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Borealis Technology Oy Marker molecules associated with lung tumors. Waterborne hydrophobic barrier coatings. Wacker Chemical Corporation Int. Coherent jet system with single ring flame envelope. A covering and mounting means for motion detector.

Refillable flexible sheet dispenser. A device for forming a soft load of ceramic powders. Cerservice S. Process and apparatus for joining of synthetic materials at high welding speed. Leister Process Technologies Int. Calixarene-derivatives having anti-viral activity. Aids Care Pharma Limited Int. Acid soluble proteins from micellar casein. Monoazo dyes, their preparation and use. Piezo-electric valve. Power supply arrangement. Bernafon AG Passive network monitoring system.

Alcatel Lucent Moisture absorbent unit and semi-sealed container. Benes, Jindrich; Benes, Martin Container for a brushable coating composition. Digimarc Corporation Int. Power transmission device with safety means for venting the pressurised fluid used to disengage the said device. Baruffaldi S. Visual group interface for group connectivity. Plastic Dental Corporation Int. Mass spectrometer. Moto Guzzi S. Blanchette Rockefeller Neurosciences Institute Int. Ballard Power Systems Inc. Corium International Inc.

Bio Actis Limited Int. Newton, John Reginald Int. Hydraulic system and control method thereof. Alexza Pharmaceuticals, Inc. Picanol N. Sartorius Stedim Freeze Thaw Inc. Satiety, Inc. Dynogen Pharmaceuticals, Inc. Innovata Biomed Limited Int. Dobeel Corp. Performance Plants, Inc. Electrolux Home Products Corporation N. LG Electronics, Inc. EPX, L. Oracle International Corporation Int.

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Medical Instill Technologies, Inc. Prysmian Cavi e Sistemi Energia S. Aramira Corporation Removable fuel cartridge, fuel cell assembly comprising said fuel cartridge for portable electronic devices and corresponding device. Polyfuel, Inc. Matsushita Electric Industrial Co. Bytemobile, Inc. Koninklijke Philips Electronics N. Microabrasive tool with a vitreous binder.

Saint-Gobain Abrasives, Inc. Cardiac Dimensions, Inc. Boehringer Ingelheim Pharmaceuticals Inc. Danscher, Gorm Int. Herbal Synthesis Corporation. Ventrassist Pty Ltd Int. The Gillette Company Int. Elan Pharmaceuticals, Inc. Sanofi- Aventis Int. Getinge Disinfection AB Int.

Harvest Precision Components, Inc. Johansson, Roland Int. XM Satellite Radio Inc. Mitsubishi Kagaku Iatron, Inc. Hemogenesis, LLC Int. Freescale Semiconductor, Inc. SmithKline Beecham Corporation Int. One Cell Systems, Inc. Canatxx Energy, L. Meiji Seika Kaisha, Ltd.

Perforation device for a mattress layer. University of Utah Research Foundation Int. Given Imaging Ltd. ExxonMobil Chemical Patents Inc. Dow Corning Corporation Int. Nelson, Gordon L. The University of Queensland Int. Lumination, LLC Int. Chen, Zhinan Int. Dow Corning Toray Co. Pohjola, Pekka Int. Reagens S. Barnett, John, David Int. Yale University Int. SanDisk Corporation Int. Volvo Truck Corporation Int.

Medical Research Council Int. Multimedia Games Inc. Kronospan Technical Co. D Data Inc. Aetas Technology Incorporated Int. Buffalo Inc. FNF Enterprises Inc. Scinopharm Taiwan, Ltd. SRC Computers Inc. Solar cell having an integral monolithically grown bypass diode.

Emcore Corporation. Instrumentation Laboratory Company Markup language and object model for vector graphics. Food and drink containing nigerooligosaccharide alcohols. A simplified multipurpose pasteurizer. Telme S. Antiglare film, method of producing the same, anti-reflection film, polarizing plate, and image display device.

Seiko Epson Corporation Int. Bicycle rim. Smell extractor device for toilet bowls. Rico Villena, Antonio Int. Remote vehicle control. Nokia Siemens Networks S. Research in Motion Limited Stereo audio-signal processing system. Tecomec S. Colamussi, Arturo Int. Infant vehicle seat. Maxi Miliaan B. Device for gripping the underwinding yarn for a ring spinning frame.

Kreunen Kunststoffen B. Joint in a fireplace. NunnaUuni Oy Analyzer having concentric rotors. Ortho-Clinical Diagnostics, Inc. Research In Motion Limited A method and system for self-compensating for microphone non-uniformities. Com, Inc. Surgical stapling instrument having a spent cartridge lockout. Surgical stapling instrument having a single lockout mechanism. Ethicon Endo-Surgery, Inc. Nonbar personal product compositions comprising crystalline wax structured benefit agent pre-mix or delivery vehicle.

University Technologies International Inc. Geometrically shaped coupling hydrogel standoffs for high intensity focused ultrasound. UST Inc. A machine for machining panels. Marking determining method and marking determining apparatus. Sha Dar Accessories Co. Convertible toy wagon. Cvd deposition of hf and zr containing oxynitride films. Komatsu Utility Co. Method for adjusting optical encoders.

America Online, Inc. Analog to digital converter. Freescale Semiconductor Inc. A Delaware Corp Systems and methods for recycling of cell phones at end of life. Nokia Corporation Method of uploading data to data holding system and apparatus thereof. Tool for extracting chain pins.

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Aruze Corp. C J Wildbird Foods Limited. Personal product compositions comprising structured benefit agent pre-mix. Machine for the mechanical personalization of identification cards. Kraft Foods Holdings, Inc. Electrolux Professionnel Int. Plating barrel, barrel plating apparatus and drain equipment.

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Unaxis USA Inc. Particle processing apparatus. Nara Machinery Co. Harn Marketing SDN. Spectracure AB Int. Printing Research, Inc. Piperidine derivatives for the the treatment of chemokine or H1 mediated diseases. Daehan Specialty Chemicals Co. Actuant Corporation Int. Giordano Riello International Group S. Mast Carbon International Ltd. Boston Scientific Limited Int. Stick Tech OY Int.

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ATOP S. Method, user equipment and communication system for maintaining a valid setting of a stored parameter of a user equipment in a mobile telecommunications network. Trod Medical Int. Miller, Thomas P. Shuffle Master, Inc. Trespa International B. Intel Corporation Int.

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Phillips, John Arthur Buckle and method of manufacturing said buckle. Thibault, Pierre-Jean Int. Anastomosis applier. Sheathless anastomotic ring applier device. Anastomotic ring applier with inflatable members. Oxidative hair dye composition comprising acidic direct dye. Work centre with a number of numeric control axes for working long pieces, especially in wood.

Paolino Bacci S. Anti-roll bar, and system for its actuation. Polyethylene resin with narrow particle size distribution. Borealis Technology Oy Int. Apparatus for modeswitching fuel injector nozzle. An internal combustion engine provided with a glow plug in a combustion chamber and a control method for the glow plug. Magneti Marelli Powertrain S.

An augmented reality system with real marker object identification. Seac02 S. Improved performance in mobile communications systems. Telefonaktiebolaget LM Ericsson publ Transmission rate control method and mobile station. Gruppo Confalonieri S. Van Wyk, Robert A. Spring arrangement for a recreational structure. Adams, Craig Roulette and method for controlling the same. Superalloy repair methods and inserts. Floor covering. Method for achieving stabilizing ventilated covering for pallettised loads and relevant equipment.

Bema s. Tamper evident cap. Airsec S. Catch system for a gradual bidirectional safety device. Liquid acidic hard surface cleaning composition. The Procter and Gamble Company Holding device for at least one guide cord of a shading or light guiding device. Illinois Tool Works Inc. Marine pipe laying system method and hoisting device. Itrec B. Alcatel Lucent Traffic analysis on high-speed networks.

Qosmos Int. Blocking network selection at a hybrid mobile device when being in EVDO traffic state. Research In Motion Limited Ring system. A printed circuit board having protection means and a method of use thereof. Brain Hydrogels containing gamma-polyglutamic acid gamma-pga, H Form and gamma-polyglutamates for use as nutrition supplements in dietary products. Tung Hai Biotechnology Corporation Int. Worktop for industrial catering kitchens. Premark FEG L. Apparatus for bone fastener implantation.

DePuy Products, Inc. Portable lathe. Hermanos Alfaro, S. Method of obtaining a blockshaped tool for surface finishing operations. Aros S. ABB Research Ltd. Ink fountain device. Set of baggage holders. Winch system equipped with a safety device.

Officine Meccaniche Ink-jet ink. Carrying gripper for weaving looms with antiloop device to avoid anticipated weft gripping. Promatech S. Balfour Beatty Rail S. Improvements relating to security locks with joint operation hook-shaped lock bolts. A tumble system for the intake manifold of an internal combustion engine with an actuator made with shape memory material. Device for multiple regulation having sliding members, and intake manifold comprising a device of this type.

Variable-focus lens and fabricating method thereof. Samsung Electro-Mechanics Co. A shelf containing products for vending machines. A panel handling device. Keypad assembly for a portable terminal. WebTrends, Inc. LG - Nortel Co. NEU, Richard W. Trough for piglets. Fujinon Corporation Portable spa.

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Competition is likely to intensify further as vehicle makers struggle to maintain their posi- tion in the market. Toyota, for example, is determined to increase domestic sales and win back 40 per cent market share, which has been its proclaimed goaL Toyota forecasts its domestic sales will increase 7 per cent to 2. Japan's largest car company believes it will suffer a 6 per cent drop in domestic sales in Michiyo Nakamoto. The Commission said the Nor- wegian exporters had either broken an agreement reached in June to end a dispute over EU imports of Norwegian salmon or had failed to file reports as required by the agreement The provisional duties, to remain in effect for four months, are 0.

Scot- tish and Irish competitors earlier this year accused Nor- way. Norway rejected the allega- lions. The row strained relations between Brussels and Norway, which is not an EU member. Hours before the expected decision. Boeing, the US aerospace manufacturer, and Airbus, its European com- petitor, ' were sweetening their offers, according to Joseph Ciechanover, El Al chairman.

El Al will choose between Airbus' A and A jets. Through its acquisition of the new aircraft, El Al atms to boost profitability, allow- ing it more frequent flights on regional and European routes. Earlier this year, El Al - which Is earmarked for pri- vatisation - decided to con- sider Airbus for the first time since El Al's fleet of 28 aircraft is made up entirely of Boeing jets.

According to sources involved in the negotiations. Earlier this week, Stuart Eizenstat, US under-secre- tary of state for economic affairs, urged Israel to choose Boeing. He said Israel had committed, to buy US goods as part of Washing-. Livni responsible for privatising Israeli govern- ment companies, said El Al was forbidden by Jaw to cave in to political pressure.

Mr Ciechanover denied reports that senior Israeli ministers tried to sway last night's vote towards Boeing following pressure from Washington. The full impact of tbe crisis will not be felt until and. Even so. Export growth is likely to exceed import growth this year for the first time this decade, a cause of trade friction that is likely to intensify in Singapore, Taiwan and Thailand - rose by 7 per cent last year, higher than tbe world average but less than half the increase In The most dynamic region in was Latin America, World trade: beats making it.

The report shows little change in the league table of the world's biggest traders in The US remained the biggest goods exporter and importer, followed by Germany and Japan. On the services side the US was again Die biggest trader in both directions, with France the second biggest exporter and Germany the second biggest importer. In its review of trading developments during the WTO nates that over anti-damping actions were notified during tbe year, tbe main users being South Africa 30 cases the EU and Argentina 23 cases each the US 21 and India The figures demonstrate the increasing use of anti-dumping measures by developing countries which, like the richer nations, now regard them as a legitimate means of protecting their domestic industries However, - flc terms of anti-dumping measures in force, the US is way out front with , followed by the EU with Canada 96 and Mexico Annual report Boeini; has been working with European experts like Megan anil their companies tor over 30 years.

