reuters-21578-json

[ { "title": "INCO SEES NO MAJOR IMPACT FROM DOW REMOVAL", "body": "Inco Ltd said it did not expect its\nearlier reported removal from the Dow Jones industrial index to\nmake a major impact on the company's stock.\n \"We don't think that individuals or institutions buy our\nshares because we were one of the Dow Jones industrials,\"\nspokesman Ken Cherney said in reply to a query.\n Inco closed 1-3/8 lower at 19-3/8 in second most active\ntrading on the Toronto Stock Exchange.\n The Wall Street Journal, which selects the index, said Inco\nwas dropped to make the index more representative of the\nmarket. Inco, the non-Communist world's largest nickel\nproducer, was a member of the index since 1928.\n Replacing Inco and Owens-Illinois Inc will be Coca-Cola Co\nand Boeing Co, effective tomorrow.\n Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran\nMurray Ltd said Inco's removal from the index would likely\nspark short-term selling pressure on the stock.\n \"Some investors who have Inco may suddenly say, 'well,\nbecause it's not now a Dow stock, we should eliminate that\ninvestment,'\" said Martens, although he added the move was\nunlikely to have a serious long-term impact on Inco stock.\n Inco has struggled in recent years against sharply lower\nnickel prices. Its net earnings fell to 200,000 U.S. dlrs in\n1986 from 52.2 mln dlrs the previous year.\n Reuter\n\u0003", "date": "11-MAR-1987 18:04:17.59", "places": [ "canada" ], "id": "4001" }, { "title": "FORMER EMPIRE OF CAROLINA <EMP> EXEC SENTENCED", "body": "Mason Benson, former president and\nchief operating officer of Empire of Carolina Inc, a toy maker,\ntoday was sentenced in Manhattan federal court to a year and\none day in jail for his involvement in a kickback scheme.\n Benson pleaded guilty to charges of conspiracy, tax\nevasion, filing false corporate tax returns and defrauding the\ncompany's shareholders. He was also fined 5,000 dlrs.\n Benson was charged with demanding kickbacks from sales\nrepresentatives who were asked to turn over a portion of their\ncommisisons as a condition for doing business with Empire.\n Reuter\n\u0003", "date": "11-MAR-1987 18:06:47.22", "places": [ "usa" ], "id": "4002" }, { "title": "DOCTORS FIND LINK BETWEEN AIDS, SMALLPOX VIRUS", "body": "In a discovery that could complicate the\nsearch for an AIDS vaccine, a team of U.S. Army doctors said\nthey have uncovered a potentially-fatal interaction between the\nAIDS virus and a virus used to protect against smallpox.\n Physicians at the Walter Reed Army Institute of Research\nsaid a 19-year-old man, who apparently had been exposed to the\nAIDS virus, developed a pox-like disease and died after\nreceiving the smallpox vaccine. The military now tests recruits\nfor AIDS before vaccinating them.\n The findings, reported in The New England Journal of\nMedicine, are significant because scientists have begun working\non an AIDS vaccine that relies on the smallpox vaccine.\n \"Our case report raises provocative questions concerning\nthe ultimate safety of such vaccines,\" said the group led by\nDr. Robert Redfield.\n The report also throws into question the belief held by\nsome scientists that the smallpox vaccine, which exposes people\nto a milder, protective form of the disease known as cowpox,\ncould be further modified to protect people against a host of\nother diseases.\n Reuter\n\u0003", "date": "11-MAR-1987 18:09:39.66", "places": [ "usa" ], "id": "4003" }, { "title": "BIRTH CONTROL PILLS HELP PREVENT CANCER - STUDY", "body": "Doctors at the Centers for Disease\nControl in Atlanta said they have new evidence that birth\ncontrol pills can help provide long-term protection from cancer\nof the ovary, even if the pills are only taken for a few\nmonths.\n The study, reported in the New England Journal of\nMedicine, also found that all the various types of oral\ncontraceptives on the market were equally effective in lowering\nthe rate of ovarian cancer.\n The researchers estimated that the use of birth control\npills in this country probably prevented about 1,700 cases of\novarian cancer in 1982.\n As more and more women who have taken oral contraceptives\n\"move into the age groups that are at highest risk for\nepithelial ovarian cancer we may witness a declining incidence\nof this serious disease,\" they said.\n Specifically, the team led by Dr. Howard Ory found that\n\"oral contraceptive use, even for a few months, reduces the\nrisk of epithelial ovarian cancer by 40 percent for women 20 to\n54 years of age.\n \"The effect probably takes from five to ten years to\nbecome apparent, but it persists long after the use of oral\ncontraceptives ends. Moreover, protection exists regardless of\nthe formulation of oral contraceptive used,\" they said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:13:59.93", "places": [ "usa" ], "id": "4004" }, { "title": "U.S. ECONOMIC DATA KEY TO DEBT FUTURES OUTLOOK", "body": "U.S. economic data this week could be\nthe key in determining whether U.S. interest rate futures break\nout of a 3-1/2 month trading range, financial analysts said.\n Although market expectations are for February U.S. retail\nsales Thursday and industrial production Friday to show healthy\ngains, figures within or slightly below expectations would be\npositive for the market, the analysts said.\n \"You have to be impressed with the resiliency of bonds\nright now,\" said Smith Barney Harris Upham analyst Craig\nSloane.\n Treasury bond futures came under pressure today which\ntraders linked to a persistently firm federal funds rate and a\nrise in oil prices. However, when sufficient selling interest\nto break below chart support in the June contract failed to\nmaterialize, participants who had sold bond futures early\nquickly covered short positions, they said.\n \"Everyone is expecting strong numbers, and if they come in\nas expected it won't be that bad for the market,\" Sloane said.