,
especially from Singapore and H
ong Kong, have invested heavily in the sector
during the past three years, b
ut have concentrated on buying existing
hotels.
Despite new labour laws, whi
ch have substantially cut wage bills,
profitability remains low in the hotel
industry. Mr Geary and others fear
that, unless new hotels are built in Chr
istchurch, Auckland and the major
destination of Queenstown, tourist numbers
will not increase - already it is
often difficult to get a room.
Mr Geary b
elieves improved profitability is essential if the industry's
potential is t
o be maximised. He says government support is vital, and
points out that for
eign exchange earnings from visitors is 21 per cent ahead
of 1991 levels, an
d that the industry is a major employer of labour.
Countries:-
NZZ New Zealand.
Industries:-
P79 Amusemen
t and Recreation Services.
P4512 Air Transportation, Scheduled.
P961
1 Administration of General Economic Programs.
Types:-
ECON Economic Indicators.
CMMT Comment & Analysis.
The Fina
ncial Times
London Page 35
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9406
08
FT 08 JUN 94 / Survey of New Zealand (9): Asia discov
ers the south - Improved air links are helping tourism to take off
By TERRY HALL
After many false starts, New Z
ealand's tourist industry believes it has a
winning formula - a view reinfor
ced by the rapidly rising number of
visitors.
Even 150 years ago, settlers f
rom Europe spotted the country's leisure
potential. One relatively small cou
ntry seemed to offer just about
everything: hundreds of miles of warm, sandy
beaches in the sub-tropical
north, remarkable volcanic geysers, mountain-cl
imbing, skiing, wilderness
bush walks, ample fish and game hunting.
From the
1870s, tourist hotels began to appear in the most popular
destinations, and
later the government added its support.
Visitor numbers ebbed and flowed, d
istance always being a problem.
Initially, only wealthy tourists from the US
and Europe had the time for
long sea voyages. Closer to home, as air links
developed, Australians might
enjoy visiting New Zealand, three hours away, f
or an annual skiing holiday.
Now, mass air travel is changing perceptions. N
ew Zealand is today served by
24 international airlines that link it to most
parts of the world. Tourist
numbers are climbing, helped by the economic re
covery. Between January and
March, 400,000 visitors arrived, 17 per cent mor
e than in the same period of
last year.
March alone saw a 21 per cent increa
se (to 139,000) over the same month last
year. Visitors from the UK represen
ted the strongest growth (up 26 per
cent), followed by the Netherlands (up 2
2 per cent). In the year to March
31, visitor numbers grew by 12 per cent, t
o 1,213,318, the strongest growth
this decade.
Norman Geary, chairman of the
New Zealand Tourism Board, says the recovery
has been startling. Between 19
88 and 1991, annual arrivals had risen by an
average of 3.8 per cent, compar
ed with the world average growth rate of 5.2
per cent. But since 1992 visito
r numbers have been growing by an average 10
per cent a year, substantially
ahead of the world's average growth of 3.8
per cent projected for the 1990s
by the World Tourism Organisation.
The industry is encouraged by the increas
e, because, for much of the period,
most of the countries from which visitor
s came - Australia, North America,
Britain, Japan and Germany - were coping
with recession. Mr Geary is
confident that the industry's goal of 2m tourist
s a year by 2000 will be
met.
Its strategy is one of sustained promotion in
target countries, and a
reasonable level of government support. Assisting th
e drive are independent
operators, including Air New Zealand, which has exte
nded its services to
much of Asia during the past 18 months.
The South Korea
n market has developed strongly. Koreans' interest in New
Zealand is high, b
ecause they have become one of the largest migrant groups;
and in the year t
o March, 40,000 visited, compared with a few hundred in
1990.
Taiwanese numb
ers have also risen. Nearly 50,000 visited New Zealand in the
year to March,
up from 10,000 in 1991. The recession in Japan has impeded
growth, although
numbers have continued to climb (145,000 in the same
period, compared with
100,000 a year earlier).
Numbers like these are forcing New Zealand to impro
ve facilities. One
regular complaint from Asian tourists is that, while ther
e is plenty to do
during the day, there are insufficient attractions at nigh
t. Two
international-standard casinos are being built, in Auckland and
Chris
tchurch, and others will follow in major towns. Relaxed migration
policies,
which open the door to anyone who meets the criteria, have led to
the openin
g of hundreds of ethnic restaurants and night clubs.
However, Mr Geary ackno
wledges that much still needs to be done. More hotels
must be built, involvi
ng substantial investment. Asian developers,
especially from Singapore and H
ong Kong, have invested heavily in the sector
during the past three years, b
ut have concentrated on buying existing
hotels.
Despite new labour laws, whi
ch have substantially cut wage bills,
profitability remains low in the hotel
industry. Mr Geary and others fear
that, unless new hotels are built in Chr
istchurch, Auckland and the major
destination of Queenstown, tourist numbers
will not increase - already it is
often difficult to get a room.
Mr Geary b
elieves improved profitability is essential if the industry's
potential is t
o be maximised. He says government support is vital, and
points out that for
eign exchange earnings from visitors is 21 per cent ahead
of 1991 levels, an
d that the industry is a major employer of labour.
Countries:-
NZZ New Zealand.
Industries:-
P79 Amusemen
t and Recreation Services.
P4512 Air Transportation, Scheduled.
P961
1 Administration of General Economic Programs.
Types:-
ECON Economic Indicators.
CMMT Comment & Analysis.
The Fina
ncial Times
London Page 35
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9406
08
FT 08 JUN 94 / Survey of New Zealand (9): Asia discov
ers the south - Improved air links are helping tourism to take off
By TERRY HALL
After many false starts, New Z
ealand's tourist industry believes it has a
winning formula - a view reinfor
ced by the rapidly rising number of
visitors.
Even 150 years ago, settlers f
rom Europe spotted the country's leisure
potential. One relatively small cou
ntry seemed to offer just about
everything: hundreds of miles of warm, sandy
beaches in the sub-tropical
north, remarkable volcanic geysers, mountain-cl
imbing, skiing, wilderness
bush walks, ample fish and game hunting.
From the
1870s, tourist hotels began to appear in the most popular
destinations, and
later the government added its support.
Visitor numbers ebbed and flowed, d
istance always being a problem.
Initially, only wealthy tourists from the US
and Europe had the time for
long sea voyages. Closer to home, as air links
developed, Australians might
enjoy visiting New Zealand, three hours away, f
or an annual skiing holiday.
Now, mass air travel is changing perceptions. N
ew Zealand is today served by
24 international airlines that link it to most
parts of the world. Tourist
numbers are climbing, helped by the economic re
covery. Between January and
March, 400,000 visitors arrived, 17 per cent mor
e than in the same period of
last year.
March alone saw a 21 per cent increa
se (to 139,000) over the same month last
year. Visitors from the UK represen
ted the strongest growth (up 26 per
cent), followed by the Netherlands (up 2
2 per cent). In the year to March
31, visitor numbers grew by 12 per cent, t
o 1,213,318, the strongest growth
this decade.
Norman Geary, chairman of the
New Zealand Tourism Board, says the recovery
has been startling. Between 19
88 and 1991, annual arrivals had risen by an
average of 3.8 per cent, compar
ed with the world average growth rate of 5.2
per cent. But since 1992 visito
r numbers have been growing by an average 10
per cent a year, substantially
ahead of the world's average growth of 3.8
per cent projected for the 1990s
by the World Tourism Organisation.
The industry is encouraged by the increas
e, because, for much of the period,
most of the countries from which visitor
s came - Australia, North America,
Britain, Japan and Germany - were coping
with recession. Mr Geary is
confident that the industry's goal of 2m tourist
s a year by 2000 will be
met.
Its strategy is one of sustained promotion in
target countries, and a
reasonable level of government support. Assisting th
e drive are independent
operators, including Air New Zealand, which has exte
nded its services to
much of Asia during the past 18 months.
The South Korea
n market has developed strongly. Koreans' interest in New
Zealand is high, b
ecause they have become one of the largest migrant groups;
and in the year t
o March, 40,000 visited, compared with a few hundred in
1990.
Taiwanese numb
ers have also risen. Nearly 50,000 visited New Zealand in the
year to March,
up from 10,000 in 1991. The recession in Japan has impeded
growth, although
numbers have continued to climb (145,000 in the same
period, compared with
100,000 a year earlier).
Numbers like these are forcing New Zealand to impro
ve facilities. One
regular complaint from Asian tourists is that, while ther
e is plenty to do
during the day, there are insufficient attractions at nigh
t. Two
international-standard casinos are being built, in Auckland and
Chris
tchurch, and others will follow in major towns. Relaxed migration
policies,
which open the door to anyone who meets the criteria, have led to
the openin
g of hundreds of ethnic restaurants and night clubs.
However, Mr Geary ackno
wledges that much still needs to be done. More hotels
must be built, involvi
ng substantial investment. Asian developers,
especially from Singapore and H
ong Kong, have invested heavily in the sector
during the past three years, b
ut have concentrated on buying existing
hotels.
Despite new labour laws, whi
ch have substantially cut wage bills,
profitability remains low in the hotel
industry. Mr Geary and others fear
that, unless new hotels are built in Chr
istchurch, Auckland and the major
destination of Queenstown, tourist numbers
will not increase - already it is
often difficult to get a room.
Mr Geary b
elieves improved profitability is essential if the industry's
potential is t
o be maximised. He says government support is vital, and
points out that for
eign exchange earnings from visitors is 21 per cent ahead
of 1991 levels, an
d that the industry is a major employer of labour.
Countries:-
NZZ New Zealand.
Industries:-
P79 Amusemen
t and Recreation Services.
P4512 Air Transportation, Scheduled.
P961
1 Administration of General Economic Programs.
Types:-
ECON Economic Indicators.
CMMT Comment & Analysis.
The Fina
ncial Times
London Page 35
============= Transaction # 211 ==============================================
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941
102
FT 02 NOV 94 / Commodities and Agriculture: Car make
rs seen leading aluminium demand surge
By KENNETH GO
ODING
Growth in demand for aluminium to the year 2,000 will
be substantially
faster than in the past seven years, driven particularly b
y consumption in
Asia and by the automotive industry, according to Mr Jacque
s Bougie,
president of Alcan, the world's second-largest aluminium producer.
However, demand growth for primary, or new, aluminium is forecast by Alcan
to rise only at the same rate as in the years 1986-93. 'Recycling,
particula
rly of beverage cans and cars, will play an increasingly important
part in m
etal sourcing to meet demand in future,' Mr Bougie predicts.
'Star performer
s' in future, the Alcan analysis suggests, will be the Asia
region, includin
g a Japan recovering from recession, where annual aluminium
consumption grow
th is expected to be twice as fast as in the maturing North
American market.
Growth in Europe and South America is also predicted to
outpace that in Nor
th America. But North America will remain the biggest
individual market for
some years to come.
Alcan is forecasting that demand for aluminium in cars w
ill grow at an
annual 6.5 per cent until the year 2000. Mr Bougie says much
of that growth
will come from the increased use of castings which already co
nstitute 70 to
80 per cent of the weight of aluminium in the average car. 'F
urther
significant growth may come after the year 2000 when aluminium body
s
tructures are adopted for mass-produced cars,' he suggests.
Mr Bougie says t
hat at present it is not possible to include the former
Eastern European mar
kets in the forecasts because data are not reliably
available. But Alcan bel
ieves Russia's domestic consumption of aluminium in
1993 was only about 800,
000 to 900,000 tonnes, with the 1.9m tonnes balance
of its production being
exported to the west.
-----------------------------------------------
AVERAGE ANNUAL DEMAND GROWTH
(PER CENT)
-------------
----------------------------------
1993- 19
86-
2000 1993
---------------------------
--------------------
By Region
--------------------------------------------
---
North America 1.9 1.4
South America
5.8 2.1
Asia 5.3 6.5
Europe
4.0 2.5
-----------------------------------------------
Western World
Total 3.9 2.9
Primary
2.6 2.6
-----------------------------------------------
By End-Use
Building 2.7 2.5
Cans
3.6 4.3
Transport 4.5 3.9
--------
---------------------------------------
Source: Alcan
---------------------
--------------------------
Countries:-
XOZ Asia.
JPZ Japan, Asia.
XGZ Europe.
XEZ South America.
XLZ East Eu
rope.
Industries:-
P1099 Metal Ores, NEC.
Ty
pes:-
CMMT Comment & Analysis.
The Financial Times
London Page 33
============= Transaction # 212 ==============================================
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_AN-CJ0BMAFYFT
921
027
FT 27 OCT 92 / Survey of Sri Lanka (13): Growth cont
inues despite conflict -Tourism
By DAVID PILLING
TO have one civil war may be considered unfortunate, but to h
ave two is
inexcusable. This seemed to be the view of international tourists
who,
having tentatively placed Sri Lanka on the map during the 1970s, promp
tly
removed it as the island gained a reputation for bloody civil strife.
To
urist arrivals had grown rapidly in the 1970s to a peak of 407,000 in
1982.
Annual growth was running at an average 24 per cent from 1976-1982.
The outb
reak in 1983 of government hostilities with the Tamil Tigers quashed
hopes o
f further expansion. Arrivals dropped dramatically, even more so when
violen
ce - previously confined largely to the north and east - erupted in
the sout
h with the attempted insurrection of the People's Liberation Front
(JVP).
By
1987, the number of visitors had dropped to a mere 180,000, a level from
wh
ich it failed to recover in 1988 and 1989. Discounting was so fierce that
a
night in a five-star hotel was being offered for as little as Dollars 7.
Few
would have predicted the impressive upturn witnessed since then. Boosted
by
the virtual annihilation of the JVP in the south and by the temporary
halt
of fighting with the Tigers, the number of visitors began to grow,
reaching
317,000 in 1991. This marked an increase of 6.7 per cent over the
previous y
ear, bucking the world trend in tourism which was hit hard by
recession and
the Gulf war.
Growth continued in spite of the renewed outbreak in June 1990
of fighting
in the north and east - out of bounds to tourists - as Sri Lank
an
authorities gradually persuaded the international industry that most of t
he
island remained safe.
In terms of foreign exchange earnings, growth has b
een even more
satisfactory with receipts of Dollars 155.6m in 1991; some 17.
4 per cent
over 1990.
That trend seems likely to continue and even accelerat
e. Arrivals in the
first eight months of this year are 27.7 per cent up on t
he same period in
1991, according to figures from the Ceylon Tourist Board.
The board
estimates that total arrivals for 1992 will be at least 380,000.
T
he government, says Mr N. U. Yasapala, director-general of the tourist
board
, is keen to promote the sector both for its foreign exchange earnings
and f
or its ability to provide employment. According to the central bank,
tourism
in 1991 accounted for 64,800 jobs - 27,000 directly and 37,800 in
ancillary
sectors.
Keen to capitalise on such benefits, the government has commission
ed a
10-year tourist 'masterplan' drawn up with the help of Horwath Consulti
ng of
the UK. The plan, a draft of which is due to be published in November,
sets
a target of 874,000 air arrivals by the year 2001 - more than double t
he
1982 peak.
Mr Martin Gerty, director of Horwath Consulting, says the plan
calls for the
upgrading of existing hotels, the development of more up-mark
et resorts, and
the improvement of facilities around cultural sites which ne
ed to be more
'visitor friendly'. Mr Gerty says such infrastructure was seve
rely run down
in the 1980s, but he thinks it remarkable that it was maintain
ed at all.
There may also be the need for additional airport facilities to t
hose at
Colombo's international airport because aircraft unable to land duri
ng bad
weather are presently redirected to Madras in southern India. One
pos
sibility is development of the military airfield at Hingurakgoda on the
east
of the island, particularly if ethnic tensions subside.
Such ambitious plan
s for tourism, especially at a time of budgetary
constraints, will require s
ubstantial private sector investment. The
government has accordingly extende
d tax incentives already enjoyed by
export-driven companies to investors in
tourist infrastructure.
Some local observers feel such incentives have been
too generous, allowing
already profitable concerns to avoid tax. Mr S. T. Fe
rnando, deputy governor
of the central bank, counters that new investment mu
st be encouraged
following the collapse of tourism in the mid-1980s.
Some 25
projects are being considered, worth an estimated total of Dollars
120m. Th
ese would add 2,350 graded rooms to the island's stock which now
stands at 9
,680 - 18,950 beds.
Obstacles to growth remain. Most immediate is increasing
anxiety among
certain groups that an expanded tourist sector would have a n
egative
cultural and environmental impact. There is concern that more touris
ts would
encourage drugs and prostitution - there are already an estimated 8
00 people
infected with the HIV virus - and that hotels will monopolise reso
urces such
as land, power and water.
The government was recently forced to a
bandon plans for a showcase Dollars
40m holiday complex at Chilaw on the wes
t coast because of protests by the
Roman Catholic Church. The Buddhist clerg
y, an extremely powerful political
force, is threatening the future of other
schemes.
Mr Gerty feels that such protests can be dissipated by outlining s
ome of the
sector's potential benefits, such as employment. Tourism will, he
says, have
limited environmental impact as resorts will not be permitted to
sprout up
piecemeal but will be strictly controlled according to a planned
development
strategy.
Another obstacle to growth may be Sri Lanka's over-rel
iance on certain key
markets. Western Europe makes up more than 60 per cent
of total tourist
traffic, with Germany, France, the UK and Italy representin
g nearly 80 per
cent of that share. North America provides a paltry 3 per ce
nt of arrivals.
Fashions change quickly and the 'discovery' of a new long-ha
ul destination
could jeopardise Colombo's plans.
The most serious question m
ark, however, remains Sri Lanka's international
reputation. Despite recent e
vidence that Colombo is winning the public
relations battle in reassuring th
e public of the island's safety,
international confidence remains fragile. I
f, on the other hand, the civil
war ends, prospects for growth would be exce
llent and the potential for
achieving a million visitors annually would beco
me realistic.
Assuming, however, that civil strife staggers on, it would onl
y take a few
well-publicised incidents of violence or a period of political
instability
for the country's tarnished image to resurface. That would effec
tively end
the growth of the past few years and Sri Lanka would return to th
e
backwaters of the tourist industry.
The Financial Times
London Page VIII
============= Transaction # 213 ==============================================
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9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
============= Transaction # 214 ==============================================
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940
105
FT 05 JAN 94 / World Trade News: Global tourism clim
bs by 3.8%
By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 215 ==============================================
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940
105
FT 05 JAN 94 / World Trade News: Global tourism up 3
.8%
By MICHAEL SKAPINKER, Leisure Industries Corresp
ondent
The number of international tourist arrivals worldwi
de last year was about
500m, a 3.8 per cent increase over 1992, according to
the World Tourism
Organisation, writes Michael Skapinker, Leisure Industrie
s Correspondent.
International tourism receipts rose by 9 per cent to Dollar
s 324bn (Pounds
219bn).
The East Asian and Pacific region recorded the highe
st level of growth last
year, with arrivals up 11.8 per cent to 68.5m.
Touri
st receipts in the region rose 15.2 per cent to Dollars 52.6bn.
The Americas
recorded the second highest growth, with arrivals up 5.6 per
cent to 106.5m
and receipts up 14.3 per cent to Dollars 95.5bn.
Europe remained the world'
s largest tourist destination, with 296.5m
arrivals last year and receipts o
f Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and 5.7
per cent respectively.
Countries:-
XBZ North Americ
a.
XEZ South America.
XGZ Europe.
XOZ Asia.
Indust
ries:-
P7999 Amusement and Recreation, NEC.
Types:-
NEWS General News.
The Financial Times
Lond
on Page 4
============= Transaction # 216 ==============================================
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940
105
FT 05 JAN 94 / World Trade News: Global tourism clim
bs by 3.8%
By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 217 ==============================================
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FT941-17371
_AN-EAECPABKFT
940
105
FT 05 JAN 94 / World Trade News: Global tourism up 3
.8%
By MICHAEL SKAPINKER, Leisure Industries Corresp
ondent
The number of international tourist arrivals worldwi
de last year was about
500m, a 3.8 per cent increase over 1992, according to
the World Tourism
Organisation, writes Michael Skapinker, Leisure Industrie
s Correspondent.
International tourism receipts rose by 9 per cent to Dollar
s 324bn (Pounds
219bn).
