reuters-21578-json

[ { "title": "U.K. MONEY MARKET SHORTAGE FORECAST AT 250 MLN STG", "body": "The Bank of England said it forecast a\nshortage of around 250 mln stg in the money market today.\n Among the factors affecting liquidity, it said bills\nmaturing in official hands and the treasury bill take-up would\ndrain around 1.02 billion stg while below target bankers'\nbalances would take out a further 140 mln.\n Against this, a fall in the note circulation would add 345\nmln stg and the net effect of exchequer transactions would be\nan inflow of some 545 mln stg, the Bank added.\n REUTER\n\u0003", "date": " 9-MAR-1987 04:58:41.12", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3001" }, { "title": "BANK OF FRANCE SETS MONEY MARKET TENDER", "body": "The Bank of France said it invited offers\nof first category paper today for a money market intervention\ntender.\n Money market dealers said conditions seemed right for the\nBank to cut its intervention rate at the tender by a quarter\npercentage point to 7-3/4 pct from eight, reflecting an easing\nin call money rate last week, and the French franc's steadiness\non foreign exchange markets since the February 22 currency\nstabilisation accord here by the Group of Five and Canada.\n Intervention rate was last raised to eight pct from 7-1/4\non January 2. Call money today was quoted at 7-11/16 7-3/4 pct.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:03:09.75", "topics": [ "money-fx", "interest" ], "places": [ "france" ], "id": "3002" }, { "title": "AMOCO REPORTS SOUTH CHINA SEA OIL FIND", "body": "The U.S. <Amoco Petroleum Corp> has\nreported an offshore oil find at its Pearl River basin\nconcession in the South China Sea, the New China News Agency\nsaid.\n It said the Liu Hua 11-1-1 A well produced at around 2,240\nbarrels per day at a depth of 305 metres.\n The news agency said Amoco plans to drill a second well in\nthe area this year, but gave no further details.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:03:38.51", "topics": [ "crude" ], "places": [ "china" ], "id": "3003" }, { "title": "SOUTH KOREA DELAYS CONTRACT FOR NUCLEAR PLANTS", "body": "Technology transfer problems have delayed\nthe finalising of contracts between South Korea's state-owned\nKorea Electric Power Corp (Kepco) and U.S. Firms for supplies\nof equipment and services for Kepco's latest two 950-megawatt\nnuclear power plants, a Kepco spokesman said.\n He told Reuters the contracts for Kepco's tenth and\neleventh stations, costing between two and three billion dlrs,\nwere due for completion by the end of February.\n Kepco has been negotiating with Combustion Engineering Inc\n(CSP) for pressurised light-water reactors and General Electric\nCo (GE) for turbines.\n\n KEPCO has also been negotiating with (Sargent and Lundy\nEngineers) for engineering and design consultancy services.\n \"We have been waging a tug-of-war on the transfer of\nadvanced technology. But I am optimistic we will sign contracts\nwith them within this month,\" the spokesman said.\n He said the transfer of advanced technology is vital for\nSouth Korea, which wants to build future nuclear power plants\nwith its own technology.\n Work on the two plants is due to start about June 1988 for\ncompletion in 1995 and 1996, although the sites have yet to be\nchosen, he said.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:12:17.12", "places": [ "south-korea" ], "id": "3004" }, { "title": "KEIAISHA ISSUING 12 MLN SWISS FRANC NOTES", "body": "Keiaisha Co Ltd of Tokyo is issuing 12\nmln Swiss francs of straight notes due March 26, 1992 with a\n4-5/8 pct coupon, lead manager Gotthard Bank said.\n The notes can be called from September 26, 1989 at 101-1/4,\ndeclining semi-annually.\n The issue is guaranteed by the Kyowa Bank Ltd.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:19:27.56", "places": [ "switzerland" ], "id": "3005" }, { "title": "NATIONAL WESTMINSTER BANK SAYS IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.\n", "date": " 9-MAR-1987 07:59:05.79", "topics": [ "interest" ], "id": "3006" }, { "title": "NATIONAL WESTMINSTER BANK CUTS BASE RATE", "body": "National Westminster Bank Plc said it has\ncut its base lending rate 0.5 percentage points to 10.5 pct\ntoday.\n National Westminster said that it was responding to general\neasing in money market rates.\n Its move followed a signal from the Bank of England earlier\nthis afternoon that it would endorse a half point cut in the\nbase rate, a surprise move following its strong signals last\nweek that such a move would be premature.\n However, since then the pound has continued to gain\nstrongly.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:08:57.16", "topics": [ "interest" ], "places": [ "uk" ], "id": "3007" }, { "title": "U.S. FACILITIES <USRE> SEMI-ANNUAL DIVIDEND", "body": "Semi-annual dividend 4 cts\n Pay May 29\n Record April 14\nNote: full name is U.S. Facilities Corp. This is first dividend\ndeclared since company completed its initial public offering on\nNovember 7.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:11:20.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "3008" }, { "title": "STANDARD PACIFIC <SPF> ACQUIRES SOUTH BAY S/L", "body": "Standard Pacific LP said it\nhas acquired substantially all of the assets and liabilities of\nSouth Bay Savings and Loan Association of Newport Beach.\n The firm said over the weekend that it will conduct its\nsavings and loan activities through Standard Pacific Savings\nFA, a Federal stock association.\n On Friday, the Federal Home Loan Bank Board in Washington\nsaid it approved the acquisition of South Bay S and L, a 62.5\nmln dlr state-chartered stock association, by Standard Pacific,\nwhich has 312.8 mln dlrs in assets.\n The Bank Board said that the Federal Savings and Loan\nInsurance Corp will make a cash contribution, provide capital\nloss coverage and indemnify Standard Pacific against\nundisclosed liabilities.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:13:16.