\n Sloane said the consensus estimate for the non-auto sector\nof retail sales is for a rise of 0.6 to 0.7 pct.\n Dean Witter analyst Karen Gibbs said a retail sales figure\nbelow market forecasts would give a boost to debt futures, and\nshe put the range for the non-auto sector of retail sales at up\n0.8 to 1.2 pct.\n Industrial production and the producer price index Friday\nboth are expected to show increases of about 0.5 pct, she\nadded.\n Retail sales \"will tell us whether or not we will be able\nto fill the gap,\" Gibbs said, referring to a chart gap in June\nbonds between 100-26/32 and 101-3/32 created Friday. June bonds\nclosed at 100-4/32 today.\n Also key to debt futures direction, in addition to the\nfederal funds rate, is the direction of crude oil prices, said\nCarroll McEntee and McGinley Futures analyst Brian Singer.\n \"A higher fed funds rate and firm oil prices precluded the\nmarket from breaking out of the trading range the last time the\nmarket approached the top of the range,\" Singer said.\n In order for bonds to break above the top of the range,\nwhich is just below 102 in the June contract, \"the crude oil\nrally needs to run its course and pull back a little bit,\"\nSinger said. \"Fed funds are already easing back down toward the\nsix pct level.\"\n The recent surge in oil prices has also been a concern to\nManufacturers Hanover Futures analyst Jim Rozich, but the rally\nmay be nearing a top around 18.50 dlrs per barrel, he said.\n Rozich said he is looking for the June bond contract to\nease to 99-6/32 and find support.\n \"I'm not quite ready to jump on the bullish bandwagon yet.\nThe jury is still out this week,\" Rozich said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:14:49.93", "topics": [ "interest", "retail", "ipi" ], "places": [ "usa" ], "id": "4005" }, { "title": "U.S. \"ACTION PROGRAM\" FOR SUB-SAHARAN AFRICA", "body": "The Reagan administration,\nresponding to last year's United Nations special session on\nAfrica, today outlined a U.S. \"action program\" for sub-Saharan\nAfrica focusing heavily on economic reform and self-help.\n A White House statement announced establishment of \"a\nlong-term U.S. goal for all U.S. economic programs and policies\nin sub-Saharan Africa: to end hunger in the region through\neconomic growth, policy reform and private sector development.\"\n The statement said the \"program of action\" was recommended by\na White House task force set up last September.\n In a series of recommendations, the task force called for\nnew efforts to address Africa's heavy debt burden and said U.S.\nfood aid should stress production incentives to reinforce\nAfrican nations' economic reform and productivity.\n It also said better African access to world markets should\nbe promoted to reward good performance and enable African\nnations to earn their way toward economic growth.\n The U.S. private sector should be mobilized to provide\n\"private, voluntary and corporate involvement of a humanitarian\n It said donor countries \"should negotiate, through the\nexisting International Monetary Fund/World Bank coordination\nprocess, framework agreements with each sub-Saharan African\ncountry to establish long-term structural adjustment and reform\nprograms.\"\n The task force called for a separate budget account for\nU.S. bilateral aid \"in order to focus better on rewarding\neconomic performance and increasing the flexibility of U.S.\nassistance programs for incentive economic reforms and private\nsector development.\"\n Reuter\n\u0003", "date": "11-MAR-1987 18:15:09.97", "places": [ "usa" ], "id": "4006" }, { "title": "UNUSUAL TEXAS INSTRUMENTS <TXN> PREFERRED PRICED", "body": "In a novel type of financing, Texas\nInstruments Inc marketed a three-part, 225 mln dlr issue of\nconvertible money market preferred stock through Shearson\nLehman Brothers Inc as sole manager.\n Shearson, which originated the new convertible concept,\nsaid each of the three tranches totaled 75 mln dlrs. In the\nfirst, a 2.85 pct dividend was set on the stock with a strike\nprice of 190 dlrs that represented a 15 pct premium over the\ncommon stock price when terms were set.\n Also included were 4.36 pct dividend preferred with a 220\ndlr strike price and 33 pct premium and 4.49 pct dividend\npreferred with a 235 dlr strike price and 42 pct premium.\n Texas Instruments common closed at 167.25 dlrs, up 2-1/8.\n Ronald Gallatin, managing director at Shearson, said that\n\"demand for the offering was unbelievable, especially for the\nfirst tranche.\"\n He said that Shearson originated the concept of auction\nmoney market preferred stock three years ago. The conversion\nfeature of this issue is the new wrinkle.\n Commenting on the first tranche, Gallatin noted that the\noriginal pricing talk called for a dividend in the four to 4.20\npct area. This was gradually cut to 2.85 pct because of intense\ndemand, saving the issuer money in financing costs.\n The Shearson official said that virtually all buyers of the\nfirst tranche received less than they wanted. He said the\nlatter two tranches were less strongly oversubscribed.\n Like non-convertible money market preferred stock, the new\nversion allows investors to redeem their holdings every seven\nweeks. Investors then can maintain their holdings, sell them,\nor offer to hold on to the securities if the auction\ndividend is at least at a level they specify in advance.\n Gallatin said the securities were sold to a broad range of\ninvestors, including major insurance companies, banks, money\nmanagers and pension funds.\n Reuter\n\u0003", "date": "11-MAR-1987 18:16:09.87", "places": [ "usa" ], "id": "4007" }, { "title": "CLARK SAYS HE EXPECTS U.S. ACTION ON ACID RAIN", "body": "Canadian Foreign Secretary Joe\nClark, winding up a two-day visit to Washington, said he\nexpected the Reagan administration to take some action on\nreducing acid rain.