The East Asian and Pacific region recorded the highe
st level of growth last
year, with arrivals up 11.8 per cent to 68.5m.
Touri
st receipts in the region rose 15.2 per cent to Dollars 52.6bn.
The Americas
recorded the second highest growth, with arrivals up 5.6 per
cent to 106.5m
and receipts up 14.3 per cent to Dollars 95.5bn.
Europe remained the world'
s largest tourist destination, with 296.5m
arrivals last year and receipts o
f Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and 5.7
per cent respectively.
Countries:-
XBZ North Americ
a.
XEZ South America.
XGZ Europe.
XOZ Asia.
Indust
ries:-
P7999 Amusement and Recreation, NEC.
Types:-
NEWS General News.
The Financial Times
Lond
on Page 4
============= Transaction # 218 ==============================================
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FT943-11047
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940
802
FT 02 AUG 94 / Tourists return to more peaceful Egyp
t
By MARK NICHOLSON
CAIRO
Three months free of Islamic militant attacks on tourist ta
rgets has
encouraged a recovery in Egypt's tourist industry, with Cairo hote
ls
enjoying their highest occupancy rates in more than two years.
Latest tou
rism ministry figures show a 4.5 per cent rise in visitors in May
against th
e same month last year, the first overall rise since militant
groups began a
ttacks on tourist buses, cruise boats and other tourist
targets in late 1992
. Hoteliers say the recovery has strengthened since
then.
The last attacks a
gainst tourist targets came in March, when a few trains
were raked with gunf
ire as they passed through Assiut, a heartland of
militant activity in south
ern Egypt. A German tourist died from injuries
after gunmen fired at a Nile
cruiser passing by Assiut.
Since April the government has repeatedly claimed
its crackdown has
succeeded in breaking the main militant groups, the Gamaa
al-Islamiyya and
Jihad, and prevented them operating outside their traditio
nal strongholds in
Upper Egypt. Mr Hassan al-Alfie, interior minister, said
last week: 'We have
managed to encircle them and put an end to the acts of v
iolence.'
Mr Tony Baldry, parliamentary under-secretary at the Foreign Offic
e, said
during a recent visit to Egypt that he had 'every impression this wa
s a
situation which has been contained, understood, and dealt with'.
The lul
l in violence has encouraged tourism in Cairo, where five-star hotels
report
occupancy rates of between 85-90 per cent against an average of
little over
50 per cent this time last year. 'There's been an
extraordinarily good impr
ovement,' said Mr Richard Bousfield, marketing
director at the Cairo Semiram
is Intercontinental.
The bulk of Cairo's summer visitors are Gulf Arabs. Hot
eliers and tour
operators in Europe say it remains too early to forecast whe
ther European,
American and other tourists will return in large numbers duri
ng the winter
season, which begins in October.
However, some hotels say prov
isional tour bookings for next season are
already twice what they were a yea
r ago.
'Bookings are looking good; they're up for August and early September
, and I
sense already that European tour operators are beginning to respond,
' said
Mr Armin Shrocker, manager of the Nile Hilton hotel.
Egypt attracted
a record 3.2m tourists in 1991-92 before the militant
attacks, garnering har
d-currency earnings calculated by the government at
about Dollars 3bn (Pound
s 1.9bn). It says the anti-tourism violence,
designed by the Gamaa al-Islami
yya militant group to attack the government
by harming the economy, cost Dol
lars 900m in lost revenues last year,
hitting employment and investment in w
hat had been Egypt's fastest-growing
industry.
However, diplomats and other
commentators are cautious about forecasting an
end to militant violence. Mor
eover, the Egyptian government faces a
considerable security test in early S
eptember, when Cairo will attract
around 20,000 participants, including prim
e ministers, to the United Nations
International Conference on Population an
d Development.
On Sunday the Gamaa al-Islamiyya broke a silence of more than
two and a half
months by issuing a faxed statement declaring it intended to
step up
violence in the Upper Egyptian town of Mallawi, 270km south of Cair
o, where
it claimed its members had ambushed and wounded two policemen.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
P7011 Hotels and Motels.
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
MKTS Sales.
STATS Statistics.
The Financial Times
London Page 6
============= Transaction # 222 ==============================================
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940
802
FT 02 AUG 94 / Tourists return to more peaceful Egyp
t
By MARK NICHOLSON
CAIRO
Three months free of Islamic militant attacks on tourist ta
rgets has
encouraged a recovery in Egypt's tourist industry, with Cairo hote
ls
enjoying their highest occupancy rates in more than two years.
Latest tou
rism ministry figures show a 4.5 per cent rise in visitors in May
against th
e same month last year, the first overall rise since militant
groups began a
ttacks on tourist buses, cruise boats and other tourist
targets in late 1992
. Hoteliers say the recovery has strengthened since
then.
The last attacks a
gainst tourist targets came in March, when a few trains
were raked with gunf
ire as they passed through Assiut, a heartland of
militant activity in south
ern Egypt. A German tourist died from injuries
after gunmen fired at a Nile
cruiser passing by Assiut.
Since April the government has repeatedly claimed
its crackdown has
succeeded in breaking the main militant groups, the Gamaa
al-Islamiyya and
Jihad, and prevented them operating outside their traditio
nal strongholds in
Upper Egypt. Mr Hassan al-Alfie, interior minister, said
last week: 'We have
managed to encircle them and put an end to the acts of v
iolence.'
Mr Tony Baldry, parliamentary under-secretary at the Foreign Offic
e, said
during a recent visit to Egypt that he had 'every impression this wa
s a
situation which has been contained, understood, and dealt with'.
The lul
l in violence has encouraged tourism in Cairo, where five-star hotels
report
occupancy rates of between 85-90 per cent against an average of
little over
50 per cent this time last year. 'There's been an
extraordinarily good impr
ovement,' said Mr Richard Bousfield, marketing
director at the Cairo Semiram
is Intercontinental.
The bulk of Cairo's summer visitors are Gulf Arabs. Hot
eliers and tour
operators in Europe say it remains too early to forecast whe
ther European,
American and other tourists will return in large numbers duri
ng the winter
season, which begins in October.
However, some hotels say prov
isional tour bookings for next season are
already twice what they were a yea
r ago.
'Bookings are looking good; they're up for August and early September
, and I
sense already that European tour operators are beginning to respond,
' said
Mr Armin Shrocker, manager of the Nile Hilton hotel.
Egypt attracted
a record 3.2m tourists in 1991-92 before the militant
attacks, garnering har
d-currency earnings calculated by the government at
about Dollars 3bn (Pound
s 1.9bn). It says the anti-tourism violence,
designed by the Gamaa al-Islami
yya militant group to attack the government
by harming the economy, cost Dol
lars 900m in lost revenues last year,
hitting employment and investment in w
hat had been Egypt's fastest-growing
industry.
However, diplomats and other
commentators are cautious about forecasting an
end to militant violence. Mor
eover, the Egyptian government faces a
considerable security test in early S
eptember, when Cairo will attract
around 20,000 participants, including prim
e ministers, to the United Nations
International Conference on Population an
d Development.
On Sunday the Gamaa al-Islamiyya broke a silence of more than
two and a half
months by issuing a faxed statement declaring it intended to
step up
violence in the Upper Egyptian town of Mallawi, 270km south of Cair
o, where
it claimed its members had ambushed and wounded two policemen.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
P7011 Hotels and Motels.
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
MKTS Sales.
STATS Statistics.
The Financial Times
London Page 6
============= Transaction # 223 ==============================================
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940
802
FT 02 AUG 94 / Tourists return to more peaceful Egyp
t
By MARK NICHOLSON
CAIRO
Three months free of Islamic militant attacks on tourist ta
rgets has
encouraged a recovery in Egypt's tourist industry, with Cairo hote
ls
enjoying their highest occupancy rates in more than two years.
Latest tou
rism ministry figures show a 4.5 per cent rise in visitors in May
against th
e same month last year, the first overall rise since militant
groups began a
ttacks on tourist buses, cruise boats and other tourist
targets in late 1992
. Hoteliers say the recovery has strengthened since
then.
The last attacks a
gainst tourist targets came in March, when a few trains
were raked with gunf
ire as they passed through Assiut, a heartland of
militant activity in south
ern Egypt. A German tourist died from injuries
after gunmen fired at a Nile
cruiser passing by Assiut.
Since April the government has repeatedly claimed
its crackdown has
succeeded in breaking the main militant groups, the Gamaa
al-Islamiyya and
Jihad, and prevented them operating outside their traditio
nal strongholds in
Upper Egypt. Mr Hassan al-Alfie, interior minister, said
last week: 'We have
managed to encircle them and put an end to the acts of v
iolence.'
Mr Tony Baldry, parliamentary under-secretary at the Foreign Offic
e, said
during a recent visit to Egypt that he had 'every impression this wa
s a
situation which has been contained, understood, and dealt with'.
The lul
l in violence has encouraged tourism in Cairo, where five-star hotels
report
occupancy rates of between 85-90 per cent against an average of
little over
50 per cent this time last year. 'There's been an
extraordinarily good impr
ovement,' said Mr Richard Bousfield, marketing
director at the Cairo Semiram
is Intercontinental.
The bulk of Cairo's summer visitors are Gulf Arabs. Hot
eliers and tour
operators in Europe say it remains too early to forecast whe
ther European,
American and other tourists will return in large numbers duri
ng the winter
season, which begins in October.
However, some hotels say prov
isional tour bookings for next season are
already twice what they were a yea
r ago.
'Bookings are looking good; they're up for August and early September
, and I
sense already that European tour operators are beginning to respond,
' said
Mr Armin Shrocker, manager of the Nile Hilton hotel.
Egypt attracted
a record 3.2m tourists in 1991-92 before the militant
attacks, garnering har
d-currency earnings calculated by the government at
about Dollars 3bn (Pound
s 1.9bn). It says the anti-tourism violence,
designed by the Gamaa al-Islami
yya militant group to attack the government
by harming the economy, cost Dol
lars 900m in lost revenues last year,
hitting employment and investment in w
hat had been Egypt's fastest-growing
industry.
However, diplomats and other
commentators are cautious about forecasting an
end to militant violence. Mor
eover, the Egyptian government faces a
considerable security test in early S
eptember, when Cairo will attract
around 20,000 participants, including prim
e ministers, to the United Nations
International Conference on Population an
d Development.
On Sunday the Gamaa al-Islamiyya broke a silence of more than
two and a half
months by issuing a faxed statement declaring it intended to
step up
violence in the Upper Egyptian town of Mallawi, 270km south of Cair
o, where
it claimed its members had ambushed and wounded two policemen.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
P7011 Hotels and Motels.
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
MKTS Sales.
STATS Statistics.
The Financial Times
London Page 6
============= Transaction # 224 ==============================================
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9211
13
FT 13 NOV 92 / German tourists attacked in Egypt
By REUTER
CAIRO
FIVE German tourists and two Egyptians were wounded yesterday when gunmen
described by police as Moslem militants opened fire on their bus in Qena in
the southern Nile valley, Reuter reports from Cairo.
It was the fourth seri
ous attack on tourists since Moslem militants fighting
an underground war wi
th the government warned in September that tourists
would not be safe in Qen
a province, site of some of Egypt's most famous
Pharaonic temples and tombs.
An interior ministry statement blamed 'extremist elements,' the authorities
'
usual term for Moslem militants. It said five Germans, the Egyptian driver
and an Egyptian passer-by had been injured.
The government has reacted vigo
rously to the spate of attacks on tourists,
promising to fly helicopter patr
ols over tourist areas and vowing even
tougher police measures against the m
ilitants.
This week it announced that all mosques would be put under state c
ontrol and
police rounded up 150 militants in the province of Assiut, the pr
ovince
north of Qena and the main theatre of militant violence. Officials ex
pect 4m
tourists to visit Egypt in the year to July 1993, earning the countr
y
Dollars 4bn.
El-Gama'a el-Islamiya (the Islamic Group) has claimed respons
ibility for
three previous attacks on tourists.
The Financial T
imes
London Page 4
============= Transaction # 225 ==============================================
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122
FT 22 JAN 92 / Brazil launches drive to boost touris
t industry
By CHRISTINA LAMB
RIO DE JANEIRO
BRAZIL is launching an aggressive marketi
ng campaign to recuperate its
flagging tourist industry.
Mr Ronaldo de Monte
Rosa, head of Embratur, the state tourist authority,
plans to double the nu
mber of tourists and increase income from Dollars
1.4bn to Dollars 3bn (Poun
ds 1.6bn) over the next five years. 'I want to
seize the opportunity of the
Earth Summit (to be hosted by Rio in June) to
relaunch Brazil as a tourist d
estination,' he says.
To encourage investment, credit lines have been made a
vailable by the
National Development Bank. Tourism is to be declared an indu
stry, giving
investors incentives in terms of reduced import tariffs and ene
rgy rates.
Brazil might seem to be the ideal tourist location: 4,600 miles o
f beaches,
the world's largest rainforest. But in the past five years, the n
umber of
tourists has fallen from 2m to 1.08m, as potential visitors are det
erred by
social problems caused by economic crisis.
Embratur has decided to
fight back against the wave of bad publicity
focusing on Rio's violence by s
etting up offices overseas to inform the
world about the Indian reserves and
Brazilian food and music. Mr Monte
Rosa's aims are to rescue Rio and show t
he world what else Brazil has to
offer, 'focusing on the north east and Amaz
onia'.
Despite Brazil's many natural advantages, this is no easy task. Mr Mo
nte
Rosa has finally persuaded Rio's state government to invest in a 'securi
ty
for tourists' programme, by showing that it has lost Dollars 400m a year
for
the past five years in tourism revenue. But he would like to divert tour
ists
to Amazonia and the north-east, Brazil's poorest but most scenic and
cu
lturally rich area.
The Financial Times
London Pa
ge 4
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FT 22 JAN 92 / Brazil launches drive to boost touris
t industry
By CHRISTINA LAMB
RIO DE JANEIRO
BRAZIL is launching an aggressive marketi
ng campaign to recuperate its
flagging tourist industry.
Mr Ronaldo de Monte
Rosa, head of Embratur, the state tourist authority,
plans to double the nu
mber of tourists and increase income from Dollars
1.4bn to Dollars 3bn (Poun
ds 1.6bn) over the next five years. 'I want to
seize the opportunity of the
Earth Summit (to be hosted by Rio in June) to
relaunch Brazil as a tourist d
estination,' he says.
To encourage investment, credit lines have been made a
vailable by the
National Development Bank. Tourism is to be declared an indu
stry, giving
investors incentives in terms of reduced import tariffs and ene
rgy rates.
Brazil might seem to be the ideal tourist location: 4,600 miles o
f beaches,
the world's largest rainforest. But in the past five years, the n
umber of
tourists has fallen from 2m to 1.08m, as potential visitors are det
erred by
social problems caused by economic crisis.
Embratur has decided to
fight back against the wave of bad publicity
focusing on Rio's violence by s
etting up offices overseas to inform the
world about the Indian reserves and
Brazilian food and music. Mr Monte
Rosa's aims are to rescue Rio and show t
he world what else Brazil has to
offer, 'focusing on the north east and Amaz
onia'.
Despite Brazil's many natural advantages, this is no easy task. Mr Mo
nte
Rosa has finally persuaded Rio's state government to invest in a 'securi
ty
for tourists' programme, by showing that it has lost Dollars 400m a year
for
the past five years in tourism revenue. But he would like to divert tour
ists
to Amazonia and the north-east, Brazil's poorest but most scenic and
cu
lturally rich area.
The Financial Times
London Pa
ge 4
============= Transaction # 227 ==============================================
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122
FT 22 JAN 92 / Brazil launches drive to boost touris
t industry
By CHRISTINA LAMB
RIO DE JANEIRO
BRAZIL is launching an aggressive marketi
ng campaign to recuperate its
flagging tourist industry.
Mr Ronaldo de Monte
Rosa, head of Embratur, the state tourist authority,
plans to double the nu
mber of tourists and increase income from Dollars
1.4bn to Dollars 3bn (Poun
ds 1.6bn) over the next five years. 'I want to
seize the opportunity of the
Earth Summit (to be hosted by Rio in June) to
relaunch Brazil as a tourist d
estination,' he says.
To encourage investment, credit lines have been made a
vailable by the
National Development Bank. Tourism is to be declared an indu
stry, giving
investors incentives in terms of reduced import tariffs and ene
rgy rates.
Brazil might seem to be the ideal tourist location: 4,600 miles o
f beaches,
the world's largest rainforest. But in the past five years, the n
umber of
tourists has fallen from 2m to 1.08m, as potential visitors are det
erred by
social problems caused by economic crisis.
Embratur has decided to
fight back against the wave of bad publicity
focusing on Rio's violence by s
etting up offices overseas to inform the
world about the Indian reserves and
Brazilian food and music. Mr Monte
Rosa's aims are to rescue Rio and show t
he world what else Brazil has to
offer, 'focusing on the north east and Amaz
onia'.
Despite Brazil's many natural advantages, this is no easy task. Mr Mo
nte
Rosa has finally persuaded Rio's state government to invest in a 'securi
ty
for tourists' programme, by showing that it has lost Dollars 400m a year
for
the past five years in tourism revenue. But he would like to divert tour
ists
to Amazonia and the north-east, Brazil's poorest but most scenic and
cu
lturally rich area.
The Financial Times
London Pa
ge 4
============= Transaction # 228 ==============================================
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_AN-DDFCIABMFT
930
406
FT 06 APR 93 / Kenya's tourist industry suffers big
fall in revenue
By REUTER
NA
IROBI
TOURISM in Kenya dropped sharply last year, reducin
g hard currency revenues
from the industry to Dollars 295m from Dollars 400m
(Pounds 195m from Pounds
266m) in 1991, a government official said yesterda
y, Reuter reports from
Nairobi.
Mr Philemon Mwaisaka, permanent secretary at
the ministry of tourism, blamed
the sharp downturn in visits to safari park
s or Indian Ocean beaches on
reports in western countries, where most visito
rs come from, about attacks
on tourists, tribal violence and political unres
t.
'Imagined insecurity in Kenya had convinced European-based tourists that
the
country was not safe,' he said.
The run-up to December's first multi-par
ty polls in 26 years was marred by
tribal violence.
This, coupled with bandi
t attacks on tourists, led to a fall in hotel
bookings of up to 60,000 bed-n
ights in the last five months of 1992, tourism
officials say.
Last year, som
e 700,000 tourists visited Kenya after a record 814,000 in
1991. But many, e
nticed by cheap bucket-shop deals, kept their wallets
closed while in the co
untry.
Mr Mwaisaka said the government was fighting back with a vigorous cam
paign
to revitalise the industry and woo visitors.
He said security in natio
nal parks would be stepped up, more roads would be
built and accommodation w
ould be improved.
'Protection of endangered species like elephants and rhino
s has received
priority,' he added.
'Poaching has been reduced to almost zer
o and an elaborate security network
put in place to ensure tourists' safety
and increased comfort,' he added.
The government has also begun aerial surve
illance of game parks and issued
advice about which areas of Nairobi are con
sidered dangerous. Fears for the
safety of tourists have been fuelled by att
acks in game parks, particularly
the Masai Mara reserve.
Germany and the US
have warned their nationals not to go to parks while
Britain and Australia h
ave cautioned against travel in parks when
unaccompanied by rangers.
Kenya,
which rejected International Monetary Fund and World Bank-backed
reforms las
t month, badly needs tourists to help purchase essential imports
and service
a Dollars 7.1bn foreign debt.
President Daniel arap Moi, angered over an IM
F refusal to reinstate critical
balance of payments support of around Dollar
s 40m a month, two weeks ago
called a halt to liberalisation policies and sa
id Kenya would go its own
way.
Countries:-
KEZ Kenya
, Africa.
Industries:-
P9311 Finance, Taxation, and Mon
etary Policy.
P9611 Administration of General Economic Programs.
<
XX>
Types:-
GOVT Government News.
The Financial Times
London Page 6
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930
406
FT 06 APR 93 / Kenya's tourist industry suffers big
fall in revenue
By REUTER
NA
IROBI
TOURISM in Kenya dropped sharply last year, reducin
g hard currency revenues
from the industry to Dollars 295m from Dollars 400m
(Pounds 195m from Pounds
266m) in 1991, a government official said yesterda
y, Reuter reports from
Nairobi.