For one simple reason: we warn to work with people who are best at what thev tin. Ir takes tea mu. But working together, we can du almost anvthins. In what threatens to became a big trade clash. US officials hope the ten- sions will he eased when Dan Glickman, the US agri- culture secretary, and Franz Fischler meet next month to discuss agriculture issues.

Meat trade will be at the top of the agenda. These would be negotiated so that each side, could accept the -other's products based on safety standards both sides aprove. The US last week announced a ban on Euro- pean beef and lamb on the grounds that it had doubts about the surveillance pro- grammes of BSE.

The European Union has given the US a six month ultimatum to strengthen its meat inspection controls or face an import ban, the European Commission said yesterday. The EU plans to send out an inspec- tion team before tbe end of June to check progress. The row is the latest in a series over Food safety. The EU already bans some US beef exports which are hor- mone-treated, a stance which the World Trade Organisation says breaks world trade rules.

Airbus, responding to the US pressure on Israel, defended its offer. Airbus had wanted to add El Al to its customer list since it lost the bid, he added. The two companies will today announce plans to form an alliance - NorSea Com - that will provide off- shore platforms with broad- band communications systems for tbe first time.

At present, such rigs rely on satellite links for their communications. But these have proved Inefficient in transmitting large amounts of data such as seismic sur- vey reports. NorSea Com says the scheme has the backing of large oil companies, includ- ing including British Petro- leum and Amoco. Letters of intent have already been signed with BP and Phillips Petroleum to connect their North Sea plat- forms to the new fibre-optic link between Stavanger and London.

Stein Dale, a spokesman for Telia, said the link would be extended to Aberdeen, the centre of the UK offshore industry, in the future. The plan follows more than 12 months of talks between Telia and EniTel - the telecommunications sub- sidiary of Statnett. While also upgrading com- munication links for the off- shore industry, the two com- panies claim the link could carry a large part of the growing telecommunications traffic between Bri tain and Scandinavia. This will be a very sophisticated fibre-optic sys- tem capable of delivering large amounts of data very rapidly.

Push to end US- Japan air talks impasse By NBcftiyo Nakamoto in Tokyo A controversial proposal to allot extra slots to US air- lines at Tokyo's Interna- tional airport is under con- sideration as a means to break the impasse in ongo- ing US-Japan aviation talks, Bilateral meetings In Tokyo this week failed to produce an aviation accord.

The Transport Ministry said progress had been made towards a deal but final agreement was unlikely this year. Talks are set to resume In Washington next month. Tokyo is studying the pos- sibility of transferring unused slots held by Federal Express, the US cargo car- rier, to other US airlines as a means to satisfy US demands lor extra slots at Narita. US demands for extra slots at Narita have been one of tbe sticking points dogging the aviation talks, which have dragged on for several years.

Federal Express is believed to have several slots it does not use fully and which 'could be with- drawn from the cargo carrier under new rules Imple- mented in October. The rules dictate Narita slots used at a rate lower than 80 per cent be reclaimed for dis- tribution to other carriers.

International Air Trans- port Association rules spec- ify the slots be redistributed in a fair manner by an fade- pendent co-ordinator, but the Japanese Transport Min- lstry believes it could dis- tribute the slots at its own discretion without breaching IATA rules. Such a move anger other carr tag European, Ja US incumbent which would be on valuable slot lucrative routes. The latest agreement covers losses that were previously re- insured with a company railed Lioncover.

For nearly 3, Names, individu- als whose personal assets had backed the PCW syndicates, the deal ends months of uncertainty. The agreement was delayed in part because of resistance from direc- tors of Lioncover. Lloyd's said yesterday that two directors, John Gaynor and Mat- thew Pincent, had resigned. It declined to co mment on specula- tion that they wanted Lioncover to continue handling the PCW busi- ness. It's fair to say that some Names were con- cerned about Lioncover. None of this would be invested in equities, but would produce income immediately.

Farmers in the Nether- lands have enjoyed rises of 6. Figures from the UK agri- culture ministry estimated farm Incomes would fall by 37 per cent in real terms in Welsh farmers were the first to blockade ports in an attempt to halt imparts of beef which they believe are undercutting UK prices.

The protests spread across the UK in the last few weeks. This has cut the sterling value of subsidy payments set in Ecu and bas encour- aged imports. He also derided Eurosceptic MPs and newspaper editors for trying to force him to toughen his stand in the Rnai months of his administra- tion.

There were some people who made the whole Tory [Conser- vative] party seem mad. Imagine your IT systems as responsive as a high performance automobile. That's the advantage of Tivoli systems management software. Tivoli systems management software gives you the power to manage ail your systems, networks and applications from a single point So you can roll out new applications, configure desktops and maintain IT resources - ail through one truly open, highly scalable technology that works across diverse platforms.

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AH ights reserved. Tirol i is an IBM Company. Tivoli Systems Inc. The result was a point fall in the index in two min- utes. Morgan suspended the two traders, who have not been named, and yesterday said they had been fired. Exchange rules prohibit member firms from trading In a security which is a com- ponent of an index with the sole Intention of moving the value of the index.

It also published a proposed rule change to widen the definition of mar- ket manipulation. Dealers said the exchange wanted to send a tough message ahead of the mid of the year. Some managers are wor- ried that prices could move erratically in a thin market on December 31, with some traders trying to move prices in the last infantes to affect year-end portfolios. The exchange, which win dose at 12hl0 on December Aberrant prices will be ignored for index and valua- tion purposes, though the trades will stand.

The company said in awritten statement that tt was folly committed to the Scottish proj- ect but would not proceed with equipping the pfam until the Korean economy improved. Investment in manufac turing equipment and tooling may be delayed for a period of up to 12 months, pending recovery In the financial markets in Korea. The plant had been due to open late next year. Construction will con- tinue as planned but the project wi ll be halte d when building works are completed next spring.

BOB, which is owned jointly by Carlton Communica- tions and Cfranada Group, has agreed changes, including the shor tening of its seven-year programme supply con- tract with BSkyB to five years to win approval from the European Commission. The Independent Television Commission is to disclose that it has granted three year licences to BDB covering three hands of frequencies. The Jersey authorities decided that the Bank injunc- tions placed Young in breach of his bail terms.

The Bank injunctions, taken out In the High Court in London against Young, Marish Chobrzynski, Mark Bullen and -First Merchant Ltd, rpKt rainpd all the defendants from accepting deposits and from making false, mislead- ing or deceptive statements to induce deposits in contra- vention of the Banking Act They account for almost half the package holidays sold in travel agents and own. Instead, the MMC Is believed to call for ties between tour operators and travel agents to be made explicit by requir- ing travel agents to publicise those links.

Austins, a training ser- vices company owned by the Londonderry store of the same name, is expected to be joined tn a few days by Short Brothers, the Belfast Aero- space company and North- ern Ireland's largest private sector employer. In Northern Ireland, the government's Tr aining and Employment Agency esti- mates that 7, year olds will take up the offer and 2.

They risk faring state bene- fit payments if they refuse. Since , the numbers employed in Northern Ireland have risen faster than other UK regions, anH the fall in unemployment has been larger and the growth in GDP bigger. Short-term unemployment is now close to the UK average, and below the EU average. However, long-term rates remain higher than fa other - UK regions. More than 23 per cent of unemployed have been out of work for 5 years or more against fewer than 5 per cent for the UK.

Causes include the long-term decline of tradi- tional Industries, and the dif- ficulty of crossing the sectar- ian divide to find work. Training bodies are wor- ried that the New Deal wffl simply be used to replace existing programmes because the government has promised a total overhaul of training policy.

The business community says the programme should not become a government scheme to reduce unemploy- ment figures artificially. There is confusion about whether employers can advertise for recruits, given that a disproportionate num- ber of the target population are likely to be Catholic. Hhrt ;'. To the delight of its new owners, it has doubled gross profit margins in the past two years. Cutisin, headquartered in Jilemnice. Its feet dries produce long sticks of casing from the protein colla- gen.

The transformation, of Cutisin as communism h as given way to capitalism has highlighted the differences between the two systems, but managers say that many aspects of the business have not changed, and that Devro respects what Cutisin achieved under communism. Peter Raschik, Cutisin. In those days, he says, the c omp any was devoted purely to production. The trains delivered it to sausage manufacturers in Czechoslovakia and the other Comecon countries, including the Soviet Union.

When, as technical director, Mr Raschik developed a new type of sausage casing, be took it to Czech customers to test before ordering. But he never dealt with export customers. Cutisin co-operates with cus- tomers in devising new products, rather than developing a new product before finding out whether it is what they want Beneath the exterior is a work ethic, a skill level and a drive that Is quite outstanding It does not however, handle sales and marketing.

Decisions on new product lines and market- ing are taken by a business devel- opment onmwiittfie, on which Mr Raschik sits, at Devro's head office sear Glasgow. Today it has a much more real- istic profit ATid loss account It handles all its own cash but still has to transfer its profits to Devro.

Both managers say that the main difference in the character of the company is the strong motivation that now exists to make a profit They identify two principal drivers. Firstly, the free market system, they say, means that the linkage between manufacturing, sales and profits is far clearer. Under communism. Secondly, personal rewards have been greatly improved.

Furthermore, until the mid- s, everyone in the plant had to work three days a month in production. Despite the rigidities of the old system, Cutisin made consider- able progress under communism, particularly in technical innova- tion. In it became the fust company in the world to produce edible collagen. Its Jilemnice fac- tory. Under communism it increased its productivity by one or two per cent a year through small improvements in the manufactur- ing process.

Its engineers often had to make their own manufac- turing equipment Graeme Alexander. But once you get beneath the exterior you find among the people a work ethic, a skill level and a drive that is quite outstanding. This is partly because of a big increase in sales to east European coun- tries and the development of mar- kets in western Europe. To meet rising demand it has reduced its summer and mainte- nance shut-down periods, cut clo- sures for Christmas and New Year and now produces round the clock.

In spite of these changes in business practices, workers say they do not notice much differ- ence. But is the new-found emphasis on focus just a fad? Dr is ft an inexorable trend driven by international competition and mare demanding capital markets? One way of shedding light on this issue is to compare the recent experiences of businesses in Germany management cultures. It examines how far country-specific factors affect the pace of corporate re s tr u c t uring.

It also looks at whether these national differences will be eroded, as product markets and capital markets become more globally integrated. But work by Professor Steven Davies and David Petts of the University of East Anglia suggests that some UK companies appear to have viewed overseas expansion as a substitute for diversification. By contrast, Goman businesses seemed to be prepared to diversify as they moved abroad.

These different attitudes are underlined by the statistics on divestments. Over the past 10 years, just over half of UK companies have divested some of their activities compared with just under a quarter of German companies. But others appear to be moving in the opposite direction. For example, large manufacturing companies in Half of UK companies have divested some activities compared with under a quarter of German companies traditional businesses, such as Mannesmann and T fay s sen , are moving into modern technologies and related services, such as telecommunications.

This offers them a degree of protection in competitive markets and helps provide access to finance. For example. Triumph Adler moved from its base in typewriter manufacturing Into toys, musical instruments and other activities. But it would be wrong to draw too many conclusions from these ftndiugs. For one thing, the starting points of the German and xjk businesses differ.

