reuters-21578-json
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A JSONified and simplified version of the famous reuters 21578 dataset
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[
{
"title": "AMOCO <AN> UNIT EXPANDS CARPET YARN PLANT",
"body": "Amoco Corp said its Amoco Fabrics Co\nwill expand the capacity of its polypropylene carpet face yarn\nfacility by 55 pct to support its successful penetration of the\ncommercial and residential carpet markets.\n It said the expansion of the plant in Andalusia, Ala., will\nbring Amoco's total face yarn capacity to nearly 140 mln pounds\na year, with Andalusia capacity at 85 mln pounds.\n Amoco Fabrics is part of Amoco Chemicals Co, the chemical\nmanufacturing and marketing subsidiary of Amoco Corp.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:12:57.76",
"places": [
"usa"
],
"id": "10001"
},
{
"title": "ISLAND TELEPHONE SHARE SPLIT APPROVED",
"body": "<Island\nTelephone Co Ltd> said the previously announced two-for-one\ncommon share split was approved by shareholders at the annual\nmeeting.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:13:39.63",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10002"
},
{
"title": "BIOGEN <BGNF> GETS PATENT FROM EUROPEAN OFFICE",
"body": "Biogen Inc said the European\nPatent Office granted it a patent covering certain proteins\nused to produce a hepatitis B vaccine through genetic\nengineering techniques.\n Robert Gottlieb, Biogen spokesman, said the company has\nlicensed the vaccine on a nonexclusive basis to <Wellcome PLC>,\nthe British pharmaceutical firm, and is discussing licensing\nwith other companies.\n Biogen said the patent gives it the right to exclude others\nfrom marketing hepatitis B vaccine in the 11 member countries\nof the European Patent Convention.\n Gottlieb said the company has also filed a patent in other\nmarkets, including the U.S. The vaccine is in clinical tests.\n Patents in the biotechnology field are particularly\nimportant as the company with an exclusive patent can reap\nlarge rewards. Recently many of the products of genetic\nengineering have become the target of patent lawsuits.\n Merck and Co Inc <MRK> already sells a genetically\nengineered hepatitis B vaccine in the U.S. called Recombivax\nHB. A subsidiary of <SmithKline Beckman Corp>, SmithKline\nBiologicals, based in Belgium, is selling a hepatitis B\nvaccine, called Engerix-B, in Belgium.\n A SmithKline spokesman said the vaccine has also been\nformally approved in Switzerland and Luxembourg and has been\nauthorized for market in a number of Far East countries.\n Hepatitis B is a serious liver infection common in many\nparts of Africa and southeast Asia where about five pct to 15\npct of the population carry the virus. In the U.S. about\n200,000 new cases occur each year.\n Last December the European Patent Ofice rejected Biogen's\npatent for alpha-interferon, which Biogen said it will appeal\nonce it receives a formal written opinion from the office.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 12:15:35.31",
"places": [
"usa",
"uk",
"switzerland",
"belgium",
"luxembourg"
],
"id": "10003"
},
{
"title": "KEY U.S. HOUSE MEMBER OPPOSES CFTC USER PLAN",
"body": "A key U.S. House member said he\nopposed a Reagan administration plan to shift the cost of\nsurveillance of futures exchanges to the private sector.\n \"I just think user fees are the wrong way to attack a\nproblem of this sort,\" said Rep. Ed Jones (D-Tenn.), chairman\nof the House Agriculture Subcommittee on Conservation, Credit\nand Rural Development.\n The White House budget office has asked the Commodity\nFutures Trading Commission, CFTC, to draw up a plan for\ntransferring the three-mln dlr cost of monitoring futures\ntrading to either exchanges, futures commission merchants or\nusers of the markets.\n CFTC Commissioner William Seale said the proposal was a\nmove in the wrong direction. \"I would prefer to see\n(surveillance) paid for through the appropriations process\nrather than through taxation of market participants,\" he said.\n CFTC Chairman Susan Phillips told the panel the commission\nwas preparing the proposal, due to be completed April 15, at\nthe request of the Office of Management and Budget.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:17:26.37",
"places": [
"usa"
],
"id": "10004"
},
{
"title": "U.K. GROWING IMPATIENT WITH JAPAN - THATCHER",
"body": "Prime Minister Margaret Thatcher said\nthe U.K. Was growing more impatient with Japanese trade\nbarriers and warned that it would soon have new powers against\ncountries not offering reciprocal access to their markets.\n She told Parliament that the bid by the U.K.'s Cable and\nWireless Plc <CAWL.L> to enter the Japanese telecommunications\nmarket was being regarded by her government as a test case.\n \"I wrote to the prime minister of Japan, Mr Nakasone, on the\nfourth of March to express our interest on the Cable and\nWireless bid. I have not yet had a reply. We see this as a test\non how open the Japanese market really is,\" Thatcher said.\n Thatcher told Parliament that \"shortly ... We shall have\nmore powers than we have now, when, for example the powers\nunder the Financial Services Act and the Banking Act become\navailable, then we shall be able to take action in cases where\nother countries do not offer the same full access to financial\nservices as we do.\"\n Cable and Wireless is seeking a stake in the proposed\nJapanese telecommunications rival to Kokusai Denshin Denwa.\n But the Japanese minister for post and telecommunications\nwas reported as saying that he opposed Cable and Wireless\nhaving a managerial role in the new company.\n REUTER\n\u0003",
"date": "26-MAR-1987 12:19:18.42",
"topics": [
"trade",
"acq"
],
"places": [
"uk",
"japan"
],
"id": "10005"
},
{
"title": "GENCORP<GY> TO BUILD 50 MLN DLR PLANT IN INDIANA",
"body": "GenCorp said it plans to build a 50\nmln dlr manufacturing facility in Shelbyville, Ind.\n The company said it will begin building the plant, where it\nwill produce reinforced plastic components for cars and trucks,\nthis May with an expected completion date in mid-1988.\n GenCorp said its DiversiTech General unit will operate the\nplant through its reinforced plastics division.\n \"We believe the use of reinforced plastics in cars and\ntrucks will grow,\" A. William Reynolds, GenCorp chairman and\nchief executive officer said as the reason for building the\nplant.\n \"Our investment in the Shelbyville plant reflects the\nconfidence we have in the future of this product line,\"\nReynolds added.\n GenCorp said the plant will create 500 new jobs.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:20:34.41",
"places": [
"usa"
],
"id": "10006"
},
{
"title": "JONES INTERNATIONAL REALIGNS SUBSIDIARIES",
"body": "<Jones International Ltd> said\nit realigned several subsidiaries to accommodate corporate\nstrategy.\n Jones said ultimate control of the subsidiaries will remain\nunchanged under the realignment.\n Jones said it will exchange approximately 97 pct of its\nholdings of the common stock of Jones Intercable Inc <JOIN> for\nClass A common stock of Jones Spacelink Ltd <SPLK>. The company\nsaid the move will enable Spacelink to elect 75 pct of\nIntercable's directors.\n In addition, Jones said 60 pct of the common stock of its\nsubsidiary, <The Jones Group Ltd>, will be exchanged for Class\nA common stock of Jones Spacelink Ltd.\n Following the exchange, Jones International's ownership of\nSpacelink Class A voting stock will increase to approximately\n89 pct.\n Jones International said it will retain approximately two\npct of the common stock and approximately four pct of the Class\nA common stock of Jones Intercable as well as the remaining 40\npct of the Jones Group stock.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:21:18.81",
"places": [
"usa"
],
"id": "10007"
},
{
"title": "QUESTECH INC <QTEC> YEAR NET",
"body": "Shr loss nil vs profit 19 cts\n Net loss 3,175 vs profit 284,945\n Revs 13.6 mln vs 10.6 mln\n Year\n Shr profit 13 cts vs profit 56 cts\n Net profit 195,202 vs profit 857,006\n Revs 47.5 mln vs 42.9 mln\n Note: Current year net includes charge against discontinued\noperations of 1,060,848 dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:21:42.19",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10008"
},
{
"title": "ASLK-CGER FINANCE ISSUES 10 BILLION YEN BOND",
"body": "ASLK-CGER Finance NV is issuing a 10\nbillion yen eurobond due April 10, 1994 with a 5-1/2 pct coupon\nand priced at 101-1/2 pct, lead manager IBJ International Ltd\nsaid.\n The bonds are guaranteed by Belgian savings bank ASLK-CGER\nBank and have all been pre-placed. They will be issued in\ndenominations of one mln yen and listed in Luxembourg.\n Fees comprise 5/8 pct for management and underwriting\ncombined, with a 1/8 pct praecipuum, and 1-1/4 pct for selling.\nPay date is April 10.\n REUTER\n\u0003",
"date": "26-MAR-1987 12:22:10.06",
"places": [
"usa"
],
"id": "10009"
},
{
"title": "UAW STRIKES GM TRUCK AND BUS PLANT AT PONTIAC, MICH\n",
"date": "26-MAR-1987 12:23:03.99",
"id": "10010"
},
{
"title": "CANADA OIL EXPORTS RISE 20 PCT IN 1986",
"body": "Canadian oil exports rose 20 pct in 1986\nover the previous year to 33.96 mln cubic meters, while oil\nimports soared 25.2 pct to 20.58 mln cubic meters, Statistics\nCanada said.\n Production, meanwhile, was unchanged from the previous year\nat 91.09 mln cubic feet.\n Natural gas exports plunged 19.4 pct to 21.09 billion cubic\nmeters, while Canadian sales slipped 4.1 pct to 48.09 billion\ncubic meters.\n The federal agency said that in December oil production\nfell 4.0 pct to 7.73 mln cubic meters, while exports rose 5.2\npct to 2.84 mln cubic meters and imports rose 12.3 pct to 2.1\nmln cubic meters.\n Natural gas exports fell 16.3 pct in the month 2.51 billion\ncubic meters and Canadian sales eased 10.2 pct to 5.25 billion\ncubic meters.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:26:06.29",
"topics": [
"crude",
"nat-gas"
],
"places": [
"canada"
],
"id": "10011"
},
{
"title": "PRU BACHE ANALYST REAFFIRMS BULLISH MARKET CALL",
"body": "Joseph Feshbach, chief market analyst\nat Prudential-Bache Securities, said the stock market is poised\nto climb above Dow Jones Industrial 2500 level by June.\n The Dow average is around 2380 today.\n \"Liquidity is the biggest fundamental factor in the market\nand money coming out of fixed income funds and flowing into\nequities will propel the market sharply higher,\" Feshbach said,\nnoting that the market's peak will occur in June.\n Feshbach said that in early January he predicted that the\nDow Jones Industrial average, the most closely watched market\nbarometer, would reach the 2400 level by April and the 2500\nlevel by June. He said he is now even more optimistic, saying\n\"the market is ready for a 150 point rise from current levels\nany day now.\"\n Reuter\n\u0003",
"date": "26-MAR-1987 12:26:42.65",
"places": [
"usa"
],
"id": "10012"
},
{
"title": "LLOYD'S APPOINTS NEW OUTSIDE COUNCIL MEMBERS",
"body": "Four new outsiders were appointed to the\npolicy-making Council of the Lloyd's of London insurance\nmarket, shifting the voting balance on the Council away from\nLloyd's professionals, Lloyd's said.\n It said in a statement the appointments of the new members,\nnone of them previously involved in the insurance market, were\nmade to comply with the core recommendation in the Neill report\ninto regulation at Lloyd's, which was published on January 22.\n The recommendation, one of 70 to improve investor\nprotection in the Lloyd's market, was to reduce the number of\nelected working members, Lloyd's professionals, from 16 to 12.\n Simultaneously, the number of outsiders would be increased\nby four while the number of external Council members, usually\nLloyd's investors without an active role in the market, would\nremain unchanged at eight.\n Lloyd's said the four newly-appointed Council members were\nbarrister Elizabeth Mary Freeman, Sir Maurice Hodgson,\nnon-executive chairman of British Home Stores Plc, Lloyd's Bank\nPlc chairman Sir Jeremy Morse, and Brian Pomeroy, an accountant\nwho sat on the three-member Neill enquiry panel.\n They replace the four Lloyd's professionals who resigned on\nApril 4 after Lloyd's agreed to implement the recommendation.\n REUTER\n\u0003",
"date": "26-MAR-1987 12:27:23.14",
"places": [
"uk"
],
"id": "10013"
},
{
"title": "COFFEE, SUGAR AND COCOA EXCHANGE NAMES CHAIRMAN",
"body": "The New York Coffee, Sugar and Cocoa\nExchange (CSCE) elected former first vice chairman Gerald\nClancy to a two-year term as chairman of the board of managers,\nreplacing previous chairman Howard Katz.\n Katz, chairman since 1985, will remain a board member.\n Clancy currently serves on the Exchange board of managers\nas chairman of its appeals, executive, pension and political\naction committees.\n The CSCE also elected Charles Nastro, executive vice\npresident of Shearson Lehman Bros, as first vice chairman.\nAnthony Maccia, vice president of Woodhouse, Drake and Carey,\nwas named second vice chairman, and Clifford Evans, president\nof Demico Futures, was elected treasurer.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:27:45.45",
"topics": [
"coffee",
"cocoa",
"sugar"
],
"id": "10014"
},
{
"title": "MOST EC STATES SAID TO BE AGAINST OILS/FATS TAX",
"body": "A majority of European Community (EC)\nmember states are either against or have strong reservations\nover a tax on both imported and domestically-produced oils and\nfats proposed by the European Commission, senior diplomats\nsaid.\n They said a special committee of agricultural experts from\nEC member states had voiced strong objections over the measure\nduring a meeting charged with preparing the ground for the\nannual EC farm price-fixing which begins next Monday.\n They added that only France and Italy had indicated they\nwould support the Commission proposal which would lead to a tax\ninitially of 330 Ecus per tonne during the 1987/88 price round.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:28:11.69",
"topics": [
"veg-oil"
],
"organisations": [
"ec"
],
"places": [
"belgium"
],
"id": "10015"
},
{
"title": "ROWNTREE SEEKS 200 MLN STG FACILITY, CP PROGRAM",
"body": "Rowntree Mackintosh Plc is seeking a 200\nmln stg, five year multiple option facility, of which 150 mln\nstg will be committed, and a 200 mln stg commercial paper\nprogram, County Natwest Capital Markets Ltd said as arranger.\n The facility includes options for sterling acceptances,\nmulti-currency advances, sterling and dollar notes via tender\npanels and there is also a sterling swingline.\n The committed portion carries a facility fee of five basis\npoints and a margin of ten. A 2-1/2 basis point utilisation\nfee is payable on drawings of more than half the committed\nportion.\n The 200 mln stg commercial paper program will include a\ndollar option, County Natwest said.\n A County Natwest official said the facility, launched\nearlier this week, seemed to be progressing well in\nsyndication.\n REUTER\n\u0003",
"date": "26-MAR-1987 12:30:59.51",
"places": [
"uk"
],
"id": "10016"
},
{
"title": "TALKING POINT/CONRAIL <CRR>",
"body": "Private investors eagerly snapped up\nshares of Consolidated Rail Corp, the biggest initial stock\noffering in U.S. history, but some analysts warned they could\nbe in a for a bumpy ride at least in the near term.\n Analyst James Voytko of PaineWebber Group Inc believes some\ninvestors who bought at the offering price of 28 dlrs will be\ntempted to sell. The shares climbed 3-3/8 to 31-3/8 by midday.\nVoytko said profit-taking pressure could become severe at the\n35 dlr level. Others say Conrail, a combination of previously\nbankrupt railroads, has good long term potential.\n \"Conrail is in the best position to weather the current\ntremendous price competition in the transportation industry in\ngeneral,\" said Drew Robertson, analyst at Atlantic Systems Inc,\na research firm.\n \"It will survive and do damn well,\" said another analyst\nwho declined to be identified. He noted that Conrail's freight\ntrains serve heavy industry including steel and autos in major\nU.S. cities in the northeast U.S. and midwest.\n Robertson noted that Conrail's traffic is less dependent on\ncoal than other railroads based in the east. He expects Conrail\nto earn 2.85 dlrs per share in 1987.\n Voytko of PaineWebber sees another problem six months down\nthe road when more than 10 mln Conrail shares will be\ndistributed to current and former employees. He believes many\nof these indivdiuals will be inclined to sell the stock.\n Robertson says it's hard to determine the psychology of the\naverage employe, but even if a lot of stock is sold, it would\nwould not hit the market as one big block. He doubts it would\ncreate a big downward push on the price.\n \"It's hard to call,\" said the analyst who requested\nanonymity. In some cases employe loyalty may motivate\nindividuals to keep their shares, he said.\n Steven Lewins, analyst for Citicorp Investment Management,\nbelieves the key to Conrail's long term outlook is how it is\nable to invest surplus cash. He expects Conrail to earn 3.00\ndlrs per share this year, flat in comparison with 1986, but by\n1991 the picture could change dramatically if money not needed\nfor rail operations is invested wisely.\n By 1991, earnings could reach 4.30 dlrs per share, Lewins\nsaid, factoring in reinvestment of free cash flow at\nconservative rates.\n He believes motor freight will be one area of\ndiversification Conrail will explore.\n Elizabeth Dole, U.S. Secretary of Transportation, whose\ndepartment was responsible for the sale of Conrail, noted that\nConrail is required to reinvest in its rail system and cannot\ndefer necessary maintenance.\n For the historic offering of Conrail shares, Dole visited\nthe New York Stock Exchange and was photographed on the floor\nwearing a locomotive engineer's cap, which she presented to\nStanley Crane, Conrail chairman and chief executive.\n The U.S. government is expected to receive about 1.88\nbillion dlrs for Conrail after factoring in underwriting fees\nand other adjustments.\n The possibility of a recession at some time in the next\nfive years is another issue troubling some investors.\n Lewins says revenue-ton-miles, which he believes will climb\nfrom 68.7 mln miles last year to 69.5 mln this year and 70.5\nmln in 1988, will grow to 71.5 mln in 1991, but in a recession\nyear, perhaps 1989, the figure could dip to 64.2 mln.\n On the revenue side, he believes revenue per ton-mile will\nbe 4.7 cts in 1991, little changed from present levels and\nexactly the same as in 1981.\n \"Their basic business isn't going anywhere,\" he says,\nexplaining why emphasizes investment of cash flow.\n Voytko thinks Conrail can remain profitable in a recession\nyear. He points out his firm, PaineWebber, is not forecasting a\nrecession in any specific year, but as an example a 1990\nrecession of modest degree could knock earnings down to 2.20\ndlrs per share. He estimated 3.00 dlrs per share this year and\n3.35 dlrs next year. His 1988 figure reflects mostly a lowering\nof the tax rate to 34 pct from 40 pct this year.\n Voytko believes the Conrail shares merit purchase at the 26\ndlr level.\n Goldman, Sachs and Co was lead manager for the offering. A\ntotal of 148 firms took part in the U.S. syndicate.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:33:25.04",
"places": [
"usa"
],
"id": "10017"
},
{
"title": "GOULD<GLD> COMPLETES SALE OF FRENCH BATTERY UNIT",
"body": "Gould Inc said it has\ncompleted the sale of its French battery business, Compagnie\nFrancaise D'Electro Chimie, to a group of investors including\nthe unit's employees and <GNB Inc> of Minnesota.\n Gould did not disclose terms of the deal.\n Gould said the move is part of its previously announced\nplan to divest assets unrelated to its computer and electronics\nbusinesses.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:33:57.01",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10018"
},
{
"title": "CMS ENHANCEMENTS <ACMS> GETS CREDIT LINE",
"body": "CMS Enhancements Inc said it has\nobtained a ten mln dlr line of credit from Bank of the West,\neffective immediately.\n The credit line will be used in part to fund additional\ngrowth, including research and development of new products, the\ncompany said.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:34:24.39",
"places": [
"usa"
],
"id": "10019"
},
{
"title": "EXOVIR <XOVR> TO GET EUROPEAN PATENT",
"body": "Exovir Inc said the European\nPatent Office notified it that its application covering\ncombinations of nonionic surfactants and all forms of\ninterferon has been approved and a patent will be issued in\nabout six months.\n Exovir is completing trials of a gel combining alpha\ninterferon and nonoxynol-9, an antiviral surfactant, as a\ntreatment for genital and oral herpes and genital warts. The\ngel was given a U.S. patent in 1985.\n It said clinical tests will begin shortly to test whether\nthe gel is effective in preventing transmission of the AIDS\nvirus when used with a condom.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:37:48.01",
"places": [
"usa"
],
"id": "10020"
},
{
"title": "HIGHER U.S. WEEKLY CAR OUTPUT ESTIMATED",
"body": "U.S. automakers are expected to build\n167,236 cars this week, up from 133,067 in the same year-ago\nperiod, said the trade publication Ward's Automotive Reports.\n It said year-to-date car production would reach 2,012,093\ncompared to 2,126,954 in the 1986 period.\n Domestic truck production for the week was seen as rising\nto 70,033 from 58,506. Year to date, it was projected at\n937,163 compared to 882,230 in the 1986 period.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:38:09.30",
"places": [
"usa"
],
"id": "10021"
},
{
"title": "CIRCLE K <CKP> OFFICIAL INCREASES HOLDINGS",
"body": "Circle K Corp said its chairman,\nKarl Eller, will buy 750,000 shares of Circle K common stock\nfrom the company's founder and Vice Chairman, Fred Hervey, in a\nprivate transaction.\n After the sale, Hervey will directly or beneficially own\n6,764,004 shares, or 13.61 pct of Circle K stock and Eller will\nhold 2,873,300 shares, of 5.78 pct of the stock.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:38:22.02",
"places": [
"usa"
],
"id": "10022"
},
{
"title": "SHOE TOWN INC <SHU> YEAR ENDED JAN THREE 1987",
"body": "Shr 51 cts vs 75 cts\n Net 5,524,000 vs 8,094,000\n Revs 142.4 mln vs 137.2 mln\n NOTE: 1986 and 1985 year net includes loss 785,000 dlrs or\neight cts a share and 59,000 dlrs or one ct a share,\nrespectively, for discontinued operations.\n 1985 year ended December 28, 1985.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:40:02.47",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10023"
},
{
"title": "EASTERN AIR <TXN> SEEKS MORE ARGENTINA FLIGHTS",
"body": "Texas Air Corp's Eastern Airlines Inc\nsaid it asked the U.S. Department of Transportation to approve\nan increase in the number of its weekly roundtrip flights to\nBuenos Aires to 11 from five.\n It said if several of Pan Am Corp's <PN> one-stop flights\nto Buenos Aires were terminated in Rio de Janeiro, Eastern\ncould add four non-stop flights from the U.S.\n The expanded weekly schedule would include seven nonstop\nflights from Miami, two from New York, and two one-stop flights\nfrom Los Angeles via Lima. It asked for the change by June 12.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:40:16.38",
"places": [
"usa",
"argentina"
],
"id": "10024"
},
{
"title": "FIRST WISCONSIN <FWB> TO BUY MINNESOTA BANK",
"body": "First Wisconsin Corp said it\nplans to acquire Shelard Bancshares Inc for about 25 mln dlrs\nin cash, its first acquisition of a Minnesota-based bank.\n First Wisconsin said Shelard is the holding company for two\nbanks with total assets of 168 mln dlrs.\n First Wisconsin, which had assets at yearend of 7.1 billion\ndlrs, said the Shelard purchase price is about 12 times the\n1986 earnings of the bank.\n It said the two Shelard banks have a total of five offices\nin the Minneapolis-St. Paul area.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:40:43.84",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10025"
},
{
"title": "IMRE <IMRE> COMPLETES PRIVATE STOCK PLACEMENT",
"body": "IMRE Corp said it completed a private\nplacement of about 400,000 shares of its securities with a\ngroup of European institutions for 2.5 mln dlrs.\n The company said proceeds will be used for working capital\nand to implement the company's business plan.\n IMRE also said it has established a light manufacturing\nfacility in Richmond, Washington that makes raw material\ncomponents for Prosorba column, a medical device that removes\ndisease-related immune components from the human bloodstream.\n The company is awaiting Food and Drug Administration\napproval on the device.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:40:52.65",
"places": [
"usa"
],
"id": "10026"
},
{
"title": "AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET",
"body": "Period ended Feb 28\n Shr profit five cts vs profit four cts\n Net profit 191,000 vs profit 108,000\n Sales 6,561,000 vs 5,896,000\n Nine mths\n Shr loss 28 cts vs loss 40 cts\n Net loss 871,000 vs loss 990,000\n Sales 9,310,000 vs 8,894,000\n Avg shrs 3,086,386 vs 2,465,996\n NOTE: Full name is American Nursery Products Inc\n Reuter\n\u0003",
"date": "26-MAR-1987 12:41:04.85",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10027"
},
{
"title": "CLINICAL DATA <CLDA> AWARDED RESEARCH CONTRACTS",
"body": "Clinical Data Inc said it has contracts\nwith four major pharmaceutical firms to analyze certain data in\nresearch studies evaluating the efficacy and safety of new\ncardiovascular drugs.\n It said the contracts exceed 500,000 dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:41:30.21",
"places": [
"usa"
],
"id": "10028"
},
{
"title": "DUN/BRADSTREET SAYS BUSINESS FAILURES UP 10.8 PCT IN FEBRUARY\n",
"date": "26-MAR-1987 12:43:18.88",
"id": "10029"
},
{
"title": "UAW STRIKES GENERAL MOTORS <GM> PLANT",
"body": "The United Auto Workers struck\nGeneral Motors Corp's truck and bus plants at Pontiac, Mich,\nGeneral Motors said.\n General Motors' truck and bus group failed to reach an\nagreement on local issues with UAW Local 594 by the union's\ndeadline of noon today, causing a strike by 9,000 hourly\nworkers at the facility, the company said.\n General Motors said it was \"eager\" to continue meeting with\nunion officials on the dispute. It was not immediately clear\nwhether contract talks were continuing at the facility.\n General Motors spokesman Frank Cronin said the three plants\nat Pontiac stopped working \"as of noon today.\"\n He said talks will resume Friday at 1000 EST in Pontiac.\n\"We're hoping (the strike) will be of very brief duration,\"\nCronin said.\n Bus-manufacturing operations at one of the three\nplants--the Pontiac Central facility--are being sold to\nGreyhound Corp <G>, although GM will retain the facility.\n Cronin said about 400 workers on the bus line will be laid\noff \"whenever we fulfill production commitments\" on the buses,\n\"possibly in May.\"\n The Pontiac Central plant also makes medium- and heavy-duty\ntrucks. Assembly of the medium trucks is scheduled to move to\nJanesville, Wis., in 1990, Chronin said.\n Heavy truck operations at the plant will be taken over by\nGM's joint venture with Volvo AB, and all vehicle assembly\noperations at the facility will eventually be ended, Chronin\nsaid. The plant also has sheet metal operations, which are so\nfar unaffected, he said.\n The other two plants at Pontiac--Pontiac East and Pontiac\nWest--make full-size pickups and sport utility vehicles.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:44:43.83",
"places": [
"usa"
],
"id": "10030"
},
{
"title": "S.P.I. SUSPENSION <SPILF> WINS CONTRACT",
"body": "S.P.I. Suspension and Parts Industries\nLtd said it won four multi-year contracts from the U.S. Army\nworth 34.5 mln dlrs.\n The contracts, for wheels on U.S. Army vehicles, will run\nfor five years beginning 1987.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:46:03.72",
"places": [
"usa"
],
"id": "10031"
},
{
"title": "DISCUS CORP <DISC> 4TH QTR LOSS",
"body": "Shr loss six cts vs loss seven cts\n Net loss 125,000 vs loss 140,000\n Rev 2.4 mln vs 2.2 mln\n Year\n Shr loss 13 cts vs loss 14 cts\n Net loss 271,000 vs loss 211,000\n Rev 10.1 mln vs 8.2 mln\n Reuter\n\u0003",
"date": "26-MAR-1987 12:46:20.26",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10032"
},
{
"title": "ENTERTAINMENT PUBLICATIONS DISCONTINUES THREE UNITS\n",
"date": "26-MAR-1987 12:48:35.24",
"id": "10033"
},
{
"title": "CFTC OFFICIALS SEE NO MERGER WITH SEC",
"body": "Officials of the Commodity Futures\nTrading Commission (CFTC) said merging the agency with the\nSecurities and Exchange Commission (SEC) would not help\nregulation of commodities and securities markets.\n \"I don't think that a merger would solve regulatory\nproblems,\" CFTC chairman Susan Phillips told the House\nSubcommittee on Conservation, Credit and Rural Development.\n \"I think what does solve our problems would be working with\nother agencies in a strong capacity,\" she said in response to a\nquestion. \"We don't want agencies to trample on our\njurisdiction either.\"\n CFTC Commissioner Fowler West said, \"We ... do not have the\nexpertise to regulate securities markets. I don't think the SEC\nhas the expertise to regulate the futures markets.\"\n Increased attention to price volatility in stock index\nfutures markets and reports of alleged futures trading abuses\nhave raised concerns Congress may adopt a radically different\nregulatory structure for securities and futures markets.\n Rep. John Dingell (D-Mich.), chairman of the House Energy\nand Commerce Committee, which has jurisdiction over securities\nregulation, has said he will hold hearings on the questions of\nmarket volatility and alleged trading abuses.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:49:18.15",
"places": [
"usa"
],
"id": "10034"
},
{
"title": "ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL\n",
"date": "26-MAR-1987 12:49:31.85",
"topics": [
"earn"
],
"id": "10035"
},
{
"title": "POLAND FIRM ON ECONOMY DESPITE CONCESSIONS",
"body": "The Polish government has backed down\nfrom some proposed price rises in the face of strong opposition\nfrom trade unions, but has restated its commitment to economic\nreforms entailing tougher discipline and austerity measures.\n Following a warning from the officially-backed OPZZ unions\nthat sharp price hikes could spark confrontation, the\ngovernment has agreed that food prices this year will rise an\naverage 9.6 pct instead of the planned 13 pct.\n A statement last night said the government had \"partially\naccepted\" demands for the protection of the low-paid and agreed\nto extend some social benefits.\n But Polish leader Wojciech Jaruzelski, at a separate\nmeeting yesterday, sharply criticised the slow pace of reforms.\n He told an economic commission that tougher discipline and\nausterity measures, greater efficiency and initiative should\nreplace waste, red tape and inertia. He announced cost-cutting\nmeasures affecting central administrative bodies.\n OPZZ economic expert Zbigniew Kochan welcomed the move on\nfood prices. \"This decrease was considerable,\" Kochan told\nReuters today. \"Also important is the fact that the government\nadmitted we were right and agreed to consult us over prices\nfrom now on,\" he added.\n The communique made no mention of curbs on wage increases,\nor price rises in sectors including transport and energy.\n The authorities have said prices could go up by as much as\n26 pct as state subsidies are sharply reduced in an effort to\nmake the market more free and to improve efficiency.\n The OPZZ unions are officially recognised by the government\nand replaced the Solidarity movement suppressed under martial\nlaw. They claim a membership of seven million.\n Western diplomats said today the climb-down on food prices\nwas a limited concession. \"This is a small price to pay if they\ncan push through the other price rises,\" one said, adding that\nfuel and energy rises would have a more significant effect.\n He noted that there had been a concerted media campaign to\nprepare people for price rises, including a major article in a\nmass-circulation women's magazine, \"clearly aimed at those who\ndo the shopping,\" he said.\n Other articles in the official press this week have focused\non coal, which sells to both industrial and private consumers\nat far less than either the production or export costs.\n Countering scepticism from opposition sources and former\nSolidarity activists as to OPZZ's role, Kochan said \"It was\ndefinitely not a question of gaining credibility, but true\nconcern for people's living standards.\"\n Deputy Prime Minister Jozef Koziol said the authorities'\nmain aim was not to harm workers' living standards. But he was\nalso quoted by the official PAP news agency as saying the\ngovernment had to take current economic realities into account.\n REUTER\n\u0003",
"date": "26-MAR-1987 12:50:43.81",
"places": [
"poland"
],
"id": "10036"
},
{
"title": "PAY 'N PAK STORES INC <PNP> 4TH QTR FEB 28 NET",
"body": "Shr 11 cts vs 13 cts\n Net 1,129,000 vs 1,301,000\n Revs 83.2 mln vs 74.5 mln\n Year\n Shr 57 cts vs 82 cts\n Net 5,686,000 vs 8,168,000\n Revs 398.4 mln vs 333.8 mln\n Reuter\n\u0003",
"date": "26-MAR-1987 12:50:49.04",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10037"
},
{
"title": "(CORRECTED) - MOBIL <MOB> TO UPGRADE REFINERY UNIT",
"body": "Mobil Corp said it will spend over 30\nmln dlrs to upgrade a gasoline-producing unit at its Beaumont,\nTexas, refinery.\n It said the unit is a catalytic reformer, which converts\nlow-octane components of gasoline into high-octane components\nfor use in Super Unleaded gasoline.\n The company said the modernization will allow the unit to\nregenerate catalysts on a continuous basis without shutdown.\nCurrently, it must be shut twice a year. The unit produces\n46,000 barrels of gasoline components a day. Construction will\nstart late this year, with completion set for mid-1989.\n (Correcting unit's output to barrels/day from barrels/year)\n Reuter\n\u0003",
"date": "26-MAR-1987 12:50:57.93",
"topics": [
"gas"
],
"places": [
"usa"
],
"id": "10038"
},
{
"title": "CFTC LIMIT PLAN MAY NOT REVERSE LIQUIDITY DROP",
"body": "A proposal by the Commodity Futures\nTrading Commission, CFTC, to raise federal limits on futures\nspeculative positions for certain agricultural commodity\ncontracts would not reverse a decline in liquidity in those\nmarkets that started in 1981, two CFTC commissioners said.\n Commissioners William Seale and Kalo Hineman told a House\nAgriculture subcommittee a recent proposal that would have the\neffect of raising deferred month speculative position limits on\nseveral agricultural commodity contracts would not\nsubstantially increase liquidity in those months.\n \"I seriously doubt that increasing speculative limits will\ncreate a great deal of liquidity in the back months,\" Seale\ntold the House Agriculture Subcommittee on Conservation, Credit\nand Rural Development.\n Analysts have attributed much of the liquidity squeeze to a\n1981 tax law change, which by changing the treatment of\nso-called straddles limited the ability of futures commission\nmerchants to roll positions forward for tax purposes.\n CFTC Chairman Susan Phillips said only that the commission\nwould take into account Congress' recommendation that federal\nspeculative limits be raised.\n The Chicago Board of Trade and the MidAmerica Commodity\nExchange have expressed concern that the CFTC plan would\ndecrease spot month limits for certain of their contracts.\n Reuter\n\u0003",
"date": "26-MAR-1987 12:59:20.16",
"places": [
"usa"
],
"id": "10039"
},
{
"title": "AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET",
"body": "Qtr ends Feb 28\n Shr profit five cts vs profit four cts\n Net profit 191,000 vs profit 108,000\n Revs 6,561,000 vs 5,896,000\n Avg shrs 3.6 mln vs 2.5 mln\n Nine mths\n Shr loss 28 cts vs loss 40 cts\n Net loss 871,000 vs loss 990,000\n Revs 9,310,000 vs 8,894,000\n Avg shrs 3.1 mln vs 2.5 mln\n NOTE: Full name American Nursery Products Inc.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:00:01.51",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10040"
},
{
"title": "VOLVO 1986 RESULT OFF SLIGHTLY FROM 1985",
"body": "AB Volvo <VOLV.ST> said the weakening\ndollar caused the drop in its 1986 profits, but company chief\nexecutive Pehr Gyllenhammar said 1986 was one of Volvo's best\nyears ever.\n In its final report released earlier, the company said the\ngroup's 1986 profits before allocations and taxes was 7.53\nbillion crowns compared with 1985's 7.60 billion.\n Despite the fall, Gyllenhammar said, \"Sales of industrial\nproducts have never been higher, and Volvo Cars and Volvo\nTrucks were both completely sold out at year-end. Operating\nincome was slightly higher than a year earlier.\"\n He said the company's financial strength gave it\nexceptional opportunities to invest for the future.\n Although industrial sales were up, the company's yearend\nreport said total sales were 84.09 billion crowns against\n1985's 86.19 billion.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:00:14.13",
"topics": [
"earn"
],
"places": [
"sweden"
],
"id": "10041"
},
{
"title": "<MERIDIAN ENERGY>, CASTONE END LETTER OF INTENT",
"body": "<Meridian Energy Inc> and Castone\nDevelopment Corp, a privately-held company, jointly announced\nthat they have decided to terminate the letter of intent under\nwhich Meridian would have acquired Castone.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:00:46.83",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10042"
},
{
"title": "REPORT EXPECTS SHARP DROP IN WORLD IRON IMPORTS",
"body": "World seaborne iron ore imports will\nfall sharply by the year 2000 with declining imports to the EC\nand Japan only partially offset by increased demand from South\nEast Asia, a report by Ocean Shipping Consultants said.\n The report predicts annual world seaborne iron ore imports\nof 267.7 mln tonnes by 2000 versus 312.4 mln tonnes in 1985.\n It estimates that total bulk shipping demand from the iron\nore sector will fall by almost 10 pct, or 200 billion tonne\nmiles, with shipping demand associated with the coking trade\ndown about 17 pct or 130 billion tonne miles.\n The report sees EC imports falling to 91.7 mln tonnes in\n2000 from 123.6 mln in 1985 with Japanese imports falling to 89\nmln from 124.6 mln tonnes. Imports to South East Asia are seen\nrising to 58.6 mln from 32.6 mln tonnes in 1985.\n It predicts that EC steel production will fall to 109 mln\ntonnes in 2000 from 135.7 mln in 1985 with Japanese production\nfalling to 92 mln from 105.3 mln.\n South Korea and Taiwan are expected to double their output\nto 40 mln tonnes with Chinese production increasing by 25 mln\ntonnes to 80 mln, it added.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:06:17.40",
"topics": [
"iron-steel",
"ship"
],
"organisations": [
"ec"
],
"places": [
"taiwan",
"south-korea",
"japan",
"china",
"uk"
],
"id": "10043"
},
{
"title": "ROYCE <RLAB> TO REDEEM WARRANTS",
"body": "Royce Laboratories Inc said it is calling\nfor redemption its redeemable common purchase warrants on April\n30 at 2.5 cts per warrant.\n It said warrant holders retain the right to purchase one\nshare of its common at an exercise price of three dlrs per\nshare until 1700 EST April 29.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:06:50.85",
"places": [
"usa"
],
"id": "10044"
},
{
"title": "DUN/BRADSTREET <DB> SAYS BUSINESS FAILURES UP",
"body": "Dun and Bradstreet Corp said business\nfailures in February increased 10.8 pct, to 5,390, from 4,864\nin February 1986.\n \"The national level of business failures continues to be\ndriven upward by substantial increases in the oil and\nagricultural states,\" Dun said.\n Dun said that of the nine U.S. Bureau of the Census\nregions, three reported a decrease in the number of failures\nand two had gains of less than 3.0 pct.\n The largest increase was reported in the West South Central\nstates, Dun said, with business failures rising 47.8 pct, to\n1,218.\n The East South Central states posted a 44 pct rise, to 298,\nDun said, while the West North Central states recorded a 27.3\npct gain, to 489.\n The greatest decline, Dun reported, was registered by the\nMiddle Atlantic states, down 8.2 pct in February, to 324.\n The Pacific states also reported a large decline in failing\nbusinesses, off 6.8 pct, to 1,028, Dun said.\n In the smokestack region of the East North Central states,\nthere was a negligible decline of 0.6 pct, to 794, Dun said.\n Dun said the Mountain states recorded a gain in business\nfailures of 1.5 pct, to 530.\n Business failures in the New England states rose 23.5 pct,\nto 105.\n By industry segment, Dun said the largest gain was recorded\nby the agricultural, forestry and fishing sector, up 62.7 pct,\nto 345.\n Year to date, Dun said business failures rose to 11,004, an\nincrease of 5.3 pct over 1986.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:07:08.34",
"places": [
"usa"
],
"id": "10045"
},
{
"title": "GOLDFIELD CORP <GV> 4TH QTR NET LOSS",
"body": "Shr loss four cts vs loss five cts\n Net loss 527,065 vs loss 1,204,080\n Revs 622,470 vs 613,205\n Year\n Shr profit four cts vs loss 13 cts\n Net profit 1,099,778 vs loss 3,282,478\n Revs 7,579,547 vs 6,068,254\n NOTE: 1985 excludes loss from discontinued operations of\nfour cts per share in the quarter and loss 10 cts in the year.\n1986 year excludes extraordinary gain of two cts a share.\n\n Reuter\n\u0003",
"date": "26-MAR-1987 13:08:21.86",
"topics": [
"earn"
],
"places": [
"australia"
],
"id": "10046"
},
{
"title": "FED'S HELLER URGES FORMING FINANCIAL SERVICES HOLDING COMPANIES TO STRENGTHEN BANKING\n",
"date": "26-MAR-1987 13:08:52.54",
"id": "10047"
},
{
"title": "BRITISH, FRENCH MINISTERS DISCUSS PUBLIC SPENDING",
"body": "French Finance Minister Edouard Balladur\ndiscussed the need to control public spending in talks here\ntoday with British Chancellor of the Exchequer Nigel Lawson, a\nTreasury spokesman said.\n The spokesman said the ministers reviewed their economies,\nand public spending, domestic and European Community-wide.\n He declined to comment on whether the subject of concerted\naction to shore up the dollar had arisen. The U.S. Currency\ndipped sharply earlier this week after a month of relative\nstability after an agreement by six major industrialised\nnations in Paris on February 22 to stabilise their currencies.\nREUTER\n\u0003",
"date": "26-MAR-1987 13:09:45.98",
"topics": [
"money-fx"
],
"organisations": [
"ec"
],
"places": [
"uk",
"france"
],
"id": "10048"
},
{
"title": "FED'S HELLER URGES BROAD REFORM TO AID BANKING",