Mr Philemon Mwaisaka, permanent secretary at
the ministry of tourism, blamed
the sharp downturn in visits to safari park
s or Indian Ocean beaches on
reports in western countries, where most visito
rs come from, about attacks
on tourists, tribal violence and political unres
t.
'Imagined insecurity in Kenya had convinced European-based tourists that
the
country was not safe,' he said.
The run-up to December's first multi-par
ty polls in 26 years was marred by
tribal violence.
This, coupled with bandi
t attacks on tourists, led to a fall in hotel
bookings of up to 60,000 bed-n
ights in the last five months of 1992, tourism
officials say.
Last year, som
e 700,000 tourists visited Kenya after a record 814,000 in
1991. But many, e
nticed by cheap bucket-shop deals, kept their wallets
closed while in the co
untry.
Mr Mwaisaka said the government was fighting back with a vigorous cam
paign
to revitalise the industry and woo visitors.
He said security in natio
nal parks would be stepped up, more roads would be
built and accommodation w
ould be improved.
'Protection of endangered species like elephants and rhino
s has received
priority,' he added.
'Poaching has been reduced to almost zer
o and an elaborate security network
put in place to ensure tourists' safety
and increased comfort,' he added.
The government has also begun aerial surve
illance of game parks and issued
advice about which areas of Nairobi are con
sidered dangerous. Fears for the
safety of tourists have been fuelled by att
acks in game parks, particularly
the Masai Mara reserve.
Germany and the US
have warned their nationals not to go to parks while
Britain and Australia h
ave cautioned against travel in parks when
unaccompanied by rangers.
Kenya,
which rejected International Monetary Fund and World Bank-backed
reforms las
t month, badly needs tourists to help purchase essential imports
and service
a Dollars 7.1bn foreign debt.
President Daniel arap Moi, angered over an IM
F refusal to reinstate critical
balance of payments support of around Dollar
s 40m a month, two weeks ago
called a halt to liberalisation policies and sa
id Kenya would go its own
way.
Countries:-
KEZ Kenya
, Africa.
Industries:-
P9311 Finance, Taxation, and Mon
etary Policy.
P9611 Administration of General Economic Programs.
<
XX>
Types:-
GOVT Government News.
The Financial Times
London Page 6
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_AN-DDFCIABMFT
930
406
FT 06 APR 93 / Kenya's tourist industry suffers big
fall in revenue
By REUTER
NA
IROBI
TOURISM in Kenya dropped sharply last year, reducin
g hard currency revenues
from the industry to Dollars 295m from Dollars 400m
(Pounds 195m from Pounds
266m) in 1991, a government official said yesterda
y, Reuter reports from
Nairobi.
Mr Philemon Mwaisaka, permanent secretary at
the ministry of tourism, blamed
the sharp downturn in visits to safari park
s or Indian Ocean beaches on
reports in western countries, where most visito
rs come from, about attacks
on tourists, tribal violence and political unres
t.
'Imagined insecurity in Kenya had convinced European-based tourists that
the
country was not safe,' he said.
The run-up to December's first multi-par
ty polls in 26 years was marred by
tribal violence.
This, coupled with bandi
t attacks on tourists, led to a fall in hotel
bookings of up to 60,000 bed-n
ights in the last five months of 1992, tourism
officials say.
Last year, som
e 700,000 tourists visited Kenya after a record 814,000 in
1991. But many, e
nticed by cheap bucket-shop deals, kept their wallets
closed while in the co
untry.
Mr Mwaisaka said the government was fighting back with a vigorous cam
paign
to revitalise the industry and woo visitors.
He said security in natio
nal parks would be stepped up, more roads would be
built and accommodation w
ould be improved.
'Protection of endangered species like elephants and rhino
s has received
priority,' he added.
'Poaching has been reduced to almost zer
o and an elaborate security network
put in place to ensure tourists' safety
and increased comfort,' he added.
The government has also begun aerial surve
illance of game parks and issued
advice about which areas of Nairobi are con
sidered dangerous. Fears for the
safety of tourists have been fuelled by att
acks in game parks, particularly
the Masai Mara reserve.
Germany and the US
have warned their nationals not to go to parks while
Britain and Australia h
ave cautioned against travel in parks when
unaccompanied by rangers.
Kenya,
which rejected International Monetary Fund and World Bank-backed
reforms las
t month, badly needs tourists to help purchase essential imports
and service
a Dollars 7.1bn foreign debt.
President Daniel arap Moi, angered over an IM
F refusal to reinstate critical
balance of payments support of around Dollar
s 40m a month, two weeks ago
called a halt to liberalisation policies and sa
id Kenya would go its own
way.
Countries:-
KEZ Kenya
, Africa.
Industries:-
P9311 Finance, Taxation, and Mon
etary Policy.
P9611 Administration of General Economic Programs.
<
XX>
Types:-
GOVT Government News.
The Financial Times
London Page 6
============= Transaction # 231 ==============================================
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93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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930
726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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930
726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
============= Transaction # 234 ==============================================
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930
726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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921
022
FT 22 OCT 92 / British tourist killed by gunmen on E
gypt tour
By TONY WALKER
CAI
RO
A BRITISH tourist was killed and two wounded yesterday
when gunmen opened
fire on a tour bus near the southern Egyptian town of As
siut - a hotbed of
Islamic extremism.
An official in Assiut said the woman t
ourist had died of wounds in hospital.
The incident could hardly be a worse
advertisement for Egypt's lucrative
tourist industry expected to be worth so
me Dollars 3bn this year.
Tourism is easily the hard-pressed country's main
foreign exchange earner.
Yesterday's shooting followed a similar episode ear
lier this month when
Moslem militants fired automatic weapons at a Nile crui
ser with German
tourists on board.
Egyptian police said that gunmen ambushed
the tour bus near the town of
Dayrut, some 270km south of Cairo. Dayrut has
, for months, been the focus of
a bitter feud between Islamic militants and
security forces, marked by
persistent violence.
The Egyptian government has
been battling a resurgent Islamic movement whose
activities were brought int
o sharper focus by the recent earthquake, with
the authorities accusing fund
amentalists of seeking to exploit the tragedy
for political purposes.
Distur
bances on the streets of Cairo last weekend, apparently inspired by
Islamic
militants and in which government relief efforts were openly
criticised, hav
e been regarded as an ominous development.
The Financial Times
London Page 4
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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022
FT 22 OCT 92 / British tourist killed by gunmen on E
gypt tour
By TONY WALKER
CAI
RO
A BRITISH tourist was killed and two wounded yesterday
when gunmen opened
fire on a tour bus near the southern Egyptian town of As
siut - a hotbed of
Islamic extremism.
An official in Assiut said the woman t
ourist had died of wounds in hospital.
The incident could hardly be a worse
advertisement for Egypt's lucrative
tourist industry expected to be worth so
me Dollars 3bn this year.
Tourism is easily the hard-pressed country's main
foreign exchange earner.
Yesterday's shooting followed a similar episode ear
lier this month when
Moslem militants fired automatic weapons at a Nile crui
ser with German
tourists on board.
Egyptian police said that gunmen ambushed
the tour bus near the town of
Dayrut, some 270km south of Cairo. Dayrut has
, for months, been the focus of
a bitter feud between Islamic militants and
security forces, marked by
persistent violence.
The Egyptian government has
been battling a resurgent Islamic movement whose
activities were brought int
o sharper focus by the recent earthquake, with
the authorities accusing fund
amentalists of seeking to exploit the tragedy
for political purposes.
Distur
bances on the streets of Cairo last weekend, apparently inspired by
Islamic
militants and in which government relief efforts were openly
criticised, hav
e been regarded as an ominous development.
The Financial Times
London Page 4
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11
FT 11 MAR 93 / Egyptian crackdown leaves 14 militants
dead
By MARK NICHOLSON
CAIR
O
EGYPTIAN security forces have shot and killed 14 allege
d militants in a
bloody two-day crackdown on Islamic groups behind recent at
tacks on
tourists. At least four policemen, a woman and a child also died in
the
raids - among the bloodiest clashes in Egypt in a decade.
Thirteen peop
le died in shootouts in and around Cairo yesterday as police
and special ope
rations officers launched nine dawn raids on alleged Islamic
militant hideou
ts. A further seven alleged militants died in a clash on
Tuesday night after
police surrounded a mosque in Aswan, the popular tourist
resort in Upper Eg
ypt.
The incident is only the second in Aswan since the recent spate of viol
ence
in Egypt. Two police officers guarding a church were shot dead by milit
ants
on March 6 and Tuesday's raid appears to have followed a tough police
r
esponse to the attacks.
The police crackdown is the harshest and most violen
t yet in the
government's continuing fight against the Gama'a al-Islamiyya,
the shadowy
Islamic militant group which claims to be behind recent attacks
on tourists.
There have been few more violent clashes between police and all
eged
extremists since the aftermath of President Sadat's assassination in 19
81.
Police have rounded up hundreds, and possibly thousands of alleged Gama'
a
al-Islamiyya activists since attacks on tourists began last summer and
cla
shes between militants and police have been sustained at a low level over
th
e past several months leaving, by some estimates, 15 dead and 33 wounded
bef
ore the last two days' violence.
But yesterday's raids appear to signal a ne
w resolve within the government
to bear down even more heavily on the milita
nt groups, whose attacks on
foreign visitors have devastated the country's t
ourism industry.
Cancellations are estimated by the government to be costing
Dollars 70m
(Pounds 49m) a month.
President Hosni Mubarak said in a recent
US newspaper interview that he was
prepared to use a 'very heavy hand' again
st the Islamic militants. Saying
that he believed their attacks had peaked,
he nevertheless told the
Washington Post: 'I'll be very strict with them. I'
m very strict with these
people for the sake of the country and the people.'
An Interior Ministry statement yesterday said that the series of raids,
whi
ch took place in central, northern and western Cairo, led to several
arrests
, including that of two un-named men claimed to be among the 'top
leadership
' of the Gama'a al-Islamiyya. The ministry said several guns and
explosives
were also seized.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
PEOP Personnel News.
GOVT Legal issues.
The Financial Times
London Page 6
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27
FT 27 FEB 92 / Rio business protests at rising crime
By CHRISTINA LAMB
RIO DE JAN
EIRO
THOUSANDS of Rio's hoteliers, shopkeepers, businessm
en and tourist agents
held a demonstration along Copacabana beach yesterday
to protest against the
resort's increasing violence, which, they say, is des
troying its tourist
industry.
Since 1987, the number of tourists visiting Br
azil has plummetted from
almost 2m to 800,000, largely because of Rio's spir
alling crime rate. As a
result, Rio has suffered an estimated Dollars 400m l
oss in revenue,
according to Mr Ronaldo Monterosa, president of Embratur, th
e Brazilian
tourist authority.
'Over the last five years we have watched tou
rism collapse,' said Mr Philip
Carruthers, general manager of the Copacabana
Palace hotel and president of
the Association of Hoteliers.
'Occupancy of f
ive-star hotels in peak months has fallen from 97 per cent to
63 per cent. T
he main reason is Rio's appalling image, which is based on a
fundamental rea
lity - complete lack of security.'
He complained that his hotel staff have t
o prevent guests leaving the hotel
with cameras, jewellery or watches becaus
e of the 'complete ineffectiveness'
of the police. 'The police here are part
of the problem rather than the
solution.'
Immediately after the press confe
rence, two journalists were stopped at
knifepoint near the hotel and opposit
e a police cabin.
Mr Paulo Protasio, head of Rio's Chamber of Commerce, said
'we need to
mobilise Rio's taxpayers to see that this constant drop in tour
ism, which is
the state's principal economic activity, is jeopardising every
one's jobs.'
He said the aim of yesterday's march was to press the state aut
horities into
taking action.
Rio's commercial and tourism associations have
presented a plan to the state
governor for the creation of a new 1,500-stron
g bilingual tourist police
force which would be well-paid and better motivat
ed.
Mr Protasio pointed out that Rio should be capitalising on the World
Env
ironment Conference, which it is hosting in June, to present a new image.
The Financial Times
London Page 5
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26
FT 26 MAY 93 / Amnesty attacks Egypt's record
By MARK NICHOLSON
CAIRO
THE Egyptian government's continuing battle against Islamic extremis
ts has
led to a 'dramatic increase in human rights abuse,' according to a re
port by
Amnesty International, the London-based human rights group. It says
Egyptian
security forces 'appear to have been given a licence to kill with i
mpunity'.
The report follows Egypt's increasingly tough response to extremis
t attacks
against police and tourist targets, which Amnesty says has involve
d mass
arrests, torture, unfair political trials and death sentences.
Amnest
y cites allegations of police killing Islamic suspects who were not
offering
resistance, of torture in police stations and deaths in custody.
The Egypti
an government has in the past year rounded up thousands of
suspected members
of the Gama'a al-Islamiyya, the extremist Islamic group
behind a persistent
campaign of attacks on police, government figures and
tourist targets which
has led to an economically crippling wave of tourist
cancellations.
Amnesty
puts the number of those detained under emergency provision, a
figure not r
eleased by the government, at 2,000 or more.
It says more than 160 people ha
ve died in the past year's political
violence.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Ord
er and Safety, NEC.
Types:-
NEWS General News.
<
PUB>The Financial Times
London Page 6
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027
FT 27 OCT 93 / Tourists shot in Cairo hotel
By MARK NICHOLSON
CAIRO
A GUNMAN opened fire in the restaurant of a luxury tourist hotel in C
airo
last night, killing three people and severely wounding four others, wri
tes
Mark Nicholson in Cairo. The attack is the worst on foreigners in Egypt
in
the past 18 months, which has seen sporadic violence against tourists by
Islamic extremists.
Police said the gunman, who had been sitting in the Felu
cca restaurant of
the Semiramis Intercontinental Hotel, suddenly stood up an
d fired on diners
with a revolver.
The shooting is likely to be a devastatin
g blow to Egypt's tourism industry,
already crippled by earlier attacks.
It
happened on the same day as President Hosni Mubarak sought to assure his
US
hosts in Washington that Egypt's recent security problems were resolved.
His
confidence was based on a lull in attacks after security operations
against
suspected militants.
An American, an Italian and a third person of unknown
origin died in the
shooting, doctors said. The injured included another Amer
ican, a Syrian and
a French citizen. The gunman and two others were arrested
.
Last year an English woman was shot by extremists in Upper Egypt, while a
Turk and a Swede died in the bombing of a Cairo cafe in February.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
IN>P9229 Public Order and Safety, NEC.
Types:-
NEWS Ge
neral News.
The Financial Times
London Page 8
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027
FT 27 OCT 92 / Extremists' knife enters near Egypt's
heart: The threat to tourism from the recent attacks on foreigners
By TONY WALKER and MICHAEL SKAPINKER
LAST M
ONTH Mr Fouad Sultan, Egypt's tourism minister, boasted that the
country had
'the least terrorism of all the countries of the world. . . .'
and that 'ev
erything is under control'.
Mr Sultan, regarded as one of the better perform
ers of a generally
lacklustre Egyptian administration, could be excused for
wondering whether
he might not have erred by tempting fate.
A sudden rash of
Islamic extremist violence against tourists is endangering
the country's mu
lti-billion dollar tourism industry at a time when it was
achieving spectacu
lar growth rates and new investment was pouring into the
sector.
The slaying
last Wednesday of a British tourist south of Cairo and the
stabbings at the
weekend of Russian visitors to Port Said at the entrance to
the Suez Canal
have cast a pall over an industry that had been reaping
tremendous rewards s
ince the end of the Gulf war.
Together with concern engendered by the Cairo
earthquake which killed up to
600 people (none of them tourists) these lates
t incidents have drawn
unwelcome attention to the possible dangers of Third
World travel,
especially in a country where Islamic extremism is on the rise
.
Tour operators and large hotels contacted in Cairo yesterday said they wer
e
experiencing cancellations among both individuals and, more worryingly, to
ur
groups - the lifeblood of the industry.
The Cairo Marriott said that tour
operators were reporting that group
numbers would be down by as much as 20
per cent. Italian groups - tourism
from Italy has been booming - were promin
ent among those notifying
cancellations.
Foreign embassies in Cairo, sensiti
ve to the importance of tourism to the
hard-pressed Egyptian economy, have b
een guarded in their comments on
dangers to visitors, but most western missi
ons have felt obliged, in
response to inquiries, to point out the risks
In L
ondon, Thomson, the UK's biggest travel company, said it saw no reason
at th
e moment to be concerned about future bookings or the safety of its 700
cust
omers currently in Egypt.
The company, which takes 25,000 tourists to Egypt
annually, said: 'These are
isolated incidents, just as there was another bom
bing in London on Sunday
night.' Thomson said it had had 'one or two' cancel
lations.
Kuoni Travel, which carries 15,000 UK tourists to Egypt a year, sai
d it had
one cancellation last Friday.
Mr Martin Thompson, managing director
of Abercrombie & Kent Travel, an
upmarket operator, said: 'We believe that
people should not go off the
beaten track in Egypt.' The company, which take
s 11,000 tourists to Egypt
each year from the UK, the US and Australia, said
: 'We're keeping our ears
close to the ground both here and in Cairo. But no
body in London has
cancelled so far.'
However, Egyptian tour operators fear
a return of the gloomy Gulf war period
and its aftermath during which Nile f
erries sailed empty and hotel occupancy
rates plummeted.
With investment of
more than USDollars 1bn planned for an industry which is
Egypt's biggest for
eign currency earner, apart from workers' remittances,
the stakes are high.
A million Egyptians are estimated to derive their
livelihood either directly
or indirectly from the tourism sector, which
contributes 6 per cent of gros
s domestic product.
Barring accidents, Mr Sultan had predicted that numbers
of visitors would
grow to 5m annually by financial year 1994/95. This would
represent a 400
per cent increase in tourist numbers in a decade, and there
remains scope
for further growth.
Hotel room capacity in Egypt has more than
doubled since 1985 to 53,000,
barely keeping pace with demand. Another 14,0
00 are under construction and
there are plans for more.
Businessmen with pro
jects already under way are unlikely to be deflected by
the recent troubles,
but those planning to make commitments may pause; for
whatever officials mi
ght say about internal stability, there is increasing
concern about a surge
in fundamentalist violence amid growing signs of
disaffection with the estab
lished order.
Unless, the authorities can find a way to neutralise Islamic m
ilitants,
prospects are for more rather than less trouble. Ominously, extrem
ists under
the umbrella of al-gama'a al-Islamiya (literally, Islamic groups)
appear to
have decided to target visitors as a means of undermining the gov
ernment's
authority.
Anonymous spokesmen have, since August, been threatenin
g to strike at
tourists and tourist installations. That they have now made g
ood their
threats suggests that a rudimentary network exists to carry out pi
n-prick
attacks. The militants may have found the government's Achilles heel
.
The Financial Times
London Page 8
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25
FT 25 SEP 93 / Taxi war highlights big growth in rack
eteering
By PATRICK BLUM
THE MURDER
of a taxi driver this week during the middle of the day on
Wenceslas Square
, one of Prague's main tourist and shopping boulevards,
highlights the growi
ng lawlessness sweeping the city's taxi trade, writes
Patrick Blum.
Thursday
's victim had come to the defence of a woman passenger violently
ejected fro
m another taxi whose driver felt her destination was not distant
enough to b
e profitable. According to CTK, the Czech news agency, the victim
was kicked
to death by the other driver for suggesting his behaviour gave
taxi drivers
a bad reputation and would soon leave them with only themselves
to drive ar
ound the city.
The killing was only the latest in a series of violent incide
nts which have
claimed the lives of several drivers. The rising violence aga
inst taxi
drivers, and the control of taxi stands by Mafia-style gangs, have
led the
Association of Prague Taxi Operators to call for action by the city
authorities to improve safety and restore law and order but until now littl
e
has been done to improve the situation.
A delegation of taxi drivers yeste
rday appealed to the mayor, Mr Jan Koukal,
to 'free the Prague taxi service
from the influence of people who assert
their right to decide who will or wi
ll not use taxi stands and who
recklessly decide on the unprecedented overch
arging of customers.'