\n \"My impression is there will be some movement by the United\nStates administration on acid rain (but) how much movement I\ncan't judge or predict,\" he told reporters.\n The meetings with American officials are part of a routine\nU.S.-Canada consultation but are also expected to lay the\ngroundwork for a summit in Ottawa next month between President\nReagan and Prime Minister Brian Mulroney.\n Clark today held discussions with Treasury Secretary James\nBaker and Democratic Sens. Patrick Moynihan of New York,\nChristopher Dodd of Connecticut, Lloyd Bentsen of Texas and\nGeorge Mitchell of Maine.\n Yesterday, he held talks with Vice President George Bush,\nSecretary of State George Shultz and Commerce Secretary Malcolm\nBaldrige.\n Among its priorities, Canada is seeking evidence that\nReagan is prepared to live up to a commitment made last year to\nimplement in the United States a five-year 5 billion U.S. dlr\nprogram to test cleaner ways of burning coal.\n This issue was discussed at length with Baker and several\nof the senators, including Mitchell who urged Canada to \"keep\nthe heat on\" the Reagan administration to force action, Canadian\nofficials said.\n Also taken up with most of the senators and Baker were\ntrade issues, including the need for the United States and\nCanada to establish a better mechanism for settling trade\ndisputes between the two countries, who are each other's major\ntrading partner, Canadian officials said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:21:00.31", "places": [ "usa", "canada" ], "id": "4008" }, { "title": "FORD MOTOR <F> DISTRIBUTES PROFIT SHARING", "body": "Ford Motor COr said that profit-sharing\nchecks were distributed to employees in its U.S. facilities.\n About 371 mln dlrs was distributed to 160,253 emplyees. The\naverage payment per employee was more than 2,100 dlrs compared\nwith 1,200 in 1985.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:22:58.57", "places": [ "usa" ], "id": "4009" }, { "title": "JAMAICA PUTS CAP ON BORROWING", "body": "jamaica has put a cap on its 3.5\nbillion dlr foreign debt and will reduce its obligations by 300\nmln dlrs this year, prime minister edward seaga said today.\n Speaking at a news conference, seaga said jamaica has\nreached its \"maximum stock of debt\" and will not undertake any\nmore borrowing until it is justified by economic growth.\n \"this year we'll be reducing the stock of debt by 300\nmillion dollars,\" he said.\n He told reporters his government aims to reduce jamaica's\nratio of debt payments to foreign exchange earnings from the\ncurrent 50 pct to 25 pct within three years.\n Debt payments this year are expected to total 287 mln\ndollars, seaga said.\n yesterday jamaica agreed with creditor banks to reschedule\nover the next 12 years some 181 miln dlrs due in 1987-89.\n The accord includes a grace period on principal payments\nfor eight and a half years and a reduction of interest rates\nfrom 2.5 to 1.125 pct above libor.\n Last week, jamaica obtained a 10-year rescheduling of 100\npct of principal and 85 pct of interest on 125 mln dollars of\ndebt to the paris club nations the debt would have fallen due\nover the next two years.\n Reuter\n\u0003", "date": "11-MAR-1987 18:24:57.40", "places": [ "jamaica" ], "id": "4010" }, { "title": "FASTER TEST FOR SICKLE CELL ANEMIA DEVELOPED", "body": "A team of California researchers said\nthat they have developed a better, faster test for detecting\nsickle cell anemia in unborn children than existing procedures.\n The test, developed by Cetus Corp <CTUS> researchers,\nrequires only a small amount of genetic material from a fetus\nand produces a diagnosis within a day, unlike other tests that\nrequire several days and can only be done in a few specialized\ncenters, they said.\n Sickle cell anemia is a painful, inherited blood disease\nthat causes the normally-flexible red blood cells to stiffen\ninto a sickle-like shape. It is primarily found in blacks.\n The researchers said in The New England Journal of Medicine\nthat their \"procedure promises to be a rapid, sensitive and\nreliable method for the prenatal diagnosis of sickle cell\ndisease.\"\n In addition, they said, the technique might also be\nadapted to detect other types of genetic disease.\n Reuter\n\u0003", "date": "11-MAR-1987 18:26:24.22", "places": [ "usa" ], "id": "4011" }, { "title": "BANK OF BRITISH COLUMBIA 1ST QTR JAN 31 NET", "body": "Oper shr loss two cts vs profit three cts\n Oper net profit 273,000 dlrs vs profit 1,710,000\n YEAR - period ended October 31, 1986\n Oper shr loss 23 cts vs profit 14 cts\n Oper net loss 4,397,000 vs profit 7,527,000\n Assets 2.67 billion vs 3.25 billion\n Note: 1987 1st qtr net excludes extraordinary loss of 2.2\nmln dlrs or six cts shr.\n 1986 yr net excludes extraordinary loss of 66 mln dlrs or\n1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of\nbank assets to Hongkong Bank of Canada, eight mln dlrs for\ncontingent liabilities in respect of litigation and potential\ntax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax\ndebits.\n Most bank assets sold to HongKong Bank of Canada, a unit of\n<Hong Kong and Shanghai Banking Corp> in Nov, 1986.\n Shr after preferred divs.\n Reuter\n\u0003", "date": "11-MAR-1987 18:36:05.15", "topics": [ "earn" ], "places": [ "canada" ], "id": "4012" }, { "title": "RAN SCANDAL PARTICIPANT TO GET IMMUNITY OFFER", "body": "Albert Hakim, an arms merchant, is\nthe first top-ranked player in the Iran arms scandal who may be\nenticed into testifying by the promise of immunity,\ninvestigators said.\n The House Select committee probing the Iran arms scandal\nhas voted to grant limited immunity from criminal prosecution\nto Hakim in return for his testimony.\n Hakim, 51, was said deeply involved from the start in the\nattempt to trade arms to Iran for help in freeing American\nhostages in Lebanon and the diversion of funds and arms to\nrebels in Nicaragua.