Fifteen years ago, British companies were among the most diversified in the world, and so had great potential for refocusing. Although Germany had some highly diversified conglomerates, many of the companies which grew out of the MittelsUmd sector continued to be specialists. Timing also influences these findings. The r e s tructuring of UK industry took hold in the second half of the s; In Germany, the move to reduce costs and improve efficiency does not go bade much farther than the recession of Another factor is the traditionally low levels of mergers and acquisitions, and in particular hostile takeovers, in Germany.

Bnt merger and acquisition activity is starting to increase, as a result of the efforts of foreign investment banks coupled with recent moves to deregulate the financial markets. Another important influence on corporate restructuring is the growing pressure on listed companies to increase their profitability in response to pressure from shareholders.

Richard Young, executive director for European Strategies at Goldman Sachs, the investment bank, argues that there is considerable scope for German companies to raise their return cm equity through restructuring. The pressure on them to do so is likely to increase, he says.

In many respects, it seems that the German system is being pushed in an Anglo-American direction. Nonetheless, it may be premature to assume that Anglo-American fashion fbr focus is gaining hold in Germany. Tel 0 ; Fax 0 Investors do lot like to own buildings hey cannot see from their irindow and traditionally bey have not done so.

While portfolio investors a the US and UK have Town comfortable with atemational diversification f stock and bond portfolios, trope rty has resisted this rend. Now, It seems, there are i gns that a new approach is merging among investors. In its Investment strategy Annual issued this ;eek, T-ftSallB Advisors Capi- al Management, the Cbica- o -based property invest- ment consultancy, is urging FS clients to put up to 10 per eat of their real estate part- slice abroad.

LaSalle argues that three wees are already reshaping re real estate industry - onsolidatlon, globalisation nd security. Industries are i nnking the number of par- ctpants that they wifi toler- te. As companies grow by wallowing each other, they xtend their activities broad. Meanwhile, property ssets are increasingly being ackaged into securities, hich can he traded as eaa- y as shares, broadening the ool of potential investors.

It is these three factors, aSalle argues, which make i international approach to roperty investment neces- iry. The consultancy firm rges investors to place toney into markets where roperty ownership, occupa- on and management' are [ready multinational.

Jacques Gordon, managing rector of research at LaS- Mumnational portfolio management. North Ownarshfc. However, anecdotal evi- dence suggests that there is interest in non-US property among US investors. Earlier this week. In ex plaining the purchase, SCI said that the multinational distribution companies who are its main customers need European storage and distri- bution fedlities.

Lionbrook Property Part- nership, a limited partner- ship fond managed by Bar- ing. Mor- gan, says that clients are i - M M Li looking abroad for value. More people are thinking its a global business. So if you are looking for value, you have to look outside the US," he says. There is also grow- ing interest in Japan where the fl iTidfa g woes of banks are expected to force signifi- cant sell-offs.

However, US real estate specialists warn that it will be some time before interna- tional property gains the same status as international equities or bands. Investors have a long memory. The main obstacle, he says, is finding the right local partner to work with.

Bnt Mr Gordon points to another troubling obstacle - the lack of transparency about property values and characteristics In non-US markets. While US Reits, real estate investment trusts, are used to publish- ing volumes of data about their lease structures and finances, other property markets are.

In its report, LaSalle notes that if real estate truly wants to be admitted to the international capital mar- kets, it must play by the rules. Opacity leads to overbuild- ing; which in turn leads to boom-bust property cycles that will deter investors long term. Subscribe now. Low Rates. Quality Service. On The Company's activities included tbe production of alcohol pure an industrial , grape must, kernel oil and olive kernel oil milling residues.

Certain of the buildings have been built without permission, as certified by the town planning authorities. For further information please see tbe Offering Memorandum. Tbe factory is under lease, tbe validity of which is being disputed in coon. Such provisions and other terms and conditions shall apply irrespectively of whether they are mentioned here in or not.

Submission of binding offers shall mean acceptance of such provisions and other terms and conditions. Binding Offers; Interested parries are hereby invited to submit binding offers, not later than Offers should expressly state the offered price and the detailed terms of payment tin cash or instalments, mentioning the number of instalments, the dates thereof and the proposed annual interest rate if any.

In the event of not specifying; a tire way of payment, b whether the credited amount shall bear interest and c the interest rate, then it shall respectively be deemed that: a tbe offered price is payable upon execution of the sale contract, b the amount credited shall bear no interest and c tbe interest rare shall be the legal rate in force from tune to time.

In all cases where the credited amount bears interest, this shall be calculated in relation to the outstanding amount and shall be payable on the dates of payment of each instalment. Binding offers submitted later than the above dale shall neither be accepted nor considered. The offers shall be binding until tbe adjudication. Submission of o fliers in favour of a third party to be nominated at a later stage shall be accepted on condition that tins is expressly stated upon submission and that tbe offeror shall give a personal guarantee in favour of such third party, for the compliance of the obligations deriving from the sole contract.

Letters of Guarantee: Binding offers must be accompanied by a Letter of Guarantee issued in accordance with the sample Letter of Guarantee contained in the Offering Memorandum, try a bonk legally operating in Greece, to remain valid until die adjudication. Letters of Guarantee dull be returned after the adjudication. Submissions: Binding offers together with the Letter of Guarantee shall be submitted in sealed opaque envelopes.

Envelopes containing the binding offers shall be unsealed by the above mentioned Notary Public in his office, on LI , 14,00 hours. Any party having duly submitted a binding offer shall be entitled to attend and sign the deed attesting the unsealing of the binding offers. In tire event of the highest bidder not complying with such obligation, the Letter of Guarantee shall be forfeited as a penalty.

Adjudication shall be deemed to take effect upon execution of the contract of sale. Tbe Liquidator and the Creditors shall have no liability nor obligation whatsoever towards the part i cipant s in relation to the evaluation of the offers or tire appointment of tire highest bidder or any decision to repeat or cancel any Auction or any derision whatsoever in connection with tbe proceedings of tbe Auction.

The Liquidator or tbe Creditors shall have no liability for any legal or actual defects of the assets. This Call for Tenders has been drafted in Greek and translated into E ng lish. In any event, die Greek version shall prevail. Adromiaraooo of Assets and Lia hiTirii-. Athens Kt Marika Frangalds. MMG is one of the workfe leading manufacturers of ship's proposers, it makes and supplies foundry products of standard and special copper afioys. Tha vokmifl of orders is in the double-digit mfions and stable.

The company is in the black. The employees are trained, performance-oriented and committed specialists. Alongside its foundry expertise. MMG has in-house development and design ca p acities fci the hydrodynamics field. The products are martoBted through a worldwide distribution network and cooperation arrangements. Potential investors wffl be expected to take over and continue the operations at its present srte and to safeguard and increase the number of jobs in the hang term.

Bernhard Wiki, for the tender documents within three weeks from the publication of this notice. Sale due to impending retirement IMvU newton and Co. Jnna lOcoisea link. Sophias Avenue. Summary Paia on the Company trader liquidation The company under liquidation was established in for the manufacture and sale of clothing and woven materials of all types, the r e pr es e n t ation in Greece of kindred enterprises, participation in other enterprises, etc.

Within the framework of its obj ec tiv es, die com pan y established, in die Thuria district of the p refect u r e of Mcssima, a modem factory producing ready-made clothes. Since Sophia Ave. China, Hong Kong. Indonesia and South America. A detailed description of the above data, as well of other remaining assets, is in the offering memorandum which is available to prospective buyers. Prospective buyers, on signature of a confidentiality agreement, may receive the offering memorandum within the legal time timiis.

Also, they may obtain supplementary information and data and may visit Ihe premises of the company under liquidation. Submtssfan of Expressions of Interest For the submission of expressions of hnerest as well as for supplementary information, pros p ective buyers rosy apply nr the liquidaior Piraeus Finance, F inancial and Consultancy SJL, 20 Amalias and 5 Souri Streets. TeL- SS Fnc Teh In tbe first stage, interested parties are invited to express their interest so as to be preKjualified for the second stage of the process.

Pre-q ualifi cation criteria will be based on the operational track - - record in tbe cement industry and financial strength. In the second stage, for those who meet the pre-q u alific ati on criteria, invitations will be sent together with the tender documents, including the procedure and timetable to be followed. The oonnacr will provide for transfer of responsibifay for the provision of water supplies to the project area of Lekki Corridor and the Islands.

This area has a total population of ap puxamarriy half a million at present which is expected to double during the period of the concession. Tbe area houses a domestic population of the highest sodo-economic category in Lagos and g home ip most of the major in stitu tions and e m bassi e s, headquarters of major international firms etc, based in Nigeria.

The existing assets available for the provision of water supplies fo the concession area, which have been extensively rehab ilit a te d, wiO be transferred to the concessionaire under a Lease Anangement Whilst significantly improved, these assets are only able id meet 30 per cera of the present esti m ated demand The concessioiiaue will be re quire d to implement an approved programme of investment do improve levels of service m accordance with an agreed schedule.

A major component of die investment programme is a new water production and transmission system id be procured under a Build, Own, Operate and Transfer Anangement [BOOH Discussions are being conducted wnh the Government of the Republic of Nigeria and the World Bank concerning die provision of guarantees on the sovereign risk dements of this project. Interested companies shook! Box , UgoA Nigeria, Tefc , The bank is being restructured and as part of this exercise a complete automation of the bank is requkecL Expression of interest from reputable, international vendors preferably with local affiliation is solicited for the provision of a fuilv integrated banking package for the bank!

Vendors are requested to send full details of the package along with prices, operating system and hardware platform required lor their product Vendors should also include at least three reference sites that are using their package for at feast three years and such sites should have on- line duster of branches with cross bottler operations.

What crisis? The Royal Opera was packing in the crowds at the Shaftesbury Thea- tre for Paul Runyan , an obscure s operetta that no one bat Britten aficionados hpfl heard about. ENO has no chief execu- tive and is unlikely to find- one until its future Is clear. The Royal Opera House board has tendered its resignation, and no one seems to know who is in charge. Sir Richard Eyre will not be able to chair the review panel until after Christmas.

The panel has four months in which to report, but its membership has not even been finalised. In mainland Europe this is not grudged. Here it has yet to be accepted They can't all be mismanaged. For most UK orchestras and opera companies, was an annus horribilis. The reason is not because their ftnaraiai prob- lems took a sadden turn for the worse or because their artistic product slumped.

There was evi- dence of neither. No, the cause of the gloom was that fateful even- ing of November 3. A New Labour arts policy was a chi- mera. Here was a party unrecog- nisable from the Old Labour which oversaw the UK arts explosion in the s. Far from sweeping away is years of That- cherism. Inspector Morse TV detective series , sport, fashion, restaurants, style.

New Labour tefit? You cant even privatise the Royal Opera House because it would mean giving tax breaks to the rich people on whom its future would depend. A nnus horribilis. The arts have been on standstill funding for five years, while produc- tion costs have risen with infla- tion.

In many cases, toe lottery has only complicated the matter. As long as government trades one- off lottery grants against that decline, the long-term well-being of the arts in toe UK will be in question. What is to stop the Blair government, or its succes- sor. For the time being, however, the Eyre review lets New Labonr off the hook. ENO could stay at the Col- iseum, with its debt written off.

Of course, toe UK is not the only country to have faced oper- atic crisis. German culture faced meltdown in the aftermath of unification. Against all odds, Berlin's three opera houses have survived. In Paris, the Bastille project underwent crisis after crisis, fail- ing to match the visionary ambi- tion of its begetters. It has now come good. The artistic product is reliable and sometimes world- class. Not surpris- ingly, the scat theatre regu- larly sells out.

Like the Royal Opera House, the Bastille is responsible for two companies, and It has a second theatre to sustain. Each knows his business from bottom up. If something goes wrong, everyone knows who to blame. But while Gall and Volpe are in charge, no one tries to second-guess them.