"body": "Federal Reserve Board Governor\nRobert Heller said the banking system could be strengthened by\npermitting formation of financial services holding companies\ninvolved in areas like banking, insurance, real estate and\nsecurities.\n In a speech prepared for delivery in New York to the Bank\nand Financial Analysts' Association, Heller said, \"I believe\nthat increased diversification along geographic and product\nlines is the key to strengthening the American banking system.\"\n He said he supported the idea of financial services holding\ncompanies advocated by the Association of Bank Holding\nCompanies in which regulation of various bank, thrift,\ninsurance, investment, securities and real estate subsidiaries\nwould be handled on functional lines.\n \"Limits would be placed on the extension of credit by the\nbank to the associated institutions, and all transactions would\nhave to be on an arms-length basis,\" Heller said.\n Measures would be necessary to avoid abuse of the banks'\nspecial position by such holding companies or subsidiaries.\n Heller said he \"would require the holding company to serve\nas a 'source of strength' to the bank by making a commitment to\nmaintain the bank's capital.\n \"In other words, the bank would not be allowed to fail as\nlong as the holding company has a positive net worth.\"\n Heller also said commercial enterprises should be permitted\nto own a financial services holding company, again with the\nprovision that capital would flow to the financial enterprise\nif necessary.\n Heller said the effects of these actions \"would be banks\nthat are at least as strong as the corporations holding them\" in\nwhich customer deposits were assured while any incentive to\n\"loot the bank\" was removed.\n Such diversification would give access to national and\ninternational financial services to corporations across the\nUnited States.\n Heller said that would mean \"the steady decline of America's\nbanks in the world financial league tables would be arrested\" by\npermitting them to become more competitive.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:09:57.13",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10049"
},
{
"title": "FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT\n",
"date": "26-MAR-1987 13:11:37.69",
"topics": [
"earn"
],
"id": "10050"
},
{
"title": "OUTBOARD MARINE <OM> SELLS 9.15 PCT DEBENTURES",
"body": "Outboard Marine Corp is raising 100\nmln dlrs via an offering of sinking fund debentures due 2017\nyielding 9.15 pct, said lead manager Salomon Brothers Inc.\n The debentures have a 9-1/8 pct coupon and were priced at\n99.75 to yield 146 basis points over comparable Treasury bonds.\nMorgan Stanley co-managed the deal.\n The issue is non-refundable for 10 years. A sinking fund\nbeginning in 1998 to retire annually five pct of the debt may\nbe increased by 200 pct at the company's option, giving it an\nestimated minimum life of 13.85 years and maximum of 20.5\nyears. The debt is rated Baa-2 by Moody's and BBB-plus by S/P.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:14:17.73",
"places": [
"usa"
],
"id": "10051"
},
{
"title": "GOULD <GLD> SELLS FRENCH BATTERY UNIT",
"body": "Gould Inc said it sold its\nFrench Battery unit, Cie Francaise d'Electro Chimie, to a group\nof investors including the unit's employees and <GNB Inc> of\nMinnesota.\n Terms of the sale were not disclosed. The unit had 1986\nsales of 65 mln dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:15:04.62",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10052"
},
{
"title": "ADVANCED GENETIC SCIENCES <AGSI> YEAR LOSS",
"body": "Shr loss 30 cts vs loss 73 cts\n Net loss 3,895,267 vs loss 8,250,222\n Revs 3,237,235 vs 234,745\n Note: 4th qtr data not available\n Reuter\n\u0003",
"date": "26-MAR-1987 13:17:32.95",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10053"
},
{
"title": "FEDERATED DEPARTMENT <FDS> RAISES QTLY DIVIDEND",
"body": "Federated Department Stores Inc said\nit raised its quarterly common stock dividend to 74 cts a\nshare, from 67 cts, an increase of 10.5 pct.\n The company said it also approved a two-for-one stock split\nin the form of a 100 pct stock dividend.\n At the same time, Federated said it will ask shareholders\nto approve an increase in the number of authorized shares to\n400 mln, from 200 mln.\n Federated said the dividend is payable on a pre-split basis\non April 24 to shareholders of record April 10.\n New shares from the stock split will be distributed May 11,\nit said.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 13:25:26.95",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10054"
},
{
"title": "CFTC SEES NO TRADING, TRIPLE WITCHING RULES",
"body": "The chairman of the CFTC, Susan\nPhillips, said she does not expect the CFTC to restrict dual\ntrading or to intervene in the quarterly expiration of stock\nindex futures and their options.\n \"At this time we have no plans to reexamine our policy (on\ndual trading),\" she told the House Subcommittee on\nConservation, Credit and Rural Development.\n She said it would not be appropriate to ban dual trading\nbecause it would decrease market liquidity.\n Dual trading refers to the ability of futures commission\nmerchants to trade for their own as well as their clients'\naccounts. Exchange rules prohibit a broker from attempting to\nbenefit from the market impact of a client's order by trading\non his own account before placing the client's order.\n CFTC has required all futures exchanges by July 1 to have\nimplemented audit trails permitting the reconstruction of all\ntrades to the nearest minute. The move was designed in part to\ndiscourage abuse of dual trading.\n The board of directors of the Chicago Mercantile Exchange\nhas proposed limiting but not banning dual trading in the\nStandard and Poor's 500 stock index future pit.\n Phillips indicated the CFTC would not move beyond requiring\nimproved audit trails in its effort to allay concerns about\ndual trading abuses.\n \"It would be inappropriate at this point until we see how\nthe audit trail will work,\" she said in response to a question.\n On triple-witching, Phillips said recent experiments by\nmarkets to quell price fluctuations have been quite successful\nand that users of securities and derivative instruments were\nstill learning how to deal with the quarterly phenomenon.\n Triple-witching refers to the simultaneous expiration of\nstock index futures, options on those futures and options on\ncertain individual stocks.\n The CFTC chairman noted the commission has heightened\nsurveillance of markets on triple-witching day.\n \"We aren't sure any other regulatory changes are needed at\nthis point,\" Phillips said.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:29:49.49",
"places": [
"usa"
],
"id": "10055"
},
{
"title": "TRINITY INDUSTRIES <TRN> AND UNIT CUT BY S/P",
"body": "Standard and Poor's Corp said it cut\nto BB-minus from BB-plus Trinity Industries Inc's 275 mln dlrs\nof liquid yield option notes.\n Also downgraded were the unit Trinity Industries Leasing\nCo's 60 mln dlrs of convertible debentures due 2006 to BB-plus\nfrom BBB-minus.\n S and P said the actions reflected Trinity's weakened\nearnings due to depressed demand in several key markets, the\nlikelihood that a significant sustained improvement would not\noccur in the near-term, as well as heightened financial risk\nfrom a series of debt-financed acquisitions.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:30:19.72",
"places": [
"usa"
],
"id": "10056"
},
{
"title": "DANZAR INVESTMENT <DNZR> SETS SPECIAL DIVIDEND",
"body": "Danzar Investment Group Inc said it \nreceived 60 mln shares of <Commonwealth Capital Ltd> in\nsettlement of a debt and that it will distribute the shares to\nits stockholders as a dividend.\n Danzar said the dividend will also include 18,750,000\nCommonwealth shares it already holds.\n The dividend of 39.9 shares per Danzar share held will be\npaid to shareholders of record April 15, the company said.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:32:52.55",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10057"
},
{
"title": "FIDELITY <FNF> UNIT ACQUIRES CALIFORNIA CONCERN",
"body": "Fidelity National Financial\nInc said its Fidelity National Title Insurance Co subsidiary\nacquired the operations of Safeco Title Insurance Co in the\nnorthern California counties of Alameda, Contra Costa and San\nMateo.\n Terms of the acquisition were not disclosed.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:38:15.46",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10058"
},
{
"title": "ADMINISTRATION SAYS INSURANCE CRISIS EASED",
"body": "The Reagan administration said the\nnational crisis in liability insurance eased during the past\nyear as the insurance industry's profits more than doubled to\n11.5 billion dlrs, but some problems still persist.\n An administration working group, in an update of its report\na year ago, found that insurance premiums generally have\nstabilized, but at high levels, as the crisis has abated.\n After severe financial difficulties in 1984 and 1985, the\ninsurance industry's rate of return last year recovered to the\nsame level as the performace of U.S. corporations in general,\nthe group said in a 98-page study.\n While the crisis has eased, the study found that liability\ninsurance will likely remain expensive and continue to be\ndifficult to obtain for some lines of coverage and for some\nsectors of the American economy.\n Some types of insurance, especially associated with\nenvironmental liability, remain unavailable for many companies\nat any price, it said.\n The increased availability and the price stability for\ninsurance the past year has been accompanied by higher\ndeductibles, lower coverage limits and additional policy\nrestrictions, the study said.\n The administration last year unveiled a wide range of\nrecommendations aimed at dealing with the crisis, including \nlimits on punitive damages and awards for pain, suffering and\nmental anguish at 100,000 dlrs.\n Attorney General Edwin Meese told a news conference today\nthat the administration still supports state efforts to place\nlimits on damage awards and to enact other reforms of the tort\nlaws.\n Assistant Attorney General Richard Willard denied charges\nby consumer groups that the insurance crisis was caused by\nindustry collusion to raise rates in violation of the antitrust\nlaws. Willard, the head of the working group, said excessive\njury damage awards was the main reason for the insurance\nliability problem.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:40:37.69",
"places": [
"usa"
],
"id": "10059"
},
{
"title": "Saint Gobain U.S. Subsidiary seeks 150 mln dlr, five year facility - arranger Chemical\n",
"date": "26-MAR-1987 13:44:20.98",
"id": "10060"
},
{
"title": "HOME SAVINGS BANK <HMSB> SETS INITIAL DIVIDEND",
"body": "Qtly div nine cts\n Pay April 30\n Record April six\n Reuter\n\u0003",
"date": "26-MAR-1987 13:45:13.45",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10061"
},
{
"title": "FINAL 1986 CROP U.S. COTTON GINNINGS",
"body": "Final 1986 crop U.S. cotton ginnings\ntotaled 9,438,425 running bales, vs 12,987,834 bales at the end\nof the 1985 season and 12,544,866 bales at end-1984 season, the\nU.S. Census Bureau said.\n The bureau said upland cotton ginnings from the final 1986\ncrop totaled 9,237,296 bales, vs 12,837,088 bales in 1985 and\n12,418,749 bales in 1984.\n American Pima ginnings from the final 1986 crop totaled\n201,129 bales, vs 150,746 bales in the 1985 crop and 126,117\nbales in 1984, the bureau said.\n REUTER\n\u0003",
"date": "26-MAR-1987 13:46:09.82",
"topics": [
"cotton"
],
"places": [
"usa"
],
"id": "10062"
},
{
"title": "FORMER TREASURY SECRETARY PLEADS GUILTY TO TAX EVASION",
"body": "Former Secretary of the Treasury\nRobert Anderson, whom Dwight Eisenhower once said deserved to\nbe president, pleaded guilty to income tax evason charges and\nillegally running an offshore bank.\n Anderson, declaring that he was \"deeply regretful,\" admitted\nto evading tax on 127,500 dlrs in undeclared income. Much of\nthe money was paid to him for lobbying for controversial South\nKorean evangelist Sun Myung Moon's Unification Church.\n The 77-year-old Anderson was President Eisenhower's\ntreasury secretary from 1957 to 1961 and a prominent\nbusinessman afterwards. In his memoirs, Eisenhower said\nAnderson deserved to be president.\n Standing before Federal Court Judge Edmund Palmieri,\nAnderson, who faces up to 10 years in jail, said he had\nrecently undergone two operations and treatment for alcoholism.\n The judge set May 7 for sentencing and U.S. Attorney\nRudolph Giuliani declared the government would ask that\nAnderson be sent to jail.\n According to the indictment, Anderson was a prinicipal of\nthe Commercial Exchange Bank and Trust Ltd of Anguilla in the\nBritish West Indies for two years ending in 1985.\n During that time, government prosecutors said the bank\nconducted operations in New York city but failed to register\nwith state and federal banking authorities. Depositors have\nlost at least 4 mln dlrs.\n Anderson pleaded gulity only for the tax year 1984 but\nadmitted other tax transgressions for the previous year and\nfaces civil fines for both years.\n Among other things, he said he received 80,000 dlrs in 1983\nfrom a shell corporation for lobbying for the Unification\nChurch. The money was given to him as a no-interest loan\nrepayable in 1990 but the government said it should have been\nreported as income.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:48:02.47",
"places": [
"usa"
],
"id": "10063"
},
{
"title": "AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS\n",
"date": "26-MAR-1987 13:53:17.71",
"topics": [
"earn"
],
"id": "10064"
},
{
"title": "BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER \n",
"date": "26-MAR-1987 13:55:42.62",
"topics": [
"acq"
],
"id": "10065"
},
{
"title": "SECURITY <SPC>, USERS, END MERGER TALKS",
"body": "Security Pacific Corp and\n<Users Inc>, a credit union data processing concern, said they\nhave mutually agreed to withdraw from further merger\nnegotiations.\n Users said that since it signed a letter of intent to merge\nwith Security in November, it has received a strong show of\nsupport for continuing the credit union ownership of the\ncompany with credit unions committing themselves to purchase\nadditional Users common.\n Users also said it is in the strongest financial position\nin its 24-year history.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:57:24.34",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10066"
},
{
"title": "ENTERTAINMENT PUBLICATIONS <EPUB> SEES LOSS",
"body": "Entertainment Publications\nInc said it expects an after-tax loss of 31 cts a share in its\nthird quarter from the disposal of three units it closed.\n The company said its board approved a plan to discontinue\nthe operations of three subsidiaries, which are primarily\ninvolved in direct mail marketing.\n \"The discontinued units were not likely to meet the growth\nand profit goals of the company in the future,\" Entertainment\nPublications said.\n The three units lost 900,000 dlrs, or 19 cts a share in the\nsix months ended December 31.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:57:40.45",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10067"
},
{
"title": "CHRIS-CRAFT INDUSTRIES INC <CCN> REGULAR PAYOUT",
"body": "Chris-Craft Industies Inc said it\ndeclared a regular two pct stock dividend on both its common\nstock and class B common stock, which is equal the two pct\nstock dividends the company paid for the prior quarter.\n The dividends are payable on April 20 to shareholders of\nrecord April six.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:57:57.72",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10068"
},
{
"title": "<FIRST NATIONAL SUPERMARKETS> ANNUAL SALES RATE",
"body": "First National\nSupermarkets said its annual sales are running at a rate of\n1.58 billion dlrs, compared with 1.39 billion dlrs 18 months\nago, when the company was taken private by its management.\n The company said it is commencing a four-year capital\nprogram that will include the opening 20 new stores as well as\nthe enlargement and remodeling of selected existing stores.\n It said it will continue its practice of closing some\nsmaller, less productive stores, converting those assets into\nlarger stores in its core market areas.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:58:29.31",
"places": [
"usa"
],
"id": "10069"
},
{
"title": "CFTC URGED TO STRENGTHEN FOREIGN FUTURES RULES",
"body": "Several U.S. House members urged\nthe Commodity Futures Trading Commission, CFTC, to strengthen\nits proposed rules governing the sale of foreign futures and\noptions in the U.S.\n \"I'm from the state of Illinois, and we don't want to see\nChicago's futures markets become the automobile or textile\nindustry of the 1980s,\" Rep. Lane Evans (D-Ill.) told a hearing\nof the House Agriculture Subcommittee on Conservation, Credit\nand Rural Development.\n U.S. exchanges have complained that the proposed\nregulations would give sellers of foreign futures an edge over\ndomestic futures sellers because they would be subject to less\nrigorous requirements, especially in the area of capital.\n Phillips said the commission has no way of requiring\nforeign markets to implement the same regulatory safeguards as\nin the U.S., but that the proposed rules would ensure marketing\nof foreign futures and options conform to U.S. requirements.\n \"If people want to enter into these (foreign) markets,\nthey know they will not have the same regulations,\" she said.\n Phillips said the commission would consider changes in\nits proposal to require segregation of customer accounts and\nclarify the treatment of contracts not traded on foreign\nexchanges.\n Reuter\n\u0003",
"date": "26-MAR-1987 13:59:46.41",
"places": [
"usa"
],
"id": "10070"
},
{
"title": "DENNISON MANUFACTURING <DSN> TO SELL PAPER UNIT",
"body": "Dennison Manufacturing Co\nsaid it has signed a letter of intent to sell its Dunn Paper Co\nsubsidiary to James River Corp <JR> for an undisclosed amount\nof cash, resulting in a first quarter charge against earnings.\n The company saiud the loss on the sale may be partly\nreduced by contingent payments over the next five years and\nwill in the first quarter be more than offset by the gain from\nthe previously-announced sale of its Hygeia Sciences Inc\nshares.\n Dunn had sales last year of about 65 mln dlrs.\n In Richmond, Va., James River said closing is expected by\nthe end of April, subject to approval by both boards and on the\nreaching of satisfactory labor agreements.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:01:18.81",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10071"
},
{
"title": "CANADA 91-DAY T-BILLS AVERAGE 6.80 PCT, MAKING BANK RATE 7.05 PCT\n",
"date": "26-MAR-1987 14:01:53.80",
"id": "10072"
},
{
"title": "PILLSBURY <PSY> FILES FOR SECOND BURGER KING MLP",
"body": "The Pillsbury Co said it\nfiled a registration statement with the Securities and Exchange\nCommission for the sale of limited partnership interests in a\nsecond master limited partnership of its Burger King unit's\nrestaurant properties.\n Pillsbury said it expects the offering to yield 73-82 mln\ndlrs, resulting in an after-tax gain of 20-23 mln dlrs.\n A spokesman for Pillsbury said the company is aiming to get\nthis after-tax gain in the fourth fiscal quarter ending in May.\n Pillsbury said the sale will occur as soon as practicable,\nconsidering the business and legal contigencies.\n The company said Burger King and another Pillsbury unit,\nQSV Properties, will be the master limited partnership's\ngeneral partner.\n Pillsbury said it expects the interests to be sold to\npublic investors and listed for trading on the New York Stock\nExchange.\n Merrill Lynch will lead the underwriting, Pillsbury said.\n Pillsbury first sold limited partnership interests in\nBurger King Investors L.P. in February 1986.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:02:31.56",
"topics": [
"acq",
"earn"
],
"places": [
"usa"
],
"id": "10073"
},
{
"title": "OLD REPUBLIC INT'L CORP <OLDR> HIKES DIVIDEND",
"body": "Qtly div 20 cts vs 19-1/2 cts prior\n Pay June 20\n Record June 5\n Reuter\n\u0003",
"date": "26-MAR-1987 14:04:36.72",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10074"
},
{
"title": "FED'S HELLER SAYS DOLLAR'S CURRENT LEVEL IS APPROPRIATE\n",
"date": "26-MAR-1987 14:05:29.35",
"topics": [
"money-fx",
"dlr"
],
"id": "10075"
},
{
"title": "CARSON PIRIE SCOTT AND CO <CRN> SETS DIVIDEND",
"body": "Qtly div 17-1/2 cts vs 17-1/2 cts prior\n Pay June 5\n Record May 22\n Reuter\n\u0003",
"date": "26-MAR-1987 14:07:24.05",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10076"
},
{
"title": "BRAZIL TO RESHUFFLE CABINET, RETAIN FUNARO",
"body": "Brazilian President Jose Sarney will\nreshuffle part of his cabinet next month but will preserve his\nfinance minister, a presidential source said.\n The cabinet reshuffle, expected since the resignation of\nMinister of Planning Joao Sayad eight days ago, is due to take\nplace within two to three weeks, the source said.\n The source, who asked not to be identified, said that \"in\nprinciple, the reshuffle would not affect Finance Minister\nDilson Funaro.\"\n Rumours circulating here yesterday said Funaro was on his\nway out of the cabinet, but both he and Sarney denied this.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:08:01.76",
"places": [
"brazil"
],
"id": "10077"
},
{
"title": "BP <BP> DOES NOT PLAN TO HIKE STANDARD <SRD> BID",
"body": "British Petroleum Co Plc does not\nintend to raise the price of its planned 70 dlr per share offer\nfor the publicly held 45 pct of Standard Oil Co, BP Managing\nDirector David Simon said.\n \"We don't seen this as any progressive bidding game,\" he\ntold reporters at a news conference. BP now owns 55 pct of\nStandard's stock.\n Simon said BP had carefully considered the amount of its\nplanned bid and he quoted an oil analyst, whom he would not\nidentify, as saying BP's careful evaluation means the company\nis not going to raise its offer.\n \"I think that (an increase) would be totally wrong. I think\nthe price is very fair and it is much to early to speculate\nabout ligigation,\" he said. \"Let's wait and see how the offer\nruns.\"\n Another official declined to speculate under what\ncircumstances BP might raise its bid.\n The BP official said the 70 dlrs a share offer is 7.2 times\nStandard's 1986 cash flow and 56 pct above an independent\nevaluation of the company's assets, including the value of its\noil, natural gas liquids and natural gas reserves.\n He said the price Royal Dutch/Shell Group <RD> <SC> paid\nfor publicly held Shell Oil Co shares in 1985 was 5.1 times\ncash flow.\n The BP official also said the 70 dlr bid is a 40 pct\npremium over Standard's stock price over the past year.\n BP Group Treasurer Rodney Chase said more than half to as\nmuch as two-third's of the 7.4 billion dlrs BP needs for its\noffer will come from existing sources. The rest will be\nfinanced by new debt.\n BP will draw in cash from its operating companies around\nthe world and is also arranging a five billion dlr line of\ncredit, he explained.\n The company's debt to equity ratio will rise 11 or 12\npercentage points from the current 33 pct if the offer is\ncompleted, Chase said. But the ratio will be back below 40 pct\nwithin 12 months, he added.\n Chase also said 50 to 60 pct of Standard Oil's publicly\nheld shares are held by financial institutions.\n Simon said Standard's board was informed of the offer on\nMarch nine and has been considering it since that time.\n He said BP does not expect any regulatory problems that\nwould delay completion of the acquisition. \"We have informed\nWashington of our intentions and we've already been an integral\npart of ownership of U.S. oil reserves,\" he pointed out.\n Simon said there is a good chance that current world oil\nprices of about 18 dlrs a barrel could be maintained, and that\nthe more stable market is due mostly to changes in policy in\nSaudi Arabia and other OPEC members to control oil production.\n \"We think there are signals that current conditions are\nmore favorable than they have been for sometime,\" Simon said.\n \"We have hopes for greater stability, but we do not see\nprices going much higher,\" he added.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:10:59.94",
"topics": [
"acq",
"crude"
],
"places": [
"usa"
],
"id": "10078"
},
{
"title": "MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS\n",
"date": "26-MAR-1987 14:12:19.27",
"topics": [
"money-supply"
],
"id": "10079"
},
{
"title": "BP<BP> OFFER RAISES EXPECTATIONS FOR OIL VALUES",
"body": "British Petroleum Plc's plan to pay\n7.4 billion dlrs for less than half of Standard Oil Co has\nsignalled higher values in the U.S. oil patch, analysts said.\n \"I think that BP's bid is a very strong affirmation and\nclear signal that they have confidence in the U.S., and they\nthink the barrel of oil in the ground is going to go higher,\"\nsaid Sanford Margoshes of Shearson Lehman Brothers Inc.\n BP earlier today said its U.S. unit planned to tender at 70\ndlrs per share for the 45 pct of Standard it does not already\nown.\n \"It's a 7.4 billion dlr price that (shows) OPEC has won the\nwar and oil prices are not going to crack,\" said Prescott, Ball\nand Turben analyst Bruce Lazier.\n \"Behind that is a huge implication for the rest of the\nenergy issues out there in the stock market, particularly those\nthat are acquisition targets,\" Lazier said.\n One of those mentioned by Lazier was USX Corp, an\nenergy-steel concern which had been courted by investor Carl\nIcahn and drew the attention of Australian Robert Holmes a\nCourt last year. Rumors continue to swirl around its stock.\n Margoshes said he does not foresee major U.S. oil firms\nfalling into takeover situations for several years, with the\nexception of possibly Amerada Hess Corp <AHC>. He said most of\nthe majors found partners in the last round of matchmaking\nwhich ended two years ago, and others restructured to the point\nthat they have become unattractive.\n U.S. oil stocks rallied in response to the offer. Exxon\nCorp <XON> rose 1-1/8 to 88-1/2. Chevron Corp <CHV> jumped\n1-1/8 to 58-7/8, and Texaco <TX> climbed 1/4 to 37-3/4. Unocal\nCorp <UCL> rose 1-3/4, while Occidental Petroleum Corp <OXY>\nclimbed 1-1/8 to 34-3/4. Amoco Corp <AN> rose 1-3/8 to 83-3/4.\n Standard Oil's stock was up 6-1/4 in heavy trading to\n71-1/8. Earlier in the session it had been at a high of 72-1/4.\nWall Street has speculated British Petroleum may boost its\noffer by several dlrs per share, but the company maintained it\nwould not raise the 70 dlr bid.\n British Petroleum stock rose 2-1/4 to 59-5/8.\n Analysts said the fact British Petroleum made such a bid in\nthe first place indicates that the British oil giant has\nchanged its outlook for the oil industry.\n Analysts said last year British Petroleum held one of the\nmore bearish positions on oil prices.\n \"They said the real price of oil would stay at 15 dlrs (a\nbarrel) for several years, and I think they beat a hasty\nretreat from that point of view,\" Margoshes said.\n \"They are more appropriately today looking more\noptimistically. I believe they are looking at 18 dlrs\n(long-term)...also in their heart of hearts they believe that\nwill be exceeded,\" Margoshes said.\n The U.S. benchmark crude West Texas Intermediate was\ntrading today around 18.60 dlrs per barrel.\n Analysts said British Petroleum might have been able to buy\nup the rest of Standard Oil for about 50 dlrs per share when\noil prices were falling last year.\n They said Standard Oil's brightest asset is its slightly\nmore than 50 pct ownership of the Alaskan Prudhoe Bay oil\nfield. Analysts also said the company has other interests in\nthe Alaskan North Slope.\n Analysts said the Standard investment is extremely\nattractive to BP because the U.S. is the largest oil market and\nhas hard-to-replace reserves.\n \"I think it just fits in with their long-range plans to\nincrease their position in the U.S. market,\" Dean Witter\nanalyst Eugene Nowak said.\n Analysts said it also raises BP's visibility ahead of the\nBritish government's announced disposal of 31.7 pct of BP\nstock. The U.K. government said it would dispose of the holding\nsometime in the year beginning April one.\n After acquiring all of Standard, most of BP's reserves\nwould be in the U.S., but only about six pct of its stock is\nheld in the U.S.\n \"The only way they can sell all that stock is to move it\ninto the United States. No other market can handle all that\nstock,\" said L.F. rothschild analyst Rosario Ilacqua.\n In 1986, Standard Oil had net losses of 345 mln dlrs on\nrevenues of 10.02 billion dlrs, compared to a profit the year\nearlier of 308 mln dlrs on revenues of 13.82 billion dlrs.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 14:12:28.87",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"usa"
],
"id": "10080"
},
{
"title": "FED'S HELLER SAYS DOLLAR'S LEVEL IS APPROPRIATE",
"body": "Federal Reserve Board governor Robert\nHeller said that the dollar's current level is appropriate but\ndeclined to comment on widespread market reports of concerted\ncentral bank intervention this week.\n \"The dollar is stable again... The current level is the\nappropriate level,\" Heller told reporters after a speech to a\nmeeting of financial services analysts.\n He said last month's six-nation currency accord in Paris\ndid not include target ranges for the dollar in an \"academic\nway.\"\n Heller also said that it was too early to determine whether\nthe parties to the six-nation accord were taking appropriate\nsteps to carry out the longer-term economic adjustments agreed\nto in Paris.\n \"Clearly, they've not been implemented yet... No one\nexpects implementation within a week or two,\" he said.\n Earlier today, U.S. Treasury assistant secretary told a\nSenate banking subcommittee that he did not believe that West\nGermany and Japan have yet carried out their international\nresponsibilities.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:13:08.31",
"topics": [
"money-fx",
"dlr"
],
"places": [
"usa",
"west-germany",
"japan"
],
"id": "10081"
},
{
"title": "PIK CERTIFICATES COST MORE THAN CASH -- GAO",
"body": "The U.S. General Accounting Office\nsaid generic commodities certificates cost the U.S. government\nin total Commodity Credit Corp outlays 107 mln to 653 mln dlrs\nmore than cash payments through February, 1987.\n However, GAO Senior Associate Director Brian Crowley, in\ntestimony prepared for delivery to the Senate Agriculture\nCommittee, said short-term commodity storage cost savings\nrelated to the use of payment-in-kind certificates could be\nfrom about 169 mln 253 mln dlrs.\n U.S. Agriculture Undersecretary Daniel Amstutz said the\nissuance of 8.5 billion dlrs of certificates in fiscal years\n1986-88 could cost as much as 550 mln dlrs more than cash\noutlays.\n In his prepared remarks to the Senate panel, Amstutz\nstressed that USDA was \"very pleased with the success of using\ncommodity certificates\" and looked forward to their continued\nuse.\n He said the cost of using certificates must be weighed\nagainst immediate benefits, including greater market liquidity,\nimproved market price competitiveness, higher farm income,\nimproved debt situation and decreased carrying charges,\nespecially pertaining to 1985 crop loans.\n Crowley said future government storage costs would be\nreduced only if in the long run certificates led to a decrease\nin CCC-owned inventory.\n \"We believe that such a reduction, if it occurs, will not\nbe large,\" Crowley said.\n Crowley also said that because certificate amounts are not\nincluded in the federal budget's outlay totals at the time of\nissuance, they could \"lessen the usefulness of the budget.\"\n Crowley conceded that certificates help farmers avoid\nstorage costs, give them marketing flexibility and enhance\nfarmers' incomes.\n He also said certificates have benefited the grain industry\nby giving it easier access to CCC-owned grain at market prices.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:20:32.87",
"places": [
"usa"
],
"id": "10082"
},
{
"title": "FALCON CABLE SYSTEMS <FAL> 4TH QTR LOSS",
"body": "Shr loss 3.49 dlrs vs loss 15 cts\n Net loss 10.8 mln vs loss 459,000\n Revs 4,384,000 vs 2,542,000\n Year\n Shr loss 4.41 dlrs vs loss seven cts\n Net loss 13.7 mln vs loss 218,000\n Revs 13.9 mln vs 8,864,000\n Note: net losses included extraordinary losses of 4,904,000\nin 4th qtr vs 232,000 year ago and extraordinary losses for\nyear of 2,056,000 vs 460,000 a year ago.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:23:37.17",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10083"
},
{
"title": "AMERICUS TRUST FOR MERCK <MKUWI> STARTS TRADING",
"body": "The American Stock Exchange said the\nunits of Americus Trust for Merck Shares and an equal number of\nprime and score components of the units, began trading today on\na \"when issued\" basis.\n The trust is a unit investment trust sponsored by Americus\nShareowner Service Corp and is issuing the units in exchange\nfor shares of Merck and Co <MRK> stock tendered to the trust.\n The units opened on a bid and offer of 165 to 166, and the\nprime components, trading under ticker symbol <MKPWI>, opened\non 100 primes at 119-1/2, the Exchange said. Also, the score\ncomponents opened on 1,000 scores at 48, it said.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:23:52.98",
"places": [
"usa"
],
"id": "10084"
},
{
"title": "HOME SAVINGS BANK <HMSB> SETS INITIAL QUARTERLY",
"body": "Home Savings Bank said its board\ndeclared an initial quarterly dividend of nine cts per share,\npayable April 30, record April Six.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:23:57.49",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10085"
},
{
"title": "LOUISIANA-PACIFIC <LPX> TO SELL SAWMILL",
"body": "Louisiana-Pacific Corp said it\nplans to sell its sawmill in Lakeview, Oregon and 18,000 acres\nof timberland to Ostrander Construction Co.\n The company said the transaciton shoould be finalized in\nearly April. Terms were not disclosed.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:24:01.94",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10086"
},
{
"title": "UNITED SAVINGS INITIAL OFFERING UNDERWAY",
"body": "<United Savings and Loan\nAssociation> said an initial public offering of 537,609 common\nshares is underway at 8.75 dlrs a share through underwriters\nled by Robinson-Humphrey Co Inc and Interstate Securities Corp.\n Underwriters have been granted an option to buy up to\n254,285 more shares to cover overallotments.\n United Savings issued a total of 1,780,000 shares in\nconverting from mutual form.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:24:08.37",
"places": [
"usa"
],
"id": "10087"
},
{
"title": "SUBURBAN BANCORP <SUBBA> MERGER APPROVED",
"body": "Suburban Bancorp Inc said it\nreceived approval from the Federal Reserve Board to acquire\n<Valley National Bank of Aurora> for an undisclosed price.\n Suburban said it has received shareholder tenders for 100\npct of Valley National's stock.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:24:12.87",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10088"
},
{
"title": "UNIVERSAL HOLDING CORP <UHCO> 4TH QTR LOSS",
"body": "Shr profit nil vs profit nine cts\n Net profit 2,000 vs profit 195,000\n Revs 2,623,000 vs 2,577,000\n Year\n Shr loss 21 cts vs profit 13 cts\n Net loss 425,000 vs profit 278,000\n Revs 15.4 mln vs 8,637,000\n Note: Net includes capital gains of 63,000 vs 211,000 for\nqtr and 304,000 vs 292,000 for year. Current year net includes\ncharge of 716,000 from contract obligation to former chairman.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:24:20.75",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10089"
},
{
"title": "FREEDOM FEDERAL <FRFE> TO RECOGNIZE GAIN",
"body": "Freedom Federal Savings Bank\nsaid it will recognize in its first-quarter earnings a\npreviously deferred 1.5 mln dlr gain which resulted from the\nsale of an apartment complex in 1983.\n It said the recognition comes as a result of repayment of a\nloan which was granted when the complex was sold.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:24:37.80",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10090"
},
{
"title": "PARIS G-6 MEET SET NO TARGETS - LEIGH-PEMBERTON",
"body": "Bank of England Governor Robin\nLeigh-Pemberton said the Paris pact agreed between six leading\nindustrialised nations set no nominal exchange rate targets.\n Leigh-Pemberton said in oral evidence to a select committee\nthat \"we did not swap numbers - we reached an understanding\" on\nhow to cooperate towards stabilizing currencies at around their\ncurrent levels.\n He said the accord had brought Britain into a form of joint\ncurrency float - but one which let it still purse an\nindependent monetary policy. \"I would concede that, since the\nLouvre Accord, we are acting as if we are in something,\"\nLeigh-Pemberton said.\n \"The Louvre and Plaza accords show there is a very effective\nrole for the (Group of) seven central banks to operate together\"\ntowards stabilising exchange rates,\" Leigh-Pemberton said.\n He did not mention this week's intervention by central\nbanks to support the dollar, after markets decided to test the\naccord.\n Leigh-Pemberton said that \"the effectiveness of this\n(cooperation) is actually larger than many of us had thought in\nthe pre-Plaza days\" before September 1985.\n He did not indicate what exchange rate levels were broadly\nsought by the six nations, and noted that \"we are more effective\nin our agreement if we can leave the markets guessing.\"\n He did not indicate what exchange rate levels were broadly\nsought by the six nations, and noted that \"we are more effective\nin our agreement if we can leave the markets guessing.\"\n Leigh-Pemberton said that, in principle, the Bank of\nEngland favoured full EMS membership for sterling, provided\nsuch a move did not endanger U.K. Anti-inflation monetary\npolicy. Asked whether he wanted to see U.K. Interest rates\nlower, he said \"the two half point cuts (this month in banks'\nbase lending rates) have been appropriate up until now.\"\n Leigh-Pemberton said he preferred a \"cautious step-by-step\napproach\" to reducing short term interest rates, not least\nbecause \"we have a potential problem with inflation.\"\n Underlying U.K. Inflation was currently around 4.0 pct, \"one\nof the highest\" among industrialised nations, he added.\n Leigh-Pemberton said the Bank of England had not wanted\nbase rates to fall before the unveiling of the 1987/88 budget\non March 17, but he said pressure from financial markets for\nsuch a move had proved irresistible. Base rates are now at 10\npct.\n Regarding sterling's relationship with oil, Leigh-Pemberton\nsaid that the pound could be seen being undervalued overall.\n He said the current oil price of some 18 dlrs a barrel\nmight suggest a level of 74 on the Bank of England's sterling\nindex, when compared with the index's level before oil prices\ndropped from around the 30 dlr level. The index, base 1975,\nclosed here today at 72.1, unchanged from the previous close.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:27:58.38",
"topics": [
"money-fx",
"interest"
],
"places": [
"uk"
],
"id": "10091"
},
{
"title": "COMMERCE CLEARING HOUSE INC <CCLR> HIKES DIV",
"body": "Qtly div 32 cts vs 30 cts prior\n Pay April 29\n Record April 10\n Reuter\n\u0003",
"date": "26-MAR-1987 14:38:30.77",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10092"
},
{
"title": "DEXTER <DEX> UNITS SETS LICENSE WITH TOYOTA UNIT",
"body": "Dexter Corp's Hysol Aerospace\nand Industrial Products Division said it agreed to license its\nengineering adhesives to Toyota Motor Co's Toyoda Gosei unit.\n The two units will jointly develop a line of structural\nadhesive and application techniques for the automotive and\ncertain other industries.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:39:20.76",
"places": [
"usa"
],
"id": "10093"
},
{
"title": "QUANTECH ELECTRONICS CORP <QANT> 3RD QTR DEC 31",
"body": "Shr loss 28 cts vs loss six cts\n Net loss 561,029 vs loss 114,712\n Revs 3,464,269 vs 4,083,833\n Nine mths\n Shr loss 56 cts vs loss 13 cts\n Net loss 1,104,472 vs loss 261,791\n Revs 10.5 mln vs 11.6 mln\n NOTE: Prior year net includes losses from discontinued\noperations of 99,209 dlrs in quarter and 202,097 dlrs in nine\nmths. \n Reuter\n\u0003",
"date": "26-MAR-1987 14:39:26.50",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10094"
},
{
"title": "QUANTECH <QANT> NEEDS ADDITIONAL FUNDS",
"body": "Quantech Electronics Corp said\nit is investigating available means of raising additional funds\nneeded to finance continuing operations, but there is no\nassurance that it will succeed.\n The company said it continues to experience negative cash\nflow. Today it reported a loss for the third quarter ended\nDecember 31 of 561,029 dlrs, compared with a 114,712 dlr loss a\nyear before.\n Quantech said it has received waivers from Marine Midland\nBanks Inc <MM> through May 26 on covenants in its loan\nagreement.\n The company said Marine Midland has agreed to advance it an\nadditional working capital loan that will be personally\nguaranteed by chairman Henry Ginsburg. Loans from Marine\nMidland are secured by substantially all company assets.\n Quantech also said Bernard Weinblatt has rsigned as\npresident and a director, and until a replacement is found,\nGinsberg will act as chief executive and Leonard N. Hecht,\nformerly chief executive, will act as chief operating officer.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:39:35.28",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10095"
},
{
"title": "PDA ENGINEERING <PDAS> HALTS SOFTWARE SHIPMENTS",
"body": "PDA Engineering said it has\ntemporarily deferred shipmetns of its PATRAN software for IBM\ncomputers, due to a technical problem with the program.\n The company said the deferral will reduce its thrid quarter\nrevenues and earnings.\n PDA said it anticipates resuming shipments in the fourth\nquarter.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:39:42.91",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10096"
},
{
"title": "P AND F INDUSTRIES INC <PFINA> 4TH QTR NET",
"body": "Oper shr 16 cts vs 29 cts\n Oper net 453,924 vs 726,816\n Revs 12.0 mln vs 11.2 mln\n Avg shrs 2,695,206 vs 2,562,160\n Year\n Oper shr 50 cts vs 50 cts\n Oper net 1,365,655 vs 1,268,847\n Revs 40.1 mln vs 33.1 mln\n Avg shrs 2,695,206 vs 2,562,160\n NOTE: Net excludes tax credits of 571,000 dlrs vs 496,000\ndlrs in quarter and 1,347,000 dlrs vs 1,107,000 dlrs in year.\n Share adjusted for one-for-five reverse split in October\n1986.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:39:52.22",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10097"
},
{
"title": "FAIR LANES <FAIR> SHAREHOLDERS APPROVE MERGER",
"body": "Fair Lanes Inc said its shareholders\napproved the previously announced merger with Maricorp Inc, a\nunit of <Northern Pacific Corp>.\n Under terms of the merger, Fair Lanes said each of its\nshares of common stock will be converted into the right to\nreceive 1.3043 shares of <BTR Realty Inc>, which is owned by\nFair Lines.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:39:57.70",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10098"
},
{
"title": "ALLIED RESEARCH ASSOCIATES INC <ARAI> YEAR NET",
"body": "Shr 63 cts vs 64 cts\n Net 2,463,214 vs 2,509,832\n Sales 34.4 mln vs 30.6 mln\n NOTE: Backlog as of February 28 47.4 mln dlrs vs 34.9 mln\ndlrs a year before.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:40:02.49",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10099"
},
{
"title": "CARDENAS SEES NO MAJOR DECISIONS AT ICO MEETING",
