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============= Transaction # 3 ==============================================
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zfind "(topic @ {drugs for the treatment of asthma})"
============= Transaction # 4 ==============================================
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============= Transaction # 5 ==============================================
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FT941-10709
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940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 6 ==============================================
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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 7 ==============================================
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============= Transaction # 8 ==============================================
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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 9 ==============================================
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============= Transaction # 10 ==============================================
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19
FT 19 FEB 93 / UK Company News: Zantac continues to l
ift Glaxo
By PAUL ABRAHAMS
ZANTAC,
an ulcer treatment and the world's best-selling drug, was the main
reason fo
r Glaxo's surprisingly good interim results, announced yesterday.
The drug's
sales increased by Pounds 145m to Pounds 1.03bn, providing 45 per
cent of G
laxo's turnover growth.
Dr Ernest Mario, chief executive, said: 'People have
been talking about the
demise of Zantac for the last six years. It's still
doing well and it's
continued improvement is not a flash in the pan.'
Zantac
's growth had been assisted by strong expansion in the US (up 14 per
cent) a
nd Europe (up 18 per cent).
Although the drug was losing some world market s
hare - 39 per cent in 1992,
compared with 40 per cent in 1991 - the market w
as still grow-ing at 14 per
cent, said Dr Mario.
Sales of respiratory produc
ts increased by 9 per cent to Pounds 512m,
representing 22 per cent of group
turnover. The overall respiratory market
is growing at 13 per cent.
Dr Mari
o said there had been a 15 per cent fall in sales in the US due to
wholesale
stocking in anticipation of price increases. European respiratory
sales inc
reased by 16 per cent.
Sales of Ventolin, Glaxo's old asthma treatment, fell
1 per cent (4 per cent
at constant exchange rates) to Pounds 239m. Beconase
, the newer asthma
medicine, increased 9 per cent to Pounds 223m.
Serevent,
Glaxo's latest asthma treatment, added Pounds 9m sales to total
Pounds 32m.
Mr Mario said this would be a big product - it had yet to be
launched in the
US, Japan or Germany, the world's three largest markets.
Antibiotic sales i
ncreased by 21 per cent per cent. Zinnat, an oral
antibiotic, increased sale
s by 49 per cent to Pounds 160m.
Sales of Zofran, the anti-nausea treatment,
rose 36 per cent, from Pounds
120m to Pounds 163m. US sales increased by 42
per cent.
Imigran, a migraine drug also known as Imitrex, generated sales o
f Pounds
35m. The full-year figures will include the first contributions fro
m Germany
and the US.
The migraine treatment has been predicted by analysts
to achieve outstanding
sales. However, Dr Mario warned the drug's use would
not grow explosively.
The speed of registration had been disappointing, part
icularly in the US.
Research and development expenditure grew to Pounds 335m
(Pounds 277m) and
was expected to reach about Pounds 735m (Pounds 595m) by
the year end. The
group spends more than any other pharmaceuticals company o
n R&D.
Operating margins for the first six months were 33 per cent, but were
likely
to fall to 31 per cent because of additional marketing costs associa
ted with
new drug launches, particularly in the US.
Investment income from G
laxo's Pounds 1.5bn cash-pile was Pounds 79m (Pounds
77m).
Dr Mario said if
the group could find a reasonable investment for its cash
it would make it.
There was little point in distributing funds to
shareholders because of the
advanced corporation tax implications.
Earnings per share increased by 16 pe
r cent from 16.7p to 19.4p, while
earnings per ADR rose 17 per cent to 68 ce
nts (58 cents). The dividend is an
improved 7p (6p).
Companies:
-
Glaxo Holdings.
Countries:-
GBZ United Kin
gdom, EC.
Industries:-
P2834 Pharmaceutical Preparation
s.
Types:-
COMP Company News.
FIN Annual report.
RES R&D spending.
MKTS Sales.
The Financial Times
London Page 18
============= Transaction # 11 ==============================================
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940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 12 ==============================================
Transaction #: 12 Transaction Code: 19 (Record Selected)
Terminal ID: 12781888 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
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940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 13 ==============================================
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============= Transaction # 14 ==============================================
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FT941-10709
_AN-EBHC6AE5FT
940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 15 ==============================================
Transaction #: 15 Transaction Code: 19 (Record Selected)
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_AN-EBHC6AE5FT
940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 16 ==============================================
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940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 17 ==============================================
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208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 18 ==============================================
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940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 19 ==============================================
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============= Transaction # 21 ==============================================
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============= Transaction # 22 ==============================================
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============= Transaction # 23 ==============================================
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============= Transaction # 24 ==============================================
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============= Transaction # 25 ==============================================
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940
208
FT 08 FEB 94 / UK Company News: Glaxo asthma drug wi
ns US approval
By DANIEL GREEN
Glax
o has belatedly won US approval for one of its most important products
of th
e 1990s, the inhaled asthma treatment Serevent.
The US Food and Drug Adminis
tration had been expected to approve the drug in
December and Glaxo shares f
ell when this did not happen.
After Serevent's approval yesterday, the share
s rose 15p to end the day with
a net fall of 2p at 664p.
The drug is importa
nt to Glaxo because it is a successor to Ventolin, the
long standing big sel
ler in asthma treatment. Such respiratory treatments
are second in importanc
e only to ulcer drugs in Glaxo's therapeutic
portfolio, accounting for almos
t one quarter of total sales.
The older drug has now lost much of its patent
protection and the company is
relying on Serevent to underpin its position
in the market.
The drug was approved in Europe in 1991 and should eventually
reach sales of
Pounds 350m a year, according to James Capel, the broker. In
the last full
year, Serevent sold Pounds 73m while Ventolin sales were wort
h Pounds 484m.
The drug had a setback last month, however, when Italian gove
rnment
healthcare reforms favoured Ventolin by excluding Serevent from a lis
t of
drugs the government would pay for. Glaxo lodged an appeal against the
ruling.
Companies:-
Glaxo Holdings.
Countr
ies:-
USZ United States of America.
Industries:-
P2834 Pharmaceutical Preparations.
Types:-
TECH P
roducts & Product use.
The Financial Times
London P
age 24
============= Transaction # 26 ==============================================
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============= Transaction # 27 ==============================================
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============= Transaction # 29 ==============================================
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============= Transaction # 30 ==============================================
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
============= Transaction # 33 ==============================================
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
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101
FT 01 NOV 94 / Survey of Australia (8): Harvest in t
he hotels - Japanese tourists flock in
By BRUCE JACQ
UES
The growing importance of tourism to the Australian eco
nomy was underlined
in 1994 by recognition of the diverse and complex sector
as a leading stock
exchange investment indicator.
The pooling of nine leadi
ng tourism-related companies into a single
indicator, the Tourism and Leisur
e Index, represented a coming of age for a
sector which has had more than it
s share of credibility problems with
investors.
While the index will help to
make a fragmented industry more accessible and
easier to analyse, it will r
eflect merely the tip of what is a very large
and growing iceberg. By Septem
ber this year, companies included in the index
boasted a market capitalisati
on comfortably above ADollars 3bn, or around
one per cent of the benchmark A
ll Ordinaries index.
But the new index sits atop a sector which now makes up
more than 5.5 per
cent of Australia's gross domestic product, employs almos
t 6 per cent of the
country's workforce, generated foreign exchange earnings
exceeding ADollars
10.7bn and accounted for expenditure estimated at Dollar
s 26.2bn last year.
Although the bulk of that expenditure total - ADollars 1
8.4bn - came from
domestic tourism, inbound tourism is expected to be the ma
jor growth area
for the rest of the century, boosted by Sydney's capture las
t year of the
2000 Olympic Games.
This climate of growth has already catalys
ed strong investment. The
Australian Tourism Commission (ATC) has identified
tourism-related
accommodation projects worth almost ADollars 5bn scheduled
for completion by
1996, including two new casinos.
The activity has also thr
own up plans which will test equity markets,
including a float of the Federa
l Government's flagship airline Qantas,
possible refloating of the rival pri
vate airline, Ansett, and privatisation
of the country's airports. These pro
posals could call on markets for around
ADollars 7bn over the next five year
s, providing a keen indication of
investor attitudes to the tourism sector.
Some see even more at stake. Many analysts see tourism performance as an
aci
d test of the wider Australian economy's ability to compete
internationally
into the next century. A recent study by ANZ McCaughan, the
Australian stock
broker, says tourism growth will largely reflect the
country's ability to wi
n an increasing share of the global tourism market,
clearly one of the world
's biggest industries.
ANZ McCaughan quotes estimates that tourism accounted
for around 5.5 per
cent of world gross national product in 1993, with more
than 500m tourists
spending almost ADollars 325bn. Tourism is widely forecas
t to create one in
nine new jobs in the world next year, rising to one in ei
ght by the turn of
the century.
Australia has one crucial advantage in captu
ring more than its share of this
growth - its location in the Asia-Pacific r
egion, the world's fastest
growing tourist area. ANZ McCaughan says in the 1
2 years to 1992, tourist
arrivals in the region grew at an annual average of
almost 9 per cent, more
than double the world average. Continued regional o
utperformance is forecast
for the next decade.
Australia has more than match
ed this regional growth over the past decade,
with arrivals increasing at mo
re than 9 per cent annually. This record, plus
the boost expected from the O
lympic Games, recently led the ATC to confirm
its estimate that 6.8m oversea
s tourists would visit Australia in the year
2000, rising to 8.4m by 2004. T
his compares with 3.2m actual arrivals in
1993-4.
These forecasts reflect an
estimated 2.1m overseas visitors generated
directly over the next decade by
the Sydney 2000 Olympics, with the bulk of
business coming from Asia as slo
w economic recovery and intense competition
curb traffic from Europe and the
US.
Japan remained the largest single source of inbound tourists to Austral
ia in
1993, claiming 22.4 per cent of the total. This was shaded by combined
visitors from other Asian sources, which took 22.7 per cent. New Zealand
pr
ovided another 16.6 per cent of visitors, the US 9.4 per cent, UK/Ireland
8.
1 per cent and other European countries 10.5 per cent.
While less numerous t
han their Asian counterparts, UK/Ireland and other
European visitors probabl
y contributed more to the Australian economy
because their average stay was
around 40 nights compared with just nine
nights for Japan and 32 nights for
other Asian countries. The main reason
for the discrepancy appears to be tha
t UK/Ireland and European visitors come
mainly to see relatives while most A
sians come primarily for holidays.
ANZ McCaughan's analysis concludes that A
ustralia's inbound tourism record
over the past decade largely reflects the
emergence of the country as an
inexpensive place to visit. A weakening curre
ncy has helped, but the brokers
calculate that the cost of tourism related s
ervices in Australia are now
among the lowest in the industrialised world.
'
Australia's tourism infrastructure is generally adequate for present needs
a
nd there is every indication that it can respond quickly to actual and
estim
ated changes in tourism plans,' the analysis said. 'The national
attractions
of Australia are such that great opportunities exist in the
growing eco-tou
rism market, reflecting in part the preferences of travellers
for more activ
e, participatory or experimental travel experiences.'
Countries
:-
JPZ Japan, Asia.
Industries:-
P7999 Amuse
ment and Recreation, NEC.
Types:-
CMMT Comment & Analy
sis.
The Financial Times
London Page IV
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9308
16
FT 16 AUG 93 / Bright spots among the tourism gloom:
The industry's patchy upturn
By MICHAEL SKAPINKER
YOU KNOW the tourist industry's recession is over when luncht
ime restaurant
customers run into double figures, says Mr Martin Cummings, o
wner of the Inn
on the Lake, in Godalming, Surrey.
Mr Cummings said that his
20-room inn and restaurant had just started
achieving lunchtime double figu
res. Room occupancy was up 5.2 per cent on
last summer.
Like their colleague
s in the manufacturing sector, managers of tourist
establishments report an
upturn but say that it is patchy.
Some say they could not survive without No
rth American visitors, others that
the North Americans do not seem to have a
rrived this year.
The English Tourist Board said that it had heard contrasti
ng stories of
success and gloom from different hotels in the same street.
Me
anwhile Mr Brian Hughes, managing director of the St Andrews Golf Hotel in
S
t Andrews, Fife, said the recession in the south of England had led to a
sha
rp fall in guests from there. Business from the US and continental Europe
ha
d been excellent.
At the other end of the country, Mr Cummings said that ano
ther of his
properties, the Amberley Castle country hotel, in Amberley, West
Sussex, has
enjoyed a 37 per cent increase in occupancy in the past three m
onths
compared with the same period last year.
Most tourism managers agree t
hat business is better this summer than last,
although they have different v
iews on how much better. Mrs Jane Randall,
tourism services officer for Stok
e-on-Trent, said inquiries at the local
tourism information centre were runn
ing at 1,000 a day compared with 500 to
600 last summer.
The different exper
iences of tourist businesses partly reflect the uneven
nature of the upturn.
They also reflect the fragmented nature of the UK
tourist industry.
Most co
mpanies are small and attract different types of visitor. Some
operate in ma
rkets which are less vulnerable to recession because their
clients are so we
ll-off. Mr Hughes in St Andrews said that American and
continental European
golfers tended to be wealthier than their UK
counterparts.
'You don't have t
o be well-off to play golf in Britain,' he said. 'The
British golfer tends t
o golf cheaply.' Foreign golfers come to Scotland in
good economic times and
bad. 'Two points up or down in the exchange rates
doesn't affect them,' he
said.
Stoke-on-Trent, home to ceramics companies such as Wedgwood, also trie
s to
attract high-spending foreign visitors. Mrs Randall said there were mor
e
high-spenders this year than last. In 1992, the year after the Gulf war,
t
here were many cheap flights on offer in the US and the Americans who
visite
d the city did not have much money to spend.
She said wealthier Americans ap
peared to have returned this summer, along
with an increasing number of cont
inental Europeans and visitors from as far
away as Venezuela.
C
ountries:-
GBZ United Kingdom, EC.
Industries:-
P5812 Eating Places.
P7011 Hotels and Motels.
P7999 Amusement an
d Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page 7
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6
FT 26 JUN 92 / Survey of India (19): Tourism targets s
eem not too fanciful -One of the world's cheapest countries for western vis
itors is trying to do more to attract them
By MICHAE
L SMITH
THE SHARP fall in the value of the rupee in recent
years has helped to make
India one of the cheapest countries in the world fo
r the western tourist.
The government has ambitious plans to take advantage;
the tourism industry,
though encouraged by the level of ministerial enthusi
asm, is sceptical about
the chances that these will be achieved.
India has s
et lofty targets for tourism in the past - and failed to reach
them. Its sha
re of world tourism traffic has remained at 0.4 per cent over
the past five
years and its foreign exchange earnings from tourism have
remained at Dollar
s 1.3-1.5bn.
Last month Mr Madhavrao Scindia, civil aviation and tourism min
ister,
announced that he wanted India's share of world tourism to rise to 1
per
cent within five years. By the end of the century he wants both foreign
exchange earnings and employment in the sector - currently 14m - to double.
The country's lacklustre performance last year, previously designated as a
year for tourism, is explained in part at least by events outside the
indust
ry's control.
The Gulf War upset the best-laid plans of all the countries in
the region
and the violence surrounding the Indian general election campaig
n made the
sub-continent less attractive still. 'The tourism ministry does n
ot have an
in-house astrologer,' says Mr Scindia. 'If we had one he would ha
ve
cancelled the year for tourism before it began.'
Mr Scindia, an effective
railways minster between 1985 and 1990, is viewed
as a breath of fresh air
by tour operators and hoteliers, even though his
reputation has been tarnish
ed recently because of controversies over civil
aviation.
His plans for tour
ism include improving the quality of the infrastructure,
particularly transp
ort, increasing foreign investment and easing the vast
array of government c
ontrols and bureaucracy which hold back the industry
and providing financial
encouragement for hotel building.
Compared with the performance of its neig
hbours, India's targets do not seem
so fanciful. Even if it were to raise th
e annual number of its tourist
arrivals from 1.7m to 3m or 4m, it would stil
l not equal the 4m-plus already
achieved by Singapore and Malaysia.
The main
advantage that those two countries have over India is their
geographical po
sition. According to Mr AK Gupta, joint secretary at the
ministry of tourism
, at least 80 per cent of those who visit countries
belonging to the Associa
tion of South East Asian Nations come from within
Asean.
India's problem is
that it is relatively isolated from the main sources of
tourism. 'The foreig
n tourist has to make up his mind,' says Mr Gopta.
'India is not a country f
or an impromptu visit.'
Nonetheless, India's infrastructural problems do not
make it easy for
spur-of-the-moment visitors. Internal flights within India
are often booked
some days in advance and, while anyone with corporate cont
acts can usually
arrange a late booking, that is of little use to the leisur
e tourist.
To help ease the congestion, the government has inaugurated an op
en skies
policy whereby independent operators can set up airlines between th
e main
cities. Three companies are already flying between them about 15 737s
but
the foreign exchange expense of setting up in the business has led to
p
roblems for other potential entrants.
Meanwhile, progress has been made in m
aking Indian Airlines flights more
punctual and the tourism ministry says 86
per cent on trunk (metropolitan)
routes are on time. More customer-friendly
policies, such as warning
passengers of impending delays, are being introdu
ced.
To bring more people into the country, the government has eased rules o
n
charter flights. Whereas an airline would previously have to wait six mont
hs
for clearance to bring in a chartered flight, arrangements can now be mad
e
within 24 hours, says the tourism ministry. It expects the number of
chart
ers to increase to at least 400 in 1992-93, against a previous norm of
125.
To achieve its targets, India will also need to spend far more to increase
t
he number of its hotel rooms. There are now some 44,000 in the approved
sect
or, perhaps half of what is needed.
Upmarket hotel chains are already planni
ng significant expansion. The
Welcomgroup has a Rs1.6bn development plan for
the next three years which is
expected to increase by 50 per cent its capac
ity from the present 2,300
rooms.
Last month's government tourism plan incre
ased from 3 to 5 per cent the
interest subsidy available to some two- and th
ree-star hotels, while
discontinuing subsidies for four- and five-star rated
hotels.
Investment in hotels and other facilities will also be encouraged i
n special
tourism areas where tax concessions will be made available.
This r
eflects a government desire to move away from the previous even-handed
appro
ach to the various regions.
Fifteen specified circuits and destinations are
being identified for
concentrated marketing and development. That should tak
e some of the
pressure off the Golden Triangle of New Delhi, Agra and Jaipur
which, in
peak tourism months at least, is close to full capacity.
The gove
rnment's decision to sell 60 per cent of its equity in 24 hotels
managed by
the Indian Tourism Development Corporation could also increase
the supply of
quality accommodation. Foreign companies are being invited to
take stakes o
f up to 40 per cent in the hotels which will be marketed in
batches of four.
It remains to be seen how interested foreign companies will be in joining
v
entures in which the government will still hold 40 per cent of the equity.
A
further deterrent is that the hotels, which comprise one of the largest
cha
ins in the country, have staff-resident ratios twice as high as private
sect
or hotels.
Foreign investment in private sector tourist enterprises has also
been made
possible through recent liberalisation. The high price of land in
cities
will remain a brake on development, particularly on two- to three-st
ar
hotels which are needed more urgently than pricier units.
All of these de
velopments have encouraged the tourism industry that real
change is in the o
ffing, but grievances remain.
The Indian Association of Tour Operators says
the government's introduction
of a 20 per cent tax on foreign currency payme
nts at hotels where nightly
rates exceed Rs1,200 will weaken the enthusiasm
of foreign tour operators to
organise trips to India.
The association also w
ants the government to allow more luxury cars to be
imported. which it says
are needed for the industry.
Few in the industry are confident that the gove
rnment can achieve all of its
targets, but growth in tourist arrivals and fo
reign exchange receipts of
between 10 and 15 per cent a year is considered e
minently plausible.
The Financial Times
London Pa
ge XI
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9306
11
FT 11 JUN 93 / Survey of South Africa (17): Dressed u
p with nowhere to go - The problems facing the tourist industry
By PHILIP GAWITH
THE PROBLEM facing the South A
frican tourism industry was aptly illustrated
last month by the state presid
ent, Mr FW de Klerk, when he opened the
Indaba, the annual tourism marketing
forum, in Durban.
He started his speech by quoting a famous passage from Al
an Paton's novel
Cry the Beloved Country, the most well known book written a
bout South
Africa:
'There is a lovely road that runs from Ixopo into the hil
ls. These hills are
grass covered and rolling and they are lovely beyond the
singing of it.'
As Mr de Klerk noted, Ixopo is not far from Durban. Sadly,
'those same
rolling hills, and some other parts of our country are now scene
s of
violence'. Having shaken off the stigma of apartheid, the tourism indus
try
now finds itself saddled with the stigma of violence.
That is the percep
tion: it matters little that most of the country is
untouched by violence.
A
lthough figures supplied by the South African Tourism Board (Satour) show
th
at foreign visitors increased last year by 7.4 per cent to 560,000
(excludin
g 2.1m visitors from Africa), this was a long way short of the 20
per cent g
rowth hoped for.
The Indaba itself provided confirmation of hard times in th
e industry. The
corridors of the huge exhibition hall were hardly bustling a
nd many
participants said business was quiet. It was very much a case of an
industry
all dressed up with nowhere to go.
To be fair, economic recession i
s also an important factor. Indeed, some in
the trade argue that it is a mor
e important determinant of business activity
than violence.
One such person
was Mr Nick Seewer, general manager of the prestigious Mount
Nelson hotel in
Cape Town. He said the hotel was doing very well, had had
its best April in
years, and summer bookings were good.
He made the point that seasoned trave
llers, of the sort that frequent his
sort of establishment, know South Afric
a and are not easily put off.
Lower down the market, however, the pinch is b
eing felt. Mr Helder Pereira,
operations director of Southern Suns, the coun
try's largest hotel group,
confirms a 25 per cent increase in cancellations
after the assassination in
April of Chris Hani, the black political leader.
Whether stability will bring the riches the industry feels it deserves -
'ou
r fair share of the market' - is another matter.
Tourism only accounts for a
bout 2 per cent of South Africa's GDP compared to
an international average o
f 6 per cent. Clearly there is enormous potential
for growth given that the
quality of the product is not in dispute, and
Satour has set targets of 966,
000 annual foreign visitors by 1995 and 1.75m
by 2000.
Stability alone, howe
ver, will not see these targets realised. Recent
surveys show declining cons
umer satisfaction in areas such as 'value for
money' and service. These shor
tcomings need to be rectified if South Africa
is to establish itself as a co
mpetitive, user-friendly destination.
On the other hand, tourism can only be
nefit from the increased priority it
now enjoys with government. A new minis
try, solely responsible for tourism,
has been established; a White Paper, ou
tlining the development of the
industry has been published and deregulation
continues (evident in the
dramatic increase in the number of international c
arriers flying to the
country, from 19 in 1990 to 36 in 1993).
All these ste
ps augur well for the future.
Countries:-
ZAZ South
Africa, Africa.
Industries:-
P7011 Hotels and Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration of General
Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page VIII
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92062
6
FT 26 JUN 92 / Survey of India (19): Tourism targets s
eem not too fanciful -One of the world's cheapest countries for western vis
itors is trying to do more to attract them
By MICHAE
L SMITH
THE SHARP fall in the value of the rupee in recent
years has helped to make
India one of the cheapest countries in the world fo
r the western tourist.
The government has ambitious plans to take advantage;
the tourism industry,
though encouraged by the level of ministerial enthusi
asm, is sceptical about
the chances that these will be achieved.
India has s
et lofty targets for tourism in the past - and failed to reach
them. Its sha
re of world tourism traffic has remained at 0.4 per cent over
the past five
years and its foreign exchange earnings from tourism have
remained at Dollar
s 1.3-1.5bn.
Last month Mr Madhavrao Scindia, civil aviation and tourism min
ister,
announced that he wanted India's share of world tourism to rise to 1
per
cent within five years. By the end of the century he wants both foreign
exchange earnings and employment in the sector - currently 14m - to double.
The country's lacklustre performance last year, previously designated as a
year for tourism, is explained in part at least by events outside the
indust
ry's control.
The Gulf War upset the best-laid plans of all the countries in
the region
and the violence surrounding the Indian general election campaig
n made the
sub-continent less attractive still. 'The tourism ministry does n
ot have an
in-house astrologer,' says Mr Scindia. 'If we had one he would ha
ve
cancelled the year for tourism before it began.'
Mr Scindia, an effective
railways minster between 1985 and 1990, is viewed
as a breath of fresh air
by tour operators and hoteliers, even though his
reputation has been tarnish
ed recently because of controversies over civil
aviation.
His plans for tour
ism include improving the quality of the infrastructure,
particularly transp
ort, increasing foreign investment and easing the vast
array of government c
ontrols and bureaucracy which hold back the industry
and providing financial
encouragement for hotel building.
Compared with the performance of its neig
hbours, India's targets do not seem
so fanciful. Even if it were to raise th
e annual number of its tourist
arrivals from 1.7m to 3m or 4m, it would stil
l not equal the 4m-plus already
achieved by Singapore and Malaysia.
The main
advantage that those two countries have over India is their
geographical po
sition. According to Mr AK Gupta, joint secretary at the
ministry of tourism
, at least 80 per cent of those who visit countries
belonging to the Associa
tion of South East Asian Nations come from within
Asean.
India's problem is
that it is relatively isolated from the main sources of
tourism. 'The foreig
n tourist has to make up his mind,' says Mr Gopta.
'India is not a country f
or an impromptu visit.'
Nonetheless, India's infrastructural problems do not
make it easy for
spur-of-the-moment visitors. Internal flights within India
are often booked
some days in advance and, while anyone with corporate cont
acts can usually
arrange a late booking, that is of little use to the leisur
e tourist.
To help ease the congestion, the government has inaugurated an op
en skies
policy whereby independent operators can set up airlines between th
e main
cities. Three companies are already flying between them about 15 737s
but
the foreign exchange expense of setting up in the business has led to
p
roblems for other potential entrants.
Meanwhile, progress has been made in m
aking Indian Airlines flights more
punctual and the tourism ministry says 86
per cent on trunk (metropolitan)
routes are on time. More customer-friendly
policies, such as warning
passengers of impending delays, are being introdu
ced.
To bring more people into the country, the government has eased rules o
n
charter flights. Whereas an airline would previously have to wait six mont
hs
for clearance to bring in a chartered flight, arrangements can now be mad
e
within 24 hours, says the tourism ministry. It expects the number of
chart
ers to increase to at least 400 in 1992-93, against a previous norm of
125.
To achieve its targets, India will also need to spend far more to increase
t
he number of its hotel rooms. There are now some 44,000 in the approved
sect
or, perhaps half of what is needed.
Upmarket hotel chains are already planni
ng significant expansion. The
Welcomgroup has a Rs1.6bn development plan for
the next three years which is
expected to increase by 50 per cent its capac
ity from the present 2,300
rooms.
Last month's government tourism plan incre
ased from 3 to 5 per cent the
interest subsidy available to some two- and th
ree-star hotels, while
discontinuing subsidies for four- and five-star rated
hotels.
Investment in hotels and other facilities will also be encouraged i
n special
tourism areas where tax concessions will be made available.
This r
eflects a government desire to move away from the previous even-handed
appro
ach to the various regions.
Fifteen specified circuits and destinations are
being identified for
concentrated marketing and development. That should tak
e some of the
pressure off the Golden Triangle of New Delhi, Agra and Jaipur
which, in
peak tourism months at least, is close to full capacity.
The gove
rnment's decision to sell 60 per cent of its equity in 24 hotels
managed by
the Indian Tourism Development Corporation could also increase
the supply of
quality accommodation. Foreign companies are being invited to
take stakes o
f up to 40 per cent in the hotels which will be marketed in
batches of four.
It remains to be seen how interested foreign companies will be in joining
v
entures in which the government will still hold 40 per cent of the equity.
A
further deterrent is that the hotels, which comprise one of the largest
cha
ins in the country, have staff-resident ratios twice as high as private
sect
or hotels.
Foreign investment in private sector tourist enterprises has also
been made
possible through recent liberalisation. The high price of land in
cities
will remain a brake on development, particularly on two- to three-st
ar
hotels which are needed more urgently than pricier units.
All of these de
velopments have encouraged the tourism industry that real
change is in the o
ffing, but grievances remain.
The Indian Association of Tour Operators says
the government's introduction
of a 20 per cent tax on foreign currency payme
nts at hotels where nightly
rates exceed Rs1,200 will weaken the enthusiasm
of foreign tour operators to
organise trips to India.
The association also w
ants the government to allow more luxury cars to be
imported. which it says
are needed for the industry.
Few in the industry are confident that the gove
rnment can achieve all of its
targets, but growth in tourist arrivals and fo
reign exchange receipts of
between 10 and 15 per cent a year is considered e
minently plausible.
The Financial Times
London Pa
ge XI
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
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940
510
FT 10 MAY 94 / World Trade News: Scheme to increase
tourist arrivals
By SHIRAZ SIDHVA
NEW DELHI
The Indian government has launched a tour
ism promotion programme to increase
the number of foreign visitors from 1.76
m to 5m over three years.
A calmer political climate and further opening up
of the economy have led to
an increase in tourist arrivals, to 1.76m from 1.
5m the previous year.
Foreign exchange earnings from tourism increased by 14
per cent to Dollars
1.47bn for 1993-94, according to figures published by t
he Ministry of
Tourism and Civil Aviation.
Mr Ghulam Nabi Azad, tourism mini
ster, said Bombay airport, the country's
prime entry point, alone handled 16
4,000 domestic and international flights,
an increase of more than 150 per c
ent in a decade. Liberalisation of
domestic routes last year helped ease bot
h congestion and non-availability
of seats on flights within the country.
To
urism is India's third-largest foreign exchange earner, and has more of a
ra
nge of destinations to offer than most countries in the world. But the
count
ry accounts for 0.2 per cent of international tourism, largely because
of in
adequate infrastructure.
Officials in the Tourism Ministry say a big constra
int is a lack of
middle-level hotels. 'The choice we offer the foreign touri
st is limited,'
said a senior official. The foreign tourist must choose betw
een expensive
five-star comfort or small hotels that cater to backpackers an
d lack the
most basic of amenities. 'Our plan is to offer something to the t
ourist
between the very wealthy ones and the business travellers, and those
who
have very little money to spend.'
Foreign hotel chains are enthusiastic
about the more relaxed investment
rules after liberalisation (the hotel indu
stry has always been dominated by
private companies), and are flocking to In
dia with joint ventures. The
government estimates that foreign investment is
worth at least Dollars 250m
(Pounds 168m) in the hotel industry.
The Austra
lian Southern Pacific hotels plans to start a series of three-star
travel lo
dges in main cities. The Oberoi group is linking with Accor of
France to sta
rt a network of motels across the country. Kamats, a chain of
south Indian r
estaurants, is linking with the Japanese Dai Ici and Pearl
Hotels, to offer
budget accommodation at Buddhist pilgrimage destinations.
The Indian Taj Gro
up, which operates some of India's finest hotels, plans a
350-room hotel in
Bombay to supplement its famous Taj Mahal, and a series of
Club Med resorts
in association with the French company. And a group of
non-resident Indians
has got together with the Irish company, Deltic
Management, to build a Rs8.7
bn (Pounds 186m) 600-room floating luxury hotel
in Bombay.
Coun
tries:-
INZ India, Asia.
Industries:-
P9611
Administration of General Economic Programs.
Types:-
GO
VT Government News.
The Financial Times
London Pag
e 6
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9306
16
FT 16 JUN 93 / Survey of New Zealand (7): A surge in
tourism - Big increase in holidaymakers from Asian countries
By TERRY HALL
INTERNATIONAL tourists are discoveri
ng New Zealand in ever-larger numbers,
helped in part by the increase in air
services to the country and by strong
promotions in Germany, Japan, Britain
and the US.
Tourism New Zealand, the body charged with promoting the countr
y abroad, has
invested NZDollars 60m over the past 18 months and the industr
y is in a
highly confident mood.
In 1992, tourist numbers grew by 9.6 per ce
nt to 1.05m, the first time they
had passed the one million mark. The growth
has continued this year with
arrivals running 10.2 per cent, ahead of last
year in the January - April
period. The tourism board aims for 3m arrivals b
y the year 2000.
New Zealand now earns more than NZDollars 3bn a year from t
ourism, making it
the country's single biggest export earner, and the Touris
m Board says it
should be earning NZDollars 9bn by the year 2000.
The board
chief executive, Ian Kean, says the growth in numbers will be
carefully hand
led, especially in terms of the environment.
'The fresh, uncrowded, unspoile
d nature of New Zealand is one of our main
attractions - and we'll keep it t
hat way.
'We offer a contemporary society with sophisticated cities, superb
food and
wine, a unique Maori culture, and physical and natural attractions
which
visitors say are unequalled anywhere in the world.'
The industry sees
its greatest growth potential as being part of the Asian
Pacific region. Gro
wing disposable income is seeing a sharp rise in visitor
numbers, although t
hey are still well below those from more traditional
areas such as Australia
, the US and Britain.
Recession in the US led to a 5 per cent drop in touris
t numbers in the year
to March to 169,519, and Australian visitor numbers we
re also down 1 per
cent to 341,098. However, main promotions in Germany saw
a 40 per cent lift
in holidaymakers to 43,356, and they stayed for an averag
e 30 days, longer
than most other nationalities.
The number of British visit
ors rose by 22 per cent last year to 120,227, and
they stayed the longest of
any nationality, an average 33 days. However,
this percentage is boosted by
the number of UK residents making extended
visits to stay with family or fr
iends.
Most European visitors prefer to rent a car and go where the mood tak
es
them, stopping at hotels or motels in the many small towns that take thei
r
fancy. So do Chinese visitors from Taiwan, Hong Kong and Singapore. Large
numbers of Chinese settlers have lived in New Zealand from the goldmining
da
ys of the 1860s.
Younger Japanese tourists are following the self-drive tren
d, although due
to language difficulties their older compatriots tend to tra
vel in groups by
coach or airline. Rapidly developing airlinks, mainly pione
ered by Air New
Zealand, with Korea, Japan, Indonesia, Thailand, Taiwan and
Singapore, have
led to a sharp rise in visitor numbers from all those countr
ies.
In the year to March the number of visitors from Taiwan rose by 46 per
cent
to a total of 91,387, There was also a 79 per cent increase in numbers
from
Singapore, and a 96 per cent rise from Korea.
As Asian tourist numbers
climb, so does their ownership of hotels.
Singaporean and Hong Kong companie
s have bought many of the country's top
hotels over the past three years.
Countries:-
NZZ New Zealand.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
Types:-
C
MMT Comment & Analysis.
The Financial Times
London
Page 32
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9306
16
FT 16 JUN 93 / Survey of New Zealand (7): A surge in
tourism - Big increase in holidaymakers from Asian countries
By TERRY HALL
INTERNATIONAL tourists are discoveri
ng New Zealand in ever-larger numbers,
helped in part by the increase in air
services to the country and by strong
promotions in Germany, Japan, Britain
and the US.
Tourism New Zealand, the body charged with promoting the countr
y abroad, has
invested NZDollars 60m over the past 18 months and the industr
y is in a
highly confident mood.
In 1992, tourist numbers grew by 9.6 per ce
nt to 1.05m, the first time they
had passed the one million mark. The growth
has continued this year with
arrivals running 10.2 per cent, ahead of last
year in the January - April
period. The tourism board aims for 3m arrivals b
y the year 2000.
New Zealand now earns more than NZDollars 3bn a year from t
ourism, making it
the country's single biggest export earner, and the Touris
m Board says it
should be earning NZDollars 9bn by the year 2000.
The board
chief executive, Ian Kean, says the growth in numbers will be
carefully hand
led, especially in terms of the environment.
'The fresh, uncrowded, unspoile
d nature of New Zealand is one of our main
attractions - and we'll keep it t
hat way.
'We offer a contemporary society with sophisticated cities, superb
food and
wine, a unique Maori culture, and physical and natural attractions
which
visitors say are unequalled anywhere in the world.'
The industry sees
its greatest growth potential as being part of the Asian
Pacific region. Gro
wing disposable income is seeing a sharp rise in visitor
numbers, although t
hey are still well below those from more traditional
areas such as Australia
, the US and Britain.
Recession in the US led to a 5 per cent drop in touris
t numbers in the year
to March to 169,519, and Australian visitor numbers we
re also down 1 per
cent to 341,098. However, main promotions in Germany saw
a 40 per cent lift
in holidaymakers to 43,356, and they stayed for an averag
e 30 days, longer
than most other nationalities.
The number of British visit
ors rose by 22 per cent last year to 120,227, and
they stayed the longest of
any nationality, an average 33 days. However,
this percentage is boosted by
the number of UK residents making extended
visits to stay with family or fr
iends.
Most European visitors prefer to rent a car and go where the mood tak
es
them, stopping at hotels or motels in the many small towns that take thei
r
fancy. So do Chinese visitors from Taiwan, Hong Kong and Singapore. Large
numbers of Chinese settlers have lived in New Zealand from the goldmining
da
ys of the 1860s.
Younger Japanese tourists are following the self-drive tren
d, although due
to language difficulties their older compatriots tend to tra
vel in groups by
coach or airline. Rapidly developing airlinks, mainly pione
ered by Air New
Zealand, with Korea, Japan, Indonesia, Thailand, Taiwan and
Singapore, have
led to a sharp rise in visitor numbers from all those countr
ies.
In the year to March the number of visitors from Taiwan rose by 46 per
cent
to a total of 91,387, There was also a 79 per cent increase in numbers
from
Singapore, and a 96 per cent rise from Korea.
As Asian tourist numbers
climb, so does their ownership of hotels.
Singaporean and Hong Kong companie
s have bought many of the country's top
hotels over the past three years.
Countries:-
NZZ New Zealand.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
Types:-
C
MMT Comment & Analysis.
The Financial Times
London
Page 32
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9308
16
FT 16 AUG 93 / Bright spots among the tourism gloom:
The industry's patchy upturn
By MICHAEL SKAPINKER
YOU KNOW the tourist industry's recession is over when luncht
ime restaurant
customers run into double figures, says Mr Martin Cummings, o
wner of the Inn
on the Lake, in Godalming, Surrey.
Mr Cummings said that his
20-room inn and restaurant had just started
achieving lunchtime double figu
res. Room occupancy was up 5.2 per cent on
last summer.
Like their colleague
s in the manufacturing sector, managers of tourist
establishments report an
upturn but say that it is patchy.
Some say they could not survive without No
rth American visitors, others that
the North Americans do not seem to have a
rrived this year.
The English Tourist Board said that it had heard contrasti
ng stories of
success and gloom from different hotels in the same street.
Me
anwhile Mr Brian Hughes, managing director of the St Andrews Golf Hotel in
S
t Andrews, Fife, said the recession in the south of England had led to a
sha
rp fall in guests from there. Business from the US and continental Europe
ha
d been excellent.
At the other end of the country, Mr Cummings said that ano
ther of his
properties, the Amberley Castle country hotel, in Amberley, West
Sussex, has
enjoyed a 37 per cent increase in occupancy in the past three m
onths
compared with the same period last year.
Most tourism managers agree t
hat business is better this summer than last,
although they have different v
iews on how much better. Mrs Jane Randall,
tourism services officer for Stok
e-on-Trent, said inquiries at the local
tourism information centre were runn
ing at 1,000 a day compared with 500 to
600 last summer.
The different exper
iences of tourist businesses partly reflect the uneven
nature of the upturn.
They also reflect the fragmented nature of the UK
tourist industry.
Most co
mpanies are small and attract different types of visitor. Some
operate in ma
rkets which are less vulnerable to recession because their
clients are so we
ll-off. Mr Hughes in St Andrews said that American and
continental European
golfers tended to be wealthier than their UK
counterparts.
'You don't have t
o be well-off to play golf in Britain,' he said. 'The
British golfer tends t
o golf cheaply.' Foreign golfers come to Scotland in
good economic times and
bad. 'Two points up or down in the exchange rates
doesn't affect them,' he
said.
Stoke-on-Trent, home to ceramics companies such as Wedgwood, also trie
s to
attract high-spending foreign visitors. Mrs Randall said there were mor
e
high-spenders this year than last. In 1992, the year after the Gulf war,
t
here were many cheap flights on offer in the US and the Americans who
visite
d the city did not have much money to spend.
She said wealthier Americans ap
peared to have returned this summer, along
with an increasing number of cont
inental Europeans and visitors from as far
away as Venezuela.
C
ountries:-
GBZ United Kingdom, EC.
Industries:-
P5812 Eating Places.
P7011 Hotels and Motels.
P7999 Amusement an
d Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page 7
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9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
============= Transaction # 51 ==============================================
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9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
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9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
============= Transaction # 54 ==============================================
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9308
16
FT 16 AUG 93 / Bright spots among the tourism gloom:
The industry's patchy upturn
By MICHAEL SKAPINKER
YOU KNOW the tourist industry's recession is over when luncht
ime restaurant
customers run into double figures, says Mr Martin Cummings, o
wner of the Inn
on the Lake, in Godalming, Surrey.
Mr Cummings said that his
20-room inn and restaurant had just started
achieving lunchtime double figu
res. Room occupancy was up 5.2 per cent on
last summer.
Like their colleague
s in the manufacturing sector, managers of tourist
establishments report an
upturn but say that it is patchy.
Some say they could not survive without No
rth American visitors, others that
the North Americans do not seem to have a
rrived this year.
The English Tourist Board said that it had heard contrasti
ng stories of
success and gloom from different hotels in the same street.
Me
anwhile Mr Brian Hughes, managing director of the St Andrews Golf Hotel in
S
t Andrews, Fife, said the recession in the south of England had led to a
sha
rp fall in guests from there. Business from the US and continental Europe
ha
d been excellent.
At the other end of the country, Mr Cummings said that ano
ther of his
properties, the Amberley Castle country hotel, in Amberley, West
Sussex, has
enjoyed a 37 per cent increase in occupancy in the past three m
onths
compared with the same period last year.
Most tourism managers agree t
hat business is better this summer than last,
although they have different v
iews on how much better. Mrs Jane Randall,
tourism services officer for Stok
e-on-Trent, said inquiries at the local
tourism information centre were runn
ing at 1,000 a day compared with 500 to
600 last summer.
The different exper
iences of tourist businesses partly reflect the uneven
nature of the upturn.
They also reflect the fragmented nature of the UK
tourist industry.
Most co
mpanies are small and attract different types of visitor. Some
operate in ma
rkets which are less vulnerable to recession because their
clients are so we
ll-off. Mr Hughes in St Andrews said that American and
continental European
golfers tended to be wealthier than their UK
counterparts.
'You don't have t
o be well-off to play golf in Britain,' he said. 'The
British golfer tends t
o golf cheaply.' Foreign golfers come to Scotland in
good economic times and
bad. 'Two points up or down in the exchange rates
doesn't affect them,' he
said.
Stoke-on-Trent, home to ceramics companies such as Wedgwood, also trie
s to
attract high-spending foreign visitors. Mrs Randall said there were mor
e
high-spenders this year than last. In 1992, the year after the Gulf war,
t
here were many cheap flights on offer in the US and the Americans who
visite
d the city did not have much money to spend.
She said wealthier Americans ap
peared to have returned this summer, along
with an increasing number of cont
inental Europeans and visitors from as far
away as Venezuela.
C
ountries:-
GBZ United Kingdom, EC.
Industries:-
P5812 Eating Places.
P7011 Hotels and Motels.
P7999 Amusement an
d Recreation, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page 7
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_AN-CFZBBAARFT
92062
6
FT 26 JUN 92 / Survey of India (19): Tourism targets s
eem not too fanciful -One of the world's cheapest countries for western vis
itors is trying to do more to attract them
By MICHAE
L SMITH
THE SHARP fall in the value of the rupee in recent
years has helped to make
India one of the cheapest countries in the world fo
r the western tourist.
The government has ambitious plans to take advantage;
the tourism industry,
though encouraged by the level of ministerial enthusi
asm, is sceptical about
the chances that these will be achieved.
India has s
et lofty targets for tourism in the past - and failed to reach
them. Its sha
re of world tourism traffic has remained at 0.4 per cent over
the past five
years and its foreign exchange earnings from tourism have
remained at Dollar
s 1.3-1.5bn.
Last month Mr Madhavrao Scindia, civil aviation and tourism min
ister,
announced that he wanted India's share of world tourism to rise to 1
per
cent within five years. By the end of the century he wants both foreign
exchange earnings and employment in the sector - currently 14m - to double.