Who is In charge at toe Royal Opera? Drafting in television execu- tives and Arts Council adminis- trators is no way to run an opera house. It all comes down to cash. Once New Labour puts Its money where its mouth is, it may be in a position to grasp that the arts are the great- est educational, moral and spiri- tual resource at this country's disposal.

Theatre Clown in the snow W e may think of clowning as a fairly frenetic activity, but Slava Polunin is remarkably laid back. In his yel- low rompers and fluffy red slip- pers, he does the occasional stock clownish thing in a rather mini- mal, postmodern way - falling off a chair, placed at 45 degrees to the floor, or dashing between giant telephones to play both sides of a conversation.

But Sla- va's Snowshotr, now at the Old Vic, is governed by a gentle, almost elegiac feel. The show is sentimental, kitschy in places and thin in oth- ers, and is laced with irritatingly whimsical music. And yet it adds up to more than the sum of its parts, as the bizarre, haunting images accumulate and build to a climax.

Polunin himself appears as a lonely individual in an arctic, dream-like landscape of icy blue flats, frosty cobwebs and floating snowflakes. He has the benign presence of a holy fool, but he draws on the great down tradi- tion of appearing isolated in a bewildering, hostile world.

He has a stage companion, another mute little individual, who, while Polunin goes for the Andy Pandy style in down fash- ion, favours the Beckett look of floor-length, moth-eaten overcoat This wistful looking oddity offers no friendship, and the two clowns pad about in isolation. But the show's real impact depends on two startfingly effec- tive images. Polunin, having caused the demise of a yellow balloon, dumps the ragged bit of rubber into a dustbin then watches, transfixed, as the bal- loon.

What does it signif y? Who knows, but this charming image is sur- passed by the show's climax. New production conducted by Yves Abel in a staging by Robert Careen. There is something devas- tating an ri distressing about this final image; to me it suggested the crushing of hope. Not one to send Ms audience out stunned, however. Conducted by Rafael FrOhbeck de Burgos. Dennis Russell Davies conducts a production by George C. Wooffe; Dec 20 giant balls into the auditorium, which the spectators fall oo with glee.

Polunin, meanwhile, sits on the edge of the stage, beaming quietly as his audience plays for a good 10 minutes. Yes and yes - and yet at the time nobody minds much. Major exhibition assembling some works of art on loan from China's 30 museums. Includes bronzes, jades, ceramics, paintings and tapestries, some of which have never travelled before.

Overture and extracts from The Nutcracker; Dec With benevolent charm over his audi- ence, bolding them spellbound for a while. And for theatre lovers the occa- sion, as the guide book puts it. It is, to western eyes, ravishing in aspect. If we miss the minutiae of the action, we are still drawn into its world of exquisitely dressed fig- ures - the colours almost intoxi- cating in their effects - and into the dramas as vividly expressive as the robes and maquillage and the clangour of the accompany- ing musicians.

For the Chfltelet visit, s unities prove a tremen- dous help in making clear the action of the first part of the evening. Keisei Hangongko deals with Matahei, a painter with a fero- cious stammer, who is seeking promotion from a master-painter but is passed -over. As played by Tomijuro Nakamura we under- stand the extreme tensions which exist between the comic aspects of his disability his wife must always speak for him and the tragedy of a man trapped in his inability to express hims elf.

T he ormagata role of his wife. Irre- sistible is the passage when Matahei tries to put down the brush with which he has painted, and cannot, and gently Otoku releases each finger in turn from the handle. Great art Great thea- tre, wonderfully framed by the supporting company of actors and musicians. And the dance scene, which completes the pro- gramme. It tells how Vanya-kyubei, a rich young man maddened by a dissolute life, secs a vision of Natsuyama. In his dream, they relive their passion.

Here is dance at its most refined, most telling, most ritualistically true. Jukuemon Jakamura is 74 years old, and as Natsuyama, glori- ously robed, exquisitely poised, he is the very essence of a beauti- ful woman. Tomijuro Nakamura is 68, and he becomes the embodi- ment of hallucinated and sorrow- ing youth. If 1 mention the ages of these two superb artists it is to stress how much these years have given to them in perceptive power, in grace and economy of means.

S o - he did not turn up to sing, after all. Booking very famous singers of a certain age is always a risky business. Despite great expectations, Luciano Pavarotti pleaded ill health and backed out of his concerts in London and Birmingham this week. Around engravings, etchings and woodcuts created between and The exhibition will travel to London and Helsinki; to Mar 9 Concert Requiem for an event may weD have formed a more equally-matched quartet.

Roberto Alagna sang well as the tenor, with both strength and sensitivity; and Roberto Scan- diuzzi was the typically soft- grained Italian bass. Probably the most characterful of the four was the mezzo Luciana dTritino. New production conducted by Edo de Waart in a staging by Herbert Wernicke. His perfor- mance of the Verdi was consum- mately prepared, an unhurried exposition of the glories of the score, with a few moments of drama and much vibrato-laden, hand-on-heart string playing on the way.

What it did not exhibit was much spontaneity. However, the Philhannonia Chorus - 40 this year - together with the City of Birmingham Symphony Cho- rus provided high-quality choral singing. The concert will be broadcast by Channel 4 on Christmas Day.

Richard Fairman Sponsored by Enterprise Oil. Or so Mr Hague's close friends are saying. Some of us are averse to the idea of mixing politics with affairs of the heart. It seems a sad reflection of our intrusive society that a politician's public standing is insepara- ble from his or her private persona. But image, so the image- makers tell us, is every- thing. Ffion Jenkins, the bride-to-be, is said to be a rale model for the young professionals who must be won back to the Tory cause.

And a wife and young fam- ily will bestow gravitas on the year-old leader. Mr Hague sorely needs a break. Its legendary c omm and of presentation has deserted it. The prime minister is embarrassed by the financial arrangements of one of his millionaire ministers. And it is begin- ning to dawn on Labour MPs that government is indeed about unpalatable choices, especially when it comes to overhauling the welfare state.

So there is an opportunity for the official opposition. The snag is that the Conser- vatives seem, unable to do it. Blair's government may have been chipped by recent events, but its support still stands at more than double that far the Tories. Compari- sons of the personal ratings of the two leaders are too cruel to detaiL As Mr Hague acknowledged this week, he leads a party widely seen as greedy, selfish and lacking in compassion. That, is a fair assessment of the public mood. There is more, though, to the Conser- vatives' present misery than memories of the broken promises of IS years in office.

The right is in trou- ble in nearly all the big western democracies. The successful politicians are the hard centre-left who promise to add a human dimension to the tree- market orthodoxy of the age. Sure, they scored well in November's gubernatorial races. And we have lost count of the set- backs, political as well as personal, suffered by Bill Clinton. Yet his opponents lack either a coherent national agenda or a unify- ing leader. It is much the same across the English Channel.

His unashamedly socialist plat- form was constructed on the premise that he would lose. Yet six months on. He has since seasoned Gallic principle with a little Anglo-Saxon pragmatism, but Mr Jospin remains one of Europe's most trusted politicians. The common denominator cm the right is division. US Republi- cans are fragmented between Christian Coalition fundamentalists and main- stream moderates. Some of the wounds are self-inflicted, as much about personalities as policy.

There is also, though, a more failure to grasp the mood of the times. The big mistake, I think, is as follows. The world of international capitalism is a more threatening place. Change is foster than we Mr Hague is an astute politician.

Global markets, as we have seen most recently in Asia, are oblivious to social or political order. They have no respect for Cherished val- ues. People crave their lost security. It is hardly surpris- ing they look for it in tmttar eaten in g political leaders.

They present govern- ment as a a gainst the coldest winds of change. Markets are allowed their freedom, but the state Is there to guard against the harshest consequences. The great success of s lead- ers such as Ronald Reagan and Margaret Thatcher lies in moving the political centre-ground rightwards.

This is the point. I think, that Mr Hague has not taken. He is a clear-thinking man and an astute politi- cian. Some consider him the best orator to lead his party since Harold Macmillan. He has shown he knows how to discomfit the prime minister. That is naive. Harrying the government is what opposition is about, more especially just after an ejection. Yet there is something missing, Mr Hague is blind to the big picture showing.

The shadow cabinet Is a creature of the right. They barely conceal their scorn for the leader. This suits Mr Blair per- j fectly. The loudest opposi- tion to his policies is coming from the left - from the ranks of Old Labour within his own party and from the Liberal Democrats. Both can be relied upon to step up their attacks an his plans to curb welfare spending. The government is sure to become unpopular. But nei- ther group poses a threat to its re-election. As long as he stands on Mr Blair's right, Mr Hague will be unable to torn public discontent with the govern- ment into sustained support for the Conservatives.

Mr Blair's pitch is easily imag- ined: if you are worried about , my plans for the wel- fare state, just think what would happen if those right- wing ideologues got their hands on it It is here that image does count. Mr Blair casts him- self as moderate, tough but reasonable. Mr Hague risks being labelled extreme. These two adjectives are the most important in politics. Elections are won by those perceived as moderate. Mr Hague, I am sure, will enjoy his honeymoon. At its simplest, account- ability means holding public officials responsible for their actions.

Economic objectives of public accountability include congruence between public policy and actual information, and the effi- cient allocation and use of resources. This not only requires systems of financial accountability , but also the capacity and willingness to monitor and evaluate the overall economic perfor- mance of the IMF.

Adequate and reliable information Is a precondi- tion for accountability, and refers to the availability of and access to information from public and private sources, and transparency of decision-making processes- The IMF's executive board, representing the governors of member countries,.

By comparison, the World Bank executive board can draw on the output of the operations evaluation department that answers directly questions from the board. Occasional evalua- tions of IMF operations have been carried out in the past but always by the staff itself. By definition, this casts doubts on the validity of such wash as it invariably concludes that with the exception of a few misplaced commas and sentences, all is fine in the IMF universe.

An example of this is the evalu- ation, of the Mexican, crisis. It was conducted by a retired senior staff member, pro- duced some recommenda- tions of strengthening of sur- veillance. The IMF created in mid- an embryo of an evalua- tion department, but unfor- tunately it responds directly to management and not to the IMF board and none of its findings has so far been mado available to the board' or the public. An indepen- dent evaluation capability is a necessary step.

But it would not be sufficient to ensure better governance for the IMF as the process of feeding hack, the lessons learnt Is another treacherous task for the board. Strengthening the gover- nance of the IMF account- ability, information and transparency is long over- due, as Mr Sachs has clearly pointed oat using the Kor- ean case. The shareholders and the board of the IMF should give themselves the pvmns to assess the work of an international organisa- tion with so much power.

Denis Richard, chief economist and partner,' XU metodi. The rest erf Mr Anjaria's let- ter, however, is disingenu- ous. The fund gave no hint of worry about an east Asian financial crisis until the out- break of the crisis itself. Who is kidding whom about early warnings? The simple feet is that nei- ther the fund, nor most oth- ers, had even an friMfog of the maelstrom that was about to bit, and that is the main reason that Asia has been hit by a financial panic that vastly exaggerates the fundamental ills of the Asian economies.

The IMF has not stopped the panic, and arguably has added to it, both by its rheto- ric which underplays the role of panic and overplays the weaknesses in Asia and by its dracomanmacroeco- nomic policy conditions. This is apparently still not the case with Indon- esia, Thailand and the Phi- lippines. It remains IMF pol- icy to keep these crucial.. Dozens and dozens of pro- grammes still operate under a veil of secrecy.

