reuters-21578-json

[ { "title": "FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS", "body": "Media group John Fairfax Ltd <FFXA.S>\nsaid that its flat first half net profit partly reflected the\nimpact of changes in the Australian tax system.\n Fairfax earlier reported net earnings edged up 2.3 pct to\n25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln\na year earlier although pre-tax profit rose 9.1 pct to 48.30\nmln from 44.29 mln.\n Net would have risen 10.1 pct but for the increase in\ncompany tax to 49 pct from 46 and the imposition of the tax on\nfringe benefits, paid by employers and not the recipients, the\ncompany said in a statement.\n Fairfax also pointed to the cyclical downturn in revenue\ngrowth in the television industry as another reason for the\nflat first half earnings.\n It said it considered the result satisfactory in view of\nthese factors.\n Fairfax said its flagship dailies, The Sydney Morning\nHerald and the Melbourne Age, boosted advertising volume, as\ndid the Australian Financial Review, and posted extremely\nsatisfactory performances. Magazines also performed strongly.\n But an 8.9 pct rise in television costs outweighed a 4.0\npct rise in revenue, it said.\n Fairfax said a fall in net interest also contributed to net\nearnings because group borrowings were reduced following the\nreceipt of a 96.11 mln dlr capital dividend from <Australian\nAssociated Press Pty Ltd> (AAP) after the sale of AAP's \"B\"\nshares in Reuters Holdings Plc <RTRS.L>.\n This accounted for the 89.32 mln dlr extraordinary profit.\n Fairfax said it is too early to predict results for the\nfull year. Increased borrowings after the recent 320 mln dlr\nacquisition of the HSV-Seven television station in Melbourne\nwill hit earnings but networking with the Channel Sevens in\nSydney and Brisbane will produce some offsetting cost savings.\n REUTER\n\u0003", "date": "19-MAR-1987 06:17:22.36", "topics": [ "earn" ], "places": [ "australia" ], "id": "7001" }, { "title": "BANK OF FRANCE SELLS 1.6 BILLION FRANCS CRH TAP", "body": "The Bank of France sold 1.6 billion\nfrancs of 8.50 pct March 1987/99 Caisse de Refinancement\nHypothecaire (CRH) state-guaranteed tap stock at an auction,\nthe Bank said.\n Demand totalled 6.82 billion francs and prices bid ranged\nfrom 93.50 to 96.60 pct. The minimum accepted price was 95.50\npct with a 9.13 pct yield, while the average price was 95.69.\n At the last auction on February 19, two billion francs of\nCRH tap stock was sold at a minimum price of 91.50 pct and\nyield of 9.73 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 06:20:33.63", "places": [ "france" ], "id": "7002" }, { "title": "BRITOIL PLC <BTOL.L> 1986 YR", "body": "Shr 6.56p vs 50.31p\n Final div 6p, making 8p vs 13p.\n Pre-tax profit 134 mln stg vs 759 mln.\n Net profit 33 mln vs 253 mln.\n Turnover 978 mln stg vs 1.80 billion.\n Extraordinary debit 50 mln vs nil.\n Operating profit 149 mln stg vs 756 mln.\n Exceptional debit on rationalisation programme 12 mln vs\nnil\n Petroleum Revenue Taxes 77 mln vs 319 mln,\n U.K. Corporation tax and overseas tax 24 mln vs 187 mln,\n Note - The net effect of accounting changes in 1986 was to\nreduce after tax profits by 47 mln stg. Retained earnings for\nprior years were increased by 209 mln.\n Extraordinary debit of 50 mln stg related to the decision\nto seek a buyer for the company's U.S. Assets.\n REUTER\n\u0003", "date": "19-MAR-1987 06:21:45.34", "topics": [ "earn" ], "places": [ "uk" ], "id": "7003" }, { "date": "19-MAR-1987 06:29:47.46", "topics": [ "jobs" ], "places": [ "uk" ], "id": "7004" }, { "title": "UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL\n", "date": "19-MAR-1987 06:31:34.81", "topics": [ "income" ], "places": [ "uk" ], "id": "7005" }, { "title": "UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL\n", "date": "19-MAR-1987 06:32:16.74", "topics": [ "income" ], "places": [ "uk" ], "id": "7006" }, { "title": "U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL\n", "date": "19-MAR-1987 06:32:22.15", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "7007" }, { "title": "LEGAL AND GENERAL GROUP PLC YEAR 1986", "body": "Shr 14.58p vs 7.86p\n Div 6.5p making 9.75p, an increase of 19.4 pct\n Pretax profit 83.2 mln stg vs 31.5 mln\n Net after tax 68.6 mln stg vs 37.7 mln\n Pretax profit 83.2 mln stg vs 31.5\nmln, consists of -\n Long term business 45.9 mln stg vs 43.8 mln\n U.S. Long term business 6.2 mln vs 8.9 mln\n Fund management 4.7 mln vs 6.5 mln\n Short term business 4.7 mln vs loss 29.0 mln\n Associate companies 0.9 mln vs 0.8 mln\n Shareholders other income and outgoings 0.4 mln debit vs\n0.5 mln credit\n Exceptional long-term business profit 21.4 mln vs nil\n REUTER\n\u0003", "date": "19-MAR-1987 06:32:48.77", "topics": [ "earn" ], "places": [ "uk" ], "id": "7008" }, { "title": "FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL\n", "date": "19-MAR-1987 06:33:49.51", "topics": [ "money-supply" ], "id": "7009" }, { "title": "UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL\n", "date": "19-MAR-1987 06:33:54.42", "topics": [ "jobs" ], "places": [ "uk" ], "id": "7010" }, { "title": "JAPAN TO ASK CHIP MAKERS TO SLASH OUTPUT FURTHER", "body": "The Ministry of International Trade and\nIndustry will ask Japanese computer microchip makers to further\nslash output in the second quarter in an effort to save its\nsemiconductor pact with the United States, MITI officials said.\n The United States has accused Japan of reneging on the\nsemiconductor pact by failing to stop the flow of cut-price\nJapanese chips to Asian markets. Washington has threatened to\ntake retaliatory action after April 1.\n The pact, agreed last year, calls on Japan to stop selling\ncut-price chips in world markets and to increase its imports of\nAmerican chips to reduce some of its huge trade surplus.