"body": "Jorge Cardenas, manager of Colombia's\ncoffee growers' federation, said he did not believe any\nimportant decisions would emerge from an upcoming meeting of\nthe International Coffee Organization (ICO).\n The ICO executive board is set to meet in London from March\n31 and could decide to call a special council session by the\nend of April to discuss export quotas.\n \"It's going to be a routine meeting, an update of what has\nbeen happening in the market, but it's unlikely any major\ndecisions are taken,\" Cardenas told journalists.\n Earlier this month, talks in London to re-introduce export\nquotas, suspended in February 1986, ended in failure.\n Colombian finance minister Cesar Gaviria, also talking to\nreporters at the end of the weekly National Coffee Committee\nmeeting, said the positions of Brazil and of the United States\nwere too far apart to allow a prompt agreement on quotas.\n Brazil's coffee chief Jorio Dauster said yesterday Brazil\nwould not change its coffee policies.\n Cardenas said the market situation was getting clearer\nbecause the trade knew the projected output and stockpile\nlevels of producers.\n He said according to ICO statistics there was a shortfall\nof nine mln (60-kg) bags on the world market between October,\nthe start of the coffee year, and February.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:42:44.66",
"topics": [
"coffee"
],
"organisations": [
"ico-coffee"
],
"places": [
"colombia",
"brazil",
"usa"
],
"id": "10100"
},
{
"title": "VOLCKER OPPOSES LIMITS ON JAPAN PRIMARY DEALERS",
"body": "Federal Reserve Board chairman Paul\nVolcker said he opposes legislation to deny primary dealer\nstatus to firms from countries that do not grant U.S. firms\nequal access to their government debt markets.\n In a letter to House Banking Committee chairman Fernand St.\nGermain, Volcker warned that it could lead to retaliation\nagainst U.S. firms already operating in other countries.\n The committee approved the legislation yesterday. They said\nits impact would be felt only by Japanese firms designated as\nprimary dealers in U.S. government securities since other\ncountries would meet the equal access rule.\n \"Even Japan, at which the proposal seems to be particularly\naimed, has made a number of advances in opening its market to\nU.S. firms,\" Volcker said.\n The legislation gives the administration six months to\nnegotiate equal access for U.S. firms in the foreign government\nsecurities markets before the ban on foreign dealers in the\nU.S. would take effect.\n Volcker said more progress could be made by continuing\nnegotiations without adopting the bill's more rigid approach.\n An aide to Rep. Charles Schumer, the New York Democratic\nsponsor, said it is expected to pass in the House trade bill.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:45:37.33",
"places": [
"usa",
"japan"
],
"id": "10101"
},
{
"title": "CB AND T <CBTB> TO MAKE ACQUISITION",
"body": "CB and T Bancshares Inc said the\nboard of Carrolton State Bank of Carrolton, Ga., has approved a\nmerger into CB and T for an undisclosed amount of stock,\nsubject to approval by regulatory agencies and Carrolton\nshareholders.\n Carrolton has 26 mln dlrs in assets.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:45:53.94",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10102"
},
{
"title": "BANK OF MONTREAL HOPEFUL ON BRAZIL - PRESIDENT",
"body": "<Bank of Montreal> is confident a\nsolution will be found to Brazil's foreign debt problem and is\nnot considering declaring its Brazilian loans non-performing,\npresident Grant Reuber said.\n Speaking to reporters after a speech to a Toronto business\ngroup, Reuber said: \"I think at this stage it is really too\nearly to say very much about (the Brazilian debt situation) but\nwe're pretty confident that things will work out.\"\n He declined to comment on when such a settlement was\nlikely. Bank of Montreal had 1.98 billion dlrs in loans to\nBrazil as of last September 30, the most of any Canadian bank.\n Brazil last month suspended interest payments on its 68\nbillion U.S. dlr foreign bank debt.\n Asked if Bank of Montreal were considering declaring its\nBrazil loans non-performing, Reuber replied: \"We haven't really\ngot to that point because we don't think we will have to face\nthat issue.\"\n Some bankers in the U.S. said earlier this week that slow\nprogress in talks between Brazil and its major foreign lenders\nhas increased the likelihood that U.S. banks will declare their\nBrazil loans non-performing at the end of the quarter.\n Reuber told reporters the bank was still pondering its\nstrategy regarding possible entry into the securities business\nafter June 30 when banks and other financial institutions will\nbe allowed full participation in the Ontario securities\nindustry.\n He said price would help determine if the bank formed its\nown securities unit or acquired an existing investment dealer,\nadding that asking prices for some dealers seem \"fairly high.\"\n Asked about plans for wholly owned Harris Bankcorp Inc, of\nChicago, Reuber said Harris might consider acquiring more small\ncommunity banks around Chicago.\n \"In addition, I think we are giving some consideration to\nthe possibility of extension into other states,\" Reuber said of\nHarris, although he added that any such move was unlikely this\nyear.\n In his speech, focusing on current free trade talks between\nthe U.S. and Canada, Reuber said failure to reach a deal would\nnot represent a calamity for Canada but could lower Canada's\nstandard of living, raise unemployment and reduce the country's\nworld trading influence.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:47:27.89",
"places": [
"canada",
"brazil",
"usa"
],
"id": "10103"
},
{
"title": "MOODY'S DOWNGRADES BANKAMERICA, AFFIRMS UNITS, AFFECTS 5.5 BILLION DLRS OF DEBT\n",
"date": "26-MAR-1987 14:48:22.45",
"id": "10104"
},
{
"title": "AMERICAN BRANDS <AMB> SEES HIGHER 1ST QTR NET",
"body": "American Brands Inc said it expects\nfirst quarter net earnings to exceed the record 118.7 mln dlrs\nor 1.05 dlrs a share it earned for the year-ago quarter.\n The company also said it believes sales in the first\nquarter will surpass record sales of 2.1 billion dlrs last\nyear.\n The company said unit sales of American Tobacco's Lucky\nStrike Filter line rose 20 pct last year, which led to a gain\nfor he Lucky franchise.\n American Brands said it will introduce a new low-priced\nbrand of cigarettes called Malibu.\n The company's U.K.-based Gallaher Ltd unit had a strong\nperformance in 1986 and became the second-largest contributor\nto operating earnings, American Brands said.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:51:59.38",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10105"
},
{
"title": "USX <X> SAYS TALKS ENDED WITH BRITISH PETROLEUM",
"body": "USX Corp chairman David Roderick said\nthe company had ended talks with British Petroleum Co Plc <BP>\nabout the possible sale of some energy assets and said USX has\nno immediate restructuring plans for its oil businesses.\n \"We have terminated our discussions,\" Roderick told Reuters\nafter a speech to the Petroleum Equipment Suppliers Association\nhere. He said USX was not conducting talks with any other\npossible buyer of its energy assets.\n Earlier today, BP said it planned to offer 70 dlrs per\nshare for the Standard Oil Co's <SRD> publicly held stock.\n USX said in December the company had held formal\ndiscussions with BP about the potential sale of some of its\noverseas oil assets and USX had received expressions of\ninterest from a half dozen other oil companies.\n Roderick, in response to a question, said USX had no\nimmediate plans to restructure its Marathon Oil Co, or Texas\nOil and Gas Corp. He said USX also did not plan to sell any of\nits 49 pct interest in the giant Yates Field in west Texas.\n \"We want to maintain our production in the Yates Field\nduring these difficult times,\" Roderick added.\n In response to a question, Roderick also said he did not\nknow whether Australian investor Robert Holmes a Court was\naccumulating USX stock. In recent days, traders have suggested\nHolmes a Court was buying additional shares.\n Roderick said Carl Ichan, who terminated an eight billion\ndlr hostile takeover plan for USX in January, continued to hold\na sizable interest in the company. \"Mr. Ichan still apparently\nhas 11.4 pct. He hasn't bought any more stock or sold any,\"\nRoderick said. \"He's a very satisfied shareholder right now. I\ntalk with him monthly.\"\n In his speech, Roderick predicted the fall in the value of\nthe dollar would set the stage for the U.S. to solve its trade\ndeficit problem which totaled 170 billion dlrs in 1986.\n \"I expect by the early 1990s the U.S. will be running a net\ntrade surplus,\" Roderick said. \"I think the worst is over and\nwe can look forward to stability and upward movement ahead.\"\n However, the USX chairman warned that European trading\npartners may resist the turn in the U.S. trade deficit. \"Some\neconomic discomfort must be transferred from the United States\nto our friends, trading partners and allies.\"\n Reuter\n\u0003",
"date": "26-MAR-1987 14:54:19.03",
"topics": [
"acq",
"crude"
],
"places": [
"usa"
],
"id": "10106"
},
{
"title": "NY TRADERS SAY SOVIETS MADE LARGE SUGAR PURCHASE",
"body": "The Soviet Union bought almost 90,000\ntonnes of raw sugar from international trade houses last night,\nwith some of the sugar changing hands at discounts to the spot\nMay world sugar contract, according to trade sources.\n They said Japanese trade houses sold up to three cargoes of\nThai sugar for relatively nearby delivery.\n British and European-based trade houses sold the remaining\nsix cargoes for shipment between April/May/July, they said.\n Traders said this week's sharp fall in world sugar prices\nhelped to provoke the Soviet Union into covering nearby needs.\n Yesterday, spot May sugar closed at 7.18 cents a pound.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:55:43.48",
"topics": [
"sugar"
],
"places": [
"ussr",
"usa"
],
"id": "10107"
},
{
"title": "MARTIN LAWRENCE LIMITED EDITIONS <MLLE> YEAR NET",
"body": "Shr 20 cts vs six cts\n Net 861,000 vs 266,000\n Revs 10.2 mln vs 6,036,000\n Note: 4th qtr data not given.\n Reuter\n\u0003",
"date": "26-MAR-1987 14:56:22.64",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10108"
},
{
"title": "COMMONWEALTH ENERGY SYSTEM <CES> DIVIDEND",
"body": "Qtly div 68 cts vs 68 cts in prior qtr\n Payable May one\n Record April 14\n Reuter\n\u0003",
"date": "26-MAR-1987 14:56:26.72",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10109"
},
{
"title": "TRANSWORLD TRUST <TWT> SETS INITIAL PAY DATE",
"body": "Transworld Liquidating Trust said it\nwill distribute proceeds from the sale of Hilton International\nCo to UAL Inc <UAL> to its holders on April 8.\n The deal is expected to close March 31, the day trading\nceases in the Liquidating Trust shares.\n UAL will pay 632.5 mln dlrs cash, 2,564,000 shares of UAL\ncommon stock and 200 mln dlrs worth of UAL debentures to\nTransworld, but it may substitute cash for the securities. The\ninitial distribution will include all the cash, stock and\ndebentures received in connection with the sale, the company\nsaid.\n The shares in the Trust formerly represented shares of\nTransworld Corp common stock.\n The company said the balance of cash in the Trust will be\nused to satisfy all liabilities and obligations of the Trust.\nAfter satisfaction of the payments, the company will make a\nsecond distribution around April 29, it said.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:02:11.04",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10110"
},
{
"title": "FCC EASES RULE FOR CABLE TV FIRMS ON SWITCH",
"body": "The Federal Communications\nCommission voted at a meeting to ease a requirement that cable\ntelevision firms must provide a signal-selector switch free of\ncharge to all customers.\n The so-called A/B switch is attached to a television set\nand permits a viewer to turn from cable programs to\nover-the-air broadcast stations which cable companies must\ncarry.\n After the rule was criticized the FCC changed it so that\ncable firms would have to provide the switch only if a customer\nrequested it and could charge a fee.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:04:13.50",
"places": [
"usa"
],
"id": "10111"
},
{
"title": "ELECTRO-SENSORS INC <ELSE> VOTES EXTRA PAYOUT",
"body": "Electro-Sensors Inc said its board\nvoted an extraordinary cash dividend on its common stock of 10\ncts a share payable May 15, record April 30.\n The company paid an extraordinary dividend of 10 cts in May\n1986.\n\n Reuter\n\u0003",
"date": "26-MAR-1987 15:04:50.25",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10112"
},
{
"title": "UAW CONFIRMS TALKS AT GM <GM> PLANT TO RESUME",
"body": "The United Auto Workers confirmed an\nearlier company statement that contract talks between striking\nworkers at a General Motors Corp's Michigan plant and the union\nwill resume at 1000 EST tomorrow.\n A UAW spokesman, in confirming a GM statement that talks\nwill restart, said it \"remains to be seen whether the talks\nwill be successful.\"\n The union, in a statement, said it was unable to reach a\ncomprehensive settlement with GM on the issue of the company's\nsubcontracting work to non-union labor, although tentative\nagreement was reached \"on many matters.\" A UAW spokesman would\nnot discuss the issues involved.\n The union's 9,000 workers walked off the job at GM's\nPontiac, Mich., truck and bus works earlier today.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:06:05.78",
"places": [
"usa"
],
"id": "10113"
},
{
"title": "U.S. HOME <UH> SEES BEST FIRST QTR SINCE 1983",
"body": "U.S. Home Corp said its first quarter\nending March 31, 1987, will be its most profitable first\nquarter since 1983.\n The company said in 1983, it recorded a profit of 8,600,000\ndlrs for its first quarter. The three following first quarters\nresulted in losses of 3,200,000 dlrs, 3,500,000 dlrs and\n1,800,000 dlrs, respectively, the company said.\n U.S. Home declined to put a specific figure on what its net\nearnings would be for the coming first quarter, but said it\nwould definitely record a profit.\n In other news, U.S. Home said its shareholders approved an\namendment to its company's certificate of incorporation\nrelating to the liability of the company's directors.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:06:43.39",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10114"
},
{
"title": "ROCKEFELLER CENTER PROPERTIES <RCP> UPS PAYOUT",
"body": "Rockefeller Center Properties Inc said\nit raised its quarterly dividend to 45 cts from 44 cts a share.\n The dividend is payable April 27 to shareholders of record\nApril 7.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:08:35.23",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10115"
},
{
"title": "SMITH BARNEY CUTS RATING ON MCGRAW-HILL <MHP>",
"body": "Smith Barney, Harris Upham and Co\nanalyst Edward Atorino lowered his rating on McGraw-Hill Inc\nfrom a strong buy to a buy, saying earnings this year will be a\nlittle less than he previously expected.\n McGraw Hill fell 2-1/4 to 68-1/4 on 223,000 shares.\n Atorino said his decision reflected mainly non-operating\nfactors and a recent gain in the share price. He said after\nseveral acquisitions last year good will charges are up. Also,\nthe company faces a higher tax rate.\n Atorino expects earnings of 3.55 dlrs per share this year,\nup from 3.04 dlrs last year.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:12:50.50",
"places": [
"usa"
],
"id": "10116"
},
{
"title": "MOODY'S DOWNGRADES BANKAMERICA <BAC>",
"body": "Moody's Investors Service Inc said it\ndowngraded BankAmerica Corp and the unit BankAmerica Overseas\nFinance Corp but affirmed ratings of the units Bank of America\nN.T. and S.A., Seafirst Corp and Seattle-First National Bank.\n The actions affect 5.5 billion dlrs of debt.\n Moody's said the downgrade reflected its concern over\nprospects for material improvement in the holding company's\noperating profitability in the medium term.\n Cut were BankAmerica's senior debt to Ba-1 from Baa-3,\nsubordinated debt to Ba-3 from Ba-1, preferred stock to B-1\nfrom Ba-3 and commercial paper to Not-Prime from Prime-3.\n BankAmerica is the second-largest bank holding company in\nthe U.S.\n Moody's reduced the subsidiary BankAmerica Overseas\nFinance's senior debt to Ba-1 from Baa-3 and subordinated debt\nto Ba-3 from Ba-1. That debt is guaranteed by the parent.\n The rating agency also cited the holding company's\ncontinuing high level of problem assets, including significant\nexposure to Latin American debtor countries, that will continue\nto pressure profitability.\n However, Moody's noted that BankAmerica Corp remains liquid\nand owns considerable marketable assets.\n Moody's said it affirmed the ratings of the Bank of America\nunit because of that bank's franchise value, significant core\ndeposit base and an expectation of regulatory support if\nfurther stresses develop.\n The agency confirmed Bank of America's Baa-1 long-term\nrating and Prime-2 short-term rating, as well as Seafirst's\nBa-1 senior debt and Seattle-First's short and long-term\nratings of Baa-1 and Prime-2 respectively.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:14:41.64",
"places": [
"usa"
],
"id": "10117"
},
{
"title": "U.S. BANK PAPER UNDER LIGHT PRESSURE IN MARKET",
"body": "Debt securities of major U.S. banks\ncame under light selling pressure in secondary trading on the\nheels of Standard and Poor's Corp's downgrade of six money\ncenter banks late yesterday, analysts and traders said.\n But they described market response as muted because the S\nand P action came as no surprise. Besides, many participants\nhad already shied away from bank issues following Brazil's\nsuspension of interest payments last month, traders added.\n \"The downgrades were expected for some time. In fact, you\ncan argue that S and P is lagging the market,\" commented one\ntrader.\n On February 20, Brazil said it would suspend interest\npayments on about 68 billion dlrs owed to foreign commercial\nbanks. No date was established for the renewal of payments.\n In its action, Standard and Poor's cited the exposure to\nmajor Latin American debtor countries of Chase Manhattan Corp\n<CMB>, Chemical New York Corp <CHL>, Irving Bank Corp <V> and\nManufacturers Hanover Corp <MHC>.\n The rating agency also downgraded Mellon Financial Corp\n<MEL> and Security Pacific Corp <SPC>, but said this reflected\nhigher non-performing assets and weaker operating results\nrather than the international debt problem.\n \"The S and P downgrades were a non-event,\" a trader said.\n\"Anyone who was caught unaware was not on top of the situation\nanyway.\"\n Said another trader, \"People talked about this before and\nafter S and P's announcement. There was not much reaction among\nbank issues today, though prices are still below par.\"\n Still, market watchers said the action further undermined\nsentiment for bank paper.\n Because of Brazil's suspension of interest payments, U.S.\nbank paper has underperformed such other sectors as utilities,\ntelephones and industrials, analysts pointed out.\n Even though Standard and Poor's affirmed the debt ratings\nof Citicorp <CCI>, Bankers Trust New York <BT>, Bank of Boston\nCorp <BKB> and J.P. Morgan and Co Inc <JPM>, few buyers can be\nfound for securities issued by those banks, traders said.\n \"Let's face it. Investors believe these banks are also\nexposed to Latin and other debtor countries. And investors buy\non perceptions,\" said one broker.\n About the only bright spots in an otherwise dull banking\nsector of the secondary corporate market are U.S. regional\nbanks and Japanese banks because investors perceive them as\nless exposed to the debtor nations, analysts pointed out.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:18:34.51",
"places": [
"usa"
],
"id": "10118"
},
{
"title": "SANDUSTRY PLASTICS INC <SPI> 4TH QTR NET",
"body": "Shr seven cts vs 26 cts\n Net 200,000 vs 450,000\n Revs 7,291,000 vs 1,177,000\n 12 mths\n Shr 37 cts vs 77 cts\n Net 801,000 vs 1,329,000\n Revs 26 mln vs 28.6 mln\n NOTE: 1985 year includes extraordinary gain of 10 cts per\nshare.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:22:24.74",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10119"
},
{
"title": "CHINA SWITCHES U.S. WHEAT TO 1987/88 FROM 86/87",
"body": "China has switched purchases of U.S.\nwheat totaling 60,000 tonnes from the 1986/87 season, which\nbegan June 1, to 1987/88 season delivery, the U.S. Agriculture\nDepartment said.\n The department said outstanding wheat sales to China for\nthe current season amount to 90,000 tonnes and sales for\ndelivery in the 1987/88 season amount to 910,000 tonnes.\n Total corn commitments for the 1986/87 season total\n1,015,800 tonnes, the department said.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:23:02.52",
"topics": [
"grain",
"wheat",
"corn"
],
"places": [
"usa",
"china"
],
"id": "10120"
},
{
"title": "ROYAL BANK WARNS REGULATORY HARMONY NEEDED",
"body": "Royal Bank of Canada Chairman Allan\nTaylor said Ottawa and the provinces risk weakening the\ncountry's financial system if they do not agree on a harmonized\nregulatory regime for financial institutions.\n Taylor also said it was vital that the federal government \nretain its existing powers under Ottawa's major new proposals\nto revamp the country's financial system.\n \"Unless great care is taken now, in the detailed drafting\nand implementation of regulatory change, we could actually end\nup weakening our financial system,\" Taylor told a business\nluncheon.\n \"Also, we must avoid costly and inefficient duplication of\nregulation and supervision between federal and provincial\nauthorities,\" Taylor continued.\n Earlier this week Federal Minister of State for Finance,\nTom Hockin, said progress was being made with his provincial\ncounterparts on the proposals that involve removing the\ntraditional barriers separating the banking, securities and \ninsurance sectors.\n The governments are attempting to resolve a jurisdictional\ndispute over who regulates what under the new system. The\nprovinces have traditionally had authority in the securities\nfield while Ottawa oversaw the banking sector.\n But the Chairman of Canada's largest bank stressed that \nOttawa should retain its regulatory powers to \"preserve an\nefficient, competitive, national financial system.\"\n On the free trade talks under way with the U.S., Taylor\nsaid Canadian negotiators must insure banks have as much access\nto the American market as U.S. institutions are granted here.\n He told a new conference later he was \"reasonably\nconfident\" the Canadian side was making reciprocity in\nfinancial services an issue at the negotiating table.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:23:15.71",
"places": [
"canada"
],
"id": "10121"
},
{
"title": "COCOA CHAIRMAN WORKS TOWARDS BUFFER COMPROMISE",
"body": "International Cocoa Organization's,\nICCO, council chairman Denis Bra Kanon continued work towards a\ncompromise plan on how the ICCO buffer stock should buy cocoa,\nconsumer delegates said.\n Consumer delegates said Bra Kanon had not formally\npresented the compromise plan to producers and consumers, and\nit was unlikely he would do so before Friday, they said.\n There was widespread confidence a result on the outstanding\nitems could be reached by Friday, when the council session is\ndue to end, consumers said.\n Bra Kanon completed bilateral consultations with several\ndelegations today on the main sticking points in the draft\nbuffer stock rules package, they said.\n Certain delegations wanted further discussion on the amount\nof non-member cocoa the buffer stock will be permitted to buy,\ndifferentials for different origin cocoas and limits on buffer\nstock purchases of nearby, and forward material, the delegates\nsaid.\n The buffer stock working group finalized the remaining\nbuffer stock rules, with only minor modifications to the\noriginal draft buffer stock package produced last week, the\ndelegates said.\n The ICCO council is due to elect a new executive director\nwhen it reconvenes Friday, producer delegates said.\n Producers intend to present a single candidate for the\npost, and this is most likely to be Edouard Kouame from Ivory\nCoast, they said.\n Earlier, the existing executive director, Kobena Erbynn\nfrom Ghana, was expected to re-nominated, but he is now likely\nto withdraw, the delegates said.\n The executive committee is due to meet Friday at 1100 GMT,\nwith the council unlikely to reconvene until late Friday,\nconsumers said.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:28:04.96",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk",
"ghana",
"ivory-coast"
],
"id": "10122"
},
{
"title": "U.K. DEALERS DOUBT HUGE JAPANESE CASH INFLUX",
"body": "Many London equity dealers doubt whether\nthe much publicised flood of Japanese investment into the U.K.\nEquity market will be as large as some analysts have forecast.\n There has recently been much speculation that the Japanese\nwould look towards the U.K. Stock market for investment\nopportunities on a much larger scale when the new fiscal year\nbegins next month. Last October's reorganisation of the stock\nmarket, known as 'Big Bang', paved the way for greater\nparticipation by overseas investors.\n Some analysts believe the Japanese have earmarked massive\nsums for investment in Europe.\n Both the London and Tokyo markets have moved ahead strongly\nsince the start of this year. But London has lagged behind in\nreal terms and therefore is now beginning to look like giving a\nbetter return on any funds that are reserved for equity\ninvestment. Sterling's firmness also means there are profits to\nbe made from the currency turn. However, many equity dealers\npolled by Reuters think that the Japanese will shy away from\nLondon and continue to invest in instruments such as U.S.\nGovernment securities.\n Even if they do diversify from their old stamping grounds\nthey will head for the U.S. Equity market before they come to\nthe European stock markets, one dealer predicted.\n \"The Japanese, although very aggressive in markets that they\nknow, tend to be more conservative in those they don't...Even\nif they do come to London in a big way they would tend to go\nmore for the fixed interest gilt edged market rather than the\nmore volatile equities,\" he added.\n He also cited the forthcoming U.K. General election as\nanother factor in keeping Far Eastern money out of the London\nstock market.\n \"The Japanese do not like too much uncertainty and a general\nelection creates just the kind that will keep them on the\nsidelines,\" one trader said.\n There are also doubts whether the Japanese would find the\ntrack records of U.K. Companies strong enough to make them\nwilling to invest heavily. \"Our industrial and manufacturing\noutput may be looking better, but it must still look pretty\nuninspiring to the Japanese,\" one broker said.\n Some market participants, however, are a little more\nbullish and do expect more, although not a massive amount, of\nFar Eastern funds to come to London in the short term.\n They point out that capital gains on U.S. Bonds, a market\nin which the Japanese are traditionally heavy players, have\nbeen eroded because of the fall in the U.S. Dollar and this\ncould prompt them to move funds out of the U.S. But even those\nwho are mildly bullish concede that Japanese investors on the\nLondon exchange would almost certainly confine themselves to\nlonger term investment in 10 or 15 leading 'blue chip' issues,\nwhich may include industrial giants such as ICI, Hanson Trust,\nBritish Petroleum, Glaxo and Unilever.\n One analyst said he believed if there was such investment\nin blue chip issues, recently privatised companies such as\nBritish Gas and British Telecom could be left out in the cold.\n He said that with an election coming up, overseas investors\nwould be worried that a Labour victory would bring a policy of\nre-nationalisation of such companies. The Labour party has in\nthe past said it would do this.\n Some of the recent rise in U.K. Equities has anticipated an\nincrease in Japanese buying in the near future.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:35:19.41",
"places": [
"uk",
"usa",
"japan"
],
"id": "10123"
},
{
"title": "FRANCE WILL FIGHT EC FARM PROPOSALS - MINISTER",
"body": "French Agricultural Minister\nFrancois Guillaume warned that France would flatly reject\nproposed reforms of the European Community, EC, cereals, sugar\nand oilseeds sectors, which he said would disrupt these\nmarkets.\n The EC Commission's proposals to shorten the intervention\nperiod and lower monthly premiums for cereals and increase the\nfinancial burden on the sugar producers will also result in\nlower real prices for producers, he told farmers here.\n \"I give you my word that France, while it will not reject\ntechnical adjustments or serious discussion, will simply reply\nin the negative to these bad reforms,\" Guillaume told the annual\nconference of the country's major farm union, FNSEA \n(Federation Nationale des Syndicats Dexploitants Agricoles).\n Community agricultural ministers are due to meet again\nMonday to try and agree a package of reforms to curb spiralling\nEC output and fix farm prices for 1987/88.\n Relations between the government and farmers have become\nstrained in France in recent months.\n There have been sporadic but frequent demonstrations by\nfarmers protesting over sharp falls in meat and pork prices and\nfurther cutbacks in Community milk output.\n But Guillaume's warning that he would reject reorganisation\nof the EC cereal and sugar markets -- France being a major\nproducer of both crops -- won him warm applause from the\nFNSEA's farmers.\n His pledge to fight the EC proposals and push for the\ncomplete dismantling of the system of cross border taxes\ndesigned to smooth out currency differences known as Monetary\nCompensatory Amounts, MCA's, however, are unlikely to avoid\nfurther protests by producers.\n Farm leader Raymond Lacombe said the union planned to go\nahead with a series of major protests both in France and abroad\nagainst the EC Commission's proposals to overhaul the farm\nsector.\n \"The Minister's proposals back up our determination to\norganise union action in the coming weeks,\" he told reporters,\nadding that this could also act in Guillaume's favour on a\nministerial level.\n Guillaume was head of the FNSEA for many years before being\nappointed farm minister last spring.\n Lacombe refused to say whether the farmers felt that\nGuillaume was doing a good job as farm minister.\n There have been certain advances on cutting production\ncosts, reducing fiscal costs and awarding drought aid, but\nthere are still areas where more could be done such as on\nfarmers' indebtedness, he said.\n Guillaume told the conference the government will make\navailable 2.4 billion francs (396 mln dlrs) to help producers\nreduce milk output and to encourage older farmers to retire.\n The government has already announced financial aid for the\nmilk sector and it was not clear how much of the package\nannounced today was new aid, Lacombe said.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:40:09.91",
"topics": [
"grain",
"sugar",
"livestock",
"carcass"
],
"organisations": [
"ec"
],
"places": [
"france"
],
"id": "10124"
},
{
"title": "U.S. SENATE GROUP EYES 37 BLN DLR DEFICIT CUT",
"body": "billion-dlr package of budget deficit reductions, half through\nunspecificed new revenues, to cut the 1988 deficit with a goal\nof balancing the budget in 1991 under a new law's target.\n The committee went over a package of deficit reductions\nproposed by its chairman, Democrat Lawton Chiles of Florida,\nwhich he said would reach the 108-billion-dlr deficit in 1988\nunder the Gramm-Rudman budget law -- using President Reagan's\neconomic estimates.\n Using the Congressional Budget Office estimates, which\nCongress usually relies on, would produce a deficit of 134\nbillion dlrs, Chiles said.\n Under the Chiles plan, deficits would be cut from\nanticipated levels by nearly 110 billion dlrs over four years\nto produce a 1991 balanced budget--the target of the Gramm\nRudman law.\n For 1988, the Chiles formula would cut the deficit by 37\nbillion dlrs, half through defence and non defence savings,m\nthe rest through revenues.\n Defence would be cut nearly 6.9 billion dlrs. Reagan\nproposed hiking outlays by some 8 billion dlrs.\n His non defence budget savings, including health, welfare,\nagricultural, government services and reduced interest\npayments, amount to 11.6 billion dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:44:50.78",
"places": [
"usa"
],
"id": "10125"
},
{
"title": "BRAZIL'S PRESIDENT SARNEY DUE TO RESHUFFLE CABINET",
"body": "Brazilian President Jose Sarney will\nreshuffle part of his cabinet next month but will preserve his\nfinance minister, a presidential source said.\n The cabinet reshuffle, expected since the resignation of\nMinister of Planning Joao Sayad eight days ago, is due to take\nplace within the next two to three weeks, the source said.\n The source, who asked not to be identified, said that \"in\nprinciple, the reshuffle would not affect Finance Minister\nDilson Funaro.\"\n Reuter\n\u0003",
"date": "26-MAR-1987 15:44:58.99",
"places": [
"brazil"
],
"id": "10126"
},
{
"title": "IMS INTERNATIONAL SPINS-OFF UNIT IN OFFERING",
"body": "<IMS International Inc> said its\nApplied Bioscience International Inc <APBI> unit is making an\ninitial public offering of three mln shares of common stock at\n15 dlrs a share.\n The offering, through a syndicate managed by Shearson\nLehman Bros Inc and L.F. Rothschild Unterberg Towbin Inc,\nconsists of IMS's entire holdings.\n The unit is a toxicological testing company that has\nlaboratories in the U.S. and U.K. It is parent to Bio/dynamics\nInc and Life Science Research Ltd, which were previously the\nLife Sciences division of IMS International.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:45:37.32",
"places": [
"usa"
],
"id": "10127"
},
{
"title": "FIRST FINANCIAL <FFMC> BUYS CONFIDATA",
"body": "First Financial Management Corp said it\nacquired Confidata Corp, a unit of <North Ridge Bank>, paying\n500,000 dlrs in cash and pledging a guarantee on a 500,000 dlr\nConfidata note held by North Ridge.\n First Financial, which provides data processing services to\ncommunity banks and other financial institutions, said the\nacquisition will expand its customer base.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:46:25.64",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10128"
},
{
"title": "COMBUSTION ENGINEERING <CSP> UNIT IN BUYOUT",
"body": "Combustion Engineering Inc said\nits C-E Environmental Systems and Services Inc unit agreed in\nprinciple to acquire <E.C. Jordan and Co>, a privately held\nfirm based in Portland, Me.\n Terms of the acquisition were mot disclosed.\n Combustion Engineering said C-E Environmental, which\nprovides environmental sciences and management services, had\n1986 sales of about 24 mln dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:46:32.23",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10129"
},
{
"title": "PEPCO <POM> TWO MTHS FEB 28 NET",
"body": "Shr 49 cts vs 57 cts\n Net 25.1 mln vs 28.9 mln\n Revs 202.8 mln vs 220.9 mln\n 12 mths\n Shr 4.05 dlrs vs 3.66 dlrs\n Net 223.9 mln vs 186.4 mln\n Revs 1.35 billion vs 1.34 billion\n NOTE: Full name Potomac Electric Power Co\n 1987 year includes extraordinary gain of 21.7 mln, or 46\ncts per share, for the June 1986 sale of the company's Virginia\nservice territory to Virginia Power.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:46:55.02",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10130"
},
{
"title": "HONDA EXPORTS FIRST U.S.-MADE CARS",
"body": "Japanese-owned Honda American\nManufacturing Co has exported the first U.S.-built cars ever\nsold overseas by a foreign-owned auto company, a Honda\nspokesman said.\n The subsidiary of Honda Motor Co Ltd <HMC.T> of Japan\nshipped 200 of its popular Accord cars to Taiwan earlier this\nmonth, the spokesman said. The company might also eventually\nsend U.S.-made cars to Japan, he said.\n The automaker said it would not boost its U.S. imports of\ncars from Japan, but instead make up demand for its cars in the\nU.S. by increasing U.S. production.\n The shipment to Taiwan was part of planned shipments to\nSan-Yan Industries of Taiwan of about 2,000 Accords a year.\n Honda said it does not make Accords in Taiwan, and is\nprevented by Taiwanese import restrictions from shipping them\nthere from Japan.\n Those restrictions were loosened this year to allow imports\nfrom the United States. Previously no imports of foreign-built\ncars were allowed, the spokesman said.\n The Accords were built at Honda's U.S. car and motorcycle\nproduction facility at Marysville, Ohio. Honda in the past has\nsent motorcycles from Marysville to Europe and Australia, and\nhas sent cars to Canada.\n Honda's U.S. output would have to be adjusted to meet\nchanging U.S. demand, the spokesman said. He quoted American\nHonda president Tetsuo Chino as saying, \"Honda will not\nincrease U.S. imports beyond the current level even if\nvoluntary export restrictions on Japanese cars are lifted.\" \n Analysts say there are few signs Japan's restrictions will be\nlifted.\n Honda might decide by the end of this year whether to\nexpand its U.S. production, the spokesman said.\n Honda said it is considering building either of its two new\nluxury models--the \"Legend\" or \"Integra\"--in the United States.\n The Legend and Integra, two models of the company's Acura\nline, were introduced last March. If the cars prove popular\nenough, one of them could be built at the Ohio plant, or at a\nnew factory, the spokesman said.\n The spokesman said it is possible Acuras built in the\nUnited States could be shipped back to Japan. However, he said\nthat decision has not yet been made, and would follow the\ndecision to build the cars in the United States.\n If demand for either one of the two cars reaches 100,000\nvehicles a year, Honda could decide to build the cars in the\nU.S., the company said.\n Sales of the Integra through February have outpaced the\nLegend--35,768 against 29,824--but the spokesman said Honda\nexpects sales to \"lean more heavily toward Legend\" this year\nbecause a two-door Legend has been added to the line.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 15:48:29.13",
"places": [
"usa",
"japan",
"taiwan"
],
"id": "10131"
},
{
"title": "NO SOLUTION SEEN SOON IN BRAZIL BANK STRIKE",
"body": "No negotiated solution is in\nsight to a three-day-old national strike by the majority of\nBrazil's 700,000 bankworkers, a spokesman for the National\nFederation of Banks said.\n The private bankers would rather wait until next Monday,\nwhen a labour court is due to judge the legality of the\nstoppage, the spokesman said. The bankworkers are demanding a\n100 pct pay rise.\n \"The workers are breaking an agreement signed six months\nago. If the banks agreed to grant them 100 pct now, soon\nworkers would have to be laid off and in some cases even banks\nwould run out of business,\" the spokesman told Reuters.\n He said only the state-controlled Banco do Brasil was on\nthe verge of negotiating an accord with its workers.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:50:15.73",
"places": [
"brazil"
],
"id": "10132"
},
{
"title": "BANKERS SEE GOOD RECEPTION OF BP CREDIT FACILITY",
"body": "A huge five billion dlr credit facility\nbeing syndicated for two subsidiaries of British Petroleum Co\nPlc <BP.L> should be well received in the market, given the\nrelatively generous terms it carries, banking sources said.\n The sources said they believe the committed four year\nrevolving credit - the largest of its kind in the euromarkets -\ncarries a facility fee of 1/8 pct and that drawings will be at\n1/8 pct over the London Interbank Offered Rate (Libor).\n Morgan Guaranty Trust Co of New York, which is arranging\nthe financing in conjunction with its London operation, was not\navailable to commment on the terms.\n BP announced it was arranging the financing earlier today\nas part of its planned tender offer for the 45 pct of Standard\nOil Co that it does not own already.\n In addition to the revolving credit, BP also is arranging a\nU.S. commercial paper program for an as yet undetermined\namount, which will be supported by the revolver.\n Bankers noted that the terms on the new facility compare\nextremely favourably to those on other short-term facilities\nfor which pricing has turned extremely fine due to competition\nfor the mandates. It also contrasts with the 1/16 pct fee BP\npaid on a recent 1.5 billion dlr refinancing of some existing\ndebt.\n Earlier today a Morgan Guaranty official, while declining\nto reveal the pricing on the facility said that banks would be\n\"compensated fairly\" since this is a special purpose facility\nwhich must be completed quickly, with the signing expected in\nabout 10 days.\n The facility is only being syndicated among BP's\nrelationship banks and therefore has large individual\ncommitments from the banks. Lead managers are being recruited\nat the 200 mln dlr level, co-lead managers at 125 mln and\nmanagers at 75 mln.\n However, bankers said that despite the size it is likely\nthe financing will get done quickly since banks will want to be\nseen as supporting the relationship.\n The financing is being arranged in the name of BP\nInternational and BP North America.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:52:29.48",
"places": [
"uk"
],
"id": "10133"
},
{
"title": "BOLIVIA OPENS TALKS WITH TOP UNION LEADERS",
"body": "Bolivia's government, faced with a\nmounting social unrest, opened talks today with the country's\ntop union leaders on ways to settle a series of pay demands.\n Foreign minister Guillermo Bedregal led a team of\ngovernment officials to the talks, held with the mediation of\nthe Roman Catholic church, sources said.\n The secretary general of Bolivia's labour organization COB,\nJuan Lechin Oquendo, headed a group of four COB leaders to the\nmeeting at the archbishopric of La Paz, they said.\n Thousands of peasants, university students ann workers\nmarched today through the streets of La Paz to protest against\nthe government's economic policies.\n A hunger strike to press for higher wages spread today to\nabout 4,000 union leaders, workers, and university students in\nthe country's major cities, said COB press secretary Gonzalo\nVizcarra.\n Simultaneonsly, about 9,000 miners employed by the state\ncorporation COMIBOL continued their production strike begun\nlast Friday to press for higher wages and more funds in the\nnationalised mining industry.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:57:04.58",
"places": [
"bolivia"
],
"id": "10134"
},
{
"title": "ITALIAN 1986 GDP UP 2.7 PCT, UNEMPLOYMENT RISES",
"body": "Extracts from a report by Italy's Budget\nMinistry on the country's economic development in 1986 showed\ngross domestic product (GDP) 2.7 pct higher in real terms than\nin 1985 but a rise in unemployment.\n GDP calculated at 1980 prices rose to 434,682 billion lire\nlast year from 423,064 billion in 1985. On a current prices\nbasis, GDP was up 11 pct, totalling 894,362 billion lire in\n1986 against 805,754 billion in 1985.\n But growth was insufficient to prevent a rise in\nunemployment to 11.1 pct last year from 10.3 pct in 1985, the\nministry said.\n The report said falling oil prices and the depreciation of\nthe dollar during 1986 had favoured oil-importing countries\nsuch as Italy.\n These factors helped Italy cut inflation to an average 6.3\npct in 1986, down from 9.3 pct in 1985.\n They also helped a major improvement in the trade balance.\n On the basis of data recently recalculated by the national\nstatistics institute Istat, Italy had a trade deficit in 1986\nof 3,722 billion lire, the report said. This slightly revises a\nprevious deficit figure of 3,717 billion issued by Istat and\ncompares with a negative balance of 23,085 billion for 1985.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:57:18.64",