The secrecy of the documents, and much important surrounding materials, makes it impossi- ble to sustain broad public and professional scrutiny of IMF operations. It will be interesting and important to see if the IMF can change its ways. Moreover, I am requesting all letters of intent that have been made public in the past five years alas, very few, but let us see! I hope that other inter- ested observers wiU.

It Is long past time to shed light on the actions of this sometimes very valu- able, but occasionally harm- ful, institution that acts in the name of the global public. Jeffrey D.

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Omonia Nicosia attack strength, Omonia Nicosia defence weakness and Omonia Nicosia recent form analysis. Omonia Nicosia win chanches. Predictions, tips and stats for Apollon Limassol matches. Apollon Limassol attack strength, Apollon Limassol defence weakness and Apollon Limassol recent form analysis.

Apollon Limassol win chanches. Today Match Predictions of all the international matches and domestic matches of all countries. The outcome of a match and the performance of individual players are dependent on a number of factors — form, fitness, playing conditions and inherent strengths and weaknesses of every player.

Full time result The most common football bet is on the match result — 1-x In that kind of bet the player has to predict the end-result of a game. The match preview to the football match Omonia Nicosia vs Apollon Limassol in the Cyprus Division 1 compares both teams and includes match predictions the latest matches of the teams, the match facts, head to head h2h , goal statistics, table standings.

These facts should all be considered to place a successful bet on this match. AEL Limassol has scored an average of 2. AEL Limassol has won Nicosia has scored an average of 1. Nicosia has won Tennis Betting. Free Bets Best Betting Sites. AEL Limassol vs Ol. Nicosia Prediction. AEL Limassol v Ol. AEL Limassol. Date : Monday 28th December. Over the course of their most recent ten matches at this level, Ol.

Nicosia have secured three draws and suffered seven defeats, so life has been proving tough for the away outfit. AEL Limassol may not have been hitting the heights that they did earlier in the season during the last few months, but 11 wins from 16 home games is still a formidable record.

Nicosia have been in incredible form recently, collecting some points from a possible 27, and it is noticeable that all nine of their matches during this period have served up three goals or fewer. The same is true of each of the most recent nine AEL Limassol home games at this level, so it would come as a major surprise were this key battle not to serve up under 3. When Ol. Expert's Suggested TIP. Suggested Tip:. Best Bookmaker:.

Bet Now. Nicosia Ol. Betting Overview. AEL Limassol - Ol. Here on Feedinco, we will cover all types of match predictions, stats and all match previews for all Cyprus - First Division matches. Feedinco Suggestion From all statistics and latest matches data, our professional advice and experts suggest to bet on a 1 which have odds of 1.

We also suggest the best bookmaker which is Bet9ja which have better odds on this type of bet. Nicosia, we have analysed all last 5 matches and winning rate analysis. AEL Limassol are currently in a better form which they will be playing on their statium as home team, which gives them a slight advantage over the away team - Ol. Nicosia on Live Streaming. Nicosia LIVE! Nicosia live coverage and video highlights if you are registered member of 1xBet, the leading online betting company that has streaming coverage of different sports and more than k live matches with live sports betting during the year, from football to tennis to esports Betting.

If this match is covered by 1xbet live you can watch this football match or any other game of Cyprus - First Division on any smartphone. Enjoys betting and a good poker game. Follow on medium.

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Apoel Nicosia win chanches. Today Match Predictions of all the international matches and domestic matches of all countries. The outcome of a match and the performance of individual players are dependent on a number of factors — form, fitness, playing conditions and inherent strengths and weaknesses of every player. Full time result The most common football bet is on the match result — 1-x In that kind of bet the player has to predict the end-result of a game.

The match preview to the football match Karmiotissa vs Apoel Nicosia in the Cyprus Division 1 compares both teams and includes match predictions the latest matches of the teams, the match facts, head to head h2h , goal statistics, table standings. These facts should all be considered to place a successful bet on this match. Betting Tips Today is automated sports predictions platform.

With our system predictions you can strengthen or weaken your bet decision. The player predicts whether the result at the end of the normal game-time will be one out of three options: a win for one team, a win for the other team or a draw.

In a football match it can be seen as 0. We also suggest the best bookmaker which is Bet9ja which have better odds on this type of bet. Nicosia, we have analysed all last 5 matches and winning rate analysis. AEL Limassol are currently in a better form which they will be playing on their statium as home team, which gives them a slight advantage over the away team - Ol.

Nicosia on Live Streaming. Nicosia LIVE! Nicosia live coverage and video highlights if you are registered member of 1xBet, the leading online betting company that has streaming coverage of different sports and more than k live matches with live sports betting during the year, from football to tennis to esports Betting.

If this match is covered by 1xbet live you can watch this football match or any other game of Cyprus - First Division on any smartphone. Enjoys betting and a good poker game. Follow on medium. Nicosia is on Monday 28th December. AEL Limassol are currently in a better form than the away team - Ol. Nicosia is 1 with odds of 1. Deportivo Armenio 1 - 2 Talleres Tips 28th December. Brasil de Pelotas 1 - 0 Confianca Tips 28th December.

AEL Limassol 3 - 0 Ol. Nicosia Tips 28th December. Notts Co 0 - 1 Hartlepool Tips 28th December. Stockport 2 - 0 Wrexham Tips 28th December. Chelsea 1 - 1 Aston Villa Tips 28th December. Crystal Palace 1 - 1 Leicester Tips 28th December.

Everton - Manchester City Tips 28th December. Beitar Jerusalem 1 - 2 Ashdod Tips 28th December. Mjondalen 3 - 2 Sogndal Tips 28th December. Vilafranquense 2 - 0 Arouca Tips 28th December. Boavista 1 - 4 Braga Tips 28th December. Rio Ave 1 - 3 Maritimo Tips 28th December. Bursaspor 2 - 1 Eskisehirspor Tips 28th December.

Besiktas 3 - 0 Sivasspor Tips 28th December. Genclerbirligi 3 - 2 Kayserispor Tips 28th December. Facebook Telegram Twitter. All Sports Predictions. Watch free live football streaming? How to bet on Football matches submitted 10th April. Top 3 Richest Footballer in the world in - Richest football player submitted 15th July.

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Now our roads are impass- able, our youngsters are dis- qualified from government recruitment drives and when our water supplies break down, no one comes to fix them- Moi does not like the Kikuyus. But the boycott call, widely rejected in central highlands because it would hand the ruling Kanu party victory on a plate, has forced Mr Mugo and his colleagues to find a new harbour, with a party registered a month before the polls and a former stock exchange chairman as a champion.

Safina is not putting up a presidential candidate, so voters in Kiharu are waver- ing between Mwai Kibaki. Our leaders are. Aware their electoral hopes are slim this time around, many Kikuyus pin their hopes on something of a dark horse: George Saitoti, the current vice-president and leading candidate for the succession once the year-old president retires.

Six years after the intro- duction of multtpartyism, politicians across the spec- trum ruefully acknowledge, what mattes is not ideology, but which tribe you belong to. Richard Butler, head of the inspection commission, briefed the Security Council yesterday on his latest talks with Iraq, which Bill Rich- ardson. Russia and France, both permanent members with veto power, appose resort to force and have criticised Mr Butler. He reported yesterday that the Iraqis stated that no information on any weapons category would be volun- teered in future to the UN.

There would be other new obstacles to bis efforts to ensure the elimination of all weapons of mass destruc- tion. Only a tew sites, such as factories, military camps and warehouses, could be entered without restriction. He also declined to provide a map of restricted sites, say- ing this would identify bombing targets for the US. The LHC will allow scien- tists to accelerate protons at rates near the speed of light, colliding them at energies seven times greater that the most powerful existing accel- erator.

Results of the colli- sions will allow physicists to explore the structure of mat- ter and energy in unprece- dented detail. US energy I secretary, said earlier this , month in Washington. About a quarter of US high-energy physicists are expected to do research at tbe LHC when it is com- pleted.

Mare than US sci- entists are already collabo- rating on the design and construction of the compo- nents for the giant detectors inside the LHC, alongside 2, other scientists and engineers in 45 countries, including Japan, Canada, Russia, India and Israel.

The two detectors, five sto- reys high and weighing thousands of tons, will record the shower of sub- atomic particles from the collisions, occurring at the rate of lbn a second. US secretary of state, yesterday foiled to secure a timetable for an Israeli troop with- drawal from the West Bank or agreement on how much land would be banded over by Israel to the Palestinians.

After talks in Paris with Benjamin Netanyahu, the Israeli prime minister, and later in London with Yassir Arafat president of the Pal- estinian Authority, Washing- ton has given Israel more time to discuss the redeploy- ment with the cabinet This is despite pressure from Mrs Albright who said she wanted progress by the end of the year, specifically on issues related to Israel establishing a safe corridor between the West Bank and Gaza, opening an airport and sea port in Gaza and imple- menting the long-delayed second Israeli redeployment from the West Bank.

Mr Netanyahu did not say what this mechanism con- sisted of, but said he would unveSrJjis intentions In mid- Jariuary. Israeli officials said Mr Netanyahu wants first to push through ambitious bud- get expenditure cuts before putting a new redeployment plan to the cabinet The budget, due to be debated in the Knesset by the end of this month, could face some opposition from within the cabinet. Mr Arafat has been crack- ing down on Hamas, the Islamic Resistance Move- ment whose military wing claimed responsibhty for the July and September bomb- ings in Jerusalem.

It spelled out what the PA had to do to dismantle "the infrastruc- ture of terrorism. Human test for new cancer drug By Daniel Green in London A drag developed from the internationally coordinated Human Genome Project is to be tested on patients from next month. MPIF-i, for cancer patients, is the first drag to emerge from the project to be tested on humans, said William Haseltine.

HGS was one of the first private sector participants in the Human Genome Project, which aims to uncover all the building blocks of human genes. The project began in and is unlikely to have com- pleted its work until well into the next decade. In animal tests, MPIF-1 has been shown to prevent most of the damage caused to -bone marrow by standard cancer chemotherapy drugs. If it works in people, it would allow more powerful doses of tumour killing drugs to be used over a lon- ger period.

Cancer chemotherapy kills growing cells such as tumours, but also damages bone marrow, which grows Into the many different cells that make up blood. Dr Haseltine said in mice without MPIF-1, the bone marrow was destroyed after four doses of chemotherapy. The drug is not likely to prevent other chemotherapy side effects such as hair loss and digestive system prob- lems.

The first trials will be on healthy volun teer s, to check for side effects. If it passes that stage, it would then be tested in vary- ing doses on patients, to measure which does is most effective, before being put into large scale trials required by health regula- tors before granting approval to market a new drug.

MPIF-I was discovered through a process of study- ing roughly genes that influence the production of blood cells. Some 23 candidate genes were identified, and the pro- tein produced by one was eventually chosen because of its apparent lack of side 1 eff ects. Dr Haseltine said that a ' second protein should go into clinical trials over the next few months. In the first 10 months exports rose 10 per cent, while imports were up 9 per cent The unexpected jump in exports in October Included large gains in car parts and capital equipment Imports, which rose by 0.

We hope the recently announced stimulus package there Will boost demand," said Mr Price. Andrew Szamosszegi of the Washington-based Economic Strat- egy Institute said the export gains were not sustainable. The battle is over an audi- ence for pay television in Latin America that Galaxy estimates at a potential 45m homes, half the number now with a television set Direct- to-home satellite television has so for captured just 2 per cent of this market The Galaxy group started its service first.

It claims Sky claims. Sky has had sat- ellite problems. A Chinese rocket carrying an Intelsat satellite to beam Sky ser- vices into Latin America exploded at launch in Febru- ary last year. One of two Sky satellites - Panamsat VI - is not functioning as hoped. In the short term, this may not affect its plans, but may limit the development of future services. Despite this, Sky denies Galaxy has a technological advantage. Sky has 12 satel- lite transponders each capa- ble of carrying roughly one conventional analogue chan- nel aimed at each of the four main re gions ju Latin America.