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:37:48.60", "places": [ "usa", "iran" ], "id": "4013" }, { "title": "RESTAURANT ASSOCIATES INC <RA> 4TH QTR JAN 3", "body": "Shr 25 cts vs 36 cts\n Net 1.4 mln vs 1.4 mln\n Revs 56.9 mln vs 35.1 mln\n Year\n Shr 86 cts vs 75 cts\n Net 4.7 mln vs 3.0 mln\n REvs 201.4 mln vs 140.0 mln\n NOTE:1985 4th qtr includes 99,000 loss from carryforward.\nShares restated to give effect to 1.4 to one stock split in the\nform a 40 pct class A dividend in August 1985.\n Reuter\n\u0003", "date": "11-MAR-1987 18:38:02.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "4014" }, { "title": "MICHIGAN GENERAL CORP <MGL> 4TH QTR", "body": "Shr loss 1.02 dlrs vs 1.01 dlr\n Net loss 18.1 mln vs 11.4 mln\n Revs 96.0 mln vs 90.3 mln\n Year\n Shr loss 2.65 dlrs vs loss 3.06 dlrs\n Net loss 39.3 mln vs 34.6 mln\n Revs 386.0 mln vs 373.0 mln\n NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6\nmln dlrs respectively from discontinued. 1985 4th qtr and year\ninclude loss of 13.1 mln, 1.9 mln dlr respectively.\n Reuter\n\u0003", "date": "11-MAR-1987 18:41:59.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "4015" }, { "title": "USX <X> PROVED OIL, GAS RESERVES FALL IN 1986", "body": "USX Corp said proved reserves of oil\nand natural gas liquids fell 28 pct to 802.8 mln barrels at the\nend of 1986 from 1.12 billion barrels at year-end 1985.\n The figures, in USX's just-released 1986 annual report,\nindicate much of the drop resulted from the exclusion of 293.7\nmln barrels of Libyan reserves, after the U.S. government last\nJune directed U.S. oil companies to end Libyan operations.\n USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,\nhad 60 pct of its 1986 sales of 14.94 billion dlrs from its oil\nand gas operations.\n About 24 pct of total sales came from USX's USS steel unit\nand 16 pct from diversified businesses, which include oilfield\nservices, raw materials, minerals, chemicals and real estate.\n According to the report, domestic liquids reserves fell\nslightly to 628.5 mln barrels from 628.9 mln and foreign\nreserves fell to 174.3 mln from 486.4 mln barrels. The large\ndrop in foreign reserves was in the Middle East and Africa,\nwhere they fell to about 9.3 mln barrels from 316.7 mln,\nreflecting the exclusion of Libya.\n Total natural gas reserves fell to 4.82 trillion cubic feet\nat year-end 1986 from 5.18 trillion at the end of 1985.\n Again, most of the drop came from the Middle East and\nAfrica, where reserves fell to zero from 71.9 billion cubic\nfeet, excluding Libyan reserves.\n U.S. natural gas reserves fell to 3.44 trillion cubic feet\nfrom 3.65 trillion and foreign reserves fell to 1.38 trillion\nfrom 1.53 trillion.\n In other areas, USX said total capital spending fell to 962\nmln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986\naudited figure is eight mln dlrs higher than the unaudited\nfigure the company reported on Jan 27.\n USX also said it expects to record a gain of 150 mln dlrs\nin 1988, representing 50 pct of previously existing investment\ntax credits allowable under the new tax law. The loss of the\nother half of the credits was reflected in the fourth quarter.\n In a discussion of steel results, USX said plants that were\nshut down last month and some previously idled plants may be\npermanently closed. USX took a fourth quarter charge of 1.03\nbillion dlrs to restructure its steel operations. The charge\nincluded the \"indefinite idling\" last month of four plants in\nUtah, Pennsylvania and Texas.\n Other plants or parts of plants in Pennsylvania, Indiana,\nAlabama, Ohio and Chicago had been previously idled.\n \"These operations are not permanently shut down. Improved\nmarket conditions for the products from these plants may make\nit feasible to reopen some of them,\" USX said in the report.\n \"On the other hand, a lack of any future market improvement\nmay necessitate their permanent closing,\" it added.\n Reuter\n\u0003", "date": "11-MAR-1987 18:45:36.66", "topics": [ "crude", "nat-gas", "iron-steel" ], "places": [ "usa", "libya" ], "id": "4016" }, { "title": "PHILLIPS<P> SAYS STOCK UP ON STEPS TO PARE DEBT", "body": "Phillips Petroleum Co Chairman C. J.\n\"Pete\" Silas said his company's stock, ranked fourth on the\nmost active list of stocks traded today, rose partly because of\nsteps it took to pare its debt.\n Silas told Reuters in an interview today, \"part of this\nstrength results from the rise in oil prices and also because\nsome of the analysts have been happy with the steps we've taken\nin 1986 to pare our debt.\"\n Phillips stocks rose 1/4 to 14 dlrs a share following\nrecommendations by some oil analysts, a company source said.\n Phillips debt stood at 5.9 billion dlrs in December 1986\ndown from a 1985 high of 8.6 billion dlrs, analysts said.\n \"At 14 dlrs a share, Phillips is priced closer to the actual\nprice of oil,\" he added.\n Silas said, \"if the analysts are right that oil prices will\nrise to 20 dlrs or higher, then it seems to make sense to buy\nPhillips.\" He is, however, more cautious about the strength in\ncrude prices, expecting the price to fluctuate between 16-18\ndlrs a barrel for the year.\n Oil industry analysts said one reason for the stock's\npopularity of the stock is that it traded at a strong discount\nto its appraised value and was attractively priced for small\ninvestors.\n Charles Andrew, an analyst who follows Phillips for John S.\nHerold Inc of Greenwich, Conn said that the appraised value of\nthe company, based on available data is 34.25 dlrs.\n \"The stock is trading at about 1/3 its appraised value. The\ncompany has tremendous leverage and if it can get its act\ntogether and if oil prices are steady to higher there is good\nroom for improvement,\" he said.\n But, he added, \"if oil prices turn lower, there will be a\nlot of pressure on Phillips.\"\n Phillips' shares fell as low as eight dlrs a share over the\nlast 52 weeks with a 1987 low of 11-3/4 dlrs in 1987. \nAnalysts say that the appraised value of the company could be\nrevised due to asset sales of their oil and gas reserves.