"topics": [
"gnp",
"jobs"
],
"places": [
"italy"
],
"id": "10135"
},
{
"date": "26-MAR-1987 15:57:28.70",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "10136"
},
{
"title": "MOODY'S MAY DOWNGRADE BRITISH PETROLEUM AND STANDARD OIL \n",
"date": "26-MAR-1987 15:58:06.76",
"id": "10137"
},
{
"title": "FARM CREDIT AID SEEN BROADENED TO OTHER LENDERS",
"body": "Farm-state Senators indicated they\nmay broaden a Farm Credit System rescue package to include aid\nfor borrowers from private lenders such as commercial banks, as\nwell as the farm credit system.\n Sen. David Boren, D-Okla., chairman of the Senate\nAgriculture subcommittee responsible for farm credit, said\nlegislation to rescue the financially-troubled system should\nprovide help to borrowers from all lenders to agriculture.\n \"We must provide some form of interest rate buydown,\nprincipal reduction relief for all eligible farmers and\nranchers regardless of their lending institution,\" Boren said.\n Boren's statement received bipartisan support from Sen.\nJames McClure, R-Idaho, who agreed that the aid package should\ncover all lenders to agriculture.\n The comments by Senators of both parties, plus endorsements\nfor the across-the-board approach from the nation's largest\nfarm organization, the American Farm Bureau Federation, and\nfrom the system itself, appeared to significantly broaden the\nfocus of the rescue legislation for the farm credit system.\nUntil now, agriculture officials had focused exclusively on how\nto resurrect the failing system.\n Boren said borrowers from private lenders such as\ncommercial banks and life insurance companies must be included\nin the aid package because \"it would not be fair to address\nonly the problems of Farm Credit System borrowers.\"\n However, Boren and other proponents of an across-the-board\ninterest rate or principal buydown did not say how much the\nbroad approcah would cost.\n But Neil Harl, professor of economics at Iowa State\nUniversity told the hearing the cost could be in the range of\n3.5 billion dlrs annually.\n Reuter\n\u0003",
"date": "26-MAR-1987 15:59:56.38",
"places": [
"usa"
],
"id": "10138"
},
{
"title": "FERRUZZI PARIS UNIT SEEN ABSORBING CPC PURCHASE",
"body": "Sources close to Italy's <Gruppo\nFerruzzi> said <European Sugar (France)>, a French company\nowned by Ferruzzi, would take over control of <CPC Industrial\nDivision>, the corn wet milling business acquired by the\nItalian group earlier this week from CPC International Inc\n<CPC>.\n The sources told Reuters that European Sugar, owned by\nFerruzzi subsidiary Eridania Zuccherifici Nazionali SpA\n<ERDI.MI>, planned to seek a listing on the Paris bourse and\nmake a share offering there.\n CPC International announced Tuesday it had agreed in\nprinciple to sell its European corn wet millng business to\nFerruzzi. The deal is worth 630 mln dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:00:15.11",
"topics": [
"acq",
"grain",
"corn"
],
"places": [
"italy"
],
"id": "10139"
},
{
"title": "DECISION INDUSTRIES <DIC> SEES 1ST QTR LOSS",
"body": "Decision Industries Corp said it\nexpects to report an operating loss of 19-24 cts a share for\nthe first quarter ending March 31 mainly due to lower profit\nmargins and higher sales and marketing costs.\n In the 1st quarter of last year, when the company's quarter\nended Feb 28, 1986, it earned 957,000 dlrs or 10 cts a share on\nrevenues of 45 mln dlrs.\n Decision also said it entered into an agreement to sell its\nInternational Computerized Telemarketing Inc subsidiary to an\ninvestor group headed by the unit's senior management. Terms\nwere not disclosed.\n Decision also said it consolidated its Decision Development\nCorp subsidiary into Decision Data Computer Corp, the unit\nwhich designs, manufactures and sells its System/3X peripheral\nproducts.\n It said this restructuring will adversely affect its first\nquarter earnings, but it said it expects to realize a\n\"significant savings\" in operating expenses through the\nremainder of the year.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:01:44.44",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10140"
},
{
"title": "U.S. SEC MULLS REQUIRING ACCOUNTING FIRM REVIEWS",
"body": "The federal Securities and Exchange\nCommission (SEC) proposed new rules that would require\naccounting firms that audit public companies to submit to a\nperiodic outside review of their operations.\n The SEC voted unanimously to seek public comment on the\nplan, under which an accounting firm would have to hire another\nfirm to conduct a so-called \"peer review\" every three years or\nlose the right to audit public companies.\n SEC officials conceded peer review would not end all\naudit failures but said they hoped it would eliminate audits by\nclearly unqualified firms and individuals.\n \"Peer review will not stop all bad audits; we recognize\nthat,\" SEC Chief Accountant Clarence Sampson told the five SEC\ncommissioners.\n \"But we hope the rule will go far to eliminate audits\nperformed by individuals without the necessary skills to\nconduct a proper audit,\" Sampson said.\n The move is largely symbolic, since firms and individuals\nresponsible for auditing 84 pct of all public companies already\nvoluntarily undergo peer review every three years, under an\naccounting industry self-regulatory plan.\n But the SEC has been under pressure for years from some\nfederal lawmakers to make the accounting industry more open and\naccountable to the public.\n Agency officials estimated that a peer review would cost\nthe average accounting firm between 1,500 and 2,500 dlrs, or\n500 to 750 dlrs a year.\n \"I don't think that (cost) is a dispositive issue,\" SEC\nChairman John Shad said. \"It's within a reasonable range of\ncost.\"\n The proposal would exempt foreign auditors of non-U.S.\ncompanies required to file financial reports with the SEC.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:03:55.68",
"places": [
"usa"
],
"id": "10141"
},
{
"title": "S/P AFFIRMS CHRYSLER AND UNITS, AFFECTS 19 BILLION DLRS OF DEBT\n",
"date": "26-MAR-1987 16:05:17.29",
"id": "10142"
},
{
"title": "GM IDLES 1,000 WORKERS AT ONE PLANT, 2,000 GM WORKERS RETURN AT ANOTHER\n",
"date": "26-MAR-1987 16:06:14.46",
"id": "10143"
},
{
"title": "U.S. 7-YEAR NOTE AVERAGE YIELD 7.04 PCT, STOP 7.04 PCT, AWARDED AT HIGH YIELD 62 PCT\n",
"date": "26-MAR-1987 16:08:50.12",
"id": "10144"
},
{
"title": "PEPCO <POM> TO REDEEM PREFERRED STOCK",
"body": "Potomac Electric and Power Co said\nit will redeem on May 1, 1987, all of the shares of its\noutstanding 4.04 dlrs series of 1971 serial preferred stock at\n51.83 dlrs per share, plus accrued dividends.\n PEPCO also said it will redeem all of the shares of its\noutstanding 4.23 dlr series of 1979 serial preferred stock, at\n52.82 dlrs per share, plus accrued dividends.\n In addition, the company said it was selling one mln shares\nof a new series of the company's 50 dlr par value serial\npreferred stock. The annual dividend rate for the new stock\nwill be 3.37 dlrs per share, the company said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:09:39.26",
"places": [
"usa"
],
"id": "10145"
},
{
"title": "LOMAK <LOMK>, STRATA <STRATA> IN MERGER PACT",
"body": "Lomak Petroleum Inc and Strata\nCorp, based in Columbus, Ohio, jointly said they entered into a\nmerger agreement for Strata to become a wholly owned subsidiary\nof Lomak.\n Under the merger's terms, Strata shareholders will receive\n5.7 cts per share of Strata common and warrants to buy about\n.06 shares of Lomak common at 37.5 cts per share on or before\nDecember 31, 1990, for each Strata common share.\n The merger is subject to approval by the companies' boards\nand shareholders and agreement of certain Strata creditors,\namong other things, said the companies.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:09:50.97",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10146"
},
{
"title": "ANADARKO <APC> FILES TO OFFER CONVERTIBLE DEBT",
"body": "Anadarko Petroleum Corp said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering a 100 mln dlr issue of convertible\nsubordinated debentures due 2012.\n Proceeds will be used for the partial repayment of\noutstanding indebtedness, Anadarko said.\n The company named Kidder, Peabody and Co Inc as underwriter\nof the offering.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:10:00.24",
"places": [
"usa"
],
"id": "10147"
},
{
"title": "MOTOROLA <MOT> UNIT REDUCES COMPUTER BOARD PRICE",
"body": "Motorolo Inc's Microcomputer\nDivision said it has reduced the price on 28 of its computer\nboard products based on the VMEbus architecture.\n The company said it was decreasing the price to consumers\nbecause falling component prices, increased volumes and\nmanfucturing efficiency have achieved savings of 700 dlrs per\nboard.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:10:21.05",
"places": [
"usa"
],
"id": "10148"
},
{
"title": "SEALED POWER <SPW>, GENERAL MOTORS<GM> SIGN PACT",
"body": "Sealed Power Corp, an automotive parts\nproducer and distributor, said its Kent-Moore Group has signed\na memorandum of understanding with General Motors which would\nallow the group to distribute and market GM's Dealer Equipment\nservice.\n Sealed Power said the GM Dealer Equipment service evaluates\nvarious types of equipment for GM dealerships, authorizes\nsuppliers to produce certain GM-branded items, merchandises GM\nand other selected equipment to dealers and consults with\ndealers on their service systems requirements.\n \"Kent-Moore will assume responsibility for the advertised\ndealer contact number...providing 'one stop shopping' for both\nspecial tools and state-of-the-art service equipment,\" Robert\nBishop, Sealed Power group vice president, said.\n GM Dealer Equipment will continue to evaluate and select\nthe major service equipment items and the \"GM Dealer Equipment\"\nlogo will still be used on specified service equipment, Sealed\nPower said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:11:56.50",
"places": [
"usa"
],
"id": "10149"
},
{
"title": "MOODY'S MAY CUT B.P. <BP>, STANDARD OIL <SRD>",
"body": "Moody's Investors Service Inc said it\nmay downgrade British Petroleum Co PLC's 3.5 billion dlrs of\ndebt and Standard Oil Co's 3.8 billion dlrs of debt.\n The agency cited British Petroleum's 7.4 billion dlr tender\noffer today for the remaining 45 pct of Standard Oil shares it\ndoes not already own.\n Moody's said that while British Petroleum has greatly\nstrengthened its capital structure over the past few years,\nthis acquisition would seriously affect the company's\nliquidity, leverage and interest coverage.\n Moody's noted that British Petroleum would use more than\ntwo billion dlrs of excess cash and marketables and about five\nbillion dlrs of new acquisition debt to fund the transaction.\n In addition, the minority interest and deferred income\ntaxes attributable to Standard Oil would be excluded from\nBritish Petroleum's capitalization. That would result in a\ntotal debt to capital ratio of nearly 50 pct, Moody's said.\n The rating agency said it would study B.P.'s strategy to\nrestore financial flexibility after the acquisition. Moody's\nsaid that may include divestiture of various petroleum and\nnon-petroleum assets and operations of B.P. and Standard.\n But Moody's noted that after the major asset writedown and\ndivestiture progress achieved by Standard Oil in 1985, fewer\nnon-petroleum assets are available for sale.\n Under review are the A-1 senior debt of issues guaranteed\nby British Petroleum, including Eurobonds of BP Capital B.V.,\ndebentures of BP North America Finance Corp, Eurodebt of\nBritish Petroleum B.V., BPCA Finance Ltd and BP Canadian\nHoldings Ltd, debentures and medium-term notes of BP North\nAmerica Inc. Also, the A-1 debt of Standard Oil and Sohio\nPipeline, and debentures of Sohio/BP Trans-Alaska Pipeline\nguaranteed severally and not jointly by B.P. and Standard.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:12:53.01",
"places": [
"usa"
],
"id": "10150"
},
{
"title": "CALIFORNIA MICRO <CAMD>, GRUMMAN <GQ> SET PACT",
"body": "California Micro Devices Corp\nsaid it has signed an agreement with Grumman Corp's Tachonics\nCorp unit to develop and product gallium arsenide\nseminconductor chips.\n Under the pact, California Micro Devices will design the\nchips and Tachonics will manufacture them.\n Initial products to be developed will be gate arrays with\n500 to 2,500 gate complexity and radiation hardening\ncapabilities, the company said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:14:55.28",
"topics": [
"strategic-metal"
],
"places": [
"usa"
],
"id": "10151"
},
{
"title": "INTERNATIONAL MOBILE <IMMC> FILES FOR OFFERING",
"body": "International Mobile Machines Corp\nsaid it filed for a public offering of one mln shares of\nconvertible preferred stock.\n The company said it filed a registration statement with the\nSecurities and Exchange Commission, and Drexel Burnham Inc and\nButcher and Singer Inc will co-manage the offering.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:15:42.98",
"places": [
"usa"
],
"id": "10152"
},
{
"title": "N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS\n",
"date": "26-MAR-1987 16:16:27.04",
"topics": [
"money-supply"
],
"id": "10153"
},
{
"title": "U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS\n",
"date": "26-MAR-1987 16:16:32.08",
"topics": [
"money-supply"
],
"id": "10154"
},
{
"title": "NEW YORK BUSINESS LOANS FALL 222 MLN DLRS",
"body": "Commercial and industrial loans on the\nbooks of the 10 major New York banks, excluding acceptances,\nfell 222 mln dlrs to 64.05 billion in the week ended March 18,\nthe Federal Reserve Bank of New York said.\n Including acceptances, loans fell 390 mln dlrs to 64.74\nbillion.\n Commercial paper outstanding nationally rose 35 mln dlrs to\n339.04 billion.\n National business loan data are scheduled to be released on\nFriday.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:17:01.57",
"topics": [
"money-supply"
],
"places": [
"usa"
],
"id": "10155"
},
{
"title": "N.Y. BANK DISCOUNT BORROWINGS NIL IN WEEK",
"body": "The eight major New York City banks\ndid not borrow from the Federal Reserve in the week ended\nWednesday March 25, a Fed spokesman said.\n It was the second half of a two-week bank statement period\nthat ended on Wednesday. The banks did not borrow in the first\nweek of the period.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:17:12.67",
"topics": [
"interest"
],
"places": [
"usa"
],
"id": "10156"
},
{
"title": "UAL <UAL> UNIT'S EIGHT-YEAR NOTES YIELD 8.06 PCT",
"body": "Hertz Corp, a unit of UAL Inc, is\nraising 100 mln dlrs through an offering of notes due 1995\nyielding 8.06 pct, said lead manager Shearson Lehman Brothers\nInc.\n The notes have an eight pct coupon and were priced at 99.65\nto yield 102 basis points more than comparable Treasury\nsecurities.\n Non-callable to maturity, the issue is rated A-3 by Moody's\nInvestors and A-minus by Standard and Poor's. Merrill Lynch and\nMorgan Stanley co-managed the deal.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:18:08.04",
"places": [
"usa"
],
"id": "10157"
},
{
"title": "AMERICANTURE <AAIX> BUYS AMERICAN ADVENTURE",
"body": "Americanture Inc said it has\npurchased American Adventure Inc <GOAQC> for cash, the\nassumption of liabilities and the issuance of American\nAdventure Inc common and preferred stock to creditors,\nshareholders and members.\n The acquisition was pursuant of a Chapter 11 reorganization\nplan of American Adventure.\n The company said the transaction involved assets valued at\nmore than 83 mln dlrs.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:18:18.04",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10158"
},
{
"title": "AMERITECH <AIT> UNIT NAMES NEW PRESIDENT",
"body": "Ameritech Publishing, a unit of\nAmeritech, the midwest-based telephone services company, said\nit has named Barry Allen president effective April.\n Ameritech Publishing said Allen will succeed Leo Egan, who\nwill become chairman and chief executive officer until he\nretires on June 1.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:19:07.96",
"places": [
"usa"
],
"id": "10159"
},
{
"title": "BANCTEC <BTEC> GETS LARGEST ORDER EVER",
"body": "BancTec Inc said it received an order\nfor image processing equipment valued at six mln dlrs, its\nlargest order ever.\n BancTec said the order, expected to be shipped during the\ncurrent fiscal year, was placed by a major international\ncompany, which it did not name.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:19:25.82",
"places": [
"usa"
],
"id": "10160"
},
{
"title": "NORSTAR <NOR> TO COMBINE NEW YORK AREA BANKS",
"body": "Norstar Bancorp said it is\ncombining its banks on Long Island and New York City into one\ninstitution to be called Norstar Bank.\n The combined bank, with headquarters on Long Island, will\nhave assets of two billion dlrs and 80 branches, Norstar said.\n It added that the combination will provide important\nadministrative and operating efficiencies to its customers.\n Norstar said the combination will also make it easier to\nmanage its bank network as it prepares to merge with Fleet\nFinancial Group <FLT> through a 1.3 billion dlr stock\ntransaction.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 16:19:38.22",
"places": [
"usa"
],
"id": "10161"
},
{
"title": "CAMPBELL SOUP CO <CPB> SETS QUARTERLY DIVIDEND",
"body": "Qtly div 36 cts vs 36 cts\n Pay April 30\n Record April 7\n Reuter\n\u0003",
"date": "26-MAR-1987 16:19:51.74",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10162"
},
{
"title": "EQUITABLE RESOURCES INC <EQT> IN REGULAR PAYOUT",
"body": "Qtly div 30 cts vs 30 cts prior\n Pay June one\n Record May eight\n NOTE: Current dividend is equivalent to previous quarterly\ndividend of 45 cts per share, after giving effect to 3-for-2\nstock split effective March 3, 1987.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:19:56.71",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10163"
},
{
"title": "CHRYSLER <C> TO RUN SIX OF SEVEN U.S. PLANTS",
"body": "Chrysler Corp said it scheduled six of\nits seven U.S. car and truck assembly plants to operate the\nweek of March 30, with four on overtime.\n It also said one plant will operate Saturday, March 28.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:20:21.69",
"places": [
"usa"
],
"id": "10164"
},
{
"title": "ELECTROSOUND GROUP INC <ESG>3RD QTR FEB 28 LOSS",
"body": "Oper shr loss one cts vs loss five cts\n Oper net loss 15,000 vs loss 79,000\n Revs 6,244,000 vs 8,148,000\n Avg shrs 1,912,000 vs 1,537,000\n Nine mths\n Oper shr profit 19 cts vs profit 22 cts\n Oper net profit 347,000 vs profit 341,000\n Revs 22.6 mln vs 28.5 mln\n Avg shrs 1,840,000 vs 1,537,000\n \n Note: Oper excludes tax losses of 13,000 vs 85,000 for qtr\nand tax credits of 258,000 vs 235,000 for nine mths.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:20:48.48",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10165"
},
{
"title": "GE <GE> GETS 133.0 MLN DLR MILITARY CONTRACT",
"body": "RCA Inc of Moorestown, N.J., a\ndivision of General Electric, has been awarded a 133.0 mln dlr\ncontract for work on the Aegis weapons system, the Navy said.\n REUTER\n\u0003",
"date": "26-MAR-1987 16:21:58.09",
"places": [
"usa"
],
"id": "10166"
},
{
"title": "THL HOLDINGS PLANS TO REDEEM UNIT'S PREFERRED",
"body": "<THL Holdings Inc> said a purpose\nof its planned common stock offering would be to redeem its\nSeries B preferred stock of its subsidiary, SCOA Industries Inc\n<SCOA>.\n THL said if the public offering is successful, it plans to\nredeem the preferred stock at 25 dlrs per share, plus accrued\ndividends.\n The company said it planned to use the proceeds from the\npublic offering to finance the redemption of the preferred\nstock.\n It said the company plans to seek approval of the holders\nof the Series B preferred stock to redeem the Series B shares\nwithout at the same time redeeming another series of SCOA's\npreferred stock.\n The company said if the approval is not obtained, SCOA has\nthe right to redeem both series simultaneously.\n THL said it announced on February 25, 1987, its intention\nto make a public offering of common stock.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:22:26.11",
"places": [
"usa"
],
"id": "10167"
},
{
"title": "BP <BP> MAY HAVE TO RAISE BID - ANALYSTS",
"body": "British Petroleum Co PLC may have to\nraise its planned 70 dlrs a share tender offer for the publicly\ntraded shares of Standard Oil Co <SRD>, analysts said.\n \"There's a lot of speculation here that someway or other\nthey would be forced to come up with another bid,\" said Rosario\nIlaqua of L.F. Rothschild.\n And despite BP managing director David Simon's denial today\nthat BP would raise the offer, the analysts said that remained\na distinct possibility.\n Analysts said they base their thinking on Royal Dutch/Shell\nGroup's <RD> <SC> bid to buy the outstanding stake of Shell Oil\nCo in 1984 and 1985. Royal Dutch/Shell eventually raised its\ninitial 55 dlrs a share offer to 60 dlrs a share, after\nlawsuits by minority shareholders.\n \"I think they're going to have to go a little higher\neventually, just as Royal Dutch/Shell had to go a little higher\nfor the Shell Oil minority shares,\" Bruce Lazier of Prescott\nBall and Turben said. He estimated a price of 75 dlrs a share.\n Royal Dutch/Shell offered 55 dlrs a share for the 30.5 pct\nof Shell Oil it did not already own in January of 1984. After\nobjections from minority shareholders about the price, Royal\nDutch/Shell raised its bid and began a 58 dlrs a share tender\noffer in April 1984.\n But shareholders sued and a court blocked completion of the\noffer. After months of wrangling over the worth of Shell Oil,\nRoyal Dutch/Shell agreed to another two dlrs increase.\n It ended up paying 5.67 billion dlrs for the outstanding\nShell Oil stake, a significant premium to its original bid of\nabout 5.2 billion dlrs.\n The analysts made their comments before Simon's remarks at\na BP press conference in New York this afternoon.\n Sanford Margoshes of Shearson Lehman Brothers Inc told\nclients this morning that a sweetened offer was possible. The\nanalyst said the bid could be raised by two dlrs a share.\n Analysts do not expect regulatory hurdles because of the\nRoyal Dutch/Shell group precedent. But there may be shareholder\nlawsuits for the same reason, they said.\n Goldman Sachs and Co, BP's investment advisor, advised the\nShell Oil board in 1984 and 1985.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:23:06.43",
"topics": [
"acq",
"crude"
],
"places": [
"usa"
],
"id": "10168"
},
{
"title": "GENERAL MOTORS <GM> IDLES 1,000",
"body": "General Motors Corp said it will put\n1,000 workers at one of its car assembly plants on temporary\nlayoff.\n The giant automaker also said 2,000 workers who had been\nidled will return to work.\n General Motors, in announcing its weekly plant schedule,\nsaid the number of workers on indefinite layoff will remain\nunchanged at 37,000.\n The 1,000 workers will be laid off temporarly at the\nPontiac, Mich., Fiero assembly plant, which will be down from\nMarch 30 through April 13 for inventory adjustment.\n Some 2,000 General Motors workers will return March 30 at\nthe Chevrolet-Pontiac-GM of Canada plant at Arlington, Tex.,\nwhich was shut March 16 for inventory adjustment.\n Some 5,600 workers remain on temporary layoff at two\nplants.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:24:13.22",
"places": [
"usa"
],
"id": "10169"
},
{
"title": "OCCIDENTAL <OXY> UNIT NAMES NEW PRESIDENT",
"body": "MidCon Corp, a unit of Occidental\nPetroleum Corp, said that effective May 1,\nDan Grubb will be the unit's president and chief operating\nofficer, taking over the title of president from O.C. Davis,\nwho will remain chairman and chief executive officer.\n MidCon said Robert Hodge, Midcon senior vice president for\nplanning and administration, will take over for Grubb as\npresident of Midcon Services when he assumes his new duties.\n Also, Midcon said that Philip Gasparac, Midcon senior vice\npresident and chief financial officer, will take on the\nadditional responsibilities of planning, rates and joint\nventures.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:25:02.59",
"places": [
"usa"
],
"id": "10170"
},
{
"title": "VIACOM <VIA> SETS RECORD DATE FOR MERGER VOTE",
"body": "Viacom International Inc said it set\nApril 6 as the record date for shareholders entitled to vote at\na special meeting to be held to vote on the proposed merger of\nArsenal Acquiring Corp, a wholly-owned subsidiary of <Arsenal\nHoldings Inc> into Viacom.\n It said the date of the special meeting has not yet been\ndetermined.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:25:13.14",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10171"
},
{
"title": "NO GRAIN SHIPMENTS TO THE USSR -- USDA",
"body": "There were no shipments of U.S.\ngrain or soybeans to the Soviet Union in the week ended March\n19, according to the U.S. Agriculture Department's latest\nExport Sales report.\n The USSR has purchased 2.40 mln tonnes of U.S. corn for\ndelivery in the fourth year of the U.S.-USSR grain agreement.\n Total shipments in the third year of the U.S.-USSR grains\nagreement, which ended September 30, amounted to 152,600 tonnes\nof wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of\nsoybeans.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:26:18.20",
"topics": [
"grain",
"corn",
"wheat",
"oilseed",
"soybean"
],
"places": [
"usa",
"ussr"
],
"id": "10172"
},
{
"title": "COURIER <CRRC> SEES SECOND QUARTER LOSS",
"body": "Courier Corp said it expects to\nreport a small loss for the second fiscal quarter against a\nprofit of 828,000 dlrs a year ago.\n The company attributed the loss to competitive pressures\nwhich have cut gross margins. In addition, it said it is\nincurring significant expenses from management programs aimed\nat reducing costs and boosting productivity.\n It said its Murray Printing Co unit has undertaken a\nprogram of extended work hours, and salary and job cuts which\nwill save more than 1.5 mln dlrs annually.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:26:47.57",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10173"
},
{
"title": "CONTINUING CARE ASSOCIATES <CONC> 4TH QTR NET",
"body": "Shr four cts vs two cts\n Net 59,700 vs 27,300\n Revs 3,123,900 vs 1,911,900\n 12 mths\n Shr six cts vs nine cts\n Net 94,100 vs 81,600\n Revs 9,802,000 vs 5,922,000\n NOTE: qtr 1986 and qtr prior includes tax gain 9,000 and\n1,900, respectively; and year 1986 and year prior includes tax\ngain 18,000 and 21,000, respectively.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:27:24.53",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10174"
},
{
"title": "USDA COMMENTS ON EXPORT SALES REPORT",
"body": "Corn sales of 2,806,300 tonnes in\nthe week ended March 19 were the highest level since\nmid-November, 1979, the U.S. Agriculture Department said.\n The department said the USSR dominated the week's activity\nwith purchases of 1.4 mln tonnes (which were earlier reported\nunder the daily reporting system). Other large increaes were\nposted for Japan and unknown destinations, it said.\n Taiwan purchased 296,300 tonnes for the 1986/87 season and\n170,000 tonnes for the 1987/88 season, it said.\n Wheat sales of 317,200 tonnes for the current season and\n125,000 tonnes for the 1987/88 season were down about one-third\nfrom the preceding week and the four-week average.\n Wheat sales to China of 60,000 tonnes were switched from\n1986/87 to the 1987/88 season, it noted.\n Soybean sales of 483,100 tonnes were 11 pct above the prior\nweek and two-thirds above the four-week average.\n Japan, the Netherlands, Mexico and Portugal were the main\nbuyers, the department said.\n Soybean cake and meal sales of 289,400 tonnes were\ntwo-thirds above the previous week and the largest of the\nmarketing year, with Venezuela the dominant purchaser.\n Sales activity in soybean oil resulted in decreases of\n4,400 tonnes, as reductions for unknown destinations more than\noffset increases for Canada, the Dominican Republic and Panama,\nthe department said.\n Cotton sales of 57,900 running bales -- 43,800 bales for\nthe current year and 14,200 bales for the 1987/88 season --\nwere off 25 pct from the previous week and 50 pct from the\nfour-week average.\n Turkey, Thailand, South Korea and Canada were the major\nbuyers for the current season, while Thailand, Britain and\nJapan were the major purchasers from the upcoming season, the\ndepartment said.\n Sorghum sales of 178,800 tonnes were two-thirds above the\nprior week and 75 pct over the four-week average.\n Venezuela was the leading buyer it said.\n Sales of 41,800 tonnes of barley were 10 times the previous\nweek and 10 pct greater than the four-week average. Israel,\nCyprus and Saudi Arabia were the main buyers, it said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:28:24.55",
"topics": [
"grain",
"corn",
"wheat",
"oilseed",
"soybean",
"meal-feed",
"veg-oil",
"soy-oil",
"sorghum",
"barley"
],
"places": [
"usa",
"ussr",
"taiwan",
"china",
"japan",
"netherlands",
"mexico",
"portugal",
"canada",
"dominican-republic",
"panama",
"turkey",
"thailand",
"uk",
"south-korea",
"venezuela",
"israel",
"cyprus",
"saudi-arabia"
],
"id": "10175"
},
{
"title": "U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION DLRS IN MARCH 16 WEEK, FED SAYS\n",
"date": "26-MAR-1987 16:31:27.08",
"topics": [
"money-supply"
],
"id": "10176"
},
{
"title": "U.S. BANK DISCOUNT BORROWINGS AVERAGE 302 MLN DLRS A DAY IN MARCH 25 WEEK, FED SAYS\n",
"date": "26-MAR-1987 16:31:45.96",
"topics": [
"money-supply"
],
"id": "10177"
},
{
"title": "U.S. BANK NET FREE RESERVES 603 MLN DLRS IN TWO WEEKS TO MARCH 25, FED SAYS\n",
"date": "26-MAR-1987 16:31:59.82",
"topics": [
"money-supply"
],
"id": "10178"
},
{
"title": "COSTA RICAN CENTRAL BANK CHIEF RESIGNS",
"body": "Eduardo Lizano, President of Costa\nRica's central bank and the country's chief debt negotiator,\nhas tendered his resignation and will be leaving the government\nnext month, a central bank spokesman said.\n Spokesman Manuel Melendez said Lizano announced his\ndecision to leave the bank late yesterday during a meeting of\nits board of directors.\n \"Lizano has always been an educator and he intends to\ndedicate himself to teaching at the university of Costa Rica,\"\nMelendez said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:33:19.68",
"places": [
"costa-rica"
],
"id": "10179"
},
{
"title": "VALLEY FEDERAL <VFED> SPLITS STOCK TWO-FOR-ONE",
"body": "Valley Federal Savings and\nLoan Association said its board declared a two-for-one stock\nsplit for its common stock.\n The split will be effected in the form of a 100 pct stock\ndividend, to be issued April 30 to stockholders of record March\n31.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:34:34.46",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10180"
},
{
"title": "ATCOR <ATCO> CUTS DIVIDEND",
"body": "Atcor Inc said it cut its\nquarterly dividend to three cts per share from 12 cts because\nof depressed earnings.\n The dividend is payable April 15 to holders of record April\n6.\n It said it will continue to review the dividend on a\nquarterly basis.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:34:54.61",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10181"
},
{
"title": "BOSTON EDISON <BSE> EXECUTIVES RETIRING",
"body": "Boston Edison Co chairman Stephen\nSweeney said two of the company's senior officers will take\nearly retirements, and the company is looking for a new\npresident and chief financial officer.\n Sweeney, who also holds the titles of president and chief\nexecutive officer, said James Lydon, executive vice president\nand chief operating officer, Joseph Tyrrell, executive vice\npresident and chief financial officer, have asked to take early\nretirements following a transition period.\n Lydon and Tyrrell have each been with the company more than\n35 years, Sweeney said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:36:28.89",
"places": [
"usa"
],
"id": "10182"
},
{
"title": "U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION DLR",
"body": "U.S. M-1 money supply rose 1.2 billion\ndlrs to a seasonally adjusted 740.2 billion dlrs in the March\n16 week, the Federal Reserve said.\n The previous week's M-1 level was revised to 739.0 billion\ndlrs from 738.7 billion, while the four-week moving average of\nM-1 rose to 739.1 billion dlrs from 738.3 billion.\n Economists polled by Reuters said that M-1 would rise\nanywhere from 700 mln dlrs to three billion dlrs. The average\nforecast called for a 1.8 billion dlr increase.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:37:21.51",
"topics": [
"money-supply"
],
"places": [
"usa"
],
"id": "10183"
},
{
"title": "CPI <CPIC> TO SELL ATT <T> COMPUTER PRODUCTS",
"body": "CPI Corp said American Telephone and\nTelegraph has authorized its Business Telephone Systems\ndivision to represent its computer product line to the St.\nLouis and Chicago business markets.\n CPI said the products included in the agreement are\ncomputers, printers, telephone modems and fax machines.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:37:59.69",
"places": [
"usa"
],
"id": "10184"
},
{
"title": "TERRANO CORP <TRNO> YEAR DEC 31 OPER NET",
"body": "Oper shr profit 12 cts vs loss 1.15 dlrs\n Oper net profit 300,286 vs loss 2,855,887\n Revs 2,456,616 mln vs 2,979,206\n Avg shrs 2,527,720 vs 2,482,197\n NOTE: 1986 earnings exclude extraordinary gain from\nforgiveness of debt through reorganization under Chapter 11 of\n280,505 dlrs, or 11 cts a share\n Reuter\n\u0003",
"date": "26-MAR-1987 16:38:09.27",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10185"
},
{
"title": "ATCOR INC <ATCO> CUT DIVIDEND",
"body": "Qtly div three cts vs 12 cts prior\n Pay April 15\n Record April 6\n Reuter\n\u0003",
"date": "26-MAR-1987 16:38:43.26",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10186"
},
{
"title": "CHRYSLER <C> AND UNITS AFFIRMED BY S/P",
"body": "Standard and Poor's Corp said it\naffirmed the ratings on 19 billion dlrs of debt of Chrysler\nCorp and related entities.\n S and P cited the acquisition of AMC as strongly negative.\nIt questioned the long-term srategic value, as well as a high\nprice of about two billion dlrs.\n Affirmed were the BBB senior debt of Chrysler and its unit\nChrysler Financial, Chrysler Financial's A-2 domestic and\nEurocommercial paper, Chrysler Capital Realty Inc's A-2\ncommercial paper and Chrysler Financial's BBB-minus\nsubordinated debt.\n The BBB senior debt of two international units, Chrysler\nCredit Canada Ltd and Chrysler Overseas Capital Corp, was also\naffirmed.\n Chrysler's debt issues were put on creditwatch on March\nnine after the automaker announced plans to acquire American\nMotors Corp <AMO>. AMC's debt is still on creditwatch with\npositive implications pending the deal's outcome.\n The AMC purchase shows a strongly aggressive move on\nChrysler's part to increase market share at a time when\nindustry competition is intensely competitive, S and P said.\nThis is a change in the company's previous strategy.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:40:12.94",
"places": [
"usa"
],
"id": "10187"
},
{
"title": "HAWAIIAN AIRLINES <HA> TO EXPAND SERVICES",
"body": "Hawaiian Airlines Inc said it will\ncontinue to expand services to Pacific Islands this year.\n The company said it will increase its South Pacific\nservices to daily service, from the current four flights per\nweek, and beginning May 21 it will fly twice a week to the\nWestern Pacific to Guam.\n Hawaiian Airlines also said it has applied with the\nDepartment of Transportation for an emergency exemption to\nprovide service to Tahiti, with connecting services to American\nSamoa, New Zealand and Cooke Islands.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:41:52.65",
"places": [
"usa",
"guam",
"new-zealand"
],
"id": "10188"
},
{
"title": "NASA ROCKET FAILS AFTER TAKEOFF",
"body": "An Atlas Centaur rocket\nlaunching a military communications satellite went out of\ncontrol a minute after launch and was destroyed, a NASA\nspokesman said.\n The Atlas Centaur blasted off in rainy and overcast\nconditions. Within seconds controllers reported it was out of\ncontrol and the order to blow it up was given.\n NASA spokesperson Lisa Malone said the rocket may have been\nstruck by lightening.\n The failure is the first for NASA since May 1986, when a\nDelta rocket failed.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:43:00.58",
"places": [
"usa"
],
"id": "10189"
},
{
"title": "STANDARD OIL <SRD> SEES BOOST IN 1987 CASH FLOW",
"body": "Standard Oil Co expects the sale of\nassets and federal tax refunds resulting from last year's loss\nto add about one billion dlrs to its normal cash flows from\noperations in 1987, its annual report said.\n Last year, the report noted, the cash flow from operations\ndropped to 1.8 billion dlrs from 3.5 billion dlrs in 1985 and\n3.2 billion dlrs in 1984 due principally to lower oil prices.\n The report, prepared before British Petroleum Co Plc <BP>\ndisclosed plans to seek the rest of Standard's stock, put 1987\ncapital spending at 1.6 billion dlrs, down from the 1.7 billion\ndlrs projected in January.\n Standard's capital spending totaled 1.77 billion dlrs in\n1986.\n The report showed a decline in proven oil reserves to 2.41\nbillion barrels at the end of 1986 from 2.65 billion barrels a\nyear earlier as discoveries and other additions dropped to 11.4\nmln barrels last year from 23.2 mln in 1985.\n But it said gas reeserves rose to 7.31 trillion cubic feet\nfrom 7.22 trillion at the end of 1985 despite a 30.9 mln cubic\nfeet downward revision in previous reserve estimates during\n1986. Discoveries and other additions totaled 200.5 billion\ncubic feet last year, up from 175.9 billion in 1985, it added.\n Standard said both oil and gas production increased last\nyear -- to 726,600 barrels per day from 719,700 barrels the\nprevious day and to 154.4 mln cubic feet daily from 10.1 mln in\n1985.\n But the average sales price of both dropped -- to 13.83\ndlrs per barrel from 26.43 dlrs for oil in 1985 and to 1.49\ndlrs per thousand cubic feet from 2.18 dlrs a year earlier.\n Standard said its refined product sales also rose last\nyear, to 644,500 barrels per day from 604,200 barrels daily in\n1985.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:44:56.87",
"topics": [
"acq",
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "10190"
},
{
"title": "FORMER HERSTATT DEALER CAN BE SUED, COURT RULES",
"body": "The former chief currency\ndealer of Herstatt Bank, which collapsed in 1974 on foreign\nexchange speculation in West Germany's biggest banking crash,\ncan stand trial for damages, a court ruled.\n The court overturned a claim by Danny Dattel that a case\nfor damages should not be allowed after such a long interval.\n Herstatt creditors are seeking 12.5 mln marks from Dattel,\nwhom they accuse of causing losses at the bank of over 500 mln\nmarks by manipulating forward foreign exchange contracts.\n The crash of the private Herstatt bank with losses of over\none billion marks stunned West Germany's business community,\nand led to a tightening of banking regulations.\n The losses were even greater than the 480 mln marks\nannounced recently by Volkswagen as a result of fraud in\ncurrency transactions.\n Ivan Herstatt, managing director of the bank when it\ncollapsed, was sentenced to four and a half years in prison in\n1984 but appealed. Six other people associated with the bank\nwere jailed in 1983.\n But Dattel was freed from prosecution after he produced\nmedical evidence of paranoia caused by Nazi persecution during\nhis childhood, which might have led him to take his own life.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:45:23.05",
"topics": [
"money-fx"
],
"places": [
"west-germany"
],
"id": "10191"
},
{
"title": "NEXT FEW MONTHS CRUCIAL FOR OIL - HERNANDEZ",
"body": "Energy and Mines Minister Arturo\nHernandez Grisanti today told a meeting of regional oil\nexporters the next few months will be critical to efforts to\nachieve price recovery and stabilize the market.\n Hernandez said while OPEC and non-OPEC nations have\nalready made some strides in their efforts to strengthen the\nmarket, the danger of a reversal is always present.\n \"March and the next two or three months will be a really\ncritical period,\" Hernandez said. He said, \"We will be able to\ndefine a movement, either towards market stability and price\nrecovery or, depending on the market, a reversal.\"\n Earlier this week, Hernandez said Venezuela's oil price has\naveraged just above 16 dlrs a barrel for the year to date. If\nOPEC achieves its stated goal of an 18 dlrs a barrel average\nprice, he said, Venezuela's should move up to 16.50 dlrs.\n Hernandez spoke today at the opening of the fifth\nministerial meeting of the informal group of Latin American and\nCaribbean oil exporters, formed in 1983.\n Ministers from member states Ecuador, Mexico,\nTrinidad-Tobago and Venezuela are attending the two day\nconference, while Colombia is present for the first time as an\nobserver.\n Hernandez defined the meeting as an informal exchange of\nideas about the oil market. However, the members will also\ndiscuss ways to combat proposals for a tax on imported oil\ncurrently before the U.S. Congress.\n Following the opening session, the group of ministers met\nwith President Jaime Lusinchi at Miraflores, the presidential\npalace. The delegations to the conference are headed by\nHernandez of Venezuela, Energy Minister Javier Espinosa of\nEcuador, Energy Minister Kelvin Ramnath of Trinidad-Tobago,\nJose Luis Alcudiai, assistant energy secretary of Mexico and\nEnergy Minister Guilermno Perry Rubio of Colombia.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:50:35.07",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"venezuela",
"ecuador",
"mexico",
"colombia",
"trinidad-tobago",
"usa"
],
"id": "10192"
},
{
"title": "IBM <IBM> CLOSER TO LASER CHIP TESTING",
"body": "International Business Machines Corp\nsaid scientists at its Zurich research laboratory have taken a\nkey step toward developing a method of testing computer chips\nwith a laser.\n The technique is important, IBM said, because it could lead\nto the development of tools that can determine the quality of\nmicroscopic-sized computer chips without damaging them.\n IBM said chip makers will need such advanced testing\nmethods to aid them in developing the next generation of\nsemiconductors.\n These chips will be smaller than today's chips but will be\nable to store vastly greater amounts of information.\n IBM said its technique uses a laser light for \"contactless\"\nmeasuring of electrical signals on metal lines similar to the\nkind found in computer chip circuitry.\n It said that using commercially available lasers, the\nmethod should permit measurements of circuits with a width of\none micrometer or less.\n A micrometer is about 80 times smaller than the thickness\nof a sheet of paper.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:51:44.54",
"places": [
"usa"
],
"id": "10193"
},
{
"title": "TROUND INTERNATIONAL <TROU> IN JOINT VENTURE",