Last June, the association warned that organised group
s were forcing honest
drivers away from the taxi stands through threats and
by attacking them and
damaging their vehicles. The association says the gang
s consists of former
secret police drivers, illegal money changers, and deal
ers in black market
goods.
It is not uncommon for taxi drivers to insist on
a flat payment - usually
several times the meter fare - or refuse to carry p
assengers. Dishonest
drivers prey on unwary tourists and often ask for much
more than the normal
fare of Kcs12 (27p)per kilometre. This correspondent wa
s thrown out -
verbally - of a taxi on Old Town Square, the heart of the Cze
ch capital,
packed with thousands of tourists on any summer day, for insisti
ng that the
driver switch on his meter rather than pay a pre-set amount repr
esenting
five times the real cost of the trip. My threat to report the incid
ent to
the police met with a laugh and a shrug.
But while many honest taxi d
rivers are driven out of business or face
threats, unwary passengers have al
so been robbed and attacked by drivers.
For tourists it is best to avoid the
taxi ranks in the town centre, and call
a reliable taxi company on the tele
phone to avoid unpleasant surprises.
As elsewhere in central and eastern Eur
ope, the demise of communism has
opened the door to the emergence of a new u
nderworld involving a variety of
criminal activities including racketeering,
protection, prostitution, drugs
dealing, and the illegal trade in arms and
radio-active materials. Violence
is not uncommon as gangs fight for control,
while an understaffed,
under-resourced, inexperienced and under-paid police
force is overwhelmed by
the rise in criminality.
Countries:-
<
/XX>
PLZ Poland, East Europe.
Industries:-
P9229 P
ublic Order and Safety, NEC.
P4121 Taxicabs.
Types:-
TECH Safety & Standards.
The Financial Times
Lon
don Page 3
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25
FT 25 SEP 93 / Taxi war highlights big growth in rack
eteering
By PATRICK BLUM
THE MURDER
of a taxi driver this week during the middle of the day on
Wenceslas Square
, one of Prague's main tourist and shopping boulevards,
highlights the growi
ng lawlessness sweeping the city's taxi trade, writes
Patrick Blum.
Thursday
's victim had come to the defence of a woman passenger violently
ejected fro
m another taxi whose driver felt her destination was not distant
enough to b
e profitable. According to CTK, the Czech news agency, the victim
was kicked
to death by the other driver for suggesting his behaviour gave
taxi drivers
a bad reputation and would soon leave them with only themselves
to drive ar
ound the city.
The killing was only the latest in a series of violent incide
nts which have
claimed the lives of several drivers. The rising violence aga
inst taxi
drivers, and the control of taxi stands by Mafia-style gangs, have
led the
Association of Prague Taxi Operators to call for action by the city
authorities to improve safety and restore law and order but until now littl
e
has been done to improve the situation.
A delegation of taxi drivers yeste
rday appealed to the mayor, Mr Jan Koukal,
to 'free the Prague taxi service
from the influence of people who assert
their right to decide who will or wi
ll not use taxi stands and who
recklessly decide on the unprecedented overch
arging of customers.'
Last June, the association warned that organised group
s were forcing honest
drivers away from the taxi stands through threats and
by attacking them and
damaging their vehicles. The association says the gang
s consists of former
secret police drivers, illegal money changers, and deal
ers in black market
goods.
It is not uncommon for taxi drivers to insist on
a flat payment - usually
several times the meter fare - or refuse to carry p
assengers. Dishonest
drivers prey on unwary tourists and often ask for much
more than the normal
fare of Kcs12 (27p)per kilometre. This correspondent wa
s thrown out -
verbally - of a taxi on Old Town Square, the heart of the Cze
ch capital,
packed with thousands of tourists on any summer day, for insisti
ng that the
driver switch on his meter rather than pay a pre-set amount repr
esenting
five times the real cost of the trip. My threat to report the incid
ent to
the police met with a laugh and a shrug.
But while many honest taxi d
rivers are driven out of business or face
threats, unwary passengers have al
so been robbed and attacked by drivers.
For tourists it is best to avoid the
taxi ranks in the town centre, and call
a reliable taxi company on the tele
phone to avoid unpleasant surprises.
As elsewhere in central and eastern Eur
ope, the demise of communism has
opened the door to the emergence of a new u
nderworld involving a variety of
criminal activities including racketeering,
protection, prostitution, drugs
dealing, and the illegal trade in arms and
radio-active materials. Violence
is not uncommon as gangs fight for control,
while an understaffed,
under-resourced, inexperienced and under-paid police
force is overwhelmed by
the rise in criminality.
Countries:-
<
/XX>
PLZ Poland, East Europe.
Industries:-
P9229 P
ublic Order and Safety, NEC.
P4121 Taxicabs.
Types:-
TECH Safety & Standards.
The Financial Times
Lon
don Page 3
============= Transaction # 250 ==============================================
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25
FT 25 SEP 93 / Taxi war highlights big growth in rack
eteering
By PATRICK BLUM
THE MURDER
of a taxi driver this week during the middle of the day on
Wenceslas Square
, one of Prague's main tourist and shopping boulevards,
highlights the growi
ng lawlessness sweeping the city's taxi trade, writes
Patrick Blum.
Thursday
's victim had come to the defence of a woman passenger violently
ejected fro
m another taxi whose driver felt her destination was not distant
enough to b
e profitable. According to CTK, the Czech news agency, the victim
was kicked
to death by the other driver for suggesting his behaviour gave
taxi drivers
a bad reputation and would soon leave them with only themselves
to drive ar
ound the city.
The killing was only the latest in a series of violent incide
nts which have
claimed the lives of several drivers. The rising violence aga
inst taxi
drivers, and the control of taxi stands by Mafia-style gangs, have
led the
Association of Prague Taxi Operators to call for action by the city
authorities to improve safety and restore law and order but until now littl
e
has been done to improve the situation.
A delegation of taxi drivers yeste
rday appealed to the mayor, Mr Jan Koukal,
to 'free the Prague taxi service
from the influence of people who assert
their right to decide who will or wi
ll not use taxi stands and who
recklessly decide on the unprecedented overch
arging of customers.'
Last June, the association warned that organised group
s were forcing honest
drivers away from the taxi stands through threats and
by attacking them and
damaging their vehicles. The association says the gang
s consists of former
secret police drivers, illegal money changers, and deal
ers in black market
goods.
It is not uncommon for taxi drivers to insist on
a flat payment - usually
several times the meter fare - or refuse to carry p
assengers. Dishonest
drivers prey on unwary tourists and often ask for much
more than the normal
fare of Kcs12 (27p)per kilometre. This correspondent wa
s thrown out -
verbally - of a taxi on Old Town Square, the heart of the Cze
ch capital,
packed with thousands of tourists on any summer day, for insisti
ng that the
driver switch on his meter rather than pay a pre-set amount repr
esenting
five times the real cost of the trip. My threat to report the incid
ent to
the police met with a laugh and a shrug.
But while many honest taxi d
rivers are driven out of business or face
threats, unwary passengers have al
so been robbed and attacked by drivers.
For tourists it is best to avoid the
taxi ranks in the town centre, and call
a reliable taxi company on the tele
phone to avoid unpleasant surprises.
As elsewhere in central and eastern Eur
ope, the demise of communism has
opened the door to the emergence of a new u
nderworld involving a variety of
criminal activities including racketeering,
protection, prostitution, drugs
dealing, and the illegal trade in arms and
radio-active materials. Violence
is not uncommon as gangs fight for control,
while an understaffed,
under-resourced, inexperienced and under-paid police
force is overwhelmed by
the rise in criminality.
Countries:-
<
/XX>
PLZ Poland, East Europe.
Industries:-
P9229 P
ublic Order and Safety, NEC.
P4121 Taxicabs.
Types:-
TECH Safety & Standards.
The Financial Times
Lon
don Page 3
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93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
============= Transaction # 256 ==============================================
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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11
FT 11 MAR 93 / Egyptian crackdown leaves 14 militants
dead
By MARK NICHOLSON
CAIR
O
EGYPTIAN security forces have shot and killed 14 allege
d militants in a
bloody two-day crackdown on Islamic groups behind recent at
tacks on
tourists. At least four policemen, a woman and a child also died in
the
raids - among the bloodiest clashes in Egypt in a decade.
Thirteen peop
le died in shootouts in and around Cairo yesterday as police
and special ope
rations officers launched nine dawn raids on alleged Islamic
militant hideou
ts. A further seven alleged militants died in a clash on
Tuesday night after
police surrounded a mosque in Aswan, the popular tourist
resort in Upper Eg
ypt.
The incident is only the second in Aswan since the recent spate of viol
ence
in Egypt. Two police officers guarding a church were shot dead by milit
ants
on March 6 and Tuesday's raid appears to have followed a tough police
r
esponse to the attacks.
The police crackdown is the harshest and most violen
t yet in the
government's continuing fight against the Gama'a al-Islamiyya,
the shadowy
Islamic militant group which claims to be behind recent attacks
on tourists.
There have been few more violent clashes between police and all
eged
extremists since the aftermath of President Sadat's assassination in 19
81.
Police have rounded up hundreds, and possibly thousands of alleged Gama'
a
al-Islamiyya activists since attacks on tourists began last summer and
cla
shes between militants and police have been sustained at a low level over
th
e past several months leaving, by some estimates, 15 dead and 33 wounded
bef
ore the last two days' violence.
But yesterday's raids appear to signal a ne
w resolve within the government
to bear down even more heavily on the milita
nt groups, whose attacks on
foreign visitors have devastated the country's t
ourism industry.
Cancellations are estimated by the government to be costing
Dollars 70m
(Pounds 49m) a month.
President Hosni Mubarak said in a recent
US newspaper interview that he was
prepared to use a 'very heavy hand' again
st the Islamic militants. Saying
that he believed their attacks had peaked,
he nevertheless told the
Washington Post: 'I'll be very strict with them. I'
m very strict with these
people for the sake of the country and the people.'
An Interior Ministry statement yesterday said that the series of raids,
whi
ch took place in central, northern and western Cairo, led to several
arrests
, including that of two un-named men claimed to be among the 'top
leadership
' of the Gama'a al-Islamiyya. The ministry said several guns and
explosives
were also seized.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
PEOP Personnel News.
GOVT Legal issues.
The Financial Times
London Page 6
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27
FT 27 FEB 92 / Rio business protests at rising crime
By CHRISTINA LAMB
RIO DE JAN
EIRO
THOUSANDS of Rio's hoteliers, shopkeepers, businessm
en and tourist agents
held a demonstration along Copacabana beach yesterday
to protest against the
resort's increasing violence, which, they say, is des
troying its tourist
industry.
Since 1987, the number of tourists visiting Br
azil has plummetted from
almost 2m to 800,000, largely because of Rio's spir
alling crime rate. As a
result, Rio has suffered an estimated Dollars 400m l
oss in revenue,
according to Mr Ronaldo Monterosa, president of Embratur, th
e Brazilian
tourist authority.
'Over the last five years we have watched tou
rism collapse,' said Mr Philip
Carruthers, general manager of the Copacabana
Palace hotel and president of
the Association of Hoteliers.
'Occupancy of f
ive-star hotels in peak months has fallen from 97 per cent to
63 per cent. T
he main reason is Rio's appalling image, which is based on a
fundamental rea
lity - complete lack of security.'
He complained that his hotel staff have t
o prevent guests leaving the hotel
with cameras, jewellery or watches becaus
e of the 'complete ineffectiveness'
of the police. 'The police here are part
of the problem rather than the
solution.'
Immediately after the press confe
rence, two journalists were stopped at
knifepoint near the hotel and opposit
e a police cabin.
Mr Paulo Protasio, head of Rio's Chamber of Commerce, said
'we need to
mobilise Rio's taxpayers to see that this constant drop in tour
ism, which is
the state's principal economic activity, is jeopardising every
one's jobs.'
He said the aim of yesterday's march was to press the state aut
horities into
taking action.
Rio's commercial and tourism associations have
presented a plan to the state
governor for the creation of a new 1,500-stron
g bilingual tourist police
force which would be well-paid and better motivat
ed.
Mr Protasio pointed out that Rio should be capitalising on the World
Env
ironment Conference, which it is hosting in June, to present a new image.
The Financial Times
London Page 5
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027
FT 27 OCT 93 / Tourists shot in Cairo hotel
By MARK NICHOLSON
CAIRO
A GUNMAN opened fire in the restaurant of a luxury tourist hotel in C
airo
last night, killing three people and severely wounding four others, wri
tes
Mark Nicholson in Cairo. The attack is the worst on foreigners in Egypt
in
the past 18 months, which has seen sporadic violence against tourists by
Islamic extremists.
Police said the gunman, who had been sitting in the Felu
cca restaurant of
the Semiramis Intercontinental Hotel, suddenly stood up an
d fired on diners
with a revolver.
The shooting is likely to be a devastatin
g blow to Egypt's tourism industry,
already crippled by earlier attacks.
It
happened on the same day as President Hosni Mubarak sought to assure his
US
hosts in Washington that Egypt's recent security problems were resolved.
His
confidence was based on a lull in attacks after security operations
against
suspected militants.
An American, an Italian and a third person of unknown
origin died in the
shooting, doctors said. The injured included another Amer
ican, a Syrian and
a French citizen. The gunman and two others were arrested
.
Last year an English woman was shot by extremists in Upper Egypt, while a
Turk and a Swede died in the bombing of a Cairo cafe in February.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
IN>P9229 Public Order and Safety, NEC.
Types:-
NEWS Ge
neral News.
The Financial Times
London Page 8
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25
FT 25 SEP 93 / Taxi war highlights big growth in rack
eteering
By PATRICK BLUM
THE MURDER
of a taxi driver this week during the middle of the day on
Wenceslas Square
, one of Prague's main tourist and shopping boulevards,
highlights the growi
ng lawlessness sweeping the city's taxi trade, writes
Patrick Blum.
Thursday
's victim had come to the defence of a woman passenger violently
ejected fro
m another taxi whose driver felt her destination was not distant
enough to b
e profitable. According to CTK, the Czech news agency, the victim
was kicked
to death by the other driver for suggesting his behaviour gave
taxi drivers
a bad reputation and would soon leave them with only themselves
to drive ar
ound the city.
The killing was only the latest in a series of violent incide
nts which have
claimed the lives of several drivers. The rising violence aga
inst taxi
drivers, and the control of taxi stands by Mafia-style gangs, have
led the
Association of Prague Taxi Operators to call for action by the city
authorities to improve safety and restore law and order but until now littl
e
has been done to improve the situation.
A delegation of taxi drivers yeste
rday appealed to the mayor, Mr Jan Koukal,
to 'free the Prague taxi service
from the influence of people who assert
their right to decide who will or wi
ll not use taxi stands and who
recklessly decide on the unprecedented overch
arging of customers.'
Last June, the association warned that organised group
s were forcing honest
drivers away from the taxi stands through threats and
by attacking them and
damaging their vehicles. The association says the gang
s consists of former
secret police drivers, illegal money changers, and deal
ers in black market
goods.
It is not uncommon for taxi drivers to insist on
a flat payment - usually
several times the meter fare - or refuse to carry p
assengers. Dishonest
drivers prey on unwary tourists and often ask for much
more than the normal
fare of Kcs12 (27p)per kilometre. This correspondent wa
s thrown out -
verbally - of a taxi on Old Town Square, the heart of the Cze
ch capital,
packed with thousands of tourists on any summer day, for insisti
ng that the
driver switch on his meter rather than pay a pre-set amount repr
esenting
five times the real cost of the trip. My threat to report the incid
ent to
the police met with a laugh and a shrug.
But while many honest taxi d
rivers are driven out of business or face
threats, unwary passengers have al
so been robbed and attacked by drivers.
For tourists it is best to avoid the
taxi ranks in the town centre, and call
a reliable taxi company on the tele
phone to avoid unpleasant surprises.
As elsewhere in central and eastern Eur
ope, the demise of communism has
opened the door to the emergence of a new u
nderworld involving a variety of
criminal activities including racketeering,
protection, prostitution, drugs
dealing, and the illegal trade in arms and
radio-active materials. Violence
is not uncommon as gangs fight for control,
while an understaffed,
under-resourced, inexperienced and under-paid police
force is overwhelmed by
the rise in criminality.
Countries:-
<
/XX>
PLZ Poland, East Europe.
Industries:-
P9229 P
ublic Order and Safety, NEC.
P4121 Taxicabs.
Types:-
TECH Safety & Standards.
The Financial Times
Lon
don Page 3
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28
FT 28 AUG 92 / Survey of Malaysia (10): Helpful neigh
bours can also be a liability - Tourism is the only service industry to run
a surplus, but there is anxiety at the central bank
By VICTOR MALLET
TO THE Malaysian tourism industry, Thailan
d is a source of both inspiration
and despair: inspiration, because of its l
ongstanding success in attracting
foreign visitors; despair, because the pol
itical violence in Bangkok in May
has prompted some holidaymakers to cancel
their visits to south-east Asia.
Malaysia is anxious to emulate Thailand's s
uccessful handling of the tourist
trade, not least because the Kuala Lumpur
government is concerned about the
services deficit in the balance of payment
s, and tourism is the only service
industry to run a surplus.
By 1990 - or V
isit Malaysia Year 1990, if you are in the tourism business -
tourists had b
ecome the country's third largest source of foreign exchange,
after manufact
uring and crude oil, although arrivals have since fallen from
that year's to
tal of 7.5m visitors.
In its latest annual report, the Malaysian central ban
k notes with some
Angst that the country's tourism industry is lagging behin
d those of its
neighbours in Asean (the Association of South East Asian Nati
ons) in terms
of the sector's share of gross national product.
Furthermore,
half of Malaysia's visitors are short-stay tourists from
Singapore (day-trip
pers are not counted); the average length of stay in
Malaysia is put at 4.6
nights, against 6.1 for Thailand. Average per diem
spending is MDollars 345
in Thailand, compared with only MDollars 128 in
Malaysia; Thailand has more
than three times as many hotel rooms.
With holidays in the developed world b
ecoming longer and longer, tourists
increasingly favour multi-destination ho
lidays. Malaysia has used the
opportunity to expand its business, particular
ly by forging links with
Thailand and Singapore, the two main air travel gat
eways to south-east Asia
(the slogan for the Malaysia-Singapore tie-up is: '
Fascinating Malaysia,
surprising Singapore: two great countries, one great h
oliday').
The potential disadvantages of such links were graphically illustr
ated in
May, when troops killed at least 50 pro-democracy demonstrators on t
he
streets of Bangkok. Many holidays through the Bangkok gateway were
cancel
led, at least in the short term, and, in the words of Mr Ahmad Bakri
Shabdin
, the director general of the Malaysia Tourism Promotion Board, 'when
they c
ancel, they cancel both legs of a journey'.
That setback, and the competing
lure of the recent Olympic Games in
Barcelona, have left Malaysia struggling
to reach its target of 6.6m
visitors for 1992, although the start of the ne
w high season is yet to come.
The Gulf war helped push down 1991 arrivals to
5.9m from 1990's 7.5m, and
Malaysia had been hoping for a brisk revival.
'C
ome 1992, we were hoping for a recovery, but we are now being affected
very
much by the global recession,' says Mr Bakri Shabdin. 'It has been
compounde
d by the fact that in 1991 many countries developed domestic
tourism.'
In th
e European market, Malaysia finds itself competing with more convenient
dest
inations in America or the Mediterranean; and even in Asia, the most
importa
nt source of tourism, there are problems with the decline of the
Japanese in
centive travel market.
Malaysia has much to offer the tourist, from tropical
beach holidays, scuba
diving and hill resorts in the peninsula to jungle tr
eks and mountain walks
in Borneo, but it has never been able to project a cl
ear image to its
potential customers. The jury is still out on the success o
f Visit Asean
Year 1992 - an attempt to link the six Asean members (Brunei,
Indonesia,
Malaysia, the Philippines, Singapore and Thailand) - but it appea
rs that
Asean is too little known outside the region to make much impact on
the
average tourist.
Tourism officials point vaguely at Malaysia's ethnic di
versity and
interesting history, but admit that the name Malaysia conjures u
p different
and hazy images for different people if it conjures up anything
at all.
'Since 1990 we've decided to highlight our natural resources,' says
Mr Bakri
Shabdin. 'That's one thing we have that is uniquely Malaysian. We a
re
acknowledged as being the home of the oldest rainforest in the world.'