The country's lacklustre performance last year, previously designated as a
year for tourism, is explained in part at least by events outside the
indust
ry's control.
The Gulf War upset the best-laid plans of all the countries in
the region
and the violence surrounding the Indian general election campaig
n made the
sub-continent less attractive still. 'The tourism ministry does n
ot have an
in-house astrologer,' says Mr Scindia. 'If we had one he would ha
ve
cancelled the year for tourism before it began.'
Mr Scindia, an effective
railways minster between 1985 and 1990, is viewed
as a breath of fresh air
by tour operators and hoteliers, even though his
reputation has been tarnish
ed recently because of controversies over civil
aviation.
His plans for tour
ism include improving the quality of the infrastructure,
particularly transp
ort, increasing foreign investment and easing the vast
array of government c
ontrols and bureaucracy which hold back the industry
and providing financial
encouragement for hotel building.
Compared with the performance of its neig
hbours, India's targets do not seem
so fanciful. Even if it were to raise th
e annual number of its tourist
arrivals from 1.7m to 3m or 4m, it would stil
l not equal the 4m-plus already
achieved by Singapore and Malaysia.
The main
advantage that those two countries have over India is their
geographical po
sition. According to Mr AK Gupta, joint secretary at the
ministry of tourism
, at least 80 per cent of those who visit countries
belonging to the Associa
tion of South East Asian Nations come from within
Asean.
India's problem is
that it is relatively isolated from the main sources of
tourism. 'The foreig
n tourist has to make up his mind,' says Mr Gopta.
'India is not a country f
or an impromptu visit.'
Nonetheless, India's infrastructural problems do not
make it easy for
spur-of-the-moment visitors. Internal flights within India
are often booked
some days in advance and, while anyone with corporate cont
acts can usually
arrange a late booking, that is of little use to the leisur
e tourist.
To help ease the congestion, the government has inaugurated an op
en skies
policy whereby independent operators can set up airlines between th
e main
cities. Three companies are already flying between them about 15 737s
but
the foreign exchange expense of setting up in the business has led to
p
roblems for other potential entrants.
Meanwhile, progress has been made in m
aking Indian Airlines flights more
punctual and the tourism ministry says 86
per cent on trunk (metropolitan)
routes are on time. More customer-friendly
policies, such as warning
passengers of impending delays, are being introdu
ced.
To bring more people into the country, the government has eased rules o
n
charter flights. Whereas an airline would previously have to wait six mont
hs
for clearance to bring in a chartered flight, arrangements can now be mad
e
within 24 hours, says the tourism ministry. It expects the number of
chart
ers to increase to at least 400 in 1992-93, against a previous norm of
125.
To achieve its targets, India will also need to spend far more to increase
t
he number of its hotel rooms. There are now some 44,000 in the approved
sect
or, perhaps half of what is needed.
Upmarket hotel chains are already planni
ng significant expansion. The
Welcomgroup has a Rs1.6bn development plan for
the next three years which is
expected to increase by 50 per cent its capac
ity from the present 2,300
rooms.
Last month's government tourism plan incre
ased from 3 to 5 per cent the
interest subsidy available to some two- and th
ree-star hotels, while
discontinuing subsidies for four- and five-star rated
hotels.
Investment in hotels and other facilities will also be encouraged i
n special
tourism areas where tax concessions will be made available.
This r
eflects a government desire to move away from the previous even-handed
appro
ach to the various regions.
Fifteen specified circuits and destinations are
being identified for
concentrated marketing and development. That should tak
e some of the
pressure off the Golden Triangle of New Delhi, Agra and Jaipur
which, in
peak tourism months at least, is close to full capacity.
The gove
rnment's decision to sell 60 per cent of its equity in 24 hotels
managed by
the Indian Tourism Development Corporation could also increase
the supply of
quality accommodation. Foreign companies are being invited to
take stakes o
f up to 40 per cent in the hotels which will be marketed in
batches of four.
It remains to be seen how interested foreign companies will be in joining
v
entures in which the government will still hold 40 per cent of the equity.
A
further deterrent is that the hotels, which comprise one of the largest
cha
ins in the country, have staff-resident ratios twice as high as private
sect
or hotels.
Foreign investment in private sector tourist enterprises has also
been made
possible through recent liberalisation. The high price of land in
cities
will remain a brake on development, particularly on two- to three-st
ar
hotels which are needed more urgently than pricier units.
All of these de
velopments have encouraged the tourism industry that real
change is in the o
ffing, but grievances remain.
The Indian Association of Tour Operators says
the government's introduction
of a 20 per cent tax on foreign currency payme
nts at hotels where nightly
rates exceed Rs1,200 will weaken the enthusiasm
of foreign tour operators to
organise trips to India.
The association also w
ants the government to allow more luxury cars to be
imported. which it says
are needed for the industry.
Few in the industry are confident that the gove
rnment can achieve all of its
targets, but growth in tourist arrivals and fo
reign exchange receipts of
between 10 and 15 per cent a year is considered e
minently plausible.
The Financial Times
London Pa
ge XI
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_AN-DFPCDAFXFT
9306
16
FT 16 JUN 93 / Survey of New Zealand (7): A surge in
tourism - Big increase in holidaymakers from Asian countries
By TERRY HALL
INTERNATIONAL tourists are discoveri
ng New Zealand in ever-larger numbers,
helped in part by the increase in air
services to the country and by strong
promotions in Germany, Japan, Britain
and the US.
Tourism New Zealand, the body charged with promoting the countr
y abroad, has
invested NZDollars 60m over the past 18 months and the industr
y is in a
highly confident mood.
In 1992, tourist numbers grew by 9.6 per ce
nt to 1.05m, the first time they
had passed the one million mark. The growth
has continued this year with
arrivals running 10.2 per cent, ahead of last
year in the January - April
period. The tourism board aims for 3m arrivals b
y the year 2000.
New Zealand now earns more than NZDollars 3bn a year from t
ourism, making it
the country's single biggest export earner, and the Touris
m Board says it
should be earning NZDollars 9bn by the year 2000.
The board
chief executive, Ian Kean, says the growth in numbers will be
carefully hand
led, especially in terms of the environment.
'The fresh, uncrowded, unspoile
d nature of New Zealand is one of our main
attractions - and we'll keep it t
hat way.
'We offer a contemporary society with sophisticated cities, superb
food and
wine, a unique Maori culture, and physical and natural attractions
which
visitors say are unequalled anywhere in the world.'
The industry sees
its greatest growth potential as being part of the Asian
Pacific region. Gro
wing disposable income is seeing a sharp rise in visitor
numbers, although t
hey are still well below those from more traditional
areas such as Australia
, the US and Britain.
Recession in the US led to a 5 per cent drop in touris
t numbers in the year
to March to 169,519, and Australian visitor numbers we
re also down 1 per
cent to 341,098. However, main promotions in Germany saw
a 40 per cent lift
in holidaymakers to 43,356, and they stayed for an averag
e 30 days, longer
than most other nationalities.
The number of British visit
ors rose by 22 per cent last year to 120,227, and
they stayed the longest of
any nationality, an average 33 days. However,
this percentage is boosted by
the number of UK residents making extended
visits to stay with family or fr
iends.
Most European visitors prefer to rent a car and go where the mood tak
es
them, stopping at hotels or motels in the many small towns that take thei
r
fancy. So do Chinese visitors from Taiwan, Hong Kong and Singapore. Large
numbers of Chinese settlers have lived in New Zealand from the goldmining
da
ys of the 1860s.
Younger Japanese tourists are following the self-drive tren
d, although due
to language difficulties their older compatriots tend to tra
vel in groups by
coach or airline. Rapidly developing airlinks, mainly pione
ered by Air New
Zealand, with Korea, Japan, Indonesia, Thailand, Taiwan and
Singapore, have
led to a sharp rise in visitor numbers from all those countr
ies.
In the year to March the number of visitors from Taiwan rose by 46 per
cent
to a total of 91,387, There was also a 79 per cent increase in numbers
from
Singapore, and a 96 per cent rise from Korea.
As Asian tourist numbers
climb, so does their ownership of hotels.
Singaporean and Hong Kong companie
s have bought many of the country's top
hotels over the past three years.
Countries:-
NZZ New Zealand.
Industries:-
<
/XX>
P7999 Amusement and Recreation, NEC.
Types:-
C
MMT Comment & Analysis.
The Financial Times
London
Page 32
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_AN-EK2CXAIPFT
9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
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FT924-2489
_AN-CLMAOAATFT
9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
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_AN-ELSDLAFKFT
9412
19
FT 19 DEC 94 / Survey of Sweden (7): Growing rapidly
- Tourism
By KAREN FOSSLI
Tourism i
s one of Sweden's fastest-growing sectors and, although the trade
is relativ
ely young, ranks as the country's third-largest industry,
generating annual
turnover of an estimated SKr98bn of which SKr21bn is
derived from foreign to
urists.
The attraction of Sweden has to be, among many things, the country's
unspoilt environment and alluring scenery comprising 60,000 islands, 90,000
lakes, a 4,725-mile coastline and endless forests. There are also 350
museu
ms in the country and a wide variety of special events throughout the
year.
The tourist industry peaked in 1989 when turnover hit SKr100bn, but
nose-div
ed by nearly SKr80bn during 1990-91 when the then Social Democratic
governme
nt led by Mr Ingvar Carlsson, increased value added tax on tourism
to 25 per
cent in two stages.
The VAT increase coincided with the onset of the deepes
t recession to hit
Sweden since the second world war. But the industry recov
ered during 1991-93
after a new conservative Moderate government, led by Mr
Carl Bildt,
reorganised the marketing of tourism and cut VAT to 12 per cent.
These factors were aided by the start of a recovery in the economy which
be
gan at the end of 1993.
Nevertheless, even after the rate cut, Sweden's VAT
remains significantly
higher than the European average. The Swedes argue vig
orously that prices in
their country have become competitive with the rest o
f Europe while a main
priority of marketing seeks to dispel 'the myth' that
Sweden is far too
expensive to be considered a holiday destination by more t
han just the
elite.
'Surveys show that many foreigners still believe that Sw
eden is too
expensive. Heavy resources are therefore being invested in marke
ting Sweden
abroad,' the Swedish Trade Council said in its 1994 annual repor
t on the
country.
In the first nine months of this year, the number of overn
ight stays in
Swedish hotels by foreigners rose 13 per cent compared with th
e year-earlier
period, and industry executives are predicting that 1994 will
be a record
year in terms of growth. Last year, foreigners' overnight stays
alone
reached 6.1m.
During the first nine months of 1994, Dutch and Danish
tourists accounted
for the highest growth rate in overnight stays in percent
age terms, rising
respectively 25 per cent and 26 per cent while US visitors
rose by 14 per
cent.
German tourists, the largest group of foreign visitors
to Sweden, increased
their overnight stays by 13 per cent and UK tourists 1
1 per cent.
Another indication of the strength of this year's activity is a
forecast
rise in the number of cruise ship passengers calling on Stockholm a
lone. It
is estimated that international cruise ships will make 125 visits t
o the
capital city this year, carrying a total of 70,000 passengers, represe
nting
an increase of 10,000 passengers over 1993.
Mr Per-Johann Orrby, presi
dent of Next Stop Sweden (NSS), the Swedish Travel
and Tourist Council, attr
ibutes the rise in tourism's fortunes partly to
Sweden's attractive prices -
in foreign currency terms - since the krona was
devalued by nearly 30 per c
ent in 1992. The reduction of VAT and a slight
recovery of the economy are a
lso considered significant.
NSS reckons that sterling buys 15 per cent more
in Sweden since the
devaluation, while the purchasing power of the US dollar
has risen 18 per
cent and the German mark 30 per cent.
But the Swedes proba
bly also have their next-door Nordic neighbours to thank
for foreign interes
t, following Norway's success in arranging the Winter
Olympics earlier this
year.
For more than two weeks in February, hours and hours of pristine, sunl
it
'Scandinavian' winter images were broadcast worldwide from Lillehammer in
Norway. Such coverage undoubtedly had a spill-over affect for Sweden and
mu
st have improved the country's standing as a tourist destination.
The Olympi
cs boosted Norway's tourist industry by as much as 5 per cent this
year but
it would be difficult to quantify the effect it had on Swedish
tourism.
Acco
rding to Mr Jan Brannstrom, managing director of Image Sweden, the
state-bac
ked agency which promotes Sweden internationally, recent studies
revealed th
at about half the foreign tourists visiting Sweden do so as part
of a Scandi
navian tour. But, he said, there were no plans for a joint
Scandinavian tour
ism marketing effort and, in the long-run, he saw few, if
any, benefits from
such a scheme.
Another important factor which has undoubtedly lifted the aw
areness of
Sweden abroad is the apparent success of the big overhaul of the
organisational structure of marketing services for tourism. The Swedish
Tour
ist Board was dismantled and Image Sweden established together with NSS.
Ima
ge Sweden purchases marketing services from NSS for an estimated NKr60m
annu
ally.
Countries:-
SEZ Sweden, West Europe.
Industries:-
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financ
ial Times
London Page IV
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722
FT 22 JUL 94 / D-Day events boost tourism earnings <
/HEADLINE>
By DAVID OWEN
This summer's D-Day co
mmemoration may have increased Britain's tourism
earnings from North America
by as much as Pounds 73m, according to Mr Iain
Sproat, national heritage mi
nister.
He said in a Commons written answer that early indications suggested
the
event had attracted between 75,000 and 125,000 extra North American vis
itors
to the UK.
This had increased the country's earnings from tourism by '
between Pounds
44m and Pounds 73m', he said.
Both the number of visitors and
the amount of visitor spending were
'substantially' higher than forecast.
E
arlier this year, Mr John Major was forced to defuse an embarrassing row
ove
r the nature of the 50th anniversary commemoration by bowing to veterans'
de
mands for a bigger say in the events. There had been widespread criticism
of
the national heritage department's handling of the anniversary.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P9611 Administration of General Economic Programs.
Types:-
NEWS General News.
The Financial Times
London Page 9
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9312
07
FT 07 DEC 93 / World Trade News: Break expected in da
rk cloud over Caribbean resorts - Canute James on the region's hopes of a be
tter tourism season after three bad years that began with the Gulf war
By CANUTE JAMES
Caribbean tourist resort
s are expecting better times in the high season,
which begins next week, aft
er the hard times that began with the Gulf war
three years ago and have cont
inued with the recession in the industrialised
economies.
Planners of the in
dustry in the more than 30 member countries of the
Barbados-based Caribbean
Tourism Organisation say that signs of economic
improvement in the leading m
arkets such as the US, Canada and Europe
indicated that the flow of tourists
next year will be higher than the
expected 22m stay-over and cruise ship vi
sitors of this year.
Tourism brings significant relief for often hard-presse
d treasuries, and the
industry is expecting visitor expenditure next year to
be about 5 per cent
higher than the estimated USDollars 10bn (Pounds 6.7bn)
of this year.
The hoped-for improvement would be due as much to whatever im
provement there
is in recession-hit economies, as to a more business-like ap
proach by the
resort countries. Hoteliers once looked anxiously at the weath
er reports in
North America and Europe, hoping a bad winter would force shiv
ering hordes
southward in search of the sun. Once fiercely competitive with
one another,
the resort countries have now implemented a multi-million dolla
r advertising
programme to market the region as whole to potential visitors
from North
America.
There are, however, many problems which could still frus
trate the hopes for
better times. Most of these, such as air access to the r
egion, are outside
the control of the industry's administrators. Pan America
n Airlines and
Eastern Airlines, which were big carriers between the Caribbe
an and North
America, have collapsed. Although American Airlines has schedul
ed additional
flights to Caribbean destinations, it is unlikely that any air
line will
continue for long with routes of marginal profitability.
Equally d
amaging for the industry is the realignment of international
currencies. Car
ibbean hotel rates are US dollar-denominated. A depreciation
of European cur
rencies against the US dollar makes the Caribbean less of a
bargain to Europ
ean tourists. Potential visitors from the US may also
consider a European ho
liday a better buy.
The Caribbean is also facing new and growing competition
for the US tourist.
Several states in the US have stepped up their promotio
n and marketing as
safer and cheaper alternatives to a foreign holiday. A do
mestic holiday can
be appealing to prospective tourists in the US because it
does not carry the
uncertainties of factors such as currency changes.
A fur
ther problem is crime. The CTO said this year the level of crime had
been in
creasing in most resorts. Attacks on tourists in several countries,
and the
murder of two in the past two years in Jamaica, have caused concern
among th
e administrators of the industry in the region, who fear, with good
reason,
that adverse publicity would deter prospective visitors.
Some Caribbean gove
rnments have concluded that their economies are not
getting enough out of to
urism. This led some unilaterally to increase the
tax on cruise shipping com
panies for each visitor who disembarks. The
members of the CTO wanted a unif
orm minimum head tax of USDollars 10, but
some members balked after the crui
se lines objected. After some confusion
and confrontation with the shipping
lines, a common minimum passenger tax of
Dollars 5 effective next April, ris
ing to Dollars 10 in October 1995, has
been agreed.
There is also growing co
ncern at the extent to which local sectors and
services benefit from tourism
. 'What we in the Caribbean have to do is to
develop linkages and so benefit
more from tourism,' says Sir Neville
Nicholls, president of the Caribbean D
evelopment Bank.
'There is too much concentration merely on seeing tourism o
r activity in the
tourism industry as essentially hotel-based. While that is
the core, it's
the linkages to tourism - agriculture, services, transportat
ion and so on -
which need to be emphasised.'
The overriding concern in the
industry is that the quality of the product
must be protected, and earnings
increased, while the region improves its
ability to attract tourists who may
turn to increasingly competitive
alternatives such as Mexico and the Pacifi
c. After all, tourism now accounts
for one in every four foreign dollars ear
ned by the resort countries of the
Caribbean.
Countries:-
XFZ Caribbean.
Industries:-
P9311 Finance, Taxati
on, and Monetary Policy.
P7999 Amusement and Recreation, NEC.
P7011
Hotels and Motels.
P9532 Urban and Community Development.
Typ
es:-
ECON Economic Indicators.
CMMT Comment & Analysis.
MGMT Management & Marketing.
The Financial Times
L
ondon Page 6
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24
FT 24 JUN 94 / Survey of Norway (14): On the fast tra
ck from Lillehammer - The Winter Olympics may have opened a door for upmarke
t tourism
By KAREN FOSSLI
Norway ha
s launched an ambitious campaign to encourage tourism, in the hope
of capita
lising on the success of the Winter Olympics in Lillehammer earlier
this yea
r. The target is the the big spender.
For 16 days in February, spectacular i
mages of the country's unspoilt nature
appeared on television screens throug
hout the world. During the games no
fewer than 10,000 articles appeared in U
S newspapers alone.
No wonder superlatives abound to describe the country's
natural beauty, from
the midnight sun in summer to the craggy snow-capped pe
aks in winter; and it
helped that, during the Olympics, the sun shone every
day, melting heart of
almost anyone tuned in to Lillehammer.
Norway believes
the country is just the place for people who want to get
back to nature and
experience the good, clean, simple life. It certainly is
not a destination
for the finicky tourist, who expects the level of service
and luxury found t
hroughout continental Europe; and it is definitely not for
those with a meag
re budget.
In 1993, more than 3m foreign tourists spent an estimated NKr16bn
in Norway,
or some NKr1bn less than the revenue generated by fish exports.
If Norwegian tourists are taken into account, the spending spree reached
NKr
55bn, according to the tourist board (Nortra). It calculates that, if
growth
in tourism runs at an annual 6 to 7 per cent, by the year 2000
foreign tour
ists will contribute NKr23bn annually to the economy.
This year Nortra expec
ts income from tourism to expand by 10 per cent, and
forecasts that no fewer
than 4.5m visitors will head for Norway, more than
half of them this summer
, and up to 80 per cent of them purely for leisure.
With tourism one of the
country's fastest growing industries, many
Norwegians fear that an influx of
holidaymakers could harm the environment.
But the foreign ministry's carefu
lly targeted promotional campaign should
calm anxiety that droves of shallow
-pocketed travellers will descend on
Norway's rugged mountains, craggy cliff
s and myriad fjords.
According to a senior ministry official, the typical to
urist visiting Norway
is seeking a 'special' holiday filled with culture, na
ture and culinary
delights (the country's rich seafood tradition offers ever
ything from arctic
cod to salmon, as well as a wide range of whale dishes).
This tourist is at least 45 years old, travels without children and does not
mind packing wellingtons and rain gear. He or she would not normally
compla
in about prices, and is likely to be a mid-level executive and a
culture ent
husiast.
'This is exactly the group we are targeting,' explained the ministr
y
spokesman. 'We have no plans to expand our marketing efforts to attract
yo
uth, the masses or others outside this group, because our product could be
d
estroyed.
'We are not looking for the big numbers, but the big spenders. It'
s more
interesting for us to attract, say, a German executive who returns to
Norway
year after year.'
According to a survey undertaken ahead of the game
s, the impact of the
Lillehammer Olympics alone - the so-called 'OL effect'
- could increase
tourism by an estimated 5 per cent this year.
The foreign m
inistry began to devise its strategy for capitalising interest
in Norway lon
g before the games ended, and it aims this year to undertake
substantial med
ia campaigns in the US, Germany, the UK and other European
countries.
Last a
utumn, together with the Norwegian Soccer Association, it embarked on
a prom
otional campaign that is culminating during the current World Cup,
where a w
ide cross-section of foreigners has gathered. Plans include a
video-taped No
rwegian current affairs programme for television, business
seminars, cultura
l events and presentations of Norwegian food.
There is also a three-year age
nda of high-profile cultural events in the US
and Spain next year, and in Ja
pan in 1997. These include a Norwegian film
festival, in co-operation with t
he Museum of Modern Art in New York, and
concerts by the Norwegian Chamber O
rchestra and Trondheim Soloists.
Norway not only sees an opportunity to boos
t tourism by exploiting the image
conveyed to the world during the games, it
also believes that business and
industry can benefit from the global exposu
re of the country's involvement
in other recent important events - for examp
le, its role as mediator in the
historic peace agreement between Israel and
the Palestine Liberation
Organisation.
'There is a link between extensive me
dia coverage and the export of
Norwegian goods and services,' said Mr Jan Eg
eland, state secretary of the
foreign ministry, who was directly involved in
the peace negotiations.
In the three years before the Winter Olympics, tour
ism rose by 30 per cent,
helped by a surge in interest from Britain, Germany
, Holland, and the US.
Yet, for all the efforts in marketing Norway abroad,
there is work to be
done at home to remove awkward idiosyncrasies that can f
rustrate and
disappoint visitors. Nortra admits that there is some way to go
in improving
the service-mindedness of Norwegians, to encourage them not to
close shops
during holidays and weekends and other peak traffic periods, al
though
progress has been made in recent years.
Nortra disputes claims that N
orwegian prices are on the whole far higher
than elsewhere in Europe, partic
ularly when it comes to accommodation. It
urges visitors, for example, to ne
gotiate prices for hotel rooms,
particularly in Oslo where capacity is norma
lly abundant.
But tourists may be shocked to find that the cost of a half-li
tre of beer in
a pub can be more than NKr40 (Pounds 3.70) and that for a mod
est dinner for
two, including a bottle of table wine, they will have to pay
at least
NKr700. A large pizza alone can cost up to NKr250.
Prices like thes
e make extended stays for families almost prohibitive; and
many activities,
such as concerts, cruises and mountain hiking, are geared
more towards adult
s than children.
One of the fastest growing segments of the domestic tourist
industry is that
of the recreational vehicle traveller. But Norway acknowle
dges it is little
equipped to accommodate such vehicles; few RV parks exist,
and there are few
chemical and waste receptacles for dumping effluent gener
ated by RVs.
Nortra forecasts that between 60,000 and 100,000 RVs will motor
around the
country this year, representing a 20 per cent increase over 1993
. There are
about 970 inspected and classified camping sites, some of which
offer
hook-up facilities for electricity, showers and toilets.
Camping fees
range between Dollars 10 to Dollars 22 a night, while cabins
can be rented f
or Dollars 29 to Dollars 90 a night.
Not unexpectedly, Norwegian travel broc
hures make little mention of RV
facilities, but focus primarily on sightseei
ng by rail, boat, bus or car.
But if you drive, expect to pay the highest pe
trol prices in Europe, running
at about NKr7.50 a litre.
Countr
ies:-
NOZ Norway, West Europe.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
CMMT Comm
ent & Analysis.
The Financial Times
London Page VI
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10
FT 10 JUN 94 / Survey of Uganda (8): On the track of
gentle giants - Leslie Crawford looks at tourism
By
LESLIE CRAWFORD
The heart of Bwindi's Impenetrable Forest i
n southern Uganda is home to
almost half the world's population of mountain
gorillas - a rare and
endangered species of which fewer than 650 remain. To
protect Bwindi's
gentle giants, gorilla tracking permits are strictly ration
ed: only six
visitors are allowed to enter Bwindi national park each day. Ev
en if
gorillas are not sighted, the experience of exploring Bwindi's virgin
jungle, under the canopy of huge tropical hardwoods, lianas and orchids, is
mysterious and unforgettable.
For the foreseeable future, Uganda's appeal to
the foreign visitor will
centre on 'special interest' activities: mountain
trekking in the Ruwenzoris
-the legendary Mountains of the Moon; a visit to
Bwindi, or the equally
remote savannah grasslands of the Kidepo Valley near
the frontier with
Sudan. It is also in Uganda where the Nile begins its 4,0
00-mile journey to
the Mediterranean.
International tour operators have begu
n to include Uganda on their East
African safari circuits, encouraged by the
country's efforts to recover its
neglected tourism infrastructure. Abercrom
bie & Kent have set up two tented
camps near Bwindi and Murchison Falls, and
plan to transform the Lake
Victoria Hotel near Entebbe into their five-star
showcase in Uganda. Tim
Somerset Webb, president of A & K Overseas Ltd, say
s he is finalising an
agreement for the management contract and an equity pa
rticipation in Lake
Victoria Hotel with the state-owned Uganda Hotels Ltd.
A
ccommodation in Kampala remains overpriced and somewhat below international
standards, but a number of hotels in the capital are undergoing upgrading
an
d renovation. About 40 local tour operators provide an increasing range of
s
ervices for the adventurous traveller.
At the Uganda Tourist Board, above th
e British Council offices in Kampala,
Freddie Irumba likes to take the long-
term view. 'We have to be both
cautious and sensible about promoting Uganda
as a holiday destination,' he
says. 'Until our hotels are rehabilitated, the
road network improved and our
passenger handling facilities at the airport
are up to scratch, we should
not aim to attract large numbers of visitors.'
He says the number of
visitors is rising by 20 per cent each year, and estim
ates arrivals will top
80,000 in 1994.
Countries:-
UG
Z Uganda, Africa.
Industries:-
P7999 Amusement and Rec
reation, NEC.
Types:-
CMMT Comment & Analysis.
<
PUB>The Financial Times
London Page 34
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17
FT 17 AUG 94 / Aid sought to stem tourism decline
By JAMES BUXTON, Scottish Correspondent
Spending by visitors to Scotland is declining, tourist industry leaders we
re
warned yesterday.
Mr Derek Reid, new chief executive of the Scottish Tour
ist Board, said
Scotland was falling behind other developed countries in the
growth of its
tourism industry.
Mr Reid called for extra government funding
for marketing and substantial
private-sector investment in tourist faciliti
es and training.
Spending by tourists in Scotland peaked at Pounds 2.5bn in
1987, he said.
Last year's spending of Pounds 2.1bn was 17 per cent below th
at for 1989 in
real terms.
Growth in overseas tourism in recent years had no
t been enough to offset the
decline in domestic tourism, both from England a
nd from Scotland.
Mr Reid was speaking at a conference in Stirling Castle he
ld to launch a
Pounds 1.5m television advertising campaign aimed at the Engl
ish market,
which he described as the Scottish industry's problem child.
The
40-second commercial, first screened last night in England and Northern
Ire
land, is intended to give Scotland a more contemporary image for the
English
.
The Scottish Tourist Board has unveiled a new logo based on the thistle.
T
he conference, attended by 200 leaders of organisations and companies
involv
ed in tourism, also heard details of a strategic plan prepared by the
Scotti
sh Tourism Co-Ordinating Group, which consists of public-sector
agencies led
by the Scottish Office. The strategy contains measures aimed at
achieving 2
0 per cent growth in tourist spending by the year 2000 and
increasing the em
ployment in the industry from 170,000 in 1991 to 210,000 by
then.
The organi
sation of Scotland's tourist industry is being revamped. The
Scottish Touris
t Board promotes tourism across the whole country, having
taken over marketi
ng of the Highlands from Highlands and Islands Enterprise.
However, it has h
anded over the task of assisting tourism businesses to the
network of local
enterprise companies controlled by Scottish Enterprise and
Highlands and Isl
ands Enterprise.
The number of area tourist boards is to be reduced to 14 fr
om 34 by 1996.
Countries:-
GBZ United Kingdom, EC.
<
/CN>
Industries:-
P9611 Administration of General Economic Pr
ograms.
Types:-
MGMT Management & Marketing.
The Financial Times
London Page 7
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207
FT 07 FEB 94 / Israel backs 'open skies' policy to e
ncourage tourism: Charter flight rules liberalised
B
y JULIAN OZANNE
JERUSALEM
Israel
yesterday approved an 'open skies' policy liberalising the country's
aviatio
n regulations to promote competition and boost tourism.
The new policy, whic
h will come into effect on March 1, will encourage
competition on fares, giv
e airlines greater freedom to decide the number of
flights to Israel, and pr
omote flexibility of charter flights.
The reform cancels the obligation for
El Al, the state airline, to have an
equal number of flights with foreign ai
rlines on a given route and allows
international airlines to increase flight
s to Israel. It gives travel agents
freedom to give discounts on tickets and
cancels the Dollars 25 (Pounds
16.60) commission on ticket purchases. The p
olicy provides for an increase
in charter flights, allows charter companies
to carry Israelis as well as
tourists and makes licences for peak seasons mo
re flexible.
Mr Uzi Baram, the minister of tourism, said the new policy woul
d increase
the number of tourists to Israel, which last year reached 2m. He
said the
policy was 'significant but not optimal'. The reforms, he said, sho
uld have
been approved six months ago but met objections from El Al until th
e
government agreed to continue paying the state airline 80 per cent of the
high costs of its security operations.
El Al yesterday welcomed the reform a
nd said: 'El Al feels its efficient
operations will allow it to compete on t
he basis of price and improved
service.' El Al is expected to report 1993 pr
ofits of Dollars 10m, against
the trend in a globally depressed airline indu
stry.
The Israeli Ministry of Energy yesterday said it had chosen Sofregas o
f
France to undertake a detailed study on the options of importing natural g
as
into Israel. The state says it needs at least 3m tonnes of oil equivalent
by
1996/97 to convert its power plants to gas and is considering at least f
our
possible gas deals with foreign countries and companies, including Qatar
and
Egypt.
Companies:-
El Al Israel Airlines.
So
ciete Francaise d'Etudes et de Realisations d'Equipements
Gaziers.
Countries:-
ILZ Israel, Middle East.
Industries:
-
P4512 Air Transportation, Scheduled.
P9621 Regulation, Admin
istration of Transportation.
P4925 Gas Production and/or Distribution.
<
/IN>
Types:-
TECH Safety & Standards.
MKTS Contracts.
TECH Patents & Licences.
The Financial Times
Lo
ndon Page 6
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25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
============= Transaction # 67 ==============================================
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_AN-EK2CXAIPFT
9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
============= Transaction # 68 ==============================================
Transaction #: 68 Transaction Code: 19 (Record Selected)
Terminal ID: 12781888 Z39.50 Server ID: 19 (TREC)
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_AN-EK2CXAIPFT
9411
25
FT 25 NOV 94 / World Trade News: Caribbean tourism pr
omises an upturn - Improved outlook in customer countries and marketing driv
e lift prospects
By CANUTE JAMES
KINGSTON
Caribbean tourism's high season, which begi
ns in mid-December, promises to
be better than hoteliers were expecting. Con
sistently occupied hotel rooms
in Caribbean resorts please not only hotelier
s, but also finance ministers.
Tourism brought Dollars 10bn to the region la
st year and Caribbean economies
have become increasingly dependent on touris
m, particularly because of
uncertainty in traditional commodity markets.
Rec
ession in the leading tourist markets, particularly in North America, was
bl
amed for a reduction in the growth rate of visitor arrivals. 'The economic
c
limate in these major markets has improved, and with it the fortunes of
Cari
bbean tourism,' said Mr Jean Holder, secretary general of the Caribbean
Tour
ism Organi-sation.
Hoteliers are now more confident as advance bookings for
the forthcoming
season are high. In addition to the improved economic outloo
k in North
America and Europe, the Caribbean has launched a very intensive m
arketing
and promotion campaign.
Initial fears that US military intervention
in Haiti would adversely affect
tourism have not materialised. The region w
as visited by 13m stayover
visitors last year, and by 8.8m others who came o
n cruise ships. The
tourists spent about Dollars 10bn last year, according t
o the Caribbean
Tourism Organisation. This represented a slight improvement
in the number of
visitors and in expenditure over 1992.
Hoteliers, governmen
t ministers and other administrators of Caribbean
tourism are, however, freq
uently reminded of the fickle nature of the
tourism industry. Prospects have
been enhanced by currency fluctuations;
Caribbean currencies are pegged to
the US dollar, and the recent weakening
of the dollar makes the region a bet
ter bargain for European visitors. For
North Americans, a European holiday b
ecomes more expensive than one in the
Caribbean and two out of every three t
ourists visiting the Caribbean come
from the US.
Competition for Caribbean t
ourism is coming not only from other established
resort regions, but also fr
om the increasing efforts of several US states to
offer cheaper and safer ho
lidays as an alternative to the Caribbean
following adverse publicity about
crime in some Caribbean resorts, an issue
nagging the tourism industry.
Cari
bbean resort countries have implemented a multi-million dollar
advertising p
rogramme to market the region as a single destination to
potential visitors
from North America. Prospective visitors make little
distinction between cou
ntries.
'Regrettably, geography is not a very strong subject,' said Mr Carly
le
Dunkley, Jamaica's tourism minister. 'Many people believe you can take a
stroll from Port of Spain (Trinidad) to Port-au-Prince (Haiti), and it is
no
t quite so.' Despite the joint marketing of the region, there is
increasing
competition among several resorts which are seeking new markets.
Sir Colin M
arshall, chairman of British Airways, recently warned of the
dangers of pric
e cutting. Competing on price and price alone dilutes the
quality of the Car
ibbean tourism product, Sir Colin told a meeting of
tourism interests.
'Cut-
price competition creates a spiral dive from which it is extremely
difficult
to recover,' he said.
Countries:-
JMZ Jamaica, Cari
bbean.
XFZ Caribbean.
Industries:-
P7011 Hotels an
d Motels.
P7999 Amusement and Recreation, NEC.
P9611 Administration
of General Economic Programs.
Types:-
CMMT Comment & A
nalysis.
MKTS Market shares.
The Financial Times
International Page 5
============= Transaction # 69 ==============================================
Transaction #: 69 Transaction Code: 19 (Record Selected)
Terminal ID: 12781888 Z39.50 Server ID: 19 (TREC)
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FT924-2489
_AN-CLMAOAATFT
9212
12
FT 12 DEC 92 / Travel and tourism to account for 13%
of consumer spending
By DAVID DODWELL, World Trade E
ditor
THE travel and tourism industry is expected to contri
bute Dollars 3,500bn to
the world economy in 1993 - a 20 per cent increase o
n its Dollars 2,900bn
contribution in 1990, according to Wharton Econometric
Forecasting in a
study commissioned by the World Travel and Tourism Council
.*
'The challenge for both governments and our industry is to lift our visio
n
above today's economic trenches to the renewed growth, market dynamism and
competitive opportunity beckoning on the horizon,' said Mr James D Robinson
III, Chairman of American Express and chairman of the World Travel & Touris
m
Council, in a comment on the study.
He called for policies to liberalise m
arkets, improve infrastructure, and
eliminate bureaucratic trading barriers,
at the same time emphasising that
the sector must expand 'in harmony with t
he environment'.
The study predicts that the industry will account for 127m
jobs worldwide by
next year. It will attract Dollars 422bn in investment (6.
7 per cent of the
expected world total) and will account for Dollars 2,000bn
in consumer
spending - perhaps 13 per cent of all consumer spending.
The im
portance of the sector is consistently underestimated, according to
Wharton
Econometrics, which shows in a survey of 20 countries that
policymakers see
it as the eighth most important economic contributor. Their
study shows trav
el and tourism as the world's biggest in 1990, and likely to
remain so into
the 21st century.
Looking ahead to the year 2005, the study warns of increas
ing congestion in
the air, increasing attention to environmental issues, and
the emergence of
ecotourism and rural tourism as new growth areas.
It predi
cts a real compound growth for the industry of 3.9 per cent, with
its global
economic contribution doubling to Dollars 9,673bn in nominal
terms, and con
sumer spending on travel and tourism up to Dollars 5,800bn in
nominal terms.
A further 40m jobs will be created, lifting the world total
to almost 170m.
Wharton Econometrics based its projections on methods proposed by the
Organ
isation for Economic Cooperation and Development (OECD), the United
Nations
and the World Tourism Council (WTC).
* Travel & Tourism, the WTTC Report, 19
92. For copies, write to WTTC,
Chaussee de La Hulpe 181, Box 10, 1170 Brusse
ls, Belgium, or tel: Brussels
660 2067.
The Financial Times
London Page 4
============= Transaction # 70 ==============================================
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FT944-1609
_AN-ELSDLAFKFT
9412
19
FT 19 DEC 94 / Survey of Sweden (7): Growing rapidly
- Tourism
By KAREN FOSSLI
Tourism i
s one of Sweden's fastest-growing sectors and, although the trade
is relativ
ely young, ranks as the country's third-largest industry,
generating annual
turnover of an estimated SKr98bn of which SKr21bn is
derived from foreign to
urists.
The attraction of Sweden has to be, among many things, the country's
unspoilt environment and alluring scenery comprising 60,000 islands, 90,000
lakes, a 4,725-mile coastline and endless forests. There are also 350
museu
ms in the country and a wide variety of special events throughout the
year.
The tourist industry peaked in 1989 when turnover hit SKr100bn, but
nose-div
ed by nearly SKr80bn during 1990-91 when the then Social Democratic
governme
nt led by Mr Ingvar Carlsson, increased value added tax on tourism
to 25 per
cent in two stages.
The VAT increase coincided with the onset of the deepes
t recession to hit
Sweden since the second world war. But the industry recov
ered during 1991-93
after a new conservative Moderate government, led by Mr
Carl Bildt,
reorganised the marketing of tourism and cut VAT to 12 per cent.
These factors were aided by the start of a recovery in the economy which
be
gan at the end of 1993.
Nevertheless, even after the rate cut, Sweden's VAT
remains significantly
higher than the European average. The Swedes argue vig
orously that prices in
their country have become competitive with the rest o
f Europe while a main
priority of marketing seeks to dispel 'the myth' that
Sweden is far too
expensive to be considered a holiday destination by more t
han just the
elite.
'Surveys show that many foreigners still believe that Sw
eden is too
expensive. Heavy resources are therefore being invested in marke
ting Sweden
abroad,' the Swedish Trade Council said in its 1994 annual repor
t on the
country.
In the first nine months of this year, the number of overn
ight stays in
Swedish hotels by foreigners rose 13 per cent compared with th
e year-earlier
period, and industry executives are predicting that 1994 will
be a record
year in terms of growth. Last year, foreigners' overnight stays
alone
reached 6.1m.
During the first nine months of 1994, Dutch and Danish
tourists accounted
for the highest growth rate in overnight stays in percent
age terms, rising
respectively 25 per cent and 26 per cent while US visitors
rose by 14 per
cent.
German tourists, the largest group of foreign visitors
to Sweden, increased
their overnight stays by 13 per cent and UK tourists 1
1 per cent.
Another indication of the strength of this year's activity is a
forecast
rise in the number of cruise ship passengers calling on Stockholm a
lone. It
is estimated that international cruise ships will make 125 visits t
o the
capital city this year, carrying a total of 70,000 passengers, represe
nting
an increase of 10,000 passengers over 1993.
Mr Per-Johann Orrby, presi
dent of Next Stop Sweden (NSS), the Swedish Travel
and Tourist Council, attr
ibutes the rise in tourism's fortunes partly to
Sweden's attractive prices -
in foreign currency terms - since the krona was
devalued by nearly 30 per c
ent in 1992. The reduction of VAT and a slight
recovery of the economy are a
lso considered significant.
NSS reckons that sterling buys 15 per cent more
in Sweden since the
devaluation, while the purchasing power of the US dollar
has risen 18 per
cent and the German mark 30 per cent.
But the Swedes proba
bly also have their next-door Nordic neighbours to thank
for foreign interes
t, following Norway's success in arranging the Winter
Olympics earlier this
year.
For more than two weeks in February, hours and hours of pristine, sunl
it
'Scandinavian' winter images were broadcast worldwide from Lillehammer in
Norway. Such coverage undoubtedly had a spill-over affect for Sweden and
mu
st have improved the country's standing as a tourist destination.
The Olympi
cs boosted Norway's tourist industry by as much as 5 per cent this
year but
it would be difficult to quantify the effect it had on Swedish
tourism.
Acco
rding to Mr Jan Brannstrom, managing director of Image Sweden, the
state-bac
ked agency which promotes Sweden internationally, recent studies
revealed th
at about half the foreign tourists visiting Sweden do so as part
of a Scandi
navian tour. But, he said, there were no plans for a joint
Scandinavian tour
ism marketing effort and, in the long-run, he saw few, if
any, benefits from
such a scheme.
Another important factor which has undoubtedly lifted the aw
areness of
Sweden abroad is the apparent success of the big overhaul of the
organisational structure of marketing services for tourism. The Swedish
Tour
ist Board was dismantled and Image Sweden established together with NSS.
Ima
ge Sweden purchases marketing services from NSS for an estimated NKr60m
annu
ally.
Countries:-
SEZ Sweden, West Europe.
Industries:-
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financ
ial Times
London Page IV
============= Transaction # 71 ==============================================
Transaction #: 71 Transaction Code: 19 (Record Selected)
Terminal ID: 12781888 Z39.50 Server ID: 19 (TREC)
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_AN-EGVDMABVFT
940
722
FT 22 JUL 94 / D-Day events boost tourism earnings <
/HEADLINE>
By DAVID OWEN
This summer's D-Day co
mmemoration may have increased Britain's tourism
earnings from North America
by as much as Pounds 73m, according to Mr Iain
Sproat, national heritage mi
nister.
He said in a Commons written answer that early indications suggested
the
event had attracted between 75,000 and 125,000 extra North American vis
itors
to the UK.
This had increased the country's earnings from tourism by '
between Pounds
44m and Pounds 73m', he said.
Both the number of visitors and
the amount of visitor spending were
'substantially' higher than forecast.
E
arlier this year, Mr John Major was forced to defuse an embarrassing row
ove
r the nature of the 50th anniversary commemoration by bowing to veterans'
de
mands for a bigger say in the events. There had been widespread criticism
of
the national heritage department's handling of the anniversary.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P9611 Administration of General Economic Programs.
Types:-
NEWS General News.
The Financial Times
London Page 9
============= Transaction # 72 ==============================================
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FT934-3970
_AN-DLGD5ABDFT
9312
07
FT 07 DEC 93 / World Trade News: Break expected in da
rk cloud over Caribbean resorts - Canute James on the region's hopes of a be
tter tourism season after three bad years that began with the Gulf war
By CANUTE JAMES
Caribbean tourist resort
s are expecting better times in the high season,
which begins next week, aft
er the hard times that began with the Gulf war
three years ago and have cont
inued with the recession in the industrialised
economies.
Planners of the in
dustry in the more than 30 member countries of the
Barbados-based Caribbean
Tourism Organisation say that signs of economic
improvement in the leading m
arkets such as the US, Canada and Europe
indicated that the flow of tourists
next year will be higher than the
expected 22m stay-over and cruise ship vi
sitors of this year.
Tourism brings significant relief for often hard-presse
d treasuries, and the
industry is expecting visitor expenditure next year to
be about 5 per cent
higher than the estimated USDollars 10bn (Pounds 6.7bn)
of this year.