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "3009" }, { "title": "U.S. TO ALLOW TEMPORARY IMPORTS OF S.A. URANIUM", "body": "The Treasury Department said it would\ntemporarily permit imports of South African uranium ore and\noxide pending clarification of anti-apartheid sanctions laws\npassed by Congress last fall.\n The decision was announced late Friday. It applies, until\nJuly 1, to uranium ore and oxide imported into the U.S. for\nprocessing and re-export to third countries.\n The Treasury said it took the action because it felt that\nwhen Congress passed the comprehensive South African sanctions\nbill last fall over President Reagan's veto it had not intended\nto hurt U.S. industry.\n In addition, the Treasury said it would permit U.S.-made\ngoods to be imported temporarily from South African\nstate-controlled organizations for repair or servicing.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 08:13:36.29", "topics": [ "strategic-metal" ], "places": [ "usa", "south-africa" ], "id": "3010" }, { "title": "PAPER SAYS INDICTMENTS IN IRAN CASE EXPECTED", "body": "The special prosecutor in the Iran arms\nscandal is expected to bring indictments that could include\nfelony charges against senior Reagan administration officials,\nthe New York Times reported.\n It quoted law enforcement officials with knowledge of the\ninvestigation as saying special prosecutor Lawrence Walsh, who\nis investigating the scandal, was focusing on three areas.\n The paper identified these as conspiracy to defraud the\ngovernment, obstructing justice and making false statements to\nthe government. It said the prosecutor had not ruled out any\nsuspects, including current and former government officials.\n MORE\n\u0003", "date": " 9-MAR-1987 08:15:28.61", "places": [ "usa", "iran" ], "id": "3011" }, { "title": "NYSE RULE COULD AFFECT TRADING IN LONDON", "body": "An existing New York Stock Exchange,\nNYSE, rule might be used to limit the trading activities of its\nmembers in London in stocks listed on both exchanges, sources\nat the London Exchange said.\n This could arise if the London Stock Exchange goes ahead\nwith plans to close its trading floor.\n The London Exchange sources were commenting on press\nreports that the NYSE would bar its members firms from trading\non the London Exchange in interlisted stocks during periods\nwhen the NYSE was open.\n The London exchange is seeking clarification.\n London Exchange sources said the possibility of\nrestrictions on NYSE members appears to reflect a rule which\nrequires that exchanges recognised by the NYSE possess a\ntrading floor.\n Last month, the London Exchange said in a statement that it\nplanned to close its floor in due course, apart from a floor\nfor traded options, because almost all business is now being\ndone by screen and telephone between brokerage offices.\n This development stemmed from the Big Bang restructuring of\nthe market on October 27. The demise of the traditional Stock\nExchange floor has been widely expected, though no date has\nbeen set as yet.\n Market sources said a compromise over the NYSE rule could\nwell be reached, partly because the interests of U.S.\nSecurities dealers are not all identical.\n Some of them could well start lobbying the NYSE, pointing\nout, among other things, that the expansion of global trading\nneeds to be based on reciprocal arrangements.\n NYSE brokerage firms which also trade on the London\nExchange would presumably be put at a disadvantage over\nnon-NYSE U.S. Firms, which have affiliates on the London\nExchange, market sources said.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:15:42.31", "places": [ "usa", "uk" ], "id": "3012" }, { "title": "PIEDMONT <PIE> AGREES TO USAIR <U> BUYOUT", "body": "USAir Group Inc said Piedmont Aviation\nInc has agreed to be acquired for 69 dlrs per share.\n The company, in a newspaper advertisement, said it has\nstarted a tender offer for all Piedmont shares at that price,\nand the Piedmont board, with two directors absent, has\nunanimously approved the bid. The offer and withdrawal rights\nare to expire April Three unless extended, and the bid is to be\nfollowed by a merger at the same price.\n USAir said Piedmont has granted it an irrevocable option to\nbuy up to 3,491,030 new shares under certain circumstances.\nPiedmont now has about 18.6 mln shares outstanding.\n USAir said the tender is conditioned on receipt of enough\nshares to give USAir at least a 50.1 pct interest in Piedmont\non a fully diluted basis and approval by the U.S. Department of\nTransportation of a voting trust agreement permitting USAir to\nbuy and hold shares pending review of its application to gain\ncontrol of Piedmont.\n The company said its merger agreement with Piedmont\nprovides that the offer is not to be amended without Piedmont's\nprior written consent in any way that would be adverse to\nPiedmont shareholders, but it said it could cut the number of\nshares to be bought without Piedmont's consent.\n USAir said it could reduce the number of Piedmont shares to\nbe purchased in the offer to no less than the minimum number\nneeded to cause the voting trust condition of the bid to be\nsatisfied.\n In that case, it said if more than that minimum number of\nshares were tendered, it would buy shares on a pro rata basis.\n In February USAir had offered to pay 71 dlrs per share in\ncash for 50 pct of Piedmont's stock and 1.55 to 1.90 USAir\nshares for each remaining Piedmont share.\n Last week, Carl C. Icahn-controlled Trans World Airlines\nInc <TWA> made a conditional offer to acquire USAir for 52 dlrs\nper share, a bid that was rejected by the USAir board.\n The Transportation Department on Friday rejected TWA's\napplication to acquire USAir on the grounds that the\napplication failed to comply with department regulations by\nomitting necessary information. TWA said it would refile\ntoday, providing the information needed.\n On Friday TWA said it had already acquired four mln shares\nor 15 pct of USAir.