\n Silas told Reuters that the asset sales which amount to\nabout two billion dlrs for 1986 were completed and that none\nwere planned.\n Reuter\n\u0003", "date": "11-MAR-1987 18:50:05.96", "places": [ "usa" ], "id": "4017" }, { "title": "MICHIGAN GENERAL <MGL> BEGINS EXCHANGE OFFER", "body": "Michigan General Corp said\nit began an exchange offer for its 110 mln dlrs outstanding\nprincipal amount of 10-3/4 pct senior subordinated debentures\ndue December 1, 1998.\n Pursuant to the exchange offer, each 1,000 dlr principal\namount will receive 500 dlr principal amount of senior\nsubordinated notes due March 1, 1992, 200 dlr principal amount\nof non-interest bearing convertible senior subordainted notes\ndue March 1, 1997 and 12 shares of delayed convertible\npreferred stock, liquidation preference 25 dlrs per share.\n The offer will expire April nine.\n Michigan General said the exchange offer is crucial to is\nattempt to restructure and reduce its risk from Chapter 11.\n The principal purpose of the offer is to reduce its debt\nservice on the 10-3/4 pct debetures, increase stockholders'\nequity and induce its lender to continue to fund.\n Assuming a 90 pct acceptance of the offer, Michigan's\nannual cash interest requirements will be reduced by about 10.6\nmln dlrs, it said.\n Completion is subject to the tender of at least 90 pct of\nthe debentures and its lender to waive it from default under\nits loan agreements.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:50:57.36", "places": [ "usa" ], "id": "4018" }, { "title": "BANK OF B.C. REVISES SHARE PAYOUT ESTIMATE", "body": "Bank of British\nColumbia said it revised its estimate of shareholder\ndistributions from last November's sale of most of the bank's\nassets to HongKong Bank of Canada to between 65 cts and 1.15\ndlrs a share from 55 cts to 1.20 dlrs a share.\n The bank said the estimate could rise to between 1.30 dlrs\nand 1.80 dlrs a share if the full pension surplus is obtained.\nIt said it did not know when distributions would be made.\n It earlier reported that operating profit for first quarter\nended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the\nprevious year.\n For full-year 1986 ended October 31, the bank posted an\noperating loss of 4.4 mln dlrs against year-earlier profit of\n7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary\nloss in fiscal 1986.\n Bank of British Columbia sold most of its assets last\nNovember to HongKong Bank Canada, a unit of <HongKong and\nShanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.\n It said efforts to wind up the bank's affairs were\nproceeding as quickly as possible.\n The bank said it expected to report positive earnings in\nfuture periods, barring unforeseen circumstances.\n Loan losses, which the bank previously said figured in its\nmove to sell off most of its assets, rose to 105.7 mln dlrs in\nfiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1\nmln dlrs of the 1986 total represented downward adjustments to\nits portfolio of syndicated sovereign risk loans as required\nunder the sale to HongKong Bank.\n Since November 27, the bank has confined activities to the\nwinding up of affairs, Bank of British Columbia said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:53:18.49", "topics": [ "earn" ], "places": [ "canada" ], "id": "4019" }, { "title": "HOUSE VOTES TO BLOCK CONTRA AID FOR SIX MONTHS", "body": "The House voted to block 40 mln dlrs\nin military aid to the Nicaraguan rebels until President Reagan\naccounts for past assistance, including money diverted from the\nU.S. sale of arms to Iran.\n The vote was seen as a temporary defeat for Reagan, who has\nmade aid to the \"contras\" a key initiative.\n Congressional Democratic leaders have conceded that despite\ntoday's vote, they can not muster a two-thirds majority to\noverride a certain Reagan veto. But they have said it is likely\nthey can win a battle expected this fall over 105 mln dlrs iin\nnew aid Reagan is requesting.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:54:46.18", "places": [ "usa" ], "id": "4020" }, { "title": "<KIENA GOLD MINES LTD> 4TH QTR NET", "body": "Shr 17 cts vs 16 cts\n Net 1,019,000 vs 985,000\n Revs 7,997,000 vs 7,492,000\n YEAR\n Shr 1.18 dlrs vs 64 cts\n Net 6,959,000 vs 3,778,000\n Revs 36.5 mln vs 29.8 mln\n Reuter\n\u0003", "date": "11-MAR-1987 18:56:34.21", "topics": [ "earn" ], "places": [ "canada" ], "id": "4021" }, { "title": "ARGENTINE MEAT EXPORTS HIGHER IN JAN/FEB 1987", "body": "Argentine meat exports during\nJan/Feb 1987 totalled 39,714 tonnes, against 36,594 tonnes\nshipped in the same 1986 period, National Meat board said.\n Shipments in tonnes with comparative figures for the 1986\nperiod, in brackets, included: beef 26,945 (20,096), horse meat\n3,257 (4,211) and beef offal 7,660 (10,502).\n Argentine's meat exports totalled 20,243 tonnes in February\n1987, against 19,217 tonnes shipped in the same 1986 month.\n Shipments in tonnes, with comparative figures for February\n1986, in brackets, included: beef 13,272 (11,464), horse meat\n1,543 (2,083) and beef offal 4,476 (4,672), the board added.\n Main destinations for refrigerated beef (bone in\nequivalent) were as follows, in tonnes, with comparative\nfigures for 1986 in brackets -\n EC 5,500 (7,900), Brazil 5,200 (unavailable), Israel 3,700\n(3,000), Peru 2,500 (800), Singapore 500 (300), Switzerland 500\n(400), Canary Islands 500 (300), Malta 500 (700), Aruba/Curazao\n200 (300), Chile 100 (600).\n Main destinations for canned meat and cooked beef (bone in\nequivalent), in tonnes with comparative figures for Jan/Feb\n1986, in brackets, were -\n United States 11,200 (13,400), EC 4,700 (5,100).\n Reuter\n\u0003", "date": "11-MAR-1987 18:56:43.55", "topics": [ "carcass", "livestock" ], "places": [ "argentina" ], "id": "4022" }, { "title": "KIENA PLANS TWO-FOR-ONE STOCK SPLIT", "body": "<Kiena Gold Mines Ltd> said it planned\na two-for-one common stock split, pending shareholder approval\non April 7.