But outside experts think some channels must be audio only, since current technology cannot yet com- press 10 video signals on to one transponder. Once its new satellite is Latin America: sky wars operating in the new year, Galaxy says it win have two sets of 22 transponders - capable of delivering seven video channels apiece - cov- ering the whole region. According to Kevin McGrath, GLA chairman, the new satellite alone should be able to deliver video channels In each of its two beams.

More important, he argued, will be content. Sky has the advantage " he added. This is because of Mr Mur- doch's ownership of Fox, and the presence of Televisa and Globo, the two biggest pro- gramme makers in Latin America, both with exten- sive programme libraries.

His competitors are quick to respond. Mr McGrath of GLA argued that the "broadcast business is not the same as the pay television business". Tbe question scene observ- ers have is whether incomes are high enough to sustain direct-to-home satellite tele- vision in tbe region. This is not England where BSkyB has been so successful. Mr McGrath insisted the battle is not just between Sky and Galaxy, but also with other types of pay tele- vision services, such as cable and microwave systems, which often deliver poor quality pictures.

In any case. Galaxy would break even - depending on bow it is defined - with 1. Efforts to speed up output were dogged by inefficiency and low morale, one employee said. The company was improving compliance with Us internal quality controls, the FAA said. At a special bearing held by the Federal Communications Commission, the chief telecommunications and broadcast regulator, cable industry officials admitted rates were increasing faster than Inflation, but said it was primarily due to growing programming costs.

The Consumers Union has petitioned the FCC to intervene, saying that big cable companies are exploiting their local monopolies and should be forced to hold down prices. Tbe hearing follows the publication of new data from the FCC showing subscription rates rising by close to 10 per cent in the past year.

Tbe FCC has the authority to regulate most cable rates until early 19fl9 when tbe market is due to become fully deregulated. The pipeline runs from the Bolivian interior across the Brazilian border at Puerto SuarezCorumbd to the for southern port city of Porto Alegre, the first gas is expected to be delivered to customers in S5o Paulo by December Today, it's science feet. Diagnosis via the information superhighway where doctor and patient can be thousands of miles apart is now a real- ity and Is even more exact and more efficient than ever before.

It said the fall stemmed from a combina- tion of depressed demand, a decline in Japanese reverse imports, intensified competition with Japanese vehicles and the impact of the weak yen on prices. The sharp decline in imported vehicle sales comes as Japanese exports to the US and Europe, in particular, have risen sharply.

Japanese vehicle exports were up 28 per cent in the year to October. The situation is likely to intensify criti- cism that Japan Is exporting its way out of recession. Separately, the Japan Automobile Manufacturers Asso- ciation forecast that domestic sales would rise 3 per cent next year to 6.

Competition is likely to intensify further as vehicle makers struggle to maintain their posi- tion in the market. Toyota, for example, is determined to increase domestic sales and win back 40 per cent market share, which has been its proclaimed goaL Toyota forecasts its domestic sales will increase 7 per cent to 2.

Japan's largest car company believes it will suffer a 6 per cent drop in domestic sales in Michiyo Nakamoto. The Commission said the Nor- wegian exporters had either broken an agreement reached in June to end a dispute over EU imports of Norwegian salmon or had failed to file reports as required by the agreement The provisional duties, to remain in effect for four months, are 0.

Scot- tish and Irish competitors earlier this year accused Nor- way. Norway rejected the allega- lions. The row strained relations between Brussels and Norway, which is not an EU member. Hours before the expected decision. Boeing, the US aerospace manufacturer, and Airbus, its European com- petitor, ' were sweetening their offers, according to Joseph Ciechanover, El Al chairman. El Al will choose between Airbus' A and A jets. Through its acquisition of the new aircraft, El Al atms to boost profitability, allow- ing it more frequent flights on regional and European routes.

Earlier this year, El Al - which Is earmarked for pri- vatisation - decided to con- sider Airbus for the first time since El Al's fleet of 28 aircraft is made up entirely of Boeing jets. According to sources involved in the negotiations.

Earlier this week, Stuart Eizenstat, US under-secre- tary of state for economic affairs, urged Israel to choose Boeing. He said Israel had committed, to buy US goods as part of Washing-. Livni responsible for privatising Israeli govern- ment companies, said El Al was forbidden by Jaw to cave in to political pressure.

Mr Ciechanover denied reports that senior Israeli ministers tried to sway last night's vote towards Boeing following pressure from Washington. The full impact of tbe crisis will not be felt until and. Even so. Export growth is likely to exceed import growth this year for the first time this decade, a cause of trade friction that is likely to intensify in Singapore, Taiwan and Thailand - rose by 7 per cent last year, higher than tbe world average but less than half the increase In The most dynamic region in was Latin America, World trade: beats making it.

The report shows little change in the league table of the world's biggest traders in The US remained the biggest goods exporter and importer, followed by Germany and Japan. On the services side the US was again Die biggest trader in both directions, with France the second biggest exporter and Germany the second biggest importer. In its review of trading developments during the WTO nates that over anti-damping actions were notified during tbe year, tbe main users being South Africa 30 cases the EU and Argentina 23 cases each the US 21 and India The figures demonstrate the increasing use of anti-dumping measures by developing countries which, like the richer nations, now regard them as a legitimate means of protecting their domestic industries However, - flc terms of anti-dumping measures in force, the US is way out front with , followed by the EU with Canada 96 and Mexico Annual report Boeini; has been working with European experts like Megan anil their companies tor over 30 years.

For one simple reason: we warn to work with people who are best at what thev tin. Ir takes tea mu. But working together, we can du almost anvthins. In what threatens to became a big trade clash. US officials hope the ten- sions will he eased when Dan Glickman, the US agri- culture secretary, and Franz Fischler meet next month to discuss agriculture issues.

Meat trade will be at the top of the agenda. These would be negotiated so that each side, could accept the -other's products based on safety standards both sides aprove. The US last week announced a ban on Euro- pean beef and lamb on the grounds that it had doubts about the surveillance pro- grammes of BSE.

The European Union has given the US a six month ultimatum to strengthen its meat inspection controls or face an import ban, the European Commission said yesterday. The EU plans to send out an inspec- tion team before tbe end of June to check progress. The row is the latest in a series over Food safety. The EU already bans some US beef exports which are hor- mone-treated, a stance which the World Trade Organisation says breaks world trade rules. Airbus, responding to the US pressure on Israel, defended its offer.

Airbus had wanted to add El Al to its customer list since it lost the bid, he added. The two companies will today announce plans to form an alliance - NorSea Com - that will provide off- shore platforms with broad- band communications systems for tbe first time. At present, such rigs rely on satellite links for their communications. But these have proved Inefficient in transmitting large amounts of data such as seismic sur- vey reports. NorSea Com says the scheme has the backing of large oil companies, includ- ing including British Petro- leum and Amoco.

Letters of intent have already been signed with BP and Phillips Petroleum to connect their North Sea plat- forms to the new fibre-optic link between Stavanger and London. Stein Dale, a spokesman for Telia, said the link would be extended to Aberdeen, the centre of the UK offshore industry, in the future.

The plan follows more than 12 months of talks between Telia and EniTel - the telecommunications sub- sidiary of Statnett. While also upgrading com- munication links for the off- shore industry, the two com- panies claim the link could carry a large part of the growing telecommunications traffic between Bri tain and Scandinavia.

This will be a very sophisticated fibre-optic sys- tem capable of delivering large amounts of data very rapidly. Push to end US- Japan air talks impasse By NBcftiyo Nakamoto in Tokyo A controversial proposal to allot extra slots to US air- lines at Tokyo's Interna- tional airport is under con- sideration as a means to break the impasse in ongo- ing US-Japan aviation talks, Bilateral meetings In Tokyo this week failed to produce an aviation accord.

The Transport Ministry said progress had been made towards a deal but final agreement was unlikely this year. Talks are set to resume In Washington next month. Tokyo is studying the pos- sibility of transferring unused slots held by Federal Express, the US cargo car- rier, to other US airlines as a means to satisfy US demands lor extra slots at Narita. US demands for extra slots at Narita have been one of tbe sticking points dogging the aviation talks, which have dragged on for several years.

Federal Express is believed to have several slots it does not use fully and which 'could be with- drawn from the cargo carrier under new rules Imple- mented in October. The rules dictate Narita slots used at a rate lower than 80 per cent be reclaimed for dis- tribution to other carriers. International Air Trans- port Association rules spec- ify the slots be redistributed in a fair manner by an fade- pendent co-ordinator, but the Japanese Transport Min- lstry believes it could dis- tribute the slots at its own discretion without breaching IATA rules.

Such a move anger other carr tag European, Ja US incumbent which would be on valuable slot lucrative routes. The latest agreement covers losses that were previously re- insured with a company railed Lioncover. For nearly 3, Names, individu- als whose personal assets had backed the PCW syndicates, the deal ends months of uncertainty. The agreement was delayed in part because of resistance from direc- tors of Lioncover.

Lloyd's said yesterday that two directors, John Gaynor and Mat- thew Pincent, had resigned. It declined to co mment on specula- tion that they wanted Lioncover to continue handling the PCW busi- ness. It's fair to say that some Names were con- cerned about Lioncover.

None of this would be invested in equities, but would produce income immediately. Farmers in the Nether- lands have enjoyed rises of 6. Figures from the UK agri- culture ministry estimated farm Incomes would fall by 37 per cent in real terms in Welsh farmers were the first to blockade ports in an attempt to halt imparts of beef which they believe are undercutting UK prices.

The protests spread across the UK in the last few weeks. This has cut the sterling value of subsidy payments set in Ecu and bas encour- aged imports. He also derided Eurosceptic MPs and newspaper editors for trying to force him to toughen his stand in the Rnai months of his administra- tion.

There were some people who made the whole Tory [Conser- vative] party seem mad. Imagine your IT systems as responsive as a high performance automobile. That's the advantage of Tivoli systems management software. Tivoli systems management software gives you the power to manage ail your systems, networks and applications from a single point So you can roll out new applications, configure desktops and maintain IT resources - ail through one truly open, highly scalable technology that works across diverse platforms.

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To find out more, visit our Web site on www. AH ights reserved. Tirol i is an IBM Company. Tivoli Systems Inc. The result was a point fall in the index in two min- utes. Morgan suspended the two traders, who have not been named, and yesterday said they had been fired. Exchange rules prohibit member firms from trading In a security which is a com- ponent of an index with the sole Intention of moving the value of the index.

It also published a proposed rule change to widen the definition of mar- ket manipulation. Dealers said the exchange wanted to send a tough message ahead of the mid of the year. Some managers are wor- ried that prices could move erratically in a thin market on December 31, with some traders trying to move prices in the last infantes to affect year-end portfolios.

The exchange, which win dose at 12hl0 on December Aberrant prices will be ignored for index and valua- tion purposes, though the trades will stand. The company said in awritten statement that tt was folly committed to the Scottish proj- ect but would not proceed with equipping the pfam until the Korean economy improved. Investment in manufac turing equipment and tooling may be delayed for a period of up to 12 months, pending recovery In the financial markets in Korea.

The plant had been due to open late next year. Construction will con- tinue as planned but the project wi ll be halte d when building works are completed next spring. BOB, which is owned jointly by Carlton Communica- tions and Cfranada Group, has agreed changes, including the shor tening of its seven-year programme supply con- tract with BSkyB to five years to win approval from the European Commission.