Le
aving aside the controversy over whether that rainforest is being
irreparabl
y destroyed by logging, Malaysia also realised from its 1990
campaign that i
t was worth making an effort to promote the country
vigorously as a tourist
destination, and worth linking its promotions to
special events already sche
duled for Malaysia.
'We learned from 1990 that there is a very marked correl
ation between events
and people arriving in the country,' says Mr Bakri Shab
din. 'We realise that
tourism is very much a consumer-oriented activity, and
therefore we have to
continually make our presence felt in the global touri
sm market.'
The result was a decision to launch another Visit Malaysia Year
in 1994 -
an idea first mooted as early as 1991 and formally inaugurated th
is year -
and to repeat the process every four years. This will fit convenie
ntly with
the Commonwealth Games in Malaysia in 1998.
Malaysia has already s
tarted to release promotional material for the 1994
campaign, featuring a ju
ngle scene with flowers, butterflies and a
waterfall. Tourists are curious,
but it is questionable whether many foreign
visitors will be drawn to Malays
ia by some of the advertised events -
including a squid-fishing festival, an
Asean literature meeting, the Ipoh
half-marathon, the birthday of the state
governor of Malacca and a
bird-singing competition - rather than by Malaysi
a's more permanent charms
of sun, sea, sand and jungle.
Perhaps the importan
t ingredients for reviving the Malaysian tourism
industry will not only be t
he kite shows and Malaysian fruit festivals, but
also the continued investme
nt in real estate (up to 70 hotels and resorts
are planned before the end of
the decade and the number of hotel rooms is
increasing by 10 to 12 per cent
a year), the proposed new airport, and a
recovery in the world economy.
The Financial Times
London Page VI
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940
105
FT 05 JAN 94 / World Trade News: Global tourism clim
bs by 3.8%
By MICHAEL SKAPINKER, Leisure Industries
Correspondent
The number of international tourist arrivals
worldwide last year was about
500m, a 3.8 per cent increase over 1992, accor
ding to the World Tourism
Organisation.
International tourism receipts rose
9 per cent to Dollars 324bn (Pounds
219bn). The East Asian and Pacific regio
n recorded the highest level of
growth last year, with arrivals up 11.8 per
cent to 68.5m.
Tourist receipts in the region rose 15.2 per cent to Dollars
52.6bn.
The Americas recorded the second highest growth, with arrivals up 5.
6 per
cent to 106.5m and receipts up 14.3 per cent to Dollars 95.5bn.
Travel
within North America fell as a result of difficult economic
conditions but
tourists from Europe compensated for the shortfall. The
Caribbean and Latin
America had a successful year, the organisation said.
Europe remained the wo
rld's largest tourist destination, with 296.5m
arrivals last year and receip
ts of Dollars 162.6bn. This represented growth
over 1992 of 2.1 per cent and
5.7 per cent respectively.
Northern European countries had a difficult year
, while eastern and central
European destinations recorded strong growth.
Th
e eastern Mediterranean held up well.
Growth in tourism to Africa was also l
imited, with arrivals up 2 per cent to
17.9m. Tourism receipts were healthie
r, however, growing 8.7 per cent to
Dollars 6.4bn.
The losers last year were
the Middle East and south Asia. The organisation
said the Middle East had f
ailed to maintain its post-Gulf war promise, with
arrivals down 8.4 per cent
to 7.2m. Receipts fell 7.4 per cent to Dollars
4.9bn.
In south Asia, arriva
ls fell by 1.4 per cent to 3.4m, with receipts down 2.9
per cent to Dollars
2bn.
The organisation said it expected international tourist arrivals to ris
e to
661m by 2000 and to 937m by 2010.
Countries:-
XB
Z North America.
XEZ South America.
XGZ Europe.
XOZ Asia.
Industries:-
P7999 Amusement and Recreation, NEC.
<
XX>
Types:-
NEWS General News.
The Financial Times
London Page 4
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05
FT 05 SEP 92 / Township violence reports 'biased'
By PATTI WALDMEIR
JOHANNESBURG
BIASED reporting of township violence in South Africa is
hindering both
peace talks and constitutional negotiations, according to the
South African
Institute of Race Relations, which has published a report det
ailing what it
calls an international campaign of 'disinformation' about Sou
th African
violence.
Organisations such as Amnesty International, the Intern
ational Commission of
Jurists and the South African-based Human Rights Commi
ssion 'distort the
causes of violence', the Institute says. In its 50-page r
eport, it details
cases in which these three organisations have 'ignored the
rules of
evidence', elevated allegation to the level of fact and reported e
vidence
selectively.
All three organisations accuse the mainly Zulu Inkatha
Freedom Party of
being the main perpetrator of political violence, in collus
ion with the
South African police. But, the report says, they ignore the ANC
's role in
township violence: it argues that the ANC's policy of rendering S
outh Africa
ungovernable in the mid-1980s has left a legacy of violence whic
h is
difficult to overcome, and provides evidence that intimidation and coer
cion
often accompany the ANC's mass action campaigns, further fuelling viole
nce.
The report notes that the ANC often relies on the reports of these
orga
nisations to substantiate its accusations against Inkatha and the
government
.
The institute, for its part, argues that it is very difficult to apportion
blame for incidents of township violence, noting that of 2,030 violent
inci
dents analysed for 1991, it was impossible to identify the agent of the
atta
ck in 87 per cent of cases without relying on 'untested allegation or
specul
ation'.
'Reports which are seen to be one-sided can easily fan the flames of
violence', the report concludes.
The Financial Times
London Page 3
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022
FT 22 OCT 92 / British tourist killed by gunmen on E
gypt tour
By TONY WALKER
CAI
RO
A BRITISH tourist was killed and two wounded yesterday
when gunmen opened
fire on a tour bus near the southern Egyptian town of As
siut - a hotbed of
Islamic extremism.
An official in Assiut said the woman t
ourist had died of wounds in hospital.
The incident could hardly be a worse
advertisement for Egypt's lucrative
tourist industry expected to be worth so
me Dollars 3bn this year.
Tourism is easily the hard-pressed country's main
foreign exchange earner.
Yesterday's shooting followed a similar episode ear
lier this month when
Moslem militants fired automatic weapons at a Nile crui
ser with German
tourists on board.
Egyptian police said that gunmen ambushed
the tour bus near the town of
Dayrut, some 270km south of Cairo. Dayrut has
, for months, been the focus of
a bitter feud between Islamic militants and
security forces, marked by
persistent violence.
The Egyptian government has
been battling a resurgent Islamic movement whose
activities were brought int
o sharper focus by the recent earthquake, with
the authorities accusing fund
amentalists of seeking to exploit the tragedy
for political purposes.
Distur
bances on the streets of Cairo last weekend, apparently inspired by
Islamic
militants and in which government relief efforts were openly
criticised, hav
e been regarded as an ominous development.
The Financial Times
London Page 4
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ypt})"
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93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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921
022
FT 22 OCT 92 / British tourist killed by gunmen on E
gypt tour
By TONY WALKER
CAI
RO
A BRITISH tourist was killed and two wounded yesterday
when gunmen opened
fire on a tour bus near the southern Egyptian town of As
siut - a hotbed of
Islamic extremism.
An official in Assiut said the woman t
ourist had died of wounds in hospital.
The incident could hardly be a worse
advertisement for Egypt's lucrative
tourist industry expected to be worth so
me Dollars 3bn this year.
Tourism is easily the hard-pressed country's main
foreign exchange earner.
Yesterday's shooting followed a similar episode ear
lier this month when
Moslem militants fired automatic weapons at a Nile crui
ser with German
tourists on board.
Egyptian police said that gunmen ambushed
the tour bus near the town of
Dayrut, some 270km south of Cairo. Dayrut has
, for months, been the focus of
a bitter feud between Islamic militants and
security forces, marked by
persistent violence.
The Egyptian government has
been battling a resurgent Islamic movement whose
activities were brought int
o sharper focus by the recent earthquake, with
the authorities accusing fund
amentalists of seeking to exploit the tragedy
for political purposes.
Distur
bances on the streets of Cairo last weekend, apparently inspired by
Islamic
militants and in which government relief efforts were openly
criticised, hav
e been regarded as an ominous development.
The Financial Times
London Page 4
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11
FT 11 MAR 93 / Egyptian crackdown leaves 14 militants
dead
By MARK NICHOLSON
CAIR
O
EGYPTIAN security forces have shot and killed 14 allege
d militants in a
bloody two-day crackdown on Islamic groups behind recent at
tacks on
tourists. At least four policemen, a woman and a child also died in
the
raids - among the bloodiest clashes in Egypt in a decade.
Thirteen peop
le died in shootouts in and around Cairo yesterday as police
and special ope
rations officers launched nine dawn raids on alleged Islamic
militant hideou
ts. A further seven alleged militants died in a clash on
Tuesday night after
police surrounded a mosque in Aswan, the popular tourist
resort in Upper Eg
ypt.
The incident is only the second in Aswan since the recent spate of viol
ence
in Egypt. Two police officers guarding a church were shot dead by milit
ants
on March 6 and Tuesday's raid appears to have followed a tough police
r
esponse to the attacks.
The police crackdown is the harshest and most violen
t yet in the
government's continuing fight against the Gama'a al-Islamiyya,
the shadowy
Islamic militant group which claims to be behind recent attacks
on tourists.
There have been few more violent clashes between police and all
eged
extremists since the aftermath of President Sadat's assassination in 19
81.
Police have rounded up hundreds, and possibly thousands of alleged Gama'
a
al-Islamiyya activists since attacks on tourists began last summer and
cla
shes between militants and police have been sustained at a low level over
th
e past several months leaving, by some estimates, 15 dead and 33 wounded
bef
ore the last two days' violence.
But yesterday's raids appear to signal a ne
w resolve within the government
to bear down even more heavily on the milita
nt groups, whose attacks on
foreign visitors have devastated the country's t
ourism industry.
Cancellations are estimated by the government to be costing
Dollars 70m
(Pounds 49m) a month.
President Hosni Mubarak said in a recent
US newspaper interview that he was
prepared to use a 'very heavy hand' again
st the Islamic militants. Saying
that he believed their attacks had peaked,
he nevertheless told the
Washington Post: 'I'll be very strict with them. I'
m very strict with these
people for the sake of the country and the people.'
An Interior Ministry statement yesterday said that the series of raids,
whi
ch took place in central, northern and western Cairo, led to several
arrests
, including that of two un-named men claimed to be among the 'top
leadership
' of the Gama'a al-Islamiyya. The ministry said several guns and
explosives
were also seized.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
PEOP Personnel News.
GOVT Legal issues.
The Financial Times
London Page 6
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27
FT 27 FEB 92 / Rio business protests at rising crime
By CHRISTINA LAMB
RIO DE JAN
EIRO
THOUSANDS of Rio's hoteliers, shopkeepers, businessm
en and tourist agents
held a demonstration along Copacabana beach yesterday
to protest against the
resort's increasing violence, which, they say, is des
troying its tourist
industry.
Since 1987, the number of tourists visiting Br
azil has plummetted from
almost 2m to 800,000, largely because of Rio's spir
alling crime rate. As a
result, Rio has suffered an estimated Dollars 400m l
oss in revenue,
according to Mr Ronaldo Monterosa, president of Embratur, th
e Brazilian
tourist authority.
'Over the last five years we have watched tou
rism collapse,' said Mr Philip
Carruthers, general manager of the Copacabana
Palace hotel and president of
the Association of Hoteliers.
'Occupancy of f
ive-star hotels in peak months has fallen from 97 per cent to
63 per cent. T
he main reason is Rio's appalling image, which is based on a
fundamental rea
lity - complete lack of security.'
He complained that his hotel staff have t
o prevent guests leaving the hotel
with cameras, jewellery or watches becaus
e of the 'complete ineffectiveness'
of the police. 'The police here are part
of the problem rather than the
solution.'
Immediately after the press confe
rence, two journalists were stopped at
knifepoint near the hotel and opposit
e a police cabin.
Mr Paulo Protasio, head of Rio's Chamber of Commerce, said
'we need to
mobilise Rio's taxpayers to see that this constant drop in tour
ism, which is
the state's principal economic activity, is jeopardising every
one's jobs.'
He said the aim of yesterday's march was to press the state aut
horities into
taking action.
Rio's commercial and tourism associations have
presented a plan to the state
governor for the creation of a new 1,500-stron
g bilingual tourist police
force which would be well-paid and better motivat
ed.
Mr Protasio pointed out that Rio should be capitalising on the World
Env
ironment Conference, which it is hosting in June, to present a new image.
The Financial Times
London Page 5
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26
FT 26 MAY 93 / Amnesty attacks Egypt's record
By MARK NICHOLSON
CAIRO
THE Egyptian government's continuing battle against Islamic extremis
ts has
led to a 'dramatic increase in human rights abuse,' according to a re
port by
Amnesty International, the London-based human rights group. It says
Egyptian
security forces 'appear to have been given a licence to kill with i
mpunity'.
The report follows Egypt's increasingly tough response to extremis
t attacks
against police and tourist targets, which Amnesty says has involve
d mass
arrests, torture, unfair political trials and death sentences.
Amnest
y cites allegations of police killing Islamic suspects who were not
offering
resistance, of torture in police stations and deaths in custody.
The Egypti
an government has in the past year rounded up thousands of
suspected members
of the Gama'a al-Islamiyya, the extremist Islamic group
behind a persistent
campaign of attacks on police, government figures and
tourist targets which
has led to an economically crippling wave of tourist
cancellations.
Amnesty
puts the number of those detained under emergency provision, a
figure not r
eleased by the government, at 2,000 or more.
It says more than 160 people ha
ve died in the past year's political
violence.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Ord
er and Safety, NEC.
Types:-
NEWS General News.
<
PUB>The Financial Times
London Page 6
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027
FT 27 OCT 93 / Tourists shot in Cairo hotel
By MARK NICHOLSON
CAIRO
A GUNMAN opened fire in the restaurant of a luxury tourist hotel in C
airo
last night, killing three people and severely wounding four others, wri
tes
Mark Nicholson in Cairo. The attack is the worst on foreigners in Egypt
in
the past 18 months, which has seen sporadic violence against tourists by
Islamic extremists.
Police said the gunman, who had been sitting in the Felu
cca restaurant of
the Semiramis Intercontinental Hotel, suddenly stood up an
d fired on diners
with a revolver.
The shooting is likely to be a devastatin
g blow to Egypt's tourism industry,
already crippled by earlier attacks.
It
happened on the same day as President Hosni Mubarak sought to assure his
US
hosts in Washington that Egypt's recent security problems were resolved.
His
confidence was based on a lull in attacks after security operations
against
suspected militants.
An American, an Italian and a third person of unknown
origin died in the
shooting, doctors said. The injured included another Amer
ican, a Syrian and
a French citizen. The gunman and two others were arrested
.
Last year an English woman was shot by extremists in Upper Egypt, while a
Turk and a Swede died in the bombing of a Cairo cafe in February.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
IN>P9229 Public Order and Safety, NEC.
Types:-
NEWS Ge
neral News.
The Financial Times
London Page 8
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027
FT 27 OCT 92 / Extremists' knife enters near Egypt's
heart: The threat to tourism from the recent attacks on foreigners
By TONY WALKER and MICHAEL SKAPINKER
LAST M
ONTH Mr Fouad Sultan, Egypt's tourism minister, boasted that the
country had
'the least terrorism of all the countries of the world. . . .'
and that 'ev
erything is under control'.
Mr Sultan, regarded as one of the better perform
ers of a generally
lacklustre Egyptian administration, could be excused for
wondering whether
he might not have erred by tempting fate.
A sudden rash of
Islamic extremist violence against tourists is endangering
the country's mu
lti-billion dollar tourism industry at a time when it was
achieving spectacu
lar growth rates and new investment was pouring into the
sector.
The slaying
last Wednesday of a British tourist south of Cairo and the
stabbings at the
weekend of Russian visitors to Port Said at the entrance to
the Suez Canal
have cast a pall over an industry that had been reaping
tremendous rewards s
ince the end of the Gulf war.
Together with concern engendered by the Cairo
earthquake which killed up to
600 people (none of them tourists) these lates
t incidents have drawn
unwelcome attention to the possible dangers of Third
World travel,
especially in a country where Islamic extremism is on the rise
.
Tour operators and large hotels contacted in Cairo yesterday said they wer
e
experiencing cancellations among both individuals and, more worryingly, to
ur
groups - the lifeblood of the industry.
The Cairo Marriott said that tour
operators were reporting that group
numbers would be down by as much as 20
per cent. Italian groups - tourism
from Italy has been booming - were promin
ent among those notifying
cancellations.
Foreign embassies in Cairo, sensiti
ve to the importance of tourism to the
hard-pressed Egyptian economy, have b
een guarded in their comments on
dangers to visitors, but most western missi
ons have felt obliged, in
response to inquiries, to point out the risks
In L
ondon, Thomson, the UK's biggest travel company, said it saw no reason
at th
e moment to be concerned about future bookings or the safety of its 700
cust
omers currently in Egypt.
The company, which takes 25,000 tourists to Egypt
annually, said: 'These are
isolated incidents, just as there was another bom
bing in London on Sunday
night.' Thomson said it had had 'one or two' cancel
lations.
Kuoni Travel, which carries 15,000 UK tourists to Egypt a year, sai
d it had
one cancellation last Friday.
Mr Martin Thompson, managing director
of Abercrombie & Kent Travel, an
upmarket operator, said: 'We believe that
people should not go off the
beaten track in Egypt.' The company, which take
s 11,000 tourists to Egypt
each year from the UK, the US and Australia, said
: 'We're keeping our ears
close to the ground both here and in Cairo. But no
body in London has
cancelled so far.'
However, Egyptian tour operators fear
a return of the gloomy Gulf war period
and its aftermath during which Nile f
erries sailed empty and hotel occupancy
rates plummeted.
With investment of
more than USDollars 1bn planned for an industry which is
Egypt's biggest for
eign currency earner, apart from workers' remittances,
the stakes are high.
A million Egyptians are estimated to derive their
livelihood either directly
or indirectly from the tourism sector, which
contributes 6 per cent of gros
s domestic product.
Barring accidents, Mr Sultan had predicted that numbers
of visitors would
grow to 5m annually by financial year 1994/95. This would
represent a 400
per cent increase in tourist numbers in a decade, and there
remains scope
for further growth.
Hotel room capacity in Egypt has more than
doubled since 1985 to 53,000,
barely keeping pace with demand. Another 14,0
00 are under construction and
there are plans for more.
Businessmen with pro
jects already under way are unlikely to be deflected by
the recent troubles,
but those planning to make commitments may pause; for
whatever officials mi
ght say about internal stability, there is increasing
concern about a surge
in fundamentalist violence amid growing signs of
disaffection with the estab
lished order.
Unless, the authorities can find a way to neutralise Islamic m
ilitants,
prospects are for more rather than less trouble. Ominously, extrem
ists under
the umbrella of al-gama'a al-Islamiya (literally, Islamic groups)
appear to
have decided to target visitors as a means of undermining the gov
ernment's
authority.
Anonymous spokesmen have, since August, been threatenin
g to strike at
tourists and tourist installations. That they have now made g
ood their
threats suggests that a rudimentary network exists to carry out pi
n-prick
attacks. The militants may have found the government's Achilles heel
.
The Financial Times
London Page 8
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25
FT 25 SEP 93 / Taxi war highlights big growth in rack
eteering
By PATRICK BLUM
THE MURDER
of a taxi driver this week during the middle of the day on
Wenceslas Square
, one of Prague's main tourist and shopping boulevards,
highlights the growi
ng lawlessness sweeping the city's taxi trade, writes
Patrick Blum.
Thursday
's victim had come to the defence of a woman passenger violently
ejected fro
m another taxi whose driver felt her destination was not distant
enough to b
e profitable. According to CTK, the Czech news agency, the victim
was kicked
to death by the other driver for suggesting his behaviour gave
taxi drivers
a bad reputation and would soon leave them with only themselves
to drive ar
ound the city.
The killing was only the latest in a series of violent incide
nts which have
claimed the lives of several drivers. The rising violence aga
inst taxi
drivers, and the control of taxi stands by Mafia-style gangs, have
led the
Association of Prague Taxi Operators to call for action by the city
authorities to improve safety and restore law and order but until now littl
e
has been done to improve the situation.