\n It said approval would require 66-2/3 pct of votes cast.\nKiena said 57 pct-owner Campbell Red Lake Mines Ltd <CRK> was\nexpected to vote in favor of the split.\n Reuter\n\u0003", "date": "11-MAR-1987 19:02:33.14", "topics": [ "earn" ], "places": [ "canada" ], "id": "4023" }, { "title": "VANZETTI <VANZ> INCREASE OF SHARES APPROVED", "body": "vanzetti Systems INc said its\nshareholders approved increasing the number of authorized\nshares to five mln from three mln.\n Shareholders also approved increasing the number of shares\nreserved for options to employees to 300,000 from 150,000\n Reuter\n\u0003", "date": "11-MAR-1987 19:04:31.39", "places": [ "usa" ], "id": "4024" }, { "title": "ROWE FURNITURE CORP <ROWE> SETS QTLY DIVIDEND", "body": "Qtly div four cts vs four cts prior\n Pay April 15\n Record March 20\n Reuter\n\u0003", "date": "11-MAR-1987 19:04:38.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "4025" }, { "title": "U.S. HOUSE PANEL TAKES FIRST TRADE BILL VOTES", "body": "House trade lawmakers took their\nfirst votes on measures designed to toughen U.S. trade laws but\nheld over until tomorrow the most difficult votes on\ncontroversial plans to protect American industries.\n Meeting in closed session, the House Ways and Means Trade\nSubcommittee failed to resolve one of the most sensitive issues\nin the bill--whether they will force major foreign trading\npartners to severely cut their trade surpluses with the United\nStates.\n The subcommittee is considering a toned-down version of\nDemocratic-sponsored trade legislation that aims to open\nforeign markets but which drops last year's effort to force\nPresident Reagan to retaliate with quotas or tariffs.\n Congressional aides who asked not to be identified said the\nlawmakers intend to wrap up their proposals tomorrow and will\nconsider a proposal to mandate retaliation without setting\nspecific trade penalties.\n The legislation faces another hurdle in the full Ways and\nMeans Committee next week before the full House votes on it.\n Rep. Richard Gephardt, a Missouri Democrat who is seeking\nhis party's 1988 presidential nomination, said he may offer an\namendment to call for reductions in the trade surpluses of\nthose countries with barriers to imports of U.S. goods.\n This would be a moderated version of his earlier plan to\nforce a mandatory ten per cent annual cut in the trade surplus\nwith the United States by Japan, South Korea, Taiwan, West\nGermany and other countries with the largest trade imbalances.\n \"My criteria for a good amendment sets a standard for\ngetting the trade deficit down,\" he told reporters.\n The trade law changes are to become part of a major\ncongressional and administration effort to turn around the\nrecord U.S. trade deficit of 169 billion dlrs last year by\nopening up foreign markets and making U.S. products more\ncompetitive.\n House Speaker James Wright, a Texas Democrat, said again\ntoday he expects the full House will approve the trade bill by\nMay and that Reagan will accept the final congressional bill.\n \"I expect whatever is reported (by the Ways and Means\nCommittee) will pass. We will have a good bill and an effective\nbill,\" he told reporters.\n The comprehensive trade bill will include work by other\ncommittees to ease export controls on high technology, to aid\nU.S. workers displaced by foreign competition, to stimulate\nresearch and development, to remove foreign trade barriers and\nto improve education and worker training.\n The lawmakers agreed that for the first time a U.S.\nindustry could charge foreign producers with unfair competition\nif they deny basic worker rights such as collective bargaining,\nsafety rules and payment of a minimum wage appropriate to the\ncountry's economic development.\n They transferred to U.S. Trade Representative Clayton\nYeutter the powers now held by Reagan to decide whether to\nretaliate against foreign violations of fair trade rules and\nwhether an injured industry deserves import relief.\n They agreed to make it easier for a company to get\ntemporary relief from import competition but agreed the\nindustry should provide a plan to become competitive.\n The administration has not announced its support but\nYeutter said yesterday, \"I am cautiously optimistic,\" that the\nDemocratic-led House will come up with an acceptable bill.\n Reuter\n\u0003", "date": "11-MAR-1987 19:05:21.41", "topics": [ "trade" ], "places": [ "usa" ], "id": "4026" }, { "title": "SOVIET MINISTER SAYS TRADE BOOST UP TO FRENCH", "body": "Soviet first deputy prime minister\nVsevolod Murakhovsky said at the end of a brief visit here his\ncountry wanted to boost joint business with France, but that a\nreduction of France's trade deficit with the Soviet Union\ndepended on the French.\n Murakhovsky, who is also chairman of the State\nAgro-Industrial Committee (GOSAGROPROM), told a news conference\nhe had discussed a variety of possible deals with French\ncompanies Rhone-Poulenc, Pechiney and Imec.\n Declining to put figures on possible contracts he said he\nhad discussed plant protection and the processing of highly\nsulphuric gas with Rhone-Poulenc, packaging technology for\nagricultural products with Pechiney, and fruit and vegetable\njuice processing with Imec.\n An official for Pechiney said an agreement of intent on\npackaging could be signed soon, but could not give any other\ndetails. The other two companies were not immediately available\nfor comment.\n Asked whether he foresaw a reduction this year of France's\ntrade shortfall, at 7.6 billion francs in the first 11 months\nof 1986 against 5.1 billion for the whole of 1985, Murakhovsky\ntold Reuters: \"It all depends on France.\"\n At a meeting in Paris last January French and Soviet\nforeign trade ministers said they were committed to increased\nefforts to reduce the deficit. Estimates at the time showed a\nFrench 190 mln franc surplus for December 1986.