\n MITI, anxious to salvage the bilateral agreement, has been\npressing chip makers to limit production in the hope that will\nboost domestic chip prices and reduce the incentive to export.\n Last month, the ministry asked Japanese chip makers to\nreduce first quarter output by 10 pct. To meet that request,\nthey had to slash production by 20 pct over the final six weeks\nof the first quarter.\n If that reduced production level were maintained through to\nthe end of June, second quarter output would come in 10 pct\nbelow that of the first three months of the year.\n MITI officials, who declined to be identified, said the\nministry has not yet decided on the extent of the second\nquarter cutback.\n One said that Japanese chip makers are losing ground in\nAsia to South Korean and U.S. Competition just as markets there\nare picking up.\n MITI has been criticized privately by some Japanese\nsemiconductor makers for what they see as heavy-handed attempts\nto ensure the success of the Japan/U.S. Chip pact.\n REUTER\n\u0003", "date": "19-MAR-1987 06:34:43.33", "topics": [ "trade" ], "places": [ "japan", "usa" ], "id": "7011" }, { "title": "U.K. CLEARING BANK LENDING RISES 1.6 BILLION STG", "body": "Clearing bank sterling lending to the\nU.K. Private sector in February is estimated to have risen by\nan underlying, seasonally-adjusted 1.6 billion stg after a 1.2\nbillion stg rise in January, the Banking Information Service\nsaid.\n The unadjusted rise was 1.31 billion stg, compared with an\n813 mln stg increase in January.\n The Banking Information Service said the adjusted rise of\n1.6 billion stg was well above the recent monthly average of\nabout 1.0 billion stg.\n Of the increase, 297 mln stg was accounted for by personal\nlending, which the Banking Information Service said was taken\nup entirely by lending for home purchases.\n Lending for consumption fell around 17 mln stg while about\n182 mln stg of credit card debt was repaid during the month.\n Lending to the manufacturing industry was up 370 mln stg,\nand to leasing companies by 308 mln stg.\n The Banking Information Service said February fell within\nthe governmemnt tax season, so much of the lending was probably\nthe result of industry's need to pay its tax bills.\n Deposits by the private sector rose an unadjusted 1.1\nbillion stg in February and by a seasonally-adjusted 1.75\nbillion stg.\n Deposits from the public sector rose 185 mln stg in\nFebruary while deposits from overseas residents rose by 43 mln.\n REUTER\n\u0003", "date": "19-MAR-1987 06:39:15.19", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "7012" }, { "title": "U.K. UNEMPLOYMENT FALLS IN FEBRUARY", "body": "Unemployment in the U.K. Fell a\nprovisional seasonally-adjusted 44,100 in February, to total\n3.07 mln or 11.1 pct of the workforce, the Employment\nDepartment said.\n In January, seasonally adjusted unemployment fell by a\nrevised 1,100 to 11.3 pct, it said. Initially the January\nposition was reported as flat.\n The unadjusted jobless total, including school leavers,\nfell to 3.23 mln, or 11.7 pct, from 3.30 mln, 11.9 pct, in\nJanuary.\n February was the seventh successive month that seasonally\nadjusted unemployment registered a fall.\n It was at a peak of 11.7 pct last summer.\n Lord Young, the Employment Minister, said there appeared\nlittle doubt the monthly fall, which has been running at about\n20,000, will continue.\n A Department spokesman said the sharp fall in February\nreflected some compensation for the flat figure in January and\ncontinued the downward trend seen in the past six months.\n He said the February fall was spread throughout the country\nand among men and women.\n REUTER\n\u0003", "date": "19-MAR-1987 06:43:04.94", "topics": [ "jobs" ], "places": [ "uk" ], "id": "7013" }, { "title": "STERLING M3 UP 2-1/4 PCT IN FEBRUARY, M0 DOWN", "body": "The main measure of U.K. Broad money,\nsterling M3, grew a provisional, seasonally adjusted 2-1/4 pct\nin February after a rise of 1.1 pct in January, the Bank of\nEngland said.\n The narrow measure, M0, fell a provisional adjusted 3/4 to\none pct after a 0.6 pct drop in January, the Bank said.\n Unadjusted annual growth in sterling M3 was 18-3/4 to 19\npct in the 12 months to February against 17.6 pct in January\nwhile M0 rose four to 4-1/4 pct after a 5.2 pct rise in\nJanuary.\n Seasonally adjusted, sterling bank lending grew 2.9 billion\nstg after a January rise of 1.75 billion.\n Of the unadjusted counterparts to sterling M3, bank lending\nto the private sector expanded 2.6 billion stg after a 1.4\nbillion rise in January, the Bank said.\n The public sector borrowing requirement (PSBR) contracted\nby 300 mln stg after a contraction of 3.7 billion stg in\nJanuary.\n Funding - debt sales to the non-bank private sector and\nexternal flows to the public sector - rose by 300 mln stg after\na 1.5 billion stg rise in January. Of this, central government\ndebt sales to the public sector were expansionary by 400 mln\nstg after a 1.3 billion expansion in January, the Bank said.\n Other unadjusted counterparts to sterling M3 expanded by\n300 mln stg in February after an expansion of 1.3 billion stg\nin January, the Bank said.\n Unadjusted figures showed a rise in sterling M3 by 1-3/4 to\ntwo pct in February after a drop of 0.8 pct in January.\n On the same basis, the figures showed a drop of about 1-1/2\npct in MO in February after a sharp 6-1/2 pct fall in January.\n The Bank said it would publish full, final figures on March\n30.\n The Bank said non-bank private sector holdings of public\nsector debt fell by about 400 mln stg in February while\nexternal flows to the public sector were about 100 mln stg.\n Combined with a net PSBR repayment of about 300 mln stg,\nthe public sector contribution to the growth in sterling M3 was\ntherefore about flat, the Bank said.\n It said seasonally adjusted bank lending, at about 2.9\nbillion stg in February, compared with an average of about 2.6\nbillion stg a month over the preceding six months.