The hoped-for improvement would be due as much to whatever im
provement there
is in recession-hit economies, as to a more business-like ap
proach by the
resort countries. Hoteliers once looked anxiously at the weath
er reports in
North America and Europe, hoping a bad winter would force shiv
ering hordes
southward in search of the sun. Once fiercely competitive with
one another,
the resort countries have now implemented a multi-million dolla
r advertising
programme to market the region as whole to potential visitors
from North
America.
There are, however, many problems which could still frus
trate the hopes for
better times. Most of these, such as air access to the r
egion, are outside
the control of the industry's administrators. Pan America
n Airlines and
Eastern Airlines, which were big carriers between the Caribbe
an and North
America, have collapsed. Although American Airlines has schedul
ed additional
flights to Caribbean destinations, it is unlikely that any air
line will
continue for long with routes of marginal profitability.
Equally d
amaging for the industry is the realignment of international
currencies. Car
ibbean hotel rates are US dollar-denominated. A depreciation
of European cur
rencies against the US dollar makes the Caribbean less of a
bargain to Europ
ean tourists. Potential visitors from the US may also
consider a European ho
liday a better buy.
The Caribbean is also facing new and growing competition
for the US tourist.
Several states in the US have stepped up their promotio
n and marketing as
safer and cheaper alternatives to a foreign holiday. A do
mestic holiday can
be appealing to prospective tourists in the US because it
does not carry the
uncertainties of factors such as currency changes.
A fur
ther problem is crime. The CTO said this year the level of crime had
been in
creasing in most resorts. Attacks on tourists in several countries,
and the
murder of two in the past two years in Jamaica, have caused concern
among th
e administrators of the industry in the region, who fear, with good
reason,
that adverse publicity would deter prospective visitors.
Some Caribbean gove
rnments have concluded that their economies are not
getting enough out of to
urism. This led some unilaterally to increase the
tax on cruise shipping com
panies for each visitor who disembarks. The
members of the CTO wanted a unif
orm minimum head tax of USDollars 10, but
some members balked after the crui
se lines objected. After some confusion
and confrontation with the shipping
lines, a common minimum passenger tax of
Dollars 5 effective next April, ris
ing to Dollars 10 in October 1995, has
been agreed.
There is also growing co
ncern at the extent to which local sectors and
services benefit from tourism
. 'What we in the Caribbean have to do is to
develop linkages and so benefit
more from tourism,' says Sir Neville
Nicholls, president of the Caribbean D
evelopment Bank.
'There is too much concentration merely on seeing tourism o
r activity in the
tourism industry as essentially hotel-based. While that is
the core, it's
the linkages to tourism - agriculture, services, transportat
ion and so on -
which need to be emphasised.'
The overriding concern in the
industry is that the quality of the product
must be protected, and earnings
increased, while the region improves its
ability to attract tourists who may
turn to increasingly competitive
alternatives such as Mexico and the Pacifi
c. After all, tourism now accounts
for one in every four foreign dollars ear
ned by the resort countries of the
Caribbean.
Countries:-
XFZ Caribbean.
Industries:-
P9311 Finance, Taxati
on, and Monetary Policy.
P7999 Amusement and Recreation, NEC.
P7011
Hotels and Motels.
P9532 Urban and Community Development.
Typ
es:-
ECON Economic Indicators.
CMMT Comment & Analysis.
MGMT Management & Marketing.
The Financial Times
L
ondon Page 6
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9406
24
FT 24 JUN 94 / Survey of Norway (14): On the fast tra
ck from Lillehammer - The Winter Olympics may have opened a door for upmarke
t tourism
By KAREN FOSSLI
Norway ha
s launched an ambitious campaign to encourage tourism, in the hope
of capita
lising on the success of the Winter Olympics in Lillehammer earlier
this yea
r. The target is the the big spender.
For 16 days in February, spectacular i
mages of the country's unspoilt nature
appeared on television screens throug
hout the world. During the games no
fewer than 10,000 articles appeared in U
S newspapers alone.
No wonder superlatives abound to describe the country's
natural beauty, from
the midnight sun in summer to the craggy snow-capped pe
aks in winter; and it
helped that, during the Olympics, the sun shone every
day, melting heart of
almost anyone tuned in to Lillehammer.
Norway believes
the country is just the place for people who want to get
back to nature and
experience the good, clean, simple life. It certainly is
not a destination
for the finicky tourist, who expects the level of service
and luxury found t
hroughout continental Europe; and it is definitely not for
those with a meag
re budget.
In 1993, more than 3m foreign tourists spent an estimated NKr16bn
in Norway,
or some NKr1bn less than the revenue generated by fish exports.
If Norwegian tourists are taken into account, the spending spree reached
NKr
55bn, according to the tourist board (Nortra). It calculates that, if
growth
in tourism runs at an annual 6 to 7 per cent, by the year 2000
foreign tour
ists will contribute NKr23bn annually to the economy.
This year Nortra expec
ts income from tourism to expand by 10 per cent, and
forecasts that no fewer
than 4.5m visitors will head for Norway, more than
half of them this summer
, and up to 80 per cent of them purely for leisure.
With tourism one of the
country's fastest growing industries, many
Norwegians fear that an influx of
holidaymakers could harm the environment.
But the foreign ministry's carefu
lly targeted promotional campaign should
calm anxiety that droves of shallow
-pocketed travellers will descend on
Norway's rugged mountains, craggy cliff
s and myriad fjords.
According to a senior ministry official, the typical to
urist visiting Norway
is seeking a 'special' holiday filled with culture, na
ture and culinary
delights (the country's rich seafood tradition offers ever
ything from arctic
cod to salmon, as well as a wide range of whale dishes).
This tourist is at least 45 years old, travels without children and does not
mind packing wellingtons and rain gear. He or she would not normally
compla
in about prices, and is likely to be a mid-level executive and a
culture ent
husiast.
'This is exactly the group we are targeting,' explained the ministr
y
spokesman. 'We have no plans to expand our marketing efforts to attract
yo
uth, the masses or others outside this group, because our product could be
d
estroyed.
'We are not looking for the big numbers, but the big spenders. It'
s more
interesting for us to attract, say, a German executive who returns to
Norway
year after year.'
According to a survey undertaken ahead of the game
s, the impact of the
Lillehammer Olympics alone - the so-called 'OL effect'
- could increase
tourism by an estimated 5 per cent this year.
The foreign m
inistry began to devise its strategy for capitalising interest
in Norway lon
g before the games ended, and it aims this year to undertake
substantial med
ia campaigns in the US, Germany, the UK and other European
countries.
Last a
utumn, together with the Norwegian Soccer Association, it embarked on
a prom
otional campaign that is culminating during the current World Cup,
where a w
ide cross-section of foreigners has gathered. Plans include a
video-taped No
rwegian current affairs programme for television, business
seminars, cultura
l events and presentations of Norwegian food.
There is also a three-year age
nda of high-profile cultural events in the US
and Spain next year, and in Ja
pan in 1997. These include a Norwegian film
festival, in co-operation with t
he Museum of Modern Art in New York, and
concerts by the Norwegian Chamber O
rchestra and Trondheim Soloists.
Norway not only sees an opportunity to boos
t tourism by exploiting the image
conveyed to the world during the games, it
also believes that business and
industry can benefit from the global exposu
re of the country's involvement
in other recent important events - for examp
le, its role as mediator in the
historic peace agreement between Israel and
the Palestine Liberation
Organisation.
'There is a link between extensive me
dia coverage and the export of
Norwegian goods and services,' said Mr Jan Eg
eland, state secretary of the
foreign ministry, who was directly involved in
the peace negotiations.
In the three years before the Winter Olympics, tour
ism rose by 30 per cent,
helped by a surge in interest from Britain, Germany
, Holland, and the US.
Yet, for all the efforts in marketing Norway abroad,
there is work to be
done at home to remove awkward idiosyncrasies that can f
rustrate and
disappoint visitors. Nortra admits that there is some way to go
in improving
the service-mindedness of Norwegians, to encourage them not to
close shops
during holidays and weekends and other peak traffic periods, al
though
progress has been made in recent years.
Nortra disputes claims that N
orwegian prices are on the whole far higher
than elsewhere in Europe, partic
ularly when it comes to accommodation. It
urges visitors, for example, to ne
gotiate prices for hotel rooms,
particularly in Oslo where capacity is norma
lly abundant.
But tourists may be shocked to find that the cost of a half-li
tre of beer in
a pub can be more than NKr40 (Pounds 3.70) and that for a mod
est dinner for
two, including a bottle of table wine, they will have to pay
at least
NKr700. A large pizza alone can cost up to NKr250.
Prices like thes
e make extended stays for families almost prohibitive; and
many activities,
such as concerts, cruises and mountain hiking, are geared
more towards adult
s than children.
One of the fastest growing segments of the domestic tourist
industry is that
of the recreational vehicle traveller. But Norway acknowle
dges it is little
equipped to accommodate such vehicles; few RV parks exist,
and there are few
chemical and waste receptacles for dumping effluent gener
ated by RVs.
Nortra forecasts that between 60,000 and 100,000 RVs will motor
around the
country this year, representing a 20 per cent increase over 1993
. There are
about 970 inspected and classified camping sites, some of which
offer
hook-up facilities for electricity, showers and toilets.
Camping fees
range between Dollars 10 to Dollars 22 a night, while cabins
can be rented f
or Dollars 29 to Dollars 90 a night.
Not unexpectedly, Norwegian travel broc
hures make little mention of RV
facilities, but focus primarily on sightseei
ng by rail, boat, bus or car.
But if you drive, expect to pay the highest pe
trol prices in Europe, running
at about NKr7.50 a litre.
Countr
ies:-
NOZ Norway, West Europe.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
CMMT Comm
ent & Analysis.
The Financial Times
London Page VI
============= Transaction # 74 ==============================================
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10
FT 10 JUN 94 / Survey of Uganda (8): On the track of
gentle giants - Leslie Crawford looks at tourism
By
LESLIE CRAWFORD
The heart of Bwindi's Impenetrable Forest i
n southern Uganda is home to
almost half the world's population of mountain
gorillas - a rare and
endangered species of which fewer than 650 remain. To
protect Bwindi's
gentle giants, gorilla tracking permits are strictly ration
ed: only six
visitors are allowed to enter Bwindi national park each day. Ev
en if
gorillas are not sighted, the experience of exploring Bwindi's virgin
jungle, under the canopy of huge tropical hardwoods, lianas and orchids, is
mysterious and unforgettable.
For the foreseeable future, Uganda's appeal to
the foreign visitor will
centre on 'special interest' activities: mountain
trekking in the Ruwenzoris
-the legendary Mountains of the Moon; a visit to
Bwindi, or the equally
remote savannah grasslands of the Kidepo Valley near
the frontier with
Sudan. It is also in Uganda where the Nile begins its 4,0
00-mile journey to
the Mediterranean.
International tour operators have begu
n to include Uganda on their East
African safari circuits, encouraged by the
country's efforts to recover its
neglected tourism infrastructure. Abercrom
bie & Kent have set up two tented
camps near Bwindi and Murchison Falls, and
plan to transform the Lake
Victoria Hotel near Entebbe into their five-star
showcase in Uganda. Tim
Somerset Webb, president of A & K Overseas Ltd, say
s he is finalising an
agreement for the management contract and an equity pa
rticipation in Lake
Victoria Hotel with the state-owned Uganda Hotels Ltd.
A
ccommodation in Kampala remains overpriced and somewhat below international
standards, but a number of hotels in the capital are undergoing upgrading
an
d renovation. About 40 local tour operators provide an increasing range of
s
ervices for the adventurous traveller.
At the Uganda Tourist Board, above th
e British Council offices in Kampala,
Freddie Irumba likes to take the long-
term view. 'We have to be both
cautious and sensible about promoting Uganda
as a holiday destination,' he
says. 'Until our hotels are rehabilitated, the
road network improved and our
passenger handling facilities at the airport
are up to scratch, we should
not aim to attract large numbers of visitors.'
He says the number of
visitors is rising by 20 per cent each year, and estim
ates arrivals will top
80,000 in 1994.
Countries:-
UG
Z Uganda, Africa.
Industries:-
P7999 Amusement and Rec
reation, NEC.
Types:-
CMMT Comment & Analysis.
<
PUB>The Financial Times
London Page 34
============= Transaction # 75 ==============================================
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940
207
FT 07 FEB 94 / Israel backs 'open skies' policy to e
ncourage tourism: Charter flight rules liberalised
B
y JULIAN OZANNE
JERUSALEM
Israel
yesterday approved an 'open skies' policy liberalising the country's
aviatio
n regulations to promote competition and boost tourism.
The new policy, whic
h will come into effect on March 1, will encourage
competition on fares, giv
e airlines greater freedom to decide the number of
flights to Israel, and pr
omote flexibility of charter flights.
The reform cancels the obligation for
El Al, the state airline, to have an
equal number of flights with foreign ai
rlines on a given route and allows
international airlines to increase flight
s to Israel. It gives travel agents
freedom to give discounts on tickets and
cancels the Dollars 25 (Pounds
16.60) commission on ticket purchases. The p
olicy provides for an increase
in charter flights, allows charter companies
to carry Israelis as well as
tourists and makes licences for peak seasons mo
re flexible.
Mr Uzi Baram, the minister of tourism, said the new policy woul
d increase
the number of tourists to Israel, which last year reached 2m. He
said the
policy was 'significant but not optimal'. The reforms, he said, sho
uld have
been approved six months ago but met objections from El Al until th
e
government agreed to continue paying the state airline 80 per cent of the
high costs of its security operations.
El Al yesterday welcomed the reform a
nd said: 'El Al feels its efficient
operations will allow it to compete on t
he basis of price and improved
service.' El Al is expected to report 1993 pr
ofits of Dollars 10m, against
the trend in a globally depressed airline indu
stry.
The Israeli Ministry of Energy yesterday said it had chosen Sofregas o
f
France to undertake a detailed study on the options of importing natural g
as
into Israel. The state says it needs at least 3m tonnes of oil equivalent
by
1996/97 to convert its power plants to gas and is considering at least f
our
possible gas deals with foreign countries and companies, including Qatar
and
Egypt.
Companies:-
El Al Israel Airlines.
So
ciete Francaise d'Etudes et de Realisations d'Equipements
Gaziers.
Countries:-
ILZ Israel, Middle East.
Industries:
-
P4512 Air Transportation, Scheduled.
P9621 Regulation, Admin
istration of Transportation.
P4925 Gas Production and/or Distribution.
<
/IN>
Types:-
TECH Safety & Standards.
MKTS Contracts.
TECH Patents & Licences.
The Financial Times
Lo
ndon Page 6
============= Transaction # 76 ==============================================
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19
FT 19 DEC 94 / Survey of Sweden (7): Growing rapidly
- Tourism
By KAREN FOSSLI
Tourism i
s one of Sweden's fastest-growing sectors and, although the trade
is relativ
ely young, ranks as the country's third-largest industry,
generating annual
turnover of an estimated SKr98bn of which SKr21bn is
derived from foreign to
urists.
The attraction of Sweden has to be, among many things, the country's
unspoilt environment and alluring scenery comprising 60,000 islands, 90,000
lakes, a 4,725-mile coastline and endless forests. There are also 350
museu
ms in the country and a wide variety of special events throughout the
year.
The tourist industry peaked in 1989 when turnover hit SKr100bn, but
nose-div
ed by nearly SKr80bn during 1990-91 when the then Social Democratic
governme
nt led by Mr Ingvar Carlsson, increased value added tax on tourism
to 25 per
cent in two stages.
The VAT increase coincided with the onset of the deepes
t recession to hit
Sweden since the second world war. But the industry recov
ered during 1991-93
after a new conservative Moderate government, led by Mr
Carl Bildt,
reorganised the marketing of tourism and cut VAT to 12 per cent.
These factors were aided by the start of a recovery in the economy which
be
gan at the end of 1993.
Nevertheless, even after the rate cut, Sweden's VAT
remains significantly
higher than the European average. The Swedes argue vig
orously that prices in
their country have become competitive with the rest o
f Europe while a main
priority of marketing seeks to dispel 'the myth' that
Sweden is far too
expensive to be considered a holiday destination by more t
han just the
elite.
'Surveys show that many foreigners still believe that Sw
eden is too
expensive. Heavy resources are therefore being invested in marke
ting Sweden
abroad,' the Swedish Trade Council said in its 1994 annual repor
t on the
country.
In the first nine months of this year, the number of overn
ight stays in
Swedish hotels by foreigners rose 13 per cent compared with th
e year-earlier
period, and industry executives are predicting that 1994 will
be a record
year in terms of growth. Last year, foreigners' overnight stays
alone
reached 6.1m.
During the first nine months of 1994, Dutch and Danish
tourists accounted
for the highest growth rate in overnight stays in percent
age terms, rising
respectively 25 per cent and 26 per cent while US visitors
rose by 14 per
cent.
German tourists, the largest group of foreign visitors
to Sweden, increased
their overnight stays by 13 per cent and UK tourists 1
1 per cent.
Another indication of the strength of this year's activity is a
forecast
rise in the number of cruise ship passengers calling on Stockholm a
lone. It
is estimated that international cruise ships will make 125 visits t
o the
capital city this year, carrying a total of 70,000 passengers, represe
nting
an increase of 10,000 passengers over 1993.
Mr Per-Johann Orrby, presi
dent of Next Stop Sweden (NSS), the Swedish Travel
and Tourist Council, attr
ibutes the rise in tourism's fortunes partly to
Sweden's attractive prices -
in foreign currency terms - since the krona was
devalued by nearly 30 per c
ent in 1992. The reduction of VAT and a slight
recovery of the economy are a
lso considered significant.
NSS reckons that sterling buys 15 per cent more
in Sweden since the
devaluation, while the purchasing power of the US dollar
has risen 18 per
cent and the German mark 30 per cent.
But the Swedes proba
bly also have their next-door Nordic neighbours to thank
for foreign interes
t, following Norway's success in arranging the Winter
Olympics earlier this
year.
For more than two weeks in February, hours and hours of pristine, sunl
it
'Scandinavian' winter images were broadcast worldwide from Lillehammer in
Norway. Such coverage undoubtedly had a spill-over affect for Sweden and
mu
st have improved the country's standing as a tourist destination.
The Olympi
cs boosted Norway's tourist industry by as much as 5 per cent this
year but
it would be difficult to quantify the effect it had on Swedish
tourism.
Acco
rding to Mr Jan Brannstrom, managing director of Image Sweden, the
state-bac
ked agency which promotes Sweden internationally, recent studies
revealed th
at about half the foreign tourists visiting Sweden do so as part
of a Scandi
navian tour. But, he said, there were no plans for a joint
Scandinavian tour
ism marketing effort and, in the long-run, he saw few, if
any, benefits from
such a scheme.
Another important factor which has undoubtedly lifted the aw
areness of
Sweden abroad is the apparent success of the big overhaul of the
organisational structure of marketing services for tourism. The Swedish
Tour
ist Board was dismantled and Image Sweden established together with NSS.
Ima
ge Sweden purchases marketing services from NSS for an estimated NKr60m
annu
ally.
Countries:-
SEZ Sweden, West Europe.
Industries:-
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financ
ial Times
London Page IV
============= Transaction # 79 ==============================================
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108
FT 08 JAN 92 / Survey of Kenya (16): Strategies for
all seasons - Tourism, from potential disaster to mild success
<
BYLINE> By JULIAN OZANNE
THE worldwide downturn in touri
sm last year, fuelled by the Gulf crisis, the
international economic recessi
on and the escalating costs of air travel, has
proved a watershed in Kenya.
Kenya's dynamic tourism industry, although faced by the prospect of a severe
loss of jobs and hard currency in what is its biggest foreign exchange
earn
ing sector, has turned 1991 from being a potential disaster into a mild
succ
ess.
The private sector and the government, with cancellations running at up
to
60 per cent for the peak season of January to March, rallied with a seri
es
of measures.
The boldest move by government was the decision to open up K
enya to South
African tourists, several months before the October Commonweal
th head of
government conference in Harare. Visas, previously denied to Sout
h Africans,
were granted at the airport and an agreement was reached to allo
w South
African Airways and Kenya Airways to operate one flight each a week
between
Nairobi and Johannesburg.
The government also gave new incentives to
the hotel training college,
established an autonomous airports authority an
d started the rehabilitation
of Nairobi's international airport and continue
d to strengthen the
newly-created Kenya Wildlife Service, a semi-autonomous
parastatal in charge
of security and management in Kenya's national parks.
T
he private sector moved quickly, reducing rates and increasing charter
fligh
ts, particularly from Spain and Britain. In August and September there
were
42 such flights a week arriving in Kenya, each with about 200 seats, in
addi
tion to scheduled flights.
These measures appear to have averted a slump in
tourist arrivals which in
1990 nearly reached 900,000 people, while foreign
exchange earnings last
year should approach the 1990 level of Dollars 467m.
Sustaining the remarkable growth which Kenya's tourist sector has enjoyed
si
nce independence will not be easy.
Since 1963 the numbers of visitors a year
have increased from 110,000 to
889,000 in 1990 and foreign exchange earning
s in the same period have
mushroomed from Dollars 25m to Dollars 467m. In 19
87, tourism overtook
coffee as the country's number one foreign exchange ear
ner.
The impact on the rest of the economy has been vast. Throughout the las
t
decade employment in the sector has grown by at least 5 per cent a year an
d
tourism has contributed to the expansion of the services sector - hotels,
restaurants, road and air transport - and to allied industries such as
const
ruction and food. Much of the rapid growth in tourism in the past
quarter of
a century has been due to declining costs of air travel and the
extensive i
nfrastructure which was in place at independence.
The government has created
a reasonably attractive enabling environment
through welcoming foreign inve
stment in tourism, the development of
infrastructure and the maintenance of
relative political stability.
Increasing importance has been given to conser
vation and better animal
management and while the national parks and reserve
s sector was marred by a
long period of poaching and inefficiency between 19
76-88 it has become a top
priority.
However, with mounting regional competit
ion and the demands of the growing
population a much greater effort is requi
red. In order to continue
generating jobs and increasing critical foreign ex
change earnings the
government has recognised the need to creat a better env
ironment.
Mr Philemon Mwaisaka, permanent secretary in the Ministry of Touri
sm, says
the government is targeting two key areas for growth over the next
three
years: diversifying the type of tourism available and drawing in visit
ors
from new markets.
Diversification away from game parks and beaches will
depend on giving
greater importance to attractions such as cultural, confere
nce and
speciality tourism, scuba diving, fishing or mountaineering, and ope
ning up
new areas of Kenya to tourist development such as the volcanic deser
t around
Lake Turkana.
Attracting visitors from outside the traditional mark
ets of the US and
Europe will require a big publicity drive in the Asia Paci
fic area,
particularly Japan and Singapore.
In order to realise both ambitio
ns a overhaul of Kenya's hitherto weak
overseas marketing is necessary. So f
ar the government has been content to
leave most of the marketing to the pri
vate sector. Unlike many other
countries Kenya does not have an autonomous t
ourist board. Between 1986 and
1990 the government spent a mere Dollars 25m
on marketing.
Kenya's well organised private sector has been lobbying hard f
or a tourist
board to be set up under an autonomous director to launch a con
certed
marketing campaign of research, information gathering and publicity t
o
enable the industry to better tailor and target their products in a
compet
itive market. The government has given its blessing to the appeal but
progre
ss appears slow.
Good marketing and closer links with airlines will be vital
to attract the
high income from the choosy Japanese market.
Plans for Kenya
Airways to open up a route to Bangkok next year may prove
insufficient to p
enetrate Asia and South Africa is proving a formidable
competitor with Singa
pore Airlines operating a flight to Johannesburg.
A number of issues need th
e government's urgent attention. Problem areas
include privatisation of gove
rnment share holdings in hotels, developing a
strategy for high income VIP t
ourism, planning how to cope with the growing
demand for combination tourism
with tourists visiting at least two African
countries, better harmonisation
of visa and health requirements and more
incentives, such as import duty ex
emption on vehicles for the tourist
sector.
-------------------------------
----------------------
TOURISM PROFILE
------------------------------------
-----------------
Total Total Aver. length
rec
eipts (Dollars m) visitors of stay (days)
1965 30.2 14
7,400 9.3
1970 51.8 326,500 8.8
1980 222.4
362,700 15.7
1985 239.8 541,200 15.
9
1987 354.9 662,100 16.0
1988 393.3
676,900 16.0
1989 417.0 729,700 14.2
1990 467
.0 (est) 889,000 (est) na
-----------------------------------------
------------
Source: Ministry of Tourism
----------------------------------
-------------------
The Financial Times
London Pa
ge VIII Map (Omitted). Table
============= Transaction # 81 ==============================================
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FT944-12438
_AN-EKAEZAHRFT
941
101
FT 01 NOV 94 / Survey of Australia (8): Harvest in t
he hotels - Japanese tourists flock in
By BRUCE JACQ
UES
The growing importance of tourism to the Australian eco
nomy was underlined
in 1994 by recognition of the diverse and complex sector
as a leading stock
exchange investment indicator.
The pooling of nine leadi
ng tourism-related companies into a single
indicator, the Tourism and Leisur
e Index, represented a coming of age for a
sector which has had more than it
s share of credibility problems with
investors.
While the index will help to
make a fragmented industry more accessible and
easier to analyse, it will r
eflect merely the tip of what is a very large
and growing iceberg. By Septem
ber this year, companies included in the index
boasted a market capitalisati
on comfortably above ADollars 3bn, or around
one per cent of the benchmark A
ll Ordinaries index.
But the new index sits atop a sector which now makes up
more than 5.5 per
cent of Australia's gross domestic product, employs almos
t 6 per cent of the
country's workforce, generated foreign exchange earnings
exceeding ADollars
10.7bn and accounted for expenditure estimated at Dollar
s 26.2bn last year.
Although the bulk of that expenditure total - ADollars 1
8.4bn - came from
domestic tourism, inbound tourism is expected to be the ma
jor growth area
for the rest of the century, boosted by Sydney's capture las
t year of the
2000 Olympic Games.
This climate of growth has already catalys
ed strong investment. The
Australian Tourism Commission (ATC) has identified
tourism-related
accommodation projects worth almost ADollars 5bn scheduled
for completion by
1996, including two new casinos.
The activity has also thr
own up plans which will test equity markets,
including a float of the Federa
l Government's flagship airline Qantas,
possible refloating of the rival pri
vate airline, Ansett, and privatisation
of the country's airports. These pro
posals could call on markets for around
ADollars 7bn over the next five year
s, providing a keen indication of
investor attitudes to the tourism sector.
Some see even more at stake. Many analysts see tourism performance as an
aci
d test of the wider Australian economy's ability to compete
internationally
into the next century. A recent study by ANZ McCaughan, the
Australian stock
broker, says tourism growth will largely reflect the
country's ability to wi
n an increasing share of the global tourism market,
clearly one of the world
's biggest industries.
ANZ McCaughan quotes estimates that tourism accounted
for around 5.5 per
cent of world gross national product in 1993, with more
than 500m tourists
spending almost ADollars 325bn. Tourism is widely forecas
t to create one in
nine new jobs in the world next year, rising to one in ei
ght by the turn of
the century.
Australia has one crucial advantage in captu
ring more than its share of this
growth - its location in the Asia-Pacific r
egion, the world's fastest
growing tourist area. ANZ McCaughan says in the 1
2 years to 1992, tourist
arrivals in the region grew at an annual average of
almost 9 per cent, more
than double the world average. Continued regional o
utperformance is forecast
for the next decade.
Australia has more than match
ed this regional growth over the past decade,
with arrivals increasing at mo
re than 9 per cent annually. This record, plus
the boost expected from the O
lympic Games, recently led the ATC to confirm
its estimate that 6.8m oversea
s tourists would visit Australia in the year
2000, rising to 8.4m by 2004. T
his compares with 3.2m actual arrivals in
1993-4.
These forecasts reflect an
estimated 2.1m overseas visitors generated
directly over the next decade by
the Sydney 2000 Olympics, with the bulk of
business coming from Asia as slo
w economic recovery and intense competition
curb traffic from Europe and the
US.
Japan remained the largest single source of inbound tourists to Austral
ia in
1993, claiming 22.4 per cent of the total. This was shaded by combined
visitors from other Asian sources, which took 22.7 per cent. New Zealand
pr
ovided another 16.6 per cent of visitors, the US 9.4 per cent, UK/Ireland
8.
1 per cent and other European countries 10.5 per cent.
While less numerous t
han their Asian counterparts, UK/Ireland and other
European visitors probabl
y contributed more to the Australian economy
because their average stay was
around 40 nights compared with just nine
nights for Japan and 32 nights for
other Asian countries. The main reason
for the discrepancy appears to be tha
t UK/Ireland and European visitors come
mainly to see relatives while most A
sians come primarily for holidays.
ANZ McCaughan's analysis concludes that A
ustralia's inbound tourism record
over the past decade largely reflects the
emergence of the country as an
inexpensive place to visit. A weakening curre
ncy has helped, but the brokers
calculate that the cost of tourism related s
ervices in Australia are now
among the lowest in the industrialised world.
'
Australia's tourism infrastructure is generally adequate for present needs
a
nd there is every indication that it can respond quickly to actual and
estim
ated changes in tourism plans,' the analysis said. 'The national
attractions
of Australia are such that great opportunities exist in the
growing eco-tou
rism market, reflecting in part the preferences of travellers
for more activ
e, participatory or experimental travel experiences.'
Countries
:-
JPZ Japan, Asia.
Industries:-
P7999 Amuse
ment and Recreation, NEC.
Types:-
CMMT Comment & Analy
sis.
The Financial Times
London Page IV
============= Transaction # 82 ==============================================
Transaction #: 82 Transaction Code: 19 (Record Selected)
Terminal ID: 12781888 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
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FT942-17141
_AN-EDFDMAFHFT
940
406
FT 06 APR 94 / Survey of Business in Dorset (10): Vi
ctim of its own beauty -Tourism
By ROLAND ADBURGHAM
Lulworth Cove symbolises the pressures of tourism on Dorse
t. The weird
geological formations caused by the sea have made it a magnet f
or visitors.
In consequence, the tidal erosion is matched by tourist erosion
.
Almost all of Dorset's coastline is designated a heritage coast, and 1,300
sq km of the county are areas of outstanding natural beauty.
The seaside re
sorts, the associations with Thomas Hardy and Lawrence of
Arabia, the histor
ic sites such as Corfe Castle, draw 3.4m visitors a year.
Many enjoy the cou
nty so much that they return again and again.
Eighty per cent of visitors to
Dorset arrive by car and the dangers are
clear. Improved roads to the east
make it possible for Londoners to visit on
a day trip.
Of the estimated 9m d
ay trippers a year, half of them come to the Isle of
Purbeck.
'It is only a
matter of time before the Isle of Purbeck becomes the victim
of its own beau
ty - unless something is done to save it,' according to Mr
Colin Bonsey, cha
irman of the Purbeck heritage committee which is
co-ordinating projects to m
anage tourism at, for example, Lulworth Cove.
The county council gave a simi
lar warning in its tourism strategy for
1993-1995: 'Excessive tourist activi
ty or insensitive development will
damage the quality of life for Dorset's r
esidents and will compromise the
very real qualities which attract its many
visitors.'
Yet the industry is vital to the county, employing about 24,000 p
eople.
As elsewhere, the recession has had its impact and spending has suffe
red.
Room occupancy in hotels fell from an average of 51 per cent during 199
1 to
49 per cent in 1992, although self-catering flats and cottages saw a ri
se
from 51 per cent to 55 per cent.
In all, tourism is worth about Pounds 54
0m a year to the county.
Staying visitors generate a much higher proportion
of that income than the
day trippers. While the latter add to congestion on
the roads, their average
daily expenditure was only Pounds 11 a head in 1992
, compared with Pounds 26
for those who stay for one night or more.
Yet the
traditional staying visitor, enjoying a fortnight's summer holiday,
will ine
vitably become a scarcer breed in the resorts of Bournemouth, Poole,
Weymout
h, Swanage and Lyme Regis.
One answer is to have more all-weather attraction
s to extend the season. An
example is Poole Pottery, with its new factory sh
op, pottery tour and
restaurant with a harbour view.
Bovington tank museum,
which has 300 armoured vehicles, will be one of the
places where there will
be a plethora of activities this summer to
commemorate the 50th anniversary
of D-day.
Events such as these, and the tall ships race starting from Weymou
th this
year, help to stimulate tourism. But it is the higher spenders which
Dorset
needs to woo if it is to maintain its income without increasing the
pressures.
A handicap in winning such trade has been that the promotion of D
orset was
fragmented, with councils developing their own policies and the co
unty split
between two separate tourist boards; Southern and West Country. T
o improve
co-ordination and marketing, the county council set up a Dorset To
urism
unit, and a data project has been collating the information to develop
strategy.
Mr Barry Wilbraham, county tourism officer, believes Dorset needs
to
encourage a different type of tourist - one who wants to stay in the cou
nty
and look at the heritage (which includes more than 30 hill forts and nea
rly
2,000 barrows).
He wants more 'green', activity-based, special interest
and short-break
tourism inland away from the congested coast. He points out
that there are
34 golf courses and planning consents for more. And, he adds,
'What is
coming through loud and clear is that growth in income can come fr
om
overseas markets.'
Dorset, despite its direct ferry links with France and
relative closeness to
the international gateway of London, fails to see man
y foreigners. Of
staying visitors, only 5.8 per cent come from European coun
tries and 2.2 per
cent from countries outside Europe, mainly North America a
nd Australia.
Mr Wilbraham adds: 'I want to be able to offer a truly interna
tional
destination where people want to come because of our rich heritage.'
A Destination Dorset committee is targeting more travellers from continental
Europe, and has identified Scandinavia as offering the highest potential.
O
ne imaginative scheme to raise the international profile is a Sea Gardens
pr
oject in Bournemouth. This is envisaged as a series of gardens and
pavilions
with shops and restaurants, linked by monorail for 2.4km along the
sea fron
t as a permanent world trade exhibition, sponsored by participating
nations.
Cheshire Robbins, the project's design group, says confidently: 'Sea Garden
s
will provide one of the largest weather-protected landscaped environments
in
the UK.'
An existing asset for encouraging international and business tra
vel is
Bournemouth's conference centre, which has done much to extend the to
wn's
season.
The resort has a quarter of the county's hotels and more than 3
0,000 beds.
The centre, opened in 1984 and enlarged in 1990, is in direct co
mpetition
with Brighton, Blackpool and Harrogate for business. A Pounds 400,
000
project this year will result in more meeting rooms.
During the recessio
n, the centre has managed to maintain the number of
events at between 46 and
52 a year - including the Conservative party
conference this autumn - but i
t has seen fewer delegates.
Mrs Susan Davies, exhibitions manager, says: 'I
don't see the trend changing
-companies want to get value for money. But we
have found organisers are
introducing more features to make them interestin
g - they are investing more
in the conferences to attract decision-makers.'
The centre has acted as a stimulus for other conference and seminar venues -
26 hotels with in-house facilities have set up a group called Conference
Bo
urnemouth. The trade could be encouraged further if Bournemouth airport's
ne
w scheduled services are successful.
Mrs Davies, pointing out that the avera
ge delegate spends Pounds 76 a day in
the town, says: 'The effect on the loc
al economy of the conference trade
cannot be overestimated.'
Co
untries:-
GBZ United Kingdom, EC.
Industries:-
<
IN>P79 Amusement and Recreation Services.
P9611 Administration of Gene
ral Economic Programs.
Types:-
CMMT Comment & Analysis
.
ECON Economic Indicators.
The Financial Times
London Page 33
============= Transaction # 83 ==============================================
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FT924-9868
_AN-CKCCTAGQFT
9211
03
FT 03 NOV 92 / Survey of Portugal (9): Quality, not q
uantity - A shift in strategy in the tourism sector
By PETER WISE
HOLIDAYS spent amid the dust and noise of bui
lding sites cause the biggest
number of complaints from British tourists who
visit Portugal's southern
Algarve coast, according to a recent survey for t
he Department of Tourism.
These visitors are victims of constructors who hav
e been trying to keep pace
with a boom in tourism that has transformed the c
ountry's main holiday
region in the past decade. Tourism has been growing at
a rate of 11.5 per
cent a year since 1980 and high-rise hotels and apartmen
t blocks have
mushroomed at a similar speed. European tourism as whole has g
rown at a rate
of only 3.5 per cent a year over that period.
Recent statisti
cs reflect the dramatic expansion of tourism. This year
Portugal expects to
welcome 20m visitors, double the population, and almost
10m tourists (visito
rs who stay one night or more). This compares with 7m
visitors and 2.7m tour
ists in 1980.
As a result, the importance of tourism to the Portuguese econo
my has greatly
increased. Today, it accounts for 6 to 8 per cent of the gros
s domestic
product, a contribution to national wealth that equals that of te
xtiles,
civil construction or the financial sector.
Foreign currency receipt
s have grown from Es57.5bn (Pounds 263m) in 1980 to
Es530bn in 1991. These e
arnings cover half of Portugal's trade deficit,
making an important contribu
tion to the current account balance.
To ease the strain of this boom on the
Algarve, where some areas are
becoming overcrowded, disorganised and ugly, t
he government has devised a
new strategy for the tourism sector. It switches
the emphasis from new
building to diversification and expanding the use of
existing facilities.
According to Mr Alexandre Relvas, secretary of state fo
r tourism, 'our
resources have their limits and sooner or later we will reac
h saturation
point'.
Instead, tourism policy will switch from a heavy depend
ence on sun and sea
holidays and an over-strong reliance on the UK and Spain
, to more emphasis
on investing to improve facilities rather than build new
ones.
To this end, the Department of Tourism has drawn up a 19-point plan wi
th the
overall aim of improving the competitiveness of Portuguese tourism. T
he
strategy will be backed up with an Es50bn (Pounds 230m) two-year financia
l
programme to support investment.
'To be competitive in the 1990s, tourism
has to invest heavily in quality
rather than quantity,' says Mr Relvas. 'Thi
s financial programme will help
us create a competitive tourism industry in
the future.'
A total of Es20bn from the new fund will be provided as grants
for
investment, 60 per cent financed by European Community structural funds.
Grants will cover up to 25 per cent of the total cost of investment. But
un
like the past, very little will be made available for building new hotels.
I
nstead, the money will go to modernise and re-equip existing units, for the
construction of additional facilities such as golf courses and congress
cent
res and to diversify from beach holidays into sports and cultural
tourism.
A
further Es30bn will be made available by the Tourism Fund, a special
credit
institution, and banks at low interest rates.
Portugal's new tourism strate
gy is also aimed at combating a worrying trend.
While the number of tourists
has increased spectacularly, the amount they
spend is falling. In 1980 aver
age spending per tourist was 35 per cent above
the European average in dolla
r terms. Today, it is 15 per cent below.
Tourists currently spend a mere Es9
,000 a day on hotels and restaurants.
Tourism authorities have mapped out tw
o main strategies for changing this.
Beach holidays have become a mature mar
ket, where growth is falling off
rapidly. Tough competition between major op
erators and the globalisation of
the market through airline liberalisation i
s forcing down prices.
Portugal is trying to diversify away from this sector
into congresses,
cultural tourism and golf and other sporting holidays. 'Th
is development
will offer the twin advantages of attracting higher-spending
tourists and
being able to use existing Algarve facilities in the off-season
,' says Mr
Relvas.
Officials also want to attract tourists away from the Alg
arve, which
accounts for 40 per cent of total bed nights, to other areas, su
ch as the
Lisbon coastline and the unspoiled Alentejo region north of the Al
garve.
Though Portugal will maintain promotional efforts in Britain and Spai
n,
which together account for half its bed nights, efforts will also be made
to
boost the Italian, French and German markets and to break into the US an
d
Japan. Regular flights from Japan, scheduled to begin in 1994, should help
increase the number of its tourists from the current level of 30,000 a year
.
The Financial Times
London Page V
============= Transaction # 84 ==============================================
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FT924-9868
_AN-CKCCTAGQFT
9211
03
FT 03 NOV 92 / Survey of Portugal (9): Quality, not q
uantity - A shift in strategy in the tourism sector
By PETER WISE
HOLIDAYS spent amid the dust and noise of bui
lding sites cause the biggest
number of complaints from British tourists who
visit Portugal's southern
Algarve coast, according to a recent survey for t
he Department of Tourism.
These visitors are victims of constructors who hav
e been trying to keep pace
with a boom in tourism that has transformed the c
ountry's main holiday
region in the past decade. Tourism has been growing at
a rate of 11.5 per
cent a year since 1980 and high-rise hotels and apartmen
t blocks have
mushroomed at a similar speed. European tourism as whole has g
rown at a rate
of only 3.5 per cent a year over that period.
Recent statisti
cs reflect the dramatic expansion of tourism. This year
Portugal expects to
welcome 20m visitors, double the population, and almost
10m tourists (visito
rs who stay one night or more). This compares with 7m
visitors and 2.7m tour
ists in 1980.
As a result, the importance of tourism to the Portuguese econo
my has greatly
increased. Today, it accounts for 6 to 8 per cent of the gros
s domestic
product, a contribution to national wealth that equals that of te
xtiles,
civil construction or the financial sector.
Foreign currency receipt
s have grown from Es57.5bn (Pounds 263m) in 1980 to
Es530bn in 1991. These e
arnings cover half of Portugal's trade deficit,
making an important contribu
tion to the current account balance.
To ease the strain of this boom on the
Algarve, where some areas are
becoming overcrowded, disorganised and ugly, t
he government has devised a
new strategy for the tourism sector. It switches
the emphasis from new
building to diversification and expanding the use of
existing facilities.
According to Mr Alexandre Relvas, secretary of state fo
r tourism, 'our
resources have their limits and sooner or later we will reac
h saturation
point'.
Instead, tourism policy will switch from a heavy depend
ence on sun and sea
holidays and an over-strong reliance on the UK and Spain
, to more emphasis
on investing to improve facilities rather than build new
ones.
To this end, the Department of Tourism has drawn up a 19-point plan wi
th the
overall aim of improving the competitiveness of Portuguese tourism. T
he
strategy will be backed up with an Es50bn (Pounds 230m) two-year financia
l
programme to support investment.
'To be competitive in the 1990s, tourism
has to invest heavily in quality
rather than quantity,' says Mr Relvas. 'Thi
s financial programme will help
us create a competitive tourism industry in
the future.'
A total of Es20bn from the new fund will be provided as grants
for
investment, 60 per cent financed by European Community structural funds.
Grants will cover up to 25 per cent of the total cost of investment. But
un
like the past, very little will be made available for building new hotels.
I
nstead, the money will go to modernise and re-equip existing units, for the
construction of additional facilities such as golf courses and congress
cent
res and to diversify from beach holidays into sports and cultural
tourism.
A
further Es30bn will be made available by the Tourism Fund, a special
credit
institution, and banks at low interest rates.
Portugal's new tourism strate
gy is also aimed at combating a worrying trend.
While the number of tourists
has increased spectacularly, the amount they
spend is falling. In 1980 aver
age spending per tourist was 35 per cent above
the European average in dolla
r terms. Today, it is 15 per cent below.
Tourists currently spend a mere Es9
,000 a day on hotels and restaurants.
Tourism authorities have mapped out tw
o main strategies for changing this.
Beach holidays have become a mature mar
ket, where growth is falling off
rapidly. Tough competition between major op
erators and the globalisation of
the market through airline liberalisation i
s forcing down prices.
Portugal is trying to diversify away from this sector
into congresses,
cultural tourism and golf and other sporting holidays. 'Th
is development
will offer the twin advantages of attracting higher-spending
tourists and
being able to use existing Algarve facilities in the off-season
,' says Mr
Relvas.
Officials also want to attract tourists away from the Alg
arve, which
accounts for 40 per cent of total bed nights, to other areas, su
ch as the
Lisbon coastline and the unspoiled Alentejo region north of the Al
garve.
Though Portugal will maintain promotional efforts in Britain and Spai
n,
which together account for half its bed nights, efforts will also be made
to
boost the Italian, French and German markets and to break into the US an
d
Japan. Regular flights from Japan, scheduled to begin in 1994, should help
increase the number of its tourists from the current level of 30,000 a year
.
The Financial Times
London Page V
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9211
03
FT 03 NOV 92 / Survey of Portugal (9): Quality, not q
uantity - A shift in strategy in the tourism sector
By PETER WISE
HOLIDAYS spent amid the dust and noise of bui
lding sites cause the biggest
number of complaints from British tourists who
visit Portugal's southern
Algarve coast, according to a recent survey for t
he Department of Tourism.