The Independent Television Commission is to disclose that it has granted three year licences to BDB covering three hands of frequencies. The Jersey authorities decided that the Bank injunc- tions placed Young in breach of his bail terms. The Bank injunctions, taken out In the High Court in London against Young, Marish Chobrzynski, Mark Bullen and -First Merchant Ltd, rpKt rainpd all the defendants from accepting deposits and from making false, mislead- ing or deceptive statements to induce deposits in contra- vention of the Banking Act They account for almost half the package holidays sold in travel agents and own.

Instead, the MMC Is believed to call for ties between tour operators and travel agents to be made explicit by requir- ing travel agents to publicise those links. Austins, a training ser- vices company owned by the Londonderry store of the same name, is expected to be joined tn a few days by Short Brothers, the Belfast Aero- space company and North- ern Ireland's largest private sector employer. In Northern Ireland, the government's Tr aining and Employment Agency esti- mates that 7, year olds will take up the offer and 2.

They risk faring state bene- fit payments if they refuse. Since , the numbers employed in Northern Ireland have risen faster than other UK regions, anH the fall in unemployment has been larger and the growth in GDP bigger. Short-term unemployment is now close to the UK average, and below the EU average. However, long-term rates remain higher than fa other - UK regions. More than 23 per cent of unemployed have been out of work for 5 years or more against fewer than 5 per cent for the UK.

Causes include the long-term decline of tradi- tional Industries, and the dif- ficulty of crossing the sectar- ian divide to find work. Training bodies are wor- ried that the New Deal wffl simply be used to replace existing programmes because the government has promised a total overhaul of training policy. The business community says the programme should not become a government scheme to reduce unemploy- ment figures artificially.

There is confusion about whether employers can advertise for recruits, given that a disproportionate num- ber of the target population are likely to be Catholic. Hhrt ;'. To the delight of its new owners, it has doubled gross profit margins in the past two years. Cutisin, headquartered in Jilemnice. Its feet dries produce long sticks of casing from the protein colla- gen. The transformation, of Cutisin as communism h as given way to capitalism has highlighted the differences between the two systems, but managers say that many aspects of the business have not changed, and that Devro respects what Cutisin achieved under communism.

Peter Raschik, Cutisin. In those days, he says, the c omp any was devoted purely to production. The trains delivered it to sausage manufacturers in Czechoslovakia and the other Comecon countries, including the Soviet Union. When, as technical director, Mr Raschik developed a new type of sausage casing, be took it to Czech customers to test before ordering. But he never dealt with export customers. Cutisin co-operates with cus- tomers in devising new products, rather than developing a new product before finding out whether it is what they want Beneath the exterior is a work ethic, a skill level and a drive that Is quite outstanding It does not however, handle sales and marketing.

Decisions on new product lines and market- ing are taken by a business devel- opment onmwiittfie, on which Mr Raschik sits, at Devro's head office sear Glasgow. Today it has a much more real- istic profit ATid loss account It handles all its own cash but still has to transfer its profits to Devro. Both managers say that the main difference in the character of the company is the strong motivation that now exists to make a profit They identify two principal drivers.

Firstly, the free market system, they say, means that the linkage between manufacturing, sales and profits is far clearer. Under communism. Secondly, personal rewards have been greatly improved. Furthermore, until the mid- s, everyone in the plant had to work three days a month in production. Despite the rigidities of the old system, Cutisin made consider- able progress under communism, particularly in technical innova- tion. In it became the fust company in the world to produce edible collagen.

Its Jilemnice fac- tory. Under communism it increased its productivity by one or two per cent a year through small improvements in the manufactur- ing process. Its engineers often had to make their own manufac- turing equipment Graeme Alexander. But once you get beneath the exterior you find among the people a work ethic, a skill level and a drive that is quite outstanding. This is partly because of a big increase in sales to east European coun- tries and the development of mar- kets in western Europe.

To meet rising demand it has reduced its summer and mainte- nance shut-down periods, cut clo- sures for Christmas and New Year and now produces round the clock. In spite of these changes in business practices, workers say they do not notice much differ- ence. But is the new-found emphasis on focus just a fad? Dr is ft an inexorable trend driven by international competition and mare demanding capital markets? One way of shedding light on this issue is to compare the recent experiences of businesses in Germany management cultures.

It examines how far country-specific factors affect the pace of corporate re s tr u c t uring. It also looks at whether these national differences will be eroded, as product markets and capital markets become more globally integrated. But work by Professor Steven Davies and David Petts of the University of East Anglia suggests that some UK companies appear to have viewed overseas expansion as a substitute for diversification.

By contrast, Goman businesses seemed to be prepared to diversify as they moved abroad. These different attitudes are underlined by the statistics on divestments. Over the past 10 years, just over half of UK companies have divested some of their activities compared with just under a quarter of German companies. But others appear to be moving in the opposite direction.

For example, large manufacturing companies in Half of UK companies have divested some activities compared with under a quarter of German companies traditional businesses, such as Mannesmann and T fay s sen , are moving into modern technologies and related services, such as telecommunications. This offers them a degree of protection in competitive markets and helps provide access to finance.

For example. Triumph Adler moved from its base in typewriter manufacturing Into toys, musical instruments and other activities. But it would be wrong to draw too many conclusions from these ftndiugs. For one thing, the starting points of the German and xjk businesses differ. Fifteen years ago, British companies were among the most diversified in the world, and so had great potential for refocusing.

Although Germany had some highly diversified conglomerates, many of the companies which grew out of the MittelsUmd sector continued to be specialists. Timing also influences these findings. The r e s tructuring of UK industry took hold in the second half of the s; In Germany, the move to reduce costs and improve efficiency does not go bade much farther than the recession of Another factor is the traditionally low levels of mergers and acquisitions, and in particular hostile takeovers, in Germany.

Bnt merger and acquisition activity is starting to increase, as a result of the efforts of foreign investment banks coupled with recent moves to deregulate the financial markets. Another important influence on corporate restructuring is the growing pressure on listed companies to increase their profitability in response to pressure from shareholders. Richard Young, executive director for European Strategies at Goldman Sachs, the investment bank, argues that there is considerable scope for German companies to raise their return cm equity through restructuring.

The pressure on them to do so is likely to increase, he says. In many respects, it seems that the German system is being pushed in an Anglo-American direction. Nonetheless, it may be premature to assume that Anglo-American fashion fbr focus is gaining hold in Germany.

Tel 0 ; Fax 0 Investors do lot like to own buildings hey cannot see from their irindow and traditionally bey have not done so. While portfolio investors a the US and UK have Town comfortable with atemational diversification f stock and bond portfolios, trope rty has resisted this rend.

Now, It seems, there are i gns that a new approach is merging among investors. In its Investment strategy Annual issued this ;eek, T-ftSallB Advisors Capi- al Management, the Cbica- o -based property invest- ment consultancy, is urging FS clients to put up to 10 per eat of their real estate part- slice abroad.

LaSalle argues that three wees are already reshaping re real estate industry - onsolidatlon, globalisation nd security. Industries are i nnking the number of par- ctpants that they wifi toler- te. As companies grow by wallowing each other, they xtend their activities broad. Meanwhile, property ssets are increasingly being ackaged into securities, hich can he traded as eaa- y as shares, broadening the ool of potential investors.

It is these three factors, aSalle argues, which make i international approach to roperty investment neces- iry. The consultancy firm rges investors to place toney into markets where roperty ownership, occupa- on and management' are [ready multinational. Jacques Gordon, managing rector of research at LaS- Mumnational portfolio management. North Ownarshfc. However, anecdotal evi- dence suggests that there is interest in non-US property among US investors.

Earlier this week. In ex plaining the purchase, SCI said that the multinational distribution companies who are its main customers need European storage and distri- bution fedlities. Lionbrook Property Part- nership, a limited partner- ship fond managed by Bar- ing. Mor- gan, says that clients are i - M M Li looking abroad for value. More people are thinking its a global business.

So if you are looking for value, you have to look outside the US," he says. There is also grow- ing interest in Japan where the fl iTidfa g woes of banks are expected to force signifi- cant sell-offs. However, US real estate specialists warn that it will be some time before interna- tional property gains the same status as international equities or bands.

Investors have a long memory. The main obstacle, he says, is finding the right local partner to work with. Bnt Mr Gordon points to another troubling obstacle - the lack of transparency about property values and characteristics In non-US markets.

While US Reits, real estate investment trusts, are used to publish- ing volumes of data about their lease structures and finances, other property markets are. In its report, LaSalle notes that if real estate truly wants to be admitted to the international capital mar- kets, it must play by the rules. Opacity leads to overbuild- ing; which in turn leads to boom-bust property cycles that will deter investors long term. Subscribe now. Low Rates. Quality Service. On The Company's activities included tbe production of alcohol pure an industrial , grape must, kernel oil and olive kernel oil milling residues.

Certain of the buildings have been built without permission, as certified by the town planning authorities. For further information please see tbe Offering Memorandum. Tbe factory is under lease, tbe validity of which is being disputed in coon. Such provisions and other terms and conditions shall apply irrespectively of whether they are mentioned here in or not. Submission of binding offers shall mean acceptance of such provisions and other terms and conditions. Binding Offers; Interested parries are hereby invited to submit binding offers, not later than Offers should expressly state the offered price and the detailed terms of payment tin cash or instalments, mentioning the number of instalments, the dates thereof and the proposed annual interest rate if any.

In the event of not specifying; a tire way of payment, b whether the credited amount shall bear interest and c the interest rate, then it shall respectively be deemed that: a tbe offered price is payable upon execution of the sale contract, b the amount credited shall bear no interest and c tbe interest rare shall be the legal rate in force from tune to time.

In all cases where the credited amount bears interest, this shall be calculated in relation to the outstanding amount and shall be payable on the dates of payment of each instalment. Binding offers submitted later than the above dale shall neither be accepted nor considered.

The offers shall be binding until tbe adjudication. Submission of o fliers in favour of a third party to be nominated at a later stage shall be accepted on condition that tins is expressly stated upon submission and that tbe offeror shall give a personal guarantee in favour of such third party, for the compliance of the obligations deriving from the sole contract. Letters of Guarantee: Binding offers must be accompanied by a Letter of Guarantee issued in accordance with the sample Letter of Guarantee contained in the Offering Memorandum, try a bonk legally operating in Greece, to remain valid until die adjudication.

Letters of Guarantee dull be returned after the adjudication. Submissions: Binding offers together with the Letter of Guarantee shall be submitted in sealed opaque envelopes. Envelopes containing the binding offers shall be unsealed by the above mentioned Notary Public in his office, on LI , 14,00 hours. Any party having duly submitted a binding offer shall be entitled to attend and sign the deed attesting the unsealing of the binding offers. In tire event of the highest bidder not complying with such obligation, the Letter of Guarantee shall be forfeited as a penalty.

Adjudication shall be deemed to take effect upon execution of the contract of sale. Tbe Liquidator and the Creditors shall have no liability nor obligation whatsoever towards the part i cipant s in relation to the evaluation of the offers or tire appointment of tire highest bidder or any decision to repeat or cancel any Auction or any derision whatsoever in connection with tbe proceedings of tbe Auction. The Liquidator or tbe Creditors shall have no liability for any legal or actual defects of the assets.

This Call for Tenders has been drafted in Greek and translated into E ng lish. In any event, die Greek version shall prevail. Adromiaraooo of Assets and Lia hiTirii-. Athens Kt Marika Frangalds. MMG is one of the workfe leading manufacturers of ship's proposers, it makes and supplies foundry products of standard and special copper afioys. Tha vokmifl of orders is in the double-digit mfions and stable. The company is in the black. The employees are trained, performance-oriented and committed specialists.