\n REUTER\n\u0003", "date": "19-MAR-1987 06:47:26.22", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "7014" }, { "title": "U.K. EARNINGS RISE 7.6 PCT IN YEAR TO JANUARY", "body": "U.K. Average earnings rose a seasonally\nadjusted 7.6 pct in the year to end-January after a 7.4 pct\nrise in the year to December, the Department of Employment\nsaid.\n The underlying rise was 7.5 pct after 7.75 pct in December.\n The January index, base 1980, was set at a provisional\nseasonally adjusted 190.4, down from 193.4 in December.\n The underlying rise, adjusted for factors such as back-pay\nand timing variations, had been steady at 7.5 pct from October\n1985 to October 1986.\n Unit wage costs in U.K. Manufacturing industry rose 3.3 pct\nin the three months to end January, on a year-on-year basis,\nafter a 3.1 pct rise in the three months to end December, the\nDepartment of Employment said.\n In January, the unit wage rise in manufacturing industries\nwas 3.6 pct, unchanged from the December rise.\n The Department said the decline in the underlying rate of\nrise in earnings reflected the reduced significance of bonus\npayments in January compared with December.\n The actual increase reflected teacher pay settlements and\nindustrial action in the transport and communications sectors\nin January 1987.\n REUTER\n\u0003", "date": "19-MAR-1987 06:53:56.15", "topics": [ "income" ], "places": [ "uk" ], "id": "7015" }, { "title": "MEPC ISSUES PARTLY PAID EUROSTERLING BOND", "body": "U.K. Property company MEPC Plc is\nissuing a 75 mln stg eurobond due April 15, 2004 paying 9-7/8\npct and priced at 99-5/8 pct, lead manager County Natwest\nCapital Markets said.\n The bond is in partly paid form with 25 pct due on April 15\nand the remainder on July 15. It will be available in\ndenominations of 1,000 and 10,000 stg and will be listed in\nLondon.\n Fees comprise 1-1/2 pct selling concession and 1/2 pct each\nfor management and underwriting.\n REUTER\n\u0003", "date": "19-MAR-1987 06:55:01.57", "places": [ "uk" ], "id": "7016" }, { "title": "NOMURA INTERNATIONAL FINANCE ISSUES EUROBOND", "body": "Nomura International Finance Plc is\nissuing a 150 mln dlr eurobond due April 28, 1992 with a 7-1/4\npct coupon and priced at 101-1/8 pct, Nomura International Ltd\nsaid as lead manager.\n The transaction carries the guarantee of Nomura Securities.\nBonds will be issued in denominations of 5,000 dlrs and will be\nlisted in London. Payment date is April 27.\n Fees comprise 5/8 pct for management and underwriting,\nincluding a 1/8 pct praecipuum, and 1-1/4 pct for selling.\n Co-lead is Pru-Bache Securities. The issue is targeted at\nEurope, with no Japanese co-managers.\n REUTER\n\u0003", "date": "19-MAR-1987 07:01:20.97", "places": [ "uk" ], "id": "7017" }, { "title": "VOLVO ISSUES 70 BILLION EUROLIRE BOND", "body": "AB Volvo is issuing a 70 billion\neurolire bond due May 31, 1990 paying 10-1/8 pct and priced at\n100-1/2 pct, lead manager Banca Commerciale Italiana said.\n The bond is available in denominations of two mln lire and\nwill be listed in London.\n Fees comprise 7/8 pct selling concession with 1/2 pct for\nmanagement and underwriting combined.\n Payment date is April 24 and there will be a long first\ncoupon.\n REUTER\n\u0003", "date": "19-MAR-1987 07:09:17.93", "places": [ "uk" ], "id": "7018" }, { "title": "STOLTENBERG CONSIDERS RAISING SOME INDIRECT TAXES", "body": "Finance Minister Gerhard Stoltenberg said\nhe was looking for ways to help finance a planned tax reform\nwithout increasing value-added tax but could not rule out\nraising some indirect taxes, for example, on tobacco.\n Stoltenberg also told parliament that closing tax loopholes\nwould contribute towards the 19 billion marks the government is\nseeking to finance part of its 44 billion mark tax reform\npackage for the 1990s.\n He confirmed that a temporary and limited increase in the\nborrowing requirement was also being considered.\n Chancellor Helmut Kohl yesterday said a temporary rise in\nborrowing was acceptable but stressed his government would\nexercise strict discipline in spending.\n New net borrowing was 23.0 billion marks in 1986 compared\nwith 37.2 billion in 1982.\n REUTER\n\u0003", "date": "19-MAR-1987 07:13:37.68", "places": [ "west-germany" ], "id": "7019" }, { "title": "U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN", "body": "The Bank of England said it revised down\nits estimate of the deficit in the system today to 400 mln stg\nfrom 450 mln.\n REUTER\n\u0003", "date": "19-MAR-1987 07:16:04.87", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "7020" }, { "title": "WESTLB ISSUES 50 MLN AUSTRALIAN DLR EUROBOND", "body": "A Westdeutsche Landesbank\nGirozentrale (WestLB) unit is raising 50 mln Australian dlrs\nthrough a five-year bullet eurobond with a 14-3/8 pct coupon\nand priced at 101-1/2, co-lead manager WestLB said.\n The bond, for WestLB Finance N.V., Is guaranteed by the\nparent. Investors will pay for the bond on April 15, and the\nbond pays annual interest on the same day. It matures on that\nday in 1992. Fees total two pct, with 1-3/8 points for selling,\nand 5/8 for management and underwriting combined. There is a\n1/8 pct praecipuum. Listing is in Luxembourg.\n Co-lead is Hambros Bank Ltd. Denomination is 1,000 dlrs.\n REUTER\n\u0003", "date": "19-MAR-1987 07:17:51.88", "places": [ "west-germany" ], "id": "7021" }, { "title": "ECUADOR SEEKS 450 MLN DLRS IN EMERGENCY CREDIT", "body": "Ecuador is seeking between 437 and 450\nmln dlrs in loans this year from multilateral organisations and\nforeign governments to grapple with economic losses from a\ndevastating earthquake 13 days ago, a presidential economic\nadviser said.\n Foreign governments and multilateral organisations hold\none-third of Ecuador's 8.16 billion dlrs total foreign debt, he\nsaid in a news conference at the presidential palace.