These visitors are victims of constructors who hav
e been trying to keep pace
with a boom in tourism that has transformed the c
ountry's main holiday
region in the past decade. Tourism has been growing at
a rate of 11.5 per
cent a year since 1980 and high-rise hotels and apartmen
t blocks have
mushroomed at a similar speed. European tourism as whole has g
rown at a rate
of only 3.5 per cent a year over that period.
Recent statisti
cs reflect the dramatic expansion of tourism. This year
Portugal expects to
welcome 20m visitors, double the population, and almost
10m tourists (visito
rs who stay one night or more). This compares with 7m
visitors and 2.7m tour
ists in 1980.
As a result, the importance of tourism to the Portuguese econo
my has greatly
increased. Today, it accounts for 6 to 8 per cent of the gros
s domestic
product, a contribution to national wealth that equals that of te
xtiles,
civil construction or the financial sector.
Foreign currency receipt
s have grown from Es57.5bn (Pounds 263m) in 1980 to
Es530bn in 1991. These e
arnings cover half of Portugal's trade deficit,
making an important contribu
tion to the current account balance.
To ease the strain of this boom on the
Algarve, where some areas are
becoming overcrowded, disorganised and ugly, t
he government has devised a
new strategy for the tourism sector. It switches
the emphasis from new
building to diversification and expanding the use of
existing facilities.
According to Mr Alexandre Relvas, secretary of state fo
r tourism, 'our
resources have their limits and sooner or later we will reac
h saturation
point'.
Instead, tourism policy will switch from a heavy depend
ence on sun and sea
holidays and an over-strong reliance on the UK and Spain
, to more emphasis
on investing to improve facilities rather than build new
ones.
To this end, the Department of Tourism has drawn up a 19-point plan wi
th the
overall aim of improving the competitiveness of Portuguese tourism. T
he
strategy will be backed up with an Es50bn (Pounds 230m) two-year financia
l
programme to support investment.
'To be competitive in the 1990s, tourism
has to invest heavily in quality
rather than quantity,' says Mr Relvas. 'Thi
s financial programme will help
us create a competitive tourism industry in
the future.'
A total of Es20bn from the new fund will be provided as grants
for
investment, 60 per cent financed by European Community structural funds.
Grants will cover up to 25 per cent of the total cost of investment. But
un
like the past, very little will be made available for building new hotels.
I
nstead, the money will go to modernise and re-equip existing units, for the
construction of additional facilities such as golf courses and congress
cent
res and to diversify from beach holidays into sports and cultural
tourism.
A
further Es30bn will be made available by the Tourism Fund, a special
credit
institution, and banks at low interest rates.
Portugal's new tourism strate
gy is also aimed at combating a worrying trend.
While the number of tourists
has increased spectacularly, the amount they
spend is falling. In 1980 aver
age spending per tourist was 35 per cent above
the European average in dolla
r terms. Today, it is 15 per cent below.
Tourists currently spend a mere Es9
,000 a day on hotels and restaurants.
Tourism authorities have mapped out tw
o main strategies for changing this.
Beach holidays have become a mature mar
ket, where growth is falling off
rapidly. Tough competition between major op
erators and the globalisation of
the market through airline liberalisation i
s forcing down prices.
Portugal is trying to diversify away from this sector
into congresses,
cultural tourism and golf and other sporting holidays. 'Th
is development
will offer the twin advantages of attracting higher-spending
tourists and
being able to use existing Algarve facilities in the off-season
,' says Mr
Relvas.
Officials also want to attract tourists away from the Alg
arve, which
accounts for 40 per cent of total bed nights, to other areas, su
ch as the
Lisbon coastline and the unspoiled Alentejo region north of the Al
garve.
Though Portugal will maintain promotional efforts in Britain and Spai
n,
which together account for half its bed nights, efforts will also be made
to
boost the Italian, French and German markets and to break into the US an
d
Japan. Regular flights from Japan, scheduled to begin in 1994, should help
increase the number of its tourists from the current level of 30,000 a year
.
The Financial Times
London Page V
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9202
27
FT 27 FEB 92 / Survey of Dominican Republic (7): Less
fickle, less profitable - The tourist industry
By S
TEPHEN FIDLER
THE EUROPEANS are still arriving in the Domin
ican Republic, 500 years after
they first set foot on Hispaniola, the island
of which it now forms part.
More than half the country's visitors are now f
rom Europe, led by Italians,
Germans and the British. The Spanish are beginn
ing to arrive too on the 14
flights a week to Santo Domingo from Madrid.
Thi
s is in sharp contrast with the early 1980s when 80-85 per cent of all
touri
st visitors were from the US and Puerto Rico. Now the figure is closer
to 25
per cent, with Canadians accounting for 20-25 per cent of arrivals.
That ha
s allowed the republic, unlike other tourist destinations in the
Caribbean m
ore dependent on the American market, a cushion against the
impact of recess
ion in the US.
The American tourist has become highly cost-conscious, and ma
ny of the
destinations in the DR (as they call it) are pricey. Casa de Campo
, one of
the country's oldest resorts at La Romana along the coast from the
capital,
for example, provides highly-ranked sporting facilities - three gol
f
courses, shooting, riding, tennis, deep-sea fishing - in a glamorous
setti
ng, with prices to match. With every round of gold or game of tennis
costing
extra, many Americans prefer destinations with all-in prices.
The reduced d
ependence on the US has made the country's tourism business
somewhat less fi
ckle. Europeans appear less sensitive to upward flickers in
the price of avi
ation fuel that used to kill the American market stone dead.
There are, howe
ver, some drawbacks of higher dependence on Europe. Its
tourists, for exampl
e, do not spend as much as Americans once they arrive.
Italians tend to spen
d freely, and the Germans (like the Canadians)
moderately, while the British
tend to be penny-pinching.
But all visitors are sensitive to the kind of ne
gative publicity that
enveloped the island in late 1990. As the government s
hifted economic
policies to try to rein in 100 per cent inflation, the strai
n on the
Dominican economy showed. There were petrol shortages and a scarcit
y of
basic goods; water was cut off to many hotels and tourists were left
st
randed without power for most of the day.
The worst of the crisis lasted for
two or three months, but the effect of
the bad publicity lasted for more. C
ombined with the sharp drop in tourism
brought about by the invasion of Kuwa
it and war in the Gulf, the first half
of last year did not appear promising
for the country's tourist industry.
According to Mr Ellis Perez, president
of the Tourist Promotion Council, a
private sector body set up to fill the g
ap left by the government's baleful
promotion efforts: '1991 was a year of s
urvival for our tourism industry.'
None the less, according to official figu
res from the Ministry of Tourism,
the number of arrivals in the year as a wh
ole increased significantly. There
were 1.32m visitors, against 1.05m in 199
0, and 1.1m in 1989.
Meanwhile, the number of hotel rooms rose to 21,500 at
the end of last year,
from 19,000 a year earlier and 6,100 at the end of 198
1. Current plans
envisage that number rising to 28,000 over the next two yea
rs. Average hotel
occupancy rates for 1991 stood at 65 per cent.
However, Mr
Perez admits more has to be done to bring all tourists the kind
of security
of services they expect. Some resorts, particularly the newer
ones, are pro
tected against power shortages by their own generating capacity
but a full s
olution to the problems awaits confrontation of the country's
big infrastruc
ture problems and a shift toward the proper maintenance of the
infrastructur
e already in place. The importance of tackling these problems
is heightened
by the possible re-emergence in the next few years of Cuba as
an important t
ourist destination.
Mr Perez, a former tourism minister, is optimistic about
1992. The expensive
upgrading of the airport at Santo Domingo and its use a
s a Latin American
hub both by the Spanish state airline, Iberia, and Americ
an Airlines,
encourages that view.
However, plans to sell off all or part of
the state-owned Dominicana airline
appear to have stalled. Talks with Iberi
a have broken down, to the evident
relief of some in the industry who believ
ed that Iberia was not an ideal
partner and who would have preferred to see
Dominicana being used creatively
to aid tourism in the country, rather as Ja
maica has used its national
airline.
Mr Perez sees his country as offering a
wide variety of tourist destinations
which should reduce the volatility of
the market. A third of its coastline
consists of beaches, but he also points
to the tourist enclaves on the north
coast, sporting facilities in the sout
h; and the historic city of Santo
Domingo, where the old colonial town has b
een renovated in preparation for
the celebrations to mark the first visit of
Columbus to the 'new world'.
In contrast with the equivocal attitude in oth
er Caribbean countries to the
quincentennial, most Dominicans appear unaware
of the debate about the issue
that rages elsewhere in the region.
The expec
tations are that the celebrations will benefit an industry whose
important t
o the economy cannot be denied. Twenty-one years after the first
law was pas
sed to encourage tourism, the sector employs an estimated 50,000
people. It
is now the country's biggest foreign exchange earner, yielding
around Dollar
s 800m a year in gross earnings and over 10 per cent of gross
domestic produ
ct.
The Financial Times
London Page 35 Photograph
A German tourist in Santo Domingo, outside the oldest cathedral in the west
ern hemisphere (Omitted).
============= Transaction # 87 ==============================================
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921
027
FT 27 OCT 92 / Survey of Sri Lanka (13): Growth cont
inues despite conflict -Tourism
By DAVID PILLING
TO have one civil war may be considered unfortunate, but to h
ave two is
inexcusable. This seemed to be the view of international tourists
who,
having tentatively placed Sri Lanka on the map during the 1970s, promp
tly
removed it as the island gained a reputation for bloody civil strife.
To
urist arrivals had grown rapidly in the 1970s to a peak of 407,000 in
1982.
Annual growth was running at an average 24 per cent from 1976-1982.
The outb
reak in 1983 of government hostilities with the Tamil Tigers quashed
hopes o
f further expansion. Arrivals dropped dramatically, even more so when
violen
ce - previously confined largely to the north and east - erupted in
the sout
h with the attempted insurrection of the People's Liberation Front
(JVP).
By
1987, the number of visitors had dropped to a mere 180,000, a level from
wh
ich it failed to recover in 1988 and 1989. Discounting was so fierce that
a
night in a five-star hotel was being offered for as little as Dollars 7.
Few
would have predicted the impressive upturn witnessed since then. Boosted
by
the virtual annihilation of the JVP in the south and by the temporary
halt
of fighting with the Tigers, the number of visitors began to grow,
reaching
317,000 in 1991. This marked an increase of 6.7 per cent over the
previous y
ear, bucking the world trend in tourism which was hit hard by
recession and
the Gulf war.
Growth continued in spite of the renewed outbreak in June 1990
of fighting
in the north and east - out of bounds to tourists - as Sri Lank
an
authorities gradually persuaded the international industry that most of t
he
island remained safe.
In terms of foreign exchange earnings, growth has b
een even more
satisfactory with receipts of Dollars 155.6m in 1991; some 17.
4 per cent
over 1990.
That trend seems likely to continue and even accelerat
e. Arrivals in the
first eight months of this year are 27.7 per cent up on t
he same period in
1991, according to figures from the Ceylon Tourist Board.
The board
estimates that total arrivals for 1992 will be at least 380,000.
T
he government, says Mr N. U. Yasapala, director-general of the tourist
board
, is keen to promote the sector both for its foreign exchange earnings
and f
or its ability to provide employment. According to the central bank,
tourism
in 1991 accounted for 64,800 jobs - 27,000 directly and 37,800 in
ancillary
sectors.
Keen to capitalise on such benefits, the government has commission
ed a
10-year tourist 'masterplan' drawn up with the help of Horwath Consulti
ng of
the UK. The plan, a draft of which is due to be published in November,
sets
a target of 874,000 air arrivals by the year 2001 - more than double t
he
1982 peak.
Mr Martin Gerty, director of Horwath Consulting, says the plan
calls for the
upgrading of existing hotels, the development of more up-mark
et resorts, and
the improvement of facilities around cultural sites which ne
ed to be more
'visitor friendly'. Mr Gerty says such infrastructure was seve
rely run down
in the 1980s, but he thinks it remarkable that it was maintain
ed at all.
There may also be the need for additional airport facilities to t
hose at
Colombo's international airport because aircraft unable to land duri
ng bad
weather are presently redirected to Madras in southern India. One
pos
sibility is development of the military airfield at Hingurakgoda on the
east
of the island, particularly if ethnic tensions subside.
Such ambitious plan
s for tourism, especially at a time of budgetary
constraints, will require s
ubstantial private sector investment. The
government has accordingly extende
d tax incentives already enjoyed by
export-driven companies to investors in
tourist infrastructure.
Some local observers feel such incentives have been
too generous, allowing
already profitable concerns to avoid tax. Mr S. T. Fe
rnando, deputy governor
of the central bank, counters that new investment mu
st be encouraged
following the collapse of tourism in the mid-1980s.
Some 25
projects are being considered, worth an estimated total of Dollars
120m. Th
ese would add 2,350 graded rooms to the island's stock which now
stands at 9
,680 - 18,950 beds.
Obstacles to growth remain. Most immediate is increasing
anxiety among
certain groups that an expanded tourist sector would have a n
egative
cultural and environmental impact. There is concern that more touris
ts would
encourage drugs and prostitution - there are already an estimated 8
00 people
infected with the HIV virus - and that hotels will monopolise reso
urces such
as land, power and water.
The government was recently forced to a
bandon plans for a showcase Dollars
40m holiday complex at Chilaw on the wes
t coast because of protests by the
Roman Catholic Church. The Buddhist clerg
y, an extremely powerful political
force, is threatening the future of other
schemes.
Mr Gerty feels that such protests can be dissipated by outlining s
ome of the
sector's potential benefits, such as employment. Tourism will, he
says, have
limited environmental impact as resorts will not be permitted to
sprout up
piecemeal but will be strictly controlled according to a planned
development
strategy.
Another obstacle to growth may be Sri Lanka's over-rel
iance on certain key
markets. Western Europe makes up more than 60 per cent
of total tourist
traffic, with Germany, France, the UK and Italy representin
g nearly 80 per
cent of that share. North America provides a paltry 3 per ce
nt of arrivals.
Fashions change quickly and the 'discovery' of a new long-ha
ul destination
could jeopardise Colombo's plans.
The most serious question m
ark, however, remains Sri Lanka's international
reputation. Despite recent e
vidence that Colombo is winning the public
relations battle in reassuring th
e public of the island's safety,
international confidence remains fragile. I
f, on the other hand, the civil
war ends, prospects for growth would be exce
llent and the potential for
achieving a million visitors annually would beco
me realistic.
Assuming, however, that civil strife staggers on, it would onl
y take a few
well-publicised incidents of violence or a period of political
instability
for the country's tarnished image to resurface. That would effec
tively end
the growth of the past few years and Sri Lanka would return to th
e
backwaters of the tourist industry.
The Financial Times
London Page VIII
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9311
10
FT 10 NOV 93 / Survey of Austria (2): Inflation still
proves stubborn - The economy: recovery largely depends on Germany
By PATRICK BLUM
THE SUDDEN onset, at the en
d of last year, of the country's worst recession
for more than a decade took
most Austrians by surprise, and caused an
uncharacteristic outpouring of gl
oomy forecasts.
But while the recession was real enough, causing a 4 per cen
t decline in
industrial output and an even sharper 8 per cent drop in manufa
cturing
exports in the first half of 1993, its impact has been far less pron
ounced
than for most of Austria's OECD partners.
Austria's recession came la
ter, and the country is likely to emerge from it
more rapidly than its weste
rn neighbours, though recovery will largely
depend on developments in German
y - Austria's most important trading partner
and its main source of revenues
from tourism.
As hopes receded that Austria would somehow avoid the Europe-
wide recession,
growth estimates were hastily revised downwards. Gross domes
tic product was
forecast to decline by around 1 per cent this year, though e
conomists now
believe the economy has bottomed out and that GDP will fall by
a more modest
0.75 per cent.
'The decline stopped in the spring, and since
then we've been stagnating.
Industrial exports have been worse hit, but cons
truction, tourism and
private consumption have held up,' says Mr Helmut Kram
er director of the
Austrian Institute of Economic Research (Wifo).
Several f
actors exacerbated the downturn. After a rapid rise in exports to
the former
communist states, rising competition from low-cost producers in
these count
ries began to take its toll on Austrian manufacturers, forcing
the governmen
t to impose import restrictions on sensitive products such as
cement and fer
tilisers. Exporters also suffered from the effective
revaluation of the Schi
lling last autumn, following the devaluation of
several European currencies.
The consequence was a further deterioration in the trade balance, which is
forecast to show a Sch109bn deficit, compared with a Sch106.4bn deficit last
year. Exports will fall by 5.5 per cent and imports by 3.5 per cent, but th
e
current account is expected to show a small surplus as income from tourism
and services offsets the deficit in traded goods.
Inflation is also proving
more difficult to tame than anticipated. Consumer
prices are set to rise by
3.5 per cent this year, after peaking at 4.1 per
cent in 1992, though that
included about half a percentage point caused by
changes in indirect taxatio
n. Inflation should fall to around 3 per cent
next year, thanks to moderate
wage rises.
A resilient budget deficit adds to inflationary pressures. Lower
tax
revenues, caused by the recession and higher spending on social securit
y and
unemployment benefits, will increase it from Sch62bn in 1992 to about
Sch80bn, representing about 3.8 per cent of GDP this year.
Hoped-for relief,
in the form of revenues from privatisations, have not
materialised as the p
rocess has faced repeated delays. But a renewed crisis
at Austrian Industrie
s, the large state-owned industrial group, is likely to
prompt the governmen
t to sell off a large part of it next year.
The government remains committed
to its deficit reduction strategy, albeit
at a slower pace, and Mr Ferdinan
d Lacina, finance minister, hopes to keep
the deficit below Sch80bn next yea
r. This may prove difficult if the
recovery is delayed by external factors.
'We have to be prepared for another
year of weak economic performance. The e
ffects of recession will also be
felt in 1994, but we have to put on the bra
kes,' he says.
But there will be no shock treatment with dramatic cuts in sp
ending. 'Lower
deficits will be possible when the recovery comes,' Mr Lacina
says. Social
programmes to soften the recession's impact will be maintained
, and the
government will seek to encourage employment by accelerating plann
ed
spending on infrastructure. 'If you have a high number of unemployed at t
he
start of an economic upturn, it's not easy to bring (the number) down.'
B
etter to try to control unemployment before a recovery, even if that means
s
ome additional costs, he suggests.
Nevertheless, unemployment is rising and
is expected to be 4.7 per cent of
the workforce by the end of this year, acc
ording to OECD measurements, and
around 7 per cent based on the narrower Aus
trian definition which does not
include the self-employed.
The fear of job l
osses and competition from low-paid foreign workers, who
now account for 8.5
per cent of the workforce, has encouraged wage
moderation. The example of t
he metal workers' unions, which recently agreed
to wage rises of 2.9 per cen
t for 1994, is expected to be followed by other
unions.
Mrs Maria Schaumayer
, president of the Austrian National Bank, says low wage
rises, combined wit
h greater flexibility to determine the extent of pay
increases at the level
of individual enterprises, will have a significant
effect on small and mediu
m-size companies which are not directly represented
in the national wage neg
otiations. 'It gives a safety net (for workers),
together with much needed d
eregulation (for employers),' she says.
Growth is forecast to resume next ye
ar with GDP rising by only a modest 1.5
per cent, but Mrs Schaumayer sees th
ree reasons for optimism and a 'velvet
landing'. Private consumption will be
encouraged by tax reforms;
construction activity has recovered from its win
ter lull; and exports are
picking up again. Austrian companies are also incr
easing their investment
abroad, improving their competitiveness in foreign m
arkets. 'This is an
ongoing trend. Most investments seem to be profitable, a
nd the propensity to
internationalise is rising,' she says.
The tax reforms
that will come fully into force on January 1 are expected to
stimulate busin
ess and boost consumer demand, hopefully leading to a rise in
investment whi
ch is set to decline by around 3 per cent this year. The
reforms eliminate s
everal profit-based taxes, raise the main corporate tax
from 30 to 34 per ce
nt, and simplify other taxes. On average, the overall
level of profit-based
taxes will go down by 10 per cent. Officials believe
the relatively low leve
l of corporate taxation should encourage foreign
investment.
Mr Kramer says
there has been a steady improvement in the competitive
position of Austrian
companies in the open sectors of the economy. 'The
productivity of capital i
s two percentage points higher in Austria than in
Germany,' he says. But fur
ther improvements and restructuring will be
necessary to meet rising interna
tional competition and the challenge posed
by low-cost producers in the form
er communist countries.
Mr Johann Farnleitner, deputy general secretary of t
he Federal Economic
Chamber, believes the opening up of eastern Europe offer
s a unique
opportunity. He says Austrian companies will gain competitiveness
by
shifting part of their production to neighbouring low labour cost econom
ies.
Already some 8,000 Austrian companies have joint ventures in the region
.
Among OECD countries, Austria has the highest share of its trade with the
former communist countries, which account for 7 per cent of its imports and
12 per cent of its exports. Mr Farnleitner believes trade with central and
e
astern Europe could grow to 15-20 per cent of total Austrian trade in a few
years' time.
Meanwhile, the recession has encouraged businesses to intensify
efforts to
adapt to the new environment, and Austria's bumpy ride at the bo
ttom of its
economic cycle will be made smoother by policies emphasising con
sensus. 'We
are gradualists. It is more sustainable,' says Mrs Schaumayer.
<
/TEXT>
Countries:-
ATZ Austria, West Europe.
Indu
stries:-
P9311 Finance, Taxation, and Monetary Policy.
Types:-
CMMT Comment & Analysis.
ECON Inflation.
ECON G
ross domestic product.
ECON Economic Indicators.
The Financi
al Times
London Page I
============= Transaction # 89 ==============================================
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9311
10
FT 10 NOV 93 / Survey of Austria (2): Inflation still
proves stubborn - The economy: recovery largely depends on Germany
By PATRICK BLUM
THE SUDDEN onset, at the en
d of last year, of the country's worst recession
for more than a decade took
most Austrians by surprise, and caused an
uncharacteristic outpouring of gl
oomy forecasts.
But while the recession was real enough, causing a 4 per cen
t decline in
industrial output and an even sharper 8 per cent drop in manufa
cturing
exports in the first half of 1993, its impact has been far less pron
ounced
than for most of Austria's OECD partners.
Austria's recession came la
ter, and the country is likely to emerge from it
more rapidly than its weste
rn neighbours, though recovery will largely
depend on developments in German
y - Austria's most important trading partner
and its main source of revenues
from tourism.
As hopes receded that Austria would somehow avoid the Europe-
wide recession,
growth estimates were hastily revised downwards. Gross domes
tic product was
forecast to decline by around 1 per cent this year, though e
conomists now
believe the economy has bottomed out and that GDP will fall by
a more modest
0.75 per cent.
'The decline stopped in the spring, and since
then we've been stagnating.
Industrial exports have been worse hit, but cons
truction, tourism and
private consumption have held up,' says Mr Helmut Kram
er director of the
Austrian Institute of Economic Research (Wifo).
Several f
actors exacerbated the downturn. After a rapid rise in exports to
the former
communist states, rising competition from low-cost producers in
these count
ries began to take its toll on Austrian manufacturers, forcing
the governmen
t to impose import restrictions on sensitive products such as
cement and fer
tilisers. Exporters also suffered from the effective
revaluation of the Schi
lling last autumn, following the devaluation of
several European currencies.
The consequence was a further deterioration in the trade balance, which is
forecast to show a Sch109bn deficit, compared with a Sch106.4bn deficit last
year. Exports will fall by 5.5 per cent and imports by 3.5 per cent, but th
e
current account is expected to show a small surplus as income from tourism
and services offsets the deficit in traded goods.
Inflation is also proving
more difficult to tame than anticipated. Consumer
prices are set to rise by
3.5 per cent this year, after peaking at 4.1 per
cent in 1992, though that
included about half a percentage point caused by
changes in indirect taxatio
n. Inflation should fall to around 3 per cent
next year, thanks to moderate
wage rises.
A resilient budget deficit adds to inflationary pressures. Lower
tax
revenues, caused by the recession and higher spending on social securit
y and
unemployment benefits, will increase it from Sch62bn in 1992 to about
Sch80bn, representing about 3.8 per cent of GDP this year.
Hoped-for relief,
in the form of revenues from privatisations, have not
materialised as the p
rocess has faced repeated delays. But a renewed crisis
at Austrian Industrie
s, the large state-owned industrial group, is likely to
prompt the governmen
t to sell off a large part of it next year.
The government remains committed
to its deficit reduction strategy, albeit
at a slower pace, and Mr Ferdinan
d Lacina, finance minister, hopes to keep
the deficit below Sch80bn next yea
r. This may prove difficult if the
recovery is delayed by external factors.
'We have to be prepared for another
year of weak economic performance. The e
ffects of recession will also be
felt in 1994, but we have to put on the bra
kes,' he says.
But there will be no shock treatment with dramatic cuts in sp
ending. 'Lower
deficits will be possible when the recovery comes,' Mr Lacina
says. Social
programmes to soften the recession's impact will be maintained
, and the
government will seek to encourage employment by accelerating plann
ed
spending on infrastructure. 'If you have a high number of unemployed at t
he
start of an economic upturn, it's not easy to bring (the number) down.'
B
etter to try to control unemployment before a recovery, even if that means
s
ome additional costs, he suggests.
Nevertheless, unemployment is rising and
is expected to be 4.7 per cent of
the workforce by the end of this year, acc
ording to OECD measurements, and
around 7 per cent based on the narrower Aus
trian definition which does not
include the self-employed.
The fear of job l
osses and competition from low-paid foreign workers, who
now account for 8.5
per cent of the workforce, has encouraged wage
moderation. The example of t
he metal workers' unions, which recently agreed
to wage rises of 2.9 per cen
t for 1994, is expected to be followed by other
unions.
Mrs Maria Schaumayer
, president of the Austrian National Bank, says low wage
rises, combined wit
h greater flexibility to determine the extent of pay
increases at the level
of individual enterprises, will have a significant
effect on small and mediu
m-size companies which are not directly represented
in the national wage neg
otiations. 'It gives a safety net (for workers),
together with much needed d
eregulation (for employers),' she says.
Growth is forecast to resume next ye
ar with GDP rising by only a modest 1.5
per cent, but Mrs Schaumayer sees th
ree reasons for optimism and a 'velvet
landing'. Private consumption will be
encouraged by tax reforms;
construction activity has recovered from its win
ter lull; and exports are
picking up again. Austrian companies are also incr
easing their investment
abroad, improving their competitiveness in foreign m
arkets. 'This is an
ongoing trend. Most investments seem to be profitable, a
nd the propensity to
internationalise is rising,' she says.
The tax reforms
that will come fully into force on January 1 are expected to
stimulate busin
ess and boost consumer demand, hopefully leading to a rise in
investment whi
ch is set to decline by around 3 per cent this year. The
reforms eliminate s
everal profit-based taxes, raise the main corporate tax
from 30 to 34 per ce
nt, and simplify other taxes. On average, the overall
level of profit-based
taxes will go down by 10 per cent. Officials believe
the relatively low leve
l of corporate taxation should encourage foreign
investment.
Mr Kramer says
there has been a steady improvement in the competitive
position of Austrian
companies in the open sectors of the economy. 'The
productivity of capital i
s two percentage points higher in Austria than in
Germany,' he says. But fur
ther improvements and restructuring will be
necessary to meet rising interna
tional competition and the challenge posed
by low-cost producers in the form
er communist countries.
Mr Johann Farnleitner, deputy general secretary of t
he Federal Economic
Chamber, believes the opening up of eastern Europe offer
s a unique
opportunity. He says Austrian companies will gain competitiveness
by
shifting part of their production to neighbouring low labour cost econom
ies.
Already some 8,000 Austrian companies have joint ventures in the region
.
Among OECD countries, Austria has the highest share of its trade with the
former communist countries, which account for 7 per cent of its imports and
12 per cent of its exports. Mr Farnleitner believes trade with central and
e
astern Europe could grow to 15-20 per cent of total Austrian trade in a few
years' time.
Meanwhile, the recession has encouraged businesses to intensify
efforts to
adapt to the new environment, and Austria's bumpy ride at the bo
ttom of its
economic cycle will be made smoother by policies emphasising con
sensus. 'We
are gradualists. It is more sustainable,' says Mrs Schaumayer.
<
/TEXT>
Countries:-
ATZ Austria, West Europe.
Indu
stries:-
P9311 Finance, Taxation, and Monetary Policy.
Types:-
CMMT Comment & Analysis.
ECON Inflation.
ECON G
ross domestic product.
ECON Economic Indicators.
The Financi
al Times
London Page I
============= Transaction # 90 ==============================================
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94092
7
FT 27 SEP 94 / Survey of Mauritius (9): Mainstay of gr
owth - The island's attractions make tourism a potential economic powerhouse
By MICHAEL HOLMAN
'Tiger in paradi
se,' proclaims a slogan promoting the international image of
Mauritius.
It i
s intended to bring to mind the group of newly industrialised countries
led
by the Asian 'tigers' which Mauritius wishes to emulate, while evoking
the i
sland's balmy climate and glorious beaches.
But the would-be Indian ocean ti
ger may be taking a breather, preparing for
what the government hopes will b
e its next leap forward; in the meantime,
paradise is expected to bring in e
ven more visitors.
The record suggests that this can be done, and the potent
ial is there. The
island's spectacular beaches and marine life, and its frie
ndly people, are a
highly marketable combination. Mauritius also offers a se
nse of security and
peace of mind rarely found in any large holiday destinat
ion - violent crime
is rare and visitors go unmolested.
Nevertheless, some l
ong running issues and concerns will have to be
addressed. If the current ra
te of increase in visitors - nearly 10 per cent
a year - is to be sustained,
Mauritius may have to reconsider its ban on
direct charter flights, while p
rotecting its reputation as an up-market
destination.
The island will also h
ave to fend off competition from a post-apartheid
South Africa, raise the st
andards of a number of hotels whose services and
facilities do not justify t
heir high prices, and encourage visitors to spend
more during their stay. Mo
st important is to ensure that growth is not at
the expense of the environme
nt, where the record has so far been mixed.
It is a tall order. But most ana
lysts agree that if the remarkable economic
growth Mauritius has enjoyed for
more than a decade is to continue, much of
the impetus may have to come fro
m tourism.
The textile industry, backbone of the export processing zone (EPZ
) that
accounted for the economy's dramatic take-off in the early 1980s, fac
es its
most testing time since its inception. Local labour costs have escala
ted and
international competition in the new GATT era is getting tougher.
Al
though diversification within the EPZ is under way, it is proving a slow
pro
cess, as is the development of financial services and offshore banking.
With
the sugar sector expected to do little more than hold its own, tourism
will
have to carry much of the burden for keeping up the 5-6 per cent annual
GDP
growth to which Mauritians have become accustomed.
Tourism has already play
ed a crucial part in the island's success, expanding
at a rate few thought p
ossible. From 124,000 tourists in 1983, the numbers
have climbed to 335,000
in 1992, rising to 375,000 last year. With the tally
for the first quarter o
f this year at 101,000, the year end target of
400,000 is within reach.
Fore
ign exchange earnings in 1993 reached MRs5,300m - exceeded only by
textile e
xports and sugar receipts - while providing direct employment to
more than 1
1,000 people, and thousands more indirectly.
The high growth of recent years
(nearly 11 per cent in 1993, 10 per cent in
1992) can be maintained, say ho
teliers, without adding to the island's 85
hotels - at least in the short te
rm. Occupancy rate in the larger hotels was
68.5 per cent last year, and 60
per cent in the smaller establishments.
There is also room for growth in the
traditional markets. Last year France
and the island of Reunion each accoun
ted for 23 per cent, Germany 10 per
cent, the United Kingdom 8 per cent and
South Africa 11 per cent - while
officials single out India as a barely tapp
ed target.
The island's national carrier, Air Mauritius, is also better equi
pped to
cope. Sir Harry Tirvengadum, its chairman and managing director, has
been
raising the quality of the airline, which in May this year became the
first
southern hemisphere airline to operate the new Airbus A340-400, with
i
ndividual video entertainment systems available throughout the whole cabin,
and telephones on board.
But if tourism is to play a greater part than its a
lready significant role,
the overall standard of hotels will have to be rais
ed.
The top of the range resorts - such as Le Touessrok recently remodelled
at a
cost of MRs480m La Pirogue and Le Saint Gerain - can compete with the b
est
in the world.
The trio are owned by Sun Resorts Ltd, a public company, l
isted on the
Mauritian stock exchange, in which two of the major shareholder
s are Sol
Kersner's Sun International and the Mauritian conglomerate, Irelan
d Blyth
Ltd (now renamed as IBL), each with about 24 per cent.
With the inte
rnational management and marketing expertise to draw on, and
locations secon
d to none, these Mauritian hotels can claim to be among the
best resorts in
the world. But many of the hotels on the island fall short
of the standards
their image and room rates require, whether the food, the
furnishings or the
amenities - other than the main attraction, the sea.
This issue becomes mor
e pressing given the challenge to Mauritius posed by
South Africa. It offers
game parks as well as beaches, hotels as good but
cheaper, and above all, l
ower air fares thanks to competition on a popular
route.
Although a charter
route to Mauritius continues to operate through the back
door - via Reunion,
the French dependency a hop away - the government seems
set to continue the
policy which bans direct services which would cut fares
and bring the islan
d within reach of more tourists.
Meanwhile efforts to encourage tourists to
spend more on the island are
paying off, boutiques offering EPZ clothing and
knitwear, as well as duty
free shopping facilities.
Countries:
-
MUZ Mauritius, Africa.
Industries:-
P9611
Administration of General Economic Programs.
P7011 Hotels and Motels.
P4512 Air Transportation, Scheduled.
Types:-
CMMT Co
mment & Analysis.
RES Facilities.
The Financial Times
London Page IV
============= Transaction # 91 ==============================================
Transaction #: 91 Transaction Code: 19 (Record Selected)
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94092
7
FT 27 SEP 94 / Survey of Mauritius (9): Mainstay of gr
owth - The island's attractions make tourism a potential economic powerhouse
By MICHAEL HOLMAN
'Tiger in paradi
se,' proclaims a slogan promoting the international image of
Mauritius.
It i
s intended to bring to mind the group of newly industrialised countries
led
by the Asian 'tigers' which Mauritius wishes to emulate, while evoking
the i
sland's balmy climate and glorious beaches.
But the would-be Indian ocean ti
ger may be taking a breather, preparing for
what the government hopes will b
e its next leap forward; in the meantime,
paradise is expected to bring in e
ven more visitors.
The record suggests that this can be done, and the potent
ial is there. The
island's spectacular beaches and marine life, and its frie
ndly people, are a
highly marketable combination. Mauritius also offers a se
nse of security and
peace of mind rarely found in any large holiday destinat
ion - violent crime
is rare and visitors go unmolested.
Nevertheless, some l
ong running issues and concerns will have to be
addressed. If the current ra
te of increase in visitors - nearly 10 per cent
a year - is to be sustained,
Mauritius may have to reconsider its ban on
direct charter flights, while p
rotecting its reputation as an up-market
destination.
The island will also h
ave to fend off competition from a post-apartheid
South Africa, raise the st
andards of a number of hotels whose services and
facilities do not justify t
heir high prices, and encourage visitors to spend
more during their stay. Mo
st important is to ensure that growth is not at
the expense of the environme
nt, where the record has so far been mixed.
It is a tall order. But most ana
lysts agree that if the remarkable economic
growth Mauritius has enjoyed for
more than a decade is to continue, much of
the impetus may have to come fro
m tourism.
The textile industry, backbone of the export processing zone (EPZ
) that
accounted for the economy's dramatic take-off in the early 1980s, fac
es its
most testing time since its inception. Local labour costs have escala
ted and
international competition in the new GATT era is getting tougher.
Al
though diversification within the EPZ is under way, it is proving a slow
pro
cess, as is the development of financial services and offshore banking.
With
the sugar sector expected to do little more than hold its own, tourism
will
have to carry much of the burden for keeping up the 5-6 per cent annual
GDP
growth to which Mauritians have become accustomed.
Tourism has already play
ed a crucial part in the island's success, expanding
at a rate few thought p
ossible. From 124,000 tourists in 1983, the numbers
have climbed to 335,000
in 1992, rising to 375,000 last year. With the tally
for the first quarter o
f this year at 101,000, the year end target of
400,000 is within reach.
Fore
ign exchange earnings in 1993 reached MRs5,300m - exceeded only by
textile e
xports and sugar receipts - while providing direct employment to
more than 1
1,000 people, and thousands more indirectly.
The high growth of recent years
(nearly 11 per cent in 1993, 10 per cent in
1992) can be maintained, say ho
teliers, without adding to the island's 85
hotels - at least in the short te
rm. Occupancy rate in the larger hotels was
68.5 per cent last year, and 60
per cent in the smaller establishments.
There is also room for growth in the
traditional markets. Last year France
and the island of Reunion each accoun
ted for 23 per cent, Germany 10 per
cent, the United Kingdom 8 per cent and
South Africa 11 per cent - while
officials single out India as a barely tapp
ed target.
The island's national carrier, Air Mauritius, is also better equi
pped to
cope. Sir Harry Tirvengadum, its chairman and managing director, has
been
raising the quality of the airline, which in May this year became the
first
southern hemisphere airline to operate the new Airbus A340-400, with
i
ndividual video entertainment systems available throughout the whole cabin,
and telephones on board.
But if tourism is to play a greater part than its a
lready significant role,
the overall standard of hotels will have to be rais
ed.
The top of the range resorts - such as Le Touessrok recently remodelled
at a
cost of MRs480m La Pirogue and Le Saint Gerain - can compete with the b
est
in the world.
The trio are owned by Sun Resorts Ltd, a public company, l
isted on the
Mauritian stock exchange, in which two of the major shareholder
s are Sol
Kersner's Sun International and the Mauritian conglomerate, Irelan
d Blyth
Ltd (now renamed as IBL), each with about 24 per cent.
With the inte
rnational management and marketing expertise to draw on, and
locations secon
d to none, these Mauritian hotels can claim to be among the
best resorts in
the world. But many of the hotels on the island fall short
of the standards
their image and room rates require, whether the food, the
furnishings or the
amenities - other than the main attraction, the sea.
This issue becomes mor
e pressing given the challenge to Mauritius posed by
South Africa. It offers
game parks as well as beaches, hotels as good but
cheaper, and above all, l
ower air fares thanks to competition on a popular
route.
Although a charter
route to Mauritius continues to operate through the back
door - via Reunion,
the French dependency a hop away - the government seems
set to continue the
policy which bans direct services which would cut fares
and bring the islan
d within reach of more tourists.
Meanwhile efforts to encourage tourists to
spend more on the island are
paying off, boutiques offering EPZ clothing and
knitwear, as well as duty
free shopping facilities.
Countries:
-
MUZ Mauritius, Africa.
Industries:-
P9611
Administration of General Economic Programs.
P7011 Hotels and Motels.
P4512 Air Transportation, Scheduled.
Types:-
CMMT Co
mment & Analysis.
RES Facilities.
The Financial Times
London Page IV
============= Transaction # 92 ==============================================
Transaction #: 92 Transaction Code: 22 (Record(s) Saved)
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9412
19
FT 19 DEC 94 / Survey of Sweden (7): Growing rapidly
- Tourism
By KAREN FOSSLI
Tourism i
s one of Sweden's fastest-growing sectors and, although the trade
is relativ
ely young, ranks as the country's third-largest industry,
generating annual
turnover of an estimated SKr98bn of which SKr21bn is
derived from foreign to
urists.
The attraction of Sweden has to be, among many things, the country's
unspoilt environment and alluring scenery comprising 60,000 islands, 90,000
lakes, a 4,725-mile coastline and endless forests. There are also 350
museu
ms in the country and a wide variety of special events throughout the
year.
The tourist industry peaked in 1989 when turnover hit SKr100bn, but
nose-div
ed by nearly SKr80bn during 1990-91 when the then Social Democratic
governme
nt led by Mr Ingvar Carlsson, increased value added tax on tourism
to 25 per
cent in two stages.
The VAT increase coincided with the onset of the deepes
t recession to hit
Sweden since the second world war. But the industry recov
ered during 1991-93
after a new conservative Moderate government, led by Mr
Carl Bildt,
reorganised the marketing of tourism and cut VAT to 12 per cent.
These factors were aided by the start of a recovery in the economy which
be
gan at the end of 1993.
Nevertheless, even after the rate cut, Sweden's VAT
remains significantly
higher than the European average. The Swedes argue vig
orously that prices in
their country have become competitive with the rest o
f Europe while a main
priority of marketing seeks to dispel 'the myth' that
Sweden is far too
expensive to be considered a holiday destination by more t
han just the
elite.
'Surveys show that many foreigners still believe that Sw
eden is too
expensive. Heavy resources are therefore being invested in marke
ting Sweden
abroad,' the Swedish Trade Council said in its 1994 annual repor
t on the
country.
In the first nine months of this year, the number of overn
ight stays in
Swedish hotels by foreigners rose 13 per cent compared with th
e year-earlier
period, and industry executives are predicting that 1994 will
be a record
year in terms of growth. Last year, foreigners' overnight stays
alone
reached 6.1m.
During the first nine months of 1994, Dutch and Danish
tourists accounted
for the highest growth rate in overnight stays in percent
age terms, rising
respectively 25 per cent and 26 per cent while US visitors
rose by 14 per
cent.
German tourists, the largest group of foreign visitors
to Sweden, increased
their overnight stays by 13 per cent and UK tourists 1
1 per cent.
Another indication of the strength of this year's activity is a
forecast
rise in the number of cruise ship passengers calling on Stockholm a
lone. It
is estimated that international cruise ships will make 125 visits t
o the
capital city this year, carrying a total of 70,000 passengers, represe
nting
an increase of 10,000 passengers over 1993.
Mr Per-Johann Orrby, presi
dent of Next Stop Sweden (NSS), the Swedish Travel
and Tourist Council, attr
ibutes the rise in tourism's fortunes partly to
Sweden's attractive prices -
in foreign currency terms - since the krona was
devalued by nearly 30 per c
ent in 1992. The reduction of VAT and a slight
recovery of the economy are a
lso considered significant.
NSS reckons that sterling buys 15 per cent more
in Sweden since the
devaluation, while the purchasing power of the US dollar
has risen 18 per
cent and the German mark 30 per cent.
But the Swedes proba
bly also have their next-door Nordic neighbours to thank
for foreign interes
t, following Norway's success in arranging the Winter
Olympics earlier this
year.
For more than two weeks in February, hours and hours of pristine, sunl
it
'Scandinavian' winter images were broadcast worldwide from Lillehammer in
Norway. Such coverage undoubtedly had a spill-over affect for Sweden and
mu
st have improved the country's standing as a tourist destination.
The Olympi
cs boosted Norway's tourist industry by as much as 5 per cent this
year but
it would be difficult to quantify the effect it had on Swedish
tourism.
Acco
rding to Mr Jan Brannstrom, managing director of Image Sweden, the
state-bac
ked agency which promotes Sweden internationally, recent studies
revealed th
at about half the foreign tourists visiting Sweden do so as part
of a Scandi
navian tour. But, he said, there were no plans for a joint
Scandinavian tour
ism marketing effort and, in the long-run, he saw few, if
any, benefits from
such a scheme.
Another important factor which has undoubtedly lifted the aw
areness of
Sweden abroad is the apparent success of the big overhaul of the
organisational structure of marketing services for tourism. The Swedish
Tour
ist Board was dismantled and Image Sweden established together with NSS.
Ima
ge Sweden purchases marketing services from NSS for an estimated NKr60m
annu
ally.
Countries:-
SEZ Sweden, West Europe.
Industries:-
P9611 Administration of General Economic Programs.
Types:-
CMMT Comment & Analysis.
The Financ
ial Times
London Page IV
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FT921-15886
_AN-CAHBJAAPFT
920
108
FT 08 JAN 92 / Survey of Kenya (16): Strategies for
all seasons - Tourism, from potential disaster to mild success
<
BYLINE> By JULIAN OZANNE
THE worldwide downturn in touri
sm last year, fuelled by the Gulf crisis, the
international economic recessi
on and the escalating costs of air travel, has
proved a watershed in Kenya.
Kenya's dynamic tourism industry, although faced by the prospect of a severe
loss of jobs and hard currency in what is its biggest foreign exchange
earn
ing sector, has turned 1991 from being a potential disaster into a mild
succ
ess.