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:16:35.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "3013" }, { "title": "U.S. AIDES SEE MOSCOW AGREEING TO ARMS CHECK PACT", "body": "Senior U.S. Arms control officials\nsaid they were optimistic the United States and Soviet Union\ncould reach agreement on ways to verify a pact to eliminate\nmedium-range nuclear missiles in Europe.\n Chief U.S. Arms control negotiator Max Kampelman said on\nthe NBC television network a fair pact would be hard to\nnegotiate, but, \"We are determined to do it.\"\n Assistant Secretary of Defence for international security\npolicy Richard Perle said he thought the two sides could agree\non a method to ensure each side was honouring a missile pact.\n President Reagan said on Friday that Secretary of State\nGeorge Shultz would go to Moscow next month for talks on arms\ncontrol and a possible U.S.-Soviet summit meeting.\n The decision to send Shultz to Moscow followed an\nannouncement by Soviet leader Mikhael Gorbachev that he was\nwilling to separate elimination of medium-range missiles in\nEurope from his demand for curbs on U.S. Development of a\nStrategic Defence Initiative (SDI) anti-missile system.\n Kampelman said the United States and the Soviet Union both\nhad a general definition of so-called \"intrusive\" or on-site\ninspection of a pact, but details would be tough to work out.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:21:01.71", "places": [ "usa", "ussr" ], "id": "3014" }, { "title": "API REPORTS SHARP FALL IN DRILLINGS", "body": "Estimated oil and gas drilling\ncompletions in the United States dropped by almost 41 per cent\nin 1986 from 1985, the American Petroleum Institute said.\n API, an industry group, said that of the 42,387 wells\ncompleted last year, a total of 19,741 were oil wells, 8,645\nwere natural gas wells and 14,001 were dry holes.\n In 1985, a total of 71,539 wells were drilled - 36,834 oil\nwells, 13,036 gas wells and 21,669 dry holes.\n reuter\n\u0003", "date": " 9-MAR-1987 08:22:57.04", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "3015" }, { "title": "U.K. CREDIT BUSINESS FALLS IN JANUARY", "body": "New credit advanced by finance houses,\nretailers, bank credit cards and other specialist providers of\ncredit slipped to 2.66 billion stg in January from 2.78 billion\nin December - but remained close to the average level for\n1986's fourth quarter, the Department of Trade and Industry\nsaid.\n Of the January total, 1.15 billion stg was advanced on bank\ncredit cards.\n On a three-month basis, total advances in November to\nJanuary were 3.0 pct lower than in the previous three months.\nWithin this total, lending to consumers fell by 6.0 pct and\nlending to businesses declined by 5.0 pct.\n At end-January 1987, the total amount outstanding was 24.07\nbillion stg, up from December's 23.77 billion stg and 3.0 pct\nabove the total three months earlier, the department said.\n January saw a rise of 300 mln stg in amounts outstanding to\nfinance houses, other specialist credit grantors and retailers.\n The department said advances on credit cards rose by 1.0\npct between the latest two three-month periods. Retailers\nadvanced 3.0 pct less in the latest three months than in the\nprevious three months, it said.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:23:31.25", "topics": [ "instal-debt" ], "places": [ "uk" ], "id": "3016" }, { "title": "BRAZILIAN SEAFARERS' STRIKE DAMAGES OIL EXPORTS", "body": "A strike by Brazil's 40,000 seafarers\nwho want pay rises of up to 180 pct may have cost the\nstate-owned oil company Petrobras 20 mln dlrs in lost export\norders, the company's commercial director Arthur de Carvalho\nwas quoted as saying in press reports.\n More than 170 ships in Brazil, and about nine more in\nforeign ports, have been halted by the strike, which began on\nFebruary 27.\n Marines began blockading the ships on Friday after the\nstrike was ruled illegal, and some strikers are running short\nof food, National Merchants Marine Union president Edson Areias\nsaid.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:27:14.06", "topics": [ "crude", "ship" ], "places": [ "brazil" ], "id": "3017" }, { "title": "NEC <NIPNY> UNIT INTRODUCES NEW COMPUTERS", "body": "NEC Corp's NEC Informational\nSystems Inc said it introduced three advanced personal\ncomputers that are fully compatible with the International\nBusiness Machines Corp <IBM> PC AT.\n The computers, the PowerMate 1, PowerMate 2 and\nBusinessMate, are based on a chip made by Intel Corp <INTC>.\n The PowerMate 1 and 2 are available immediately and sell\nfor 1,995 dlrs and 2,595 dlrs, respectively, the company said.\n The BusinessMate, scheduled for April availability, will\nsell for less than 6,000 dlrs, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:38:11.68", "places": [ "usa" ], "id": "3018" }, { "title": "OECD TRADE, GROWTH SEEN SLOWING IN 1987", "body": "The 24 nations of the Organisation for\nEconomic Cooperation and Development (OECD), hampered by\nsluggish industrial output and trade, face slower economic\ngrowth, and their joint balance of payments will swing into\ndeficit in 1987, the Economist Intelligence Unit (EIU ) said.\n The EIU said in its World Trade Forecast it revised OECD\neconomic growth downwards to 2.5 pct this year, compared with a\n2.8 pct growth forecast in December.\n It said the new areas of weakness are West Germany and the\nsmaller European countries it influences, and Japan, hardest\nhit by currency appreciation this year.\n The independent research organisation cut its 1987 growth\nrate forecasts for West Germany to 2.2 pct from 3.2 pct in\nDecember and to 2.3 pct from three pct for Japan.\n It said it expected the OECD to post a current account\ndeficit of some 13 billion dlrs in both 1987 and 1988, due in\nlarge part to a 1.50 dlrs a barrel rise in 1987 oil prices.\n It said the U.S. Current account deficit looked likely to\nfall even more slowly than forecast, to 125 billion dlrs in\n1987 and 115 billion in 1988 from 130 billion in 1986.