\n But he added that the suspension of payments to private\nforeign banks, who hold the rest of the foreign debt, would be\nprolonged though the government hoped to negotiate an agreement\nwith these creditors.\n President Leon Febres Cordero says the earthquake cost the\ncountry one billion dlrs in losses and left 1,000 people dead\nor missing.\n Swett, who was Finance Minister of Ecuador between August\n1984 to June 1986, added: \"With the private foreign banks there\nhas been a ceasing of payments by Ecuador.\n \"We are bringing forward the respective negotiations whose\nconclusion we hope finalises in the next few weeks.\"\n Finance Minister Domingo Cordovez said last week that\nquake-hit Ecuador sought through negotiations to postpone all\npayments due to the private foreign banks in 1987 until next\nyear.\n Although Swett gave no gave details on the latest plan for\nnegotiations with private foreign banks, he calculated the\nsuspension of payment to these creditors would save the\ngovernment 54.45 billion sucres.\n This amount is equal to 363 mln dlrs at the free rate of\n150 sucres to the dollar -- the rate Swett said reporters\nshould use in calculating the dollar equivalent.\n The Ecuadorean central bank, which is the institution\nremitting debt payments abroad, uses the official rate of 95\nsucres to the dollar for its accounting purposes. At the\nofficial rate, the 54.45 billion sucres' sum equals 573 mln\ndlrs.\n Ecuador, squeezed by a slide last year in prices for crude,\nits main export, suspended payments to private foreign banks in\nJanuary.\n Swett said the government would also seek to refinance the\n1.429 billion dlr section of the debt owed to the Paris Club\ngroup of foreign governments, though it would continue to\nservice the debt with them. He gave no more details.\n The government adopted a tough austerity program last\nFriday intended to grapple with the tremor's economic costs.\nBut the country's labour unions have called a general strike\nfor Wednesday to press for a suspension of the program.\n The 500,000-strong Unitary Workers' Front (FUT) and the\n100,000-member General Union of Workers (UGT) called the strike\nto cancel the measures, which include a rise in petrol prices\nof up to 80 per cent and budget cuts of as much as 10 per cent.\n The leftist-led FUT said it was also backing a call by the\nMaoist Popular Movement for Democracy (MPD) party, to have\nCongress impeach and oust Febres Cordero, a conservative, for\nhaving adopted the austerity measures.\n Reuter\n\u0003", "date": "19-MAR-1987 07:21:25.03", "places": [ "ecuador" ], "id": "7022" }, { "title": "SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK", "body": "Some 7,000 black workers returned\nto work after staging one-day strikes at two mines on Monday,\nthe National Union of Mineworkers and the companies that own\nthe mines said.\n About 6,000 miners resumed work at the Grootvlei gold mine\neast of Johannesburg after protesting the transfer of\ncolleagues to other jobs at the same mine, owners General\nMining Union Corp Ltd <GENM.J> said.\n The union said about 1,000 mineworkers at a new coal\nfacility owned by Anglo American Corp of South Africa Ltd\n<ANGL.J> also returned to their jobs on Tuesday.\n The workers at Anglo's Vaal Colliery south of Johannesburg\nhad struck to protest the alleged refusal of officials of the\nSouth African homeland of Transkei to allow miners to attend a\nfuneral in the homeland, a union spokesman said.\n REUTER\n\u0003", "date": "19-MAR-1987 07:23:33.05", "topics": [ "gold" ], "places": [ "south-africa" ], "id": "7023" }, { "title": "NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE", "body": "<Nippon Life Insurance Co> is pursing a\npossible link with an American securities house to expand its\noverseas investment portfolio, a company spokesman said.\n But he declined to comment on rumours the company would\ntake a 10 pct stake in <Shearson Lehman Brothers>, an\ninvestment banking unit of American Express Co <AXP>.\n He said the firm started to sound out several U.S.\nInvestment banks on capital participation about 18 months ago\nand was narrowing the number of prospects, but he did not say\nif it had set its sights on one firm.\n Nippon Life, Japan's largest life insurer, also plans to\nset up a wholly owned investment unit, <Nissei International\nAmerica>, in New York next month and subsidiaries in Canada,\nSingapore, the Cayman Islands and Jersey this year, he said.\n These moves are in line with its long-term strategy to put\nmore emphasis on overseas investment management as\nopportunities at home are declining while the company's assets\nare growing.\n The company is especially attracted by the scale and depth\nof U.S. Money and credit markets and wants to establish a firm\nfoothold there, the spokesman added.\n REUTER\n\u0003", "date": "19-MAR-1987 07:27:17.84", "topics": [ "acq" ], "places": [ "japan", "usa" ], "id": "7024" }, { "title": " Bundesbank says it leaves credit policies unchanged\n", "date": "19-MAR-1987 07:28:32.29", "id": "7025" }, { "title": "WEST GERMAN CAR OUTPUT RISES IN FEBRUARY", "body": "West German car and van production\nrose to 389,900 in February from 380,900 in February 1986, the\nGerman Automobile Industry Association VDA said in a statement.\n Production of trucks of up to six tonnes fell sharply to\n11,500 from 14,600, owing to a cut in production of small\ndelivery vans of up to two tonnes. Total vehicle output rose to\n410,000 from 404,600.\n Car and van exports eased to 222,000 in February from\n225,000 one year earlier, and exports of trucks of up to six\ntonnes dropped to 6,200 from 9.900. Total vehicle exports fell\nto 233,200 from 240,300.\n Car and van output in January and February eased to 758,700\nfrom 766,500 in the first two months of 1986. Production of\ntrucks up to six tonnes fell to 26,300 from 30,700, and total\nvehicle production fell to 802,300 from 814,900.