A delegation of taxi drivers yeste
rday appealed to the mayor, Mr Jan Koukal,
to 'free the Prague taxi service
from the influence of people who assert
their right to decide who will or wi
ll not use taxi stands and who
recklessly decide on the unprecedented overch
arging of customers.'
Last June, the association warned that organised group
s were forcing honest
drivers away from the taxi stands through threats and
by attacking them and
damaging their vehicles. The association says the gang
s consists of former
secret police drivers, illegal money changers, and deal
ers in black market
goods.
It is not uncommon for taxi drivers to insist on
a flat payment - usually
several times the meter fare - or refuse to carry p
assengers. Dishonest
drivers prey on unwary tourists and often ask for much
more than the normal
fare of Kcs12 (27p)per kilometre. This correspondent wa
s thrown out -
verbally - of a taxi on Old Town Square, the heart of the Cze
ch capital,
packed with thousands of tourists on any summer day, for insisti
ng that the
driver switch on his meter rather than pay a pre-set amount repr
esenting
five times the real cost of the trip. My threat to report the incid
ent to
the police met with a laugh and a shrug.
But while many honest taxi d
rivers are driven out of business or face
threats, unwary passengers have al
so been robbed and attacked by drivers.
For tourists it is best to avoid the
taxi ranks in the town centre, and call
a reliable taxi company on the tele
phone to avoid unpleasant surprises.
As elsewhere in central and eastern Eur
ope, the demise of communism has
opened the door to the emergence of a new u
nderworld involving a variety of
criminal activities including racketeering,
protection, prostitution, drugs
dealing, and the illegal trade in arms and
radio-active materials. Violence
is not uncommon as gangs fight for control,
while an understaffed,
under-resourced, inexperienced and under-paid police
force is overwhelmed by
the rise in criminality.
Countries:-
<
/XX>
PLZ Poland, East Europe.
Industries:-
P9229 P
ublic Order and Safety, NEC.
P4121 Taxicabs.
Types:-
TECH Safety & Standards.
The Financial Times
Lon
don Page 3
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940
207
FT 07 FEB 94 / Business Travel (Travel Update): Carn
ival time
Business travellers to Rio de Janeiro should en
sure they have confirmed
hotel bookings during the five-day Carnival holiday
which begins on February
12. Tourists have not been deterred by reports of
crime and gang violence in
the Brazilian city and local hoteliers say they a
re fully booked.
Countries:-
BRZ Brazil, South Ameri
ca.
Industries:-
P7011 Hotels and Motels.
Ty
pes:-
NEWS General News.
The Financial Times
London Page 13
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413
FT 13 APR 94 / Extra powers for Guatemala army: Wave
of unrest and violence against foreigners
By REUTER
GUATEMALA CITY
Guatemala's Presi
dent Ramiro de Leon announced late on Monday the country's
powerful military
would take charge of internal security in an effort to
combat violence and
growing unrest, Reuter reports from Guatemala City.
'The army. . . will act
with all its energy but within legal limits against
groups who have been com
mitting acts of violence and creating a climate of
instability,' said Mr de
Leon in a televised speech.
Mr de Leon called the national police force 'inc
apable' of ensuring order
but added the army's participation in his new secu
rity plan would not lead
to the militarisation of Guatemala. 'The government
will maintain its
legalistic policies.'
Guatemala has been in a state of cr
isis for the past month with a series of
attacks on foreigners, assassinatio
ns and kidnappings, and Mr de Leon has
been under pressure to deliver tough
solutions to combat unrest.
The president of the country's highest legal bod
y, Mr Epaminondas Gonzalez,
61, was assassinated by gunmen outside his Guate
mala City home 10 days ago.
Hysteria that foreigners might be stealing local
children and selling their
organs for transplants has provoked three attack
s on American tourists in
the past month.
An American journalist, Ms June We
instock, from Fairbanks, Alaska is still
in a coma after an assault by peasa
nts who beat her when she tried to
photograph a child in northern Guatemala.
Mr de Leon, once Guatemala's top human rights official and an outspoken
cri
tic of the country's armed forces, was elected president in June last
year t
o replace former president Jorge Serrano, who was ousted after a
failed bid
for dictatorial powers.
Countries:-
GTZ Guatemala, C
entral America.
Industries:-
P9721 International Affair
s.
Types:-
NEWS General News.
The Financial
Times
London Page 6
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09
FT 09 JUN 93 / Islamic militants bomb bus in Egypt
By ROGER MATTHEWS, Middle East Editor
ISLAMIC extremists killed one man and injured 14 others in a bomb attack on
a tourist bus in Cairo yesterday as part of a continuing campaign to crippl
e
the tourist industry, Egypt's biggest source of foreign revenue.
The terro
rists dropped the bomb from a bridge as the bus travelled through
an underpa
ss towards the pyramids at Giza. It exploded on a car, badly
damaging the ve
hicle and the tourist bus which was following.
One Egyptian died and 14 othe
r people were injured, including five Britons
who were among a party of 39 o
n a one-day visit to Cairo.
The attack was the latest in a year-long campaig
n waged by extremists
primarily against the tourist industry, but which has
also targeted
government ministers, senior security officials and members of
Egypt's
Coptic minority.
The economy has already felt the impact with some
forecasts suggesting a
halving of tourism revenues this year. Over 3m touris
ts visited Egypt last
year with earnings estimated at Dollars 3.2bn (Pounds
2.1bn). Some officials
had forecast an increase to more than Dollars 4bn dur
ing the current year.
President Hosni Mubarak has blamed Iran for being behi
nd the violence, which
he claims is aimed at destabilising his regime. Howev
er, there is also
evidence that widespread poverty, particularly in the sout
h and in inner
city areas, is proving fertile recruiting ground for groups p
ledged to the
introduction of full Islamic government.
The authorities have
responded to the attacks by declaring all-out war on
the extremists and have
used thousands of police and para-military units in
assaults on suspected t
errorist hideouts. Military courts have sentenced 21
extremists to death in
recent months.
Religious broadcasting on the state-run media has also been s
harply
increased in an effort to demonstrate that the regime is more devout
than
its radical opponents.
This has caused growing alarm among more liberal
, secular groups in Cairo
who say that the government is polarising society
and denying greater
democratisation which, they argue, is the only effective
way of defeating
the Islamic extremists.
The British Foreign Office is wait
ing before deciding whether to advise
Britons not to visit Egypt in the wake
of today's terrorist attack.
'Our consul and vice-consul are visiting the s
cene of the incident and will
be reporting back,' the Foreign Office said. A
dvice to visitors to Egypt,
issued in March this year, was that they should
be vigilant at all times,
avoid Dairut and Assiut districts unless carrying
out essential business,
and dress and behave discreetly.
While the highest p
riority was given to protecting visitors, people's safety
could not be guara
nteed and further incidents in Cairo and elsewhere 'must
be expected'.
The A
ssociation of British Travel Agents said it would continue to tell
tourists
of the dangers and urge them to be careful.
More than 80,000 Britons visit E
gypt each year.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 6
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413
FT 13 APR 94 / Extra powers for Guatemala army: Wave
of unrest and violence against foreigners
By REUTER
GUATEMALA CITY
Guatemala's Presi
dent Ramiro de Leon announced late on Monday the country's
powerful military
would take charge of internal security in an effort to
combat violence and
growing unrest, Reuter reports from Guatemala City.
'The army. . . will act
with all its energy but within legal limits against
groups who have been com
mitting acts of violence and creating a climate of
instability,' said Mr de
Leon in a televised speech.
Mr de Leon called the national police force 'inc
apable' of ensuring order
but added the army's participation in his new secu
rity plan would not lead
to the militarisation of Guatemala. 'The government
will maintain its
legalistic policies.'
Guatemala has been in a state of cr
isis for the past month with a series of
attacks on foreigners, assassinatio
ns and kidnappings, and Mr de Leon has
been under pressure to deliver tough
solutions to combat unrest.
The president of the country's highest legal bod
y, Mr Epaminondas Gonzalez,
61, was assassinated by gunmen outside his Guate
mala City home 10 days ago.
Hysteria that foreigners might be stealing local
children and selling their
organs for transplants has provoked three attack
s on American tourists in
the past month.
An American journalist, Ms June We
instock, from Fairbanks, Alaska is still
in a coma after an assault by peasa
nts who beat her when she tried to
photograph a child in northern Guatemala.
Mr de Leon, once Guatemala's top human rights official and an outspoken
cri
tic of the country's armed forces, was elected president in June last
year t
o replace former president Jorge Serrano, who was ousted after a
failed bid
for dictatorial powers.
Countries:-
GTZ Guatemala, C
entral America.
Industries:-
P9721 International Affair
s.
Types:-
NEWS General News.
The Financial
Times
London Page 6
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413
FT 13 APR 94 / Extra powers for Guatemala army: Wave
of unrest and violence against foreigners
By REUTER
GUATEMALA CITY
Guatemala's Presi
dent Ramiro de Leon announced late on Monday the country's
powerful military
would take charge of internal security in an effort to
combat violence and
growing unrest, Reuter reports from Guatemala City.
'The army. . . will act
with all its energy but within legal limits against
groups who have been com
mitting acts of violence and creating a climate of
instability,' said Mr de
Leon in a televised speech.
Mr de Leon called the national police force 'inc
apable' of ensuring order
but added the army's participation in his new secu
rity plan would not lead
to the militarisation of Guatemala. 'The government
will maintain its
legalistic policies.'
Guatemala has been in a state of cr
isis for the past month with a series of
attacks on foreigners, assassinatio
ns and kidnappings, and Mr de Leon has
been under pressure to deliver tough
solutions to combat unrest.
The president of the country's highest legal bod
y, Mr Epaminondas Gonzalez,
61, was assassinated by gunmen outside his Guate
mala City home 10 days ago.
Hysteria that foreigners might be stealing local
children and selling their
organs for transplants has provoked three attack
s on American tourists in
the past month.
An American journalist, Ms June We
instock, from Fairbanks, Alaska is still
in a coma after an assault by peasa
nts who beat her when she tried to
photograph a child in northern Guatemala.
Mr de Leon, once Guatemala's top human rights official and an outspoken
cri
tic of the country's armed forces, was elected president in June last
year t
o replace former president Jorge Serrano, who was ousted after a
failed bid
for dictatorial powers.
Countries:-
GTZ Guatemala, C
entral America.
Industries:-
P9721 International Affair
s.
Types:-
NEWS General News.
The Financial
Times
London Page 6
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413
FT 13 APR 94 / Extra powers for Guatemala army: Wave
of unrest and violence against foreigners
By REUTER
GUATEMALA CITY
Guatemala's Presi
dent Ramiro de Leon announced late on Monday the country's
powerful military
would take charge of internal security in an effort to
combat violence and
growing unrest, Reuter reports from Guatemala City.
'The army. . . will act
with all its energy but within legal limits against
groups who have been com
mitting acts of violence and creating a climate of
instability,' said Mr de
Leon in a televised speech.
Mr de Leon called the national police force 'inc
apable' of ensuring order
but added the army's participation in his new secu
rity plan would not lead
to the militarisation of Guatemala. 'The government
will maintain its
legalistic policies.'
Guatemala has been in a state of cr
isis for the past month with a series of
attacks on foreigners, assassinatio
ns and kidnappings, and Mr de Leon has
been under pressure to deliver tough
solutions to combat unrest.
The president of the country's highest legal bod
y, Mr Epaminondas Gonzalez,
61, was assassinated by gunmen outside his Guate
mala City home 10 days ago.
Hysteria that foreigners might be stealing local
children and selling their
organs for transplants has provoked three attack
s on American tourists in
the past month.
An American journalist, Ms June We
instock, from Fairbanks, Alaska is still
in a coma after an assault by peasa
nts who beat her when she tried to
photograph a child in northern Guatemala.
Mr de Leon, once Guatemala's top human rights official and an outspoken
cri
tic of the country's armed forces, was elected president in June last
year t
o replace former president Jorge Serrano, who was ousted after a
failed bid
for dictatorial powers.
Countries:-
GTZ Guatemala, C
entral America.
Industries:-
P9721 International Affair
s.
Types:-
NEWS General News.
The Financial
Times
London Page 6
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9306
09
FT 09 JUN 93 / Islamic militants bomb bus in Egypt
By ROGER MATTHEWS, Middle East Editor
ISLAMIC extremists killed one man and injured 14 others in a bomb attack on
a tourist bus in Cairo yesterday as part of a continuing campaign to crippl
e
the tourist industry, Egypt's biggest source of foreign revenue.
The terro
rists dropped the bomb from a bridge as the bus travelled through
an underpa
ss towards the pyramids at Giza. It exploded on a car, badly
damaging the ve
hicle and the tourist bus which was following.
One Egyptian died and 14 othe
r people were injured, including five Britons
who were among a party of 39 o
n a one-day visit to Cairo.
The attack was the latest in a year-long campaig
n waged by extremists
primarily against the tourist industry, but which has
also targeted
government ministers, senior security officials and members of
Egypt's
Coptic minority.
The economy has already felt the impact with some
forecasts suggesting a
halving of tourism revenues this year. Over 3m touris
ts visited Egypt last
year with earnings estimated at Dollars 3.2bn (Pounds
2.1bn). Some officials
had forecast an increase to more than Dollars 4bn dur
ing the current year.
President Hosni Mubarak has blamed Iran for being behi
nd the violence, which
he claims is aimed at destabilising his regime. Howev
er, there is also
evidence that widespread poverty, particularly in the sout
h and in inner
city areas, is proving fertile recruiting ground for groups p
ledged to the
introduction of full Islamic government.
The authorities have
responded to the attacks by declaring all-out war on
the extremists and have
used thousands of police and para-military units in
assaults on suspected t
errorist hideouts. Military courts have sentenced 21
extremists to death in
recent months.
Religious broadcasting on the state-run media has also been s
harply
increased in an effort to demonstrate that the regime is more devout
than
its radical opponents.
This has caused growing alarm among more liberal
, secular groups in Cairo
who say that the government is polarising society
and denying greater
democratisation which, they argue, is the only effective
way of defeating
the Islamic extremists.
The British Foreign Office is wait
ing before deciding whether to advise
Britons not to visit Egypt in the wake
of today's terrorist attack.
'Our consul and vice-consul are visiting the s
cene of the incident and will
be reporting back,' the Foreign Office said. A
dvice to visitors to Egypt,
issued in March this year, was that they should
be vigilant at all times,
avoid Dairut and Assiut districts unless carrying
out essential business,
and dress and behave discreetly.
While the highest p
riority was given to protecting visitors, people's safety
could not be guara
nteed and further incidents in Cairo and elsewhere 'must
be expected'.
The A
ssociation of British Travel Agents said it would continue to tell
tourists
of the dangers and urge them to be careful.
More than 80,000 Britons visit E
gypt each year.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 6
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920
711
FT 11 JUL 92 / Belfast is 'a clean, crisp Hibernian
Rio' (official): The Northern Ireland Tourist Board believes battle-scarred
West Belfast could attract visitors. Tim Burt looks at the changes which mak
e the notion plausible
By TIM BURT
TONIGHT is bonfire night in Belfast. Piles of old timber and rubbish are
rea
dy to burn and hundreds of Protestant children, some younger than 10
years o
ld, are looking forward to the big event: the annual celebration of
the Batt
le of the Boyne.
Each year, the fires send a pall of smoke across hardline s
uburbs, reminding
Roman Catholic communities of their rout in 1690 at the ha
nds of William of
Orange. Army helicopters sometimes help spread the smoke a
s they hover over
the crowds, shining spotlights through the haze.
And yet t
he Northern Ireland Tourist Board sees hardline areas as a
potential attract
ion. It suggests visitors seeking a glimpse of the trouble
spots should be e
ncouraged. The board's corporate plan says: 'The
opportunity to harness this
curiosity factor should not be overlooked as a
positive factor in encouragi
ng people to visit and understand Northern
Ireland.'
The invitation from the
tourist board contrasts with the advice I was given
seven years ago by the
Royal Ulster Constabulary. The policeman who
questioned me thumped his bulle
t proof vest and said: 'The Provos are trying
to kill me. What protection ca
n I give you - a Brit - on my doorstep? I
can't do anything if they lift you
. . . my advice is get out of West
Belfast.'
I was about to be charged unde
r the Prevention of Terrorism Act for
gathering information which might be u
seful to a terrorist. Taking pictures
of security bases is forbidden in Nort
hern Ireland and I was an easy catch,
spotted outside the Woodburn army base
by high-powered surveillance cameras
mounted on a pylon over the streets.
T
ension was high then. More than 27 policeman had been killed that year and
t
he security forces were edgy. Tension is expected to rise again tonight
with
the bonfires. The security forces will be on the look out for
'clodding' -
stone-throwing battles which often lead to serious violence. In
the worst pa
rts of West Belfast stones give way to Molotov cocktails or
condom bombs, ho
me-made explosives filled with chemicals and acid. You can
tell condom bombs
by the terrible smell. Gelignite has the sweet aroma of
marzipan.
Shopkeepe
rs will spend the night in cars outside their premises. They claim
the polic
e will not answer calls about burglaries and looting for fear of
being set u
p for a terrorist attack. Officers say they can keep an eye on
many premises
from the security of police stations using the type of
surveillance cameras
which caught me.
The RUC hope any trouble will die out by daybreak. Tomorro
w is the actual
anniversary of the battle between William of Orange and Jame
s II, but the
traditional Orange Day marches have been postponed until Monda
y out of the
respect for the sabbath. The interlude should give Belfast time
to clean up
before the Protestant celebration begins afresh with a two-day
public
holiday.
The uniforms and tunes of the marchers have not changed in y
ears, nor have
the routes they try to take through sectarian areas. But the
landscape of
West Belfast is undergoing a slow and painful facelift. Fewer s
hops and
offices are protected by wire grilles; two new shopping centres hav
e been
built on the site of the old Eastwoods scrapyard; and whole areas of
derelict housing have been razed to make way for new homes.
Divis, the notor
ious republican ghetto which marks the gateway to West
Belfast, is being dem
olished as part of a Pounds 9m investment scheme. The
high-rise blocks have
been one of the main targets of the state Housing
Executive which has built
almost 1,000 new homes a year since 1982.
The redevelopment scheme, part of
a Pounds 200m urban rehabilitation
programme, stretches from the Royal Victo
ria Hospital - the site of the
former Belfast and District Lunatic Asylum -
to the River Lagan on the
fringe of the city. It has helped to reclaim waste
ground and provided the
impetus for Europe's largest community-led environm
ental project: Colin
Glen, a spectacular park which cuts a green swathe thro
ugh the western
suburbs.
These changes have helped make West Belfast into an
area that is, in the
eyes of the tourist board, fit for visitors. Unionist
politicians have
reacted angrily to the board's proposals, claiming tourist
officials are
trying to package the troubles for outsiders. A claim which th
e officials
reject.
They are not the only ones who take a kindlier view of t
ourists. Sinn Fein,
the political wing of the IRA, offers tourists a guide t
o the protest murals
and army bases. And privately, police officers say visi
tors are unlikely to
be detained for taking pictures of security installatio
ns.
Many of the improvements, however, are only cosmetic. Smart railings hav
e
replaced the concrete blocks that used to line grassy areas of the city to
deter joyriders. But joyriding is as prevalent as ever.
The local economy h
as been drained by years of neglect during which the
government directed inv
estment to areas of political preferment. That has
left unemployment averagi
ng 36.7 per cent, rising to more than 60 per cent
in pockets of the Catholic
Falls Road and Protestant Shankhill Road.
With little prospect of work, man
y low income families live on estates
suffering from vandalism and apathy. M
ost Belfast children never encounter
violence or see a bomb thrown, but thos
e who face the dole are not so lucky.
They are ripe for racketeering and par
amilitary recruitment.
The tourist board ignores all this and describes Belf
ast as 'crisp, clean
and inviting . . . a Hibernian Rio'. If the city centre
compares to that
Brazilian metropolis, then West Belfast is its favela: spi
rited but poor.
There is, however, a group of entrepreneurs backed by the In
dustrial
Development Board, which sees investment as the panacea for the pro
blems.