\n It said it expected West Germany to post a 31 billion dlr\npayments surplus and Japan a 76 billion dlr surplus this year.\n The EIU said it saw oil prices dropping to around 16.50\ndlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18\ndlrs last year, as adherence to OPEC output policy becomes\nincreasingly ragged.\n It said the dollar is poised to resume its decline in\nforeign exchange markets, and will lose a further 13 pct on its\ntrade-weighted index this year and five pct in 1988 after last\nyear's 18.4 pct drop. The average mark/dollar rate is put at\n1.80 marks this year and 1.70 in 1988 while the yen/dollar rate\nis expected to break through the 150 yen barrier with an\naverage value of 150 yen in 1987 and 146 yen in 1988, it said.\n \"This is not a crash scenario but the dollar's steeper\nangle of descent increases the risk of ending with a fireball\nrather than a three-point landing,\" the EIU said.\n \"Talking will not stop the dollar's slide for long and the\nFebruary meeting (of finance ministers of the Group of Five and\nCanada) produced scant promise of either a decisive shift to\nmore expansive policies in West Germany and Japan, or a tighter\nU.S. Fsical policy,\" it said.\n It said the key to the dollar's fortunes was the\nwillingness of Japanese institutions to buy U.S. Government\nassets despite prospects of sustaining a currency loss.\n \"Thus far they have been willing,\" the EIC said, adding\nthat if Japan was deterred from buying U.S. bonds the dollar\nwould collapse.\n To contain such a currency crisis, dollar interest rates\nwould have to soar, bringing recession and a Third World debt\ncrisis, it said.\n On trade, the EIU said prospects for 1987 look\n\"increasingly sick.\"\n Import growth, forecast in December at 4.5 pct, is now seen\nslowing down to around 3.8 pct in 1987 with a recovery only to\n4.2 pct in 1988, it said.\n The weakness of the West German economy is the biggest\nsingle factor, with import growth there expected to feature a\nsluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in\nDecember, the EIU said.\n On the export side, it said it saw weak demand in West\nGermany affecting export prospects elsewhere in Europe, while\nJapan's exports in 1987 would remain flat and sales by U.S.\nExporters would respond only marginally to a lower, more\ncompetitively-priced dollar.\n It said in most of Europe and in Japan, raw materials and\noil will cost less in domestic currency in 1987 than in 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:40:06.50", "topics": [ "trade", "gnp", "bop", "dlr" ], "organisations": [ "oecd" ], "places": [ "uk", "usa", "west-germany", "japan" ], "id": "3019" }, { "title": "POEHL SAYS FURTHER RATE CUT POSSIBLE - SOURCES", "body": "Bundesbank president Karl Otto Poehl\ntold a closed investment symposium that West Germany could cut\nleading interest rates again if the United States makes a\nsimilar move, banking sources said.\n The sources were reporting Poehl's remarks at a symposium\nin Duesseldorf last week organised by Deutsche Bank Ag. Press\nrepresentatives were not invited.\n The sources, speaking separately, said Poehl told about 200\nbankers in reply to questions that a cut in U.S. Interest rates\nwould give room for a matching measure in Germany.\n \"It was a definite hint at lower German interest rates,\" said\none banker who attended the symposium.\n A Bundesbank spokesman said the central bank would have no\ncomment on the reported remarks, made at the private meeting.\n But, according to a second source, who also declined to be\nidentified, Poehl's comments were seen by bankers present as a\ndirect pointer to further moves by the central bank to defend\nGerman industry from an additional revaluation of the mark.\n \"He said if the Americans drop their interest rates then the\nBundesbank would also drop them. He said that quite clearly,\"\nthe second source said.\n In reply to questions, Poehl also said the half-point cut\nin the discount and Lombard rates on January 22 came after the\nU.S. Had signalled it would be prepared to attend a meeting to\ndiscuss the level of the dollar on condition Germany made such\na move in advance, the sources said.\n Asked if American authorities could have been persuaded, by\ncuts in German rates, to come to the bargaining table as early\nas last September, one of the sources quoted Poehl as saying,\n\"No, they wouldn't have been. We checked that.\"\n The Paris meeting of the Group of Six industrial nations\ntook place exactly one month after the German cut in rates.\n Poehl emphasised in his comments the very close talks\nbetween central banks before and after the G-6 meeting, saying\nthat financial markets had not fully realised the significance\nof the Paris session and the U.S. Agreement to stem further\nfalls in the value of the dollar, the sources said.\n For the first time all participants at the summit agreed\nthat a further fall in the dollar would be harmful for all\nworld economies, including the U.S., Poehl had said.\n The sources said the tone of Poehl's comments boosted\ngrowing sentiment that the dollar would be stabilised around\ncurrent levels by international central bank cooperation.\n One source said Poehl's remarks also underlined the fact\nthat the Bundesbank was now more prepared to be accommodative\nin monetary policy in order to prevent a further slowdown in\nWest Germany's economic growth.\n Poehl and other Bundesbank officials have in the past\nstressed that the German central bank had no direct\nresponsibility for growth and was solely concerned with\ncombatting inflation.\n This led, for instance, to the introduction of a tighter\nmonetary stance from the beginning of December until the\nhalf-point cut in rates in late January.\n The sources quoted Poehl as saying that the current\novershooting of the German monetary target would not directly\nrespark inflation. The Bundesbank was not obliged to react\nimmediately whenever such overshooting occurs.