"body": "Tround International Inc\nsaid it entered into a joint agreement with <Lucas Aerospace\nLtd>.\n The company said the agreement calls for the selection of\ncertain Tround products for use both with the Lucas 50 caliber\ngun turret on helicopters and other vehicles and to establish a\nsales effort for these products.\n The two companies are negotiating with the U.S. Navy to\nflight-qualify the joint system, which will be adapted to a\nhelicopter provided by the Navy.\n Tround said the system has the potential for revenues in\nexcess of 300 mln dlrs over a six-to-eight-year production time\nspan, assuming the project is a success.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:52:53.64",
"places": [
"usa"
],
"id": "10194"
},
{
"title": "FARM CREDIT AID SEEN BROADENED TO OTHER LENDERS",
"body": "Farm-state senators indicated they\nmay broaden a Farm Credit System rescue package to include aid\nfor borrowers from private lenders such as commercial banks, as\nwell as the farm credit system.\n Sen. David Boren, D-Okla., chairman of the Senate\nAgriculture subcommittee responsible for farm credit, said\nlegislation to rescue the financially-troubled system should\nprovide help to borrowers from all lenders to agriculture.\n \"We must provide some form of interest rate buydown,\nprincipal reduction relief for all eligible farmers and\nranchers regardless of their lending institution,\" Boren said.\n Boren's statement received bipartisan support from Sen.\nJames McClure, R-Idaho, who agreed that the aid package should\ncover all lenders to agriculture.\n The comments by Senators of both parties, plus endorsements\nfor the across-the-board approach from the nation's largest\nfarm organization, the American Farm Bureau Federation, and\nfrom the system itself, appeared to significantly broaden the\nfocus of the rescue legislation for the farm credit system.\nUntil now, agriculture officials had focused exclusively on how\nto resurrect the failing system.\n Boren said borrowers from private lenders such as\ncommercial banks and life insurance companies must be included\nin the aid package because \"it would not be fair to address\nonly the problems of Farm Credit System borrowers.\"\n However, Boren and other proponents of an across-the-board\ninterest rate or principal buydown did not say how much the\nbroad approach would cost.\n But Neil Harl, professor of economics at Iowa State\nUniversity told the hearing the cost could be in the range of\n3.5 billion dlrs annually.\n By trying to draw into the farm credit rescue package all\nfarm borrowers, Boren and other Senators appeared to be\nreacting to pressure from private lenders and their borrowers,\nwho fear they will be put at a competitive disadvantage by the\ngovernment rescue of the farm credit system and its borrowers.\n The farm credit system is the nation's largest lender to\nagriculture with 39 pct of all farm real estate loans, but\nprivate lenders account for nearly a quarter of loans on\nfarmland and 34 pct of farm operating loans, official figures\nshow.\n The American Bankers Association, in testimony to the\nhearing, warned the farm credit rescue should not be structured\nto favor the system over other lenders.\n As one way to meet the concern of private lenders, several\nSenators, the farm credit system, and farm organizations\nendorsed creation of a secondary market on farm real estate\nloans, called \"aggie mae\", which is sought by private lenders.\n \"We are also exploring the possibility of including in the\nfarm credit bill, the establishment of a secondary market for\nagricultural loans that would be available to all lenders,\"\nSen. Boren said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:53:40.64",
"places": [
"usa"
],
"id": "10195"
},
{
"title": "HOWARD B. WOLF INC <HBW> 3RD QTR FEB 28 NET",
"body": "Shr two cts vs three cts\n Net 21,080 vs 35,393\n Revs 2,026,017 vs 2,476,068\n Nine mths\n Shr five cts vs six cts\n Net 48,567 vs 59,527\n Revs 6,231,242 vs 6,519,473\n Reuter\n\u0003",
"date": "26-MAR-1987 16:53:46.25",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10196"
},
{
"title": "BURR-BROWN <BBRC> SEES LOWER 1ST QTR EARNINGS",
"body": "Burr-Brown Corp said its first\nquarter 1987 results will show profits significantly below the\n1,058,000 dlrs, or 11 cts per share, earned in the first\nquarter last year.\n The company said the profit decline will be the result of\nan increase in reserves for inventory valuation. The increase\nwill be to cover potential write-downs of certain inventories\nor products used in compact-disc stereo systems.\n Burr-Brown said the possible write-down is being\nprecipitated by a shift in market demand toward higher\nperformance products.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:54:48.60",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10197"
},
{
"title": "ACME-CLEVELAND <AMT> CEO TO STEP DOWN",
"body": "B. Charles Ames, chairman of\nAcme-Cleveland Corp, said he will step down as chief executive\nofficer of the company.\n He will be replaced by David Swift, who was elected to\nserve as president and chief executive officer, effective April\n1, the company said.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:55:08.35",
"places": [
"usa"
],
"id": "10198"
},
{
"title": "COSTA RICAN CENTRAL BANK CHIEF RESIGNS",
"body": "Eduardo Lizano, president of Costa\nRica's central bank and the country's chief debt negotiator,\nhas tendered his resignation and will be leaving the government\nnext month, a central bank spokesman said.\n The spokesman said Lizano, 56, announced his decision to\nleave the bank late yesterday during a meeting of its board of\ndirectors. \"He intends to dedicate himself to teaching at the\nuniversity of costa rica,\" he said.\n Lizano could not be reached immediately for comment on his\ndecision to leave the central bank.\n Well-placed sources said his departure follows months of\nbitter infighting over government economic policy and the\nhandling of this nation's foreign debt, which is among the\nhighest per capita in the world.\n Reuter\n\u0003",
"date": "26-MAR-1987 16:58:16.14",
"places": [
"costa-rica"
],
"id": "10199"
},
{
"title": "BRAZIL OIL OUTPUT FELL IN FEBRUARY, USAGE UP",
"body": "Brazilian crude oil and\nliquefied natural gas production fell to an average 583,747\nbarrels per day in February from 596,740 in the same 1986\nmonth, the state oil company Petrobras said.\n The drop was due to operating problems in the Campos Basin,\nthe country's main producing area, where output was down to\n346,011 bpd from 357,420, a Petrobras statement said.\n Consumption of oil derivatives totalled 1.14 mln bpd in\nFebruary, 16.7 pct up on February last year but down from the\nrecord 1.22 mln bpd used in October last year. Use of alcohol\nfuel in February was 208,600 bpd, 42 pct above February, 1986.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:00:34.81",
"topics": [
"crude"
],
"places": [
"brazil"
],
"id": "10200"
},
{
"title": "MEDIA GENERAL INC UPS QTLY DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT\n",
"date": "26-MAR-1987 17:00:44.07",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10201"
},
{
"title": "HAWKEYE ENTERTAINMENT <SBIZ> COMPLETES OFFERING",
"body": "Hawkeye Entertainment Inc said it\ncompleted its initial public offering at the maximum\nsubscription level of 14 mln shares at 25 cts per share, for\nproceeds of 3.5 mln dlrs.\n The company said the proceeds will be used to create,\nacquire, develop, produce and package entertainment properties,\nprimarily in film and television and secondarily in music.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:01:22.82",
"places": [
"usa"
],
"id": "10202"
},
{
"title": "BOMED MIDEICAL <BOMD> SIGNS THREE CONTRACTS",
"body": "Bomed Medical Manufacturing Ltd\nsaid it signed three foreign contracts for the sale of its\nnoninvasive continuous cardiac output monitor.\n The contracts, valued together at over one mln dlrs, are\nwith Sino-US Medical Specialties Ltd in Hong Kong and China,\nKimal Scientific Products Ltd, in the United Kingdom and\nHemoportugal, LDA, in Portugal.\n Bomed said it is also in the process of negotiating other\nforeign contracts.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:01:35.58",
"places": [
"usa"
],
"id": "10203"
},
{
"title": "DEXTER <DEX> UNIT TO LICENSE ADHESIVES",
"body": "Dexter Corp said its Hysol\nAerospace and Industrial Products division signed an agreement\nto license its engineering adhesives to Toyoda Gosei, an\naffiliate of <Toyota Motor Co> of Japan.\n Dexter said technology exchanges will begin within the next\nthree months and both partners will work together to develop a\ncomplete line of structural adhesive and application techniques\nfor the automotive and other industries.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:02:11.13",
"places": [
"usa"
],
"id": "10204"
},
{
"title": "MOBIL <MOB> POSTPONES HIGHRISE DEVELOPMENT",
"body": "Mobil Corp said its plans to erect a\n72-story office building in downtown Chicago at the site once\noccupied by a Montgomery Ward department store have been\npostponed.\n A spokesman for Dearborn Land Co, a unit of Mobil Land\nDevelopment Corp, said the current office market in the area is\noverbuilt.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:03:03.12",
"places": [
"usa"
],
"id": "10205"
},
{
"title": "GLENWOOD RECALLS PRESCRIPTION DRUG LOT",
"body": "<Glenwood Inc> said it is\nrecalling lot number 54238 of its potaba tablet (aminobenzoate\npotassium), a prescription drug used mainly to treat\nscleroderma, a painful skin thickening condition.\n It said 5,474 bottles of 100 tablets were distributed\nnationwide. The product is made by Vitarine Pharmaceuticals of\nSpringfield Gardens, N.Y, exclusively under the Glenwood label.\n Glenwood said the recall is due to the pacakging of a\nnon-prescription tablet containing ammonium chloride and\ncaffeine with the potaba tablets.\n Only one lot number is involved, but the company said it\nurges all potaba tablets purchased since January 1987 be \ndiscontinued if a lot number cannot be identified.\n It said potaba therapy requires about 24 tablets a day, and\nin the mispackaged bottles patients could take excessively\nlarge doses of caffeine and chloride which could produce rapid\nheart beats, anxiety, and other ill health effects.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:09:54.65",
"places": [
"usa"
],
"id": "10206"
},
{
"title": "CORRECTED - MEDIA GENERAL INC UPS ANNUAL DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT (CORRECTS TO SHOW RAISE IN ANNUAL DIV, NOT QTLY)\n",
"date": "26-MAR-1987 17:11:25.40",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10207"
},
{
"title": "CENTRAL CAPITAL PLANS THREE-FOR-TWO STOCK SPLIT",
"body": "<Central Capital Corp> said it planned\na three-for-two split of its common and class A subordinate\nvoting shares, subject to shareholder approval at the April 23\nannual meeting.\n It said the split would raise the amount of common shares\nto about 25.2 mln from 16.8 mln and subordinate voting shares\nto about 23.9 mln from 15.9 mln.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:13:06.04",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10208"
},
{
"title": "WHITE HOUSE UNIT DECIDES ON SEMICONDUCTORS",
"body": "The White House Economic Policy\nCouncil made a recommendation to President Reagan whether to\nretaliate against Japan for alleged unfair practices in\nsemiconductor trade, U.S. officials said.\n They would not disclose the council's recommendation, but\nthe officials said earlier it was likely the council would call\nfor retaliation and urge that curbs be imposed on Japanese\nexports to the United States.\n The officials said it might be several days before Reagan\nwould act and his moves made public.\n The Senate last week unanimously called on Reagan to impose\npenalities on Japanese exports. Retaliation was also called for\nby the semiconductor industry and its chief trade union, both\nhard hit by Japanese semiconductor trade.\n In a pact last summer, Japan summer agreed to stop dumping\nits semiconductors at less than cost in the United States and\nother nations and to open its own market to the U.S. products.\n In return, the United States agreed to hold up imposing\nanti-dumping duties on Japanese semiconductor shipments.\n U.S. officials say that while Japan has stopped dumping\nsemiconductors on the American market, they have continued to\ndump them in third countries and that the Japanese market has\nremained all but closed to the U.S. semiconductors.\nsemiconductors on the American market, they have continued to\ndump them in third countries and that the Japanese market has\nremained all but closed to the U.S. semiconductors.\n reuter\n\u0003",
"date": "26-MAR-1987 17:13:44.00",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "10209"
},
{
"title": "BRITAIN'S CENTRIST ALLIANCE GAINS IN LATEST POLL",
"body": "Britain's centrist Alliance has gained\nfurther ground and now stands second to the ruling\nConservatives according to a new public opinion poll, leaving\nthe main opposition Labour Party trailing in third place.\n The Gallup survey to be published in tomorrow's Daily\nTelegraph newspaper shows the Conservatives with a popularity\nrating of 37.5 pct, followed by the Social Democrat/Liberal\nAlliance with 31.5 pct and Labour with 29.5 pct.\n A Marplan poll published in this morning's edition of the\nToday newspaper gave the Conservatives 36 pct against a tied\nfigure of 31 pct each for Labour and the Alliance.\n Last month a Marplan poll gave the Tories 38 pct, the\nAlliance 21 pct and Labour 37 pct.\n The latest poll findings would, if translated into an\nelection result, produce a hung parliament where no single\nparty enjoyed an overall majority, analysts said.\n That should dampen speculation of an early June election,\nthey added.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:17:15.67",
"places": [
"uk"
],
"id": "10210"
},
{
"title": "NORTHERN INDIANA <NI> 12 MTHS FEB 28 LOSS",
"body": "Shr loss 66 cts vs profit 1.07 dlrs\n Net loss 20,957,000 vs profit 11,041,000\n Revs 1.54 billion vs 1.85 billion\n Avg shrs 73.2 mln vs 71.7 mln\n NOTE: 1986 net excludes charge of 94.8 mln dlrs or 1.32\ndlrs a share from abandonment of Bailly nuclear plant.\n Northern Indiana Public Service Co is full name of company.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:22:00.47",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10211"
},
{
"title": "NATIONAL BANKING POSSIBLE BY 1991, HELLER SAYS",
"body": "Federal Reserve Governor Robert Heller\nsaid that there should be something approaching full nationwide\nbanking in the U.S. by 1990 or 1991.\n While much of the basic reform in anachronistic interstate\nbanking laws may come on the state level, he told a financial\nanalysts' meeting here that he also hoped for some concrete\naction on a federal level to address geographic and other\nissues.\n \"A crisis will bring it about very quickly...but that is\nnot the way I would like to see it happen,\" he said, adding,\n\"there needs to be continued pressure on Congress (to act).\"\n Heller said that it is very difficult to visualize the\nfinal version of plans to reform the U.S. financial services\nindustry, which are currently being discussed on Capitol Hill.\n\"In the conference committee, anything can happen,\" he said.\n He said that he hoped that his personal vision of banking\nreform, which he outlined earlier in a formal speech, would\nserve as a blueprint for Congressional debate.\n In his speech, Heller called for a broad restructuing of\nthe domestic financial services industry, which would allow\ncommercial banks to diversify along wider geographic and\nproduct lines.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:23:54.80",
"places": [
"usa"
],
"id": "10212"
},
{
"title": "CHAVIN RAISES STAKE IN MYERS (MYR)",
"body": "Chicago real estate developer\nLeonard Chavin told the Securities and Exchange Commission he\nhad raised his stake in the L.E. Meyers Co Group to 11 pct from\n9.7 pct.\n He also said an investment banker repesenting him met with\nMyers' officers, telling them of his plans for a takeover and\nthat he may solicit proxies for a seat on Myers' board.\n Chavin also said if he takes control of the firm, it could\nresult in delisting Meyers' from the New York Stock Exchange.\n He told the SEC that while he is trying to buy or acquire\nthe firm, he still may only hold the shares for an investment.\n reuter\n\u0003",
"date": "26-MAR-1987 17:25:03.27",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10213"
},
{
"title": "CANAMAX, PACIFIC TRANS-OCEAN APPROVE PRODUCTION",
"body": "<Canamax Resources Inc> and <Pacific\nTrans-Ocean Resources Ltd> said they conditionally approved\nstarting production at their jointly owned Ketza River gold\ndeposit in the Yukon after a study recommended the move.\n They said production was conditional on approval of a water\nlicense and arrangement of appropriate financing. They\nestimated development costs for the mine and mill would total\n21.1 mln dlrs, including three mln dlrs of working capital.\n The feasibility study anticipated gold production of 49,600\nounces a year at a cost of 129 Canadian dlrs a short ton, they\nsaid.\n Canamax and Pacific Trans-Ocean said the project would\nyield a 40 pct after-tax real rate of return at a gold price of\n400 U.S. dlrs an ounce.\n They said they would mine 460,000 tonnes of proven and\nprobable mineable reserves of oxide ore grading 0.45 ounce gold\nton at a yearly rate of 112,000 tonnes for a mine life of 4.25\nyears.\n Possible reserves of 75,000 tonnes grading 0.38 ounce gold\nton at the break zone would extend mine life by a year, with\nconsiderable potential for development of further oxide ore\nreserves at the deposit, they said.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:26:07.23",
"topics": [
"gold"
],
"places": [
"canada"
],
"id": "10214"
},
{
"title": "CAMPBELL RED LAKE MINES LTD 4TH QTR SHR 21 CTS VS 10 CTS\n",
"date": "26-MAR-1987 17:29:28.16",
"topics": [
"earn"
],
"id": "10215"
},
{
"title": "GOLD PRODUCTION TO START AT KETZA RIVER",
"body": "Canamax Resources Inc and Pacific\nTrans-Ocean Resources Ltd said they conditionally approved\nstarting production at their jointly owned Ketza River gold\ndeposit in the Yukon after a study recommended the move.\n They said production was conditional on approval of a water\nlicense and arrangement of appropriate financing. They\nestimated development costs for the mine and mill would total\n21.1 mln dlrs, including three mln dlrs of working capital.\n The feasibility study anticipated gold production of 49,600\nounces a year at a cost of 129 Canadian dlrs a short ton, they\nsaid.\n Canamax and Pacific Trans-Ocean said the project would\nyield a 40 pct after-tax real rate of return at a gold price of\n400 U.S. dlrs an ounce.\n They said they would mine 460,000 tonnes of proven and\nprobable mineable reserves of oxide ore grading 0.45 ounce gold\nper ton at a yearly rate of 112,000 tonnes for a mine life of\n4.25 years.\n Possible reserves of 75,000 tonnes grading 0.38 ounce gold\nper ton at the break zone would extend mine life by a year,\nwith considerable potential for development of further oxide\nore reserves at the deposit, they said.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:30:05.91",
"topics": [
"gold"
],
"places": [
"canada"
],
"id": "10216"
},
{
"title": "CECO CORP REPURCHASES 20 MLN DLRS IN NOTES",
"body": "<The Ceco Corp> said it\nrepurchased the 20 mln dlr 13-1/4 pct senior subordinate notes\ndue November 30, 1996 issued last December nine as part of the\nfinancing for its leveraged buyout.\n Ceco said it financed the purchase through an increase in\nits existing credit line.\n Ceco said Drexel Burnham Lambert Inc acted as Ceco's agent\nin this transaction.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:30:57.86",
"places": [
"usa"
],
"id": "10217"
},
{
"title": "HONEYWELL <HON> DEBT RISES ON SPERRY BUYOUT",
"body": "Honeywell Inc said its total debt\nrose by more than 85 pct in 1986, mainly due to its 1.02\nbillion dlr acquisition of the Sperry Aerospace Group.\n At yearend, according to the company's 1986 annual report,\nHoneywell's total debt stood at 1.44 billion dlrs, compared\nwith 776.6 mln dlrs in 1985.\n Honeywell said that if it had acquired the Sperry unit at\nthe beginning of 1986, its loss for the full year would have\nbeen 9.88 dlrs a share.\n Honeywell's actual loss in 1986 was 8.33 dlrs a share.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:33:26.02",
"topics": [
"acq",
"earn"
],
"places": [
"usa"
],
"id": "10218"
},
{
"title": "MCINTYRE MINES <MP> COMPLETES UNIT SALE",
"body": "McIntyre Mines Ltd said it completed\nthe previously announced sale of all shares of wholly owned\nSmoky River Coal Ltd and certain related assets to Smoky River\nHoldings Ltd for a nominal cash consideration.\n McIntyre did not specify the cash amount of the sale.\n Smoky River Holdings is an Alberta company controlled by\nMichael Henson, former president and chief executive of\nMcIntyre, the company said.\n McIntyre said it retained an unspecified royalty interest\nin Smoky River Coal based on net operating cash flows from the\ncompany's coal properties.\n McIntyre also said it provided a three mln dlr last\nrecourse letter of credit to the Alberta government for Smoky\nRiver Coal's reclamation obligations.\n The credit letter expires either when Smoky River completes\nthree mln dlrs of reclaiming activities or December 31, 1992,\nwhich ever occurs first.\n McIntyre said it also remains contingently liable for\ncertain obligations now totalling about seven mln dlrs, which\nwill reduce over time as Smoky River continues to operate.\n McIntyre's principal asset continues to be its 14 pct\ninterest in Falconbridge Ltd <FALCF>.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:36:38.06",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "10219"
},
{
"title": "BRAZIL BANKWORKERS STRIKE ENTERS THIRD DAY",
"body": "A national strike by the\nmajority of Brazil's 700,000 bankworkers completed three days\nand no negotiated solution was immediately expected, a\nspokesman for the National Federation of Banks said today.\n While bankworkers are demanding a 100 per cent pay rise,\nthe private bankers would rather wait until next Monday, when a\nlabour court is due to judge the legality of the stoppage, the\nspokesman said.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:41:03.97",
"places": [
"brazil"
],
"id": "10220"
},
{
"title": "PHLCORP <PHX> SHAREHOLDERS APPROVED DIRECTORS",
"body": "Shareholders of PHLCORP Inc, formerly\nBaldwin-United Corp, nominated Leucadia National Corp's slate\nof directors and adopted a proposal to reincorporate the\ncompany in Pennsylvania, according to PHLCORP's secretary and\ngeneral counsel Bob Beber.\n Elected to the board were Leucadia Chairman Ian Cumming,\nLeucadia President Joseph Steinberg, James Kimball and Michael\nLynch.\n PHLCORP previously said the planned reincorporation to\nPennsylvania from Delaware results in certain limited\nrestrictions on the transfer of company's shares, which are\nintended to minimize the likelihood of loss of significant tax\nbenefits.\n PHLCORP earlier said that on November 14, 1986, Leucadia\nacquired claims in Baldwin-United's bankruptcy proceedings\nentitling it to about 39 pct of the outstanding common of\nPHLCORP. Cumming and Steinberg were elected to the board in\nNovember.\n Leucadia's candidates were the only nominated for the\nboard. PHLCORP had said if the candidates did not win\nshareholder approval at the meeting in Philadelphia today, the\nformer directors would continue in office.\n PHLCORP has been managed by Palmieri Co, which was retained\nto assume management control of the company by Baldwin's former\nboard of directors in May, 1983.\n Leucadia had previously said if its directors won approval,\nthe agreement with Palmieri would be terminated and Cumming and\nSteinberg would step in as chairman and president,\nrespectively.\nPHLCORP will merge into a newly formed Pennsylvania company.\nShares will be exchanged on a one-for-one basis.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:42:29.95",
"places": [
"usa"
],
"id": "10221"
},
{
"title": "MEDIA GENERAL <MEG.A> UPS DIVIDEND, SETS SPLIT",
"body": "Media General Inc said it raised\nthe annual dividend on its class A and class B common stock to\n68 cts a share from 64 cts.\n The company said it also declared a two-for-one stock split\nof both stock issues, which is subject to shareholder approval\nof an increase in the number of authorized class A shares.\n Media General said the increased dividend is payable June\n12 to shareholders of record May 29.\n The proposed stock split will be paid May 29 in shares of\nclass A shares, the company said.\n The company said it also approved an amendment to its\narticles of incorporation allowing class B shares to be\ncoverted into class A shares at the option of the holder.\n Media General said the moves should broaden investor\ninterest in its class A stock.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:43:38.79",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10222"
},
{
"title": "FDIC SAYS OKLAHOMA BANK BECOME 51ST TO FAIL",
"body": "The Federal Deposit Insurance Corp\nsaid the First State Bank in Billings, Okla, was closed by\nbanking regulators, bringing the total number of bank failures\nthis year to 51.\n FDIC said 9.4 mln dlrs of First State's deposits were\nassumed by First National Trust Co of Perry, in Perry Oklahoma.\n First National also will assume eight mln dlrs in assets.\nThe FDIC said it will advance 1.5 mln dlrs to facilitate the\ntransaction and retain 2.1 mln dlrs in assets.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:44:30.52",
"places": [
"usa"
],
"id": "10223"
},
{
"title": "INVESTMENT GROUP UPS STAKE IN SCANDINAVIA <SCF>",
"body": "A multinational shareholder group\ntold the Securities and Exchange Commission it increased its\nstake in Scandinavia Fund Inc to 35.5 pct, from 30.5 pct.\n The investors include Ingemar Rydin Industritillbehor AB,\nof Sweden, and VBI Corp, of the West Indies.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:46:26.34",
"topics": [
"acq"
],
"places": [
"usa",
"sweden"
],
"id": "10224"
},
{
"title": "CAMPBELL RED LAKE MINES LTD <CRK> 4TH QTR NET",
"body": "Shr 21 cts vs 10 cts\n Net 10,798,000 vs 4,704,000\n Revs 47.4 mln vs 32.9 mln\n YEAR\n Shr 58 cts vs 54 cts\n Net 29.1 mln vs 25.8 mln\n Revs 187.7 mln vs 134.7 mln\n Note: 1986 net includes 2.8 mln dlr extraordinary gain in\n4th qtr and 6.5 mln dlr fl-yr extraordinary loss involving\nprovision for decline in market value of marketable securities\npartly offset by gain from sale of stake in Dome Petroleum Ltd\n<DMP>.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 17:46:39.38",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10225"
},
{
"title": "PRESIDENTIAL AIR <PAIR> FEBRUARY LOAD FACTOR UP",
"body": "Presidential Airways Inc said its\nload factor, or percentage of seats filled, totaled 66.8 pct in\nFebruary, up from 53.4 pct for the same month last year.\n The airline said its traffic for the month rose to 49.1 mln\nrevenue passenger miles, from 33.9 mln last year. A revenue\npassenger mile is one paying passenger flown one mile.\n The carrier said its capacity increased to 73.5 mln\navailable seat miles from 63.5 mln.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:46:49.87",
"places": [
"usa"
],
"id": "10226"
},
{
"title": "(CORRECTED)-<AMERICAN VARIETY INTERNATIONAL INC>",
"body": "Shr loss seven cts vs profit 11 cts\n Net loss 76,888 vs profit 106,885\n Revs 752,234 vs 922,036\n (corrects year ago per share to profit, instead of loss in\nitem that ran on March 23)\n Reuter\n\u0003",
"date": "26-MAR-1987 17:52:10.63",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10227"
},
{
"title": "OIL EXECUTIVES SEE GRADUAL RISE IN PRICES",
"body": "Top executives with Tenneco Corp <TGT>\nand Sabine Corp <SAB> said they expected world oil prices to\ngradually increase over the next two years as U.S. reliance on\nimports of oil from the Middle East grows.\n \"I believe we have bottomed out and can look forward to a\ntrend of gradually increasing prices,\" C.W. Nance, president of\nTenneco Oil Exploration and Production, told a meeting of the\nPetroleum Equipment Suppliers Association.\n Nance predicted that by 1990, the Organization of\nProducing and Exporting Countries would be producing at the\nrate of 80 pct of capacity.\n The gain will come largely through increased imports to the\nUnited States, he said.\n \"They will be able to raise the price again but I do not\nthink they will raise it as much as they did in 1979,\" Nance\nsaid. He did not say how much of a price hike he expected.\n Andrew Shoup, chairman of Dallas-based Sabine, predicted\nthat world oil prices would increase from a range of 15 to 20\ndlrs a barrel in 1987 to a range of 17 to 22 dlrs a barrel in\n1988. Natural gas prices, Shoup said, should similarly climb\nfrom a range of 1.30 to 1.70 dlrs per mcf this year to between\n1.50 and 1.90 dlrs per mcf in 1988.\n \"Fuel switching could help us as much as five pct in\nincreased demand,\" Shoup said, referring to the gas industry's\noutlook for 1987. Repeal of the Fuel Use Act, a federal law\nprohibiting the use of natural gas in new manufacturing plants\nand utilities, could increase demand for gas by as much as 15\npct, he said.\n Tenneco's Nance also said that some U.S. cities may\nexperience peak day shortages in natural gas supplies next\nwinter because of the industry's reduced deliverability.\n Tenneco's gas deliverability, for example, dropped by 20\npct during 1986, he said.\n \"This does not mean the gas bubble is gone,\" Nance said.\n\"We believe gas prices have bottomed out. The real question is\nhow broad the valley is -- is it one year, two years or three\nyears before we start to climb out?\"\n J.C. Walter of <Walter Oil and Gas Corp>, said the recent\nimprovement in oil prices was not enough for independent\nproducers to begin new onshore drilling projects.\n \"If crude oil stays below 20 dlrs a barrel and 1.50 dlr\nper mcf for natural gas prevails, the prospects for onshore\nexploration at deeper depths in the Texas Gulf Coast by\nindependents in the 1990s are pretty dismal,\" Walter said.\n He suggested that some independents may instead turn to\nexploration in shallow federal offshore leases. Farm-out\nagreements, cheap rig rates and less competition have held\nfinding costs in those areas to five or six dlrs a barrel,\nWalter said.\n Reuter\n\u0003",
"date": "26-MAR-1987 17:57:34.69",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "10228"
},
{
"title": "WHITE HOUSE BUDGET CHIEF CRITICIZES CHILES PLAN",
"body": "White House Budget Director James\nMiller said a budget plan drafted by Senate Budget Chairman\nLawton Chiles (D-Fla.) was \"seriously deficient.\"\n In a statement, Miller called the senator's proposal for\nthe government's fiscal 1988 budget would cut U.S. defense\nspending authority by more than 25 billion dlrs from President\nReagan's request, resulting in a real reduction of military\nspending authority for the third year in a row.\n While the plan would allow actual 1988 defense spending to\nrise by 5.6 billion dlrs, domestic spending would be increased\nby a disprportionate 42.7 billion dlrs, he said.\n Miller also criticized the Chiles plan's call for a 13.6\nbillion dlr tax increase.\n \"The president has said repeatedly that he would veto any\ntax increase,\" Miller said.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:00:39.59",
"places": [
"usa"
],
"id": "10229"
},
{
"title": "REPORT SAYS SOVIET ECONOMIC PLANS TOO OPTIMISTIC",
"body": "The Soviet economy has grown at an\nincreased rate under Mikhail Gorbachev's leadership, but his\ngoals may be too ambitious, according to a report from U.S.\nintelligence agencies.\n The report was prepared jointly by the Central Intelligence\nAgency and the Defense Intelligence Agency for the\nCongressional Joint Economic committee, which released it.\n It said the Soviet economy grew by 4.2 pct in 1986,\nGorbachev's first full year in power, twice the average rate of\ngrowth over the previous 10 years.\n Gorbachev's policies to improve worker attitudes, remove\nincompetent officials, reduce corruption and alcoholism and\nmodernize the country's industrial equipment accounted for some\nof the gains, the report said.\n \"Although many of the specific policies Gorbachev has\nadopted are not new, the intensity Gorbachev has brought to his\nefforts and his apparent commitment to finding long-term\nsolutions are attributes that his immediate predecessors\nlacked. Nonetheless, Gorbachev's program appears too ambitious\non a number of counts,\" the report said.\n Earlier this week, two U.S. experts on the Soviet Union\nsaid Gorbachev was likely to be ousted in three to four years\nif he continues his reform policies.\n \"I don't think he can last four years,\" Marshall Goldman of\nHarvard University told a Congressional hearing. \"He's moving so\nfast, he's stepping on so many toes.\"\n A similar comment came from Peter Reddaway of the\nSmithsonian Institution's Kennan Institute for Advanced Russian\nstudies.\n The economic report said meeting targets for commodity\noutput would require unrealistic gains in productivity and\nindustrial output targets appear too high to allow time to\ninstall more advanced equipment.\n None of Gorbachev's proposals would change the system of\neconomic incentives that has discouraged innovation and\ntechnological change, the report added.\n \"The first significant resistance to specific policies,\nalthough not overall goals, surfaced (in 1986) in both the\nmassive government and party bureaucracy, particularly among\nenterprise managers who complained that they were being asked\nto carry out conflicting goals -- such as to raise quality\nstandards and output targets simultaneously,\" the report said.\n The CIA-DIA report predicted two to three pct growth in the\nSoviet economy over the next several years. It said the Soviet\nUnion trailed the U.S. by seven to 12 years in advanced\nmanufacturing technologies, such as computers and\nmicroprocessors.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:01:26.11",
"topics": [
"ipi"
],
"places": [
"usa",
"ussr"
],
"id": "10230"
},
{
"title": "GREAT AMERICAN CORP SEES 1ST QTR CHARGE OF 14.1 MLN DLRS AGAINST LOAN LOSS ALLOWANCE\n",
"date": "26-MAR-1987 18:03:41.75",
"topics": [
"earn"
],
"id": "10231"
},
{
"title": "CINEPLEX ODEON TO OFFER STOCK IN THE U.S.",
"body": "<Cineplex Odeon Corp> said it proposed\nto sell 3,650,000 shares of common stock in the United States\nin late April, its first U.S. public stock offering.\n In a registration statement filed with the Securities and\nExchange commission, Cineplex said it plans to offer the shares\nthrough an underwriting group managed by Merrill Lynch Capital\nMarkets and Allen and Co.\n Cineplex also said that MCA Inc <MCA>, which holds a 50 pct\nstake in company, will buy one mln subordinated restricted\nvoting shares. These shares, will be bought at the closing of\nthe public offering with existing purchase rights, it said.\n \n Reuter\n\u0003",
"date": "26-MAR-1987 18:06:32.86",
"places": [
"usa",
"canada"
],
"id": "10232"
},
{
"title": "GREAT AMERICAN <GTAM> SEES CHARGE, WRITEDOWN",
"body": "Great American Corp said\npreliminary findings by regulatory examiners of its AMBANK\nsubsidiary will result in a first quarter charge of 14.1 mln\ndlrs and a writedown of 1.4 mln dlrs.\n The charge will be made against the allowance for possible\nloan losses, and the writedown is of other real estate.\n Great American said the examiners were conducting a regular\nexamination and a final report is not expected for several\nweeks. Management intends to include the charge and writedown\nin response to the preliminary findings.\n Great American said regulatory authorities are not\nrequiring an adjustment of the previously reported financial\nresults for Great American for 1986.\n However, Great American has revised its previous estimates\nof provisions for possible losses and has added 9.9 mln dlrs to\nthe allowance account as of December 31, 1986. It said it took\nthe action since the charge-offs will significantly deplete its\nallowance for possible loan losses and the economic environment\ndoes not show signs for significant improvement in the near\nfuture.\n It said the additional provision increases the allowance to\n26.4 mln dlrs, representing 6.63 pct of the outstanding loan\nportfolio and 83.2 pct of non-performing loans at year-end.\n Great American said its revised net loss for the fourth\nquarter is 14.1 mln dlrs, or 6.36 dlrs per share, compared to a\nnet loss of 2.4 mln dlrs or 1.06 dlrs per share the year\nearlier.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:08:11.27",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10233"
},
{
"title": "WESTERN TELE <WTLCA> PLANS STOCK BUYBACKS",
"body": "Western Tele-Communications\nInc said it plans to periodically repurchase shares of its\nclass A and class B stock.\n The company said it will repurchase an indeterminate amount\nof shares from institutional investors on the open market.\n It said it expects to buy the shares using available funds\nwhen it believes the market prices of the stock issues are too\nlow.\n Western said it plans to continue the program indefinitely.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:12:46.54",
"places": [
"usa"
],
"id": "10234"
},
{
"title": "<MARATHON NATIONAL BANK> YEAR NET",
"body": "Shr 78 cts vs 51 cts\n Net 725,000 vs 451,000\n Assets 98.5 mln vs 85.9 mln\n Loans 40.5 mln vs 28.8 mln\n Deposits 90.4 mln vs 78.7 mln\n Reuter\n\u0003",
"date": "26-MAR-1987 18:14:47.29",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10235"
},
{
"title": "<TECHNOLOGY MARKETING INC > SETS CONTRACT",
"body": "Technology Marketing Inc said it\nsigned a new production contract worth about one mln dlrs with\nwhat it called, a substantial U.S. electronics equipment\ncompany.\n The company said it would not comment further on the\nagreement.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:17:02.62",
"places": [
"usa"
],
"id": "10236"
},
{
"title": "MACMILLAN BLOEDEL <MMBLF> STOCK SPLIT APPROVED",
"body": "MacMillan Bloedel\nLtd said shareholders approved the company's previously\nreported proposed three-for-one stock split.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:17:46.68",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10237"
},
{
"title": "CTC DEALER TO APPEAL CANADIAN TIRE DECISION",
"body": "CTC Dealer Holdings Ltd said it would\nappeal a previously reported Ontario court ruling upholding an\nOntario Securities Commission decision to block CTC's bid for\n49 pct of <Canadian Tire Corp Ltd> common shares.\n CTC, a group of Canadian Tire dealers, added that it also\nextended its tender offer to March 31 and was seeking approval\nto extend its bid while the appeal court heard the case.\n It said Alfred and David Billes, two of Canadian Tire's\ncontrolling shareholders, backed the appeal and would seek\nleave to appeal while third controlling shareholder Martha\nBilles supported the appeal but would not join an appeal\nmotion.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:19:17.79",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "10238"
},
{
"title": "PIK CERTIFICATES IN EYE OF U.S. BUDGET STORM",
"body": "Senate Agriculture Committee\nChairman Patrick Leahy (D-Vt.) said Congress would consider\nlimiting the use of generic commodity certificates as a means\nof cutting government spending.\n \"I suspect that as we go into some of the budget debates\nwe're going to have on the floor, this is going to be part of\nit,\" Leahy said, referring to proposals that the U.S.\nAgriculture Department save money by substituting cash outlays\nfor payment-in-kind, or PIK, certificates in price and income\nsupport programs.\n \"I have a feeling that the PIK program, however the cost\nis defined, is going to be one of the top number of areas that\npeople are going to be looking for savings,\" Leahy told a\nhearing of the Senate Agriculture Committee.\n The Congressional Budget Office has estimated that the\ngovernment could save 1.4 billion dlrs during fiscal years\n1988-92 if it curbed the use of generic certificates by banning\nso-called \"PIK and roll\" transactions.\n Several Democratic senators had harsh comments for generic\ncertificates.\n \"We're trying to take care of a bad situation --\nsurpluses--by depressing the price. I don't see any benefits,\"\nsaid Sen. Tom Harkin (D-Iowa). \"I don't see any benefit in\ndriving their prices lower, lower, lower all the time.\"\n But Sen. Rudy Boschwitz said he supported use of\ncertificates. \"By and large I'm favorably impressed by PIK\ncertificates. I feel they have been helpful,\" said Boschwitz.\n As expected, officials from the General Accounting Office\nand the U.S. Agriculture Department indicated their estimates\nof the cost of PIK certificates compared to cash outlays were\nfar apart.\n The General Accounting Office, GAO, told the committee\nthat PIK certificates increased total Commodity Credit Corp\noutlays through 1987 by between 107 mln and 653 mln dlrs. GAO\nsaid that increase was offset by commodity storage cost savings\nof beween 169 mln and 253 mln dlrs.\n Pressed by the committee, GAO Senior Associate Director\nBrian Crowley said government spending probably was about 450\nmln dlrs above what it would have been had all program payments\nbeen made in cash, not counting storage savings.\n Crowley also said he thought PIK certificates had lowered\nthe price of corn and boosted domestic consumption of corn.\n Agriculture Undersecretary Daniel Amstutz told the\ncommittee that the additional costs of using PIK certificates\nand storage, handling and transportation costs \"balance off\nvery closely.\"\n Amstutz said he estimated the net cost of using\ncertificates was about one pct higher than using only cash to\nmake program payments.\n William Bailey, USDA deputy administrator for program\nplanning, said there were \"one hundred issues I find either\nincorrect (in the GAO report), disagree with or where their\n(GAO) facts are inconsistent with what's going on.\"\n Amstutz said GAO had not given USDA the option of\n\"providing input\" into the preparation of their report \"as they\nfrequently do.\"\n The USDA undersecretary also conceded that certificates\nand marketing loans had the similar effect of \"putting more\ngoods into the market,\" but that while the department supported\ncertificates, it would continue to oppose a marketing loan for\nwheat and feedgrains because it would cost too much.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:19:35.73",
"places": [
"usa"
],
"id": "10239"
},
{
"title": "URS CORP <URS> REGULAR STOCK DIVIDEND",
"body": "Qtly div five pct stock vs five pct stock\n Pay April 16\n Record April six\n Reuter\n\u0003",
"date": "26-MAR-1987 18:19:39.12",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10240"
},
{
"title": "AMERICAN ECOLOGY CORP <ECOL> SETS CONTRACTS",
"body": "American Ecology Corp said\nits National Ecology Inc unit has executed contracts\nvalued at 142 mln dlrs with the Babcock and Wilcox Co.\n Under the contracts, American Ecology will design, supply,\nstart-up and support 20-year operations and maintenance of the\nrefuse derived fuel receiving and processing part of the Palm\nBeach County, Florida Solid Waste Authority resource recovery\nfacility.\n Construction of the facility has begun. Operations are\nscheduled to start by 1990, the company said.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:22:31.22",