The private sector and the government, with cancellations running at up
to
60 per cent for the peak season of January to March, rallied with a seri
es
of measures.
The boldest move by government was the decision to open up K
enya to South
African tourists, several months before the October Commonweal
th head of
government conference in Harare. Visas, previously denied to Sout
h Africans,
were granted at the airport and an agreement was reached to allo
w South
African Airways and Kenya Airways to operate one flight each a week
between
Nairobi and Johannesburg.
The government also gave new incentives to
the hotel training college,
established an autonomous airports authority an
d started the rehabilitation
of Nairobi's international airport and continue
d to strengthen the
newly-created Kenya Wildlife Service, a semi-autonomous
parastatal in charge
of security and management in Kenya's national parks.
T
he private sector moved quickly, reducing rates and increasing charter
fligh
ts, particularly from Spain and Britain. In August and September there
were
42 such flights a week arriving in Kenya, each with about 200 seats, in
addi
tion to scheduled flights.
These measures appear to have averted a slump in
tourist arrivals which in
1990 nearly reached 900,000 people, while foreign
exchange earnings last
year should approach the 1990 level of Dollars 467m.
Sustaining the remarkable growth which Kenya's tourist sector has enjoyed
si
nce independence will not be easy.
Since 1963 the numbers of visitors a year
have increased from 110,000 to
889,000 in 1990 and foreign exchange earning
s in the same period have
mushroomed from Dollars 25m to Dollars 467m. In 19
87, tourism overtook
coffee as the country's number one foreign exchange ear
ner.
The impact on the rest of the economy has been vast. Throughout the las
t
decade employment in the sector has grown by at least 5 per cent a year an
d
tourism has contributed to the expansion of the services sector - hotels,
restaurants, road and air transport - and to allied industries such as
const
ruction and food. Much of the rapid growth in tourism in the past
quarter of
a century has been due to declining costs of air travel and the
extensive i
nfrastructure which was in place at independence.
The government has created
a reasonably attractive enabling environment
through welcoming foreign inve
stment in tourism, the development of
infrastructure and the maintenance of
relative political stability.
Increasing importance has been given to conser
vation and better animal
management and while the national parks and reserve
s sector was marred by a
long period of poaching and inefficiency between 19
76-88 it has become a top
priority.
However, with mounting regional competit
ion and the demands of the growing
population a much greater effort is requi
red. In order to continue
generating jobs and increasing critical foreign ex
change earnings the
government has recognised the need to creat a better env
ironment.
Mr Philemon Mwaisaka, permanent secretary in the Ministry of Touri
sm, says
the government is targeting two key areas for growth over the next
three
years: diversifying the type of tourism available and drawing in visit
ors
from new markets.
Diversification away from game parks and beaches will
depend on giving
greater importance to attractions such as cultural, confere
nce and
speciality tourism, scuba diving, fishing or mountaineering, and ope
ning up
new areas of Kenya to tourist development such as the volcanic deser
t around
Lake Turkana.
Attracting visitors from outside the traditional mark
ets of the US and
Europe will require a big publicity drive in the Asia Paci
fic area,
particularly Japan and Singapore.
In order to realise both ambitio
ns a overhaul of Kenya's hitherto weak
overseas marketing is necessary. So f
ar the government has been content to
leave most of the marketing to the pri
vate sector. Unlike many other
countries Kenya does not have an autonomous t
ourist board. Between 1986 and
1990 the government spent a mere Dollars 25m
on marketing.
Kenya's well organised private sector has been lobbying hard f
or a tourist
board to be set up under an autonomous director to launch a con
certed
marketing campaign of research, information gathering and publicity t
o
enable the industry to better tailor and target their products in a
compet
itive market. The government has given its blessing to the appeal but
progre
ss appears slow.
Good marketing and closer links with airlines will be vital
to attract the
high income from the choosy Japanese market.
Plans for Kenya
Airways to open up a route to Bangkok next year may prove
insufficient to p
enetrate Asia and South Africa is proving a formidable
competitor with Singa
pore Airlines operating a flight to Johannesburg.
A number of issues need th
e government's urgent attention. Problem areas
include privatisation of gove
rnment share holdings in hotels, developing a
strategy for high income VIP t
ourism, planning how to cope with the growing
demand for combination tourism
with tourists visiting at least two African
countries, better harmonisation
of visa and health requirements and more
incentives, such as import duty ex
emption on vehicles for the tourist
sector.
-------------------------------
----------------------
TOURISM PROFILE
------------------------------------
-----------------
Total Total Aver. length
rec
eipts (Dollars m) visitors of stay (days)
1965 30.2 14
7,400 9.3
1970 51.8 326,500 8.8
1980 222.4
362,700 15.7
1985 239.8 541,200 15.
9
1987 354.9 662,100 16.0
1988 393.3
676,900 16.0
1989 417.0 729,700 14.2
1990 467
.0 (est) 889,000 (est) na
-----------------------------------------
------------
Source: Ministry of Tourism
----------------------------------
-------------------
The Financial Times
London Pa
ge VIII Map (Omitted). Table
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941
101
FT 01 NOV 94 / Survey of Australia (8): Harvest in t
he hotels - Japanese tourists flock in
By BRUCE JACQ
UES
The growing importance of tourism to the Australian eco
nomy was underlined
in 1994 by recognition of the diverse and complex sector
as a leading stock
exchange investment indicator.
The pooling of nine leadi
ng tourism-related companies into a single
indicator, the Tourism and Leisur
e Index, represented a coming of age for a
sector which has had more than it
s share of credibility problems with
investors.
While the index will help to
make a fragmented industry more accessible and
easier to analyse, it will r
eflect merely the tip of what is a very large
and growing iceberg. By Septem
ber this year, companies included in the index
boasted a market capitalisati
on comfortably above ADollars 3bn, or around
one per cent of the benchmark A
ll Ordinaries index.
But the new index sits atop a sector which now makes up
more than 5.5 per
cent of Australia's gross domestic product, employs almos
t 6 per cent of the
country's workforce, generated foreign exchange earnings
exceeding ADollars
10.7bn and accounted for expenditure estimated at Dollar
s 26.2bn last year.
Although the bulk of that expenditure total - ADollars 1
8.4bn - came from
domestic tourism, inbound tourism is expected to be the ma
jor growth area
for the rest of the century, boosted by Sydney's capture las
t year of the
2000 Olympic Games.
This climate of growth has already catalys
ed strong investment. The
Australian Tourism Commission (ATC) has identified
tourism-related
accommodation projects worth almost ADollars 5bn scheduled
for completion by
1996, including two new casinos.
The activity has also thr
own up plans which will test equity markets,
including a float of the Federa
l Government's flagship airline Qantas,
possible refloating of the rival pri
vate airline, Ansett, and privatisation
of the country's airports. These pro
posals could call on markets for around
ADollars 7bn over the next five year
s, providing a keen indication of
investor attitudes to the tourism sector.
Some see even more at stake. Many analysts see tourism performance as an
aci
d test of the wider Australian economy's ability to compete
internationally
into the next century. A recent study by ANZ McCaughan, the
Australian stock
broker, says tourism growth will largely reflect the
country's ability to wi
n an increasing share of the global tourism market,
clearly one of the world
's biggest industries.
ANZ McCaughan quotes estimates that tourism accounted
for around 5.5 per
cent of world gross national product in 1993, with more
than 500m tourists
spending almost ADollars 325bn. Tourism is widely forecas
t to create one in
nine new jobs in the world next year, rising to one in ei
ght by the turn of
the century.
Australia has one crucial advantage in captu
ring more than its share of this
growth - its location in the Asia-Pacific r
egion, the world's fastest
growing tourist area. ANZ McCaughan says in the 1
2 years to 1992, tourist
arrivals in the region grew at an annual average of
almost 9 per cent, more
than double the world average. Continued regional o
utperformance is forecast
for the next decade.
Australia has more than match
ed this regional growth over the past decade,
with arrivals increasing at mo
re than 9 per cent annually. This record, plus
the boost expected from the O
lympic Games, recently led the ATC to confirm
its estimate that 6.8m oversea
s tourists would visit Australia in the year
2000, rising to 8.4m by 2004. T
his compares with 3.2m actual arrivals in
1993-4.
These forecasts reflect an
estimated 2.1m overseas visitors generated
directly over the next decade by
the Sydney 2000 Olympics, with the bulk of
business coming from Asia as slo
w economic recovery and intense competition
curb traffic from Europe and the
US.
Japan remained the largest single source of inbound tourists to Austral
ia in
1993, claiming 22.4 per cent of the total. This was shaded by combined
visitors from other Asian sources, which took 22.7 per cent. New Zealand
pr
ovided another 16.6 per cent of visitors, the US 9.4 per cent, UK/Ireland
8.
1 per cent and other European countries 10.5 per cent.
While less numerous t
han their Asian counterparts, UK/Ireland and other
European visitors probabl
y contributed more to the Australian economy
because their average stay was
around 40 nights compared with just nine
nights for Japan and 32 nights for
other Asian countries. The main reason
for the discrepancy appears to be tha
t UK/Ireland and European visitors come
mainly to see relatives while most A
sians come primarily for holidays.
ANZ McCaughan's analysis concludes that A
ustralia's inbound tourism record
over the past decade largely reflects the
emergence of the country as an
inexpensive place to visit. A weakening curre
ncy has helped, but the brokers
calculate that the cost of tourism related s
ervices in Australia are now
among the lowest in the industrialised world.
'
Australia's tourism infrastructure is generally adequate for present needs
a
nd there is every indication that it can respond quickly to actual and
estim
ated changes in tourism plans,' the analysis said. 'The national
attractions
of Australia are such that great opportunities exist in the
growing eco-tou
rism market, reflecting in part the preferences of travellers
for more activ
e, participatory or experimental travel experiences.'
Countries
:-
JPZ Japan, Asia.
Industries:-
P7999 Amuse
ment and Recreation, NEC.
Types:-
CMMT Comment & Analy
sis.
The Financial Times
London Page IV
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FT942-17141
_AN-EDFDMAFHFT
940
406
FT 06 APR 94 / Survey of Business in Dorset (10): Vi
ctim of its own beauty -Tourism
By ROLAND ADBURGHAM
Lulworth Cove symbolises the pressures of tourism on Dorse
t. The weird
geological formations caused by the sea have made it a magnet f
or visitors.
In consequence, the tidal erosion is matched by tourist erosion
.
Almost all of Dorset's coastline is designated a heritage coast, and 1,300
sq km of the county are areas of outstanding natural beauty.
The seaside re
sorts, the associations with Thomas Hardy and Lawrence of
Arabia, the histor
ic sites such as Corfe Castle, draw 3.4m visitors a year.
Many enjoy the cou
nty so much that they return again and again.
Eighty per cent of visitors to
Dorset arrive by car and the dangers are
clear. Improved roads to the east
make it possible for Londoners to visit on
a day trip.
Of the estimated 9m d
ay trippers a year, half of them come to the Isle of
Purbeck.
'It is only a
matter of time before the Isle of Purbeck becomes the victim
of its own beau
ty - unless something is done to save it,' according to Mr
Colin Bonsey, cha
irman of the Purbeck heritage committee which is
co-ordinating projects to m
anage tourism at, for example, Lulworth Cove.
The county council gave a simi
lar warning in its tourism strategy for
1993-1995: 'Excessive tourist activi
ty or insensitive development will
damage the quality of life for Dorset's r
esidents and will compromise the
very real qualities which attract its many
visitors.'
Yet the industry is vital to the county, employing about 24,000 p
eople.
As elsewhere, the recession has had its impact and spending has suffe
red.
Room occupancy in hotels fell from an average of 51 per cent during 199
1 to
49 per cent in 1992, although self-catering flats and cottages saw a ri
se
from 51 per cent to 55 per cent.
In all, tourism is worth about Pounds 54
0m a year to the county.
Staying visitors generate a much higher proportion
of that income than the
day trippers. While the latter add to congestion on
the roads, their average
daily expenditure was only Pounds 11 a head in 1992
, compared with Pounds 26
for those who stay for one night or more.
Yet the
traditional staying visitor, enjoying a fortnight's summer holiday,
will ine
vitably become a scarcer breed in the resorts of Bournemouth, Poole,
Weymout
h, Swanage and Lyme Regis.
One answer is to have more all-weather attraction
s to extend the season. An
example is Poole Pottery, with its new factory sh
op, pottery tour and
restaurant with a harbour view.
Bovington tank museum,
which has 300 armoured vehicles, will be one of the
places where there will
be a plethora of activities this summer to
commemorate the 50th anniversary
of D-day.
Events such as these, and the tall ships race starting from Weymou
th this
year, help to stimulate tourism. But it is the higher spenders which
Dorset
needs to woo if it is to maintain its income without increasing the
pressures.
A handicap in winning such trade has been that the promotion of D
orset was
fragmented, with councils developing their own policies and the co
unty split
between two separate tourist boards; Southern and West Country. T
o improve
co-ordination and marketing, the county council set up a Dorset To
urism
unit, and a data project has been collating the information to develop
strategy.
Mr Barry Wilbraham, county tourism officer, believes Dorset needs
to
encourage a different type of tourist - one who wants to stay in the cou
nty
and look at the heritage (which includes more than 30 hill forts and nea
rly
2,000 barrows).
He wants more 'green', activity-based, special interest
and short-break
tourism inland away from the congested coast. He points out
that there are
34 golf courses and planning consents for more. And, he adds,
'What is
coming through loud and clear is that growth in income can come fr
om
overseas markets.'
Dorset, despite its direct ferry links with France and
relative closeness to
the international gateway of London, fails to see man
y foreigners. Of
staying visitors, only 5.8 per cent come from European coun
tries and 2.2 per
cent from countries outside Europe, mainly North America a
nd Australia.
Mr Wilbraham adds: 'I want to be able to offer a truly interna
tional
destination where people want to come because of our rich heritage.'
A Destination Dorset committee is targeting more travellers from continental
Europe, and has identified Scandinavia as offering the highest potential.
O
ne imaginative scheme to raise the international profile is a Sea Gardens
pr
oject in Bournemouth. This is envisaged as a series of gardens and
pavilions
with shops and restaurants, linked by monorail for 2.4km along the
sea fron
t as a permanent world trade exhibition, sponsored by participating
nations.
Cheshire Robbins, the project's design group, says confidently: 'Sea Garden
s
will provide one of the largest weather-protected landscaped environments
in
the UK.'
An existing asset for encouraging international and business tra
vel is
Bournemouth's conference centre, which has done much to extend the to
wn's
season.
The resort has a quarter of the county's hotels and more than 3
0,000 beds.
The centre, opened in 1984 and enlarged in 1990, is in direct co
mpetition
with Brighton, Blackpool and Harrogate for business. A Pounds 400,
000
project this year will result in more meeting rooms.
During the recessio
n, the centre has managed to maintain the number of
events at between 46 and
52 a year - including the Conservative party
conference this autumn - but i
t has seen fewer delegates.
Mrs Susan Davies, exhibitions manager, says: 'I
don't see the trend changing
-companies want to get value for money. But we
have found organisers are
introducing more features to make them interestin
g - they are investing more
in the conferences to attract decision-makers.'
The centre has acted as a stimulus for other conference and seminar venues -
26 hotels with in-house facilities have set up a group called Conference
Bo
urnemouth. The trade could be encouraged further if Bournemouth airport's
ne
w scheduled services are successful.
Mrs Davies, pointing out that the avera
ge delegate spends Pounds 76 a day in
the town, says: 'The effect on the loc
al economy of the conference trade
cannot be overestimated.'
Co
untries:-
GBZ United Kingdom, EC.
Industries:-
<
IN>P79 Amusement and Recreation Services.
P9611 Administration of Gene
ral Economic Programs.
Types:-
CMMT Comment & Analysis
.
ECON Economic Indicators.
The Financial Times
London Page 33
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FT924-9868
_AN-CKCCTAGQFT
9211
03
FT 03 NOV 92 / Survey of Portugal (9): Quality, not q
uantity - A shift in strategy in the tourism sector
By PETER WISE
HOLIDAYS spent amid the dust and noise of bui
lding sites cause the biggest
number of complaints from British tourists who
visit Portugal's southern
Algarve coast, according to a recent survey for t
he Department of Tourism.
These visitors are victims of constructors who hav
e been trying to keep pace
with a boom in tourism that has transformed the c
ountry's main holiday
region in the past decade. Tourism has been growing at
a rate of 11.5 per
cent a year since 1980 and high-rise hotels and apartmen
t blocks have
mushroomed at a similar speed. European tourism as whole has g
rown at a rate
of only 3.5 per cent a year over that period.
Recent statisti
cs reflect the dramatic expansion of tourism. This year
Portugal expects to
welcome 20m visitors, double the population, and almost
10m tourists (visito
rs who stay one night or more). This compares with 7m
visitors and 2.7m tour
ists in 1980.
As a result, the importance of tourism to the Portuguese econo
my has greatly
increased. Today, it accounts for 6 to 8 per cent of the gros
s domestic
product, a contribution to national wealth that equals that of te
xtiles,
civil construction or the financial sector.
Foreign currency receipt
s have grown from Es57.5bn (Pounds 263m) in 1980 to
Es530bn in 1991. These e
arnings cover half of Portugal's trade deficit,
making an important contribu
tion to the current account balance.
To ease the strain of this boom on the
Algarve, where some areas are
becoming overcrowded, disorganised and ugly, t
he government has devised a
new strategy for the tourism sector. It switches
the emphasis from new
building to diversification and expanding the use of
existing facilities.
According to Mr Alexandre Relvas, secretary of state fo
r tourism, 'our
resources have their limits and sooner or later we will reac
h saturation
point'.
Instead, tourism policy will switch from a heavy depend
ence on sun and sea
holidays and an over-strong reliance on the UK and Spain
, to more emphasis
on investing to improve facilities rather than build new
ones.
To this end, the Department of Tourism has drawn up a 19-point plan wi
th the
overall aim of improving the competitiveness of Portuguese tourism. T
he
strategy will be backed up with an Es50bn (Pounds 230m) two-year financia
l
programme to support investment.
'To be competitive in the 1990s, tourism
has to invest heavily in quality
rather than quantity,' says Mr Relvas. 'Thi
s financial programme will help
us create a competitive tourism industry in
the future.'
A total of Es20bn from the new fund will be provided as grants
for
investment, 60 per cent financed by European Community structural funds.
Grants will cover up to 25 per cent of the total cost of investment. But
un
like the past, very little will be made available for building new hotels.
I
nstead, the money will go to modernise and re-equip existing units, for the
construction of additional facilities such as golf courses and congress
cent
res and to diversify from beach holidays into sports and cultural
tourism.
A
further Es30bn will be made available by the Tourism Fund, a special
credit
institution, and banks at low interest rates.
Portugal's new tourism strate
gy is also aimed at combating a worrying trend.
While the number of tourists
has increased spectacularly, the amount they
spend is falling. In 1980 aver
age spending per tourist was 35 per cent above
the European average in dolla
r terms. Today, it is 15 per cent below.
Tourists currently spend a mere Es9
,000 a day on hotels and restaurants.
Tourism authorities have mapped out tw
o main strategies for changing this.
Beach holidays have become a mature mar
ket, where growth is falling off
rapidly. Tough competition between major op
erators and the globalisation of
the market through airline liberalisation i
s forcing down prices.
Portugal is trying to diversify away from this sector
into congresses,
cultural tourism and golf and other sporting holidays. 'Th
is development
will offer the twin advantages of attracting higher-spending
tourists and
being able to use existing Algarve facilities in the off-season
,' says Mr
Relvas.
Officials also want to attract tourists away from the Alg
arve, which
accounts for 40 per cent of total bed nights, to other areas, su
ch as the
Lisbon coastline and the unspoiled Alentejo region north of the Al
garve.
Though Portugal will maintain promotional efforts in Britain and Spai
n,
which together account for half its bed nights, efforts will also be made
to
boost the Italian, French and German markets and to break into the US an
d
Japan. Regular flights from Japan, scheduled to begin in 1994, should help
increase the number of its tourists from the current level of 30,000 a year
.
The Financial Times
London Page V
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9202
27
FT 27 FEB 92 / Survey of Dominican Republic (7): Less
fickle, less profitable - The tourist industry
By S
TEPHEN FIDLER
THE EUROPEANS are still arriving in the Domin
ican Republic, 500 years after
they first set foot on Hispaniola, the island
of which it now forms part.
More than half the country's visitors are now f
rom Europe, led by Italians,
Germans and the British. The Spanish are beginn
ing to arrive too on the 14
flights a week to Santo Domingo from Madrid.
Thi
s is in sharp contrast with the early 1980s when 80-85 per cent of all
touri
st visitors were from the US and Puerto Rico. Now the figure is closer
to 25
per cent, with Canadians accounting for 20-25 per cent of arrivals.
That ha
s allowed the republic, unlike other tourist destinations in the
Caribbean m
ore dependent on the American market, a cushion against the
impact of recess
ion in the US.
The American tourist has become highly cost-conscious, and ma
ny of the
destinations in the DR (as they call it) are pricey. Casa de Campo
, one of
the country's oldest resorts at La Romana along the coast from the
capital,
for example, provides highly-ranked sporting facilities - three gol
f
courses, shooting, riding, tennis, deep-sea fishing - in a glamorous
setti
ng, with prices to match. With every round of gold or game of tennis
costing
extra, many Americans prefer destinations with all-in prices.
The reduced d
ependence on the US has made the country's tourism business
somewhat less fi
ckle. Europeans appear less sensitive to upward flickers in
the price of avi
ation fuel that used to kill the American market stone dead.
There are, howe
ver, some drawbacks of higher dependence on Europe. Its
tourists, for exampl
e, do not spend as much as Americans once they arrive.
Italians tend to spen
d freely, and the Germans (like the Canadians)
moderately, while the British
tend to be penny-pinching.
But all visitors are sensitive to the kind of ne
gative publicity that
enveloped the island in late 1990. As the government s
hifted economic
policies to try to rein in 100 per cent inflation, the strai
n on the
Dominican economy showed. There were petrol shortages and a scarcit
y of
basic goods; water was cut off to many hotels and tourists were left
st
randed without power for most of the day.
The worst of the crisis lasted for
two or three months, but the effect of
the bad publicity lasted for more. C
ombined with the sharp drop in tourism
brought about by the invasion of Kuwa
it and war in the Gulf, the first half
of last year did not appear promising
for the country's tourist industry.
According to Mr Ellis Perez, president
of the Tourist Promotion Council, a
private sector body set up to fill the g
ap left by the government's baleful
promotion efforts: '1991 was a year of s
urvival for our tourism industry.'
None the less, according to official figu
res from the Ministry of Tourism,
the number of arrivals in the year as a wh
ole increased significantly. There
were 1.32m visitors, against 1.05m in 199
0, and 1.1m in 1989.
Meanwhile, the number of hotel rooms rose to 21,500 at
the end of last year,
from 19,000 a year earlier and 6,100 at the end of 198
1. Current plans
envisage that number rising to 28,000 over the next two yea
rs. Average hotel
occupancy rates for 1991 stood at 65 per cent.
However, Mr
Perez admits more has to be done to bring all tourists the kind
of security
of services they expect. Some resorts, particularly the newer
ones, are pro
tected against power shortages by their own generating capacity
but a full s
olution to the problems awaits confrontation of the country's
big infrastruc
ture problems and a shift toward the proper maintenance of the
infrastructur
e already in place. The importance of tackling these problems
is heightened
by the possible re-emergence in the next few years of Cuba as
an important t
ourist destination.
Mr Perez, a former tourism minister, is optimistic about
1992. The expensive
upgrading of the airport at Santo Domingo and its use a
s a Latin American
hub both by the Spanish state airline, Iberia, and Americ
an Airlines,
encourages that view.
However, plans to sell off all or part of
the state-owned Dominicana airline
appear to have stalled. Talks with Iberi
a have broken down, to the evident
relief of some in the industry who believ
ed that Iberia was not an ideal
partner and who would have preferred to see
Dominicana being used creatively
to aid tourism in the country, rather as Ja
maica has used its national
airline.
Mr Perez sees his country as offering a
wide variety of tourist destinations
which should reduce the volatility of
the market. A third of its coastline
consists of beaches, but he also points
to the tourist enclaves on the north
coast, sporting facilities in the sout
h; and the historic city of Santo
Domingo, where the old colonial town has b
een renovated in preparation for
the celebrations to mark the first visit of
Columbus to the 'new world'.
In contrast with the equivocal attitude in oth
er Caribbean countries to the
quincentennial, most Dominicans appear unaware
of the debate about the issue
that rages elsewhere in the region.
The expec
tations are that the celebrations will benefit an industry whose
important t
o the economy cannot be denied. Twenty-one years after the first
law was pas
sed to encourage tourism, the sector employs an estimated 50,000
people. It
is now the country's biggest foreign exchange earner, yielding
around Dollar
s 800m a year in gross earnings and over 10 per cent of gross
domestic produ
ct.
The Financial Times
London Page 35 Photograph
A German tourist in Santo Domingo, outside the oldest cathedral in the west
ern hemisphere (Omitted).
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_AN-CJ0BMAFYFT
921
027
FT 27 OCT 92 / Survey of Sri Lanka (13): Growth cont
inues despite conflict -Tourism
By DAVID PILLING
TO have one civil war may be considered unfortunate, but to h
ave two is
inexcusable. This seemed to be the view of international tourists
who,
having tentatively placed Sri Lanka on the map during the 1970s, promp
tly
removed it as the island gained a reputation for bloody civil strife.
To
urist arrivals had grown rapidly in the 1970s to a peak of 407,000 in
1982.
Annual growth was running at an average 24 per cent from 1976-1982.
The outb
reak in 1983 of government hostilities with the Tamil Tigers quashed
hopes o
f further expansion. Arrivals dropped dramatically, even more so when
violen
ce - previously confined largely to the north and east - erupted in
the sout
h with the attempted insurrection of the People's Liberation Front
(JVP).
By
1987, the number of visitors had dropped to a mere 180,000, a level from
wh
ich it failed to recover in 1988 and 1989. Discounting was so fierce that
a
night in a five-star hotel was being offered for as little as Dollars 7.
Few
would have predicted the impressive upturn witnessed since then. Boosted
by
the virtual annihilation of the JVP in the south and by the temporary
halt
of fighting with the Tigers, the number of visitors began to grow,
reaching
317,000 in 1991. This marked an increase of 6.7 per cent over the
previous y
ear, bucking the world trend in tourism which was hit hard by
recession and
the Gulf war.
Growth continued in spite of the renewed outbreak in June 1990
of fighting
in the north and east - out of bounds to tourists - as Sri Lank
an
authorities gradually persuaded the international industry that most of t
he
island remained safe.
In terms of foreign exchange earnings, growth has b
een even more
satisfactory with receipts of Dollars 155.6m in 1991; some 17.
4 per cent
over 1990.
That trend seems likely to continue and even accelerat
e. Arrivals in the
first eight months of this year are 27.7 per cent up on t
he same period in
1991, according to figures from the Ceylon Tourist Board.
The board
estimates that total arrivals for 1992 will be at least 380,000.
T
he government, says Mr N. U. Yasapala, director-general of the tourist
board
, is keen to promote the sector both for its foreign exchange earnings
and f
or its ability to provide employment. According to the central bank,
tourism
in 1991 accounted for 64,800 jobs - 27,000 directly and 37,800 in
ancillary
sectors.
Keen to capitalise on such benefits, the government has commission
ed a
10-year tourist 'masterplan' drawn up with the help of Horwath Consulti
ng of
the UK. The plan, a draft of which is due to be published in November,
sets
a target of 874,000 air arrivals by the year 2001 - more than double t
he
1982 peak.
Mr Martin Gerty, director of Horwath Consulting, says the plan
calls for the
upgrading of existing hotels, the development of more up-mark
et resorts, and
the improvement of facilities around cultural sites which ne
ed to be more
'visitor friendly'. Mr Gerty says such infrastructure was seve
rely run down
in the 1980s, but he thinks it remarkable that it was maintain
ed at all.
There may also be the need for additional airport facilities to t
hose at
Colombo's international airport because aircraft unable to land duri
ng bad
weather are presently redirected to Madras in southern India. One
pos
sibility is development of the military airfield at Hingurakgoda on the
east
of the island, particularly if ethnic tensions subside.
Such ambitious plan
s for tourism, especially at a time of budgetary
constraints, will require s
ubstantial private sector investment. The
government has accordingly extende
d tax incentives already enjoyed by
export-driven companies to investors in
tourist infrastructure.
Some local observers feel such incentives have been
too generous, allowing
already profitable concerns to avoid tax. Mr S. T. Fe
rnando, deputy governor
of the central bank, counters that new investment mu
st be encouraged
following the collapse of tourism in the mid-1980s.
Some 25
projects are being considered, worth an estimated total of Dollars
120m. Th
ese would add 2,350 graded rooms to the island's stock which now
stands at 9
,680 - 18,950 beds.
Obstacles to growth remain. Most immediate is increasing
anxiety among
certain groups that an expanded tourist sector would have a n
egative
cultural and environmental impact. There is concern that more touris
ts would
encourage drugs and prostitution - there are already an estimated 8
00 people
infected with the HIV virus - and that hotels will monopolise reso
urces such
as land, power and water.
The government was recently forced to a
bandon plans for a showcase Dollars
40m holiday complex at Chilaw on the wes
t coast because of protests by the
Roman Catholic Church. The Buddhist clerg
y, an extremely powerful political
force, is threatening the future of other
schemes.
Mr Gerty feels that such protests can be dissipated by outlining s
ome of the
sector's potential benefits, such as employment. Tourism will, he
says, have
limited environmental impact as resorts will not be permitted to
sprout up
piecemeal but will be strictly controlled according to a planned
development
strategy.
Another obstacle to growth may be Sri Lanka's over-rel
iance on certain key
markets. Western Europe makes up more than 60 per cent
of total tourist
traffic, with Germany, France, the UK and Italy representin
g nearly 80 per
cent of that share. North America provides a paltry 3 per ce
nt of arrivals.
Fashions change quickly and the 'discovery' of a new long-ha
ul destination
could jeopardise Colombo's plans.
The most serious question m
ark, however, remains Sri Lanka's international
reputation. Despite recent e
vidence that Colombo is winning the public
relations battle in reassuring th
e public of the island's safety,
international confidence remains fragile. I
f, on the other hand, the civil
war ends, prospects for growth would be exce
llent and the potential for
achieving a million visitors annually would beco
me realistic.
Assuming, however, that civil strife staggers on, it would onl
y take a few
well-publicised incidents of violence or a period of political
instability
for the country's tarnished image to resurface. That would effec
tively end
the growth of the past few years and Sri Lanka would return to th
e
backwaters of the tourist industry.
The Financial Times
London Page VIII
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_AN-DKJC4AFXFT
9311
10
FT 10 NOV 93 / Survey of Austria (2): Inflation still
proves stubborn - The economy: recovery largely depends on Germany
By PATRICK BLUM
THE SUDDEN onset, at the en
d of last year, of the country's worst recession
for more than a decade took
most Austrians by surprise, and caused an
uncharacteristic outpouring of gl
oomy forecasts.
But while the recession was real enough, causing a 4 per cen
t decline in
industrial output and an even sharper 8 per cent drop in manufa
cturing
exports in the first half of 1993, its impact has been far less pron
ounced
than for most of Austria's OECD partners.
Austria's recession came la
ter, and the country is likely to emerge from it
more rapidly than its weste
rn neighbours, though recovery will largely
depend on developments in German
y - Austria's most important trading partner
and its main source of revenues
from tourism.
As hopes receded that Austria would somehow avoid the Europe-
wide recession,
growth estimates were hastily revised downwards. Gross domes
tic product was
forecast to decline by around 1 per cent this year, though e
conomists now
believe the economy has bottomed out and that GDP will fall by
a more modest
0.75 per cent.
'The decline stopped in the spring, and since
then we've been stagnating.
Industrial exports have been worse hit, but cons
truction, tourism and
private consumption have held up,' says Mr Helmut Kram
er director of the
Austrian Institute of Economic Research (Wifo).
Several f
actors exacerbated the downturn. After a rapid rise in exports to
the former
communist states, rising competition from low-cost producers in
these count
ries began to take its toll on Austrian manufacturers, forcing
the governmen
t to impose import restrictions on sensitive products such as
cement and fer
tilisers. Exporters also suffered from the effective
revaluation of the Schi
lling last autumn, following the devaluation of
several European currencies.
The consequence was a further deterioration in the trade balance, which is
forecast to show a Sch109bn deficit, compared with a Sch106.4bn deficit last
year. Exports will fall by 5.5 per cent and imports by 3.5 per cent, but th
e
current account is expected to show a small surplus as income from tourism
and services offsets the deficit in traded goods.
Inflation is also proving
more difficult to tame than anticipated. Consumer
prices are set to rise by
3.5 per cent this year, after peaking at 4.1 per
cent in 1992, though that
included about half a percentage point caused by
changes in indirect taxatio
n. Inflation should fall to around 3 per cent
next year, thanks to moderate
wage rises.
A resilient budget deficit adds to inflationary pressures. Lower
tax
revenues, caused by the recession and higher spending on social securit
y and
unemployment benefits, will increase it from Sch62bn in 1992 to about
Sch80bn, representing about 3.8 per cent of GDP this year.
Hoped-for relief,
in the form of revenues from privatisations, have not
materialised as the p
rocess has faced repeated delays. But a renewed crisis
at Austrian Industrie
s, the large state-owned industrial group, is likely to
prompt the governmen
t to sell off a large part of it next year.
The government remains committed
to its deficit reduction strategy, albeit
at a slower pace, and Mr Ferdinan
d Lacina, finance minister, hopes to keep
the deficit below Sch80bn next yea
r. This may prove difficult if the
recovery is delayed by external factors.
'We have to be prepared for another
year of weak economic performance. The e
ffects of recession will also be
felt in 1994, but we have to put on the bra
kes,' he says.
But there will be no shock treatment with dramatic cuts in sp
ending. 'Lower
deficits will be possible when the recovery comes,' Mr Lacina
says. Social
programmes to soften the recession's impact will be maintained
, and the
government will seek to encourage employment by accelerating plann
ed
spending on infrastructure. 'If you have a high number of unemployed at t
he
start of an economic upturn, it's not easy to bring (the number) down.'
B
etter to try to control unemployment before a recovery, even if that means
s
ome additional costs, he suggests.
Nevertheless, unemployment is rising and
is expected to be 4.7 per cent of
the workforce by the end of this year, acc
ording to OECD measurements, and
around 7 per cent based on the narrower Aus
trian definition which does not
include the self-employed.
The fear of job l
osses and competition from low-paid foreign workers, who
now account for 8.5
per cent of the workforce, has encouraged wage
moderation. The example of t
he metal workers' unions, which recently agreed
to wage rises of 2.9 per cen
t for 1994, is expected to be followed by other
unions.
Mrs Maria Schaumayer
, president of the Austrian National Bank, says low wage
rises, combined wit
h greater flexibility to determine the extent of pay
increases at the level
of individual enterprises, will have a significant
effect on small and mediu
m-size companies which are not directly represented
in the national wage neg
otiations. 'It gives a safety net (for workers),
together with much needed d
eregulation (for employers),' she says.
Growth is forecast to resume next ye
ar with GDP rising by only a modest 1.5
per cent, but Mrs Schaumayer sees th
ree reasons for optimism and a 'velvet
landing'. Private consumption will be
encouraged by tax reforms;
construction activity has recovered from its win
ter lull; and exports are
picking up again. Austrian companies are also incr
easing their investment
abroad, improving their competitiveness in foreign m
arkets. 'This is an
ongoing trend. Most investments seem to be profitable, a
nd the propensity to
internationalise is rising,' she says.
The tax reforms
that will come fully into force on January 1 are expected to
stimulate busin
ess and boost consumer demand, hopefully leading to a rise in
investment whi
ch is set to decline by around 3 per cent this year. The
reforms eliminate s
everal profit-based taxes, raise the main corporate tax
from 30 to 34 per ce
nt, and simplify other taxes. On average, the overall
level of profit-based
taxes will go down by 10 per cent. Officials believe
the relatively low leve
l of corporate taxation should encourage foreign
investment.
Mr Kramer says
there has been a steady improvement in the competitive
position of Austrian
companies in the open sectors of the economy. 'The
productivity of capital i
s two percentage points higher in Austria than in
Germany,' he says. But fur
ther improvements and restructuring will be
necessary to meet rising interna
tional competition and the challenge posed
by low-cost producers in the form
er communist countries.
Mr Johann Farnleitner, deputy general secretary of t
he Federal Economic
Chamber, believes the opening up of eastern Europe offer
s a unique
opportunity. He says Austrian companies will gain competitiveness
by
shifting part of their production to neighbouring low labour cost econom
ies.
Already some 8,000 Austrian companies have joint ventures in the region
.
Among OECD countries, Austria has the highest share of its trade with the
former communist countries, which account for 7 per cent of its imports and
12 per cent of its exports. Mr Farnleitner believes trade with central and
e
astern Europe could grow to 15-20 per cent of total Austrian trade in a few
years' time.
Meanwhile, the recession has encouraged businesses to intensify
efforts to
adapt to the new environment, and Austria's bumpy ride at the bo
ttom of its
economic cycle will be made smoother by policies emphasising con
sensus. 'We
are gradualists. It is more sustainable,' says Mrs Schaumayer.
<
/TEXT>
Countries:-
ATZ Austria, West Europe.
Indu
stries:-
P9311 Finance, Taxation, and Monetary Policy.
Types:-
CMMT Comment & Analysis.
ECON Inflation.
ECON G
ross domestic product.
ECON Economic Indicators.
The Financi
al Times
London Page I
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_AN-EI0DNAG0FT
94092
7
FT 27 SEP 94 / Survey of Mauritius (9): Mainstay of gr
owth - The island's attractions make tourism a potential economic powerhouse
By MICHAEL HOLMAN
'Tiger in paradi
se,' proclaims a slogan promoting the international image of
Mauritius.
It i
s intended to bring to mind the group of newly industrialised countries
led
by the Asian 'tigers' which Mauritius wishes to emulate, while evoking
the i
sland's balmy climate and glorious beaches.
But the would-be Indian ocean ti
ger may be taking a breather, preparing for
what the government hopes will b
e its next leap forward; in the meantime,
paradise is expected to bring in e
ven more visitors.
The record suggests that this can be done, and the potent
ial is there. The
island's spectacular beaches and marine life, and its frie
ndly people, are a
highly marketable combination. Mauritius also offers a se
nse of security and
peace of mind rarely found in any large holiday destinat
ion - violent crime
is rare and visitors go unmolested.
Nevertheless, some l
ong running issues and concerns will have to be
addressed. If the current ra
te of increase in visitors - nearly 10 per cent
a year - is to be sustained,
Mauritius may have to reconsider its ban on
direct charter flights, while p
rotecting its reputation as an up-market
destination.
The island will also h
ave to fend off competition from a post-apartheid
South Africa, raise the st
andards of a number of hotels whose services and
facilities do not justify t
heir high prices, and encourage visitors to spend
more during their stay. Mo
st important is to ensure that growth is not at
the expense of the environme
nt, where the record has so far been mixed.
It is a tall order. But most ana
lysts agree that if the remarkable economic
growth Mauritius has enjoyed for
more than a decade is to continue, much of
the impetus may have to come fro
m tourism.
The textile industry, backbone of the export processing zone (EPZ
) that
accounted for the economy's dramatic take-off in the early 1980s, fac
es its
most testing time since its inception. Local labour costs have escala
ted and
international competition in the new GATT era is getting tougher.
Al
though diversification within the EPZ is under way, it is proving a slow
pro
cess, as is the development of financial services and offshore banking.
With
the sugar sector expected to do little more than hold its own, tourism
will
have to carry much of the burden for keeping up the 5-6 per cent annual
GDP
growth to which Mauritians have become accustomed.
Tourism has already play
ed a crucial part in the island's success, expanding
at a rate few thought p
ossible. From 124,000 tourists in 1983, the numbers
have climbed to 335,000
in 1992, rising to 375,000 last year. With the tally
for the first quarter o
f this year at 101,000, the year end target of
400,000 is within reach.
Fore
ign exchange earnings in 1993 reached MRs5,300m - exceeded only by
textile e
xports and sugar receipts - while providing direct employment to
more than 1
1,000 people, and thousands more indirectly.
The high growth of recent years
(nearly 11 per cent in 1993, 10 per cent in
1992) can be maintained, say ho
teliers, without adding to the island's 85
hotels - at least in the short te
rm. Occupancy rate in the larger hotels was
68.5 per cent last year, and 60
per cent in the smaller establishments.
There is also room for growth in the
traditional markets. Last year France
and the island of Reunion each accoun
ted for 23 per cent, Germany 10 per
cent, the United Kingdom 8 per cent and
South Africa 11 per cent - while
officials single out India as a barely tapp
ed target.
The island's national carrier, Air Mauritius, is also better equi
pped to
cope. Sir Harry Tirvengadum, its chairman and managing director, has
been
raising the quality of the airline, which in May this year became the
first
southern hemisphere airline to operate the new Airbus A340-400, with
i
ndividual video entertainment systems available throughout the whole cabin,
and telephones on board.
But if tourism is to play a greater part than its a
lready significant role,
the overall standard of hotels will have to be rais
ed.
The top of the range resorts - such as Le Touessrok recently remodelled
at a
cost of MRs480m La Pirogue and Le Saint Gerain - can compete with the b
est
in the world.
The trio are owned by Sun Resorts Ltd, a public company, l
isted on the
Mauritian stock exchange, in which two of the major shareholder
s are Sol
Kersner's Sun International and the Mauritian conglomerate, Irelan
d Blyth
Ltd (now renamed as IBL), each with about 24 per cent.
With the inte
rnational management and marketing expertise to draw on, and
locations secon
d to none, these Mauritian hotels can claim to be among the
best resorts in
the world. But many of the hotels on the island fall short
of the standards
their image and room rates require, whether the food, the
furnishings or the
amenities - other than the main attraction, the sea.
This issue becomes mor
e pressing given the challenge to Mauritius posed by
South Africa. It offers
game parks as well as beaches, hotels as good but
cheaper, and above all, l
ower air fares thanks to competition on a popular
route.
Although a charter
route to Mauritius continues to operate through the back
door - via Reunion,
the French dependency a hop away - the government seems
set to continue the
policy which bans direct services which would cut fares
and bring the islan
d within reach of more tourists.
Meanwhile efforts to encourage tourists to
spend more on the island are
paying off, boutiques offering EPZ clothing and
knitwear, as well as duty
free shopping facilities.
Countries:
-
MUZ Mauritius, Africa.
Industries:-
P9611
Administration of General Economic Programs.
P7011 Hotels and Motels.
P4512 Air Transportation, Scheduled.
Types:-
CMMT Co
mment & Analysis.
RES Facilities.
The Financial Times
London Page IV
============= Transaction # 101 ==============================================
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FT 28 AUG 92 / Survey of Malaysia (10): Helpful neigh
bours can also be a liability - Tourism is the only service industry to run
a surplus, but there is anxiety at the central bank
By VICTOR MALLET
TO THE Malaysian tourism industry, Thailan
d is a source of both inspiration
and despair: inspiration, because of its l
ongstanding success in attracting
foreign visitors; despair, because the pol
itical violence in Bangkok in May
has prompted some holidaymakers to cancel
their visits to south-east Asia.
Malaysia is anxious to emulate Thailand's s
uccessful handling of the tourist
trade, not least because the Kuala Lumpur
government is concerned about the
services deficit in the balance of payment
s, and tourism is the only service
industry to run a surplus.
By 1990 - or V
isit Malaysia Year 1990, if you are in the tourism business -
tourists had b
ecome the country's third largest source of foreign exchange,
after manufact
uring and crude oil, although arrivals have since fallen from
that year's to
tal of 7.5m visitors.
In its latest annual report, the Malaysian central ban
k notes with some
Angst that the country's tourism industry is lagging behin
d those of its
neighbours in Asean (the Association of South East Asian Nati
ons) in terms
of the sector's share of gross national product.
Furthermore,
half of Malaysia's visitors are short-stay tourists from
Singapore (day-trip
pers are not counted); the average length of stay in
Malaysia is put at 4.6
nights, against 6.1 for Thailand. Average per diem
spending is MDollars 345
in Thailand, compared with only MDollars 128 in
Malaysia; Thailand has more
than three times as many hotel rooms.