The West Belfast Business Opportunity group claims an enterprise cult
ure is
flourishing, with new companies taking advantage of cheap premises an
d
labour.
The economic optimism has been fuelled by this week's face-to-face
talks
between Ulster leaders and the British and Irish governments.
Local c
ommunity leaders say there is a ripple of hope rather than a wave.
Too many
residents have had expectations raised before only to see them
dashed by ind
ustrial closures, recession and violence. The Phoenix Trust, a
development g
roup, says there is still 'severe multiple deprivation'.
Eamon Hanna, chief
executive of the trust, says: 'This would be a problem
town even if a shot h
ad never been fired . . . it's an uphill battle.' Hanna
and other business l
eaders say winning the economic battle depends on
overcoming the area's poor
image. That image could take a further knock this
weekend if the bonfires b
ecome a prelude to violence and the clodding
persuades outsiders to follow t
he advice I received - get out of West
Belfast.
The Financial T
imes
London Page VIII
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23
FT 23 MAR 93 / Egypt focuses firepower on militants:
Islamic extremists have forced Cairo to write off tourist revenues
By MARK NICHOLSON
EGYPT'S government seems t
o have decided to write off the rest of this
year's tourist season.
A couple
of weeks ago, the government did its best to play down the recent
attacks b
y Islamic militants on tourists. It blamed the media for
exaggerating their
gravity and hired Saatchi & Saatchi to burnish the
country's image abroad.
G
overnment spokesmen said violence by the Gama'a al-Islamiyya, the extremist
group aiming to install an Islamic state in Egypt, had peaked and that 90
pe
r cent of its members had been captured in security sweeps late last year
an
d early this.
The government seemed determined to rescue what it could of it
s tourist
revenues, which according to Mr Fouad Sultan, tourism minister, ar
e 20 per
cent down on last year's record levels, when the industry earned Eg
ypt a
precious Dollars 3.2bn (Pounds 2.25bn). Non-government estimates sugge
st
revenues might in fact be down by half or more.
Now, however, the governm
ent appears to have decided that it is more
important to take the fight to t
he militants than keep Egypt comfortingly
out of the news.
Since the start o
f this month, which saw the most violent clashes between
police and militant
s in a decade, a series of raids on Gama'a hideouts and,
in one case, a full
mosque in Aswan has left more than 40 people dead,
including at least 10 po
licemen.
The government denies it is operating a shoot-to-kill policy agains
t the
Islamic militants, but is taking massive firepower with it in raids on
suspected hideouts. More than 1,000 police, some armed with rocket-propelle
d
grenades, for instance, took part in a nine-hour shoot-out in Asyut this
w
eek in which 10 militants were killed.
The decision to step up the campaign
against the Gama'a appears to reflect
two discomforting factors for the gove
rnment.
The first is that its claim to have rooted out the militants has pro
ven
unfounded. Police and troops continue to be shot and killed in sporadic
incidents in both Upper Egypt - the Gama'a's chief stronghold - and Cairo.
E
ven in the face of tougher policing and tighter security at all main
tourist
spots, the Gama'a still managed to blow up tourist buses last week
outside
the Egyptian museum, a prime tourist attraction. Yesterday it vowed
to aveng
e the Asyut killings with more attacks in Cairo.
The second factor is that t
he Gama'a's aim of hurting the economy, as a
means of destabilising the gove
rnment, has been disconcertingly successful.
Not only is the tourism industr
y, the country's fastest growing and
potentially most lucrative, likely to l
ose about Dollars 700m this year, but
some investors in Egypt's ambitious to
urism development projects are
reported to be getting cold feet.
Businessmen
have also been increasingly skittish since the Gama'a said they
might direc
t attacks at foreign investments in the country. Earlier this
week the US em
bassy called in members of the American business community to
reassure them
that there was no reason to panic. But it is a sign of the
concern among bus
inessmen that most say they unreservedly back the use of
considerable violen
ce against the extremists. 'The government must be very,
very brutal indeed,
' says one.
There is a wide divergence of views among businessmen, diplomats
and other
observers as to the real gravity of the militants' threat. But fe
w doubt
that the considerable might of Egypt's security forces can contain i
t - even
if it not at once. 'The next three months will be very difficult fo
r the
government to control the situation,' says one leading businessman. 'B
ut for
my money I'd prefer it this way, to have it out in the open. Let's ge
t on
with it and get it finished.'
Few, however, believe that force alone wi
ll eradicate the threat from
militant Islamic groups.
In fact, the governmen
t has employed more weapons against the Islamic
militants than just guns, an
d broadened its attack to include the officially
banned Moslem Brotherhood,
which for 60 years has represented Egypt's main
Islamic political grouping a
nd commands significant support.
Parliament has passed a law aimed at making
it more difficult for the
Brotherhood to dominate the elections to professi
onal syndicates, most of
which they control. The government is trying to bri
ng all the country's
mosques under state control and supply the texts for th
e Friday sermon.
The government is also planning to improve services in some
of the country's
worst slums and increase investment in the poorest parts o
f Upper Egypt,
where poverty is believed to offer the Gama'a fertile ground
for recruitment
among Egypt's thousands of disillusioned, young unemployed.
But there are growing calls in Egypt for more radical action. 'The
governmen
t should have an integrated policy to change the society
religiously, econom
ically and socially,' says Mr Said Ashmawy, chief justice
of the supreme cou
rt for state security, who believes that without radical
changes to liberali
se its administration, de-Islamicise the state media and
reform the country'
s education system, 'terrorism unfortunately will last
for many years'.
That
would be profoundly bad news for the Egyptian government, which faces
polit
ical hurdles enough in pushing through tough economic reforms under
joint IM
F and World Bank programmes.
Equally, the recent violence gives the governme
nt a political card to play
with the IMF when it opens negotiations on a sec
ond agreement with the Fund
in the next few weeks.
When President Hosni Muba
rak meets President Clinton in Washington early
next month he will almost ce
rtainly underline the terrorist threat when the
administration brings up the
subject of US aid, of which Egypt is the second
biggest recipient after Isr
ael.
Countries:-
EGZ Egypt, Africa.
Indus
tries:-
P9611 Administration of General Economic Programs.
P92
29 Public Order and Safety, NEC.
Types:-
GOVT Governme
nt News.
The Financial Times
London Page 6
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08
FT 08 MAY 91 / Operators review travel to Yugoslavia
By DAVID CHURCHILL
BRITISH tour ope
rators and travel agents were yesterday reviewing the
position facing travel
to Yugoslavia after the latest outbreak of violence,
David Churchill writes
.
They were concerned about the lack of firm guidance by the Foreign Office
about travel to Yugoslavia. A number of leading operators are understood to
support a move to ban holiday travel to the country in advance of any
Foreig
n Office ruling.
The latest Foreign Office advice is for travellers to avoid
the area between
Karlovac and Sisak in the north of the country and Split a
nd Gospic to the
south, including the coast road. They should also avoid tra
velling in the
area of Croatia to the north of the Zagreb-Belgrade motorway.
The Foreign Office said there was no reason for travellers to avoid the mai
n
cities in the tourist areas of Istria, Slovenia and Montenegro.
Yugotours,
the largest operator to the country and backed by the Yugoslav
government,
has some 2,500 Britons at present on holiday in Yugoslavia.
Last year about
800,000 Britons went to Yugoslavia, mainly to the coastal
seaside resorts, w
here holidays were considerably less expensive than their
Spanish equivalent
.
Even before the Gulf War, however, the market this year was looking bleak
because of the UK recession.
Now Yugoslavia's tourist industry, its biggest
foreign exchange earner,
faces the effects of the nationalist upheavals. Tou
rism brought in an
estimated Dollars 2.2bn (Pounds 1.27bn) in 1989 and at le
ast 10 per cent
more last year.
The Financial Times
London Page 8
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9105
08
FT 08 MAY 91 / Operators review travel to Yugoslavia
By DAVID CHURCHILL
BRITISH tour ope
rators and travel agents were yesterday reviewing the
position facing travel
to Yugoslavia after the latest outbreak of violence,
David Churchill writes
.
They were concerned about the lack of firm guidance by the Foreign Office
about travel to Yugoslavia. A number of leading operators are understood to
support a move to ban holiday travel to the country in advance of any
Foreig
n Office ruling.
The latest Foreign Office advice is for travellers to avoid
the area between
Karlovac and Sisak in the north of the country and Split a
nd Gospic to the
south, including the coast road. They should also avoid tra
velling in the
area of Croatia to the north of the Zagreb-Belgrade motorway.
The Foreign Office said there was no reason for travellers to avoid the mai
n
cities in the tourist areas of Istria, Slovenia and Montenegro.
Yugotours,
the largest operator to the country and backed by the Yugoslav
government,
has some 2,500 Britons at present on holiday in Yugoslavia.
Last year about
800,000 Britons went to Yugoslavia, mainly to the coastal
seaside resorts, w
here holidays were considerably less expensive than their
Spanish equivalent
.
Even before the Gulf War, however, the market this year was looking bleak
because of the UK recession.
Now Yugoslavia's tourist industry, its biggest
foreign exchange earner,
faces the effects of the nationalist upheavals. Tou
rism brought in an
estimated Dollars 2.2bn (Pounds 1.27bn) in 1989 and at le
ast 10 per cent
more last year.
The Financial Times
London Page 8
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940
802
FT 02 AUG 94 / Tourists return to more peaceful Egyp
t
By MARK NICHOLSON
CAIRO
Three months free of Islamic militant attacks on tourist ta
rgets has
encouraged a recovery in Egypt's tourist industry, with Cairo hote
ls
enjoying their highest occupancy rates in more than two years.
Latest tou
rism ministry figures show a 4.5 per cent rise in visitors in May
against th
e same month last year, the first overall rise since militant
groups began a
ttacks on tourist buses, cruise boats and other tourist
targets in late 1992
. Hoteliers say the recovery has strengthened since
then.
The last attacks a
gainst tourist targets came in March, when a few trains
were raked with gunf
ire as they passed through Assiut, a heartland of
militant activity in south
ern Egypt. A German tourist died from injuries
after gunmen fired at a Nile
cruiser passing by Assiut.
Since April the government has repeatedly claimed
its crackdown has
succeeded in breaking the main militant groups, the Gamaa
al-Islamiyya and
Jihad, and prevented them operating outside their traditio
nal strongholds in
Upper Egypt. Mr Hassan al-Alfie, interior minister, said
last week: 'We have
managed to encircle them and put an end to the acts of v
iolence.'
Mr Tony Baldry, parliamentary under-secretary at the Foreign Offic
e, said
during a recent visit to Egypt that he had 'every impression this wa
s a
situation which has been contained, understood, and dealt with'.
The lul
l in violence has encouraged tourism in Cairo, where five-star hotels
report
occupancy rates of between 85-90 per cent against an average of
little over
50 per cent this time last year. 'There's been an
extraordinarily good impr
ovement,' said Mr Richard Bousfield, marketing
director at the Cairo Semiram
is Intercontinental.
The bulk of Cairo's summer visitors are Gulf Arabs. Hot
eliers and tour
operators in Europe say it remains too early to forecast whe
ther European,
American and other tourists will return in large numbers duri
ng the winter
season, which begins in October.
However, some hotels say prov
isional tour bookings for next season are
already twice what they were a yea
r ago.
'Bookings are looking good; they're up for August and early September
, and I
sense already that European tour operators are beginning to respond,
' said
Mr Armin Shrocker, manager of the Nile Hilton hotel.
Egypt attracted
a record 3.2m tourists in 1991-92 before the militant
attacks, garnering har
d-currency earnings calculated by the government at
about Dollars 3bn (Pound
s 1.9bn). It says the anti-tourism violence,
designed by the Gamaa al-Islami
yya militant group to attack the government
by harming the economy, cost Dol
lars 900m in lost revenues last year,
hitting employment and investment in w
hat had been Egypt's fastest-growing
industry.
However, diplomats and other
commentators are cautious about forecasting an
end to militant violence. Mor
eover, the Egyptian government faces a
considerable security test in early S
eptember, when Cairo will attract
around 20,000 participants, including prim
e ministers, to the United Nations
International Conference on Population an
d Development.
On Sunday the Gamaa al-Islamiyya broke a silence of more than
two and a half
months by issuing a faxed statement declaring it intended to
step up
violence in the Upper Egyptian town of Mallawi, 270km south of Cair
o, where
it claimed its members had ambushed and wounded two policemen.
Countries:-
EGZ Egypt, Africa.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
P7011 Hotels and Motels.
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
MKTS Sales.
STATS Statistics.
The Financial Times
London Page 6
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7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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921
027
FT 27 OCT 92 / Extremists' knife enters near Egypt's
heart: The threat to tourism from the recent attacks on foreigners
By TONY WALKER and MICHAEL SKAPINKER
LAST M
ONTH Mr Fouad Sultan, Egypt's tourism minister, boasted that the
country had
'the least terrorism of all the countries of the world. . . .'
and that 'ev
erything is under control'.
Mr Sultan, regarded as one of the better perform
ers of a generally
lacklustre Egyptian administration, could be excused for
wondering whether
he might not have erred by tempting fate.
A sudden rash of
Islamic extremist violence against tourists is endangering
the country's mu
lti-billion dollar tourism industry at a time when it was
achieving spectacu
lar growth rates and new investment was pouring into the
sector.
The slaying
last Wednesday of a British tourist south of Cairo and the
stabbings at the
weekend of Russian visitors to Port Said at the entrance to
the Suez Canal
have cast a pall over an industry that had been reaping
tremendous rewards s
ince the end of the Gulf war.
Together with concern engendered by the Cairo
earthquake which killed up to
600 people (none of them tourists) these lates
t incidents have drawn
unwelcome attention to the possible dangers of Third
World travel,
especially in a country where Islamic extremism is on the rise
.
Tour operators and large hotels contacted in Cairo yesterday said they wer
e
experiencing cancellations among both individuals and, more worryingly, to
ur
groups - the lifeblood of the industry.
The Cairo Marriott said that tour
operators were reporting that group
numbers would be down by as much as 20
per cent. Italian groups - tourism
from Italy has been booming - were promin
ent among those notifying
cancellations.
Foreign embassies in Cairo, sensiti
ve to the importance of tourism to the
hard-pressed Egyptian economy, have b
een guarded in their comments on
dangers to visitors, but most western missi
ons have felt obliged, in
response to inquiries, to point out the risks
In L
ondon, Thomson, the UK's biggest travel company, said it saw no reason
at th
e moment to be concerned about future bookings or the safety of its 700
cust
omers currently in Egypt.
The company, which takes 25,000 tourists to Egypt
annually, said: 'These are
isolated incidents, just as there was another bom
bing in London on Sunday
night.' Thomson said it had had 'one or two' cancel
lations.
Kuoni Travel, which carries 15,000 UK tourists to Egypt a year, sai
d it had
one cancellation last Friday.
Mr Martin Thompson, managing director
of Abercrombie & Kent Travel, an
upmarket operator, said: 'We believe that
people should not go off the
beaten track in Egypt.' The company, which take
s 11,000 tourists to Egypt
each year from the UK, the US and Australia, said
: 'We're keeping our ears
close to the ground both here and in Cairo. But no
body in London has
cancelled so far.'
However, Egyptian tour operators fear
a return of the gloomy Gulf war period
and its aftermath during which Nile f
erries sailed empty and hotel occupancy
rates plummeted.
With investment of
more than USDollars 1bn planned for an industry which is
Egypt's biggest for
eign currency earner, apart from workers' remittances,
the stakes are high.
A million Egyptians are estimated to derive their
livelihood either directly
or indirectly from the tourism sector, which
contributes 6 per cent of gros
s domestic product.
Barring accidents, Mr Sultan had predicted that numbers
of visitors would
grow to 5m annually by financial year 1994/95. This would
represent a 400
per cent increase in tourist numbers in a decade, and there
remains scope
for further growth.
Hotel room capacity in Egypt has more than
doubled since 1985 to 53,000,
barely keeping pace with demand. Another 14,0
00 are under construction and
there are plans for more.
Businessmen with pro
jects already under way are unlikely to be deflected by
the recent troubles,
but those planning to make commitments may pause; for
whatever officials mi
ght say about internal stability, there is increasing
concern about a surge
in fundamentalist violence amid growing signs of
disaffection with the estab
lished order.
Unless, the authorities can find a way to neutralise Islamic m
ilitants,
prospects are for more rather than less trouble. Ominously, extrem
ists under
the umbrella of al-gama'a al-Islamiya (literally, Islamic groups)
appear to
have decided to target visitors as a means of undermining the gov
ernment's
authority.
Anonymous spokesmen have, since August, been threatenin
g to strike at
tourists and tourist installations. That they have now made g
ood their
threats suggests that a rudimentary network exists to carry out pi
n-prick
attacks. The militants may have found the government's Achilles heel
.
The Financial Times
London Page 8
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08
FT 08 MAY 91 / Operators review travel to Yugoslavia
By DAVID CHURCHILL
BRITISH tour ope
rators and travel agents were yesterday reviewing the
position facing travel
to Yugoslavia after the latest outbreak of violence,
David Churchill writes
.
They were concerned about the lack of firm guidance by the Foreign Office
about travel to Yugoslavia. A number of leading operators are understood to
support a move to ban holiday travel to the country in advance of any
Foreig
n Office ruling.
The latest Foreign Office advice is for travellers to avoid
the area between
Karlovac and Sisak in the north of the country and Split a
nd Gospic to the
south, including the coast road. They should also avoid tra
velling in the
area of Croatia to the north of the Zagreb-Belgrade motorway.
The Foreign Office said there was no reason for travellers to avoid the mai
n
cities in the tourist areas of Istria, Slovenia and Montenegro.
Yugotours,
the largest operator to the country and backed by the Yugoslav
government,
has some 2,500 Britons at present on holiday in Yugoslavia.
Last year about
800,000 Britons went to Yugoslavia, mainly to the coastal
seaside resorts, w
here holidays were considerably less expensive than their
Spanish equivalent
.
Even before the Gulf War, however, the market this year was looking bleak
because of the UK recession.
Now Yugoslavia's tourist industry, its biggest
foreign exchange earner,
faces the effects of the nationalist upheavals. Tou
rism brought in an
estimated Dollars 2.2bn (Pounds 1.27bn) in 1989 and at le
ast 10 per cent
more last year.
The Financial Times
London Page 8
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24
FT 24 FEB 92 / Cyprus may face beds shortage as it wo
os the tourists
By MICHAEL SKAPINKER, Leisure Indust
ries Correspondent
TAKE your next holiday in Cyprus, a Poun
ds 1m advertising campaign told UK
television viewers last year. With the Gu
lf war over and war-wracked
Yugoslavia off the tourist map, the Cypriot effo
rt was resoundingly
successful.
So successful indeed that travel companies n
ow fear the number of Britons
arriving in Cyprus this summer might exceed th
e beds available by as many as
50,000.
The Cyprus Tourist Office is struggli
ng to match demand and supply. UK
travel companies and hoteliers in Cyprus a
re being warned that bookings are
above expectations.
Tour operators in othe
r European countries are being told that the British,
who traditionally acco
unt for more than 40 per cent of Cyprus's visitors,
have already booked many
of the rooms.
Travel companies give the tourist office high marks for the s
peed with which
it has acted. 'Of all the tourist offices, they're probably
the most
responsive,' says Mr Roger Allard, managing director of Owners Abro
ad, the
UK holiday company.
Other operators are worried, however. Mr George
Marcall, sales director of
Airtours, another large tour company, insists his
customers will get the
holiday they booked. He is not certain all operators
can say the same.
Alarm bells rang last month, when Cyprus's share of UK su
mmer package
holiday sales reached 12 per cent, double the previous year's l
evel.
The island's hoteliers were, however, hit by the Gulf war last year. W
orried
about another poor season, many sold the same bed to more than one to
ur
operator to ensure that their hotels would be filled. Tour operators say
this is not unusual.
However if current sales trends continue, there could b
e 800,000 British
package tourists this summer. Mr Orestis Rossides, the Cyp
rus Tourist
Office's London director, says there are only about 750,00 beds
available
for them.
Mr Rossides promises that no one will have to sleep on t
he beach. Tourists
whose rooms fail to materialise will be moved to the less
crowded
establishments - with the hoteliers bearing the cost.