"places": [
"usa"
],
"id": "10241"
},
{
"title": "DUCOMMUN INC <DCO> QUARTERLY DIVIDEND",
"body": "Qtly div five cts vs five cts\n Pay April 30\n Record April 15\n Reuter\n\u0003",
"date": "26-MAR-1987 18:22:54.28",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10242"
},
{
"title": "TEKTRONIX INC <TEK> QUARTERLY DIVIDEND",
"body": "Qtly div 15 cts vs 15 cts\n Pay May 4\n Record April 10\n Note: previous dividend restated to reflect January 26\ntwo-for-one stock split.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:23:27.16",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10243"
},
{
"title": "ANGOLAN REBELS OFFER TO REOPEN BENGUELA RAILROAD",
"body": "Angola's U.S.-backed UNITA rebel\ngroup has offered to reopen the Benguela railroad that runs\nthrough UNITA-held territory and links landlocked Zaire and\nZambia to the Angolan port of Lobito.\n UNITA leader Jonas Savimbi, in a statement made in his\nJamba headquarters in southern Angola and released by UNITA's \nWashington office, said he was prepared to guarantee safe\npassage for non-military freight as a gesture of \"peace and\nreconciliation.\"\n Savimbi challenged the Cuban-backed Angolan government,\nwhich controls the port, to match his offer and allow goods to\npass through. There was no immediate response from Luanda.\n UNITA has been fighting the Cuban-backed Angolan government\nsince 1976.\n The offer of a rail route to the Atlantic would help South\nAfrica's black neighbors reduce their economic dependence on\nSouth Africa.\n The U.S. Congress is currently considering a proposal to\nspend some 500 mln dlrs to build another railroad to help these\nstates become less dependent on South Africa.\n The Beira corridor runs through Mozambique to Tanzania's\nIndian ocean ports but Savimbi suggested the Benguela route as\nan alternative.\n \"The Benguela route can safely open immediately,\" he said. \"It\nwill provide the transportation our neighbors need, and it will\nnot cost the Americans the money they say it will cost to open\nthe Beira corridor.\"\n Reuter\n\u0003",
"date": "26-MAR-1987 18:30:03.78",
"places": [
"usa",
"zaire",
"zambia",
"angola",
"south-africa"
],
"id": "10244"
},
{
"title": "<MCM CORP> TO DELAY YEAREND REPORT",
"body": "McM Corp said it has been forced\nto delay the release of its fourth quarter and yearend results\nuntil it can determine the effects on its balance sheet of a\npossible increase in liabilities at a unit.\n Earlier this month, the company's Occidental Fire and\nCasualty Co unit paid 26 mln dlrs to a unit of <Mutual of\nOmaha> under a commutation agreement.\n However, McM said it now believes it is possible that the\nunit's liabilities may exceed 26 mln dlrs.\n It said a finding on any possible increase should be\ncompleted by April 15.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:30:11.75",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10245"
},
{
"title": "FED DATA INDICATE POLICY LIKELY TO STAY ON HOLD",
"body": "Federal Reserve data released today\nindicate that there has been no policy change in recent weeks\nand that none is likely at next week's Federal Open Market\nCommittee (FOMC) meeting, economists said.\n \"The Fed continues to be accommodative in its provision of\nreserves, indicating that there has been no policy shift since\nthe beginning of this year,\" said Harold Nathan, economist at\nWells Fargo Bank.\n \"These numbers and other things suggest the FOMC will not\nchange policy,\" said Robert Brusca of Nikko Securities Co.\n \"The Fed is sitting fairly pretty now. There's no real\nreason for it to change policy,\" said Joseph Liro of S.G.\nWarburg and Co Inc.\n Liro said the economy is showing moderate growth and does\nnot require immediate policy easing and the money aggregates\nmay well end March at the bottom of their target ranges.\n All of the economists agreed that the Fed's major concern\nnow is recent weakness in the dollar which early this week was\nheavily supported by central banks. They said fear of hurting\nthe dollar will cause the Fed to be cautious in lowering\ninterest rates further.\n Numbers released by the Fed today were all in line with\nexpectations and similar to the data for most of this year.\n The Fed said that banks' net free reserves averaged 603 mln\ndlrs in the two-week statement period that ended on Wednesday\nversus 749 mln dlrs in the previous period.\n In the single week to Wednesday, banks' borrowings at the\ndiscount window, less extended credits, averaged 302 mln dlrs\ncompared with 228 mln dlrs in the first week of the statement\nperiod. Meanwhile the Federal funds rate average edged up to\n6.14 pct from 6.08 pct.\n The Fed's failure to add reserves in the market on Tuesday\nand Wednesday surprised some, but economists said the data\nreleased today suggest it had no real need to add reserves.\n The Fed's absence may be explained by the lack of any\npressing need for it to supply reserves and by a desire to\nboost borrowings in the second week of the statement period to\nmeet its borrowings target, said Liro of Warburg.\n Liro said the Fed probably is shooting for a two-week\nborrowings average of 300-325 mln dlrs. The borrowings actually\naveraged 265 mln dlrs in the latest statement period and that\nwas up from 191 mln dlrs in the prior period.\n Brusca of Nikko agreed that the Fed probably is aiming for\ntwo-week average discount window borrowings of around 300 mln\ndlrs. He said that would correspond to a Federal funds rate of\naround 6.10 pct.\n It is nearly impossible for the Fed to hit any borrowings\ntarget since the demand for excess reserves is erratic, said\nWells Fargo's Nathan. He said the Fed is focusing instead on\nthe funds rate and is trying to keep it roughly within a six to\n6-1/4 pct band.\n Upward funds rate pressure and a big reserve-adding need\nare anticipated for the statement period that began today.\n More\n Brusca believes the Fed will have to add 3.5 to four\nbillion dlrs a day in reserves in this statement period. Liro\nputs the add need at around 3.9 billion dlrs.\n To partly address this requirement, many expect the Fed to\nadd permanent reserves with effect next Thursday by offering to\nbuy all maturities of Treasury bills on Wednesday. A similar\ncoupon \"pass\" may be required later.\n There will be a greater demand for funds in this statement\nperiod because it includes the close of the quarter. Further\nupward pressure on the Federal funds rate may come from window\ndressing demand as the Japanese fiscal year ends on March 31.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:33:15.25",
"topics": [
"money-supply",
"interest"
],
"places": [
"usa"
],
"id": "10246"
},
{
"title": "U.S. FARM CREDIT PROBLEMS SOLVABLE -BOARD MEMBER",
"body": "Substantial difficulties faced by the\nU.S. farm credit system can be solved with a business-like\napproach to the problems, a Farm Credit Admimistration official\nsaid.\n Marvin R. Duncan, a member of the administration board,\nsaid the farm credit system faces unprecedented difficulties in\nits 70-year history.\n Addressing Chicago business and agricultural economists,\nDuncan outlined three basic problems of the farm credit system.\nThose include the high cost of its debt, the quality of its\nassets, and the management of its credit delivery system.\n He said some of the system's debt carries interest rates as\nhigh as 15.65 pct and will not mature until the year 2007.\n Of its 54.6 mln dlrs in assets, 24.1 pct are non-accrual,\nhigh risk or already forfeited property, which led to losses in\n1986 of 1.9 billion dlrs and in 1985 of 2.7 billion dlrs.\n Problems with credit delivery have been somewhat resolved,\nhe said.\n \"The system is still plagued with duplication in layers of\nmanagement and decision-making, inadequate tailoring of credit\nservices to fit the emerging market, a large investment in\nbricks and mortar, and a management and directorate more\ninsular to the marketplace than that of its competitors,\" he\nsaid.\n He said solutions to the problems should -\n - provide assurances to farmers on borrowers stock and the\nstability of the farm credit system.\n - maintain confidence of investors who buy system securities.\n - address the high cost of the system's existing debt.\n - enable the Farm Credit System Capital Corporation to carry\nout its role as a workout bank.\n Frank Naylor, chairman of the Farm Credit Administration,\nsaid this week that the system may lose as much as 1.4 billion\ndlrs this year, and another board member, Jim Billington, said\nCongress should plan to spend at least 800 mln dlrs beginning\nlate this year to bail out the system.\n Duncan noted that the system has about 70 billion dlrs in\nassets, serves about 800,000 individual borrowers and 3,000\ncooperatives, and has 62.5 billion dlrs in securities\noutstanding.\n \"With a business-like solution to its problems, it can\ncontinue that role for generations into the future,\" he said.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:38:22.67",
"places": [
"usa"
],
"id": "10247"
},
{
"title": "BCE DEVELOPMENT TO BUILD STORE IN MINNEAPOLIS",
"body": "<BCE Development\nCorp> said its BCE Development Properties Inc U.S. unit agreed\nwith Saks Fifth Avenue and the city of Minneapolis, Minnesota\nto build a four-level Saks store in downtown Minneapolis.\n The city will acquire the mall site from BCE Development,\nwhich will then lease it back from the city. The city will also\nsubsidize an adjoining five-level 125,000 square foot retail\ndevelopment, said BCE Development Corp, 68 pct-owned by Bell\nCanada Enterprises Inc <BCE>.\n Other financial terms were undisclosed.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:39:07.48",
"places": [
"usa",
"canada"
],
"id": "10248"
},
{
"title": "TWO RESIGN FROM SCOTT INSTRUMENTS <SCTI> BOARD",
"body": "Scott Instruments Inc said two\nmembers of its board resigned.\n The company did not give a reason for the departure of the\ndirectors, David M. Jacobs and Frederick Brodsky.\n Scott said it does not plan to fill the vacancies left by\ntheir resignations.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:39:48.62",
"places": [
"usa"
],
"id": "10249"
},
{
"title": "IDA APPROVES 114 MLN DLR CREDIT FOR INDIA",
"body": "The International Development\nAssociation said it approved a 114 mln dlr credit for India to\nsupport several water irrigation projects.\n IDA, the World Bank arm which lends to the poorest\ncountries, said the projects are designed to increase\nagricultural productivity and farm incomes.\n Irrigation development has been a major factor in improving\nagricultural performance and yields in many areas but fall\nshort of their potential due to unreliable water supply and\noften inequitable distribution, it noted.\n IDA said the credit supports a 7-year program to plan,\nimplement and monitor improved operation of selected projects. \n In addition to the 50-year credit, the Indian government and\nparticipating states will provide 43 mln dlrs to the plan.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:49:06.39",
"places": [
"usa",
"india"
],
"id": "10250"
},
{
"title": "WESTWORLD <WCHI> EXTENDS EXCHANGE OFFER",
"body": "Westworld Community\nHealthcare Inc said it is extending its exchange offer to April\n8 at 1700 EST.\n The offer is for Westworld 30 mln dlr principal amount of\n14-1/2 pct subordinated notes due 2000 and its 35 mln dlrs\nprincipal amount 14-3/8 pct subordinated debt due 1995.\n It said to date, 7,380,000 dlrs principal amount of\nsecurities have been tendered under the offers.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:51:21.23",
"places": [
"usa"
],
"id": "10251"
},
{
"title": "FLIGHT DYNAMICS <FLTY> CHAIRMAN STEPS DOWN",
"body": "Flight Dynamics Inc said Robert\nL. Carter has stepped down as chairman but will continue as a\ndirector.\n The company said Carter has been succeeded by John H.\nGeiger, who had been president and chief executive officer\nsince 1985.\n Geiger's post, in turn, has been filled by John P. Desmond,\npreviously executive vice president and chief operating\nofficer, the company said.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:51:48.10",
"places": [
"usa"
],
"id": "10252"
},
{
"title": "BLASIUS INDUSTRIES INC <BLAS> 3RD QTR LOSS",
"body": "Qtr ended Feb 28\n Oper shr loss one ct vs profit 12 cts\n Oper net profit 3,000 vs profit 218,000\n Revs 12.0 mln vs 10.6 mln\n Avg shrs 2,421,000 vs 1,602,000\n Nine mths\n Oper shr profit 28 cts vs profit 24 cts\n Oper net profit 639,000 vs profit 500,000\n Revs 34.6 mln vs 31.2 mln\n Avg shrs 1,928,000 vs 1,620,000\n Note: Oper excludes tax credits of 180,000 and 415,000 for\nyear-ago qtr and nine mths.\n Oper includes writeoff related to subordinated note\nexchange of 185,000 for current qtr and nine mths.\n Reuter\n\u0003",
"date": "26-MAR-1987 18:56:14.61",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10253"
},
{
"title": "GAINSCO INC <GAIN> 4TH QTR NET",
"body": "Shr nil vs four cts\n Net 12,000 vs 140,000\n Revs 4,446,000 vs 3,998,000\n Avg shrs 4,364,000 vs 3,461,000\n Year\n Shr 60 cts vs 22 cts\n Net 2,257,000 vs 774,000\n Revs 18.3 mln vs 21.1 mln\n Avg shrs 3,788,000 vs 3,461,000\n \n Note: Net includes realized gains on investments of 50,000\nvs 105,000 for qtr and 174,000 vs 202,000 for year.\n Net also includes tax credit of 64,000 for year-ago 12\nmths.\n Reuter\n\u0003",
"date": "26-MAR-1987 19:01:25.61",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10254"
},
{
"title": "GATT WARNS U.S. ON FEDERAL BUDGET, PROTECTIONISM",
"body": "The United States' emphasis on its\nforeign trade deficit is misplaced and the country's real\nproblem lies in its large federal budget deficit, the General\nAgreeement on Tariffs and Trade (GATT) said.\n By stressing its record trade deficit of 169.8 billion\ndlrs last year, the U.S. Was fuelling protectionist pressure\nwhich threatens the world trading system, it said in an annual\nreport.\n The fundamental problem, the size of the U.S. Federal\nbudget deficit, could be remedied only by cutting government\nspending or encouraging personal savings to finance the debt,\nit said.\n GATT also predicted world trade would grow by only 2.5 pct\nin 1987 -- a full percentage point lower than in each of the\nprevious two years.\n GATT experts urged Washington to resist protectionism and\ninstead seek macroeconomic changes to reduce the current\naccount payments deficit -- higher private savings, lower\ninvestment and a smaller federal budget deficit.\n Raising U.S. Trade barriers \"would result in little or no\nreduction in the current account deficit. It would, however,\nincrease inflation and reduce world trade,\" it said.\n \"The basic cause -- some combination of insufficient\ndomestic savings and an excessive budget deficit -- would\nremain,\" the report said.\n GATT economists said trade expansion would slow this year\nbecause of slower growth forecasts in Japan and some West\nEuropean nations as they adjust production and workforces to a\nlow dollar, risk of higher U.S. Inflation, concerns over Third\nWorld debt management and looming protectionism.\n The report also said imbalances in the current accounts of\nJapan, West Germany and the U.S. Had increased in 1986.\n The most likely explanation was that exchange rate changes\nwere not backed by changes in macroeconomic policies, it added.\n \"Thus the prediction that these imbalances would be reduced\nas a result of the major realignment of exchange rates was not\nborne out last year,\" the report said.\n GATT warned there was a risk of a sizeable increase in the\nU.S. Inflation rate under the combined impact of a rapidly\nexpanding money supply and low dollar.\n \"Such a development could worsen the business climate by\nincreasing uncertainty and pushing up interest rates, which, in\nturn, would adversely affect world trade.\"\n But the report noted a surprising rise in imports to the\nUnited States, despite the dollar's depreciation which makes\nforeign products more expensive.\n It suggested that resources idle in the U.S., Both human\nand in underutilised factories, were not geared to produce the\ngoods and services sought from abroad.\n World trade in manufactures grew by only three pct in 1986,\nabout half of the rate of the previous year.\n Trade in agricultural goods expanded by just one pct,\ncontinuing a stagnant pattern in that sector this decade, GATT\nsaid.\n Developing countries' exports declined significantly, while\ntheir imports increased moderately, although full statistics\nare not available yet, GATT said.\n The combined export earnings of 16 major indebted nations\nwere sharply lower, and only five of them (Chile, Colombia,\nPhilippines, South Korea, and Thailand) had higher exports.\n REUTER\n\u0003",
"date": "26-MAR-1987 19:02:35.59",
"topics": [
"trade"
],
"organisations": [
"gatt"
],
"places": [
"switzerland",
"usa",
"west-germany",
"japan"
],
"id": "10255"
},
{
"title": "BOLIVIA TO PROPOSE ANDEAN SUMMIT WITH REAGAN",
"body": "Bolivian president Victor Paz\nEstenssoro will propose to Andean Pact countries a summit\nmeeting with U.S. President Reagan to take place in Venezuela\nin May, foreign minister Guillermo Bedregal announced.\n He told reporters that the summit \"if everything goes\nwell\" will possibly take place in one or two months.\n \"We are coordinating an eventual meeting of the Andean\nPact presidents and President Reagan, which could take place in\nVenezuela in May\", he said. The proposal is part of Bolivia's\nintention to relaunch the Andean Pact, he added.\n The Andean Pact, formed by Colombia, Venezuela, Peru and\nEcuador, is a sub-regional economic group set up in 1969 to\ncounteract economic progress of other more developed South\nAmerican countries, such as Argentina and Brazil.\n Reuter\n\u0003",
"date": "26-MAR-1987 19:13:04.58",
"places": [
"bolivia",
"usa"
],
"id": "10256"
},
{
"title": "N.ZEALAND BUDGET DEFICIT SEEN AT 2.45 BILLION DLRS",
"body": "New Zealand's budget deficit for\nfiscal 1986/87 ending March 31 is expected to be around the\nbudget forecast of 2.45 billion N.Z. Dlrs but below a December\nforecast of 2.91 billion, Finance Minister Roger Douglas said.\n The 1985/86 budget deficit was 1.87 billion dlrs.\n \"It is clear now that the March tax flow has been\nconsiderably stronger than expected in some areas, particularly\nprovisional and terminal tax..,\" Douglas said in a statement.\n Overall tax revenue is now expected to be around 600 mln\ndlrs above forecast, though there is some uncertainty about\nrevenue from the final goods and services tax and March income\ntax payments, he added.\n \"Net expenditure also appears to be tracking to end-of-year\nforecast with the expectation that over-expenditure in some\nareas will be offset by under-expenditure in others,\" he added.\n REUTER\n\u0003",
"date": "26-MAR-1987 19:22:23.78",
"places": [
"new-zealand"
],
"id": "10257"
},
{
"title": "OREGON ALUMINUM SMELTER INCREASING OUTPUT",
"body": "Northwest Aluminum Co said it\nwill open a second pot line in mid-May, bringing the smelter\nhere to 80 pct of its production capacity.\n Northwest Aluminum President Brett Wilcox, who leased the\n30-year-old smelter from Martin Marietta Corp., said production\nwould increase from around 45 tons a year at present to just\nover 70 tons.\n Martin Marietta closed and mothballed the smelter in 1984.\nNorthwest Aluminum reopened it last December.\n Wilcox said a good aluminum market and several months of\nsuccessful operation led to the decision to expand production.\n\n Reuter\n\u0003",
"date": "26-MAR-1987 19:28:42.96",
"topics": [
"alum"
],
"places": [
"usa"
],
"id": "10258"
},
{
"title": "BANK OF JAPAN TO SELL 400 BILLION YEN IN BILLS",
"body": "The Bank of Japan will sell today 400\nbillion yen of government financing bills in a 24-day\nrepurchase agreement due April 20 to soak up a projected money\nmarket surplus, money traders said.\n The yield on the bills for sale to banks and securities\nhouses from money houses will be 3.9505 pct against the 3.9375\npct discount rate on one-month commercial bills and the 4.50/37\npct yield on one-month certificates of deposit today.\n Today's surplus is seen at 480 billion yen, mainly excess\nbank holdings due to big Bank of Japan dollar purchases on\nMarch 25. Outstanding bills will total some 2,300 billion yen.\n REUTER\n\u0003",
"date": "26-MAR-1987 19:32:21.84",
"places": [
"japan"
],
"id": "10259"
},
{
"title": "Japan February consumer prices unchanged (0.4 pct January drop) - official\n",
"date": "26-MAR-1987 19:43:08.71",
"topics": [
"cpi"
],
"id": "10260"
},
{
"title": "JAPAN CONSUMER PRICES UNCHANGED IN FEBRUARY",
"body": "Japan's consumer price index (base 1985)\nwas unchanged at 99.7 in February from a month earlier, the\ngovernment's Management and Coodination Agency said.\n The index showed a 0.4 pct drop in January.\n The February index was down one pct from a year earlier for\nthe third consecutive year-on-year drop.\n In January, the index fell 1.1 pct from a year earlier, the\nfirst drop of over one pct since a 1.3 pct drop in September\n1958.\n In February petrol prices increased but winter clothing\nprices stayed low and vegetable prices fell.\n The February year on year fall was due to lower vegetable,\nfuel oil, petrol, electricity and gas prices, and despite\nhigher housing, education, footwear and clothing costs.\n The unadjusted consumer price index for the Tokyo area\n(base 1985) in mid-March rose 0.4 pct from a month earlier to\n100.6, reflecting higher vegetable prices.\n The index fell 0.3 pct year on year, the third consecutive\nyearly drop, reflecting lower food and utility costs.\n REUTER\n\u0003",
"date": "26-MAR-1987 19:44:08.04",
"topics": [
"cpi"
],
"places": [
"japan"
],
"id": "10261"
},
{
"title": "N.Z. FOREIGN RESERVES FALL SLIGHTLY IN FEBRUARY",
"body": "New Zealand's official foreign\nreserves fell slightly to 7.13 billion N.Z. Dlrs in February\nfrom 7.15 billion in January but were sharply above 2.85\nbillion in February 1986, the Reserve Bank said in its weekly\nstatistical release.\n REUTER\n\u0003",
"date": "26-MAR-1987 20:07:37.71",
"topics": [
"reserves"
],
"places": [
"new-zealand"
],
"id": "10262"
},
{
"title": "Bank of Japan buys dollars around 149.00 yen - Tokyo dealers\n",
"date": "26-MAR-1987 20:17:58.35",
"topics": [
"money-fx",
"dlr"
],
"id": "10263"
},
{
"title": "WHITE HOUSE PANEL SAID URGING JAPAN RETALIATION",
"body": "The White House Economic Policy\nCouncil decided to recommend trade sanctions against Japan for\nviolations of the U.S.-Japanese semiconductor agreement,\nindustry sources said.\n They would give no details, noting that the White House had\nnot commented on the decision. The administration has been\nunder pressure to retaliate.\n There was no immediate announcement on the council's\ndecision, but U.S. Officials said it was likely the senior\npolicy group's move on curbs reflected growing American\nfrustration over alleged unfair Japanese trade practices.\n U.S. Officials said President Reagan would probably act on\nthe recommendations in a day or so, after consulting with aides\non the foreign policy implications of retaliation.\n The officials said Reagan might delay retaliation for a\nlast try to persuade Japan to abide by the agreement reached\nlast July governing trade in semiconductors.\n Under a pact reached last July, Japan was to stop dumping\nsemiconductors in world markets and to open its own market to\nU.S.-made semiconductors.\n In return, the U.S. Agreed to hold up imposing anti-dumping\nduties on Japanese semiconductor shipments.\n The United States said that dumping has stopped in the U.S.\nMarket but has continued in third countries, and that the\nJapanese market remains closed.\n The pressure on Reagan to retaliate included a unanimous\ncall by the Senate last week to impose penalties on Japanese\nhigh technology products containing semiconductors.\n A call for retaliation also came from the semiconductor\nindustry and from its chief trade union.\n U.S. Officials said the most likely move against Japan\nwould involve duties on semiconductor-based goods, such as\ntelevisions, video cassette recorders and computers.\n REUTER\n\u0003",
"date": "26-MAR-1987 20:33:37.09",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10264"
},
{
"title": "NAKASONE TO VISIT WASHINGTON IN LATE APRIL",
"body": "Prime Minister Yasuhiro Nakasone will\nmake an official week-long visit to the United States from\nApril 29 and hold talks in Washington with President Reagan,\nChief Cabinet Secretary Masaharu Gotoda told reporters.\n Government sources said Nakasone would try to resolve\ngrowing bilateral trade friction and discuss the June Venice\nsummit of Western industrial democracies.\n Foreign Minister Tadashi Kuranari will accompany Nakasone,\nministry officials said.\n U.S. Industry sources in Washington said the White House\nEconomic Policy Council was recommending trade sanctions\nagainst Japan for violating the two countries' agreement on\nsemiconductor trade.\n Under the pact, Japan pledged to stop dumping microchips in\nthe U.S. And Asia and open its domestic market to U.S.\nSemiconductors.\n REUTER\n\u0003",
"date": "26-MAR-1987 21:36:32.52",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10265"
},
{
"title": "MEXICO DENIES BRITISH BANKS BALKING AT DEBT DEAL",
"body": "Mexico denied reports that British\nbanks are resisting signing a 76 billion dlr new loan and\nrescheduling package.\n In a statement, the Finance Ministry said the process for\nformalizing the package was going as planned.\n Banking sources in London had been quoted earlier as saying\nthe British banks were balking at signing the package in an\neffort to get all participants to contribute equally to a new\n7.7 billion dlr loan contained in the deal.\n However, the Finance Ministry statement said all the\nBritish banks had promised their participation in the loan.\n \"The contribution of each one of them corresponds exactly to\nthe request of the Mexican government,\" the statememt said.\n The ministry said Citibank, which chairs Mexico's bank\nadvisory committee, has received cables from the British banks\n\"confirming said commitment.\"\n The ministry said the books on the package would be closed\nby mid-April and the first 3.5 billion dlrs of the new money\nshould arrive by the end of the month.\n It also said French, Swiss and \"some\" Canadian banks had\nsubscribed to the package and that the remaining Canadian banks\nwould sign the accord in the next few days.\n REUTER\n\u0003",
"date": "26-MAR-1987 21:43:27.78",
"places": [
"mexico",
"uk"
],
"id": "10266"
},
{
"title": "TAIWAN TO ISSUE 12 BILLION DLRS WORTH OF BONDS",
"body": "Taiwan's Central Bank will issue 12\nbillion Taiwan dlrs worth of savings bonds on April 13 to help\ncurb M-1b money supply, which rose by a seasonally adjusted\n48.22 pct in the year to end-February, a bank spokesman told\nReuters.\n He said the new bonds, repayable in one to two years, carry\ninterest rates ranging from five to 5.25 pct.\n The bank issued 20 billion dlrs of similar bonds between\nFebruary 16 and March 9.\n REUTER\n\u0003",
"date": "26-MAR-1987 21:57:42.31",
"places": [
"taiwan"
],
"id": "10267"
},
{
"title": "INDIA STEPS UP COUNTERTRADE DEALS TO CUT TRADE GAP",
"body": "India is searching for non-communist\ncountertrade partners to help it cut its trade deficit and\nconserve foreign exchange.\n Wheat, tobacco, tea, coffee, jute, engineering and\nelectronic goods, as well as minerals including iron ore, are\nall on offer in return for crude oil, petroleum products,\nchemicals, steel and machinery, trade sources told Reuters.\n Most of the impetus behind countertrade, which began in\n1984, comes from two state trading firms -- the State Trading\nCorp (STC) and the Minerals and Metals Trading Corp (MMTC).\n \"The two state trading corporations are free to use their\nbuying power in respect to bulk commodities to promote Indian\nexports,\" a commerce ministry spokeswoman said, adding that\nprivate firms are excluded from countertrading.\n One trade source said India has targetted countries that\ndepend on an Indian domestic market recently opened to foreign\nimports.\n However, countertrade deals still make up only a small part\nof India's total trading and are likely to account for less\nthan eight pct of the estimated 18.53 billion dlrs in trade\nduring the nine months ended December, the sources said.\n Countertrade accounted for just five pct of India's 25.65\nbillion dlrs in trade during fiscal 1985/86 ended March,\nagainst almost nothing in 1984/85, official figures show.\n However, the figures exclude exchanges with the Eastern\nBloc paid in non-convertible Indian rupees, the sources said.\n Total trade with the Soviet Union, involving swaps of\nagricultural produce and textiles for Soviet arms and crude\noil, is estimated at 3.04 billion dlrs in fiscal 1986/87,\nagainst three billion in 1985/86.\n Indian countertrade, which is being promoted mainly to help\nnarrow the country's large trade deficit, is still\ninsignificant compared with agreements reached by Indonesia,\nVenezuela and Brazil, the trade sources said.\n The trade deficit, which hit an estimated record 6.96\nbillion dlrs in 1985/86, is expected to decline to 5.6 billion\nin the current fiscal year.\n But the push to include non-communist countries in\ncountertrade is also due to other factors, including the slow\ngrowth of foreign reserves, a tight debt repayment schedule,\nshrinking aid and trade protectionism, businessmen said.\n One source said India is showing more dynamism in promoting\ncountertrade deals than in the past, when the deals were made\ndiscreetly because they break GATT rules. As a member of the\nGeneral Agreement on Tariffs and Trade (GATT), India cannot\nofficially support bartering.\n The MMTC's recent countertrade deals include iron ore\nexports to Yugoslavia for steel structures and rails.\n \"MMTC's recent global tenders now include a clause that\npreference will be given to parties who accept payment in kind\nfor goods and services sold to India,\" a trade official said,\nadding that the policy remains flexible.\n \"We also take into account other factors such as prices at\nwhich the goods and services are offered to India,\" the trade\nofficial said.\n Early this year the commerce ministry quietly told foreign\ncompanies interested in selling aircraft, ships, drilling rigs\nand railway equipment to India that they stood a better chance\nif they bought Indian goods or services in return, the trade\nsources said.\n Illustrating the point, the official said a South Korean\nfirm recently agreed to sell a drilling platform worth 40 mln\ndlrs to the state-run Oil and Natural Gas Commission.\n In return, the South Koreans gave a verbal assurance to buy\nIndian goods worth 10 pct of the contract, against the 25 pct\nsought by New Delhi, the trade official said.\n \"We selected the Korean firm because its bid was the lowest,\"\nhe added.\n Countertrade is helping African countries short of foreign\ncurrency to import goods. India has signed a trade protocol to\nbuy up to 15,000 tonnes of asbestos fibre from Zimbabwe in\nexchange for Indian goods, including jute bags and cars.\n But despite India's new drive, countertrade has some\ninherent problems, they added.\n \"It is not always easy to meet the basic requirement that\nthe trade should always be balanced,\" one trade source said. \"The\nother problem is it is often difficult to supply or buy\ncommodities which the other party wants.\"\n Another added, \"Barter is also restrictive. We look upon it\nas a temporary measure to get over the current balance of\npayments difficulty.\n \"This is why countertrade has not been made a law in India.\nIt does not even figure in the country's foreign trade policy.\"\n REUTER\n\u0003",
"date": "26-MAR-1987 22:01:16.89",
"topics": [
"trade",
"grain",
"wheat",
"tea",
"coffee",
"iron-steel",
"crude"
],
"organisations": [
"gatt"
],
"places": [
"india",
"ussr",
"south-korea"
],
"id": "10268"
},
{
"title": "NTT CONSIDERING BUYING CRAY SUPERCOMPUTER",
"body": "<Nippon Telegraph and Telephone Co> (NTT)\nis considering buying a Cray II supercomputer worth some three\nbillion yen from Cray Research Inc <CYR>, and a decision is\nexpected in early April, an NTT official said.\n He told Reuters NTT was considering the Cray machine\nbecause of its superior operational speed and memory capacity,\nand not because of any pressure to buy foreign hardware.\n Industry sources said foreign frustration was growing over\nlack of access to Japan's semiconductor and telecommunications\nmarkets, and Washington had criticised Japanese government\nagencies for not buying U.S. Supercomputers.\n REUTER\n\u0003",
"date": "26-MAR-1987 22:17:11.95",
"places": [
"japan"
],
"id": "10269"
},
{
"title": "JAPAN LIKELY TO ALLOW FOREIGN FUTURES MARKET USE",
"body": "The finance ministry appears ready to\nallow Japanese financial institutions to use overseas financial\nfutures markets, a ministry official said.\n He declined to say when, but banking sources expect\napproval as early as April. Banks, securities houses and\ninsurance companies are expected to become eligible to deal in\ndeposit, interest rate, bond and stock index futures.\n Ministry officials said they are wary of giving permission\nto individuals or corporations because of their relative\ninexperience.\n Broking for Japanese residents by financial institutions\nwould be prohibited as securities exchange laws bar banks from\ndoing this, the banking sources said.\n Overseas subsidiaries and branches of Japanese banks and\nsecurities houses have already been allowed to use the overseas\nfutures markets on their own accounts.\n The Finance Ministry Ordinance based on Foreign Exchange\nAdministration Law will have to be revised to allow local\ninstitutions to join the overseas markets, a ministry official\nsaid.\n REUTER\n\u0003",
"date": "26-MAR-1987 22:24:33.20",
"places": [
"japan"
],
"id": "10270"
},
{
"title": "JAPAN DRAFT ECONOMIC PACKAGE DUE IN EARLY APRIL",
"body": "Prime Minister Yasuhiro Nakasone has told\nhis ruling Liberal Democratic Party (LDP) to come up with a\ndraft economic package in early April in time for his visit to\nWashington starting on April 29, government officials said.\n Nakasone also instructed the government's Economic Planning\nAgency (EPA) to work closer with the LDP to work out a\nfull-fledged economic plan to boost domestic demand as pledged\nat last month's Paris currency stability accord by six\nindustrial countries, the officials told Reuters.\n The date for the government to announce its package, based\non the LDP's suggested measures, is not yet known but it may be\nbefore the fiscal 1987 budget passes the Parliament around late\nMay, the officials said.\n The government has said in the past the package should come\nafter the passage of the budget.\n But calls have grown at home and abroad for the government\nto announce it earlier as budget debates have been stalled by\nan opposition boycott of parliamentary business in protest at a\nplanned five pct sales tax.\n EPA chief Tetsuo Kondo told a press conference he sees a\nneed to work on the economic plan early although the\ngovernment's stance on the date for the plan remains the same,\nan EPA spokesman said.\n Projected measures include promoting house construction,\ninfrastructure and urban development, he quoted Kondo as\nsaying.\n Under last month's Paris currency agreement, Japan promised\nto work out a comprehensive economic plan to stimulate domestic\ndemand, increase imports and so help reduce its huge trade\nsurplus.\n The government announced today Nakasone will visit\nWashington on April 29 for a week to discuss bilateral issues,\nincluding the trade imbalance, with President Reagan and other\nofficials.\n REUTER\n\u0003",
"date": "26-MAR-1987 22:30:48.06",
"places": [
"japan"
],
"id": "10271"
},
{
"title": "BP AUSTRALIA REPORTS 16.15 MLN DLR YEAR LOSS",
"body": "The <British Petroleum Co of\nAustralia Ltd> reported a 16.15 mln dlr net loss for 1986\nagainst a 73.38 mln dlr profit in 1985 after sales fell to 2.27\nbillion dlrs from 2.94 billion.\n The British Petroleum Co Plc <BP.L> unit attributed the\ndeficit to stock losses arising from the drop in crude prices\nin the first half, when it made a 119.93 mln dlr loss.\n It said government compensation, in the form of subsidies\nto refiners to partially cover stock losses, together with\nimproved crude prices in the second half, enabled the group's\noil business to make a modest pre-tax profit.\n BP Australia said it had not recommended a dividend.\n Commenting on the year's performance, the company said it\nsuspended operations at the 60 pct-owned Agnew Nickel mine\nbecause of losses sustained from declining nickel prices.\n The results also included an 11.3 mln dlr extraordinary\nwritedown on the value of the laid-up oil exploration drillship\nRegional Endeavour.\n BP Australia said it had sold its 33-1/3 stake in chemical\nmaker <CSBP and Farmers Ltd> yielding an extraordinary profit\nof 18.9 mln dlrs and expected to finalise the sale of the 80\npct-owned <Kwinana Nitrogen Co> in the first half of 1987.\n REUTER\n\u0003",
"date": "26-MAR-1987 22:45:35.67",
"topics": [
"earn"
],
"places": [
"australia"
],
"id": "10272"
},
{
"title": "NISSAN <NSAN.T>, LANCER IN FORKLIFT AGREEMENT",
"body": "Japan's Nissan Motor Co Ltd said it and\n<Lancer Boss Group Ltd> of the U.K. Have agreed to cooperate on\nthe design and manufacture of forklift trucks.\n Under the accord, Lancer will start making jointly designed\ntrucks at its plant in Moosburg, West Germany, from July with\nproduction reaching 300 three-wheeled and 100 four-wheeled\ntrucks by end-March 1988. Output will be doubled from April 1,\n1988, a Nissan spokeswoman said.\n Nissan will start selling the three-wheelers under its\nbrand-name later this year and the four-wheelers from the end\nof 1987, the company said.\n The equipment manufacturing agreement with Lancer is a\nprecaution against the European Community's (EC) January 1987\nrestriction on forklift truck exports to the EC, industry\nsources said.\n Nissan exports 70 pct of its annual output of 16,000\nforklift trucks, shipping 2,548 units to the EC in 1986, the\nspokeswoman said.\n REUTER\n\u0003",
"date": "26-MAR-1987 23:02:15.76",
"places": [
"usa"
],
"id": "10273"
},
{
"title": "JAPAN TO INTRODUCE YEN COMMERCIAL PAPER IN OCTOBER",
"body": "The Finance Ministry is expected to\nintroduce yen commercial paper, CP, from October 1 in response\nto growing calls from corporations, ministry sources said.\n Around 200 corporations satisfy financial standards set by\nsecurities houses for non-collateral straight bond issues,\nincluding electric power companies, <Nippon Telegraph and\nTelephone Corp> and Kokusai Denshin Denwa Co Ltd, securities\nmanagers said.\n Most eligible firms would have to set up special reserves\nfor CP issues called backup lines, or be guaranteed by\nfinancial institutions to protect investors, they said.\n The legal status of yen CP would be the same as yen\ncommercial bills and it would be placed by an intermediary bank\nor securities house, securities managers said.\n The minimum issue unit will be 100 mln yen, and maturities\nwill be from 30 days and six months, they said.\n Securities houses, banks, insurance companies and consumer\ncredit companies are barred from CP issues, they said.\n Only banks may be commissioned to handle the clerical\nbusiness of principle payments, they added.\n REUTER\n\u0003",
"date": "26-MAR-1987 23:06:08.47",
"places": [
"japan"
],
"id": "10274"
},
{
"title": "JAPAN SEAMLESS PIPE MAKERS TO FORM EXPORT CARTEL",
"body": "Four major Japanese steelmakers plan to\nform a seamless pipe export cartel for markets other than the\nU.S. And the European Community for a year from April to keep\nprices above output costs, company officials involved said.\n The companies are Nippon steel Corp <NSTC.T>, Sumitomo\nMetal Industries Ltd <SMIT.T>, Nippon Kokan KK <NKKT.T> and\nKawasaki Steel Corp <KAWS.T>, which together account for some\n95 pct of Japan's total seamless pipe exports.\n The firms will apply to form the cartel to the Ministry of\nInternational Trade and Industry today and approval is expected\nlater this month, the officials said.\n Under the plan, the four companies will set floor prices\nfor exports as prices have fallen sharply due to the yen's\nappreciation against the dollar, reduced world demand caused by\nlower oil prices and excess domestic capacity which resulted in\nprice-cutting competition, the officials said.\n In calendar 1986, seamless pipe exports fell to 2.34 mln\ntonnes from 2.99 mln in 1985 and 3.12 mln in 1981.\n The officials declined to give any idea of floor prices,\nsaying it depends partly on volume, but industry sources\nestimate average export prices would rise by around 20 pct to\nsome 800 dlrs a tonne.\n REUTER\n\u0003",
"date": "26-MAR-1987 23:17:36.69",
"topics": [
"iron-steel",
"trade"
],
"organisations": [
"ec"
],
"places": [
"japan",
"usa"
],
"id": "10275"
},
{
"title": "Tokyo stock index rises 401.21 points to record 21,960.00\n",
"date": "26-MAR-1987 23:24:02.36",
"id": "10276"
},
{
"title": "ANZ BANK SAYS IT WILL CUT AUSTRALIAN PRIME TO 18.25 PCT FROM 18.5 ON MARCH 30\n",
"date": "26-MAR-1987 23:50:26.84",
"topics": [
"interest"
],
"id": "10277"
},
{
"title": "NEC CORP TARGETS HOME ELECTRONICS BUSINESS",