With holidays in the developed world b
ecoming longer and longer, tourists
increasingly favour multi-destination ho
lidays. Malaysia has used the
opportunity to expand its business, particular
ly by forging links with
Thailand and Singapore, the two main air travel gat
eways to south-east Asia
(the slogan for the Malaysia-Singapore tie-up is: '
Fascinating Malaysia,
surprising Singapore: two great countries, one great h
oliday').
The potential disadvantages of such links were graphically illustr
ated in
May, when troops killed at least 50 pro-democracy demonstrators on t
he
streets of Bangkok. Many holidays through the Bangkok gateway were
cancel
led, at least in the short term, and, in the words of Mr Ahmad Bakri
Shabdin
, the director general of the Malaysia Tourism Promotion Board, 'when
they c
ancel, they cancel both legs of a journey'.
That setback, and the competing
lure of the recent Olympic Games in
Barcelona, have left Malaysia struggling
to reach its target of 6.6m
visitors for 1992, although the start of the ne
w high season is yet to come.
The Gulf war helped push down 1991 arrivals to
5.9m from 1990's 7.5m, and
Malaysia had been hoping for a brisk revival.
'C
ome 1992, we were hoping for a recovery, but we are now being affected
very
much by the global recession,' says Mr Bakri Shabdin. 'It has been
compounde
d by the fact that in 1991 many countries developed domestic
tourism.'
In th
e European market, Malaysia finds itself competing with more convenient
dest
inations in America or the Mediterranean; and even in Asia, the most
importa
nt source of tourism, there are problems with the decline of the
Japanese in
centive travel market.
Malaysia has much to offer the tourist, from tropical
beach holidays, scuba
diving and hill resorts in the peninsula to jungle tr
eks and mountain walks
in Borneo, but it has never been able to project a cl
ear image to its
potential customers. The jury is still out on the success o
f Visit Asean
Year 1992 - an attempt to link the six Asean members (Brunei,
Indonesia,
Malaysia, the Philippines, Singapore and Thailand) - but it appea
rs that
Asean is too little known outside the region to make much impact on
the
average tourist.
Tourism officials point vaguely at Malaysia's ethnic di
versity and
interesting history, but admit that the name Malaysia conjures u
p different
and hazy images for different people if it conjures up anything
at all.
'Since 1990 we've decided to highlight our natural resources,' says
Mr Bakri
Shabdin. 'That's one thing we have that is uniquely Malaysian. We a
re
acknowledged as being the home of the oldest rainforest in the world.'
Le
aving aside the controversy over whether that rainforest is being
irreparabl
y destroyed by logging, Malaysia also realised from its 1990
campaign that i
t was worth making an effort to promote the country
vigorously as a tourist
destination, and worth linking its promotions to
special events already sche
duled for Malaysia.
'We learned from 1990 that there is a very marked correl
ation between events
and people arriving in the country,' says Mr Bakri Shab
din. 'We realise that
tourism is very much a consumer-oriented activity, and
therefore we have to
continually make our presence felt in the global touri
sm market.'
The result was a decision to launch another Visit Malaysia Year
in 1994 -
an idea first mooted as early as 1991 and formally inaugurated th
is year -
and to repeat the process every four years. This will fit convenie
ntly with
the Commonwealth Games in Malaysia in 1998.
Malaysia has already s
tarted to release promotional material for the 1994
campaign, featuring a ju
ngle scene with flowers, butterflies and a
waterfall. Tourists are curious,
but it is questionable whether many foreign
visitors will be drawn to Malays
ia by some of the advertised events -
including a squid-fishing festival, an
Asean literature meeting, the Ipoh
half-marathon, the birthday of the state
governor of Malacca and a
bird-singing competition - rather than by Malaysi
a's more permanent charms
of sun, sea, sand and jungle.
Perhaps the importan
t ingredients for reviving the Malaysian tourism
industry will not only be t
he kite shows and Malaysian fruit festivals, but
also the continued investme
nt in real estate (up to 70 hotels and resorts
are planned before the end of
the decade and the number of hotel rooms is
increasing by 10 to 12 per cent
a year), the proposed new airport, and a
recovery in the world economy.
The Financial Times
London Page VI
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727
FT 27 JUL 92 / Survey of New Zealand (14): Target tr
ebled after visitors top 1m - Tourism
By ANGELA WIGG
LESWORTH
IN VICTORIAN times, New Zealand's early tourists f
locked to see the famous
Pink and White Terraces near Rotarua in North Islan
d until this landmark was
destroyed by a volcanic eruption in 1886. Today, m
ost tourists go to New
Zealand for its scenic beauty and the innumerable out
door activities it
offers.
For the first time, in the year ending April 1992
, visitors topped the
million mark with 1,016,589 international arrivals mai
nly from Australia,
the US, Japan, the UK and Germany. 'This puts the touris
m board right on
track for reaching its target of 1.123m visitors by the end
of 1992,' says
Mr John Banks, the country's tourism minister.
Last year, th
e government formed a private sector-managed tourism board. Of
its budget of
NZDollars 60m, the government provides NZDollars 20m , with a
further NZDol
lars 20m to be awarded, so long as the commercial sector
matches the sum, wh
ich it is on target to do within the year.
'This is three times the amount w
e have previously had and it provides us
with a wonderful opportunity,' says
Mr Norman Geary, chairman of the tourism
board. 'We are telling airlines, t
our operators and others involved in the
New Zealand travel scene that we ar
e going to put more money on the table to
help them, but they have also got
to make funds available. The more costs
are shared, the more benefits there
will be for those who contribute towards
them.'
Tourism currently generates
NZDollars 6bn (around Pounds 3bn) a year, the
largest single amount of overs
eas income. In a comprehensive strategy for
growth, the board has set out it
s plans up to the end of the decade. Its
long-term aim is to attract 3m visi
tors by the year 2000.
That is a staggering figure since it is about New Zea
land's present
population. But the benefits to the industry and economy gene
rally of
achieving this target, says Mr Geary, would be NZDollars 5.7bn in f
oreign
exchange earnings with 270,000 jobs in tourism, double the present fi
gure.
Was there not a danger that that many visitors would destroy the very
things
they came to see? Mr Ian Kean, the tourism board's chief executive, a
dmits
that if there is too much growth, the environment will suffer. 'Growth
must
be managed carefully, sensitively and correctly,' he says. The board w
orks
actively with the Department of Conservation and the national parks to
ensure visitors do not spoil any natural attractions.
Investment opportuniti
es exist in abundance, says Mr Kean, and the tourism
board work as a catalys
t 'with anyone to make things happen'.
The board has begun a series of inves
tment seminars in some of the world's
main markets to promote opportunities
in New Zealand. One has been held in
Singapore and others will follow in Bri
tain, Japan and Korea. The campaign,
the board hopes, will help shatter the
myth that New Zealand is clean, green
but boring.
This year, too, Auckland h
as broken a northern hemisphere grip on a million
dollar-a-day business by w
inning a bid to host the 1994 world conference of
the Society of Incentive T
ravel Executives. About 300 travel planners,
controlling budgets totalling m
ore than NZDollars 17bn a year, will see what
New Zealand has to offer.
Ask
most visitors what they like about the country and the answer is likely
to t
ake in the unspoilt landscape, the cleaniness of the cities, the
unpolluted
air, the friendliness of the people, the Maori culture. You can
find the sce
nery of the whole world in New Zealand, packed into a country
the size of Br
itain: snow-topped mountains, rainforests creeping to the feet
of glaciers,
turquoise lakes and rivers, wide plains, fiords, fine beaches,
steaming mudp
ools and geysers.
Older people may like to experience these from the comfort
of a car or coach
(there are many organised tours). But now, with the intro
duction of
lower-cost charter flights, more young people are able to get to
New Zealand
and the 24-35 age group - who walk the long- distance tracks, sw
im with
dolphins, go whale watching, bungy jumping, river rafting and skiing
, to
name a few of New Zealand's many sporting activities - has become an
im
portant target market.
Uncrowded roads make for easy driving but InterCity c
oaches and trains are
comfortable (some have sheepskin seats), clean and pun
ctual. Bus drivers and
train guards give cheerful commentaries; Devon cream
teas are served on the
Tranz Alpine Express as it climbs the spectacular Sou
thern Alps, and you can
reach the inter-island ferry at Picton by the Coasta
l Express that travels
up the east coast of South Island to the Marlborough
vineyards.
New Zealand has its share of top hotels but more visitors are dis
covering
that Home and Farm Stays are good value. These are a fairly new dev
elopment,
the equivalent of bread-and breakfast in the UK, and a first handb
ook about
them has recently been published.
For disabled visitors, the count
ry has been called the most accessible on
earth. Every new public building a
nd major reconstruction is required by law
to provide adequate access for pe
ople with disabilities and there is a a
guide available for 'the less mobile
traveller'.
This year, Air New Zealand, which announced a consolidated net
profit of
NZDollars 56.1m in its half-yearly results to December 31 1991 and
won a
magazine 'Airline of the Year' award as Best Carrier to the Pacific f
or the
ninth year running, is adding a fourth weekly flight to Auckland with
a
Boeing 747-400 aircraft which, says Mr Bruce Leonard, the airline's regio
nal
general manager Europe, will boost accessibility to many Pacific islands
.
Together with Jetset, the company is offering a 10-day fly-drive holiday
f
rom Pounds 997 to include return flights from Gatwick and 10-day campervan
h
ire. A combination of flights and rental car for 10 days costs from Pounds
1
,009 with accommodation vouchers available from Pounds 18 per person a
night
.
For two people travelling together, British Airways offers, till the end o
f
October, one return ticket at Pounds 960, the other at Pounds 360. Several
tour companies have cut-price rates: one, Abta-recognised, quotes Pounds 59
9
for a return to Auckland. Courier rates, to deliver mail direct to their
d
estinations, are charged at a third of the full price on BA flights.
The Financial Times
London Page 26
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9411
17
FT 17 NOV 94 / Survey of Massachusetts (6): Enjoying
one of its best years -Tourism and business travel
By FRANK MCGURTY
In tourism and business travel, Massachuse
tts is a state which makes a
virtue out of its modest proportions and unders
tated charms. It has no
choice.
On their initial trip to the US, few foreign
ers are drawn to the
cobble-stone streets of Boston's Beacon Hill or to hist
oric Plymouth rock,
where the Puritans landed in 1620. The first time out, o
nly the most
independent spirits venture north to Walden Pond or west to the
autumnal
splendor of the Berkshire mountains.
Instead, they gravitate to th
e bright lights of New York, the glitz of
Hollywood or the sunshine and spec
tacle of Florida.
'It's very difficult to compete with Mickey Mouse,' says M
r Fred Clifford,
European marketing manager at the state's Office of Travel
and Tourism,
referring to the phenomenal appeal of Disney World in Orlando.
Likewise, convention planners most often turn to places such as Chicago or
N
ew York when booking the kind of events which attract tens of thousands of
v
isitors.
Compact Boston - one of the few American cities which is best enjoy
ed on
foot - simply lacks sufficient size to accommodate the biggest shows.
The
Hynes convention centre, its main venue, has only half the floor space o
f
the grand exhibition hall recently opened in Philadelphia.
Yet despite the
se handicaps - if indeed they can be characterised as such -
tourism and bus
iness travel are powerful economic engines in Massachusetts,
generating an e
stimated Dollars 12.5bn in business and Dollars 200m in state
and local taxe
s a year. In Boston alone, hotels, restaurants and hospitality
businesses em
ploy more than 10 per cent of the workforce.
The travel industry is now enjo
ying one of its best years since 1986, when
the regional economy was near th
e peak of an unsustainable boom.
The growth is not nearly as explosive as it
had been a decade ago, but the
robust trend is encouraging for a state that
is still shaking off the
lingering effects of a severe recession.
By the en
d of 1994, the Greater Boston Visitors and Convention Bureau
estimates that
nearly 10m people will have visited the city, up 16 per cent
from the 1991 t
rough.
The extra business is especially welcome during a period when some se
ctors
of the city's economy - particularly healthcare - are just beginning t
o
undergo a painful contraction.
There is evidence that the state is becomin
g a destination of choice for
more foreign travellers. An informal survey of
London tour operators
conducted by the state shows sales so far this year a
re 10 to 25 per cent
ahead of 1993. The number of German airline passengers
visiting
Massachusetts last year jumped 54 per cent, according to the US Tra
vel Data
Centre, which compiles tourism figures for the federal government.
What explains the state's growing appeal? The price is right, for one thing.
The weak dollar has made travel to the US much cheaper for both Europeans
a
nd Japanese. At the same time, fewer Americans can afford to book holidays
a
broad. Instead, they are planning shorter vacations closer to home, a trend
which has benefited Massachusetts - with its wealth of quiet, family
attract
ions - more than most states.
On the symbolic level, at least, that orientat
ion was underscored by the
decision of America's 'first family' - the Clinto
ns - to spend their summer
holidays on Martha's Vineyard, the exclusive isla
nd resort off Cape Cod.
Even though accommodations there are booked solidly,
year-in and year-out,
the publicity was priceless for the state's tourism i
ndustry as a whole.
But Massachusetts has more going for it than the vagarie
s of macroeconomics
and a brush with celebrity.
The state has stepped up its
overseas marketing programmes in an effort to
attract the growing body of E
uropeans who have visited the US more than once
and who are now ready to boo
k something more sophisticated than a trip to a
theme park.
In view of this
burgeoning potential market, 'Massachusetts is about to
explode as a holiday
destination,' predicts Mr Clifford. 'It's a place which
has really come int
o its own.'
In attracting such visitors, diminutive Massachusetts cannot be
viewed in
isolation from its five neighbours in the New England region. Typi
cally,
foreign tourists will fly into Boston, spend a few days sight-seeing
and
shopping, and then head north by car to the fishing villages of Cape Ann
and
the state of Maine.
The next stops on the circular tour are rugged New
Hampshire and rolling
Vermont, before turning south into the Berkshires, wor
ld renowned for their
autumn foliage and summer arts festivals. After a brie
f foray through
Connecticut and Rhode Island, many usually find themselves a
t the sandy
beaches of Cape Cod, before completing the loop back to Boston.
Foreign travellers going to Massachusetts for business most often stay in
Bo
ston, and their numbers are climbing. About 10 per cent of delegates at
the
city's medical conferences and meetings now come from outside the US, up
fro
m 1 per cent a decade ago.
Indeed, medical conferences held in the city ofte
n have record attendance.
Celebrity speakers affiliated from the state's pre
stigious schools and
hospitals are a big draw, but there are other reasons w
hich have nothing to
do with Boston's renowned medical establishment.
'We ha
ve all the things that convention delegates tend to like,' says Ms
Leslie Ma
tthieu Hogan, marketing director for the convention bureau.
Many visitors en
joy the fact that the airport is only minutes away from
downtown Boston. Fir
st-class hotel rooms are plentiful, the restaurants
sophisticated. Best of a
ll, walking around the city is easy.
Last year, it became even easier with t
he opening of the Boston Convention
Complex. The project actually involved n
o significant new construction.
Rather, the 'complex' was formed by unifying
the existing Hynes convention
centre, three hotels and some 200 shops and r
estaurants by means of a
network of glass-enclosed walkways.
In part, the ad
hoc complex represents an effort by the city and state to
compensate for it
s lack of a big exhibition centre. While the Boston
metropolitan area is the
country's seventh-largest, the city ranks 41st in
terms of available space
for meetings and trade shows. That reality has
forced the city to concentrat
e on booking smaller events.
A controversial plan to build a gigantic conven
tion centre and stadium,
probably on the southern fringes of downtown Boston
, is now working its way
through the Massachusetts Legislature.
But it is a
little surprising that the scheme is garnering so much political
and public
support, given the success tourism officials have enjoyed in
promoting the c
ity as a leading host of small business meetings.
The number of events booke
d this year is expected to reach 220, up from just
120 in 1991. Meanwhile, t
he average number of people attending each function
will have dropped from 5
,000 to 1,500, underlining the shift in emphasis.
But for the city's economy
, it is a fair trade, considering that the number
of hotel-room nights booke
d by people attending meetings climbed nearly 40
per cent over the same peri
od.
Indeed, Boston appears to have found a profitable niche, and one that se
ems
most appropriate to its character as a small, intimate city.
Countries:-
USZ United States of America.
Industries
:-
P7999 Amusement and Recreation, NEC.
Types:-
<
TP>CMMT Comment & Analysis.
The Financial Times
Lo
ndon Page 33
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9411
21
FT 21 NOV 94 / Survey of Germany (32): Foreign travel
is a national obsession - Germans abroad
By CHRISTO
PHER PARKES
Not even recession can staunch German Wanderlus
t - and its concomitant drain
on the balance of payments. Indeed, as recent
experience has shown, the
depression of holiday prices by international econ
omic decline, coupled with
the apparently unwavering strength of the D-Mark,
actively encourages
efforts to escape to the sun, writes CHRISTOPHER PARKES
.
Banks regularly issue exchange rate guides specifically aimed at trippers
seeking the best value for their hard currency on quick getaway breaks.
Popu
lar newspapers printed excited reports during the summer when the
Italian cu
rrency lost further ground and DM1 would buy L1,000 for the first
time.
Desp
ite the domestic slump which has brought real income cuts, rising taxes
and
unemployment, German spending on foreign travel is forecast to increase
arou
nd 3 per cent this year to some DM64bn (Dollars 41bn). Although this
implies
stagnation in real terms after a real 3 per cent increase in 1993,
when set
against falling expenditure on all other personal and household
goods and s
ervices, it serves to underscore the strength of the national
drive to get a
way.
According to a new study by the Cologne-based IWD economics institute,
the
average west German family sets aside more than DM200 a month - almost a
third of its leisure budget - for holidays. According to Dresdner Bank, a
c
onsumer poll in which people were asked which areas of spending they would
f
ind hardest to reduce found holidays ranked second only to the basics:
food,
rent and clothing.
The vacation may be sacrosanct, but it is becoming a con
siderable burden on
the balance of payments. While the national travel accou
nt has been in
deficit for almost 40 years, the gap between German spending
abroad and
foreign travellers' spending in Germany has increased 50 per cent
since
unification. While travel expenditure has risen from DM47.5bn to DM64
bn,
revenue income has barely budged, increasing a mere DM1bn since 1990 to
an
estimated DM18bn this year. As a result, last year's travel balance was a
record DM46bn in the red.
The domestic industry has suffered from the effec
ts of recession in
neighbouring European countries as well as the daunting s
trength of the
currency. Following a 10 per cent decline in 1993, the number
of foreign
guests staying in German hotels fell 3 per cent in the first hal
f of this
year.
But the domestic industry's most enduring disadvantage, acco
rding to
officials at the government-funded DZT tourism promotion authority,
is lack
of marketing effort. France, which arguably has more natural holida
y appeal
than Germany, spends four times as much on generic promotion than t
he DZT's
DM52m budget allows. Austria spends DM20m a year.
Earlier this year
DZT's new management set about trying to correct 'false
ideas' about German
y as a holiday destination, targeting young foreign
travellers likely to be
drawn by musical and other popular cultural
attractions. As its researches h
ad shown, the average age of vacationing
visitors was 'well over 50,' accord
ing to marketing chief Ms Eva-Marie
Sternagel.
Surprisingly, however, Dresdn
er Bank data show that although revenue from
foreign tourists in 1992 accoun
ted for only 0.7 per cent of GDP, the
absolute total of DM17.5bn was only a
little behind that of Austria, and
compared favourably with the UK's DM21bn.
Meanwhile, the industry's potential in the former GDR is only just being
te
sted. Despite the natural attractions of the Baltic coast, the relatively
lo
w population density and newly-accessible cultural centres such as Leipzig
a
nd Dresden, the region has attracted hardly any visitors from neighbouring
e
astern European countries. They prefer to spend their hard currency in
locat
ions more exotic than a former communist state. Westerners, too, have
been d
eterred by the lack of relatively good quality accommodation and
complaints
of over-high prices are common.
Although some 340,000 eastern jobs already d
epend directly or indirectly on
tourism, the government estimates the indust
ry needs a further DM6bn in
private investment to raise hotel and guest-hous
e bed density from its
present level of around half that in the west. The he
avy costs of rebuilding
the basic infrastructure in the region, such as road
s and railways, drains,
water, power and telephone connections, has limited
the volume of funds
available for popular attractions such as sports and cul
tural facilities.
Meanwhile, the local inhabitants are quickly developing th
eir western
cousins' taste for travel, but lower earning power tends to limi
t their
range. Favoured destinations include western Germany, Austria, Spain
and
Switzerland. As in the west, the average-income, four-member family res
erves
14 per cent of its disposable income for leisure activities - an avera
ge of
DM554 a month. Little more than DM100 of this is set aside for holiday
s -
just enough to cover the average German travel agent's price of a two-we
ek
foreign holiday for one.
Countries:-
DEZ Germany,
EC.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
STATS Statistics.
CMMT Comment & Analysis
.
The Financial Times
London Page XVI
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9306
17
FT 17 JUN 93 / Survey of Poland (2): A year of rising
output - Harsh economic medicine is starting to work
By ANTHONY ROBINSON
POLAND was the first country in post-
communist central Europe to embark on
radical economic reforms. It now has t
he satisfaction of being first to see
light at the end of the tunnel after 3
1/2 years of wrenching economic
change.
Industrial output, which dropped li
ke a stone for two years after the
introduction of a crash economic stabilis
ation package in January 1990, has
been rising for over a year from a low po
int 40 per cent below 1989 levels.
Official figures show that April output w
as 8.1 per cent above the same
month last year, and 7.6 per cent higher on a
verage over the first four
months.
Official unemployment, the surest indicat
or of the depth of the industrial
surgery which has pared down the state-own
ed enterprises, remains at a high
14.3 per cent of the labour force. But the
rate of increase in unemployment
has declined sharply and it now looks as t
hough more jobs are being created
in the dynamic private sector than are bei
ng shed in formerly bloated and
inefficient state enterprises. Registered un
employment actually dropped by
more than 6,000 in March.
A recent World Bank
report found that many state owned enterprises are also
now showing the ben
efits of better management, lower labour costs and other
delayed adjustments
to the harsh external environment imposed by the
government's tough fiscal
and monetary policies. Some, such as the Szczecin
shipyards, have shown rema
rkable turnrounds and are now exporting profitably
without subsidies.
Strong
growth in the chemical, electrical machinery and construction
industries is
leading the industrial recovery, accompanied by signs of a
revival in inves
tment and consumer demand. Higher output and rising real
incomes, however, h
ave put pressure on the external account with an 8 per
cent drop in exports
to Dollars 3.04bn in the first quarter contrasting with
a 16.5 per cent rise
in imports to Dollars 3.41bn.
The deepening recession in EC markets, especi
ally Germany, has made
exporting more difficult, while the continuing effect
s of last year's
drought, the EC ban on livestock imports, and poor prospect
s for the current
farm season have cut into farm exports and led to an incre
ase in grain
imports to make up the 7m tonne shortfall in last year's 20m gr
ain harvest.
Were it not for the drought, Poland would have registered a 3-4
per cent
rise in GDP last year instead of just over 1 per cent. This year t
he GDP
growth target is 3-4 per cent and, longer term, the government is loo
king
for a resumption of steady growth averaging 5 per cent annually for the
next
decade.
The Central Planning Office (CUP), which advises the governmen
t, has drawn
up two growth projections for 1994. The slow growth variant loo
ks for 2.7
per cent GDP growth, a modest rise in exports and imports, but 18
per cent
unemployment and 32 per cent inflation. The fast track variant opt
s for 6.5
per cent growth, an 8 per cent rise in exports, double the rate of
capital
formation, 15 per cent unemployment and 36 per cent inflation.
To m
ove to the fast track, the CUP calls for income tax relief for
investors, lo
wer interest rates linked to the producer price index (and not
the consumer
index), tax breaks for high unemployment regions and export
promotion throug
h the creation of a new export credit and insurance agency.
Economists belie
ve the shift from a Dollars 385m trade surplus in the last
quarter of 1993 t
o a Dollars 370m deficit over the first quarter of 1993
reflects the high im
port elasticity of Polish industry - which increasingly
incorporates sophist
icated imported components in its products - and the
desire of Polish consum
ers for quality imported goods. But the deterioration
also reflects an over-
valued zloty.
The government imposed a 6 per cent import surcharge on Decemb
er 17 to
restrain imports and followed this up last month by raising the dai
ly
devaluation of the zloty from 12 to 15 zloties, equivalent to a 1.85 per
cent monthly 'crawling peg' devaluation.
The government has been reluctant f
ully to devalue the zloty in line with
domestic inflation, which has decline
d sharply over the last three years but
is still affected by the phasing out
of energy subsidies, government deficit
spending and the impact of devaluat
ion itself. Consumer prices are currently
rising at 32/34 per cent on an ann
ual basis with a smaller rise in producer
prices.
Reducing inflation to sing
le digits remains a key policy target. The
outgoing government's main policy
anchor was its commitment to limit the
budget deficit to around 5 per cent
of GDP. This was the central plank in
its letter of intent to the IMF which
agreed a Dollars 660m standby loan in
March. This was followed two months la
ter by two further loans totalling
Dollars 750m from the World Bank to help
finance farm reforms, bank
restructuring and debt repayment.
Holding the lin
e was politically difficult for the minority coalition
government which was
brought down by trade union and opposition demands for
higher pay and higher
pensions for public sector employees. Had the
government given in to the de
mands the 21,000bn zloty (Pounds 840m) extra
spending would have breached th
e budget deficit limits.
Shortly before dissolving parliament President Lech
Walesa vetoed the
parliamentary vote for higher pension payments and Ms Han
na Suchocka,
re-appointed as acting prime minister, publicly welcomed the fa
ct that with
parliament in abeyance the government would have an opportunity
to prepare
next year's budget in peace.
Keeping to agreed IMF parameters is
essential if Poland is to reach a debt
reduction agreement with foreign ban
k creditors. Much hangs on the outcome
of forthcoming negotiations with the
London Club of commercial bank
creditors to whom Poland owes Dollars 12.1bn
in capital and accrued
interest. Negotiations due to take place earlier this
month have been
postponed to the end of June, ostensibly to give the banks
more time to
study a report of the state of the economy and Poland's ability
to pay.
Poland is faced with a serious bunching of repayments on its Dollar
s 33bn
debt to the Paris Club of official creditors and recent borrowings fr
om
international institutions in the first years of the next century. So
Pol
and's debt negotiators are seeking a 50 per reduction in overall debt,
simil
ar to the Paris Club deal two years ago, with a significant buy - back
compo
nent, and repayment of the outstanding debt over 30 years.
Agreement with th
e London Club would remove one of the main restrictions on
Poland's ability
to attract foreign equity investment and permit the
normalisation of relatio
ns with the commercial banking system. Until now
Poland, in spite of its 40m
internal market and rapidly growing private
sector, has attracted relativel
y little foreign investment. That is now
changing, however, as foreign inves
tors gain experience in the market.
A combination of rapid growth in the loc
ally owned private sector and
foreign investment is helping to change the pr
oduct mix and the quality of
Polish exports. The traditional sinews of the o
ld centralised economy -
especially coal, steel and heavy engineering - have
withered. Coal output
this year will be under 120m tonnes, only 60 per cent
of its 1980s peak;
steel output has more than halved since 1989; heavy engi
neering output fell
over 10 per cent last year.
The painful shift away from
energy, labour and raw material intensive
industries has reduced power consu
mption, done more for cleaner air and
water than expensive environmental con
trol equipment, and released resources
for more profitable employment.
Insid
e some of Poland's former satanic mills, international companies such
as Fia
t, Asea Brown Boveri (ABB), Philips, Unilever and Thomson have
introduced ne
w management and new machines to produce first class industrial
goods for bo
th export and the home market. Fiat now sources Europe-wide
sales of the new
Cinquecento from its plant in southern Poland and has
pledged to invest Dol
lars 2bn before the end of the decade.
Consumer product and food corporation
s with worldwide brand names, along
with the global detergent and soap compa
nies, have set up plants, attracted
by low wage costs, a 40m strong domestic
market hungry to adopt western
consumption patterns and the prospect of re
- expanding trade links with the
Baltic states, Russia and Ukraine.
Poland's
capacity to absorb higher foreign investment has grown steadily
over the la
st three years as a series of structural, institutional and legal
reforms ha
ve created the most privatised economy in the region. Most foreign
trade, ov
er 80 per cent of retailing, 75 per cent of construction, over 60
per cent o
f road transport and nearly 30 per cent of industrial sales now
come from th
e private sector which accounts for over 50 per cent of GDP and
nearly 60 pe
r cent of employment, including agriculture.
The pace of privatisation is du
e to accelerate next year with the formation
of 20 National Investment funds
(NIF), which will manage 600 former state
enterprises under the mass privat
isation programme, and government
encouragement for wholesale worker and man
agement buyouts.
Countries:-
PLZ Poland, East Europe
.
Industries:-
P9311 Finance, Taxation, and Monetary Po
licy.
Types:-
ECON Inflation.
ECON Industrial pro
duction.
ECON Gross domestic product.
ECON Balance of trade.
C
MMT Comment & Analysis.
The Financial Times
London
Page II
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9203
23
FT 23 MAR 92 / Survey of Republic of Cyprus (2): A re
putation for quality - Tourism
By BOULI HADJIOANNOU
AFTER a season of cancelled bookings and deep price cuts, f
orecasts of a
record year for Cyprus tourism are being greeted with cautious
relief.
The Gulf crisis interrupted a decade of steady expansion in the isl
and's
tourist industry. Foreign visitors were flown home by tour operators w
orried
about rising insurance costs, while hotel occupancy rates plummeted t
o 25
per cent in the first few months of 1991. Staff were laid off and some
hotels closed.
'There was a misunderstanding about our geographic position.
Attention
tended to focus on how close, rather than how far, we were from th
e
hostilities,' says Mr Andreas Nicholaou, chairman of the Cyprus Tourist
Or
ganisation (CTO).
Although bookings recovered over the summer, reaching norm
al levels by
September, arrivals for the year totalled 1.32m, a 15 per cent
decline from
the record number of 1.56m in 1990. Foreign exchange earnings f
ell from
CPounds 573m to CPounds 470m as hoteliers cut prices in an effort t
o cover
losses earlier in the season.
This year, however, arrivals are proje
cted to reach 1.65m, although revenues
will rise more slowly than in the pas
t. Prices remain close to 1991 levels,
reflecting apprehension that Cyprus w
ould not immediately be able to recover
its share of the European market.
In
fact, price stability brought such a rush of bookings in medium-priced
hote
ls that the CTO had to intervene to prevent overbooking. Operators in
Britai
n, the main market, are being reassured that anyone left without a
room will
be given one in a four- or five-star hotel.
This year, too, hoteliers will
be struggling to cope with a staff shortage,
the result of full employment i
n the south of the island. Foreign contract
workers, many from eastern Europ
ean countries, are being hired as cooks,
chambermaids and restaurant staff s
o that as many Cypriots as possible are
available for jobs involving direct
contact with visitors.
Last month, Cyprus Airways, the state carrier, launch
ed a charter
subsidiary, Eurocypria, to which it leased two new Airbus A320s
. According
to Mr Tassos Angelis, the airline's spokesman, Eurocypria has al
ready sold
140,000 seats, its entire capacity for the season.
In southern Cy
prus, tourism grew much faster during the 1980s than in the
rest of Europe,
with the development of resorts along the southern and
western coast to repl
ace those abandoned in 1974 after the Turkish invasion
of the north. The gro
wth rate in Europe from 1980-90 averaged 3.5 per cent,
while foreign exchang
e earnings rose by an average 8.3 per cent. For Cyprus,
the equivalent figur
es were 16 and 23 per cent.
Apart from being a sun-and-sea destination, with
a longer season than Greece
or much of the Turkish Aegean coast, Cyprus is
held to offer better
standards of service than in other Mediterranean countr
ies. Even Ayia Napa,
the Cyprus equivalent Benidorm, attracts a proportion o
f 'repeat' visitors.
Other resorts, especially Paphos, appeal to older touri
sts who are more
likely to return within two or three years.
Cyprus managed
at the same time to acquire a reputation for quality which
the CTO is anxiou
s to preserve. 'The 1990s will be the decade of quality
destinations. They a
re the ones that will survive in an increasingly
competitive world,' says Mr
Nicholaou.
The CTO aims at increasing Cyprus's share of the growing interna
tional
market in incentive and conference tourism, adding more marinas to at
tract
yacht owners south from Greece and Turkey, and developing the special
interest market. Already, Scandinavian and central European soccer teams
hol
d training sessions in Cyprus. Elderly visitors from Britain or Finland,
esc
aping from northern European winters for longer stays, can take courses
in b
otany or Greek cooking.
Until now, Cyprus has not been a regular port of cal
l for Mediterranean
cruise ships. But as local travel agencies have discover
ed, one profitable
way of keeping visitors entertained is to offer them shor
t cruises to Egypt
and Israel, both within easy reach of the island.
Althoug
h an 18-month moratorium on hotel construction has ended, the
intention is t
o avoid a rash of new building. With 65,000 beds available,
mostly in three-
star hotels, capacity is thought be adequate. In future,
priority will be gi
ven to four- or five-star hotels with a wide range of
leisure and sports fac
ilities.
Yet if Cyprus is to focus successfully on up-market tourism, the ma
rket must
be diversified to include more French, German, Austrian and Swiss
visitors.
At present, British tourists account for 49 per cent of arrivals,
with
Scandinavians the next-largest category at 16 per cent. The next step b
eing
planned by the CTO is to persuade Americans and Japanese to include Cyp
rus
on their European itineraries.
The Financial Times
<
PAGE> London Page I
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23
FT 23 MAR 92 / Survey of Republic of Cyprus (2): A re
putation for quality - Tourism
By BOULI HADJIOANNOU
AFTER a season of cancelled bookings and deep price cuts, f
orecasts of a
record year for Cyprus tourism are being greeted with cautious
relief.
The Gulf crisis interrupted a decade of steady expansion in the isl
and's
tourist industry. Foreign visitors were flown home by tour operators w
orried
about rising insurance costs, while hotel occupancy rates plummeted t
o 25
per cent in the first few months of 1991. Staff were laid off and some
hotels closed.
'There was a misunderstanding about our geographic position.
Attention
tended to focus on how close, rather than how far, we were from th
e
hostilities,' says Mr Andreas Nicholaou, chairman of the Cyprus Tourist
Or
ganisation (CTO).
Although bookings recovered over the summer, reaching norm
al levels by
September, arrivals for the year totalled 1.32m, a 15 per cent
decline from
the record number of 1.56m in 1990. Foreign exchange earnings f
ell from
CPounds 573m to CPounds 470m as hoteliers cut prices in an effort t
o cover
losses earlier in the season.
This year, however, arrivals are proje
cted to reach 1.65m, although revenues
will rise more slowly than in the pas
t. Prices remain close to 1991 levels,
reflecting apprehension that Cyprus w
ould not immediately be able to recover
its share of the European market.
In
fact, price stability brought such a rush of bookings in medium-priced
hote
ls that the CTO had to intervene to prevent overbooking. Operators in
Britai
n, the main market, are being reassured that anyone left without a
room will
be given one in a four- or five-star hotel.
This year, too, hoteliers will
be struggling to cope with a staff shortage,
the result of full employment i
n the south of the island. Foreign contract
workers, many from eastern Europ
ean countries, are being hired as cooks,
chambermaids and restaurant staff s
o that as many Cypriots as possible are
available for jobs involving direct
contact with visitors.
Last month, Cyprus Airways, the state carrier, launch
ed a charter
subsidiary, Eurocypria, to which it leased two new Airbus A320s
. According
to Mr Tassos Angelis, the airline's spokesman, Eurocypria has al
ready sold
140,000 seats, its entire capacity for the season.
In southern Cy
prus, tourism grew much faster during the 1980s than in the
rest of Europe,
with the development of resorts along the southern and
western coast to repl
ace those abandoned in 1974 after the Turkish invasion
of the north. The gro
wth rate in Europe from 1980-90 averaged 3.5 per cent,
while foreign exchang
e earnings rose by an average 8.3 per cent. For Cyprus,
the equivalent figur
es were 16 and 23 per cent.
Apart from being a sun-and-sea destination, with
a longer season than Greece
or much of the Turkish Aegean coast, Cyprus is
held to offer better
standards of service than in other Mediterranean countr
ies. Even Ayia Napa,
the Cyprus equivalent Benidorm, attracts a proportion o
f 'repeat' visitors.
Other resorts, especially Paphos, appeal to older touri
sts who are more
likely to return within two or three years.
Cyprus managed
at the same time to acquire a reputation for quality which
the CTO is anxiou
s to preserve. 'The 1990s will be the decade of quality
destinations. They a
re the ones that will survive in an increasingly
competitive world,' says Mr
Nicholaou.
The CTO aims at increasing Cyprus's share of the growing interna
tional
market in incentive and conference tourism, adding more marinas to at
tract
yacht owners south from Greece and Turkey, and developing the special
interest market. Already, Scandinavian and central European soccer teams
hol
d training sessions in Cyprus. Elderly visitors from Britain or Finland,
esc
aping from northern European winters for longer stays, can take courses
in b
otany or Greek cooking.
Until now, Cyprus has not been a regular port of cal
l for Mediterranean
cruise ships. But as local travel agencies have discover
ed, one profitable
way of keeping visitors entertained is to offer them shor
t cruises to Egypt
and Israel, both within easy reach of the island.
Althoug
h an 18-month moratorium on hotel construction has ended, the
intention is t
o avoid a rash of new building. With 65,000 beds available,
mostly in three-
star hotels, capacity is thought be adequate. In future,
priority will be gi
ven to four- or five-star hotels with a wide range of
leisure and sports fac
ilities.
Yet if Cyprus is to focus successfully on up-market tourism, the ma
rket must
be diversified to include more French, German, Austrian and Swiss
visitors.
At present, British tourists account for 49 per cent of arrivals,
with
Scandinavians the next-largest category at 16 per cent. The next step b
eing
planned by the CTO is to persuade Americans and Japanese to include Cyp
rus
on their European itineraries.
The Financial Times
<
PAGE> London Page I
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23
FT 23 MAR 92 / Survey of Republic of Cyprus (2): A re
putation for quality - Tourism
By BOULI HADJIOANNOU
AFTER a season of cancelled bookings and deep price cuts, f
orecasts of a
record year for Cyprus tourism are being greeted with cautious
relief.
The Gulf crisis interrupted a decade of steady expansion in the isl
and's
tourist industry. Foreign visitors were flown home by tour operators w
orried
about rising insurance costs, while hotel occupancy rates plummeted t
o 25
per cent in the first few months of 1991. Staff were laid off and some
hotels closed.
'There was a misunderstanding about our geographic position.
Attention
tended to focus on how close, rather than how far, we were from th
e
hostilities,' says Mr Andreas Nicholaou, chairman of the Cyprus Tourist
Or
ganisation (CTO).
Although bookings recovered over the summer, reaching norm
al levels by
September, arrivals for the year totalled 1.32m, a 15 per cent
decline from
the record number of 1.56m in 1990. Foreign exchange earnings f
ell from
CPounds 573m to CPounds 470m as hoteliers cut prices in an effort t
o cover
losses earlier in the season.
This year, however, arrivals are proje
cted to reach 1.65m, although revenues
will rise more slowly than in the pas
t. Prices remain close to 1991 levels,
reflecting apprehension that Cyprus w
ould not immediately be able to recover
its share of the European market.
In
fact, price stability brought such a rush of bookings in medium-priced
hote
ls that the CTO had to intervene to prevent overbooking. Operators in
Britai
n, the main market, are being reassured that anyone left without a
room will
be given one in a four- or five-star hotel.
This year, too, hoteliers will
be struggling to cope with a staff shortage,
the result of full employment i
n the south of the island. Foreign contract
workers, many from eastern Europ
ean countries, are being hired as cooks,
chambermaids and restaurant staff s
o that as many Cypriots as possible are
available for jobs involving direct
contact with visitors.
Last month, Cyprus Airways, the state carrier, launch
ed a charter
subsidiary, Eurocypria, to which it leased two new Airbus A320s
. According
to Mr Tassos Angelis, the airline's spokesman, Eurocypria has al
ready sold
140,000 seats, its entire capacity for the season.
In southern Cy
prus, tourism grew much faster during the 1980s than in the
rest of Europe,
with the development of resorts along the southern and
western coast to repl
ace those abandoned in 1974 after the Turkish invasion
of the north. The gro
wth rate in Europe from 1980-90 averaged 3.5 per cent,
while foreign exchang
e earnings rose by an average 8.3 per cent. For Cyprus,
the equivalent figur
es were 16 and 23 per cent.
Apart from being a sun-and-sea destination, with
a longer season than Greece
or much of the Turkish Aegean coast, Cyprus is
held to offer better
standards of service than in other Mediterranean countr
ies. Even Ayia Napa,
the Cyprus equivalent Benidorm, attracts a proportion o
f 'repeat' visitors.
Other resorts, especially Paphos, appeal to older touri
sts who are more
likely to return within two or three years.
Cyprus managed
at the same time to acquire a reputation for quality which
the CTO is anxiou
s to preserve. 'The 1990s will be the decade of quality
destinations. They a
re the ones that will survive in an increasingly
competitive world,' says Mr
Nicholaou.
The CTO aims at increasing Cyprus's share of the growing interna
tional
market in incentive and conference tourism, adding more marinas to at
tract
yacht owners south from Greece and Turkey, and developing the special
interest market. Already, Scandinavian and central European soccer teams
hol
d training sessions in Cyprus. Elderly visitors from Britain or Finland,
esc
aping from northern European winters for longer stays, can take courses
in b
otany or Greek cooking.
Until now, Cyprus has not been a regular port of cal
l for Mediterranean
cruise ships. But as local travel agencies have discover
ed, one profitable
way of keeping visitors entertained is to offer them shor
t cruises to Egypt
and Israel, both within easy reach of the island.
Althoug
h an 18-month moratorium on hotel construction has ended, the
intention is t
o avoid a rash of new building. With 65,000 beds available,
mostly in three-
star hotels, capacity is thought be adequate. In future,
priority will be gi
ven to four- or five-star hotels with a wide range of
leisure and sports fac
ilities.
Yet if Cyprus is to focus successfully on up-market tourism, the ma
rket must
be diversified to include more French, German, Austrian and Swiss
visitors.
At present, British tourists account for 49 per cent of arrivals,
with
Scandinavians the next-largest category at 16 per cent. The next step b
eing
planned by the CTO is to persuade Americans and Japanese to include Cyp
rus
on their European itineraries.
The Financial Times
<
PAGE> London Page I
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FT943-2749
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9409
17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
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17
FT 17 SEP 94 / UK Company News: Tropical storm disrup
ts Geest's banana supplies
By DAVID BLACKWELL
Banana supplies to Geest, whose shares fell sharply early in the
year
following disease on its Costa Rican plantations, have been hit by a
tr
opical storm in the Windward Islands.
Shares in the group fell 30p to 211p,
almost half the year's high of 375p.
Tropical Storm Debbie hit the islands a
week ago, causing extensive flooding
around St Lucia and damage to roads an
d bridges. Geest, which is under
contract to ship all the islands' bananas,
estimates that output will be 40
per cent down.
It expects to load only 2,40
0 tonnes a week, compared with a normal load of
4,000 tonnes. The islands, w
hich usually provide more than half the group's
total banana volume, are not
expected to return to full production until the
end of next year.
The EC's
Banana Management Committee, which meets next Wednesday, will
consider how t
he disaster should be treated under the banana import regime.
Mr David Sugde
n, Geest's chief executive, said the group was lobbying the
European Commiss
ion to allow it to buy bananas from other sources to make up
the shortfall,
and import them into the UK at the same tariff.
He attacked the political un
certainty still surrounding the regime, as it is
unclear whether the commiss
ion has the power to determine the tariff on
alternative supplies. 'It is a
nonsense that, a year into the regime, we are
sitting here in this position
because of an incident that was eminently
foreseeable.'
He is expecting some
support from the French as the banana industry in
Martinique also suffered
from the storm.
Geest will announce its interim results next Thursday. The C
ity is expecting
about Pounds 12m, against Pounds 3.5m, following improved b
anana prices.
Companies:-
Geest.
Countries
:-
CRZ Costa Rica, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Pro
duction.