Alongside its foundry expertise. MMG has in-house development and design ca p acities fci the hydrodynamics field. The products are martoBted through a worldwide distribution network and cooperation arrangements. Potential investors wffl be expected to take over and continue the operations at its present srte and to safeguard and increase the number of jobs in the hang term. Bernhard Wiki, for the tender documents within three weeks from the publication of this notice.

Sale due to impending retirement IMvU newton and Co. Jnna lOcoisea link. Sophias Avenue. Summary Paia on the Company trader liquidation The company under liquidation was established in for the manufacture and sale of clothing and woven materials of all types, the r e pr es e n t ation in Greece of kindred enterprises, participation in other enterprises, etc.

Within the framework of its obj ec tiv es, die com pan y established, in die Thuria district of the p refect u r e of Mcssima, a modem factory producing ready-made clothes. Since Sophia Ave. China, Hong Kong. Indonesia and South America. A detailed description of the above data, as well of other remaining assets, is in the offering memorandum which is available to prospective buyers.

Prospective buyers, on signature of a confidentiality agreement, may receive the offering memorandum within the legal time timiis. Also, they may obtain supplementary information and data and may visit Ihe premises of the company under liquidation. Submtssfan of Expressions of Interest For the submission of expressions of hnerest as well as for supplementary information, pros p ective buyers rosy apply nr the liquidaior Piraeus Finance, F inancial and Consultancy SJL, 20 Amalias and 5 Souri Streets.

TeL- SS Fnc Teh In tbe first stage, interested parties are invited to express their interest so as to be preKjualified for the second stage of the process. Pre-q ualifi cation criteria will be based on the operational track - - record in tbe cement industry and financial strength. In the second stage, for those who meet the pre-q u alific ati on criteria, invitations will be sent together with the tender documents, including the procedure and timetable to be followed.

The oonnacr will provide for transfer of responsibifay for the provision of water supplies to the project area of Lekki Corridor and the Islands. This area has a total population of ap puxamarriy half a million at present which is expected to double during the period of the concession. Tbe area houses a domestic population of the highest sodo-economic category in Lagos and g home ip most of the major in stitu tions and e m bassi e s, headquarters of major international firms etc, based in Nigeria.

The existing assets available for the provision of water supplies fo the concession area, which have been extensively rehab ilit a te d, wiO be transferred to the concessionaire under a Lease Anangement Whilst significantly improved, these assets are only able id meet 30 per cera of the present esti m ated demand The concessioiiaue will be re quire d to implement an approved programme of investment do improve levels of service m accordance with an agreed schedule.

A major component of die investment programme is a new water production and transmission system id be procured under a Build, Own, Operate and Transfer Anangement [BOOH Discussions are being conducted wnh the Government of the Republic of Nigeria and the World Bank concerning die provision of guarantees on the sovereign risk dements of this project.

Interested companies shook! Box , UgoA Nigeria, Tefc , The bank is being restructured and as part of this exercise a complete automation of the bank is requkecL Expression of interest from reputable, international vendors preferably with local affiliation is solicited for the provision of a fuilv integrated banking package for the bank! Vendors are requested to send full details of the package along with prices, operating system and hardware platform required lor their product Vendors should also include at least three reference sites that are using their package for at feast three years and such sites should have on- line duster of branches with cross bottler operations.

What crisis? The Royal Opera was packing in the crowds at the Shaftesbury Thea- tre for Paul Runyan , an obscure s operetta that no one bat Britten aficionados hpfl heard about. ENO has no chief execu- tive and is unlikely to find- one until its future Is clear. The Royal Opera House board has tendered its resignation, and no one seems to know who is in charge.

Sir Richard Eyre will not be able to chair the review panel until after Christmas. The panel has four months in which to report, but its membership has not even been finalised. In mainland Europe this is not grudged. Here it has yet to be accepted They can't all be mismanaged. For most UK orchestras and opera companies, was an annus horribilis. The reason is not because their ftnaraiai prob- lems took a sadden turn for the worse or because their artistic product slumped.

There was evi- dence of neither. No, the cause of the gloom was that fateful even- ing of November 3. A New Labour arts policy was a chi- mera. Here was a party unrecog- nisable from the Old Labour which oversaw the UK arts explosion in the s. Far from sweeping away is years of That- cherism. Inspector Morse TV detective series , sport, fashion, restaurants, style. New Labour tefit? You cant even privatise the Royal Opera House because it would mean giving tax breaks to the rich people on whom its future would depend.

A nnus horribilis. The arts have been on standstill funding for five years, while produc- tion costs have risen with infla- tion. In many cases, toe lottery has only complicated the matter. As long as government trades one- off lottery grants against that decline, the long-term well-being of the arts in toe UK will be in question.

What is to stop the Blair government, or its succes- sor. For the time being, however, the Eyre review lets New Labonr off the hook. ENO could stay at the Col- iseum, with its debt written off. Of course, toe UK is not the only country to have faced oper- atic crisis. German culture faced meltdown in the aftermath of unification.

Against all odds, Berlin's three opera houses have survived. In Paris, the Bastille project underwent crisis after crisis, fail- ing to match the visionary ambi- tion of its begetters. It has now come good. The artistic product is reliable and sometimes world- class. Not surpris- ingly, the scat theatre regu- larly sells out. Like the Royal Opera House, the Bastille is responsible for two companies, and It has a second theatre to sustain.

Each knows his business from bottom up. If something goes wrong, everyone knows who to blame. But while Gall and Volpe are in charge, no one tries to second-guess them. Who is In charge at toe Royal Opera? Drafting in television execu- tives and Arts Council adminis- trators is no way to run an opera house.

It all comes down to cash. Once New Labour puts Its money where its mouth is, it may be in a position to grasp that the arts are the great- est educational, moral and spiri- tual resource at this country's disposal. Theatre Clown in the snow W e may think of clowning as a fairly frenetic activity, but Slava Polunin is remarkably laid back. In his yel- low rompers and fluffy red slip- pers, he does the occasional stock clownish thing in a rather mini- mal, postmodern way - falling off a chair, placed at 45 degrees to the floor, or dashing between giant telephones to play both sides of a conversation.

But Sla- va's Snowshotr, now at the Old Vic, is governed by a gentle, almost elegiac feel. The show is sentimental, kitschy in places and thin in oth- ers, and is laced with irritatingly whimsical music. And yet it adds up to more than the sum of its parts, as the bizarre, haunting images accumulate and build to a climax. Polunin himself appears as a lonely individual in an arctic, dream-like landscape of icy blue flats, frosty cobwebs and floating snowflakes.

He has the benign presence of a holy fool, but he draws on the great down tradi- tion of appearing isolated in a bewildering, hostile world. He has a stage companion, another mute little individual, who, while Polunin goes for the Andy Pandy style in down fash- ion, favours the Beckett look of floor-length, moth-eaten overcoat This wistful looking oddity offers no friendship, and the two clowns pad about in isolation. But the show's real impact depends on two startfingly effec- tive images.

Polunin, having caused the demise of a yellow balloon, dumps the ragged bit of rubber into a dustbin then watches, transfixed, as the bal- loon. What does it signif y? Who knows, but this charming image is sur- passed by the show's climax. New production conducted by Yves Abel in a staging by Robert Careen.

There is something devas- tating an ri distressing about this final image; to me it suggested the crushing of hope. Not one to send Ms audience out stunned, however. Conducted by Rafael FrOhbeck de Burgos.

Dennis Russell Davies conducts a production by George C. Wooffe; Dec 20 giant balls into the auditorium, which the spectators fall oo with glee. Polunin, meanwhile, sits on the edge of the stage, beaming quietly as his audience plays for a good 10 minutes. Yes and yes - and yet at the time nobody minds much. Major exhibition assembling some works of art on loan from China's 30 museums. Includes bronzes, jades, ceramics, paintings and tapestries, some of which have never travelled before. Overture and extracts from The Nutcracker; Dec With benevolent charm over his audi- ence, bolding them spellbound for a while.

And for theatre lovers the occa- sion, as the guide book puts it. It is, to western eyes, ravishing in aspect. If we miss the minutiae of the action, we are still drawn into its world of exquisitely dressed fig- ures - the colours almost intoxi- cating in their effects - and into the dramas as vividly expressive as the robes and maquillage and the clangour of the accompany- ing musicians.

For the Chfltelet visit, s unities prove a tremen- dous help in making clear the action of the first part of the evening. Keisei Hangongko deals with Matahei, a painter with a fero- cious stammer, who is seeking promotion from a master-painter but is passed -over.

As played by Tomijuro Nakamura we under- stand the extreme tensions which exist between the comic aspects of his disability his wife must always speak for him and the tragedy of a man trapped in his inability to express hims elf. T he ormagata role of his wife. Irre- sistible is the passage when Matahei tries to put down the brush with which he has painted, and cannot, and gently Otoku releases each finger in turn from the handle.

Great art Great thea- tre, wonderfully framed by the supporting company of actors and musicians. And the dance scene, which completes the pro- gramme. It tells how Vanya-kyubei, a rich young man maddened by a dissolute life, secs a vision of Natsuyama. In his dream, they relive their passion. Here is dance at its most refined, most telling, most ritualistically true. Jukuemon Jakamura is 74 years old, and as Natsuyama, glori- ously robed, exquisitely poised, he is the very essence of a beauti- ful woman.

Tomijuro Nakamura is 68, and he becomes the embodi- ment of hallucinated and sorrow- ing youth. If 1 mention the ages of these two superb artists it is to stress how much these years have given to them in perceptive power, in grace and economy of means. S o - he did not turn up to sing, after all. Booking very famous singers of a certain age is always a risky business. Despite great expectations, Luciano Pavarotti pleaded ill health and backed out of his concerts in London and Birmingham this week.

Around engravings, etchings and woodcuts created between and The exhibition will travel to London and Helsinki; to Mar 9 Concert Requiem for an event may weD have formed a more equally-matched quartet. Roberto Alagna sang well as the tenor, with both strength and sensitivity; and Roberto Scan- diuzzi was the typically soft- grained Italian bass. Probably the most characterful of the four was the mezzo Luciana dTritino. New production conducted by Edo de Waart in a staging by Herbert Wernicke.

His perfor- mance of the Verdi was consum- mately prepared, an unhurried exposition of the glories of the score, with a few moments of drama and much vibrato-laden, hand-on-heart string playing on the way. What it did not exhibit was much spontaneity. However, the Philhannonia Chorus - 40 this year - together with the City of Birmingham Symphony Cho- rus provided high-quality choral singing.

The concert will be broadcast by Channel 4 on Christmas Day. Richard Fairman Sponsored by Enterprise Oil. Or so Mr Hague's close friends are saying. Some of us are averse to the idea of mixing politics with affairs of the heart. It seems a sad reflection of our intrusive society that a politician's public standing is insepara- ble from his or her private persona. But image, so the image- makers tell us, is every- thing.

Ffion Jenkins, the bride-to-be, is said to be a rale model for the young professionals who must be won back to the Tory cause. And a wife and young fam- ily will bestow gravitas on the year-old leader. Mr Hague sorely needs a break. Its legendary c omm and of presentation has deserted it. The prime minister is embarrassed by the financial arrangements of one of his millionaire ministers. And it is begin- ning to dawn on Labour MPs that government is indeed about unpalatable choices, especially when it comes to overhauling the welfare state.

So there is an opportunity for the official opposition. The snag is that the Conser- vatives seem, unable to do it. Blair's government may have been chipped by recent events, but its support still stands at more than double that far the Tories. Compari- sons of the personal ratings of the two leaders are too cruel to detaiL As Mr Hague acknowledged this week, he leads a party widely seen as greedy, selfish and lacking in compassion.

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