\n Latest data for central bank money stock, the Bundesbank's\nmain measure of money supply, showed the measure was growing at\n7-1/2 pct in January, outside its three to six pct 1987 target.\n Share prices rose in very active trading today, with\ndealers reporting that Poehl's remarks, coupled with a bullish\noutlook on stock prices from Deutsche at the same symposium,\nbrought in strong bargain hunting at current low levels.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:44:23.42", "topics": [ "interest", "money-fx", "dlr" ], "places": [ "usa", "west-germany" ], "id": "3020" }, { "title": "PLESSEY TO SELL TELEPHONE SYSTEM TO COLOMBIA", "body": "Plessey Co Plc <PLY.L> said it had won a\nmulti-million stg contract to supply Colombia with the System X\ndigital telephone exchange, the first major export contract for\nthe system.\n Company sources said the deal was worth about 15 mln stg.\nv A Plessey statement said the contract, awarded by the\nNational Telecommunications Authority of Colombia, was won\nagainst competition from Telefon L M Ericsson AB, NEC Corp,\nFujitsu Ltd and Italtel of Italy.\n \"The award is regarded as a triumph for System X and a\nbreakthrough in the South American market,\" it said.\n Plessey said the contract was one of the largest awarded by\nTelecom Colombia for the past 10 years and involved supplying\n13 telephone exchanges including 68,000 lines.\n The award also includes transmission equipment for the\ninterconnection of the exchanges and the existing system.\n The firm was actively marketing System X worldwide and\ncontract negotiations in certain countries had reached an\nadvanced stage, it said.\n Plessey shares were down 5p at 235p, having gone\nex-dividend.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:44:51.73", "places": [ "uk", "colombia" ], "id": "3021" }, { "title": "VENEZUELA REVEALS DEBT PAYMENT SCHEDULE DETAILS", "body": "The 20.3 billion dlr debt rescheduling\naccord Venezuela signed a week ago will reduce its payments\nover the next three years by 64 pct, according to Finance\nMinistry figures released this weekend.\n A ministry statistical analysis said while the original\naccord called for payments of 3.82 billion dlrs between 1987\nand 1989, the new agreement requires debt servicing of 1.35\nbillion over the same period. In 1987, Venezuela will be\nrequired to pay 250 mln dlrs instead of the 1.55 billion\noriginally agreed. Payments in 1988 were cut to 400 mln from\n1.20 billion, and in 1989 to 700 mln from 1.11 billion.\n The ministry's analysis said the reduction in debt\nservicing during 1987-1989 amounts to an effective grace\nperiod, something the Venezuelan negotiators sought from\ncreditor banks but were not granted.\n Most of the rescheduling falls during 1994-1998, when 53.3\npct, or some 11.25 billion dlrs, must be paid. Under the\nFebruary 27 accord, Venezuela will repay 20.3 billion dlrs of\npublic sector debt over 14 years at 7/8 of a percentage point\nover London interbank offered rates (Libor).\n This compares with the February 1986 accord which called\nfor a 12-year term and interest of 1-1/8 point over Libor.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:46:08.05", "places": [ "venezuela" ], "id": "3022" }, { "title": "SOSNOFF STARTS BID FOR CAESARS WORLD <CAW>", "body": "<MTS Acquisition Corp>, a company\nformed by Martin T. Sosnoff, said it has started a tender offer\nfor all shares of Caesars World Inc at 28 dlrs each.\n In a newspaper advertisement, MTS said the offer and\nwithdrawal rights expire April Three unless extended.\n Sosnoff, a New York investor, already owns about four mln\nof Caesars' 30.3 mln shares outstanding, or about 13.3 pct, and\nis Caesars' largest shareholder. Caesars owns casino hotels in\nNevada and honeymoon resorts in Pennsylvania's Pocono\nMountains. It also controls Caesars New Jersey Inc <CJN>,\nwhich owns an Atlantic City, N.J., casino hotel.\n For the second quarter ended January 31, Caesars World\nearned 12.6 mln dlrs on revenues of 190.4 mln dlrs, up from\nearnings of 7,500,000 dlrs and revenues of 163.8 mln dlrs a\nyear before. For all of fiscal 1986, the company earned 41.0\nmln dlrs on revenues of 694.4 mln dlrs.\n MTS said the offer is conditioned on receipt of at least\nenough shares to give Sosnoff a majority interest on a fully\ndiluted basis, the arrangement of sufficient financing to buy\nall Caesars shares not already owned and pay related costs and\napproval by the New Jersey Casino control Commission and the\nNEvada Gaming Commission and State Gaming Control Board.\n MTS said Marine Midland Banks Inc <MM> has committed to\nlend it 100 mln dlrs for the acquisition and use its best\nefforts to syndicate another 400 mln dlrs in senior financing\nfor the transaction.\n It said its financial adviser, PaineWebber Group Inc <PWJ>,\nhas stated in writing that subject to market conditions, it is\nhighly confident that it can arrange commitments for up to 475\nmln dlrs in \"mezzanine\" financing.\n MTS said it does not expect problems in obtaining New\nJersey and Nevada regulatory approval for the acquisition,\nsince ownership in a Caesars stake has already been cleared.\n In June 1986, Sosnoff requested a seat on the Caesars World\nboard, a request that has not yet been granted. In September\n1986, Sosnoff, who is chairman of <Atalanta/Sosnoff Capital\nCorp>, filed for clearance under U.S. antitrust laws to raise\nhis interest in Caesars World to 25 pct.\n Sosnoff said, in a letter to Caesars World chairman and\nchief executive officer Henry Gluck, that \"The decision to go\ndirectly to the shareholders was made at the urging of may\nfinancial and legal advisors, who repeatedly stressed to me the\nlack of responsiveness of the management in the past.\"\n Sosnoff, who said he has made numerous efforts to express\nhis views to management on ways of maximizing shareholder\nvalues, said Caesars twicce refused his request for a board\nseat. \"My advisers felt that, had I given you advance notice,\nyou would have used the time to throw up obstacles to my offer\nrather than giving it serious consideration,\" he said.