\n Murakhovsky said the Soviet Union was prepared to talk with\nanybody with \"interesting\" proposals offering latest technology\nand assuring \"a mutual advantage.\"\n He said the Soviet Union had many tasks ahead of it and\nwould deal rapidly with proposals it considered interesting.\n He encouraged companies to take advantage of new laws\nguaranteeing \"the interests of foreign partners\" in joint\nventures.\n But he said no agreements had yet been finalised under the\nnew joint venture laws.\n He said concrete deals had not yet been finalised as a\nresult of a one billion dollar accord signed in Moscow last\nmonth with French businessman Jean-Baptiste Doumeng.\n He said Doumeng's Interagra company was preparing proposals\nfor further examination by the Soviet Union. Doumeng last month\nsaid the agreement was to exchange one billion dollars worth of\ngoods.\n Murakhovsky said the agreement was one of intent, and\ndesigned primarily to renew and increase the Soviet Union's\nfood production capacity.\n Reuter\n\u0003", "date": "11-MAR-1987 19:06:36.56", "topics": [ "trade" ], "places": [ "france", "ussr" ], "id": "4027" }, { "title": "VENEZUELA TO LEND OIL TO ECUADOR FOR EXPORT", "body": "venezuela will supply ecuador with an\nas yet undetermined amount of crude oil to help it meet export\ncommitments, seriously affected by last week's earthquake,\nenergy and mines minister arturo hernandez grisanti said.\n He gave few details about the deal, but said a crude oil\nloan agreement will be made between state oil companies\npetroleos de venezuela (pdvsa) and ecuador's cepe.\n Ecuador was forced to suspend oil exports for an expected\nfour months after an earthquake damaged a pipeline. Oil\naccounts for 60 per cent of its export income.\n Hernandez was speaking to reporters at miraflores palace\non the results of talks with ecuador's deputy energy minister\nfernando santos alvite, who arrived here last night.\n \"the volume lent to ecuador would be discounted from its\nopec quota and would not affect venezuela's,\" he said. \"we would\nfrom august on produce our own quota and sell the additional\namounts that ecuador would be repaying us,\" he said.\n He did not elaborate on the quota arrangements but did say\necuador would notify opec by telex that venezuela would be\nlending it a certain amount over so many days.\n Venezuela's opec output quota is currently 1.495 million\nbarrels a day, and ecuador's has been set at 210,000 bpd.\n Reuter\n\u0003", "date": "11-MAR-1987 19:09:27.77", "topics": [ "crude" ], "places": [ "ecuador", "venezuela" ], "id": "4028" }, { "title": "EAGLE CLOTHES INC <EGL> 2nD QTR JAN 31", "body": "Shr profit 17 cts vs profit 14 cts\n Net profit 1.3 mln vs profit 901,000\n Revs 36.9 mln vs 36.2 mln\n Six months\n Shr profit 18 cts vs loss 11 cts\n Net profit 1.4 mln vs loss 716,000\n Revs 63.6 mln vs 57.7 mln\n NOTE:1986 six months includes increase in provision for\ndoubtful accounts to 1.5 mln dlrs. 1986 shares give effect to\nissuance of 1.5 mln shares in exchange for outstanding Series 1\npreferred shares.\n Reuter\n\u0003", "date": "11-MAR-1987 19:10:26.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "4029" }, { "title": "IRAQ SAYS IRAN ATTACK REPULSED ON SOUTHERN FRONT", "body": "Iraq said it had repelled an Iranian\nattack on positions held by its fourth army corps east of the\nsouthern Iraqi town of Amarah on the Baghdad-Basra highway.\n A Baghdad war communique said an Iranian infantry brigade,\nbacked by tanks, launched the overnight attack and fierce\nfighting raged for more than six hours before Iranian troops\nfled the battlefield, leaving 220 men killed and many wounded.\n No major battles have been reported fought by the fourth\narmy corps for more than a year in the area, mainly swamplands\nof the Hawizah marshes running eastward to the southern port\ncity of Basra.\n Reuter\n\u0003", "date": "11-MAR-1987 19:11:19.94", "places": [ "iran", "iraq" ], "id": "4030" }, { "title": "BRITAIN CALLS ON JAPAN TO INCREASE IMPORTS", "body": "Britain today called on Japan to\nincrease foreign imports or risk the rise of protectionism and\nthe harm it would bring to it and other trading nations.\n British Trade and Industry Secretary Paul Channon said\nJapan must heed a report issued by a Japanese government\nadvisory body in December calling for faster domestic demand to\nhelp cut its trade surplus and restructure its economy.\n \"I recognise that the strong yen has brought problems to\nJapan's domestic economy,\" he told a group of Japanese\nbusinessmen in London.\n \"But these short term difficulties should not be allowed to\ndeflect Japan from the fundamental reforms necessary,\" he said.\n \"It is not just a domestic issue for Japan. If import\npropensity does not expand very soon there is a real risk from\nprotectionist lobbies, particularly in the U.S. With whom Japan\nhas so massive a surplus,\" he said.\n \"They may well succeed in securing action by governments\nwhich would be highly injurious to trading nations like Japan\nand the U.K.\"\n Channon said there had been substantial growth in the\nvolume of trade between Japan and Britain, amounting to 6.2\nbillion sterling (9.8 billion dlrs) last year.\n But he added: \"Regrettably too much of it was in one\ndirection, with the Japanese selling us 3.7 billion sterling\n(5.8 billion dlrs) more than we sold them.\"\n Reuter\n\u0003", "date": "11-MAR-1987 19:15:32.68", "topics": [ "trade" ], "places": [ "uk", "japan" ], "id": "4031" }, { "title": "TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP\n", "date": "11-MAR-1987 19:15:55.25", "topics": [ "acq" ], "id": "4032" }, { "title": "TAFT <TFB> REJECTS 145 DLR/SHR OFFER", "body": "Taft Braodacasting Co said its board\nof directors unanimously decided not to accept the pending\nproposal of Theta Corp, an investor group led by Dudley Taft.