The Financial Times
London Page 16
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121
FT 21 JAN 92 / Survey of Egypt (11): Attractions of
peace - Tourists are returning
By CAROLINE SOUTHEY <
/BYLINE>
EGYPT'S tourist industry is celebrating its own victory just
12 months after
it was plunged in gloom by the Gulf crisis.
In the wake of
a publicity drive, Dr Fouad Sultan, the tourism minister, is
ebullient. 'Tre
nds are extremely positive. We are worried about
overbooking,' he says, addi
ng that he hopes this season will be the best on
record.
Last year began on
a less happy note. In the fiscal year July-June 1990-91
the industry recorde
d 16.5m tourist nights compared with the record of 22.1m
the previous year.
The drop in tourist income was even more dramatic - by 60
per cent from Doll
ars 2.5bn to Dollars 1bn.
But the first quarter for this fiscal year (July,
August, September) showed
a strong rebound. In August 1991 the number of tou
rists from Arab countries
rose by 5.6 per cent. The average increase in arri
vals in August 1991 stood
at 2.5 per cent. The recession in the west continu
ed to affect non-Arab
arrivals which fell by 9 per cent.
The activity at som
e of Egypt's famous tourists sites only partly reflects
the improvement show
n by the statistics. In Luxor, site of the Karnak Temple
on the east bank of
the Nile and the Theban necropolis on the west bank,
tour guides confirm an
increase in tourists compared with a year ago, but
say numbers are still we
ll down on 1989.
'We used to have 4,000 tourists a day visiting the tombs in
the Valley of
the Kings before the Gulf crisis. Last year there were days w
hen no-one
came. Now we have 1,000 a day.'
Ferries used by tourists to cross
from the east to the west bank at Luxor
are running well below capacity alt
hough local tour operators reported
capacity bookings in Luxor's 33 hotels f
or January.
Dr Sultan feels confident that occupancy rates at Cairo hotels f
or this
holiday season would reach 98 per cent, 75 per cent in South Sinai (
Sharm el
Sheikh), 60 per cent in Hurghada on the Red Sea coast, and 65-70 pe
r cent in
upper Egypt - Luxor and Aswan.
He attributes some of the success t
o Egypt's marketing campaign after the
end of the Gulf war when the governme
nt and private sector launched a
campaign to sell Egypt as a secure destinat
ion.
Another factor may have been that many tourists had delayed their trave
l
until after the Gulf crisis, contributing to a surge in arrivals in the
ea
rly months of the new fiscal year.
Mr Sultan anticipates that tourist nights
for 1991-1992 will reach something
like 25m (compared with 22.1m in 1989/90
). Income will exceed the Dollars
3bn achieved in 1989/90.
He says that anot
her positive trend has been the fact that many hotels in
Egypt are reporting
tourists returning for a second, third or even fourth
time. Mr Sultan says
the average stay in Luxor, which used to be about one
night, is now three.
T
he main change, he claims, is that people now know Egypt 'not only for
cultu
re, but also for other activities such as leisure and conferences'.
Egypt ha
s encouraged the development of more and better facilities for
tourists over
the last 10 years. As a result an important factor in the
growing number of
arrivals has been the large increase in the number of
hotel beds.
In June 1
991, there were 53,000 rooms compared with fewer than 25,000 rooms
in 1985.
Another 14,000 rooms are under construction and will be completed
in the nex
t couple of years.
Dr Sultan says the authorities have been successful at st
imulating private
sector investment in the tourism sector which is by far Eg
ypt's fastest
growing industry.
There is also evidence that Egyptian nationa
ls with large off-shore dollar
deposits are beginning to invest in the secto
r.
New projects including extensions to the Meridien Hotel in Cairo and
ambi
tious schemes on the Red Sea coast south of Hurghada are attracting
investme
nt from foreigners as well as Egyptians.
The industry has its tensions, howe
ver. For some involved in preserving
Egypt's ancient monuments, the governme
nt is pursuing development at the
cost of preserving historical sites.
'We t
ake our monuments for granted. The government exploits their earning
potenti
al, but does nothing to protect or develop them. Not enough is being
done to
curb pollution and ensure we have historical attractions for decades
to com
e,' says a tour guide in Cairo.
The Financial Times
London Page V
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13
FT 13 NOV 92 / German tourists attacked in Egypt
By REUTER
CAIRO
FIVE German tourists and two Egyptians were wounded yesterday when gunmen
described by police as Moslem militants opened fire on their bus in Qena in
the southern Nile valley, Reuter reports from Cairo.
It was the fourth seri
ous attack on tourists since Moslem militants fighting
an underground war wi
th the government warned in September that tourists
would not be safe in Qen
a province, site of some of Egypt's most famous
Pharaonic temples and tombs.
An interior ministry statement blamed 'extremist elements,' the authorities
'
usual term for Moslem militants. It said five Germans, the Egyptian driver
and an Egyptian passer-by had been injured.
The government has reacted vigo
rously to the spate of attacks on tourists,
promising to fly helicopter patr
ols over tourist areas and vowing even
tougher police measures against the m
ilitants.
This week it announced that all mosques would be put under state c
ontrol and
police rounded up 150 militants in the province of Assiut, the pr
ovince
north of Qena and the main theatre of militant violence. Officials ex
pect 4m
tourists to visit Egypt in the year to July 1993, earning the countr
y
Dollars 4bn.
El-Gama'a el-Islamiya (the Islamic Group) has claimed respons
ibility for
three previous attacks on tourists.
The Financial T
imes
London Page 4
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920
122
FT 22 JAN 92 / Brazil launches drive to boost touris
t industry
By CHRISTINA LAMB
RIO DE JANEIRO
BRAZIL is launching an aggressive marketi
ng campaign to recuperate its
flagging tourist industry.
Mr Ronaldo de Monte
Rosa, head of Embratur, the state tourist authority,
plans to double the nu
mber of tourists and increase income from Dollars
1.4bn to Dollars 3bn (Poun
ds 1.6bn) over the next five years. 'I want to
seize the opportunity of the
Earth Summit (to be hosted by Rio in June) to
relaunch Brazil as a tourist d
estination,' he says.
To encourage investment, credit lines have been made a
vailable by the
National Development Bank. Tourism is to be declared an indu
stry, giving
investors incentives in terms of reduced import tariffs and ene
rgy rates.
Brazil might seem to be the ideal tourist location: 4,600 miles o
f beaches,
the world's largest rainforest. But in the past five years, the n
umber of
tourists has fallen from 2m to 1.08m, as potential visitors are det
erred by
social problems caused by economic crisis.
Embratur has decided to
fight back against the wave of bad publicity
focusing on Rio's violence by s
etting up offices overseas to inform the
world about the Indian reserves and
Brazilian food and music. Mr Monte
Rosa's aims are to rescue Rio and show t
he world what else Brazil has to
offer, 'focusing on the north east and Amaz
onia'.
Despite Brazil's many natural advantages, this is no easy task. Mr Mo
nte
Rosa has finally persuaded Rio's state government to invest in a 'securi
ty
for tourists' programme, by showing that it has lost Dollars 400m a year
for
the past five years in tourism revenue. But he would like to divert tour
ists
to Amazonia and the north-east, Brazil's poorest but most scenic and
cu
lturally rich area.
The Financial Times
London Pa
ge 4
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930
406
FT 06 APR 93 / Kenya's tourist industry suffers big
fall in revenue
By REUTER
NA
IROBI
TOURISM in Kenya dropped sharply last year, reducin
g hard currency revenues
from the industry to Dollars 295m from Dollars 400m
(Pounds 195m from Pounds
266m) in 1991, a government official said yesterda
y, Reuter reports from
Nairobi.
Mr Philemon Mwaisaka, permanent secretary at
the ministry of tourism, blamed
the sharp downturn in visits to safari park
s or Indian Ocean beaches on
reports in western countries, where most visito
rs come from, about attacks
on tourists, tribal violence and political unres
t.
'Imagined insecurity in Kenya had convinced European-based tourists that
the
country was not safe,' he said.
The run-up to December's first multi-par
ty polls in 26 years was marred by
tribal violence.
This, coupled with bandi
t attacks on tourists, led to a fall in hotel
bookings of up to 60,000 bed-n
ights in the last five months of 1992, tourism
officials say.
Last year, som
e 700,000 tourists visited Kenya after a record 814,000 in
1991. But many, e
nticed by cheap bucket-shop deals, kept their wallets
closed while in the co
untry.
Mr Mwaisaka said the government was fighting back with a vigorous cam
paign
to revitalise the industry and woo visitors.
He said security in natio
nal parks would be stepped up, more roads would be
built and accommodation w
ould be improved.
'Protection of endangered species like elephants and rhino
s has received
priority,' he added.
'Poaching has been reduced to almost zer
o and an elaborate security network
put in place to ensure tourists' safety
and increased comfort,' he added.
The government has also begun aerial surve
illance of game parks and issued
advice about which areas of Nairobi are con
sidered dangerous. Fears for the
safety of tourists have been fuelled by att
acks in game parks, particularly
the Masai Mara reserve.
Germany and the US
have warned their nationals not to go to parks while
Britain and Australia h
ave cautioned against travel in parks when
unaccompanied by rangers.
Kenya,
which rejected International Monetary Fund and World Bank-backed
reforms las
t month, badly needs tourists to help purchase essential imports
and service
a Dollars 7.1bn foreign debt.
President Daniel arap Moi, angered over an IM
F refusal to reinstate critical
balance of payments support of around Dollar
s 40m a month, two weeks ago
called a halt to liberalisation policies and sa
id Kenya would go its own
way.
Countries:-
KEZ Kenya
, Africa.
Industries:-
P9311 Finance, Taxation, and Mon
etary Policy.
P9611 Administration of General Economic Programs.
<
XX>
Types:-
GOVT Government News.
The Financial Times
London Page 6
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9212
07
FT 07 DEC 92 / Survey of Israel (8): Sun worship - To
urists rediscover the Holy Land
By HUGH CARNEGY
ISRAEL'S tourism industry is set to break records in 1992. Mr U
zi Baram, the
tourism minister, reckons the number of visitors to Israel and
the occupied
territories will reach 1.65m by the end of the year, outstripp
ing the
previous best performance of 1.52m in 1987.
The slump caused in 1990
and 1991 by the Gulf crisis and the subsequent war
has been quickly left be
hind. The depressant effect of the Palestinian
intifada, or uprising, in the
occupied territories which was felt in 1988
and 1989 has also largely evapo
rated.
Instead, officials, hoteliers and tour operators alike say the establ
ishment
of Middle East peace talks, giving some hope of a settlement of the
Arab-Israeli conflict, has been an important factor in encouraging tourists
and investors to come to the Holy Land.
'Every tourist and investor is takin
g a risk when coming to Israel,' says Mr
Baram. 'If the perception of the po
litical situation is positive, if we are
pushing the peace process ahead, in
cooperation with the US and Europe, then
people are more enthusiastic to co
me. And we have all the attributes to
attract more people.' Indeed, the stor
y of Israeli tourism is one of great
potential thwarted by political instabi
lity. Even this year's record looks
meagre when set against the extraordinar
y combination of holy shrines,
archaeological sites, scenery, climate and wa
rm seas that Israel and the
occupied lands can offer. Israel lags far behind
Greece, for example, in the
number of tourists it attracts each year.
Mr Ba
ram and his officials are aiming to raise the annual total number of
visitor
s to 2.5m over the next five years. They believe ultimately, the
'optimal' f
igure the country could handle without excessive overcrowding is
4m-5m. 'Our
priority is still quantity, not quality,' says a senior official
at the min
istry.
The importance to the overall economy is hard to overestimate. Alread
y the
sector employs directly 50,000 people. The Dollars 2bn that tourism ea
rns
Israel annually is equivalent to about one sixth of industrial exports.
This
year, it will amount to about twice the current account deficit on the
balance of payments. As the deficit rises while Israel steps up investment
t
o cope with mass immigration, the importance of tourism earnings will be
gre
ater than ever.
The government is therefore channelling considerable investm
ent into
tourism, targetted mainly at three chief locations: Jerusalem, the
Dead Sea
and Eilat on the Red Sea.
Over the next three years, it will spend
some Shk250m on grants to new
projects, including those by foreign companies
, with up to 30 per cent
available of the cost of an investment. An addition
al similar sum will be
spent directly on infrastructural and other facilitie
s.
The core of tourism to Israel and the occupied territories has been Jews
and
Christians from the US and western Europe. Israel is looking to the
Chri
stian markets in the southern states of the US and the Far East for
expansio
n. The experienced and remarkably resilient Palestinian operators,
strong in
the Christian pilgrimage business, are fighting to expand their
market shar
e. Both look longingly at the prospect of Moslem pilgrims who
have largely b
een absent since Israel won all of Jerusalem in the 1967 Six
Day War.
This y
ear has shown how even the prospect of peace can produce a surge in
numbers.
The benefits of open borders that a peace settlement would yield
would be g
reat. By the same token, however, an enormous amount is riding on
the succes
s of the peace process. Any breakdown of the talks and resort to
violence in
the area would send the numbers tumbling downwards once more.
The Financial Times
London Page 13
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921
027
FT 27 OCT 92 / Survey of Sri Lanka (13): Growth cont
inues despite conflict -Tourism
By DAVID PILLING
TO have one civil war may be considered unfortunate, but to h
ave two is
inexcusable. This seemed to be the view of international tourists
who,
having tentatively placed Sri Lanka on the map during the 1970s, promp
tly
removed it as the island gained a reputation for bloody civil strife.
To
urist arrivals had grown rapidly in the 1970s to a peak of 407,000 in
1982.
Annual growth was running at an average 24 per cent from 1976-1982.
The outb
reak in 1983 of government hostilities with the Tamil Tigers quashed
hopes o
f further expansion. Arrivals dropped dramatically, even more so when
violen
ce - previously confined largely to the north and east - erupted in
the sout
h with the attempted insurrection of the People's Liberation Front
(JVP).
By
1987, the number of visitors had dropped to a mere 180,000, a level from
wh
ich it failed to recover in 1988 and 1989. Discounting was so fierce that
a
night in a five-star hotel was being offered for as little as Dollars 7.
Few
would have predicted the impressive upturn witnessed since then. Boosted
by
the virtual annihilation of the JVP in the south and by the temporary
halt
of fighting with the Tigers, the number of visitors began to grow,
reaching
317,000 in 1991. This marked an increase of 6.7 per cent over the
previous y
ear, bucking the world trend in tourism which was hit hard by
recession and
the Gulf war.
Growth continued in spite of the renewed outbreak in June 1990
of fighting
in the north and east - out of bounds to tourists - as Sri Lank
an
authorities gradually persuaded the international industry that most of t
he
island remained safe.
In terms of foreign exchange earnings, growth has b
een even more
satisfactory with receipts of Dollars 155.6m in 1991; some 17.
4 per cent
over 1990.
That trend seems likely to continue and even accelerat
e. Arrivals in the
first eight months of this year are 27.7 per cent up on t
he same period in
1991, according to figures from the Ceylon Tourist Board.
The board
estimates that total arrivals for 1992 will be at least 380,000.
T
he government, says Mr N. U. Yasapala, director-general of the tourist
board
, is keen to promote the sector both for its foreign exchange earnings
and f
or its ability to provide employment. According to the central bank,
tourism
in 1991 accounted for 64,800 jobs - 27,000 directly and 37,800 in
ancillary
sectors.
Keen to capitalise on such benefits, the government has commission
ed a
10-year tourist 'masterplan' drawn up with the help of Horwath Consulti
ng of
the UK. The plan, a draft of which is due to be published in November,
sets
a target of 874,000 air arrivals by the year 2001 - more than double t
he
1982 peak.
Mr Martin Gerty, director of Horwath Consulting, says the plan
calls for the
upgrading of existing hotels, the development of more up-mark
et resorts, and
the improvement of facilities around cultural sites which ne
ed to be more
'visitor friendly'. Mr Gerty says such infrastructure was seve
rely run down
in the 1980s, but he thinks it remarkable that it was maintain
ed at all.
There may also be the need for additional airport facilities to t
hose at
Colombo's international airport because aircraft unable to land duri
ng bad
weather are presently redirected to Madras in southern India. One
pos
sibility is development of the military airfield at Hingurakgoda on the
east
of the island, particularly if ethnic tensions subside.
Such ambitious plan
s for tourism, especially at a time of budgetary
constraints, will require s
ubstantial private sector investment. The
government has accordingly extende
d tax incentives already enjoyed by
export-driven companies to investors in
tourist infrastructure.
Some local observers feel such incentives have been
too generous, allowing
already profitable concerns to avoid tax. Mr S. T. Fe
rnando, deputy governor
of the central bank, counters that new investment mu
st be encouraged
following the collapse of tourism in the mid-1980s.
Some 25
projects are being considered, worth an estimated total of Dollars
120m. Th
ese would add 2,350 graded rooms to the island's stock which now
stands at 9
,680 - 18,950 beds.
Obstacles to growth remain. Most immediate is increasing
anxiety among
certain groups that an expanded tourist sector would have a n
egative
cultural and environmental impact. There is concern that more touris
ts would
encourage drugs and prostitution - there are already an estimated 8
00 people
infected with the HIV virus - and that hotels will monopolise reso
urces such
as land, power and water.
The government was recently forced to a
bandon plans for a showcase Dollars
40m holiday complex at Chilaw on the wes
t coast because of protests by the
Roman Catholic Church. The Buddhist clerg
y, an extremely powerful political
force, is threatening the future of other
schemes.
Mr Gerty feels that such protests can be dissipated by outlining s
ome of the
sector's potential benefits, such as employment. Tourism will, he
says, have
limited environmental impact as resorts will not be permitted to
sprout up
piecemeal but will be strictly controlled according to a planned
development
strategy.
Another obstacle to growth may be Sri Lanka's over-rel
iance on certain key
markets. Western Europe makes up more than 60 per cent
of total tourist
traffic, with Germany, France, the UK and Italy representin
g nearly 80 per
cent of that share. North America provides a paltry 3 per ce
nt of arrivals.
Fashions change quickly and the 'discovery' of a new long-ha
ul destination
could jeopardise Colombo's plans.
The most serious question m
ark, however, remains Sri Lanka's international
reputation. Despite recent e
vidence that Colombo is winning the public
relations battle in reassuring th
e public of the island's safety,
international confidence remains fragile. I
f, on the other hand, the civil
war ends, prospects for growth would be exce
llent and the potential for
achieving a million visitors annually would beco
me realistic.
Assuming, however, that civil strife staggers on, it would onl
y take a few
well-publicised incidents of violence or a period of political
instability
for the country's tarnished image to resurface. That would effec
tively end
the growth of the past few years and Sri Lanka would return to th
e
backwaters of the tourist industry.
The Financial Times
London Page VIII
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9309
17
FT 17 SEP 93 / Tourist numbers reach new record
By DIANE SUMMERS, Marketing Correspondent
A RECORD 18.5m tourists visited Britain in the 12 months to March, 8 per
c
ent more than the previous year - and the British Tourist Authority said
yes
terday that it was expecting even higher numbers this year.
The authority's
forecast for this year, contained in its annual report, is
based on figures
for the January-to-June period when there were 8.5m
visitors, up 10 per cent
on the same period last year.
Launching the report, Ms Adele Biss, who chai
rs the authority, said: 'We are
forecasting an even stronger year to come as
we reap the benefits of
devaluation and the move away from simple sun-bathi
ng to the more fulfilling
holidays that Britain offers.'
Spending by tourist
s in the year to the end of March grew less dramatically,
increasing by only
7 per cent to Pounds 7.9bn. Tourists have bought cheaper
holidays, cut shor
t their length of stay and taken advantage of heavy
discounting by the touri
st industry.
Travel from North America was up 18 per cent last year on 1991
- but tourism
from the US that year was hit badly by the Gulf war. The numbe
r of Americans
has still not recovered to 1990 levels.
Sir John Egan, chief
executive of BAA, the airports operator, is to become
chairman of the London
Tourist Board.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P9611 Administration of General Economic P
rograms.
P79 Amusement and Recreation Services.
Types:-
FIN Annual report.
PEOP People.
MGMT Management & Marketin
g.
The Financial Times
London Page 10
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