\n Sosnoff said he hopes that Caesars World management will be\nwilling to negotiate an acquisition agreement with him.\n \"As I have indicated publicly in the past, I believe\noperating management of the company has performed well and that\nappropriate consideration should be given to a significant\nequity interest for them in the company following the\nacquisition,\" Sosnoff said in the letter to Gluck.\n MTS said Sosnoff has asked the company to fix March 27 as\nthe record date for the determination of shareholders entitled\nto authorize action without a meeting -- including the election\nor removal of directors.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:48:26.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "3023" }, { "title": "DUTCH PLANNING AGENCY FORECASTS LOWER GROWTH", "body": "Dutch economic growth is slowing as a\nfirming guilder cuts competitiveness abroad and industries\nreduce the pace of investment, the Dutch official planning\nagency CPB said.\n The Centraal Planbureau, publishing its 1987 economic\noutlook, said Dutch Net National Income (NNI) was expected to\ngrow by one pct this year, down from two pct growth recorded in\n1986 and 2.5 pct in 1985 and 1984.\n Dutch Gross National Product is expected to rise to 432.20\nbillion guilders in 1987 in constant prices, a two pct increase\nfrom last year's 423.95 billion.\n The CPB, forecasting an 8.5 pct increase in the value of\nthe guilder on a trade-weighted basis compared with 10.0 pct\nlast year, said the dollar was expected to trade at an average\nof 2.0 guilders in 1987 compared with 2.45 guilders in 1986.\n \"The higher guilder is causing a substantial fall in unit\nlabour costs abroad, when measured in guilder terms, while\nthese are rising slightly in the Netherlands,\" the CPB said.\n More of economic growth now depended on domestic\nconsumption, the CPB said, but noting that higher margins set\nby domestic producers and importers mitigated the effect on\npurchasing power of lower import costs and deflation.\n Consumer prices were set to fall by 1.5 pct this year, the\nCPB said. Inflation was zero last year.\n Gross investment in industry was expected to grow by five\npct this year, a slowdown compared with 11.5 pct growth last\nyear, the CPB said.\n Exchange rate and oil price fluctuations will continue to\ncondition the Dutch economy in the future as it has in recent\nyears, the CPB said, noting a continued depressing impact of\nthese factors on Dutch competitiveness.\n In addition, it noted a slight rise in taxation and social\nsecurity costs to employers.\n The CPB, forecasting a rise in the budget deficit to 7.2\npct of Net National Income in 1987 from 6.3 pct last year,\nurged the government to cut expenditure further to bring down\nthe deficit and reduce tax and social security payments in\nfuture.\n Dutch government revenue is being depressed further by\nfalling income from natural gas sales in 1987, the CPB said.\n It said unemployment was expected to fall to 675,000 this\nyear from 710,000 last year.\n While the two pct GDP growth forecast set by the CPB is\nwithin its latest forecast, issued last month, of 1.5 to two\npct growth, the figure is well above recent market estimates.\n Dutch merchant bank Pierson, Heldring en Pierson said in\nits February economic outlook that GDP growth at constant\nprices was expected to be 1.1 pct this year and market analysts\nhad expected the CPB's final forecast to be below its own\nlatest estimate.\n \"It is too early to comment because I haven't seen the whole\ndocument yet, but it would seem we are more pessimistic in some\nof our estimates,\" a Pierson economist said.\n The CPB forecast 2.5 pct export growth in volume terms in\n1987, after four pct growth last year. Excluding energy\nexports, the 1987 figure would be two pct, it said.\n Imports were set to rise by 4.5 pct this year compared with\nfour pct in 1986 in volume terms, the CPB said.\n The balance of payments would see a sharp decline in the\nsurplus, to six billion guilders in 1987 compared with 12.1\nbillion last year, the CPB forecast.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:51:35.60", "topics": [ "gnp", "jobs", "cpi", "bop", "dfl" ], "places": [ "netherlands" ], "id": "3024" }, { "title": "TRUMP MAKES BID FOR CONTROL OF RESORTS <RTB>", "body": "Casino owner and real estate developer\nDonald Trump has offered to acquire all Class B common shares\nof Resorts International Inc, a spokesman for Trump said.\n The estate of late Resorts chairman James M. Crosby owns\n340,783 of the 752,297 Class B shares.\n Resorts also has about 6,432,000 Class A common shares\noutstanding. Each Class B share has 100 times the voting power\nof a Class A share, giving the Class B stock about 93 pct of\nResorts' voting power.\n More\n\u0003", "date": " 9-MAR-1987 08:51:49.54", "topics": [ "acq" ], "places": [ "usa" ], "id": "3025" }, { "title": "IOMEGA <IOMG> SETS MANAGEMENT, LABOR LAYOFFS", "body": "Iomega Corp said it has laid off over\na quarter of its professional and management staff and nearly\nhalf of its direct labor force as part of a restructuring and\ndownsizing of its business.\n The company also said it will receive a qualified opinion\nfrom the auditors of it 1986 financial statement subject to the\noutcome of two suits. The company is a defendant in a\nconsolidated class action law suit which seeks damages in an\nunspecified amount and is also a defendant in a related\nshareholder action.\n Iomega said the auditors state in their opinion letter that\nboth actions are in the early stages of discovery and the\nlikely outcome can not be determined at this time.\n The company said a corporate wide reduction of its\nprofessional, management and indirect labor will result in the\npermanent elimination of 183 positions in all functional areas\nof the company's business. This represents over 25 pct of\nprofessional, management and indirect employees, it added.