\n Car and van exports in January and February fell to 424,700\nfrom 443,300 a year earlier and exports of trucks up to six\ntonnes fell to 15,400 from 20,200. Total vehicle exports fell\nto 449,200 from 473,500.\n REUTER\n\u0003", "date": "19-MAR-1987 07:28:41.74", "places": [ "west-germany" ], "id": "7026" }, { "title": "U.K. MONEY MARKET GIVEN 181 MLN STG ASSISTANCE", "body": "The Bank of England said it provided the\nmoney market with 181 mln stg in assistance this morning.\n This compares with the Bank's revised shortage forecast of\naround 400 mln stg.\n The central bank purchased bank bills outright at the new\ndealing rates established yesterday.\n These comprised 65 mln stg in band one at 9-7/8 pct, 114\nmln stg in band two at 9-13/16 pct and two mln stg in band\nthree at 9-3/4 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 07:28:55.45", "topics": [ "money-fx" ], "id": "7027" }, { "title": "FUJI BANK ACCUSED OF MISUSE OF TAX FREE RESERVES", "body": "The Tokyo Regional Taxation Bureau has\nimposed a penalty tax on <Fuji Bank Ltd> for alleged improper\nuse of tax-free reserves, a bank spokeswoman told Reuters.\n She declined to reveal the bank's planned response but\nanother bank official said it has not paid the penalty.\n The bank said in a brief statement it believes that its use\nof the tax-free reserves is legal.\n Financial institutions can set aside 0.003 pct of their\nrisky loans as tax-free reserves. Fuji said a difference of\nunderstanding exists between the bank and the tax bureau\nregarding the use of tax-free reserves. It did not elaborate.\n Fuji Bank reported a 72.1 billion yen net profit in the\n1985/86 year. Lending totaled 16,120 billion yen.\n REUTER\n\u0003", "date": "19-MAR-1987 07:29:03.46", "places": [ "japan" ], "id": "7028" }, { "title": "PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS", "body": "Liquidity in the Philippines rose in\nDecember while loan demand and short-term lending rates fell,\nthe Central Bank said.\n A bank official said M-3 rose 9.72 pct to a provisional\n149.80 billion pesos at the end of December from a month\nearlier for a year-on-year gain of 12.72 pct.\n She said short-term bank lending rates fell to an\nannualised 13.88 pct at the end of December, from 14.58 pct a\nmonth earlier and 19.82 pct at the end of December 1985.\n Poor loan demand was illustrated by a rise in commercial\nbank reserves, the official said.\n The bank official said commercial bank reserves were 22.19\nbillion pesos at the end of December, when reserves required\nwere 21.59 billion.\n She said the surplus of 597 mln pesos, compared with a\ndeficit of 390 mln pesos a month earlier and a deficit of 1.64\nbillion at the end of 1985, reflected political uncertainty in\nthe last quarter of 1986.\n Reserve money, the total available to monetary authorities,\nwas a provisional 52.58 billion pesos at the end of 1986. This\nwas 5.19 pct up from 49.98 billion at the end of November and\n41.85 pct up from 37.09 billion in December 1985.\n The bank official noted M-3, which includes M-1 money\nsupply, plus savings, time deposits and deposit substitutes.\nWas 132.88 billion pesos at the end of December 1985.\n M-1 money supply rose a provisional 17.3 pct to 42.86\nbillion pesos at the end of December 1986 from 36.52 billion a\nmonth earlier. The year-on-year rise was 19.64 pct, up from\n35.83 billion at the end of December 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 07:29:42.07", "topics": [ "money-supply" ], "places": [ "philippines" ], "id": "7029" }, { "title": "SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK", "body": "Sanwa Bank Ltd <ANWA.T> has agreed to buy\na two pct stake in Oporto-based <Banco Portugues de Investmento\nSarl> (BPI), Portugal's largest merchant bank, a Sanwa official\nsaid.\n Sanwa will purchase the shares from International Finance\nCorp, a BPI shareholder and sister organisation of the World\nBank, for 351 mln yen, he said.\n The acquisition will be completed this month as both the\nJapanese and Portuguse governments are expected to give\npermission soon. This is the first time a Japanese bank has\nbought a stake in a Portuguese bank.\n Sanwa plans to increase its stake in BPI to four pct, the\nceiling for foreign shareholders, the official said.\n The bank has also agreed with <Banco Portugues do\nAtlantico>, a state-owned merchant bank in Oporto, to exchange\ninformation on customers and help accelerate Japanese\ninvestment and technological transfers to Portugal, he said.\n REUTER\n\u0003", "date": "19-MAR-1987 07:31:01.10", "topics": [ "acq" ], "places": [ "japan", "portugal" ], "id": "7030" }, { "title": "BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED", "body": "The Bundesbank left credit policies\nunchanged after today's regular meeting of its council, a\nspokesman said in answer to enquiries.\n The West German discount rate remains at 3.0 pct, and the\nLombard emergency financing rate at 5.0 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 07:41:42.61", "topics": [ "interest" ], "places": [ "west-germany" ], "id": "7031" }, { "title": "NO FRENCH REFLATION, SOURCES CLOSE TO BALLADUR SAY", "body": "There is no question of stimulating\nconsumption or relying on a systematic budget deficit or other\nreflationary policies to boost the French economy, sources\nclose to finance minister Edouard Balladur said.\n Their comments followed remarks by prime minister Jacques\nChirac's spokesman Denis Baudouin, who said on Monday ministers\nwere agreed on the desirability of \"relaunching\" the economy.\n This sparked speculation the government was preparing for a\nreflationary U-turn, but the finance ministry immediately ruled\nout any such move.\n The sources today said the government's policy remained one\nof \"recovery,\" or sound finances and greater efficiency.