\n The decision was based on, among other things, the advise\nof its financial advisors, goldman sachs and co, that the offer\nof 145 dlrs per share was inadequate.\n Taft said the board concluded that the offer failed to\nrecognize fully the future propsects of the company and\ndirected management to explore alternatives including possible\nfinancial restructuring.\n\n Reuter\n\u0003", "date": "11-MAR-1987 19:18:49.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "4033" }, { "title": "ECUADOR DEBT TO BE HONOURED AFTER QUAKE SURVIVAL", "body": "Ecuador, stricken by a severe earthquake,\nwill honour its 8.16 billion dlr foreign debt but only after\nensuring the survival of the country after the tremor which\nclaimed at least 300 lives and caused 4,000 persons to\ndisappear.\n \"The government's position ... is to permit us to honour the\n(debt) commitments but without sacrificing the country, because\nfirst we have to survive and later we can comply,\" information\nminister Marco Lara told reuters.\n He said the nation would later announce definitive\nmeasures on the foreign debt in the aftermath of the earthquake\nwhich the government said will cause nearly a billion dlrs in\neconomic losses.\n Reuter\n\u0003", "date": "11-MAR-1987 19:23:42.46", "places": [ "ecuador" ], "id": "4034" }, { "title": "BRITISH MINISTER CRITICISES PROPOSED EC OILS TAX", "body": "A British minister said that a proposed\nEuropean Community tax on vegetable oils and fats would raise\nthe price of fish and chips and he pledged the government would\nfight against it.\n Lord Belstead, a junior agriculture minister, told the\nHouse of Lords the tax would raise the price of raw materials\nused in many processed foods by about 100 pct.\n He said revenue should not be raised by taxing the consumer\nand called the proposal \"repugnant.\"\n Reuter\n\u0003", "date": "11-MAR-1987 19:26:43.72", "topics": [ "veg-oil" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "4035" }, { "title": "AUSTRALIAN UNEMPLOYMENT EASES IN FEBRUARY", "body": "Australia's seasonally-adjusted\nunemployment rate eased to 8.2 pct of the estimated workforce\nin February from 8.3 pct in January, compared with 7.9 pct a\nyear earlier, the Statistics Bureau said.\n The number of unemployed declined to 632,100 from 638,300\nin January, against 594,500 in February 1986, it said.\n But unadjusted, the number of jobless rose to 699,800 or\n9.1 pct of the workforce from 671,400 or 8.9 pct in January and\n658,500 or 8.7 pct a year earlier.\n REUTER\n\u0003", "date": "11-MAR-1987 20:04:55.06", "topics": [ "jobs" ], "places": [ "australia" ], "id": "4036" }, { "title": "ECUADOR SEEKS HALT TO PAYMENTS TO BANKS IN 1987", "body": "Ecuador, stricken by a severe earthquake,\nis seeking through negotiations with private foreign banks to\npostpone all payments due to them for the rest of the year,\nFinance Minister Domingo Cordovez said.\n He said in a statement, \"The idea with the foreign banks is\nto obtain from them the best terms to give the Ecuadorean\neconomy a complete relief in the period of deferral of payments\non the foreign debt during the present year.\"\n The statement referred only to payments due to private\nforeign banks, a senior government finance official told\nReuters.\n These creditors hold two-thirds of Ecuador's foreign debt\nwhich totals 8.16 billion dlrs.\n It did not refer to debts maturing to foreign governments\nand multilateral lending agencies, accounting for the remainder\nof Ecuador's foreign debt, the official said.\n He said Ecuador owed the private foreign banks between 450\nand 500 mln dlrs in interest payments for the rest of 1987 and\nabout 66 mln in principal payments maturing this year.\n Cordovez said Ecuador would seek new loans from\nmultilateral organisations. A World Bank mission was due here\nsoon to evaluate emergency loans, government officials said.\n Ecuador has also appealed for emergency\naid from about 40 foreign governments.\n Government officials have calculated losses to the 1987\nbudget from last Thursday's earthquake at 926 mln dlrs.\n In 1986, Ecuador's total service on the foreign debt was\nabout 996 mln dlrs to all creditors.\n The quake ruptured Ecuador's main oil pipeline, suspending\ncrude exports for five months until the line is repaired. Oil\naccounts for up to two-thirds of its total exports and up to 60\npct of total revenues. Before the tremor, Ecuador suspended\ninterest payments on January 31 to private foreign banks.\n Officials said they stopped interest payments due to a\ncash-flow squeeze stemming from a slide in world oil prices,\nwhich cut 1986 exports by about 25 pct to 2.18 billion dlrs.\n Ecuadorean finance officials have been in telephone contact\nevery day this week with some of the banks who sit on its\n14-bank advisory committee, the senior government finance\nofficial said. The committee represents the country's 400 or so\nprivate foreign bank creditors.\n Cordovez also said in the statement, \"The banks should\nperceive that it is impossible at this moment to comply with\nwhat was forseen.\"\n Cordovez added, Ecuador must make a new proposal in line\nwith the reality since the earthquake by seeking better options\nof deferment and of softening the negotiation conditions.\"\n Interest payments fall due at least monthly to private\nforeign banks.\n Ecuador's initial proposal earlier this year was to make\nonly one semi-annual or one annual interest payment this year.\n Under this proposal, it sought to defer interest payments\nuntil June at the earliest, foreign bankers and government\nofficials here said.\n Ecuadorean officials held their last formal meeting with\nthe advisory committee in New York in January, but the\nnegotiations were suspended on January 16 due to the 12-hour\nkidnapping of President Leon Febres Cordero by air force\nparatroopers.\n The Red Cross says that least 300 people died and at least\n4,000 are missing due to the earthquake.\n REUTER\n\u0003", "da