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Exchange rates[QQ] Sterling strengthened against the deutschemark following the rise in UK base rates, reversing the fall in May. Elsewhere the main focus was the yen/dollar exchange rate as the US intervened to halt the yen's rapid decline which was threatening the stability of the Asian region.

Market data supplied by Britannia Investment Managers. Tel. (0141) 248 2000. Expressions of opinion contained within this document are subject to change. Britannia Investment Managers Limited is regulated in the conduct of investment business by IMRO. Surveyor: Paper profits, paper prophets Profit motif Percentage increase in the number of press articles using the phrase “shareholder value” in 1998 (annualised) compared with 1997 48% Source: Reuters Business Briefing

 Accounting for growth Annual wage newly qualified accountants can expect to earn        £26,000+ Average annual adult wage                                          £19,115 Annual increase (to March 1998) in private sector earnings            5.9% Annual increase (to May 1998) in accountants' earnings                3.8% Source: Reed Accountancy Personnel (0171 495 3005); ONS New Earnings Survey  Recession watch Months since UK export orders were as low as in May 1998               184 Proportion of Britons who would consider taking out redundancy insurance                                                 11.9% Number of interest rate increases expected before the end of the year that weren't expected a month ago                            1 Proportion of FDs who think the UK will go into recession this year                                                              41% Source: CBI; Datamonitor; Accountancy Age/Reed Accountancy Personnel  Monopoly money Value of all the Monopoly money ever printed for the UK             £300bn Value of real UK banknotes in circulation                          £23.5bn Proportion of UK national debt UK Monopoly money could repay         85.7% Value of all the Monopoly money ever printed worldwide            $2,422bn Proportion of current US national debt this would pay                43.7% Source: Waddingtons; Bank of England; HM Treasury  Piracy on the high C:/s Proportion of business software in Bulgaria which is pirate copies                                                          93% Ditto, UK                                                              31% Annual saving to UK businesses using pirated software              $334.5m Ditto, Bulgarian businesses                                           $13m Global cost of software piracy                                     $11.4bn Source: Business Software Alliance  Bored games? Average weekly sales of National Lottery Instants, June 1995        £39.6m Ditto, June 1998                                                    £13.3m Average weekly sales of National Lottery draw tickets, June 1995    £66.9m Ditto, June 1998 (including midweek draw)                           £84.7m Source: Camelot Group plc  Timewatch Number of days (from July 6) until the launch of the euro according to clock at London's Cannon Street station                   178 Number of days (from July 6) until the millennium according to clock in London's Piccadilly Circus                                 543
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