"body": "The president of Japan's biggest high\ntechnology firm, NEC Corp <NIPN.T>, is anything but worried,\ndespite growing anti-Japanese protectionism, a soaring yen, and\na stagnant world electronics market.\n \"The company's structure was developed by looking ahead,\"\nTadahiro Sekimoto told Reuters in an interview.\n \"We assumed the era of a strong yen, trade friction and\nglobalisation would arrive, and we moved ahead on that basis.\nThere's no need to change our strategy now.\"\n However, the world's largest manufacturer of microchips,\nthe tiny silicon wafers which are the brains of most high\ntechnology products, knows it must keep looking ahead if it is\nto survive.\n Hoping to build on existing strengths, NEC is now turning\nits focus on home electronics, an area of past weakness,\nSekimoto said.\n NEC wants to follow its corporate slogan \"C and C\" (Computers\nand Communications) to create high level home electronics that\ngo beyond mere televisions and video tape recorders, Sekimoto\nsaid.\n Home electronics accounted for only eight pct of NEC's\ntotal 2,334.67 billion yen sales on a consolidated basis in the\nyear ended March 31, 1986.\n Industry analysts say NEC is wise to target what will be a\nmajor growth market in the future, but some warn the company\nfaces some stiff competition.\n \"This is where the market is going to be for a long time --\nin products that combine personal computers, video display and\ntelecommunications networks,\" said Salomon Brothers (Asia) Ltd\nanalyst Carole Ryavec. \"But Matsushita (Electric Industrial Co\nLtd) may be there first.\"\n But Sekimoto argues that NEC's overall strengths will carry\nthe day.\n \"Many companies are in the top 10 in computers or microchips\nor telecommunications, but none is in the top 10 in all three.\nNEC is unique in that respect,\" he said.\n To help its already high rankings, NEC will further\nincrease the high level of offshore production which makes it\none of the most multinational of Japan's electronics firms.\n The company will increase offshore output of all goods it\nsells overseas to 50 pct from a current 25 pct over the next\nseveral years, Sekimoto said.\n But the firm plans to go it alone in expanding overseas,\ndespite moving last year to become joint owner, along with\nFrance's Cie des Machines Bull <BULP.P>, of U.S. Firm Honeywell\nInc's <HON> Information Systems unit.\n \"We hope to increase our share in the U.S. Market through\nthe Honeywell tie-up. But our basic strategy is to take an\nindependent and autonomous route,\" said Sekimoto.\n The company also plans to maintain its independent line by\ncontinuing to make computers which are not compatible with\nthose of International Business Machines Corp <IBM>, he said.\n \"Among the Japanese competitors, only NEC hasn't been caught\nin software copyright disputes with IBM and our profits and\nmarket share have gradually expanded,\" Sekimoto said.\n Once new ways of linking non-compatible computers are\nperfected, IBM compatibility will be irrelevant. \"What will\nmatter is the best hardware, the best software and the best\nability to meet customers needs,\" Sekimoto said.\n In fact, NEC, which has over half of Japan's personal\ncomputer market, may go to court to stop competitors selling\ncheaper machines which can run NEC software but infringe\ncopyright on its operating system, an NEC spokesman said.\n While industry analysts give NEC high marks for looking\nahead, they note that it failed in forecasting microchip\ndemand. Like other Japanese chipmakers, the firm was left with\nserious excess capacity when lean years followed the boom\ntimes.\n But after two years of cutbacks in capital investment in\nthe sector, Sekimoto thinks the time has come to boost spending\nagain, if only slightly.\n \"We're not going to increase production. But we are going to\ninvest in new product development and upgrade existing plant,\"\nhe said.\n Despite NEC's admitted strengths, analysts note the company\nfaces tough times due to stagnant markets.\n \"NEC has excellent worldwide capacity and technology, but\nthey are caught in a downturn which may last a long time,\" said\nSalamon's Ryavec.\n The company forecasts such troubles will slash parent net\nprofits to 30 billion yen in the year ending March 31, 1987,\ndown 43 pct from the previous year, although sales are expected\nto rise eight pct to 2,130 billion yen.\n Profits will improve only slightly next year, rising to 38\nbillion yen on sales of 2,350 billion, it said.\n REUTER\n\u0003",
"date": " 26-MAR-1987 23:52:19.47",
"places": [
"japan"
],
"id": "10278"
},
{
"title": "JAPAN ADOPTS STOP-GAP BUDGET",
"body": "The government adopted an 8,829 billion\nyen stop-gap budget for fiscal 1987 starting April 1 to\ncompensate for the delay in the passage through the Parliament\nof the full 1987/88 budget.\n The provisional budget includes 1,862 billion yen in public\nworks spending to help stimulate the economy and meet overseas\ndemand for Japan to import more and reduce its huge trade\nsurplus, officials said.\n They said the stop-gap budget will be in effect for 50 days\nthrough May 20 and is the largest ever.\n The budget includes 1,580 billion yen in new government\nbond issues.\n Officials said the spending on public works accounts for\nabout two-sevenths of the 6,017 billion yen in public works\noutlay set aside in the pending formal 1987/88 budget.\n The planned full budget totals 54,101 billion yen.\n The government had to work out the stop-gap budget because\nbudget debates have been delayed by an opposition boycott of\nParliamentary business in protest against a planned five pct\nsales tax.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:02:59.13\u0005\u0005\u0005RM",
"places": [
"japan"
],
"id": "10279"
},
{
"title": "JARDINE MATHESON HOLDINGS LTD <JARD.HKG> YEAR 1986",
"body": "Shr 126 H.K. Cents vs 42 (adjusted)\n Final div 30 cents vs 10, making 40 vs 10\n Net 479 mln dlrs vs 157 mln\n Turnover 10.4 billion vs 10.5 billion\n Note - Profits excluded extraordinary items 52 mln dlrs vs\nlosses 426 mln. Dividend payable after general meeting on June\n4, books close April 22 to May 5.\n Note - Bonus issue of four new \"B\" shares of par value 20\ncents each for every one share of par value two dlrs each,\nbooks close August 3 to 10.\n REUTER N\n\u0003",
"date": "27-MAR-1987 00:03:35.68\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"hong-kong"
],
"id": "10280"
},
{
"title": "BHP CO LTD NET PROFIT 603.0 MLN DLRS FIRST THREE QTRS VS 813.0 MLN\n",
"date": "27-MAR-1987 00:03:38.98\u0005\u0005\u0005F",
"topics": [
"earn"
],
"id": "10281"
},
{
"title": "JARDINE MATHESON HOLDINGS LTD <JARD.HKG> YEAR 1986",
"body": "Shr 126 H.K. Cents vs 42 (adjusted)\n Final div 30 cents vs 10, making 40 vs 10\n Net 479 mln dlrs vs 157 mln\n Turnover 10.4 billion vs 10.5 billion\n Note - Profits excluded extraordinary items 52 mln dlrs vs\nlosses 426 mln. Dividend payable after general meeting on June\n4, books close April 22 to May 5.\n Note - Bonus issue of four new \"B\" shares of par value 20\ncents each for every one share of par value two dlrs each,\nbooks close August 3 to 10.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:03:45.90\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"hong-kong"
],
"id": "10282"
},
{
"title": "Japan February industrial production rose 0.3 pct (0.5 pct January drop) - official\n",
"date": "27-MAR-1987 00:06:38.47\u0005\u0005\u0005RM",
"topics": [
"ipi"
],
"id": "10283"
},
{
"title": "THE BROKEN HILL PTY CO LTD <BRKN.S> NINE MONTHS",
"body": "First nine months ended Feb 28\n Shr 47.4 cents vs 65.2\n Net 603.0 mln dlrs vs 813.0 mln\n Sales 6.52 billion vs 6.53 billion\n Other income 454.9 mln vs 160.2 mln\n Shrs 1.27 billion vs 1.03 billion.\n Final div 20 cents vs same, making 37.5 vs same.\n One-for-five bonus issue\n Third qtr net 206.0 mln dlrs vs 238.6 mln\n Third qtr sales 2.11 billion vs 2.10 billion.\n NOTE - Div pay May 27. Div and bonus reg May 1. Nine months\nnet is after tax 499.1 mln dlrs vs 722.6 mln, depreciation\n509.5 mln vs 427.3 mln, interest 366.8 mln vs 215.8 mln and\nminorities 15.3 mln vs 15.7 mln but before net extraordinary\nprofit 60.7 mln vs profit 43.2 mln.\n Nine month divisional net earnings before minorities were.\n Petroleum 184.9 mln dlrs vs 472.4 mln\n Minerals 254.6 mln vs 241.0 mln\n Steel 148.2 mln vs 191.1 mln\n Corporate items and investments profit 30.6 mln vs loss\n75.8 mln.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:09:53.77\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"australia"
],
"id": "10284"
},
{
"title": "JAPAN INDUSTRIAL PRODUCTION RISES IN FEBRUARY",
"body": "Japan's industrial production index (base\n1980) rose 0.3 pct to a seasonally adjusted 122.7 in February\nfrom the previous month, the Ministry of International Trade\nand Industry said.\n Output fell 0.5 pct in January from a month earlier.\n The preliminary, unadjusted February index rose 0.6 pct\nfrom a year earlier after a 0.5 pct year-on-year rise in\nJanuary\n The adjusted February producers' shipment index (base 1980)\nrose 0.7 pct to 118.5 from January when it fell 0.7 pct from\nDecember.\n The unadjusted shipment index rose 1.4 pct from a year\nearlier after a 1.0 pct year-on-year January gain.\n The adjusted February index of producers' finished goods\n(base 1980) fell 1.3 pct to 104.5 from January when it fell 0.3\npct from December.\n The unadjusted index fell 3.5 pct from a year earlier after\na 2.3 pct year-on-year drop in January.\n A 2.7 pct rise by the electronics industry on higher output\nof facsimile machines and video tape recorders was a major\ncontributor to the rise in February industrial output, though\ncar production fell from January.\n The official said industrial production is expected to rise\n3.2 pct in March on higher production by machinery, steel and\nchemical makers but will drop 3.4 pct in April on a downturn in\nthe output of those industries. He gave no further details.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:15:08.61\u0005\u0005\u0005RM",
"topics": [
"ipi"
],
"places": [
"japan"
],
"id": "10285"
},
{
"title": "TOKYO GROUP DEVELOPS FASTER AIDS SCREEN",
"body": "A Tokyo Medical College group said it had\ndeveloped a five-minute method that may be the world's fastest\nway of screening people for the AIDS virus.\n Lecturer Junko Renard told a meeting of the Japan Blood\nTransfusion Society new Latex Particle Agglutination Test used\na light meter to identify acquired immune deficiency syndrome\nin blood mixed with a reagent and a latex rubber compound.\n State officials said Japan will step up its anti-AIDS\ncampaign with 340,000 posters and a telephone counselling\nservice in 21 cities this month. It will also hand out 90,000\nbooks on AIDS diagnosis to hospitals and clinics.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:21:07.34\u0005\u0005\u0005F",
"places": [
"japan"
],
"id": "10286"
},
{
"title": "JAPAN CONSTRUCTION ORDERS RISE IN FEBRUARY",
"body": "Orders received in February by 50 major\nJapanese construction firms rose 2.7 pct to 841.68 billion yen\nfrom a year earlier for the third successive year-on-year gain,\nthe construction ministry said.\n Orders rose 1.7 pct from an upward revised 827.25 billion\nyen in January.\n Orders in February from the private sector rose 17.0 pct\nfrom a year earlier to 614.26 billion yen, for the fourth\nconsecutive year-on-year rise. This comes after a 37.3 pct rise\nin January from a year earlier, to a downward revised 598.09\nbillion.\n The February increase over a year earlier reflected a 23.9\npct rise in orders from non-manufacturing industries, absorbing\na 10.8 pct drop in those from manufacturers.\n Public sector orders fell 17.8 pct from a year earlier to\n183.54 billion yen. There was an 11.4 pct year-on-year rise to\n160.74 billion in January.\n Foreign orders were 20.08 billion yen, down 47.7 pct from a\nyear before, after a 69.9 pct drop to an upward revised 43.61\nbillion in January. Orders below 10 mln yen fell 27.7 pct from\na year earlier to 23.80 billion yen. This was after a 5.9 pct\ndecline to an upward revised 24.81 billion in January.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:25:46.86\u0005\u0005\u0005RM",
"places": [
"japan"
],
"id": "10287"
},
{
"title": "TELECOM AUSTRALIA OFFERS 40 MLN DLR BONDS",
"body": "The Australian government\ntelecommunications authority, Telecom Australia, said it will\noffer two bond maturities totalling 40 mln Australian dlrs for\ntender next week.\n Telecom said in a statement that it will offer 12.5 pct\nMarch 1990 bonds and 13.0 pct February 1993 stock.\n Bids close mid-morning local time on Monday.\n Telecom said 52 mln dlrs of 1990 bonds and 10 mln dlrs of\n1993 bonds are already on issue.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:33:10.45\u0005\u0005\u0005RM",
"places": [
"australia"
],
"id": "10288"
},
{
"title": "SOUTH KOREA PLANS 11-12 PCT BUDGET RISE IN 1988",
"body": "South Korea plans to increase the size of\nits budget in 1988 by 11 to 12 pct from this year's 15,596\nbillion won, Economic Planning Board officials said.\n The proposed boost is based on a government forecast that\ngross national product (gnp) will grow by more than 7.5 pct and\nthe gnp deflator by 3.5 pct in 1988, against targets of 8.0 pct\nand 3.5 pct respectively this year, they said.\n Details of the 1988 budget, in which spending will match\nrevenue, have yet to be worked out, the officials said.\n The balanced budget in 1986 totalled 13,800.5 billion won.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:44:31.44\u0005\u0005\u0005RM",
"topics": [
"gnp"
],
"places": [
"south-korea"
],
"id": "10289"
},
{
"title": "AUSTRALIA'S RULING PARTY CONSIDERS SNAP POLL",
"body": "Australia's ruling Labour Party is\nseriously considering a snap poll in May with the opposition in\ndisarray after a leadership crisis, party officials said.\n The election was discussed at a meeting of senior\ngovernment advisers and leaders in Canberra last night, but a\nfinal decision is pending, the officials said.\n Prime Minister Bob Hawke has said he prefers to wait until\nhis term ends in early 1988, but the officials said he might be\npersuaded to call a poll as early as May 9, a week before a\npromised tough mini-budget. Public opinion polls give Labour a\nclear edge over the opposition Liberal-National coalition.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:46:26.73\u0005\u0005\u0005RM",
"places": [
"australia"
],
"id": "10290"
},
{
"title": "JARDINE MATHESON PLANS FOUR-FOR-ONE BONUS ISSUE",
"body": "Jardine Matheson Holdings Ltd\n<JARD.HKG> said it planned a bonus issue of four new \"B\" shares\nof 20 H.K. Cents each for every ordinary share of par value two\ndlrs.\n A company statement said the firm expects to pay a total\n1987 dividend of four cents per \"B\" share, while the \"A\" share\ndividend will be maintained at last year's level of 40 cents a\nshare.\n Jardine Matheson announced earlier a 205 pct jump in 1986\nnet profits to 479 mln dlrs from 157 mln in 1985.\n Shareholders' funds increased to 5.02 billion dlrs from\n4.77 billion in 1985, the statement said.\n It quoted chairman Simon Keswick as saying Jardine Matheson\nachieved the good performance through satisfactory results in\nmost sections, especially Hong Kong Land Co Ltd <HKLD.HKG>,\nJardine Fleming Co Ltd, and its business in Japan.\n He said the group's stake of about 35 pct in Hong Kong\nLand, which will be lowered to 26 pct after the completion of a\nreorganisation, is \"a long term investment and now stands at a\nlevel which causes us no financial strain or problems of asset\nimbalance.\"\n Keswick said the issue of new \"B\" shares will give the group\n\"the flexibility in the future to issue ordinary shares for\nexpansion without jeopardising the shareholding stability which\nhas been brought about through the group's recent\nrestructuring.\"\n He said the new issue is pending approval from both the\nfirm's shareholders and warrant holders, adding an appropriate\nadjustment will be made to the warrant exercise price.\n The Jardine group has nearly completed its reorganisation,\nwith Jardine Matheson transferring its control of Hk Land to\nthe new unit <Jardine Strategic Holdings Ltd>.\n Jardine Strategic will also hold majority stakes in the two\ncompanies spun off from Hk Land -- <Mandarin Oriental\nInternational Ltd> and <Dairy Farm International Holdings Ltd>\n-- plus cross holdings with Jardine Matheson.\n Jardine Matheson, which had debts of about 2.7 billion dlrs\nlast year, will become debt free after the restructuring.\n \"A positive cash flow from operations and disposals,\ncontinuing into 1987, has transformed our balance sheet,\"\nKeswick said. He noted the firm last year sold interests in\nairfreight operations, Australian properties and trucking\nbusiness, and its remaining U.S. Oil and gas activities.\n Jardine Matheson decided to make a provision against its\ngeneral trading business in the Middle East in view of the\ncontinuing weakness of oil prices, Keswick said. But he said\nthe operations would be profitable in the longer term.\n He said the firm's function \"has evolved into one primarily\nof strategy, structure and financial and personnel policy.\"\n He said Jardine Matheson will reduce the size of the board\nof directors but will simultaneously create a new Pacific\nregional board. He gave no further details of the change.\n Jardine Matheson shares rose 20 cents to 24.90 dlrs at\nmidday on the Hong Kong stock market. In early trading it had\nfallen to 24.30 dlrs because of rumours yesterday that the firm\nplanned a rights issue.\n REUTER\n\u0003",
"date": "27-MAR-1987 00:58:20.16\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"hong-kong"
],
"id": "10291"
},
{
"title": "BHP SEES STRONG FOURTH QUARTER BUT LOWER YEAR NET",
"body": "The Broken Hill Pty Co Ltd <BRKN.S>\nsaid it expects a strong full year result, helped by sigificant\ninvestment allowance credits in the fourth quarter, but net\nwill fall short of the record 988.2 mln dlrs earned in 1985/86\nended May 31.\n The group earlier reported its net earnings dropped to\n603.0 mln dlrs in the first three quarters ended February 28\nfrom 813.0 mln a year earlier.\n Third quarter net fell to 206.0 mln dlrs from 238.6 mln a\nyear earlier and 220.3 mln in the second quarter ended November\n31, BHP said in a statement.\n Earnings in the first nine months were at the lower end of\nshare analysts' forecasts yesterday of a range of 600 mln to\n620 mln dlrs.\n BHP held its annual dividend unchanged at 37.5 cents after\ndeclaring a steady final dividend of 20 cents and announced a\none-for-five bonus issue to shareholders registered May 1.\n The bonus is being made from reserves which will not\nqualify for tax-free distribution after the introduction of\ndividend imputation next July 1.\n The bonus shares will not rank for the final dividend, BHP\nsaid.\n BHP said it should not be expected that the present rate of\ndividend will be maintained on the increased capital.\n The level of future dividends will be influenced by the\nimplications of the proposed dividend imputation legislation,\nit said.\n As previously reported, dividends will become tax-free in\nshareholders' hands provided they are paid out of profits that\nhave borne the full 49 pct company tax rate.\n BHP, which confined comment to the third quarter, said\npetroleum net earnings dropped to 98.8 mln dlrs from 139.6 mln\na year earlier, and steel profit to 27.0 mln from 48.8 mln.\n BHP said the petroleum division earnings fall reflected\ngenerally lower oil prices and sales volumes from Bass Strait\nwhile the steel decline was due to a five pct fall in domestic\nsales and higher costs associated with the commissioning of new\nplant and some operational difficulties.\n The rise in third quarter minerals net to 95.7 mln dlrs\nfrom 81.5 mln a year earlier largely reflected the increase in\nownership of the Mt Newman iron ore project, it said.\n The 60.7 mln dlr extraordinary gain, all in the third term,\nreflected a 240.7 mln profit on the sale of <Blue Circle\nSouthern Cement Ltd> offset by a U.S. Oil acreage writedown.\n REUTER\n\u0003",
"date": "27-MAR-1987 01:17:33.75\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"australia"
],
"id": "10292"
},
{
"title": "Tokyo share average rises 467.87 to record 22,026.66 close\n",
"date": "27-MAR-1987 01:21:21.63\u0005\u0005\u0005F",
"places": [
"japan"
],
"id": "10293"
},
{
"title": "Japan Feb current account surplus 7.38 billion dlrs (Jan 4.95 billion surplus)\n",
"date": "27-MAR-1987 01:35:42.65\u0005\u0005\u0005RM",
"topics": [
"bop"
],
"id": "10294"
},
{
"title": "Japan February trade surplus 8.14 billion dlrs (January 5.70 billion surplus)\n",
"date": "27-MAR-1987 01:37:30.12\u0005\u0005\u0005RM",
"topics": [
"bop"
],
"id": "10295"
},
{
"title": "NO AUSTRALIAN TREASURY NOTE TENDER NEXT WEEK",
"body": "The Reserve Bank said it will not offer\nany treasury notes for tender next week.\n Last week the Bank offered 400 mln dlrs of 13-week notes\nand 100 mln dlrs of 26-week notes.\n Analysts said the Bank's decision not to offer stock next\nweek reflects the higher demand for funds at the start of the\nsystem of provisional tax payments.\n REUTER\n\u0003",
"date": "27-MAR-1987 01:39:44.09\u0005\u0005\u0005RM",
"places": [
"australia"
],
"id": "10296"
},
{
"title": "JAPAN FEBRUARY CURRENT ACCOUNT, TRADE SURPLUS JUMP",
"body": "Japan's current account surplus rose to\n7.38 billion dlrs in February from 3.89 billion a year ago and\nfrom 4.95 billion in January, the Finance Ministry said.\n The trade surplus rose to 8.14 billion dlrs in February\nfrom 4.77 billion a year earlier and 5.70 billion in January.\n The long-term capital account deficit widened to 11.40\nbillion dlrs from 8.06 billion a year ago, but it narrowed from\n12.32 billion in January, the Ministry said.\n Japan's February exports rose to 16.74 billion dlrs from\n14.89 billion in February 1986 and from 14.65 billion in\nJanuary, the Ministry said. Imports fell to 8.61 billion from\n10.12 billion a year earlier and 8.94 billion in January.\n The invisible trade deficit fell to 617 mln dlrs in\nFebruary from 693 mln a year earlier, but was up from a 527 mln\ndeficit in January.\n Figures do not tally exactly because of rounding.\n Transfer payments narrowed to a 140 mln dlr deficit last\nmonth from a 185 mln deficit a year earlier and a 225 mln\ndeficit in January.\n The basic balance of payments deficit in February fell to\n4.02 billion dlrs from 4.17 billion in February 1986 and 7.37\nbillion in January. Short-term capital account payments swung\nto a 1.28 billion dlr deficit in February from a 1.60 billion\nsurplus a year earlier and a 1.44 billion dlr surplus in\nJanuary.\n Errors and omissions were 2.65 billion dlrs in surplus,\ncompared with a 1.27 billion surplus a year earlier and a 1.10\nbillion deficit in January. The overall balance of payments\ndeficit rose to 2.65 billion dlrs from 1.30 billion a year\nearlier but was down from 7.04 billion in January.\n The seasonally adjusted trade surplus fell to 9.16 billion\ndlrs in February from the record 9.58 billion in January, the\nMinistry said.\n The seasonally adjusted current account surplus also\ndropped to 8.4 billion dlrs in February from the record 8.83\nbillion set in January.\n REUTER\n\u0003",
"date": "27-MAR-1987 01:47:20.85\u0005\u0005\u0005RM",
"topics": [
"bop",
"trade"
],
"places": [
"japan"
],
"id": "10297"
},
{
"title": "JAPAN STORE SALES RISE IN FEBRUARY",
"body": "Department store and supermarket sales in\nFebruary rose 3.7 pct from a year earlier to 1,080 billion yen,\nafter a 2.6 pct year-on-year gain in January, boosted by higher\nsales of clothes and food at department stores, the Ministry of\nInternational Trade and Industry said.\n The unadjusted total included department store sales of 559\nbillion yen, up 5.1 pct from a year earlier, and supermarket\nsales of 521 billion, up 2.4 pct.\n The seasonally adjusted store sales index (base 1985) fell\n1.5 pct to a preliminary 106.7 in February from 108.3 in\nJanuary compared with 102.9 a year earlier.\n REUTER\n\u0003",
"date": "27-MAR-1987 01:51:10.15\u0005\u0005\u0005F",
"places": [
"japan"
],
"id": "10298"
},
{
"title": "PHILIPPINES TO LOBBY U.S. FOR HIGHER SUGAR QUOTA",
"body": "The Philippines will ask the U.S.\nAgriculture Department (USDA) to increase its 1987 sugar import\nquota following market reports that Taiwan will not be able to\nfulfil its quota, Sugar Regulation Administration (SRA)\nchairman Arsenim Yulo said.\n Yulo told Reuters the SRA would also protest a USDA move to\naward Taiwan's shortfall to the Dominican Republic.\n The Dominican Republic already has a larger sugar quota,\nYulo said. \"Any Taiwanese shortfall should be awarded to the\nPhilippines or at the least we should share a hike with the\nDominican Republic.\"\n The USDA last December listed 1987 sugar import quota\nallocations for the Dominican Republic at 160,160 short tons\nand for Taiwan at 10,920 short tons.\n The Philippines has said it was badly hit by a cut in its\nquota to 143,780 short tons from 231,660 in 1986.\n REUTER\n\u0003",
"date": "27-MAR-1987 02:17:09.88\u0005\u0005\u0005T C",
"topics": [
"sugar"
],
"places": [
"usa",
"philippines"
],
"id": "10299"
},
{
"title": "INDIA'S 1986/87 CASTOR OIL EXPORTS FALL - TRADERS",
"body": "India's castor oil exports are\nprovisionally estimated at 30,000 tonnes in fiscal 1986/87,\nending March 31, against 54,000 tonnes in 1985/86 due to a\nshortfall in the domestic castorseed crop, private traders\nsaid.\n Drought in parts of the country is expected to reduce the\ncastorseed crop to a provisionally estimated 350,000 tonnes in\n1986/87 from 550,000 tonnes in 1985/86, they told Reuters.\n REUTER\n\u0003",
"date": "27-MAR-1987 02:38:09.32\u0005\u0005\u0005G C",
"topics": [
"oilseed",
"veg-oil",
"castorseed",
"castor-oil"
],
"places": [
"india"
],
"id": "10300"
},
{
"title": "INDIA REPORTEDLY ALLOWED TO BUY U.S. SUPERCOMPUTER",
"body": "The U.S. Has approved the sale of a\nU.S.-made supercomputer to India while rejecting its request\nfor a more powerful model, the New York Times reported.\n India wanted to buy a powerful supercomputer, such as the\nCray X-MP with two processors running in tandem, but the Times\nsaid U.S. Officials offered a choice of machines with a single\nprocessor, several generations behind the Cray X-MP.\n The paper, citing unnamed U.S. Officials, said the Indian\ngovernment was told of the decision last week, but has so far\ngiven no formal indication that it is interested in the type\noffered.\n India had asked the U.S. For an modern supercomputer which\nit indicated would be used for scientific purposes, notably\nsophisticated weather forecasting.\n However, India's close ties with the Soviet Union remains\nthe main reason why the U.S. Has restricted the sale of its\nstate-of-the-art computer technology to India, the Times said.\n U.S. Defence officials are particulalry concerned the\nSoviet Union could gain access to the supercomputer and use it\nto decipher high-level U.S. Codes, while others say the\ncomputer could be very useful in designing nuclear weapons.\n REUTER\n\u0003",
"date": "27-MAR-1987 03:13:03.19\u0005\u0005\u0005F",
"places": [
"india",
"usa"
],
"id": "10301"
},
{
"title": "UNITED STATES LINES LAYS OFF FAR EAST STAFF",
"body": "<United States Lines Inc> has laid\noff 260 employees, almost its entire Far East staff, its Hong\nKong office general manager Elliott Burnside told Reuters.\n He also said calls by two of its container ships to Busan,\nSouth Korea and Kaohsiung, Taiwan, had been cancelled.\n He declined comment on local press reports that U.S. Lines\nplanned to suspend operations because of failure to restructure\nits 1.27 billion U.S. Dlr debt, but said the firm would make an\nannouncement later today.\n U.S. Lines filed for protection from its creditors under\nChapter Eleven of the U.S. Federal law last November.\n The English-language South China Morning Post said U.S.\nLines decided yesterday to sell its two remaining transpacific\nservice fleets and assets and those of its U.S.-South America\noperation.\n It quoted a letter by company's chief executive Charles\nHiltzheimer that said the ships and assets will be bought by\nrival U.S. Shipping companies, subject to approval by their\nboards.\n U.S. Lines' Far East operations comprise offices in Hong\nKong, Singapore, Manila, Busan, Seoul, Tokyo, Yokohama, Kobe\nand Osaka, Burnside said.\n REUTER\n\u0003",
"date": "27-MAR-1987 03:14:54.59\u0005\u0005\u0005F",
"topics": [
"ship"
],
"places": [
"hong-kong",
"usa"
],
"id": "10302"
},
{
"title": "FISONS RAISING 110 MLN STG IN SHARE PLACING",
"body": "Fisons Plc <FISN.L> said it planned to\nraise about 110 mln stg through an international placing of up\nto 18 mln new shares, mainly in Europe and the Far East.\n The operation would be conducted by a syndicate of\ninternational banks led by <County Securities Ltd>.\n The issue would not be underwritten and shares would only\nbe allocated to syndicate banks to meet true demand from\nend-investors. The share price would be determined according to\nmarket conditions, but its expected that it would be at the\nmiddle market price.\n A Fisons statement said that although the pharmaceutical\ngroup achieved more than 80 pct of its sales outside the U.K.,\nWith rapidly increasing interest from international investors,\nless than two pct of its shares were held overseas.\n The issue would help meet this interest, enhance the\ngroup's standing in the capital markets and increase demand for\nits shares. The issue would also be a cost effective way of\nraising new equity, it said.\n The new funds would be used for the developing of existing\noperations and also for acquisitions if suitable opportunities\narose.\n The issue, which represents 5.5 pct of the company's\nauthorised capital, requires shareholder approval. A meeting\nhas been arranged for April 21.\n Fisons shares eased one penny on the announcement by 0830\nGMT to 657p.\n REUTER\n\u0003",
"date": "27-MAR-1987 03:26:09.38\u0005\u0005\u0005F",
"places": [
"uk"
],
"id": "10303"
},
{
"title": "U.S. ENVOY SAYS MANILA WILL PAY ITS DEBTS",
"body": "Outgoing United States Ambassador\nStephen Bosworth told a news conference he did not think the\nPhilippines would follow Brazil's example and suspend interest\npayments on foreign loans from commercial banks.\n \"I see no evidence that the Philippine government even\ncontemplates doing that. It has said at the outset that it\naccepts the legitimacy of these debts and it is determined over\ntime to meet its obligations fully,\" he said.\n Philippine officials and a 12-bank committee have been\nmeeting for the past four weeks in New York in a bid to\nreschedule 9.4 billion dlrs of foreign debt.\n Bosworth said the United States strongly supports Manila's\nbid to put its international financial situation in order and\nthat the private bank creditors were aware of that.\n \"I think there is no question that the private banks are\naware of the views of the U.S. Government ... I am confident\nthey will take those views into account when they make their\nown decisions,\" Bosworth said.\n He added: \"These are private banks. They are responsible to\ntheir shareholders and they have to make their decisions on\ntheir own. But I am confident they understand the views of the\nUnited States and our strong support.\"\n REUTER\n\u0003",
"date": "27-MAR-1987 03:28:28.36\u0005\u0005\u0005RM",
"places": [
"philippines",
"usa"
],
"id": "10304"
},
{
"title": "USDA REJECTS SRI LANKA'S 80 U.S. DLR WHEAT PRICE",
"body": "Sri Lankan Food Department officials\nsaid the U.S. Department of Agriculture rejected a U.S. Firm's\noffer of 80 U.S. Dlrs per tonne CAF to supply 52,500 tonnes of\nsoft wheat to Colombo from the Pacific Northwest.\n They said Sri Lanka's Food Department subsequently made a\ncounter-offer to five U.S. Firms to buy wheat at 85 U.S. Dlrs\nCAF for April 8-16 delivery.\n The company which obtains USDA approval for the proposed\nprice must inform the Department before 1330 gmt, they said.\n REUTER\n\u0003",
"date": "27-MAR-1987 03:32:07.72\u0005\u0005\u0005G C",
"topics": [
"grain",
"wheat"
],
"places": [
"sri-lanka",
"usa"
],
"id": "10305"
},
{
"title": "PHILIPPINE SUGAR CROP SET AT 1.6 MLN TONNES",
"body": "Philippine sugar production in the\n1987/88 crop year ending August has been set at 1.6 mln tonnes,\nup from a provisional 1.3 mln tonnes this year, Sugar\nRegulatory Administration (SRA) chairman Arsenio Yulo said.\n Yulo told Reuters a survey during the current milling\nseason, which ends next month, showed the 1986/87 estimate\nwould almost certainly be met.\n He said at least 1.2 mln tonnes of the 1987/88 crop would\nbe earmarked for domestic consumption.\n Yulo said about 130,000 tonnes would be set aside for the\nU.S. Sugar quota, 150,000 tonnes for strategic reserves and\n50,000 tonnes would be sold on the world market.\n He said if the government approved a long-standing SRA\nrecommendation to manufacture ethanol, the project would take\nup another 150,000 tonnes, slightly raising the target.\n \"The government, for its own reasons, has been delaying\napproval of the project, but we expect it to come through by\nJuly,\" Yulo said.\n Ethanol could make up five pct of gasoline, cutting the oil\nimport bill by about 300 mln pesos.\n Yulo said three major Philippine distilleries were ready to\nstart manufacturing ethanol if the project was approved.\n The ethanol project would result in employment for about\n100,000 people, sharply reducing those thrown out of work by\ndepressed world sugar prices and a moribund domestic industry.\n Production quotas, set for the first time in 1987/88, had\nbeen submitted to President Corazon Aquino.\n \"I think the President would rather wait till the new\nCongress convenes after the May elections,\" he said. \"But there\nis really no need for such quotas. We are right now producing\njust slightly over our own consumption level.\"\n \"The producers have never enjoyed such high prices,\" Yulo\nsaid, adding sugar was currently selling locally for 320 pesos\nper picul, up from 190 pesos last August.\n Yulo said prices were driven up because of speculation\nfollowing the SRA's bid to control production.\n \"We are no longer concerned so much with the world market,\"\nhe said, adding producers in the Negros region had learned from\ntheir mistakes and diversified into corn and prawn farming and\ncloth production.\n He said diversification into products other than ethanol\nwas also possible within the sugar industry.\n \"The Brazilians long ago learnt their lessons,\" Yulo said.\n\"They have 300 sugar mills, compared with our 41, but they\nrelocated many of them and diversified production. We want to\ncall this a 'sugarcane industry' instead of the sugar industry.\"\n He said sugarcane could be fed to pigs and livestock, used\nfor thatching roofs, or used in room panelling.\n \"When you cut sugarcane you don't even have to produce\nsugar,\" he said.\n Yulo said the Philippines was lobbying for a renewal of the\nInternational Sugar Agreement, which expired in 1984.\n \"As a major sugar producer we are urging them to write a new\nagreement which would revive world prices,\" Yulo said.\n \"If there is no agreement world prices will always be\ndepressed, particularly because the European Community is\nsubsidising its producers and dumping sugar on the markets.\"\n He said current world prices, holding steady at about 7.60\ncents per pound, were uneconomical for the Philippines, where\nproduction costs ranged from 12 to 14 cents a pound.\n \"If the price holds steady for a while at 7.60 cents I\nexpect the level to rise to about 11 cents a pound by the end\nof this year,\" he said.\n Yulo said economists forecast a bullish sugar market by\n1990, with world consumption outstripping production.\n He said sugar markets were holding up despite encroachments\nfrom artificial sweeteners and high-fructose corn syrup.\n \"But we are not happy with the Reagan Administration,\" he\nsaid. \"Since 1935 we have been regular suppliers of sugar to the\nU.S. In 1982, when they restored the quota system, they cut\nours in half without any justification.\"\n Manila was keenly watching Washington's moves to cut\ndomestic support prices to 12 cents a pound from 18 cents.\n The U.S. Agriculture Department last December slashed its\n12 month 1987 sugar import quota from the Philippines to\n143,780 short tons from 231,660 short tons in 1986.\n Yulo said despite next year's increased production target,\nsome Philippine mills were expected to shut down.\n \"At least four of the 41 mills were not working during the\n1986/87 season,\" he said. \"We expect two or three more to follow\nsuit during the next season.\"\n REUTER\n\u0003",
"date": "27-MAR-1987 03:44:57.62\u0005\u0005\u0005T C",
"topics": [
"sugar"
],
"places": [
"philippines"
],
"id": "10306"
},
{
"title": "METALLGESELLSCHAFT PLANS COMMODITY FUTURES VENTURE",
"body": "Metallgesellschaft AG <METG.F> said\nit is founding a company to work in commodities futures and\noptions trading and financial services linked to these.\n The new company, to be called <MG Commodity Corp>, will be\nbased in Zug, Switzerland, and operate from a branch in\nHamburg.\n Metallgesellschaft will hold 80 pct of the company, and the\nother 20 pct will be held by Dieter Worms.\n REUTER\n\u0003",
"date": "27-MAR-1987 03:48:23.00\u0005\u0005\u0005F RM",
"places": [
"west-germany"
],
"id": "10307"
},
{
"title": "JAPAN SETS ASIDE YEN FUNDS TO PREVENT DLR FALL",
"body": "The 50-day provisional 1987/88 budget,\nadopted today by the government, allows the Finance Ministry to\nissue up to 14,600 billion yen worth of foreign exchange fund\nfinancing bills, government sources said.\n Foreign exchange dealers said the yen funds would be used\nto buy dollars, to prevent a further dollar fall.\n The government sources said the amount, covering the first\n50 days of the year starting April 1, accounts for more than 90\npct of the 16,000 billion yen in bills incorporated in the full\nbudget.\n REUTER\n\u0003",
"date": "27-MAR-1987 03:59:46.16\u0005\u0005\u0005RM",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "10308"
},
{
"title": "JAPANESE FOREIGN STOCK PURCHASES JUMP IN FEBRUARY",
"body": "Japanese net purchases of foreign stocks\njumped to a near-record 1.52 billion dlrs in February from 113\nmln in January, the Finance Ministry said.\n Net buying hit a record 1.55 billion dlrs last December.\n Gross purchases of foreign stocks rose to 4.48 billion dlrs\nin February from 2.67 billion in January, while gross sales\nwere 2.96 billion against 2.56 billion.\n All figures are subject to rounding.\n Japanese net purchases of foreign bonds, excluding bills,\ndropped to 9.41 billion dlrs in February from 10.46 billion in\nJanuary, the ministry said.\n The ministry said gross purchases of foreign bonds were\n115.53 billion dlrs in February, down from 118.04 billion in\nJanuary, while foreign bond sales fell to 106.12 billion from\n107.58 billion.\n Foreign investors sold a net 427 mln dlrs of Japanese\nbonds, excluding bills, after buying 227 mln dlrs in January.\n They took a gross 26.59 billion dlrs of Japanese bonds, up\nfrom 14.16 billion in January, and sold 27.02 billion, up from\n13.94 billion.\n They sold a net 153 mln dlrs of stocks, down from 681 mln\nin the previous month.\n Gross foreign purchases of Japanese shares rose to 13.64\nbillion dlrs in February from 9.54 billion in January, while\ngross sales rose to 13.76 billion from 10.22 billion.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:01:41.50\u0005\u0005\u0005RM",
"places": [
"japan"
],
"id": "10309"
},
{
"title": "MITSUBISHI BUYS INTO DANISH DAIRY PRODUCT FIRM",
"body": "Mitsubishi Corp <MITT.TOK> said it has\ntaken a 25 pct stake worth five mln krone in <Danish Dairy\nFarms Ltd> and will jointly market its produce from April.\n The company was set up last year by three major Danish\nlivestock cooperative federations to expand markets for their\ndairy products, a Mitsubishi official said.\n This is the first time a Japanese trading house has traded\nnon-Japanese dairy products in the world market, he said.\n He said Mitsubishi expects the Danish company's annual\nsales to be 10 billion yen in its first year, from April 1.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:05:25.22\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"japan"
],
"id": "10310"
},
{
"title": "JAPAN ACTS TO COOL U.S. ANGER ON TELECOMS DISPUTE",
"body": "Japan has sought to assure the U.S. It is\nnot trying to keep foreign equity in a new Japanese\ninternational telecommunications company below the legal limit\nof 33 pct, a Post and Telecommunications ministry official\nsaid.\n In a letter sent yesterday, Postal Minister Shunjiro\nKarasawa told U.S. Commerce Secretary Malcolm Baldrige that the\nministry does not object to foreign participation by those U.S.\nFirms that have expressed interest.\n But it does oppose any foreign international\ntelecommunications carrier having a management role, he said.\n The move appears to be an effort to dampen U.S. Opposition\nto the planned merger of two rival firms seeking to compete\nwith the current monopoly <Kokusai Denwa Denshin Co Ltd>, and\nto reduce the share held in any KDD rival by U.K.'s Cable and\nWireless Plc <CAWL.L>, industry analysts and diplomats said.\n One of the rival firms, <International Telecom Japan Inc>\n(ITJ) has offered a stake in the company to eight U.S. Firms\nincluding General Electric Co <GE>, Ford Motor Co <F> and\nCitibank NA <CCI), and two European companies, ITJ president\nNobuo Ito said yesterday.\n Cable and Wireless holds a 20 pct share in a second\npotential KDD rival, <International Digital Communications\nPlanning Inc>, along with <C Itoh and Co>. Merrill Lynch and Co\nInc <MER> and Pacific Telesis International Inc <PAC>, both of\nthe U.S., Hold three and 10 pct shares respectively.\n The Post and Telecommunications Ministry has urged the\nmerger of the two firms because it says the market can only\nsupport a single KDD competitor.\n It has also rejected management participation by an\ninternational common carrier, such as Cable and Wireless,\narguing no international precedent for such a stake exists.\n Cable and Wireless Director of Corporate Strategy, Jonathan\nSolomon, yesterday again told ministry officials he opposes a\nmerger proposal that would limit Cable and Wireless' share to\nless than three pct and total foreign participation to about 20\npct, the ministry official said.\n Channeling the U.S. Firms into a single merged competitor\nwould most probably result in diluting Cable and Wireless'\nshare, industry analysts said.\n \"Eventually the ministry will get what it wants -- one\ncombined competitor,\" Bache Securities (Japan) Ltd analyst\nDarrell Whitten said.\n \"Political ... Leverage may get the total foreign share up\nto a certain amount, but you won't find any one company with an\nextraordinarily large holding,\" Whitten said.\n Western diplomatic sources were more blunt.\n \"They (the ministry) don't want to see Cable and Wireless\nwith a reasonable share and they think of all sorts of\nstrategies to reduce that share,\" one said.\n Fumio Watanabe, a senior Keidanren (a leading business\norganization) official who has been trying to arrange the\nmerger, will present a new outline of his proposal on Thursday,\nthe ministry official said.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:18:28.88\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"japan",
"usa",
"uk"
],
"id": "10311"
},
{
"title": "IBM AUSTRALIA CREDIT ISSUES AUS DLR EUROBOND",
"body": "IBM Australia Credit Ltd is issuing a 75\nmln Australian dlr eurobond due April 24, 1990 with a 14-1/8\npct coupon and priced at 101-1/4, Salomon Brothers\nInternational Ltd said as lead manager.\n The non-callable bonds will be issued in denominations of\n1,000 and 10,000 dlrs and will be listed in Luxembourg. Gross\nfees of 1-1/2 pct comprise 1/2 pct for management and\nunderwriting combined and one pct for selling.\n There will be co-leads. The borrower is wholly owned by\nInternational Business Machines Corp <IBM.N>.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:29:27.59\u0005\u0005\u0005RM",
"places": [
"uk",
"australia"
],
"id": "10312"
},
{
"title": "ASSOCIATED NEWSPAPERS HAS 10 PCT OF NORTHERN STAR",
"body": "<Northern Star Holdings Ltd> said\nBritain's <Associated Newspapers Holdings Plc> will hold 9.99\npct of its enlarged issued capital after applying to acquire\n15.9 mln shares in its recently announced placement.\n Associated was one of the major investors participating in\nthe previously reported placement of 128.9 mln shares at 3.75\ndlrs each, Northern Star said in a statement.\n The northern New South Wales regional group is emerging as\na national media force in the wake of the industry\nrestructuring sparked by the News Corp Ltd <NCPA.S> takeover of\nthe Herald and Weekly Times Ltd <HWTA.S> group.\n Associated now holds 3.3 pct of Northern Star's current\nissued capital, a company official said.\n As previously reported, Northern Star is raising 623 mln\ndlrs through placements and a subsequent one-for-four rights\nissue at 2.95 dlrs a share.\n Of the placements, 56.9 mln shares will go to a number of\ninvestors and 72 mln to investment group <Westfield Capital\nCorp Ltd>, which arranged Northern Star's purchase of News\nCorp's television assets, three newspapers and three radio\nstations for 842 mln dlrs. Westfield will increase its stake in\nNorthern Star to about 45 pct from 20 as a result.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:35:40.22\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"australia"