The Financial Times
London Page 11
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============= Transaction # 116 ==============================================
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011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
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9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
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10
FT 10 AUG 93 / High death toll in Caracas storm
By JOSEPH MANN
CARACAS
VENEZUELAN firemen and civil defence crews were yesterday pulling b
odies out
of the wreckage of shanty towns ringing Caracas, after tropical st
orm Bret
hit at the weekend.
The storm killed about 150 people in the capita
l, according to reports.
Hundreds have been injured and thousands left homel
ess. Yesterday, residents
were clearing up after the rains (picture left).
M
ost of the damage occurred in the Caracas metropolitan area, where heavy
rai
ns on Sunday morning battered slum dwellings perched on the city's many
hill
s, causing mudslides and burying people alive.
The total number of victims w
as still in doubt yesterday and the government
had not issued official figur
es.
Caracas newspapers estimated fatalities nationwide could exceed 300.
The
US National Weather Service said yesterday that Bret, which was breaking
up
as it moved off the Colombian coast, could gain strength before passing
ove
r Central America.
The government of Venezuelan President Ramon Jose Velasqu
ez of has declared
a state of national mourning.
Despite a big fiscal defici
t, officials are looking for ways to release
funds for emergency relief.
Countries:-
VEZ Venezuela, South America.
In
dustries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
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26
FT 26 AUG 92 / Hurricane damage put at Dollars 20bn a
s 2m people told to leave homes
By MARTIN DICKSON an
d NORMA COHEN
NEW YORK, LONDON
DA
MAGE CAUSED by Hurricane Andrew could rise to Dollars 20bn, it was
estimated
yesterday, as one of the costliest US storms this century
threatened a furt
her devastating landfall near the city of New Orleans.
Government officials
in Louisiana, Mississippi and Texas yesterday advised
or ordered more than 2
m people to evacuate coastal areas.
The hurricane tore through southern Flor
ida early on Monday morning, causing
billions of dollars of property damage
and at least 12 deaths, and yesterday
was moving north-west across the Gulf
of Mexico with winds of about 140
miles an hour.
At least three people died
on Sunday when Hurricane Andrew crossed the
Bahamas.
Ms Kate Hale, director
of emergency services in Florida's Dade County, which
bore the brunt of the
storm, estimated that Andrew had already caused
Dollars 15bn to Dollars 20bn
(Pounds 7.5bn-Pounds 10bn) of damage.
However, insurance industry analysts
cautioned that it was too early to
assess the costs accurately. The US indus
try's Property Claims Service, the
official compiler of disaster losses, had
yet to compile a preliminary tally
of the Florida bill.
A hurricane warning
was in effect yesterday along 470 miles of Gulf coast
from Pascagoula, Miss
issippi, to Galvestone, Texas.
Several forecasting agencies suggested the li
keliest landfall was in central
Louisiana, to the west of New Orleans, possi
bly late last night or this
morning.
New Orleans, with a population of 1.6m,
is particularly vulnerable because
the city lies below sea level, has the M
ississippi River running through its
centre and a large lake immediately to
the north.
Much of America's oil refining industry is concentrated along coa
stal Texas
and Louisiana and several refineries were yesterday partially shu
t down.
These included British Petroleum's Belle Chasse plant in Louisiana.
In Florida, Andrew caused greatest havoc in a largely suburban swathe some
1
0-15 miles south of Miami. The town of Homestead, near the centre of the
sto
rm, was largely flattened, including a local air force base.
Miami's city ce
ntre escaped with relatively light damage. More than 24 hours
after the hurr
icane, some 825,000 households and businesses were still
without power.
The
brunt of insurance claims from the Florida storm will fall on the US
industr
y, and companies with a heavy local exposure include the State Farm
Group an
d the Allstate Insurance unit of Sears Roebuck. These are also the
leading p
roperty/casualty and home insurance groups in Louisiana, together
with Ameri
can International Group.
A spokesman for State Farm Insurance said he believ
ed the company had
roughly 20 per cent of the Florida market. The mutually-o
wned company has no
reinsurance. Its size has made obtaining reinsurance cov
er difficult and its
reserves, at about Dollars 24bn, have made it unnecessa
ry.
According to Balcombe Group, a UK-based claims adjustment firm, other
in
surers with large exposure in the hurricane-hit area are Hartford
Insurance,
Aetna and Travellers. Travellers said it had flown 50 claims
adjusters in t
o Florida late on Monday and was assessing losses. About 12
per cent of Trav
ellers' home insurance premium income came from Florida last
year, and 4.6 p
er cent of its commercial insurance premiums.
The last serious US hurricane,
Hugo, which struck South Carolina in 1989,
cost the industry Dollars 4.2bn
from insured losses, though estimates of the
total damage caused ranged betw
een Dollars 6bn and Dollars 10bn.
The Financial Times
London Page 14
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940
709
FT 09 JUL 94 / Georgia awash after Alberto brings fl
oods
Muddy floodwaters cover the streets of downtown Mont
ezuma, Georgia,
yesterday as the remnants of tropical storm Alberto drenched
the state for a
fourth day, leaving damage estimated at over Dollars 100m.
At least 19
people were reported to have died in Georgia and another in Alab
ama. The
city of Albany, 175 miles south of Atlanta along the swollen Flint
River,
evacuated some 15,000 people to higher ground as coffins floated in
c
emeteries. Across the US, at least 12 firefighters were reported to have
die
d when they were overrun by a forest fire in the Rockies about 120 miles
wes
t of Denver.
Countries:-
USZ United States of Americ
a.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 4
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22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 124 ==============================================
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930
105
FT 05 JAN 93 / International Company News: Aetna say
s storm claims will cut earnings by Dollars 27m
By P
ATRICK HARVERSON
AETNA LIFE & Casualty, one of the largest
US composite insurers, said
yesterday that the cost of claims from the winte
r storm that struck New York
city and parts of the eastern seaboard in early
December would reduce
fourth-quarter after-tax earnings by about Dollars 27
m, or 25 cents a share.
So far, Aetna says it has received about 14,000 clai
ms, and it expects the
total to climb to about 18,000.
The December storm -
named Winter Storm Beth - was the second major weather
catastrophe to affect
US insurers last year.
Claims from Hurricane Andrew, which devastated parts
of southern Florida
last summer, helped inflate third-quarter catastrophe l
osses at Aetna's
property and casualty unit from Dollars 6m to Dollars 29m.
Aetna is expected to report fourth-quarter results on February 10.
In the fo
urth quarter last year, the company made a net profit of Dollars
93m.
Companies:-
Aetna Life and Casualty.
Countries:-
USZ USA.
Industries:-
P6411 Insurance Agen
ts, Brokers, and Service.
Types:-
COMP Company News.
FIN Company Finance.
The Financial Times
London
Page 21
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16
FT 16 AUG 93 / World News in Brief: Storm hits Martin
ique
A three-year-old girl was missing, believed drowned,
and about 10 people
were injured as tropical storm Cindy swept the French C
aribbean island of
Martinique, leaving 3,000 homeless.
Countrie
s:-
MQZ Martinique, Caribbean.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natura
l resources.
The Financial Times
International Page
1
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18
FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
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27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
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10
FT 10 AUG 93 / High death toll in Caracas storm
By JOSEPH MANN
CARACAS
VENEZUELAN firemen and civil defence crews were yesterday pulling b
odies out
of the wreckage of shanty towns ringing Caracas, after tropical st
orm Bret
hit at the weekend.
The storm killed about 150 people in the capita
l, according to reports.
Hundreds have been injured and thousands left homel
ess. Yesterday, residents
were clearing up after the rains (picture left).
M
ost of the damage occurred in the Caracas metropolitan area, where heavy
rai
ns on Sunday morning battered slum dwellings perched on the city's many
hill
s, causing mudslides and burying people alive.
The total number of victims w
as still in doubt yesterday and the government
had not issued official figur
es.
Caracas newspapers estimated fatalities nationwide could exceed 300.
The
US National Weather Service said yesterday that Bret, which was breaking
up
as it moved off the Colombian coast, could gain strength before passing
ove
r Central America.
The government of Venezuelan President Ramon Jose Velasqu
ez of has declared
a state of national mourning.
Despite a big fiscal defici
t, officials are looking for ways to release
funds for emergency relief.
Countries:-
VEZ Venezuela, South America.
In
dustries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
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26
FT 26 AUG 92 / Hurricane damage put at Dollars 20bn a
s 2m people told to leave homes
By MARTIN DICKSON an
d NORMA COHEN
NEW YORK, LONDON
DA
MAGE CAUSED by Hurricane Andrew could rise to Dollars 20bn, it was
estimated
yesterday, as one of the costliest US storms this century
threatened a furt
her devastating landfall near the city of New Orleans.
Government officials
in Louisiana, Mississippi and Texas yesterday advised
or ordered more than 2
m people to evacuate coastal areas.
The hurricane tore through southern Flor
ida early on Monday morning, causing
billions of dollars of property damage
and at least 12 deaths, and yesterday
was moving north-west across the Gulf
of Mexico with winds of about 140
miles an hour.
At least three people died
on Sunday when Hurricane Andrew crossed the
Bahamas.
Ms Kate Hale, director
of emergency services in Florida's Dade County, which
bore the brunt of the
storm, estimated that Andrew had already caused
Dollars 15bn to Dollars 20bn
(Pounds 7.5bn-Pounds 10bn) of damage.
However, insurance industry analysts
cautioned that it was too early to
assess the costs accurately. The US indus
try's Property Claims Service, the
official compiler of disaster losses, had
yet to compile a preliminary tally
of the Florida bill.
A hurricane warning
was in effect yesterday along 470 miles of Gulf coast
from Pascagoula, Miss
issippi, to Galvestone, Texas.
Several forecasting agencies suggested the li
keliest landfall was in central
Louisiana, to the west of New Orleans, possi
bly late last night or this
morning.
New Orleans, with a population of 1.6m,
is particularly vulnerable because
the city lies below sea level, has the M
ississippi River running through its
centre and a large lake immediately to
the north.
Much of America's oil refining industry is concentrated along coa
stal Texas
and Louisiana and several refineries were yesterday partially shu
t down.
These included British Petroleum's Belle Chasse plant in Louisiana.
In Florida, Andrew caused greatest havoc in a largely suburban swathe some
1
0-15 miles south of Miami. The town of Homestead, near the centre of the
sto
rm, was largely flattened, including a local air force base.
Miami's city ce
ntre escaped with relatively light damage. More than 24 hours
after the hurr
icane, some 825,000 households and businesses were still
without power.
The
brunt of insurance claims from the Florida storm will fall on the US
industr
y, and companies with a heavy local exposure include the State Farm
Group an
d the Allstate Insurance unit of Sears Roebuck. These are also the
leading p
roperty/casualty and home insurance groups in Louisiana, together
with Ameri
can International Group.
A spokesman for State Farm Insurance said he believ
ed the company had
roughly 20 per cent of the Florida market. The mutually-o
wned company has no
reinsurance. Its size has made obtaining reinsurance cov
er difficult and its
reserves, at about Dollars 24bn, have made it unnecessa
ry.
According to Balcombe Group, a UK-based claims adjustment firm, other
in
surers with large exposure in the hurricane-hit area are Hartford
Insurance,
Aetna and Travellers. Travellers said it had flown 50 claims
adjusters in t
o Florida late on Monday and was assessing losses. About 12
per cent of Trav
ellers' home insurance premium income came from Florida last
year, and 4.6 p
er cent of its commercial insurance premiums.
The last serious US hurricane,
Hugo, which struck South Carolina in 1989,
cost the industry Dollars 4.2bn
from insured losses, though estimates of the
total damage caused ranged betw
een Dollars 6bn and Dollars 10bn.
The Financial Times
London Page 14
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940
709
FT 09 JUL 94 / Georgia awash after Alberto brings fl
oods
Muddy floodwaters cover the streets of downtown Mont
ezuma, Georgia,
yesterday as the remnants of tropical storm Alberto drenched
the state for a
fourth day, leaving damage estimated at over Dollars 100m.
At least 19
people were reported to have died in Georgia and another in Alab
ama. The
city of Albany, 175 miles south of Atlanta along the swollen Flint
River,
evacuated some 15,000 people to higher ground as coffins floated in
c
emeteries. Across the US, at least 12 firefighters were reported to have
die
d when they were overrun by a forest fire in the Rockies about 120 miles
wes
t of Denver.
Countries:-
USZ United States of Americ
a.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 132 ==============================================
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22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 133 ==============================================
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930
105
FT 05 JAN 93 / International Company News: Aetna say
s storm claims will cut earnings by Dollars 27m
By P
ATRICK HARVERSON
AETNA LIFE & Casualty, one of the largest
US composite insurers, said
yesterday that the cost of claims from the winte
r storm that struck New York
city and parts of the eastern seaboard in early
December would reduce
fourth-quarter after-tax earnings by about Dollars 27
m, or 25 cents a share.
So far, Aetna says it has received about 14,000 clai
ms, and it expects the
total to climb to about 18,000.
The December storm -
named Winter Storm Beth - was the second major weather
catastrophe to affect
US insurers last year.
Claims from Hurricane Andrew, which devastated parts
of southern Florida
last summer, helped inflate third-quarter catastrophe l
osses at Aetna's
property and casualty unit from Dollars 6m to Dollars 29m.
Aetna is expected to report fourth-quarter results on February 10.
In the fo
urth quarter last year, the company made a net profit of Dollars
93m.
Companies:-
Aetna Life and Casualty.
Countries:-
USZ USA.
Industries:-
P6411 Insurance Agen
ts, Brokers, and Service.
Types:-
COMP Company News.
FIN Company Finance.
The Financial Times
London
Page 21
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16
FT 16 AUG 93 / World News in Brief: Storm hits Martin
ique
A three-year-old girl was missing, believed drowned,
and about 10 people
were injured as tropical storm Cindy swept the French C
aribbean island of
Martinique, leaving 3,000 homeless.
Countrie
s:-
MQZ Martinique, Caribbean.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natura
l resources.
The Financial Times
International Page
1
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18
FT 18 AUG 93 / World News in Brief: Storm lashes Phil
ippines
Manila was waist-deep in floodwater after tropica
l storm Tasha swept in from
the Pacific. Mudflows two metres deep slid down
Mount Pinatubo, commuters
were stranded and some domestic flights cancelled.
Countries:-
PHZ Philippines, Asia.
Indus
tries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
International Page 1
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22
FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
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FT 22 SEP 92 / World News in Brief: Storm hits Philip
pines
Tropical Storm Ted ripped across the Philippines, k
illing five people,
demolishing houses and causing floods, landslides and vo
lcanic mudflows.
The Financial Times
Internationa
l Page 1
============= Transaction # 138 ==============================================
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940
709
FT 09 JUL 94 / Georgia awash after Alberto brings fl
oods
Muddy floodwaters cover the streets of downtown Mont
ezuma, Georgia,
yesterday as the remnants of tropical storm Alberto drenched
the state for a
fourth day, leaving damage estimated at over Dollars 100m.
At least 19
people were reported to have died in Georgia and another in Alab
ama. The
city of Albany, 175 miles south of Atlanta along the swollen Flint
River,
evacuated some 15,000 people to higher ground as coffins floated in
c
emeteries. Across the US, at least 12 firefighters were reported to have
die
d when they were overrun by a forest fire in the Rockies about 120 miles
wes
t of Denver.
Countries:-
USZ United States of Americ
a.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 139 ==============================================
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26
FT 26 AUG 92 / Hurricane damage put at Dollars 20bn a
s 2m people told to leave homes
By MARTIN DICKSON an
d NORMA COHEN
NEW YORK, LONDON
DA
MAGE CAUSED by Hurricane Andrew could rise to Dollars 20bn, it was
estimated
yesterday, as one of the costliest US storms this century
threatened a furt
her devastating landfall near the city of New Orleans.
Government officials
in Louisiana, Mississippi and Texas yesterday advised
or ordered more than 2
m people to evacuate coastal areas.
The hurricane tore through southern Flor
ida early on Monday morning, causing
billions of dollars of property damage
and at least 12 deaths, and yesterday
was moving north-west across the Gulf
of Mexico with winds of about 140
miles an hour.
At least three people died
on Sunday when Hurricane Andrew crossed the
Bahamas.
Ms Kate Hale, director
of emergency services in Florida's Dade County, which
bore the brunt of the
storm, estimated that Andrew had already caused
Dollars 15bn to Dollars 20bn
(Pounds 7.5bn-Pounds 10bn) of damage.
However, insurance industry analysts
cautioned that it was too early to
assess the costs accurately. The US indus
try's Property Claims Service, the
official compiler of disaster losses, had
yet to compile a preliminary tally
of the Florida bill.
A hurricane warning
was in effect yesterday along 470 miles of Gulf coast
from Pascagoula, Miss
issippi, to Galvestone, Texas.
Several forecasting agencies suggested the li
keliest landfall was in central
Louisiana, to the west of New Orleans, possi
bly late last night or this
morning.
New Orleans, with a population of 1.6m,
is particularly vulnerable because
the city lies below sea level, has the M
ississippi River running through its
centre and a large lake immediately to
the north.
Much of America's oil refining industry is concentrated along coa
stal Texas
and Louisiana and several refineries were yesterday partially shu
t down.
These included British Petroleum's Belle Chasse plant in Louisiana.
In Florida, Andrew caused greatest havoc in a largely suburban swathe some
1
0-15 miles south of Miami. The town of Homestead, near the centre of the
sto
rm, was largely flattened, including a local air force base.
Miami's city ce
ntre escaped with relatively light damage. More than 24 hours
after the hurr
icane, some 825,000 households and businesses were still
without power.
The
brunt of insurance claims from the Florida storm will fall on the US
industr
y, and companies with a heavy local exposure include the State Farm
Group an
d the Allstate Insurance unit of Sears Roebuck. These are also the
leading p
roperty/casualty and home insurance groups in Louisiana, together
with Ameri
can International Group.
A spokesman for State Farm Insurance said he believ
ed the company had
roughly 20 per cent of the Florida market. The mutually-o
wned company has no
reinsurance. Its size has made obtaining reinsurance cov
er difficult and its
reserves, at about Dollars 24bn, have made it unnecessa
ry.
According to Balcombe Group, a UK-based claims adjustment firm, other
in
surers with large exposure in the hurricane-hit area are Hartford
Insurance,
Aetna and Travellers. Travellers said it had flown 50 claims
adjusters in t
o Florida late on Monday and was assessing losses. About 12
per cent of Trav
ellers' home insurance premium income came from Florida last
year, and 4.6 p
er cent of its commercial insurance premiums.
The last serious US hurricane,
Hugo, which struck South Carolina in 1989,
cost the industry Dollars 4.2bn
from insured losses, though estimates of the
total damage caused ranged betw
een Dollars 6bn and Dollars 10bn.
The Financial Times
London Page 14
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FT 10 AUG 93 / High death toll in Caracas storm
By JOSEPH MANN
CARACAS
VENEZUELAN firemen and civil defence crews were yesterday pulling b
odies out
of the wreckage of shanty towns ringing Caracas, after tropical st
orm Bret
hit at the weekend.
The storm killed about 150 people in the capita
l, according to reports.
Hundreds have been injured and thousands left homel
ess. Yesterday, residents
were clearing up after the rains (picture left).
M
ost of the damage occurred in the Caracas metropolitan area, where heavy
rai
ns on Sunday morning battered slum dwellings perched on the city's many
hill
s, causing mudslides and burying people alive.
The total number of victims w
as still in doubt yesterday and the government
had not issued official figur
es.
Caracas newspapers estimated fatalities nationwide could exceed 300.
The
US National Weather Service said yesterday that Bret, which was breaking
up
as it moved off the Colombian coast, could gain strength before passing
ove
r Central America.
The government of Venezuelan President Ramon Jose Velasqu
ez of has declared
a state of national mourning.
Despite a big fiscal defici
t, officials are looking for ways to release
funds for emergency relief.
Countries:-
VEZ Venezuela, South America.
In
dustries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Times
London Page 4
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FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
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011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
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FT944-9529
_AN-EKOENAFFFT
9411
15
FT 15 NOV 94 / International Company News: A listing
in the time of calamity - Hanover Re has a lot riding on its partial float <
/HEADLINE>
By ANDREW FISHER
The first stock mar
ket listing of a German reinsurance company for 33 years
-that of Hanover R
e, to raise DM530m (Dollars 353m) - comes at a time of
more frequent natural
disasters, higher premiums and a more selective
approach in the industry to
new business.
The issue is also one of the first with shares in nominal DM5
units instead
of the usual DM50. These are now allowed under regulations ai
med at
encouraging private investors to buy more shares. Next to Switzerland
,
shares in Germany are the most expensive in Europe.
With its sister compan
y, Eisen und Stahl Ruckversicherung, Hanover Re is
Germany's second largest
and the world's fifth largest reinsurance concern.
The new issue, in which 2
5 per cent of the capital is being sold, is the
seventh largest in Germany s
ince 1983.
Hanover Re and the issuing consortium, headed by Commerzbank, hop
e to
convince German and foreign investors that the company's policy of forg
oing
growth in premium income in high-risk areas and concentrating on
profit
ability will continue to pay off.
In deference to some analysts who thought
the issue price might be too high
for many investors, especially foreigners,
the voting shares are offered at
DM75 each for subscription from November 1
8 to 22. Some initial estimates
were nearer DM90.
Mr Erich Coenen, a Commerz
bank director, said yesterday the issue price was
attractive, both 'opticall
y' compared with the high price of other
reinsurance groups - Munich Re stoo
d at DM2,750 - and 'analytically': the
price-earnings ratio of 15.8 based on
expected 1995 earnings is well under
the German sector average.
With Eisen
und Stahl, which is more domestically-oriented than Hanover Re,
gross premiu
m income last year was DM5.3bn, a rise of 30 per cent. The
underwriting loss
fell to DM122m from DM263m and net profits shot up by
nearly 200 per cent t
o DM125m. Group investments totalled DM10.3bn.
Mr Michael Reischel, Hanover
Re's chief executive, does not expect growth to
be as spectacular this year
or next.
'We have grown enormously over the past three years,' he said. But
the group
had resisted the temptation to expand liability levels - risks are
simply
too high in certain areas. 'So we expect lower growth over the next
few
years. We are cutting back where necessary,' says Mr Reischel.
The messa
ge is the same as that last week from Munich Re, the world's
biggest reinsur
ance concern. Because disasters such as earthquakes, floods
and typhoons hav
e become more frequent, premiums have escalated. 'Assets are
more highly con
centrated,' said Mr Reischel. 'Fifteen years ago, Hurricane
Andrew in Florid
a would have caused a lot less damage.'
The hurricane was the largest disast
er, in terms of insured damage, to have
hit the industry. January's earthqua
ke near Los Angeles was the second
worst.
As an example of risk areas where
premiums have tended to rise steeply, Mr
Reischel cites Japan where Typhoon
Mireille caused heavy damage in 1991.
'The trend for natural disasters seems
to be on the rise,' says Mr Reischel.
More damage and more insurance payout
s are definitely to be expected.
Because the industry spreads its exposure i
nternationally, this trend
affects premiums in all sectors, not just those w
here the risk is severest.
'Insurance customers, whether private or corporat
e, have to pay more if they
want cover,' says Mr Reischel. 'The reinsurance
industry can't create money
by magic.'
In the five years to 1993, premiums p
aid for worldwide catastrophe risks
totalled nearly Dollars 20bn, says Mr He
rbert Haas, a director of Hanover
Re. Damage payouts totalled just over Doll
ars 18bn, but brokerage, interest
and other costs pushed this up to Dollars
25bn, leaving the industry with an
overall deficit.
Thus, many reinsurers an
d primary insurance companies have pulled out or
been forced out of the rein
surance business. Mr Reischel puts the figure at
more than 100 since 1990. N
ew reinsurance capacity is available from
Bermuda, but Mr Reischel sees this
as positive - 'since new investors are
only looking for returns, they will
hopefully prevent a rates war'.
Because it was founded as recently as 1966,
he says Hanover Re has been
spared some of the worst calamities, such as cla
ims on asbestos or pollution
liability. It has also kept out of the over-cro
wded London and Singapore
reinsurance markets. However, it is raising its pr
esence in Asia and
Australia, where growth is high.
The company has no acqui
sitions in mind after buying NRG Victory Australia
Life Reinsurance last yea
r.
Hanover Re will use its DM230m share of the issue proceeds to lift its 4
per
cent stake in Eisen und Stahl, with which it does business on a group ba
sis,
to a 53.9 per cent majority holding. The remainder will go to its paren
t,
Haftpflichtverband der Deutschen Industrie (HDI), a mutually-owned insure
r.
Companies:-
Hanover Reinsurance.
Countr
ies:-
DEZ Germany, EC.
Industries:-
P6331 Fi
re, Marine, and Casualty Insurance.
Types:-
CMMT Comme
nt & Analysis.
FIN Share issues.
The Financial Times
London Page 28
============= Transaction # 149 ==============================================
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FT923-764
_AN-CI0ADACDFT
92092
6
FT 26 SEP 92 / Markets: Insurance dividend gone with t
he wind - Wall Street
By MARTIN DICKSON
IT IS ONE of those curious cases of bad news being good news. On Thursd
ay,
Continental Corporation, which ranks 12th among US property and casualty
insurers, announced that it was slashing its dividend for the first time
si
nce 1853 and taking Dollars 320m of pre-tax charges, mainly because of
catas
trophe insurance policy losses.
The culprits were Hurricane Andrew, which to
re through Florida and Louisiana
last month leaving some Dollars 20bn of dam
age, and Hurricane Iniki, which
has just devastated one of the Hawaiian isla
nds.
The company also said it would withdraw from the reinsurance business,
and
from its relatively small international operations, to concentrate on it
s
core business. These actions would account for Dollars 120m of the special
charges.
Continental's stock plunged by nearly 19 per cent on the day. The
shock to
the market was particularly severe because Continental's traditiona
lly high
dividend has made it attractive to investors.
Even as Continental w
as plunging, the rest of the insurance sector began to
rally smartly. The re
ason: analysts argued that its dividend cut was the
firmest evidence yet tha
t the property / casualty insurance cycle might at
last be changing for the
better. High quality reinsurance stocks, such as
General Re, rose particular
ly strongly.
'I don't think anybody can say until three or four months from
now that the
turn occurred on September 24,' said Frederick Sandburg, an ana
lyst at
Kemper Securities, 'but the stocks are trying to tell you this is a
significant event.'
Property / casualty business insurance premiums in the U
S have fallen by
around 40 per cent over the past five years as companies ha
ve engaged in
aggressive rounds of price-cutting. The growing belief is that
the weaker
companies, reeling from Andrew and Iniki, will be forced to put
up rates to
rebuild depleted capital, and that others will happily follow su
it.
There have been plenty of false dawns before. Several US catastrophes, s
uch
as last spring's Los Angeles riots, have been hailed as the turn in the
cycle, but the sheer scale of this year's hurricane losses means that the
ti
me may have finally arrived.
Only the day before Continental's move, the mig
hty Prudential Insurance
Company of America quadrupled its estimate of losse
s from Hurricane Andrew
to more than Dollars 1bn, which led Standard & Poor'
s the rating agency, to
put the group's top-notch triple-A credit rating on
review.
Another straw in the wind, suggesting the cycle may have turned, was
an
announcement at the start of the week that Primerica, the financial serv
ices
group run by Sanford Weill, was to take a 27 per cent stake in Traveler
s,
one of America's largest life insurers, with a sizeable property / casual
ty
business as well.
Travelers went on a real estate lending spree in the 19
80s that has left it
with one of the worst property portfolios in the indust
ry. It has spend
months looking for an investor who would inject cash into t
he business and
bolster its credit ratings, which have fallen worrying close
to losing
investment grade status.
Enter Weill, regarded as one of the cann
iest investors on Wall Street. He
spent the 1960s and 1970s putting together
a group of small brokerages which
he sold to American Express for over Doll
ars 900m in 1981, and he has spent
the last few years building the Primerica
group into one of America's most
profitable financial services businesses.
He has bought his stake for a good price - less than half stated book value
-and he will clearly be playing a big role in revitalising the insurance
co
mpany: Primerica will get four seats on the 16-person Travelers board and
We
ill will chair the company's finance committee. Wall Street liked the deal
a
nd Travelers' stock soared.
But even with his magic touch, Weill faces a lon
g battle to turn Travelers
around. He too is betting that the insurance cycl
e is on the turn. That is a
powerful endorsement of Wall Street's hunch.
Whi
le insurance stocks soared, the week saw the automobile sector move out
of f
avour as analysts weighed up further signs of a painfully slow US
recovery a
nd a flagging European market.
The equity market as a whole continued to be
buffeted and bewildered by the
wild currency gyrations in Europe, mounting f
ears of disappointing third
quarter earnings, and growing uncertainty over t
he presidential election,
amid signs that Ross Perot might be about to re-en
ter the race. Yesterday
morning brought another batch of bearish economic st
atistics.
But while all these chills winds send the market twirling and dipp
ing, it is
still groping for a clear sense of direction.
------------------
-------------
Monday 3320.83 - 6.22
Tuesday 3280.85 - 39.98
Wedn
esday 3278.69 - 2.16
Thursday 3287.87 + 9.18
Friday 3250.32 -
37.55
-------------------------------
The Financial Times
London Page II
============= Transaction # 150 ==============================================
Transaction #: 150 Transaction Code: 14 (Search Results Displayed)
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============= Transaction # 151 ==============================================
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FT944-17187
_AN-EJJD1ACJFT
941
010
FT 10 OCT 94 / Business Travel (Update): Typhoon hit
s Taiwan
Typhoon Seth, with winds of 107mph, struck Taiwa
n yesterday, leaving one
person dead. Four domestic airports in eastern Taiw
an were closed but
international airports stayed open.
A highway in eastern
Taiwan was closed following landslides. Officials were
considering whether t
o cancel today's National Day celebrations.
Seth is the sixth typhoon to hit
Taiwan since early July. Storms have killed
30 people and caused extensive
damage.
Countries:-
TWZ Taiwan, Asia.
Ind
ustries:-
P9511 Air, Water, and Solid Waste Management.
Types:-
NEWS General News.
The Financial Times
London Page 14
============= Transaction # 152 ==============================================
Transaction #: 152 Transaction Code: 14 (Search Results Displayed)
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============= Transaction # 153 ==============================================
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FT944-9529
_AN-EKOENAFFFT
9411
15
FT 15 NOV 94 / International Company News: A listing
in the time of calamity - Hanover Re has a lot riding on its partial float <
/HEADLINE>
By ANDREW FISHER
The first stock mar
ket listing of a German reinsurance company for 33 years
-that of Hanover R
e, to raise DM530m (Dollars 353m) - comes at a time of
more frequent natural
disasters, higher premiums and a more selective
approach in the industry to
new business.
The issue is also one of the first with shares in nominal DM5
units instead
of the usual DM50. These are now allowed under regulations ai
med at
encouraging private investors to buy more shares. Next to Switzerland
,
shares in Germany are the most expensive in Europe.
With its sister compan
y, Eisen und Stahl Ruckversicherung, Hanover Re is
Germany's second largest
and the world's fifth largest reinsurance concern.
The new issue, in which 2
5 per cent of the capital is being sold, is the
seventh largest in Germany s
ince 1983.
Hanover Re and the issuing consortium, headed by Commerzbank, hop
e to
convince German and foreign investors that the company's policy of forg
oing
growth in premium income in high-risk areas and concentrating on
profit
ability will continue to pay off.
In deference to some analysts who thought
the issue price might be too high
for many investors, especially foreigners,
the voting shares are offered at
DM75 each for subscription from November 1
8 to 22. Some initial estimates
were nearer DM90.
Mr Erich Coenen, a Commerz
bank director, said yesterday the issue price was
attractive, both 'opticall
y' compared with the high price of other
reinsurance groups - Munich Re stoo
d at DM2,750 - and 'analytically': the
price-earnings ratio of 15.8 based on
expected 1995 earnings is well under
the German sector average.
With Eisen
und Stahl, which is more domestically-oriented than Hanover Re,
gross premiu
m income last year was DM5.3bn, a rise of 30 per cent. The
underwriting loss
fell to DM122m from DM263m and net profits shot up by
nearly 200 per cent t
o DM125m. Group investments totalled DM10.3bn.
Mr Michael Reischel, Hanover
Re's chief executive, does not expect growth to
be as spectacular this year
or next.
'We have grown enormously over the past three years,' he said. But
the group
had resisted the temptation to expand liability levels - risks are
simply
too high in certain areas. 'So we expect lower growth over the next
few
years. We are cutting back where necessary,' says Mr Reischel.
The messa
ge is the same as that last week from Munich Re, the world's
biggest reinsur
ance concern. Because disasters such as earthquakes, floods
and typhoons hav
e become more frequent, premiums have escalated. 'Assets are
more highly con
centrated,' said Mr Reischel. 'Fifteen years ago, Hurricane
Andrew in Florid
a would have caused a lot less damage.'
The hurricane was the largest disast
er, in terms of insured damage, to have
hit the industry. January's earthqua
ke near Los Angeles was the second
worst.
As an example of risk areas where
premiums have tended to rise steeply, Mr
Reischel cites Japan where Typhoon
Mireille caused heavy damage in 1991.
'The trend for natural disasters seems
to be on the rise,' says Mr Reischel.
More damage and more insurance payout
s are definitely to be expected.
Because the industry spreads its exposure i
nternationally, this trend
affects premiums in all sectors, not just those w
here the risk is severest.
'Insurance customers, whether private or corporat
e, have to pay more if they
want cover,' says Mr Reischel. 'The reinsurance
industry can't create money
by magic.'
In the five years to 1993, premiums p
aid for worldwide catastrophe risks
totalled nearly Dollars 20bn, says Mr He
rbert Haas, a director of Hanover
Re. Damage payouts totalled just over Doll
ars 18bn, but brokerage, interest
and other costs pushed this up to Dollars
25bn, leaving the industry with an
overall deficit.
Thus, many reinsurers an
d primary insurance companies have pulled out or
been forced out of the rein
surance business. Mr Reischel puts the figure at
more than 100 since 1990. N
ew reinsurance capacity is available from
Bermuda, but Mr Reischel sees this
as positive - 'since new investors are
only looking for returns, they will
hopefully prevent a rates war'.
Because it was founded as recently as 1966,
he says Hanover Re has been
spared some of the worst calamities, such as cla
ims on asbestos or pollution
liability. It has also kept out of the over-cro
wded London and Singapore
reinsurance markets. However, it is raising its pr
esence in Asia and
Australia, where growth is high.
The company has no acqui
sitions in mind after buying NRG Victory Australia
Life Reinsurance last yea
r.
Hanover Re will use its DM230m share of the issue proceeds to lift its 4
per
cent stake in Eisen und Stahl, with which it does business on a group ba
sis,
to a 53.9 per cent majority holding. The remainder will go to its paren
t,
Haftpflichtverband der Deutschen Industrie (HDI), a mutually-owned insure
r.
Companies:-
Hanover Reinsurance.
Countr
ies:-
DEZ Germany, EC.
Industries:-
P6331 Fi
re, Marine, and Casualty Insurance.
Types:-
CMMT Comme
nt & Analysis.
FIN Share issues.
The Financial Times
London Page 28
============= Transaction # 154 ==============================================
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FT923-764
_AN-CI0ADACDFT
92092
6
FT 26 SEP 92 / Markets: Insurance dividend gone with t
he wind - Wall Street
By MARTIN DICKSON
IT IS ONE of those curious cases of bad news being good news. On Thursd
ay,
Continental Corporation, which ranks 12th among US property and casualty
insurers, announced that it was slashing its dividend for the first time
si
nce 1853 and taking Dollars 320m of pre-tax charges, mainly because of
catas
trophe insurance policy losses.
The culprits were Hurricane Andrew, which to
re through Florida and Louisiana
last month leaving some Dollars 20bn of dam
age, and Hurricane Iniki, which
has just devastated one of the Hawaiian isla
nds.
The company also said it would withdraw from the reinsurance business,
and
from its relatively small international operations, to concentrate on it
s
core business. These actions would account for Dollars 120m of the special
charges.
Continental's stock plunged by nearly 19 per cent on the day. The
shock to
the market was particularly severe because Continental's traditiona
lly high
dividend has made it attractive to investors.
Even as Continental w
as plunging, the rest of the insurance sector began to
rally smartly. The re
ason: analysts argued that its dividend cut was the
firmest evidence yet tha
t the property / casualty insurance cycle might at
last be changing for the
better. High quality reinsurance stocks, such as
General Re, rose particular
ly strongly.
'I don't think anybody can say until three or four months from
now that the
turn occurred on September 24,' said Frederick Sandburg, an ana
lyst at
Kemper Securities, 'but the stocks are trying to tell you this is a
significant event.'
Property / casualty business insurance premiums in the U
S have fallen by
around 40 per cent over the past five years as companies ha
ve engaged in
aggressive rounds of price-cutting. The growing belief is that
the weaker
companies, reeling from Andrew and Iniki, will be forced to put
up rates to
rebuild depleted capital, and that others will happily follow su
it.
There have been plenty of false dawns before. Several US catastrophes, s
uch
as last spring's Los Angeles riots, have been hailed as the turn in the
cycle, but the sheer scale of this year's hurricane losses means that the
ti
me may have finally arrived.
Only the day before Continental's move, the mig
hty Prudential Insurance
Company of America quadrupled its estimate of losse
s from Hurricane Andrew
to more than Dollars 1bn, which led Standard & Poor'
s the rating agency, to
put the group's top-notch triple-A credit rating on
review.
Another straw in the wind, suggesting the cycle may have turned, was
an
announcement at the start of the week that Primerica, the financial serv
ices
group run by Sanford Weill, was to take a 27 per cent stake in Traveler
s,
one of America's largest life insurers, with a sizeable property / casual
ty
business as well.
Travelers went on a real estate lending spree in the 19
80s that has left it
with one of the worst property portfolios in the indust
ry. It has spend
months looking for an investor who would inject cash into t
he business and
bolster its credit ratings, which have fallen worrying close
to losing
investment grade status.
Enter Weill, regarded as one of the cann
iest investors on Wall Street. He
spent the 1960s and 1970s putting together
a group of small brokerages which
he sold to American Express for over Doll
ars 900m in 1981, and he has spent
the last few years building the Primerica
group into one of America's most
profitable financial services businesses.
He has bought his stake for a good price - less than half stated book value
-and he will clearly be playing a big role in revitalising the insurance
co
mpany: Primerica will get four seats on the 16-person Travelers board and
We
ill will chair the company's finance committee. Wall Street liked the deal
a
nd Travelers' stock soared.
But even with his magic touch, Weill faces a lon
g battle to turn Travelers
around. He too is betting that the insurance cycl
e is on the turn. That is a
powerful endorsement of Wall Street's hunch.
Whi
le insurance stocks soared, the week saw the automobile sector move out
of f
avour as analysts weighed up further signs of a painfully slow US
recovery a
nd a flagging European market.
The equity market as a whole continued to be
buffeted and bewildered by the
wild currency gyrations in Europe, mounting f
ears of disappointing third
quarter earnings, and growing uncertainty over t
he presidential election,
amid signs that Ross Perot might be about to re-en
ter the race. Yesterday
morning brought another batch of bearish economic st
atistics.
But while all these chills winds send the market twirling and dipp
ing, it is
still groping for a clear sense of direction.
------------------
-------------
Monday 3320.83 - 6.22
Tuesday 3280.85 - 39.98
Wedn
esday 3278.69 - 2.16
Thursday 3287.87 + 9.18
Friday 3250.32 -
37.55
-------------------------------
The Financial Times
London Page II
============= Transaction # 155 ==============================================
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Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
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FT944-17187
_AN-EJJD1ACJFT
941
010
FT 10 OCT 94 / Business Travel (Update): Typhoon hit
s Taiwan
Typhoon Seth, with winds of 107mph, struck Taiwa
n yesterday, leaving one
person dead. Four domestic airports in eastern Taiw
an were closed but
international airports stayed open.
A highway in eastern
Taiwan was closed following landslides. Officials were
considering whether t
o cancel today's National Day celebrations.
Seth is the sixth typhoon to hit
Taiwan since early July. Storms have killed
30 people and caused extensive
damage.
Countries:-
TWZ Taiwan, Asia.
Ind
ustries:-
P9511 Air, Water, and Solid Waste Management.
Types:-
NEWS General News.
The Financial Times
London Page 14
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FT933-12228
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930
726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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FT 17 DEC 92 / World News in Brief: Egypt reassures t
ourists
Egyptian president Hosni Mubarak, trying to reass
ure tourists worried about
attacks by Moslem militants, said security forces
had crushed the movement.
A British tourist was killed recently and five Ge
rmans injured.
The Financial Times
International
Page 1
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FT 29 NOV 94 / Italian terror suspects arrested
By ROBERT GRAHAM
ROME
Italian police claim to have made a breakthrough in unmasking Falang
e
Armata, a right-wing group that has claimed responsibility for numerous ac
ts
of terrorism over the past five years. This follows the arrest over the p
ast
week of three policeman, two of them brothers, stationed in Bologna and
the
Emilia Romagna region. All three are believed to be linked to some 15
un
explained killings and a series of violent robberies dating back to 1988.
A
pistol found in the possession of one of the arrested policeman has been
mat
ched by firearms experts to the killing of a carabiniere and the murder
of a
prison educationalist. Police are now checking whether the group was
protec
ted within the service and allowed to carry out activities to
destabilise Em
ilia Romagna, the region controlled by the former Communist
party. The inqui
ry could also clarify still unexplained aspects of terrorist
attacks in Bolo
gna, including the bombing of Bologna station in 1980 that
killed 80 people
and left 200 injured.
Countries:-
ITZ Italy, EC.
Industries:-
P9221 Police Protection.
Types:-
<
/XX>
NEWS General News.
The Financial Times
Lo
ndon Page 3
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7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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726
FT 26 JUL 93 / Four hurt in Turk bombing
By Agencies
A BOMB injured three foreign touri
sts and a Turk at a tourist site in
central Istanbul, yesterday, agencies re
port.
It was not immediately clear whether the blast was connected with thre
ats by
the separatist Kurdistan Workers' Party (PKK) to attack Turkish touri
st
sites. But it coincided with other violence blamed on the PKK.
Armed PKK
rebels meanwhile kidnapped four French tourists from a bus in
south-eastern
Turkey.
In another incident, a mine planted on a railway exploded near the t
own of
Bingol, derailing a passenger train. Two soldiers protecting the trai
n were
killed and three other people on board were injured. Officials blamed
the
PKK for the attack.
Police said the Istanbul bomb had been left in a li
tter basket under an
automated bank teller machine near the sixth-century Ha
ghia Sophia
Cathedral.
The tourists, two of them Italians, and the Turk were
all slightly injured.
No damage was reported to the Haghia Sophia, one of t
he world's most
celebrated monuments of Byzantine architecture.
Countries:-
TRZ Turkey, Middle East.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
London Page 3 <
/PAGE>
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FT 17 DEC 92 / World News in Brief: Egypt reassures t
ourists
Egyptian president Hosni Mubarak, trying to reass
ure tourists worried about
attacks by Moslem militants, said security forces
had crushed the movement.
A British tourist was killed recently and five Ge
rmans injured.
The Financial Times
International
Page 1
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FT 29 NOV 94 / Italian terror suspects arrested
By ROBERT GRAHAM
ROME
Italian police claim to have made a breakthrough in unmasking Falang
e
Armata, a right-wing group that has claimed responsibility for numerous ac
ts
of terrorism over the past five years. This follows the arrest over the p
ast
week of three policeman, two of them brothers, stationed in Bologna and
the
Emilia Romagna region. All three are believed to be linked to some 15
un
explained killings and a series of violent robberies dating back to 1988.
A
pistol found in the possession of one of the arrested policeman has been
mat
ched by firearms experts to the killing of a carabiniere and the murder
of a
prison educationalist. Police are now checking whether the group was
protec
ted within the service and allowed to carry out activities to
destabilise Em
ilia Romagna, the region controlled by the former Communist
party. The inqui
ry could also clarify still unexplained aspects of terrorist
attacks in Bolo
gna, including the bombing of Bologna station in 1980 that
killed 80 people
and left 200 injured.
Countries:-
ITZ Italy, EC.
Industries:-
P9221 Police Protection.
Types:-
<
/XX>
NEWS General News.