\n They said that while 8.6 billion of the 30 billion franc\nrevenues expected for 1987 from a sweeping privatisation\nprogram will go to providing public companies with fresh\ncapital, 21.4 billion francs, or two-thirds, will go toward\npaying off national debt.\n Any further privatisation revenue this year above the 30\nbillion would be distributed between repayment of national\ninternal debt and public companies in similar proportions, they\nadded.\n The sources said it was absurd to talk of reflation when\nthe country's internal debt, expected to grow by 10 pct this\nyear from 1,300 billion francs in 1986 was growing twice as\nfast as gross domestic product.\n Nominal GDP is expected to grow by roughly five pct this\nyear from 5,000 billion francs last year, broadly in line with\nearlier forecasts. Real GDP will grow by up to 2.5 pct.\n The sources said that with France's economic targets for\n1987 roughly in line with its main trading partners, the\ngovernment had no intention of pushing the economy to grow at\nan artificial pace out of step with neighbouring economies.\n REUTER\n\u0003", "date": "19-MAR-1987 07:44:43.08", "topics": [ "gnp" ], "places": [ "france" ], "id": "7032" }, { "title": "H.K. REVIEWS BANKING STRUCTURE, CAPITAL RATIO", "body": "The Banking Commission is reviewing\nthe present three-tier banking system and its newly established\ncapital adequacy ratio, banking commissioner Robert Fell said.\n He told a news conference his office has had talks with the\nBank of England and the U.S. Federal Reserve Board on\nrisk-based capital ratios, following an agreement on such\nstandards between the two central banks early this year.\n The Bank of England and the Fed are trying to persuade the\nBank of Japan and European central banks to accept their\nstandards.\n \"We welcome international standards,\" Fell said. \"It means a\nlevel playing field for all.\"\n Under a new banking rule that came into effect last year,\nbanks in Hong Kong are given a two-year grace period to meet a\nfive pct capital adequacy requirement.\n \"The difference between us (Hong Kong and the U.K.) is\nreally not that great,\" he said.\n Fell said the majority of banks are comfortable with the\nrequired capital ratio, though some are under-capitalised.\n Some banks, mostly Japanese, want a lower capital ratio\nbecause of the special nature of their business, mainly\noffshore banking operations. These institutions have proposed\nthe creation of a limited service bank category.\n Financial institutions in Hong Kong are now classified into\nthree types -- banks, registered and licensed deposit-taking\ncompanies.\n Fell said the Commission is reviewing the three-tier\nstructure in light of the possible changes in capital ratio and\nthe growing trend towards securitisation of debt.\n Fell said the Commission is also studying a set of\nguidelines on loan loss provisions with the help of the Society\nof Accountants.\n Other planned guidelines relate to securitisation of debt\nand business that banks and deposit taking companies can\nconduct.\n REUTER\n\u0003", "date": "19-MAR-1987 07:55:53.04", "places": [ "hong-kong" ], "id": "7033" }, { "title": "AUSTRIA INCREASES BOND TO 75 MLN AUSTRALIAN DLRS", "body": "The Australian dollar eurobond launched\nyesterday for the Republic of Austria has been increased to 75\nmln dlrs from the original 50 mln, Credit Suisse First Boston\nLtd said as lead manager.\n The five year transaction has a 14-1/4 pct coupon and was\npriced at 101-3/4 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 08:01:10.70", "places": [ "uk", "austria" ], "id": "7034" }, { "title": "U.K. BUILDING SOCIETY TAPS EUROSTERLING MARKET", "body": "Cheltenham and Gloucester Building\nSociety is issuing a 50 mln stg eurobond due April 22, 1992,\npaying 9-1/4 pct and priced at 101-1/4 pct, lead manager Union\nBank of Switzerland (Securities) Ltd said.\n The bond will be available in denominations of 1,000 stg\nand will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "19-MAR-1987 08:02:36.22", "places": [ "uk" ], "id": "7035" }, { "title": "U.S. CREDIT MARKET OUTLOOK - SPENDING, M-1", "body": "Brisk increases in personal income and\nconsumption are to appear in February data released today, but\nthe bond market's recent sluggishness suggests there will be no\nmajor price reaction unless the rises are much larger than\nexpected, economists said.\n Personal income is forecast to rise by 0.6 to 0.8 pct,\ncompared with no change in January, while consumption\nexpenditures are projected to increase 1.4 to 1.6 pct,\nreversing most of the two pct drop recorded in January.\n M-1 money supply data for the March 9 week will also be\nreleased. An increase of some 2.3 billion dlrs is expected. \n Peter Greenbaum of Smith Barney, Harris Upham and Co Inc\nexpects a one pct rise in income, led by a strong gain in wage\nand salary disbursements in February.\n Nonfarm payrolls expanded by 337,000 jobs in February, the\naverage workweek lengthened by 0.6 pct and hourly wages rose by\nfour cts, he noted in a report. Vigorous spending on durable\ngoods last month, especially cars, foreshadow a rise of at\nleast 1.5 pct in consumption, he added.\n The prospect of bearish data did not trouble the bond\nmarket much yesterday, with the 30-year Treasury bond slipping\njust 7/32 to 99-28/32 for a yield of 7.51 pct.\n Analysts said the market is still trapped in a narrow\nrange, desperately seeking direction.\n \"Seasonally adjusted, it's already December in the bond\nmarket,\" quipped Robert Brusca of Nikko Securities Co\nInternational Inc.\n Paul Boltz of T. Rowe Price Associates Inc said the\nsteadiness of long bond yields around 7.5 pct, despite some\nsigns of a stronger economy, probably reflects expectations\nthat inflation will remain subdued.