\n In addition, Iomega announced layoff of about 182\nemployees, principally from its manufacturing direct labor\nforce. Those affected represent about 46 pct of direct labor.\n Commenting on the layoffs, Iomega said those from among the\ndirect labor force affects personnel building the Alpha Eight\nInch Disk Drive and Bernoulli Boxes.\n \"This action is required as we bring our finished goods\ninventory and inventory in our distribution channels down to\nacceptable levels,\" it explained.\n The company stated this layoff does not affect the\nproduction of its new 5-1/4 inch Beta 20 product which is\ncurrently being built to a backlog of orders.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:54:12.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "3026" }, { "title": "TECHNOLOGY/NEW ERA FOR INFORMATION HANDLING", "body": "Ground-breaking new systems for storing\nand retrieving information are ushering in a new era for\ncomputer companies and computer users.\n Within the past few weeks, International Business Machines\nCorp <IBM>, Eastman Kodak Co <EK> and others have launched\nproducts that radically increase the amount of data that can be\ncatalogued and shelved in computerized libraries.\n \"This flurry of new technology could yield systems that\nhandle a multimedia blitz of data,\" said Ian Warhaftig, a\nsenior analyst with International Data Corp, Framingham, Mass.\n \"We're developing new systems because our customers are\nasking for them,\" Peter Giles, vice president and general\nmanager of Kodak's mass memory division, said in a recent\ninterview.\n This demand is expected to soar in coming years. While\nestimates vary, industry analysts project that providing\nproducts and services geared for information storage and\nretrieval could become a 20 billion dlr a year business by\n1995.\n A wide range of technologies will be needed to meet the\nvarying requirements of users.\n For example, a large credit verification service would want\na system from which it could quickly retrieve credit data and\nrelay it to its clients. A law firm, however, may need a\ncomputerized law library in which capacity, rather than speed,\nis the key feature. For architects and engineers, the ability\nto store photographs, sketches and other graphics would be\ncrucial.\n Regardless of the specific application, the trend is toward\nconverting information - documents, video or film or even sound\nrecordings - into to the digital language of zeros and ones\nunderstood by computers.\n Saving space is the key goal in digitizing data for\nstorage. An optical disk the size of a standard compact disk\ncan store 550 megabytes of data, or about 250,000 pages of\ntypewritten text.\n For this reason, the compact disk read-only memory, or\nCD-ROM, is already a popular data storage media. Last week,\nMicrosoft introduced Microsoft Bookshelf, a 300 dlr program\nthat contains, on a single CD-ROM disk, a dictionary,\nthesaurus, national ZIP code directory, Bartlett's Familiar\nQuotations, the World Almanac and other reference works.\n Scores of such products are already on the market, but most\nare specialty items, such as Lotus Development Corp's <LOTS>\nCD-ROM data base of stock information for financial analysts\nand investors. \"Microsoft Bookshelf is important because it\nmarks the arrival of CD-ROM packages for the general public,\"\nsaid Ian Warhaftig of International Data Corp.\n One drawback of the CD-ROM, which uses a laser to record\nand read data, is that that it requires a special player.\nCD-ROM players for the retail market will appear later this\nyear.\n Moreover, IDC's Warhaftig said CD-ROM's will be integrated\nwith personal computers.\n \"Eventually, CD-ROM's will fit right inside the PC box,\" he\nsaid. \"Imagine the advantage of having a spelling checker and\nthesaurus at your fingertips when you're writing with a word\nprocessing program.\"\n But CD-ROM's are just the beginning. Also last week, Kodak\nunveiled several systems that use 12-inch optical disks. The\nlargest Kodak system uses a jukebox-like cabinet to hold up to\n150 optical disks from which data can be retrieved in a matter\nof seconds.\n Kodak also announced a 14-inch optical disk with 6.8\ngigabytes of memory, five times the memory of a CD-ROM. The\nKodak disk, which will not be available until the middle of\n1988, is designed for users who need quick access to very large\namounts of data, said Kodak's Giles.\n Meanwhile, N.V. Philips <PGLO.AS>, the Dutch electronics\ngiant, is preparing to take optical disk technology a step\nfurther with the first disk that can combine text, video and\nsound. Philips said the system, called Called CD-Interactive,\nwill be ready next year. It will include a new kind of CD-ROM\nplayer that can hook up with a television set and stereo.\n Additional breakthroughs are expected as the next\ngeneration of computer memory chips are introduced. Last month\nIBM said it has made a four-megabyte chip, capable of storing\nmore data than eight CD-ROM's. Meantime, <Nippon Telegraph and\nTelephone> of Japan said it has built a 16-megabyte chip.\n Analysts say commercial versions of these chips are several\nyears away, though some suspect that IBM may start volume\nproduction of its four-megabyte chip sometime this year.\n Such chips will enable computer makers to build computers\nwith immense memory capacities.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 08:58:22.38", "places": [ "usa" ], "id": "3027" }, { "title": "BRAZIL SEAMEN CONTINUE STRIKE DESPITE COURT", "body": "Hundreds of marines were on alert\nat 11 key Brazilian ports after 40,000 seamen decided to remain\non indefinite strike, even after the Higher Labour Court\nSaturday ruled it illegal, union leaders said.\n The halt, the first national strike by seamen in 25 years,\nstarted on February 27, and union leaders said they would not\nreturn to work unless they got a 275 pct pay rise. Shipowners\nhave offered a 100 per cent raise, which the seamen rejected.