The Financial Times
Lo
ndon Page 3
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7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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FT934-12217
_AN-DJ0CNAG0FT
931
027
FT 27 OCT 93 / Survey of Sri Lanka (5): Fresh confid
ence among army chiefs -Security
By RICHARD COWPER
MORE than 300 people were killed and hundreds injured earli
er this month in
one of the fiercest battles of the 11-year war between Sri
Lanka's armed
forces and Tamil Tiger guerrillas.
But political and military
observers say what was unusual about the battle
for Kilaly - a small guerril
la port on the edge of the Jaffna lagoon - was
not the scale of the action b
ut the fact that seven Sri Lankan army officers
were killed in the fighting.
Army officers, members of a once largely ceremonial force, have not been
no
ted for leading from the front. But after nearly a year of inactivity
follow
ing the deaths of several senior commanders in a land-mine explosion,
there
is now a new grit and determination at the top in Sri Lanka's
80,000-strong
army.
The country's senior military commanders, confident they have the coun
try's
troubled Eastern province under control, say they have at last been gi
ven
the go-ahead to retake the rebel-held northern peninsula of Jaffna, from
which they were expelled in humiliating circumstances in 1990.
This confide
nce appears to be percolating down to even the most battle-weary
of frontlin
e officers. President D. B. Wijetunga - angered by earlier
political prevari
cation, the assassination in May of President Ranasinghe
Premadasa and the h
igh cost of a war that has claimed 32,000 lives - has
publicly vowed to crus
h terrorism.
Not for him the policy of his predecessor who accomodated guerr
illas in
five-star hotels. Mr Wijetunga appears to believe it is not possibl
e to
negotiate with Mr Velupillai Prabhakaran, the autocratic and militarily
brilliant leader of the Tigers. 'There is no ethnic problem in the north,
o
nly terrorism,' says Mr Wijetunga.
Defence Department officials refuse to sa
y when the main offensive across
the war-torn Jaffna peninsula - also home t
o about 600,000 Tamil civilians -
is likely to be launched. But military com
manders hint that it could come
next year.
The army has already started buil
ding up its strength. Ten thousand new
recruits are under training and more
are expected. The total complement may
end up at about 100,000 men.
The mili
tary plans to buy helicopter gunships, landing craft and fast patrol
boats f
or the confrontation with an estimated 3,000-4,000 well-armed and
trained gu
errillas who have been fighting for an independent Tamil homeland.
Part of t
he explanation for the more determined political will in Colombo,
and the ar
my's new confidence, may lie in the recent success the military
has had in b
ringing an element of normality back to the country's troubled
Eastern provi
nce.
Less than three years ago, the province's two main cities of Trincomale
e and
Batticalore were in rebel hands and large tracts of the mixed Tamil, M
oslem
and Singhalese province were no-go areas to the army and the civil
aut
horities. Today, most of the province is under government control, at
least
during the day, and many Tamil Tiger guerrillas based in the area
appear to
have fled north to the Jaffna peninsula.
The government is planning to hold
local elections in the Eastern province
in February and, later in the year,
a referendum on whether to merge with
the country's northern province. If lo
cal elections are successful, tens of
thousands of Sri Lankan troops could b
e released for duty in Jaffna.
President Wijetunga, who is also Sri Lanka's
finance minister, is intent on
trying to catapult his country into the ranks
of the newly industrialised
nations by the beginning of the next century, a
nd is only too well aware of
the heavy economic toll the war is taking on a
country where many still live
below the poverty line.
To finance soaring war
costs the government has recently been forced to
impose a special defence l
evy of 3 per cent on all transactions, operating
in a manner similar to valu
e added tax. This year, direct military
expenditure is expected to total mor
e than SLRs20bn - about 15 per cent of
the budget - but at least the same am
ount again is spent on feeding and
rehabilitating the war-torn civilian popu
lation in the north and east.
Thousands of foreign investors have been frigh
tened away by the fighting and
many believe the number of tourist arrivals c
ould climb to more than 1m
within a few years if the war was ended. The econ
omy of Jaffna, once the
biggest supplier of fish and cash crops in Sri Lanka
, is at a standstill and
tourists no longer visit the East with its fabulous
beaches.
President Wijetunga appears to be willing to stake all on the atte
mpt to
recapture the Jaffna peninsula guerrilla stronghold by force in an at
tempt
to bring the war to a swift conclusion.
A brief glance at the map woul
d seem to suggest that the army is in an
excellent position to launch an off
ensive. It has a series of
army-controlled zones ringing the peninsula: at P
alaly in the north it
controls Jaffna city's airport in a zone 20km wide and
5km deep; across a
sunken bridge to the west of the city it controls a numb
er of sizeable
islands; and to the south-east it has cut off the peninsula f
rom the Sri
Lankan mainland by linking its Elephant Pass army base to the se
a.
But the war in the north is a classic guerrilla action, fought by the mos
t
tenacious and fanatical of men and women, as the recent battle of Kilaly
s
howed. On the second day of the army advance from its base at Elephant
pass,
a carefully dug-in group of 1,000 guerrillas took the Sri Lankan
forces by
surprise and in bitter hand-to-hand fighting killed 118 soldiers.
Hardcore g
uerrillas, led by a daring military strategist, may number little
more than
5,000 throughout Sri Lanka, but they were able to defeat 120,000
Indian troo
ps in the late 1980s. Every combatant carries a cyanide pill
around the neck
, which they swallow rather than allow themselves to be taken
prisoner alive
.
There may be fewer guerrillas, and less well-trained, than when they pushe
d
the Indians out and when they controlled much of the Eastern province, but
they remain as ruthless and are still able to assassinate politicians and
m
ilitary commanders.
There is some evidence they may no longer have such fier
ce support from the
Tamil population in Jaffna. Creation of Tamil Eelam (the
rebel's free state)
is as far away as ever and some locals have dared to sp
eak out against a
guerrilla force, whose tax collecting ability at home and
abroad, is
legendary. But after a decade of indoctrination most ordinary Tam
ils in
Jaffna still fear Sri Lanka's 'Singhalese Buddhist army' more.
Even i
f Tamil civilians did not fight voluntarily they might be forced into
battle
on the side of the guerrillas. It is by no means certain that the Sri
Lanka
n armed forces could march into Jaffna city without killing on the way
tens
of thousands of civilians in the densely-populated province.
House-to-house
fighting in the city could be even bloodier, and the question
no one seems a
ble to answer with confidence is whether the army yet has the
numbers, abili
ty and determination to retain control of the peninsula once
it has marched
in.
Countries:-
LKZ Sri Lanka, Asia.
Indu
stries:-
P9711 National Security.
Types:-
CMM
T Comment & Analysis.
The Financial Times
London P
age IV
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_AN-DJ0CNAG0FT
931
027
FT 27 OCT 93 / Survey of Sri Lanka (5): Fresh confid
ence among army chiefs -Security
By RICHARD COWPER
MORE than 300 people were killed and hundreds injured earli
er this month in
one of the fiercest battles of the 11-year war between Sri
Lanka's armed
forces and Tamil Tiger guerrillas.
But political and military
observers say what was unusual about the battle
for Kilaly - a small guerril
la port on the edge of the Jaffna lagoon - was
not the scale of the action b
ut the fact that seven Sri Lankan army officers
were killed in the fighting.
Army officers, members of a once largely ceremonial force, have not been
no
ted for leading from the front. But after nearly a year of inactivity
follow
ing the deaths of several senior commanders in a land-mine explosion,
there
is now a new grit and determination at the top in Sri Lanka's
80,000-strong
army.
The country's senior military commanders, confident they have the coun
try's
troubled Eastern province under control, say they have at last been gi
ven
the go-ahead to retake the rebel-held northern peninsula of Jaffna, from
which they were expelled in humiliating circumstances in 1990.
This confide
nce appears to be percolating down to even the most battle-weary
of frontlin
e officers. President D. B. Wijetunga - angered by earlier
political prevari
cation, the assassination in May of President Ranasinghe
Premadasa and the h
igh cost of a war that has claimed 32,000 lives - has
publicly vowed to crus
h terrorism.
Not for him the policy of his predecessor who accomodated guerr
illas in
five-star hotels. Mr Wijetunga appears to believe it is not possibl
e to
negotiate with Mr Velupillai Prabhakaran, the autocratic and militarily
brilliant leader of the Tigers. 'There is no ethnic problem in the north,
o
nly terrorism,' says Mr Wijetunga.
Defence Department officials refuse to sa
y when the main offensive across
the war-torn Jaffna peninsula - also home t
o about 600,000 Tamil civilians -
is likely to be launched. But military com
manders hint that it could come
next year.
The army has already started buil
ding up its strength. Ten thousand new
recruits are under training and more
are expected. The total complement may
end up at about 100,000 men.
The mili
tary plans to buy helicopter gunships, landing craft and fast patrol
boats f
or the confrontation with an estimated 3,000-4,000 well-armed and
trained gu
errillas who have been fighting for an independent Tamil homeland.
Part of t
he explanation for the more determined political will in Colombo,
and the ar
my's new confidence, may lie in the recent success the military
has had in b
ringing an element of normality back to the country's troubled
Eastern provi
nce.
Less than three years ago, the province's two main cities of Trincomale
e and
Batticalore were in rebel hands and large tracts of the mixed Tamil, M
oslem
and Singhalese province were no-go areas to the army and the civil
aut
horities. Today, most of the province is under government control, at
least
during the day, and many Tamil Tiger guerrillas based in the area
appear to
have fled north to the Jaffna peninsula.
The government is planning to hold
local elections in the Eastern province
in February and, later in the year,
a referendum on whether to merge with
the country's northern province. If lo
cal elections are successful, tens of
thousands of Sri Lankan troops could b
e released for duty in Jaffna.
President Wijetunga, who is also Sri Lanka's
finance minister, is intent on
trying to catapult his country into the ranks
of the newly industrialised
nations by the beginning of the next century, a
nd is only too well aware of
the heavy economic toll the war is taking on a
country where many still live
below the poverty line.
To finance soaring war
costs the government has recently been forced to
impose a special defence l
evy of 3 per cent on all transactions, operating
in a manner similar to valu
e added tax. This year, direct military
expenditure is expected to total mor
e than SLRs20bn - about 15 per cent of
the budget - but at least the same am
ount again is spent on feeding and
rehabilitating the war-torn civilian popu
lation in the north and east.
Thousands of foreign investors have been frigh
tened away by the fighting and
many believe the number of tourist arrivals c
ould climb to more than 1m
within a few years if the war was ended. The econ
omy of Jaffna, once the
biggest supplier of fish and cash crops in Sri Lanka
, is at a standstill and
tourists no longer visit the East with its fabulous
beaches.
President Wijetunga appears to be willing to stake all on the atte
mpt to
recapture the Jaffna peninsula guerrilla stronghold by force in an at
tempt
to bring the war to a swift conclusion.
A brief glance at the map woul
d seem to suggest that the army is in an
excellent position to launch an off
ensive. It has a series of
army-controlled zones ringing the peninsula: at P
alaly in the north it
controls Jaffna city's airport in a zone 20km wide and
5km deep; across a
sunken bridge to the west of the city it controls a numb
er of sizeable
islands; and to the south-east it has cut off the peninsula f
rom the Sri
Lankan mainland by linking its Elephant Pass army base to the se
a.
But the war in the north is a classic guerrilla action, fought by the mos
t
tenacious and fanatical of men and women, as the recent battle of Kilaly
s
howed. On the second day of the army advance from its base at Elephant
pass,
a carefully dug-in group of 1,000 guerrillas took the Sri Lankan
forces by
surprise and in bitter hand-to-hand fighting killed 118 soldiers.
Hardcore g
uerrillas, led by a daring military strategist, may number little
more than
5,000 throughout Sri Lanka, but they were able to defeat 120,000
Indian troo
ps in the late 1980s. Every combatant carries a cyanide pill
around the neck
, which they swallow rather than allow themselves to be taken
prisoner alive
.
There may be fewer guerrillas, and less well-trained, than when they pushe
d
the Indians out and when they controlled much of the Eastern province, but
they remain as ruthless and are still able to assassinate politicians and
m
ilitary commanders.
There is some evidence they may no longer have such fier
ce support from the
Tamil population in Jaffna. Creation of Tamil Eelam (the
rebel's free state)
is as far away as ever and some locals have dared to sp
eak out against a
guerrilla force, whose tax collecting ability at home and
abroad, is
legendary. But after a decade of indoctrination most ordinary Tam
ils in
Jaffna still fear Sri Lanka's 'Singhalese Buddhist army' more.
Even i
f Tamil civilians did not fight voluntarily they might be forced into
battle
on the side of the guerrillas. It is by no means certain that the Sri
Lanka
n armed forces could march into Jaffna city without killing on the way
tens
of thousands of civilians in the densely-populated province.
House-to-house
fighting in the city could be even bloodier, and the question
no one seems a
ble to answer with confidence is whether the army yet has the
numbers, abili
ty and determination to retain control of the peninsula once
it has marched
in.
Countries:-
LKZ Sri Lanka, Asia.
Indu
stries:-
P9711 National Security.
Types:-
CMM
T Comment & Analysis.
The Financial Times
London P
age IV
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============= Transaction # 194 ==============================================
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============= Transaction # 195 ==============================================
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FT931-5546
_AN-DCEB6AC7FT
9303
05
FT 05 MAR 93 / Management: When the sky falls - Preca
utions companies can take against terrorism or disaster
By LUCY KELLAWAY and PATRICK HARVERSON
How would compan
ies cope if a bomb went off in or near their offices?
Anxious managers have
been asking that question this week in the wake of the
blast at Manhattan's
World Trade Centre and threats from the IRA that
British commercial and indu
strial targets are on its list.
For many the answer is not reassuring. John
Wyatt, an anti-terrorist expert,
estimates that less than half of the UK's b
iggest companies have a carefully
thought-out response. He and other securit
y consultants believe businesses
need to give more attention to preventive s
teps and to contingency plans to
get business started as quickly as possible
after an emergency.
Complacency is perhaps more understandable in the US, w
hich has less
experience of urban terrorism than Europe. But several recent
events - from
the Wall Street power blackout in August 1990, to security thr
eats during
the 1991-92 Gulf war and last December's storm that flooded part
s of
downtown Manhattan - have ensured that security officers and contingenc
y
planners are reasonably well prepared for catastrophic disruptions to thei
r
businesses.
While most companies are reluctant to discuss security, one sp
okesperson for
a big Wall Street firm said yesterday: 'We are now using the
security
programme we introduced at the time of the Gulf war - essentially,
it
entails a more restrictive policing of entry and exit from our building.'
The bomb in New York's financial district was worrying to local companies,
because many of them are either banks or securities firms which stand to
los
e millions of dollars if their business is seriously disrupted for any
lengt
h of time. According to city authorities about Dollars 700m (Pounds
493m) co
uld be lost in disrupted business during the first week after the
bombing al
one.
Bill Kelly, the man responsible for contingency planning at JP Morgan,
said
the bank has a 'mosaic of plans' that is ready in the event of a
catast
rophe. If, for example, the firm's data centre is disrupted, JP Morgan
can e
ither use its data centre in Delaware, or it can turn to emergency
personnel
and computer sites provided by private companies such as
Philadelphia-based
Sungard or Comdisco of Chicago. If the bank's securities
trading room is pu
t out of action, JP Morgan has arrangements to use a
temporary trading facil
ity in Staten Island operated by another private
company, Exchange Resources
.
At Salomon Brothers, the securities firm that occupies the northernmost
bu
ilding of the World Trade Centre complex, chief administrative officer Tom
B
rock says last week's bombing did not catch the firm unprepared: 'We had
pla
nned extensively for this kind of event.' Salomon's offices were not
damaged
by the explosion, but the police ordered the power to be cut off for
a few
hours as a precautionary measure. Salomon used its own generators and
the fi
rm's business continued throughout the crisis.
If Salomon had been forced to
evacuate its building, Brock says the firm has
various sites around the cou
ntry that could be used, including a special
location near Manhattan that st
ands by as an emergency trading room.
Some firms, however, were not as well
prepared. Cantor Fitzgerald, the
biggest inter-dealer broker in the US bond
market, had to scramble over the
weekend to find a home for its hundreds of
brokers. Fortunately, Salomon was
able to offer a temporary home to some of
them.
Even big UK companies have a security and contingency planning approac
h
which can be half-baked: most issue passes to visitors, for example, but f
ew
are so careful about collecting them and thus have little idea of who is
in
the building.
Similarly, they may have an evacuation plan but may not hav
e considered
whether this is always the best approach. One lesson from last
year's
explosion at St Mary Axe in the City of London - which happened after
hours
-was that staff would have been safer in a basement rather than on t
he
street, where they would have been hit by flying glass.
Companies with cl
osed-circuit television, meanwhile, sometimes render it
useless by not watch
ing it. Others check baggage, but in a predictable way.
Most large UK financ
ial firms have back-up computer tapes stored off the
premises and a 'hot-sit
e' facility to plug the tapes into. But according to
Charles Shaw from Safet
y Net, a business recovery firm, this is as useful as
'a fire escape going h
alf way down a building' if it is not part part of an
overall business plan.
Companies on both sides of the Atlantic, meanwhile, are turning to
speciali
st security consultants for help. Eugene Mastrangelo, managing
director of r
isk assessment at California-based Pinkerton, has been advising
corporate of
ficers they should take three initial steps:
Conduct a 'vulnerability survey
' to determine if there are any gaps in the
security protection.
Increase se
curity around premises and upgrade the screening of employees and
visitors e
ntering and leaving buildings.
Re-examine crisis management plans and ask on
e important question: how would
your company have responded if its offices h
ad been bombed?
According to the experts, companies must be clear about what
they can and
cannot protect. In theory everything can be protected, but ine
vitably there
will be limits to financial and human resources.
A company's r
esponse in the first few hours can be crucial. Everyone needs
to know who is
responsible for business continuity. A good press manager has
to reassure t
he outside world that everything is under control.
Companies need to keep up
-to-date records of all important customers and
suppliers so that they can b
e notified at once. They may need separate plans
if the building is closed f
or hours, days or weeks and have plans for moving
certain staff to other bra
nch offices or alternative accommodation.
It is not just the UK financial se
ctor that is starting to take action. Shaw
says the message is getting throu
gh to manufacturing, distribution and
retailing businesses, which now make u
p almost two thirds of his clients.
Countries:-
GBZ
United Kingdom, EC.
USZ United States of America.
Industries
:-
P99 Nonclassifiable Establishments.
Types:-
MGMT Management.
The Financial Times
London Pa
ge 12
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FT931-887
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93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
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16
FT 16 SEP 93 / Florida struggles to limit damage to t
ourist industry
By DAMIAN FRASER and MICHAEL SKAPINK
ER
MIAMI, LONDON
FLORIDA was yest
erday scrambling to limit the damage to its biggest-earning
industry, touris
m, after the killing of a British holidaymaker on Tuesday.
The state governm
ent ordered police to guard rest areas off main highways 24
hours a day and
to patrol trunk roads. It also set up a free telephone
number for tourist sa
fety tips, and asked for Dollars 4m (Pounds 2.5m) of
emergency federal aid t
o pay for police surveillance around Miami.
The police search for the killer
s of Mr Gary Colley, murdered outside
Tallahassee in northern Florida, inten
sified yesterday. Police found the
getaway car in Monticello, near Tallahass
ee. They believe the killers are
still in the area and are rounding up teena
gers who fit the description.
Mr Colley was the ninth foreigner to be killed
in the state in the past
year, and his murder came less than a week after a
German tourist was shot
outside Miami airport.
Mr Uwe-Wilhelm Rakebrand and
his pregnant wife were driving their rented car
when it was hit from behind
. The tourists drove on, but assailants opened
fire from their car, killing
the 33-year-old German.
Travellers arriving at Miami airport at night are ad
vised to stay in hotels
close by, and those who rent a car and take the road
from the airport to
Miami Beach are given detailed instructions on how to a
rrive safely.
The Avis rental agency has large signs inside its cars advisin
g drivers not
to stop on the way from the airport under any circumstances, e
specially if
bumped from behind.
Mr Greg Farmer, state commerce secretary, s
aid about 25 per cent of European
package bookings were now being cancelled.
'There is no question that the
European market will be affected,' said Mr M
ayco Villafana, of the Miami
Convention & Visitors Bureau.
The Florida touri
sm industry is worth about Dollars 31bn a year, employs
about 650,000 people
- 12.4 per cent of the non-farm workforce - and is the
state's largest ind
ustry.
About 40m tourists visit Florida every year, 17 per cent of them from
abroad.
Florida has the worst violent crime rates in the US, slightly ahead
of New
York, though crime rates have recently fallen.
Dr John Crotts, an as
sistant professor at the University of Florida, says an
out-of-state visitor
has a 91 in a 100,000 chance of becoming a victim of
crime - better odds th
an for Honolulu in the 1980s.
Picture, Page 4
Countries:-
USZ United States of America.
Industries:-
P7011
Hotels and Motels.
P7999 Amusement and Recreation, NEC.
Types
:-
NEWS General News.
The Financial Times
London Page 28
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941
103
FT 03 NOV 94 / Sihanouk warns off tourists
By AP and REUTER
PHNOM PENH
King Norodom Sihanouk, Cambodia's head of state (left), warned tou
rists
yesterday to avoid his country as the bodies of three western hostages
killed by Khmer Rouge rebels were recovered, bound and shot, from graves
fo
und near a southern rebel base. Saying Cambodia was 'clearly insecure', he
j
oined foreign embassies in advising tourists to avoid Cambodia. 'I condemn
w
ith the greatest severity the contemptible and unpardonable murderers who
ar
e responsible for the deaths of these three young gentlemen,' said the
king.
Mr Serey Kosal, deputy governor of Battambang province, said the Khmer
Roug
e had kidnapped 71 villagers and then executed 50 of them after a
four-day f
orced march to a guerrilla base.
Countries:-
KHZ Cam
bodia, Asia.
Industries:-
P9229 Public Order and Safety
, NEC.
P9721 International Affairs.
Types:-
NEWS G
eneral News.
The Financial Times
London Page 6
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930
510
FT 10 MAY 93 / Gadaffi woos tourists and foreign inv
estors
By MARK NICHOLSON
CAI
RO
LIBYA'S leader, Colonel Muammar Gadaffi, has suggested
that Libya should
encourage mass tourism to the country, where it is now ba
nned, make the
Libyan dinar convertible and attract new foreign investment.
The suggestions, made in a televised weekend speech, are unlikely to be
tran
slated immediately into practical steps. But they represent further
advocacy
by Col Gadaffi of moves to liberalise Libya's state-dominated
economy.
The
remarks also appear to indicate the Libyan leader's concern over the
politic
al isolation and harmful economic effects caused by United Nations
sanctions
against Libya. These were imposed in April 1992 after Tripoli
refused to ha
nd over for trial in the west two suspects in the 1988 bombing
of a Pan Am f
light over Lockerbie, Scotland.
The UN last month renewed the sanctions, whi
ch include a flights embargo,
while the US threatened to tighten them, perha
ps to include a ban on oil
sales.
During the speech Col Gadaffi said Libya s
hould consider creating a law
providing guarantees for foreign capital inves
tment.
Foreign companies should be invited to invest in tourism. 'Tourism pr
oduces
a very big income,' he said. 'Libya had a ban on tourism. However, Li
bya is
very, very rich in tourist attractions.'
He also said the country sho
uld 'put on the agenda' making the Libyan dinar
fully convertible, but warne
d that 'this could only be done when there was
adequate production, otherwis
e it would be catastrophic'.
These proposals follow Col Gadaffi's suggestion
in February that the
government should reduce its role in Libya's economy a
nd his criticism of
the way public finances were being handled. Late last ye
ar he also urged
accelerated privatisation of key parts of the economy.
The
calls for economic liberalisation - which must be debated by the
People's Co
ngress - come as UN sanctions appear to be biting hard.
The Libyan governmen
t complained last week that the sanctions had cost more
than 800 Libyan live
s and billions of dollars in revenues. A statement said
691 people had died
in road accidents on their way to airports in
neighbouring countries, while
150 died because of delays in medical care
created by the blockade.
The gove
rnment said sanctions had cost Dollars 2.2bn (Pounds 1.4bn) in lost
exports
and in losses to the country's livestock caused by shortages of
imported vac
cines. Libyan Arab Airlines, the state carrier, had also lost
hundreds of mi
llions of dollars.
Arab attempts to broker a solution to the Lockerbie impas
se continue, led by
Egypt, the Arab League and countries of the Arab Maghreb
Union, but there
are no signs of a breakthrough.
Col Gadaffi has sought to
align himself more closely with his Arab
neighbours, speaking recently of th
e threat posed by Islamic fundamentalism
to the region - a concern felt more
acutely in Algeria, Tunisia and Egypt
than in Libya. Last week he said fund
amentalists were 'heretics' who should
be 'killed and liquidated just like a
dog, without trials'.
Companies:-
Libyan Arab Airlin
es.
Countries:-
LYZ Libya, Africa.
Industri
es:-
P9311 Finance, Taxation, and Monetary Policy.
P9611 Admin
istration of General Economic Programs.
P7999 Amusement and Recreation,
NEC.
P4512 Air Transportation, Scheduled.
Types:-
E
CON Economic Indicators.
MKTS Foreign trade.
The Financial
Times
London Page 6
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920
711
FT 11 JUL 92 / Belfast is 'a clean, crisp Hibernian
Rio' (official): The Northern Ireland Tourist Board believes battle-scarred
West Belfast could attract visitors. Tim Burt looks at the changes which mak
e the notion plausible
By TIM BURT
TONIGHT is bonfire night in Belfast. Piles of old timber and rubbish are
rea
dy to burn and hundreds of Protestant children, some younger than 10
years o
ld, are looking forward to the big event: the annual celebration of
the Batt
le of the Boyne.
Each year, the fires send a pall of smoke across hardline s
uburbs, reminding
Roman Catholic communities of their rout in 1690 at the ha
nds of William of
Orange. Army helicopters sometimes help spread the smoke a
s they hover over
the crowds, shining spotlights through the haze.
And yet t
he Northern Ireland Tourist Board sees hardline areas as a
potential attract
ion. It suggests visitors seeking a glimpse of the trouble
spots should be e
ncouraged. The board's corporate plan says: 'The
opportunity to harness this
curiosity factor should not be overlooked as a
positive factor in encouragi
ng people to visit and understand Northern
Ireland.'
The invitation from the
tourist board contrasts with the advice I was given
seven years ago by the
Royal Ulster Constabulary. The policeman who
questioned me thumped his bulle
t proof vest and said: 'The Provos are trying
to kill me. What protection ca
n I give you - a Brit - on my doorstep? I
can't do anything if they lift you
. . . my advice is get out of West
Belfast.'
I was about to be charged unde
r the Prevention of Terrorism Act for
gathering information which might be u
seful to a terrorist. Taking pictures
of security bases is forbidden in Nort
hern Ireland and I was an easy catch,
spotted outside the Woodburn army base
by high-powered surveillance cameras
mounted on a pylon over the streets.
T
ension was high then. More than 27 policeman had been killed that year and
t
he security forces were edgy. Tension is expected to rise again tonight
with
the bonfires. The security forces will be on the look out for
'clodding' -
stone-throwing battles which often lead to serious violence. In
the worst pa
rts of West Belfast stones give way to Molotov cocktails or
condom bombs, ho
me-made explosives filled with chemicals and acid. You can
tell condom bombs
by the terrible smell. Gelignite has the sweet aroma of
marzipan.
Shopkeepe
rs will spend the night in cars outside their premises. They claim
the polic
e will not answer calls about burglaries and looting for fear of
being set u
p for a terrorist attack. Officers say they can keep an eye on
many premises
from the security of police stations using the type of
surveillance cameras
which caught me.
The RUC hope any trouble will die out by daybreak. Tomorro
w is the actual
anniversary of the battle between William of Orange and Jame
s II, but the
traditional Orange Day marches have been postponed until Monda
y out of the
respect for the sabbath. The interlude should give Belfast time
to clean up
before the Protestant celebration begins afresh with a two-day
public
holiday.
The uniforms and tunes of the marchers have not changed in y
ears, nor have
the routes they try to take through sectarian areas. But the
landscape of
West Belfast is undergoing a slow and painful facelift. Fewer s
hops and
offices are protected by wire grilles; two new shopping centres hav
e been
built on the site of the old Eastwoods scrapyard; and whole areas of
derelict housing have been razed to make way for new homes.
Divis, the notor
ious republican ghetto which marks the gateway to West
Belfast, is being dem
olished as part of a Pounds 9m investment scheme. The
high-rise blocks have
been one of the main targets of the state Housing
Executive which has built
almost 1,000 new homes a year since 1982.
The redevelopment scheme, part of
a Pounds 200m urban rehabilitation
programme, stretches from the Royal Victo
ria Hospital - the site of the
former Belfast and District Lunatic Asylum -
to the River Lagan on the
fringe of the city. It has helped to reclaim waste
ground and provided the
impetus for Europe's largest community-led environm
ental project: Colin
Glen, a spectacular park which cuts a green swathe thro
ugh the western
suburbs.
These changes have helped make West Belfast into an
area that is, in the
eyes of the tourist board, fit for visitors. Unionist
politicians have
reacted angrily to the board's proposals, claiming tourist
officials are
trying to package the troubles for outsiders. A claim which th
e officials
reject.
They are not the only ones who take a kindlier view of t
ourists. Sinn Fein,
the political wing of the IRA, offers tourists a guide t
o the protest murals
and army bases. And privately, police officers say visi
tors are unlikely to
be detained for taking pictures of security installatio
ns.
Many of the improvements, however, are only cosmetic. Smart railings hav
e
replaced the concrete blocks that used to line grassy areas of the city to
deter joyriders. But joyriding is as prevalent as ever.
The local economy h
as been drained by years of neglect during which the
government directed inv
estment to areas of political preferment. That has
left unemployment averagi
ng 36.7 per cent, rising to more than 60 per cent
in pockets of the Catholic
Falls Road and Protestant Shankhill Road.
With little prospect of work, man
y low income families live on estates
suffering from vandalism and apathy. M
ost Belfast children never encounter
violence or see a bomb thrown, but thos
e who face the dole are not so lucky.
They are ripe for racketeering and par
amilitary recruitment.
The tourist board ignores all this and describes Belf
ast as 'crisp, clean
and inviting . . . a Hibernian Rio'. If the city centre
compares to that
Brazilian metropolis, then West Belfast is its favela: spi
rited but poor.
There is, however, a group of entrepreneurs backed by the In
dustrial
Development Board, which sees investment as the panacea for the pro
blems.
The West Belfast Business Opportunity group claims an enterprise cult
ure is
flourishing, with new companies taking advantage of cheap premises an
d
labour.
The economic optimism has been fuelled by this week's face-to-face
talks
between Ulster leaders and the British and Irish governments.
Local c
ommunity leaders say there is a ripple of hope rather than a wave.
Too many
residents have had expectations raised before only to see them
dashed by ind
ustrial closures, recession and violence. The Phoenix Trust, a
development g
roup, says there is still 'severe multiple deprivation'.
Eamon Hanna, chief
executive of the trust, says: 'This would be a problem
town even if a shot h
ad never been fired . . . it's an uphill battle.' Hanna
and other business l
eaders say winning the economic battle depends on
overcoming the area's poor
image. That image could take a further knock this
weekend if the bonfires b
ecome a prelude to violence and the clodding
persuades outsiders to follow t
he advice I received - get out of West
Belfast.
The Financial T
imes
London Page VIII
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16
FT 16 SEP 93 / Florida struggles to limit damage to t
ourist industry
By DAMIAN FRASER and MICHAEL SKAPINK
ER
MIAMI, LONDON
FLORIDA was yest
erday scrambling to limit the damage to its biggest-earning
industry, touris
m, after the killing of a British holidaymaker on Tuesday.
The state governm
ent ordered police to guard rest areas off main highways 24
hours a day and
to patrol trunk roads. It also set up a free telephone
number for tourist sa
fety tips, and asked for Dollars 4m (Pounds 2.5m) of
emergency federal aid t
o pay for police surveillance around Miami.
The police search for the killer
s of Mr Gary Colley, murdered outside
Tallahassee in northern Florida, inten
sified yesterday. Police found the
getaway car in Monticello, near Tallahass
ee. They believe the killers are
still in the area and are rounding up teena
gers who fit the description.
Mr Colley was the ninth foreigner to be killed
in the state in the past
year, and his murder came less than a week after a
German tourist was shot
outside Miami airport.
Mr Uwe-Wilhelm Rakebrand and
his pregnant wife were driving their rented car
when it was hit from behind
. The tourists drove on, but assailants opened
fire from their car, killing
the 33-year-old German.
Travellers arriving at Miami airport at night are ad
vised to stay in hotels
close by, and those who rent a car and take the road
from the airport to
Miami Beach are given detailed instructions on how to a
rrive safely.
The Avis rental agency has large signs inside its cars advisin
g drivers not
to stop on the way from the airport under any circumstances, e
specially if
bumped from behind.
Mr Greg Farmer, state commerce secretary, s
aid about 25 per cent of European
package bookings were now being cancelled.
'There is no question that the
European market will be affected,' said Mr M
ayco Villafana, of the Miami
Convention & Visitors Bureau.
The Florida touri
sm industry is worth about Dollars 31bn a year, employs
about 650,000 people
- 12.4 per cent of the non-farm workforce - and is the
state's largest ind
ustry.
About 40m tourists visit Florida every year, 17 per cent of them from
abroad.
Florida has the worst violent crime rates in the US, slightly ahead
of New
York, though crime rates have recently fallen.
Dr John Crotts, an as
sistant professor at the University of Florida, says an
out-of-state visitor
has a 91 in a 100,000 chance of becoming a victim of
crime - better odds th
an for Honolulu in the 1980s.
Picture, Page 4
Countries:-
USZ United States of America.
Industries:-
P7011
Hotels and Motels.
P7999 Amusement and Recreation, NEC.
Types
:-
NEWS General News.
The Financial Times
London Page 28
============= Transaction # 217 ==============================================
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103
FT 03 NOV 94 / Sihanouk warns off tourists
By AP and REUTER
PHNOM PENH
King Norodom Sihanouk, Cambodia's head of state (left), warned tou
rists
yesterday to avoid his country as the bodies of three western hostages
killed by Khmer Rouge rebels were recovered, bound and shot, from graves
fo
und near a southern rebel base. Saying Cambodia was 'clearly insecure', he
j
oined foreign embassies in advising tourists to avoid Cambodia. 'I condemn
w
ith the greatest severity the contemptible and unpardonable murderers who
ar
e responsible for the deaths of these three young gentlemen,' said the
king.
Mr Serey Kosal, deputy governor of Battambang province, said the Khmer
Roug
e had kidnapped 71 villagers and then executed 50 of them after a
four-day f
orced march to a guerrilla base.
Countries:-
KHZ Cam
bodia, Asia.
Industries:-
P9229 Public Order and Safety
, NEC.
P9721 International Affairs.
Types:-
NEWS G
eneral News.
The Financial Times
London Page 6
============= Transaction # 218 ==============================================
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510
FT 10 MAY 93 / Gadaffi woos tourists and foreign inv
estors
By MARK NICHOLSON
CAI
RO
LIBYA'S leader, Colonel Muammar Gadaffi, has suggested
that Libya should
encourage mass tourism to the country, where it is now ba
nned, make the
Libyan dinar convertible and attract new foreign investment.
The suggestions, made in a televised weekend speech, are unlikely to be
tran
slated immediately into practical steps. But they represent further
advocacy
by Col Gadaffi of moves to liberalise Libya's state-dominated
economy.
The
remarks also appear to indicate the Libyan leader's concern over the
politic
al isolation and harmful economic effects caused by United Nations
sanctions
against Libya. These were imposed in April 1992 after Tripoli
refused to ha
nd over for trial in the west two suspects in the 1988 bombing
of a Pan Am f
light over Lockerbie, Scotland.
The UN last month renewed the sanctions, whi
ch include a flights embargo,
while the US threatened to tighten them, perha
ps to include a ban on oil
sales.
During the speech Col Gadaffi said Libya s
hould consider creating a law
providing guarantees for foreign capital inves
tment.
Foreign companies should be invited to invest in tourism. 'Tourism pr
oduces
a very big income,' he said. 'Libya had a ban on tourism. However, Li
bya is
very, very rich in tourist attractions.'
He also said the country sho
uld 'put on the agenda' making the Libyan dinar
fully convertible, but warne
d that 'this could only be done when there was
adequate production, otherwis
e it would be catastrophic'.
These proposals follow Col Gadaffi's suggestion
in February that the
government should reduce its role in Libya's economy a
nd his criticism of
the way public finances were being handled. Late last ye
ar he also urged
accelerated privatisation of key parts of the economy.
The
calls for economic liberalisation - which must be debated by the
People's Co
ngress - come as UN sanctions appear to be biting hard.
The Libyan governmen
t complained last week that the sanctions had cost more
than 800 Libyan live
s and billions of dollars in revenues. A statement said
691 people had died
in road accidents on their way to airports in
neighbouring countries, while
150 died because of delays in medical care
created by the blockade.
The gove
rnment said sanctions had cost Dollars 2.2bn (Pounds 1.4bn) in lost
exports
and in losses to the country's livestock caused by shortages of
imported vac
cines. Libyan Arab Airlines, the state carrier, had also lost
hundreds of mi
llions of dollars.
Arab attempts to broker a solution to the Lockerbie impas
se continue, led by
Egypt, the Arab League and countries of the Arab Maghreb
Union, but there
are no signs of a breakthrough.
Col Gadaffi has sought to
align himself more closely with his Arab
neighbours, speaking recently of th
e threat posed by Islamic fundamentalism
to the region - a concern felt more
acutely in Algeria, Tunisia and Egypt
than in Libya. Last week he said fund
amentalists were 'heretics' who should
be 'killed and liquidated just like a
dog, without trials'.
Companies:-
Libyan Arab Airlin
es.
Countries:-
LYZ Libya, Africa.
Industri
es:-
P9311 Finance, Taxation, and Monetary Policy.
P9611 Admin
istration of General Economic Programs.
P7999 Amusement and Recreation,
NEC.
P4512 Air Transportation, Scheduled.
Types:-
E
CON Economic Indicators.
MKTS Foreign trade.
The Financial
Times
London Page 6
============= Transaction # 219 ==============================================
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920
711
FT 11 JUL 92 / Belfast is 'a clean, crisp Hibernian
Rio' (official): The Northern Ireland Tourist Board believes battle-scarred
West Belfast could attract visitors. Tim Burt looks at the changes which mak
e the notion plausible
By TIM BURT
TONIGHT is bonfire night in Belfast. Piles of old timber and rubbish are
rea
dy to burn and hundreds of Protestant children, some younger than 10
years o
ld, are looking forward to the big event: the annual celebration of
the Batt
le of the Boyne.
Each year, the fires send a pall of smoke across hardline s
uburbs, reminding
Roman Catholic communities of their rout in 1690 at the ha
nds of William of
Orange. Army helicopters sometimes help spread the smoke a
s they hover over
the crowds, shining spotlights through the haze.
And yet t
he Northern Ireland Tourist Board sees hardline areas as a
potential attract
ion. It suggests visitors seeking a glimpse of the trouble
spots should be e
ncouraged. The board's corporate plan says: 'The
opportunity to harness this
curiosity factor should not be overlooked as a
positive factor in encouragi
ng people to visit and understand Northern
Ireland.'
The invitation from the
tourist board contrasts with the advice I was given
seven years ago by the
Royal Ulster Constabulary. The policeman who
questioned me thumped his bulle
t proof vest and said: 'The Provos are trying
to kill me. What protection ca
n I give you - a Brit - on my doorstep? I
can't do anything if they lift you
. . . my advice is get out of West
Belfast.'
I was about to be charged unde
r the Prevention of Terrorism Act for
gathering information which might be u
seful to a terrorist. Taking pictures
of security bases is forbidden in Nort
hern Ireland and I was an easy catch,
spotted outside the Woodburn army base
by high-powered surveillance cameras
mounted on a pylon over the streets.
T
ension was high then. More than 27 policeman had been killed that year and
t
he security forces were edgy. Tension is expected to rise again tonight
with
the bonfires. The security forces will be on the look out for
'clodding' -
stone-throwing battles which often lead to serious violence. In
the worst pa
rts of West Belfast stones give way to Molotov cocktails or
condom bombs, ho
me-made explosives filled with chemicals and acid. You can
tell condom bombs
by the terrible smell. Gelignite has the sweet aroma of
marzipan.
Shopkeepe
rs will spend the night in cars outside their premises. They claim
the polic
e will not answer calls about burglaries and looting for fear of
being set u
p for a terrorist attack. Officers say they can keep an eye on
many premises
from the security of police stations using the type of
surveillance cameras
which caught me.
The RUC hope any trouble will die out by daybreak. Tomorro
w is the actual
anniversary of the battle between William of Orange and Jame
s II, but the
traditional Orange Day marches have been postponed until Monda
y out of the
respect for the sabbath. The interlude should give Belfast time
to clean up
before the Protestant celebration begins afresh with a two-day
public
holiday.
The uniforms and tunes of the marchers have not changed in y
ears, nor have
the routes they try to take through sectarian areas. But the
landscape of
West Belfast is undergoing a slow and painful facelift. Fewer s
hops and
offices are protected by wire grilles; two new shopping centres hav
e been
built on the site of the old Eastwoods scrapyard; and whole areas of
derelict housing have been razed to make way for new homes.
Divis, the notor
ious republican ghetto which marks the gateway to West
Belfast, is being dem
olished as part of a Pounds 9m investment scheme. The
high-rise blocks have
been one of the main targets of the state Housing
Executive which has built
almost 1,000 new homes a year since 1982.
The redevelopment scheme, part of
a Pounds 200m urban rehabilitation
programme, stretches from the Royal Victo
ria Hospital - the site of the
former Belfast and District Lunatic Asylum -
to the River Lagan on the
fringe of the city. It has helped to reclaim waste
ground and provided the
impetus for Europe's largest community-led environm
ental project: Colin
Glen, a spectacular park which cuts a green swathe thro
ugh the western
suburbs.
These changes have helped make West Belfast into an
area that is, in the
eyes of the tourist board, fit for visitors. Unionist
politicians have
reacted angrily to the board's proposals, claiming tourist
officials are
trying to package the troubles for outsiders. A claim which th
e officials
reject.
They are not the only ones who take a kindlier view of t
ourists. Sinn Fein,
the political wing of the IRA, offers tourists a guide t
o the protest murals
and army bases. And privately, police officers say visi
tors are unlikely to
be detained for taking pictures of security installatio
ns.
Many of the improvements, however, are only cosmetic. Smart railings hav
e
replaced the concrete blocks that used to line grassy areas of the city to
deter joyriders. But joyriding is as prevalent as ever.
The local economy h
as been drained by years of neglect during which the
government directed inv
estment to areas of political preferment. That has
left unemployment averagi
ng 36.7 per cent, rising to more than 60 per cent
in pockets of the Catholic
Falls Road and Protestant Shankhill Road.
With little prospect of work, man
y low income families live on estates
suffering from vandalism and apathy. M
ost Belfast children never encounter
violence or see a bomb thrown, but thos
e who face the dole are not so lucky.
They are ripe for racketeering and par
amilitary recruitment.
The tourist board ignores all this and describes Belf
ast as 'crisp, clean
and inviting . . . a Hibernian Rio'. If the city centre
compares to that
Brazilian metropolis, then West Belfast is its favela: spi
rited but poor.
There is, however, a group of entrepreneurs backed by the In
dustrial
Development Board, which sees investment as the panacea for the pro
blems.
The West Belfast Business Opportunity group claims an enterprise cult
ure is
flourishing, with new companies taking advantage of cheap premises an
d
labour.
The economic optimism has been fuelled by this week's face-to-face
talks
between Ulster leaders and the British and Irish governments.
Local c
ommunity leaders say there is a ripple of hope rather than a wave.
Too many
residents have had expectations raised before only to see them
dashed by ind
ustrial closures, recession and violence. The Phoenix Trust, a
development g
roup, says there is still 'severe multiple deprivation'.
Eamon Hanna, chief
executive of the trust, says: 'This would be a problem
town even if a shot h
ad never been fired . . . it's an uphill battle.' Hanna
and other business l
eaders say winning the economic battle depends on
overcoming the area's poor
image. That image could take a further knock this
weekend if the bonfires b
ecome a prelude to violence and the clodding
persuades outsiders to follow t
he advice I received - get out of West
Belfast.
The Financial T
imes
London Page VIII