\n But he warned that this assumption might not be justified.\n \"It took the bond market a long while to see that inflation\nwas not returning to double digits, and now that it has learned\nthat lesson, it may be a little slow to see that a four to five\npct inflation is a real possibility ahead,\" Boltz said in a\nreport.\n After trading late yesterday at 5-15/16 pct, Fed funds were\nindicated by brokers to open comfortably at 5-15/16, six pct.\n Reuter\n\u0003", "date": "19-MAR-1987 08:04:29.56", "topics": [ "money-fx", "income", "money-supply" ], "places": [ "usa" ], "id": "7036" }, { "title": "U.S. DELEGATION HOPES FOR VEG OILS TAX DEFEAT", "body": "American soybean producers and processors\nare hoping the proposed EC tax on vegetable oils and fats will\nnot be imposed, but say the U.S. Is prepared to retaliate if it\nis introduced.\n Wayne Bennett, the American Soybean Association's first\nvice president, told a news conference the U.S. Administration\nwould not hesitate to retaliate, but both producers and\nprocessors were trying to solve the issue through negotiation.\n U.S. Secretary of Agriculture Richard Lyng said in a letter\nto EC officials that U.S. Retaliatory measures would cover more\nthan agricultural products if the tax was imposed, Bennett\nsaid.\n The ASA and National Soybean Processors Association (NSPA)\ndelegations will meet top West German government officials\ntoday and tomorrow to lobby for support.\n Bennett said West Germany, Britain, the Netherlands,\nDenmark and Portugal oppose the tax, but Italy and Belgium seem\nto have taken a hardline view on the issue.\n \"Europeans in favour of the tax say it would be to their\nadvantage economically, but that is not correct because we\nwould hit back,\" NSPA chairman Jack Reed said.\n This step would be very expensive for all and no one would\nemerge as a winner if the tax were introduced, he said.\n Reed pointed out the U.S. Administration and the soybean\nindustry view the EC proposal as violating the General\nAgreement on Tariffs and Trade.\n The proposed tax also violates the zero duty bindings\nagreed between the EC and U.S. In 1962, he said.\n Under the zero duty bindings pact U.S. Soybeans and\nproducts can be exported to the Community duty-free.\n REUTER\n\u0003", "date": "19-MAR-1987 08:07:29.71", "topics": [ "veg-oil", "oilseed", "soybean" ], "organisations": [ "ec" ], "places": [ "west-germany", "usa" ], "id": "7037" }, { "title": "H.K. BANKING SECTOR STABLE, OFFICIAL SAYS", "body": "The banking sector has regained its\nstability after a protracted period of difficulty, banking\ncommissioner Robert Fell said.\n \"The banking climate has dramatically changed from a year\nago,\" he said at a news conference to present his annual report\non the banking sector for 1986.\n \"We've got confidence back. We've got profitability back.\" he\nsaid.\n A three-year shake out in the local banking sector forced\nthe government to take over three banks and arrange for the\nacquisition of four others by the private sector.\n Fell said that in many cases the bank problems stemmed from\nmanagement fraud which he linked partly to dramatic swings in\nthe stock and property markets in the early 1980s.\n \"We've got it out of the system now,\" he said. \"Fraud is no\nlonger a systemic problem.\"\n But he acknowledged there may still be problems.\n \"Deliberate fraud is difficult to detect especially where\ncollusion and senior management are involved,\" he said.\n\"Prudential supervision cannot give complete protection. The\n(new banking) ordinance is designed to give a \"measure\" of\nprotection.\"\n Fell said a number of banks want to set up operations in\nHong Kong, adding the government approved three banking\nlicences this week. He did not give details.\n At the end of 1986, there were 151 licenced banks, 25 of\nwhich were locally incorporated, compared with 143 a year ago.\nAnother 134 foreign banks had representative offices compared\nwith 131 a year ago.\n There were 34 licensed deposit-taking companies (DTCs) and\n254 registered DTCs at the end of 1986, compared with 35 and\n278 respectively a year ago, he said.\n Foreign banks seeking banking licences in Hong Kong must\nhave assets of 14 billion U.S. Dlrs. But Financial Secretary\nPiers Jacobs said yesterday the asset criteria are flexible.\n A high asset threshold has worked in the favour of banks\nincorporated in countries with relatively large economies, he\nnoted.\n \"No licences in the last few years have been granted to\nbanks from any of the smaller countries in the Asia-Pacific\nregion,\" he said.\n REUTER\n\u0003", "date": "19-MAR-1987 08:08:32.15", "places": [ "hong-kong" ], "id": "7038" }, { "title": "AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE\n", "date": "19-MAR-1987 08:13:16.72", "topics": [ "acq" ], "id": "7039" }, { "title": "SAVINGS BANK CLOSED, 15TH TROUBLED U.S. S&L OF YEAR", "body": "The Federal Home Loan Bank Board\n(FHLBB) announced today the replacement of a closed Santa Ana,\nCalif., savings bank in the 15th federal action assisting\ntroubled U.S. savings institutions this year.\n The FHLBB said Perpetual Savings Bank in Santa Ana was put\ninto receivorship because it was insolvent and was replaced by\na new federally chartered Perpetual Savings Association.\n It said the savings bank's insolvency \"was a direct result\nof losses on speculative investments in real estate which were\nnot supported by appraisals.\"\n The FHLBB said it appointed Great American First Savings\nBank <GTA> of San Diego to manage Perpetual Savings.\n It said as of January 31, Perpetual had assets of 61.9 mln\ndlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 08:13:36.39", "places": [ "usa" ], "id": "7040" }, { "title": "AMERICAN EXPRESS <AXP> MAY SELL SHEARSON STAKE", "body": "American Express Co said it and its\nShearson Lehman Brothers Inc subsidiary have been holding talks\non the possible equity investment in Shearson Lehman by <Nippon\nLife Insurance Co> of Japan.