\n \"We have nothing to lose. If they want to lay off the\nworkers, fine, but we are determined to carry on with our\nprotest until the end,\" a union leader said.\n more\n He said they had decided in a meeting that if the marines\ntake over the ships, the seamen would abandon the vessels and\nlet the marines handle the situation by themselves.\n A spokesman for the Rio de Janeiro Port said the order to\nsend marines to take over the ports was given by Navy Minister\nHenrique Saboya on grounds that ports are areas of national\nsecurity. But he said there were no incidents. The strike has\ncut exports and imports and made an estimated 160 ships idle.\n Petrol station owners in four states also continued their\nshutdown and there were fears that the combination of the two\nstoppages could lead to a serious fuel shortage.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:01:34.94", "topics": [ "ship" ], "places": [ "brazil" ], "id": "3028" }, { "title": "BANKING TRADE GROUP SAYS BANK PROFITS DOWN", "body": "The American Bankers Association said\nthe profitability of the nation's commercial banks declined by\n12 pct during the first three quarters of 1986.\n During the first nine months of last year, the industry's\nannualized rate of return on assets dropped to 0.68 pct from\n0.77 pct in the same period in 1985, the ABA said. Return on\nequity fell to 10.8 pct from 12.3 pct the previous year.\n Despite the decline in profits, the ABA said banks' capital\ngrew boosting the industry's capital ratio to 6.4 pct from 6.3\npct.\n The number and size of banks losing money during the period\nincreased significantly, the ABA said.\n During the first nine months of 1986, 17.5 pct of banks,\nholding 9.6 pct of banking assets, were unprofitable, the group\nsaid. That compares with 13 pct of banks, holding 8.8 pct of\nassets, during the same period in 1985, it said.\n The industry's provisions for loan losses increased to 0.73\npct of assets during the period, up from 0.59 pct of assets\nduring the same period in 1985, the group said.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:06:39.94", "places": [ "usa" ], "id": "3029" }, { "title": "PAPER INSTITUTE SEES STRONG PAPER MARKET IN '87", "body": "The American Paper Institute said the\nindustry is headed for another year of record volume in 1987,\nwith linerboard particularly strong.\n \"A pro-growth trade policy, continued attention to currency\nmanagement, a fairly low interest rate climate and no major tax\nincreases are the essential ingredients in this outlook,\" Red\nCavaney, American Paper Institute president said.\n Cavaney said that so far this year the industry's\nperformance mimics last year's strength.\n Last year, he said, paper and paperboard production hit a\nrecord 71 mln tons, 5.9 pct above 1985's 67 mln tons, while\nindustry after-tax profits in 1986 exceeded 1985 profits.\n Cavaney said that inventories will play a major role in\nthis year's performance.\n \"Inventories, which are generally low, are a positive\nfactor in the industry's outlook this year,\" he said, citing\nmarket pulp stocks, which are currently at 21 days supply, at\nthe low end of the industry's long term average.\n Cavaney added that as a result of slimmer inventories in\n1986 and in the early part of this year, shipments for 1987 as\na whole will be higher than last year, even if demand slackens.\n Cavaney said, however, he expects demand this year to be\nstrong, spurred by consumer spending.\n The benefits of tax reform on individual after-tax income\nand consumer goods companies' cash flow, he said, will increase\ndemand for both communications paper and packaging this year.\n In addition, Cavaney said low mortgage rates should support\nhigh levels of housing starts in 1987, increasing demand for\nmany kinds of packaged goods.\n Inventory building should help demand for cartons and\ncorrugated containers this year, he added.\n Cavaney said he expects exports to remain fairly high in\n1987, as well, as a result of the recent declines in the dollar\nagainst major world currencies.\n But more importantly, he said, an improved balance of trade\nin 1987 from the lower dollar would induce increased industrial\nactivity at home and thus higher packaging demand.\n Cavaney said increased competitiveness, caused by lower\ncosts, higher productivity and improved efficiency would also\ncontribute to a strong showing from the industry this year.\n Cavaney said, however, that the Tax Reform Act of 1986\ncould have a negative impact on the industry this year.\n \"For manufacturers, the removal of the investment tax\ncredit creates an impediment to future investment,\" he said.\n Also, he said API estimates the industry will lose three\nbillion dlrs in cash flow over a five year period as a result\nof reforms.\n \"Adjustments to this loss will require time and careful\nevaluation and will adversely affect the capital spending\ndecisions of individual companies,\" Cavaney said.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:08:09.30", "places": [ "usa" ], "id": "3030" }, { "title": "BONN SERIOUS ABOUT CURRENCY PACT, SAYS TIETMEYER", "body": "West Germany takes \"very seriously\" the\nrecent undertaking by major industrial countries to promote\nexchange rate stability around current levels, Finance Ministry\nState Secretary Hans Tietmeyer said.\n Talking to journalists before a meeting of European\nCommunity Economy and Finance Ministers here, Tietmeyer\ndeclined to say whether the February 22 Paris accord by the\nGroup of Five countries plus Canada included secret agreements\nfor stabilising currencies.\n But he noted the official communique said the participants\nagreed to cooperate closely to foster stability of exchange\nrates around current levels. \"We're taking this sentence very\nseriously,\" he said.\n Tietmeyer remarked that the dollar had hardly moved against\nthe mark since the meeting.\n