\n The company said, \"The discussions have led to a general\nunderstanding by which Nippon Life would purchase a 13 pct\nequity investment in Shearson Lehman for approximately 530 mln\ndlrs and American Express, Shearson Lehman and Nippon Life\nwould explore mutually advantageous, nonexclusive business and\ninvestment opportunities.\"\n The company said a definitive agreement on the matter is\nsubject to a number of conditions, including approval of the\nAmerican Express board and the Japanese Ministry of Finance.\n The company said its board is scheduled to meet March 27\nfor its regular monthly sessions.\n American Express said it is continuing to evaluate various\ncourses of action of strategic importance to Shearson Lehman in\naddition to the possible investment by Nippon Life.\n It said the options range from expanding Shearson's\ncapacity to meet international competition, to broadening\nfurther its access to capital.\n The company also said, \"All the courses of action under\nstudy reflect the continuing integral role of Shearson Lehman\nin American Express' worldwide financial services strategy.\"\n Reuter\n\u0003", "date": "19-MAR-1987 08:15:06.00", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "7041" }, { "title": "XEROX <XRX> TO STOP SELLING PC'S BY THEMSELVES", "body": "Xerox Corp has decided to stop selling\npersonal computers as standalone products, a company spokesman\nsaid.\n The spokesman said \"As a first priority, we're selling PC's\nas part of preconfigured systems, mostly desktop publishing\nsystems, and not by themselves anymore.\"\n He said Xerox does not expect to take any material charge\nfrom changing its marketing of personal computers. He said for\nthe past five years, Xerox has sold most of its PC's as\ncomponents of larger systems.\n Another Xerox spokesman said the company actually stopped\nselling personal computers alone on February 16 but never\nannounced the move.\n Reuter\n\u0003", "date": "19-MAR-1987 08:15:21.69", "places": [ "usa" ], "id": "7042" }, { "title": "S.AFRICA'S FINANCIAL RAND SEEN HEADED HIGHER", "body": "The financial rand, widely viewed\nas a direct reflection of foreign investor confidence in South\nAfrica, appears headed above 30 U.S. Cents, dealers and bank\neconomists said.\n The currency has risen about 25 pct in the past three\nmonths to its current rate of 29.50 cents, due partly to signs\nof a possible power shift with the appearance of a number of\nindependent candidates in the whites-only election on May 6,\nthey added.\n It has risen about two cents this week alone.\n \"Another factor is that banks in London, where the main\nmarket is based, are going long in the currency because of a\ngeneral feeling that it will rise in the future,\" one economist\nsaid.\n Dealers described 30 cents as a psychological barrier that\nwas expected to be broken soon after a brief consolidation\nphase from recent gains.\n After reaching 30 cents, \"There is a chance of appreciation\nto 32 cents in the next several weeks,\" one dealer said.\n There was a widespread feeling that both the commercial\nrand, holding stable at 48 cents, and the financial rand were\nstaying firm, banking sources said.\n A Barclays National Bank executive who asked not to be\nidentified said: \"The rise of the independents appears to be\nindicative of a potential shift of power in the National Party\nand has created a favourable sentiment overseas.\"\n One dealer said growing business and investor interest from\nWest Germany and Switzerland were behind the financial rand's\nrise.\n Economists said foreigners also were being attracted by\nSouth Africa's long-term government bonds and \"semi-gilts\" or\nsecurities in partly government-owned firms, many with yields\nas high as 30 pct. They could be purchased with financial rands\nwith interest paid in commercial rands.\n \"This has had a definite influence on the financial form of\nthe rand,\" a dealer said, adding that at present demand is\nslightly in excess of supply.\n The financial rand was reintroduced in September 1985 to\nhelp end capital flight from South Africa during a period of\nsevere political unrest in the country.\n REUTER\n\u0003", "date": "19-MAR-1987 08:16:10.53", "topics": [ "money-fx", "rand" ], "places": [ "south-africa" ], "id": "7043" }, { "title": "EX-REAGAN AIDE DEAVER INDICTED ON PERJURY CHARGES", "body": "Former White House aide Michael\nDeaver, a long-time confidant of President Reagan, has been\nindicted on charges of lying about his contacts as a Washington\nlobbyist with top U.S. Government officials.\n The five-count perjury indictment charged that Deaver lied\nin sworn testimony to Congress and before the grand jury\ninvestigating his business affairs.\n Deaver, who resigned as deputy White House chief of staff\nin 1985 to open a lobbying firm, faces a maximum penalty of 25\nyears in prison if convicted. Immediately after the indictment\nwas announced Reagan issued a statement wishing Deaver well.\n Reuter\n\u0003", "date": "19-MAR-1987 08:22:06.66", "places": [ "usa" ], "id": "7044" }, { "title": "<FI-TEK CORP> TO MAKE ACQUISITION", "body": "Fi-Tek Corp said it has signed a letter\nof intent to acquire <Voice Systems and Services Inc> for an\nundisclosed amount of stock.\n It said on completion of the acquisition it would change\nits name to Voice Systems and Services Inc. It said VBoice\nSystems has received a 3,600,000 dlr contract to provide FLP\nCommunications of Dallas with voicemail systems through service\nbureaus located throughout the U.S. and has also contracted to\nprovide voicemail systems and administration to M and S\nCommunications.\n Reuter\n\u0003", "date": "19-MAR-1987 08:22:21.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "7045" }, { "title": "FIRST WISCONSIN <FWB> TO MAKE ACQUISITION", "body