],
"id": "10313"
},
{
"title": "BELGIAN DECEMBER INDUSTRIAL OUTPUT FALLS",
"body": "Industrial production, excluding\nconstruction and adjusted for the number of working days, fell\n1.5 pct in December from year earlier levels, the National\nStatistics Office said.\n It was also a sharp 16.8 pct below the November level, it\nsaid.\n The office said the production index, base 1980, stood at\n97.3 in December against an adjusted 116.9 in November and 98.8\nin December 1985.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:37:11.04\u0005\u0005\u0005RM",
"topics": [
"ipi"
],
"places": [
"belgium"
],
"id": "10314"
},
{
"title": "TWO JAPANESE STEELMAKERS' CAPITAL SPENDING FALLS",
"body": "Kawasaki Steel Corp <KAWS.T> said its\nparent company's capital spending in the year from April 1 will\nfall to 75 billion yen from 110 billion in the current year,\nand Sumitomo Metal Industries Ltd <SMIT.T> said its capital\nspending will drop to 70 billion yen from 85 billion.\n Both companies said they do not plan to start new large\nconstruction projects linked to production increases in the\ncoming year, because of the yen's appreciation and slow world\nsteel demand.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:38:47.18\u0005\u0005\u0005M C F",
"topics": [
"iron-steel"
],
"places": [
"japan"
],
"id": "10315"
},
{
"title": "MITSUBISHI BANK PLANS 300 MLN H.K. DLR CD FACILITY",
"body": "The Hong Kong branch of <Mitsubishi\nBank Ltd> is planning a 300 mln H.K. Dlr revolving certificate\nof deposit (CD) issuance facility, banking sources said.\n The facility is 200 mln dlrs underwritten at a maximum of\nfive basis points over the Hong Kong interbank offered rate.\nThe underwritten portion allows CDs to be issued in tenures of\none, three and six months. The non-underwritten portion allows\nthe issuance of one-year CDs as well. Denominations are one mln\ndlrs.\n The underwriting fee is five basis points.\n The facility is being syndicated by the arranger,\nMitsubishi Finance (Hong Kong) Ltd. Lead managers underwriting\n20 to 25 mln dlrs will receive a five basis point management\nfee. Managers underwriting 10 to 15 mln dlrs will receive three\nbasis points. There will be no management fee for participants.\n Mitsubishi Finance is also dealer of the facility, which is\nthe first of its kind for a Japanese bank in Hong Kong.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:42:50.19\u0005\u0005\u0005RM",
"places": [
"hong-kong"
],
"id": "10316"
},
{
"title": "CSR SAYS IT WILL MAKE MAJOR STATEMENT NEXT WEEK",
"body": "CSR Ltd <CSRA.S> said it expected to\nmake an announcement next week which would have a significant\nand beneficial impact on the future of the company.\n It said the statement was prompted by heavy turnover in CSR\nshares. Brokers said Bond Corp Holdings Ltd <BONA.S> today sold\n24.2 mln CSR shares representing almost five pct of the\ncompany. CSR closed 20 cents higher at 4.20 dlrs on a national\nturnover of 31.39 mln shares.\n Share analysts said the CSR announcement could be about the\nexpected flotation of its <Delhi Petroleum Pty Ltd> unit,\nreleasing cash for a major building products aquisition.\n CSR forecast in January it would float Delhi and said it\nexpected to invest close to 100 mln dlrs on acquisitions in\nbuilding materials both in Australia and offshore.\n One analyst, who asked not to be named, said about 25 pct\nof Delhi could be offered to CSR shareholders in an arrangement\nwhich would preserve the tax position of the Cooper Basin oil\nand gas producer, which is held in a trust.\n CSR had now finished paying for Delhi, after last year\nwriting down large foreign exchange losses on loans to buy the\ncompany and selling such investments as its share of the Mount\nNewman iron ore project, the analyst said.\n CSR had restructured its management in recent months and\nwas redirecting its efforts into industrial divisions from its\nresources business, analysts told Reuters. It could be expected\nto also float its coal interests, they said.\n The company earlier this month said it would sell its five\nSydney head office buildings.\n Stuart McKibbin of Melbourne broker <A.C. Goode and Co Ltd>\nsaid CSR had till now been overlooked by many of the offshore\ninvestors now heavily buying Australian gold and resource\nstocks. That climate could prove an ideal time to float the CSR\npetroleum division, he said.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:46:50.31\u0005\u0005\u0005F",
"places": [
"australia"
],
"id": "10317"
},
{
"title": "AVANA DEFENCE DOCUMENT FORECASTS PROFITS RISE",
"body": "<Avana Group Plc>, defending itself\nagainst a bid from Ranks Hovis McDougall Plc <RHML.L>, RHM,\nforecast a 3.4 mln stg rise in profits in the 1986/87 year.\n It said pretax profit should rise to 23.0 mln stg in the\nyear to April 2, 1987 from 19.6 mln previously, and reach 27.5\nmln in 1987/88. It expects share earnings to rise to 46.9p from\n38.7p and to 51.2p in 1987/88, and the 1986/87 dividend to be\n17.0p net, a 41.6 pct increase.\n The bid from RHM, rejected by the food and bakery group, is\nworth about 270 mln stg. RHM currently has a 22.9 pct stake in\npurchases and acceptances.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:51:36.08\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "10318"
},
{
"title": "TAIWAN BUYS 340,000 TONNES OF U.S. MAIZE",
"body": "The joint committee of Taiwan's maize\nimporters awarded contracts to five U.S. Companies for seven\nshipments totalling 340,000 tonnes of maize for delivery\nbetween September 1 and December 20, a committee official said.\n United Grain Corp of Oregon won two contracts for the\nsupply of 110,000 tonnes, priced between 92.44 and 96.00 dlrs\nper tonne, for September 1-15 and November 5-20 delivery.\n Cargill Inc of Minnesota also took two shipments totalling\n110,000 tonnes, priced between 93.45 and 94.65 dlrs per tonne,\nfor October 1-15 and December 5-20 delivery.\n ADM Export Co of Minnesota received a 54,000 tonne cargo,\nat 93.75 dlrs per tonne, for November 1-15 delivery.\n Cigra Inc of Chicago won a contract to supply 33,000\ntonnes, at 96.89 dlrs per tonne, for November 25-December 10\ndelivery.\n Elders Grain Inc of Kansas took a 33,000 tonne shipment, at\n96.06 dlrs per tonne, for December 1-15 delivery.\n All shipments are c and f Taiwan.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:56:39.64\u0005\u0005\u0005G C",
"topics": [
"grain",
"corn"
],
"places": [
"usa",
"taiwan"
],
"id": "10319"
},
{
"title": "PROPERTY FIRM RAISES ONE BILLION H.K. DLR LOAN",
"body": "<Sunyou Intercontinental (H.K.) Ltd>\nhas finalised the one billion H.K. Dlr loan for its hotel and\noffice complex in the Kowloon tourist district, lead manager\nStandard Chartered Asia Ltd said.\n Standard Chartered and co-lead Mitsui Trust Finance (Hong\nKong) Ltd will take up some 60 pct of the loan. There are seven\nco-managers for the remainder: Bank of Communications, Bank of\nEast Asia, Dai-Ichi Kangyo Bank, Daiwa Bank, Hang Seng Bank,\nSumitomo Bank and Wing Lung Bank.\n The 12-year loan, guaranteed by parent company <Sun's\nEnterprise Ltd> of Japan, is to be signed by mid-April.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:57:14.12\u0005\u0005\u0005RM",
"places": [
"hong-kong"
],
"id": "10320"
},
{
"title": "U.K. MONEY MARKET DEFICIT FORECAST AT 700 MLN STG",
"body": "The Bank of England said it forecast a\nshortage of around 700 mln stg in the money market today.\n Among the main factors affecting liquidity, bills maturing\nin official hands will drain some 501 mln stg while a rise in\nnote circulation and bankers' balances below target will take\nout around 285 mln stg and 45 mln stg respectively.\n Partly offsetting these outflows, exchequer transactions\nwill add some 120 mln stg to the system today.\n REUTER\n\u0003",
"date": "27-MAR-1987 04:59:06.97\u0005\u0005\u0005RM",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "10321"
},
{
"title": "JAPAN ALUMINIUM OUTPUT FALLS IN FEBRUARY",
"body": "Japanese aluminium output fell to 5,298\ntonnes in February from 7,472 in January and 14,280 a year\nearlier, preliminary International Trade and Industry Ministry\nfigures show.\n Output fell sharply from a year ago as most aluminium firms\nstopped smelting in the past year due to cheap imports,\nindustry sources said.\n Sales and end-month stocks in tonnes were:\n Feb 87 Jan 87 Feb 86\n Sales 36,557 38,678 75,687\n Stocks 53,248 56,620 127,083\n REUTER\n\u0003",
"date": "27-MAR-1987 05:04:06.33\u0005\u0005\u0005M C",
"topics": [
"alum"
],
"places": [
"japan"
],
"id": "10322"
},
{
"title": " Bank of France buying dollars for yen - banking sources\n",
"date": "27-MAR-1987 05:04:50.04\u0005\u0005\u0005RM",
"topics": [
"money-fx",
"dlr"
],
"id": "10323"
},
{
"title": "JAPAN ALUMINIUM IMPORTS RISE IN FEBRUARY",
"body": "Japanese primary aluminium imports rose\nto 98,170 tonnes in February from 91,157 in January and 94,926\na year earlier, the Japan Aluminium Federation said.\n This brought total imports in 1986/87, ending March 31, to\n1.09 mln tonnes against 1.25 mln a year earlier.\n The February total included 19,102 tonnes from the U.S.\nAgainst 16,577 in January and 9,933 a year ago, 24,391 from\nAustralia against 19,585 and 21,208, and 12,611 from Indonesia\nagainst 5,891 and 16,601.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:04:56.36\u0005\u0005\u0005M C",
"topics": [
"alum"
],
"places": [
"japan"
],
"id": "10324"
},
{
"title": "TOKYO STOCK TRADING TO BE SHORTENED FROM MONDAY",
"body": "The Tokyo Stock Exchange said it will\nshorten the trading session for stocks and convertible bonds by\n30 minutes from March 30 to cope with high volume and will\nmaintain the cut as long as excessive trading continues.\n Stock turnover hit a record 2.6 billion shares today,\nexceeding the previous peak of 2.4 billion set on March 18.\n Afternoon trading will start at 1330 local time (0430 GMT)\ninstead of the current 1300. (0400).\n REUTER\n\u0003",
"date": "27-MAR-1987 05:06:28.78\u0005\u0005\u0005F",
"places": [
"japan"
],
"id": "10325"
},
{
"title": "TAIWAN ISSUES MORE CERTIFICATES OF DEPOSITS",
"body": "The Central Bank issued 2.47 billion\nTaiwan dlrs worth of certificates of deposit (CDs), raising CD\nissues so far this year to 141.93 billion, a bank spokesman\ntold Reuters.\n The new CDs, repayable from six months to one year, carry\ninterest rates ranging from 4.07 pct to five pct, he said.\n The issues are intended to help curb the growth of the M-1b\nmoney supply, which has expanded as a result of large foreign\nexchange reserves.\n The reserves hit a record 53 billion U.S. Dlrs this week.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:12:31.32\u0005\u0005\u0005RM",
"places": [
"taiwan"
],
"id": "10326"
},
{
"title": "NIXDORF WINS 300 MLN MARK LABOUR EXCHANGE ORDER",
"body": "Nixdorf Computer AG <NIXG.F> said it\nwon an order worth about 300 mln marks from the West German\nFederal Labour Office to computerise 90 local labour exchanges.\n The contract is the largest single order in Nixdorf's\nhistory, the company said in a statement.\n A total of 12,000 counsellors will be equipped with\ncomputers to support their job placement and counselling\nactivities. Installation is to be completed by early 1990.\n The computer systems are models from the Nixdorf Targon /32\nproduct family, designed to run under UNIX, the international\nstandard operating system.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:15:57.09\u0005\u0005\u0005F",
"places": [
"west-germany"
],
"id": "10327"
},
{
"title": "MITSUBISHI MOTORS AUSTRALIA MAKES 19 MLN DLR LOSS",
"body": "<Mitsubishi Motors Australia Ltd>\n(MMAL) reported a 19.64 mln dlr net loss in calendar 1986 from\na 5.80 mln dlr profit in 1985 on turnover of 837.79 mln dlrs\nfrom 942.89 mln.\n MMAL, 99 pct-owned by Mitsubishi Motors Corp <MIMT.T> and\nMitsubishi Corp <MITT.T>, said a tight market meant it had\nfailed to recover 19 mln dlrs in costs sustained because of a\nweak Australian dollar.\n The company said its Magna car dominated its market segment\nwith sales of 30,500 units against 26,900 in 1985. Total sales\nwere 64,100, down 15,900.\n In addition, export of components to Japan increased with\n15 mln dlrs invested in 1986 to expand output of aluminium\ncylinder heads to 26,000 per month from 6,000, MMAL said.\n Imported passenger car, light commercial and heavy vehicle\nsales suffered while local-manufacturing profitability was\neroded by sales substantially below production capacity, it\nsaid.\n Australian car sales fell to 530,000 in 1985 from 696,000\nin 1985, although MMAL said it lifted its market penetration to\n12.1 pct from 11.5 pct.\n No dividend was recommended.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:17:58.92\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"australia"
],
"id": "10328"
},
{
"title": "S. KOREA SETS RULES FOR OVER-THE-COUNTER MARKET",
"body": "Shares of about 1,700 firms are expected\nto be traded in South Korea's first over-the-counter market due\nto open next month, finance ministry officials said.\n Companies which have been operating for more than two years\nwith paid-in capital of 200 mln won or more will be allowed to\njoin the market, they said citing a guideline prepared by the\nministry.\n Firms using venture capital can take part in the market\nregardless of their size, according to the guideline. The\nofficials said the over-the-counter market was aimed at helping\nsmall companies diversify their fund-raising sources.\n The guideline requires companies wishing to take part in\nthe market to register with the National Securities\nAssociation. Shares of registered firms will be traded through\nsecurities firms.\n Companies with paid-in capital of 500 mln won or more can\nbe listed on the Korea Stock Exchange three years after they\nare established, the officials said.\n At the end of 1986, 355 companies were listed on the\nexchange.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:21:20.82\u0005\u0005\u0005F",
"places": [
"south-korea"
],
"id": "10329"
},
{
"title": "INDIA BUYS 20,000 TONNES OF RAPESEED OIL",
"body": "The Indian State Trading Corporation\n(STC) bought a 20,000 tonne cargo of optional origin rapeseed\noil at its vegetable oil import tender yesterday, traders said.\nThe oil was for June 20/July 20 shipment at 321 dlrs per tonne\ncif.\n Traders said the STC attempted to buy eight cargoes of\nprocessed palm oil but its price ideas were too low for\nexporters. It also failed to secure soyoil for the same reason,\nthey said.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:21:27.84\u0005\u0005\u0005C G",
"topics": [
"veg-oil",
"rape-oil"
],
"places": [
"uk"
],
"id": "10330"
},
{
"title": "BANGKOK TO EASE TRANSIT AIR CARGO RED TAPE",
"body": "Bangkok airport will drop\ncustomslndling for transit cargo next week in a bid to\nchallenge Singapore and Hong Kong as regional air transport\nhI.<@VAkyg[gyl said.\n The transit free zone will end the paperwork that slows\ntrans-shipment of freight through Thailand, Bangkok airport\ncustoms director Somchainuk Engtrakul told journalists.\n The zone, to be opened on Thursday, will complement a major\nexpansion of Bangkok's Don Muang airport now underway and plans\nby Thai International airlines to almost double its fleet for\npassenger and cargo flights over the next 10 years.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:22:14.53\u0005\u0005\u0005F",
"places": [
"thailand",
"singapore",
"hong-kong"
],
"id": "10331"
},
{
"title": "THAI TIN EXPORTS FALL IN FEBRUARY",
"body": "Thailand exported 1,120 tonnes of tin\nmetal in February, down from 1,816 tonnes the previous month\nand 2,140 tonnes a year ago, the Mineral Resources Department\nsaid.\n It said major buyers last month were Britain, Japan, the\nNetherlands, West Germany and the U.S.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:22:19.34\u0005\u0005\u0005M C",
"topics": [
"tin"
],
"places": [
"thailand"
],
"id": "10332"
},
{
"title": "SYNDICATION FOR ELDERS NOTE FACILITY CLOSES",
"body": "Syndication for Elders IXL Ltd's\n<ELXA.S> 100 mln Australian dlr note issuance facility has been\ncompleted, arranger Westpac Finance Asia Ltd said.\n It said the facility, which is half underwritten and half\nnon-underwritten, has been over-subscribed and underwriters'\nallocations are reduced from the original commitments.\n The managers of the facility are Westpac, Bank of Montreal\nAsia Ltd, BOT International (HK) Ltd, Commonwealth Bank of\nAustralia and Credit Industriel et Commercial de Paris. They\nwill be underwriting six mln dlrs each instead of 10 mln dlrs.\n Co-managers are Banque Bruxelles Lambert, Ka Wah Bank,\nKyowa Bank, Saitama Bank, Sanwa Bank and Yasuda Trust and\nBanking Co Ltd. They will be underwriting three mln dlrs each\ninstead of five mln dlrs. BT Asia Ltd is junior co-manager with\na two mln dlr commitment.\n Westpac launched the facility early this month at 200 mln\ndlrs but soon reduced it to 100 mln dlrs and amended the terms\ndue to the market's cool response. The underwriting margin was\nraised to 10 basis points over the Australian dlr bank bill\nrate. Originally the margin was set at 6.25 basis points for up\nto 50 mln dlrs and at 2.5 basis points for the remainder.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:38:16.20\u0005\u0005\u0005RM",
"places": [
"hong-kong"
],
"id": "10333"
},
{
"title": "BOTSWANA BANS ZIMBABWE MEAT PRODUCTS, AGENCY SAYS",
"body": "Botswana has stopped importing almost\nall meat products from Zimbabwe after reports of a suspected\noutbreak of foot and mouth disease in the neighbouring country.\n Botswana's official news agency, BOPA, announcing the ban\nlast night, quoted Agriculture Minister Daniel Kwelagobe as\nsaying only sterilised and canned animal products would be\nallowed into the country, with immediate effect.\n He said Zimbabwean veterinary officials had notified him\nthat they suspected foot and mouth disease had broken out at\nInsiza, 100 km northeast of Bulawayo, capital of the mainly\ncattle-ranching southwestern province of Matabeleland.\n Zimbabwean officials were not immediately available for\ncomment.\n The ban will affect products such as uncanned meat, milk,\nham, butter and bacon, BOPA reported.\n Botswana exports much of its high-grade beef to the\nEuropean Community and augments its local supplies with meat\nimports from Zimbabwe.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:38:29.99\u0005\u0005\u0005G C L",
"topics": [
"carcass"
],
"places": [
"botswana",
"zimbabwe"
],
"id": "10334"
},
{
"title": "ALCAN AUSTRALIA BIDS FOR ALCAN NEW ZEALAND",
"body": "Alcan Australia Ltd <AL.S> said it will\nmake a 39.3 mln N.Z. Dlr cash bid for all the issued shares of\n<Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a\nfour-for-three share alternative.\n Both are 70 pct owned by Canada's Alcan Aluminium Ltd <AL>\nwhich will take the share swap option, Alcan Australia deputy\nchairman Jeremy Davis said in a statement. The remainder of\nAlcan New Zealand's totalled issued 21.84 mln shares are\nbroadly held while Alcan Australia's are primarily held by\ninstitutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan\nAustralia today ended four cents down at 1.15 dlrs.\n Davis said the offer, which is subject to approval by the\nNew Zealand Overseas Investment Commission, was a response to\nthe integration of the two countries' markets under the\nAustralia-New Zealand Closer Economic Relations treaty.\n Alcan New Zealand shareholders who accept the offer would\nalso receive the final dividend of 10 cents a share normally\npayable on May 27.\n Alcan Australia would invite New Zealand representation to\nits board and would apply to list its shares on the New Zealand\nStock exchange, Davis said.\n REUTER\n\u0003",
"date": "27-MAR-1987 05:39:31.59\u0005\u0005\u0005F M C",
"topics": [
"acq"
],
"places": [
"australia"
],
"id": "10335"
},
{
"title": "COMMONWEALTH BANK ISSUES DUAL CURRENCY BOND",
"body": "Commonwealth Bank of Australia is\nissuing a 15 billion yen dual currency bond due April 24, 1992\nwith an eight pct coupon and priced at 101-3/4 pct, Salomon\nBrothers International said as lead manager.\n The issue is payable and redeemable in Australian dollars\nalthough coupon payments will be in yen.\n Upon redemption, holders will be repaid at a rate of 83.91\nyen per Australian dollar. Salomon said that the current\nexchange rate is 103.62 yen to the Australian dollar.\n Payment date is April 25, and the securities are available\nin denominations of five mln yen. They will be listed on the\nLondon Stock Exchange.\n There is a 1/14 pct selling concession and a 5/8 pct\ncombined management and underwriting fee.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:07:38.73\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10336"
},
{
"title": " Bundesbank bought dollars against yen in Frankfurt - dealers\n",
"date": "27-MAR-1987 06:07:41.19\u0005\u0005\u0005RM",
"topics": [
"money-fx",
"dlr"
],
"id": "10337"
},
{
"title": "ESSILOR INTERNATIONAL <ESSI.PA> YEAR ENDED DEC 31",
"body": "Provisional consolidated net attributable profit 242.1 mln\nfrancs vs 240.1 mln.\n Investments 318 mln vs 317 mln.\n Dividend on ordinary shares 45 francs vs 42 francs.\n Dividend on priority shares 51 francs vs 48 francs.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:14:02.96\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"france"
],
"id": "10338"
},
{
"title": "SOUTH AFRICAN MAIZE ESTIMATE CALLED CONSERVATIVE",
"body": "The South African government's\nmaize production estimate of 7.8 mln tonnes for the current\nyear is \"rather too conservative,\" leading grain and produce\nmerchants Kahn and Kahn Pty Ltd said.\n The company, in a detailed report, estimated the harvest as\nhigh as 8.3 mln tonnes and said if this forecast is met the\nostensible surplus for export will be approximately 2.25 mln\ntonnes.\n \"This paradoxically is creating a problem for the Maize\nBoard,\" Kahn and Kahn said.\n It said the maize export price currently is depressed and\nthe board is \"probably confronted with the necessity to maintain\nor slightly increase the internal price of maize again...To\noffset the ostensible loss which must be faced\" on exporting\nsurplus amounts.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:22:35.40\u0005\u0005\u0005C G",
"topics": [
"grain",
"corn"
],
"places": [
"south-africa"
],
"id": "10339"
},
{
"title": "ITALIAN 1987 GDP GROWTH FORECAST AT THREE PCT",
"body": "Italy's gross domestic product (GDP) will\ngrow three pct in real terms this year and 2.7 pct in 1988,\nsaid economic information company Data Resources Europe Inc\n(DRI).\n Michel Girardin, DRI Europe's senior economist, said at a\nconference that Italian GDP growth this year \"will be mainly\ndriven by consumption and especially investment.\"\n Girardin said the driving force behind GDP growth next year\nwill shift from domestic demand to exports as a result of\nexpected depreciation of the lira against the major currencies.\n Italy's budget ministry said yesterday that GDP rose 2.7\npct in real terms in 1986.\n DRI forecast that inflation, which was an average 6.3 pct\nin 1986, will be under five pct this year and that interest\nrates should drop two pct.\n Girardin said the lira is expected to appreciate 14 pct\nagainst the dollar this year following last year's 22 pct\nappreciation. An expected German mark appreciation against the\ndollar means that the lira should lose about six pct of its\nvalue relative to the German currency, he said.\n DRI estimates that foreign demand for Italian products\nshould grow by a 3.2 pct this year following last year's 6.2\npct increase.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:29:06.93\u0005\u0005\u0005RM",
"topics": [
"gnp",
"money-fx"
],
"places": [
"italy"
],
"id": "10340"
},
{
"title": "TRADE SURPLUS WILL POSE ADDED PRESSURES FOR JAPAN",
"body": "Japan today announced another mammoth\nmonthly trade surplus that economists said would be sure to\nintensify already mounting pressure on the country for action.\n \"The world has every reason to be furious with Japan for not\nmoving more quickly,\" Jardine Fleming (Securities) Ltd economist\nEric Rasmussen said.\n The Finance Ministry said today that the trade surplus\nsoared to 8.14 billion dlrs in February from 5.7 billion in\nJanuary and 4.77 billion a year ago.\n The current account surplus, which includes trade in\nservices as well as goods, climbed to 7.38 billion dlrs last\nmonth from 4.95 billion in January and 3.89 billion a year ago.\n After being adjusted for seasonal fluctuations, the figures\nlook a bit better, but not much. On that basis, the trade\nsurplus declined slightly in February to 9.16 billion dlrs from\na record 9.58 billion in January.\n \"In the medium term we expect this modest improvement to\ncontinue but the pace of progress may be too slow to ward off\nfurther protectionism or further yen strength,\" said William\nStirling, economist at Merrill Lynch Japan Inc.\n A strong yen would make Japanese goods more expensive on\nworld markets while making imports into the country cheaper.\n \"On a seasonally adjusted basis, we appear to be making some\nprogress on getting exports down,\" Jardine's Rasmussen said.\n But imports do not seem to be picking up much because the\nJapanese economy remains sluggish, he said.\n Finance Ministry officials blamed last month's slower\nimport growth on a decline in oil imports as refiners worked\noff stocks they had built up in January.\n The officials took comfort from a decline in the volume of\nexports last month, after an unexpected year-on-year increase\nin January.\n This means the effects of the two-year rise of the yen\nagainst the U.S. Dollar are finally beginning to have an impact\non exports, they said.\n But economists warned that may not be soon enough for\nJapan's trading partners.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:36:50.36\u0005\u0005\u0005RM",
"topics": [
"trade",
"bop"
],
"places": [
"japan"
],
"id": "10341"
},
{
"title": "THYSSEN SEES GOOD 1987 PROFIT DESPITE STEEL LOSSES",
"body": "Thyssen AG <THYH.F> said\nit expects to post a good profit in 1987 despite anticipated\nlosses in its mass steel-making operations this year.\n Managing board chairman Dieter Spethmann told the annual\nmeeting the group was satisfied with profit developments in the\nfirst half of the 1986/87 financial year to September 30.\n The group's other three divisions -- specialty steel,\ncapital goods and trading -- had made a profit so far in\n1986/87, he added.\n Spethmann said income from associate companies had also\nbeen good in early 1986/87.\n In 1985/86 Thyssen's world group profit fell to 370.1 mln\nmarks from 472.4 mln in 1984/85, reflecting costs linked to its\nsteel operations. The company's dividend was an unchanged five\nmarks.\n A Thyssen spokesman told Reuters that planned job cuts at\nsubsidiary Thyssen Stahl AG would be higher than announced\nearlier. Total job losses by 1989 were now expected to total up\nto 7,800 against original projections of 5,900. Thyssen Stahl\nemploys some 40,000 people.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:44:55.27\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"west-germany"
],
"id": "10342"
},
{
"title": "WALT DISNEY INCREASES EUROBOND TO 75 MLN AUST DLRS",
"body": "The amount of a eurobond issued\nyesterday by Walt Disney Co Ltd has been raised to 75 mln\nAustralian dlrs from an original 60 mln, lead manager Warburg\nSecurities said.\n The issue, which matures on May 7, 1990, has a 14-1/2 pct\ncoupon and is priced at 101-3/8 pct.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:45:01.32\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10343"
},
{
"title": "ECONOMIC SPOTLIGHT - DUTCH EXCHANGE RATE POLICY",
"body": "Recent slackness on Dutch capital\nmarkets has led some bankers to question the Central Bank's\npolicy of pegging the guilder firmly to the West German mark\nand to ask for more flexiblility in exchange rate policy.\n While agreeing with the Bank's commitment to defend the\nguilder strongly, some bankers want the Bank to make more use\nof the range within which the guilder and the mark can\nfluctuate against each other in the European Monetary System\n(EMS).\n Roelof Nelissen, chairman of Amsterdam-Rotterdam Bank NV\n(Amro) said the Central Bank's policy was overcautious.\n \"I would like to suggest that the Bank use more freely the\nrange given to the guilder in the EMS,\" Nelissen said at the\npresentation of Amro's 1986 annual report last week.\n Within the EMS, the mark is allowed to fluctuate against\nthe guilder between 110.1675 and 115.235 guilders per 100.\n The Central Bank maintains a stricter policy and tries to\nkeep the mark below the 113.00 guilders per 100. It regards a\nstable exchange rate as its main target, using interest rate\npolicies to influence the exchange rate.\n The preference of exchange rate goals above interest rate\naims goes almost undisputed in the Netherlands.\n Critics say the Bank keeps the reins unnecessarily short.\n Rabobank Nederland said in its latest economic bulletin: \"By\nmaintaining the 113.00 limit, the Central Bank raises the\nexpectation it will always intervene above that level. If it\nsuddenly needs more flexibility it will find it very hard to\nobtain.\"\n Amro's Nelissen said relatively small changes in interest\nrates and exchange rates could cause substantial flows of\nsecurities business and sharp fluctuations on the Dutch capital\nmarket. Large interest rate changes were often needed to bring\nabout small changes in the guilder/mark exchange rate, he\nadded.\n Unlike Amro, Algemene Bank Nederland NV (ABN) says this is\na price the Dutch have to pay. It fully agrees with the Central\nBank's policy, director-general Julien Geertsema told Reuters,\nnoting a 1983 decision not to revalue the guilder fully with\nthe mark in the EMS hurt confidence in the Dutch currency.\n \"It is a pity we need such a wide interest rate difference\nbetween West Germany to maintain the exchange rate,\" he added.\n Interest rate differentials between West Germany and the\nNetherlands are the main factors that trigger capital flows\nbetween the two countries, as the economic performance of the\ntwo does not differ much, economists said.\n Data on 1986 capital flows between West Germany and the\nNetherlands have not yet been released, but in 1985 they\naccounted for only 10 pct of total trade flows between the two\ncountries, put at 110 billion guilders for 1986 by the\nDutch-German Chamber of Commerce earlier this month.\n Economists say capital flows are more sensitive to interest\nand exchange rates.\n West Germany is the Netherlands' largest single trading\npartner, taking 28 pct of Dutch exports and providing 26 pct of\nimports in the last quarter of 1986, Central Bureau of\nStatistics figures show.\n At the moment, the rates for three month euromark deposits\ntrade around 4.0 pct while the same deposits in guilders have a\nrate of around 5-7/16 pct.\n Amro bank argues that the Dutch real interest rate will\neven rise further because of expectations of deflation here in\n1987, contrasting with slight inflation in West Germany.\n In the Netherlands, the cost of living is expected to\ndecrease by 1.5 pct at a GNP growth rate of two pct, the Dutch\nCentral Planning Agency said in its 1987 forecast last month.\nGerman GNP is seen rising by two to 2.5 pct, but with inflation\nbetween zero and 1.0 pct, according to most German forecasts.\n But despite this upward push on real Dutch rates, money\ndealers do not expect the Central Bank to cut official rates\nindependently without prior moves by the Bundesbank.\n Following the West German interest rate cuts on January 22,\nthe Dutch Central Bank did not lower its rates but set a 0.5\npct lower tariff for special advances and abandoned its credit\nsurcharge. Most traders were surprised by this move as they had\nexpected the Bank to follow suit unconditionally, they said.\n The Bank said it lowered the rate with the largest impact\non the money market as far as the exchange rate permitted.\n While not entirely unsympathetic to critics of its\npolicies, the Central Bank keeps its grip firm and the range\nnarrow.\n \"The European Monetary System is not only a relationship\nbetween the guilder and the mark. Many times widening of the\nmargin between the two would implicate we have to buy or sell\nlarge amounts of a third currency,\" Central Bank vice-director\nJan-Hendrik Du Marchie Sarvaas said.\n \"If we allowed the guilder to become a little cheaper, the\nmarkets would start to believe it was weak. We don't want that.\nWe want to make clear that the guilder is just as strong as the\nmark,\" he said.\n REUTER\n\u0003",
"date": "27-MAR-1987 06:47:55.53\u0005\u0005\u0005RM",
"topics": [
"money-fx",
"dfl"
],
"places": [
"netherlands",
"west-germany"
],
"id": "10344"
},
{
"title": "GERMAN STOCKS SYSTEM SHOULD DEVELOP ALONGSIDE CITY",
"body": "The German auction system of shares\ntrading, retaining the business floor, can develop in parallel\nto off-floor computer trading introduced in London in the \"Big\nBang,\" Frankfurt stock exchange president Michael Hauck said.\n Hauck told a conference that it was unclear if the\nFrankfurt floor would become superfluous. The Frankfurt\nexchange did 55 pct of all German securities trading and was\ninvesting 86 mln marks in renovating its building. A\nscreen-delivered in-house quotation system would soon be in\nplace too.\n The nature of the auction system limited how far trading\nhours could be extended from the present two-hour session.\n Other practical problems inhibited the German ability to\nfollow London's moves. Official brokers, who set the prices,\nwere under the control of the Finance Ministry. This meant\ntransfer of securities control to an independent body, if\ndesired, would need legislative changes, Hauck said.\n \"Shorting\" stocks in Germany was also prohibited by the rules\nfor pension and insurance funds. They could thus not be lent\nout for the kind of speculative positions taken by London\nmarket makers.\n But Hauck said the system in London could be criticised for\nbeing too distant from those it should serve.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:02:05.60\u0005\u0005\u0005F",
"places": [
"west-germany"
],
"id": "10345"
},
{
"title": "STRIKES HALT PLANES AND TRAINS IN SPAIN",
"body": "Spain's air and rail transport was at a\nvirtual standstill as airline ground staff and railway workers\njoined university students and health workers in strikes\nagainst the Socialist government.\n Railway workers and staff at the state airlines Iberia and\nAviaco want pay rises of seven to eight pct but the government\nhas imposed a ceiling of five pct to control inflation.\n Under a government decree ordering the strikers to maintain\nminimum services Iberia was due to operate 32 of its 330\nflights and Aviaco 10 out of 82. Flights to and from Spain by\nother airlines were not affected.\n Student demonstrations in several cities last night led to\nclashes with riot police in Madrid, Cadiz and Saragossa.\n The state railway network operated some commuter services\nbut passengers who tried to use the few sleeper trains running\nlast night were met by angry pickets and found compartments\nwithout light or heating.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:05:32.87\u0005\u0005\u0005RM",
"places": [
"spain"
],
"id": "10346"
},
{
"title": "WORLD BANK CHIEF URGES MORE JAPANESE INVESTMENT",
"body": "World Bank President Barber Conable\ncalled on Japan to boost investment in developing nations, for\nits own sake as well as that of the world economy.\n \"Japan has the means to make a major contribution to\ndevelopment in the Third World,\" he told about 500 Japanese\nbusinessmen and academics. \"I would be pleased with additional\nsupport.\"\n With 25 pct of the world's total banking assets, Japan\ncould do more to help assist indebted Third World countries\ndevelop roads, bridges and other infrastructure, he said.\n Conable said additional commercial bank investment would\nalso be to Japan's advantage.\n It would profit from rechannelling its huge trade surplus\ninto Third World economies -- notably those in South America,\nChina and India -- that are likely to expand faster than those\nin the developed world, he said.\n Japan is now the second largest shareholder in the Bank's\nconcessionary lending affiliate, the International Development\nAssociation (IDA). It has also agreed recently to expand its\ncontribution to another affiliate, the International Bank for\nReconstruction and Development (IBRD), Conable noted.\n Conable said the World Bank was expanding its structural\nadjustment loans, designed to encourage developing countries to\nopen their economies more to free competition and trade.\n \"Adjustment loans could rise to 30 pct (of total World Bank\nloans) in the near future, though maybe not this year,\" Conable\ntold Reuters after his speech.\n Such loans currently account for slightly over 20 pct.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:11:25.12\u0005\u0005\u0005RM",
"topics": [
"trade"
],
"organisations": [
"worldbank"
],
"places": [
"japan"
],
"id": "10347"
},
{
"title": "HENKEL SELLS HAMBURG OIL AND FATS SUBSIDIARY",
"body": "Applied chemicals group Henkel KGaA\n<HNKG.F> said it is selling its Hamburg vegetable oil and fats\nsubsidiary Noblee und Thoerl GmbH to Oelmuehle Hamburg AG.\n A company spokesman declined to give the purchase price.\nNoblee, a supplier of specialised refined oils and fats to the\nfood processing industry, had turnover of 161 mln marks last\nyear.\n A Henkel statement said the divestment was part of the\ncompany's strategy of concentrating on its core businesses. For\nOelmuehle, the acquisition of Noblee means access to new\nmarkets, the statement added.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:11:41.05\u0005\u0005\u0005F C G",
"topics": [
"acq"
],
"places": [
"west-germany"
],
"id": "10348"
},
{
"title": "<ELDERS RESOURCES LTD> FIRST HALF ENDED DEC 31",
"body": "Net shr 7.6 cents vs 3.0\n Int div 3.0 cents vs nil\n Net 16.93 mln vs 5.47 mln\n Sales 160.14 mln vs 2.35 mln.\n Other income 6.29 mln vs 10.05 mln\n Shrs 223.16 mln vs 183.68 mln.\n NOTE - Two-for-seven non-renounceable rights issue of 8.0\npct five-year subordinated convertible redeemable unsecured\nnotes at 2.50 dlrs each. Each note is convertible into one\nshare. Div pay May 1. Div and issue reg April 16.\n Net is after tax 7.04 mln dlrs vs 3.82 mln, interest 2.52\nmln vs 1.14 mln, depreciation 2.43 mln vs 123,000 and\nminorities 3.41 mln vs 2.91 mln but before net extraordinary\nloss 821,000 vs nil.\n Company is owned 46.99 pct by Elders IXL Ltd <ELXA.S>.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:12:19.18\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"australia"
],
"id": "10349"
},
{
"title": "USSR SEES STRONG FOREIGN INTEREST IN JOINT VENTURES",
"body": "Soviet officials said foreign\nbusinessmen are expressing strong interest in establishing\njoint enterprises in the Soviet Union and already 30\npreliminary agreements had been signed with Western firms.\n But Western economic experts described foreign business\ninterest as cautious and noted that no final contracts had been\nsealed to set up joint ventures on Soviet territory.\n Moscow last year invited companies in socialist, developing\nand capitalist countries to start joint ventures as part of a\nprogramme to open up the Soviet Union's foreign trade ties.\n At the same time, a number of Soviet ministries and\nenterprises received the right to deal directly on world\nmarkets. Previously the Ministry of Foreign Trade monopolised\nall import and export business.\n Explaining the changes at a news conference today, Deputy\nPrime Minister Vladimir Kamentsev said they had received a\nmixed reaction in the foreign press but a warm response from\nbusinessmen.\n Over 200 proposals for establishing joint ventures had been\nreceived from foreign firms, 121 of which had been judged of\nmutual interest, he said.\n Thirty protocols had been signed and 12 projects were\n\"practically implemented,\" including ventures with Finnish,\nJapanese, West German and American firms, he added.\n But Western diplomats specialising in Soviet economic\naffairs said the protocols were not legally binding and not a\nsingle contract had been finalised.\n \"The Soviet Union is selling the joint venture idea very\nhard because it wants to obtain new technology cheaply, but I\nwould say business reaction in the West has been cool so far,\"\ncommented one diplomat.\n Asked why this was so, he said the rules for running joint\nventures were still unclear and no Western firm wanted to be\nthe first to take a major financial risk.\n Kamentsev, flanked by Foreign Trade Minister Boris Aristov,\nForeign Trade Bank Chairman Yuri Ivanov and other officials,\nrepeated terms for the establishment of joint ventures,\nincluding the ground-rule that the Soviet side must have a\nstake of at least 51 pct in any enterprise.\n He said some businessmen had the mistaken impression that\nforeign partners could only take profits from the products\nwhich their enterprises exported.\n \"I would like to stress that the foreign partner can take\nprofits from all the products which his venture produces\naccording to his share of the capital,\" Kamentsev said.\n He added that the Soviet Union was interested in \"long-term\nand stable contacts\" with foreign firms and was offering a\nnumber of tax breaks to companies which invested here.\n Speaking about the reform giving individual Soviet trading\norganisations more autonomy, Kamentsev said 21 ministries and\n75 enterprises now had the right to deal for themselves on\nworld markets.\n Organisations enjoying this right handled 25 pct of total\nSoviet trade including 40 pct of trade in machines and tools,\nhe said.\n The Ministry of Foreign Trade continued to conduct business\nfor the remaining ministries and state enterprises and\nsupervised trade in essential products such as food.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:13:40.67\u0005\u0005\u0005F",
"places": [
"ussr"
],
"id": "10350"
},
{
"title": "IBM AUSTRALIA CREDIT ISSUES AUS DLR EUROBOND",
"body": "IBM Australia Credit Ltd is issuing a 75\nmln Australian dlr eurobond due April 24, 1990 with a 14-1/8\npct coupon and priced at 101-1/4, Salomon Brothers\nInternational Ltd said as lead manager.\n The non-callable bonds will be issued in denominations of\n1,000 and 10,000 dlrs and will be listed in Luxembourg. Gross\nfees of 1-1/2 pct comprise 1/2 pct for management and\nunderwriting combined and one pct for selling.\n There will be co-leads. The borrower is wholly owned by\nInternational Business Machines Corp <IBM.N>.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:14:06.23\u0005\u0005\u0005A",
"places": [
"uk"
],
"id": "10351"
},
{
"title": "NAKASONE TO VISIT WASHINGTON IN LATE APRIL",
"body": "Prime Minister Yasuhiro Nakasone will\nmake an official week-long visit to the United States from\nApril 29 and hold talks in Washington with President Reagan,\nChief Cabinet Secretary Masaharu Gotoda told reporters.\n Government sources said Nakasone would try to resolve\ngrowing bilateral trade friction and discuss the June Venice\nsummit of Western industrial democracies.\n Foreign Minister Tadashi Kuranari will accompany Nakasone,\nministry officials said.\n U.S. Industry sources in Washington said the White House\nEconomic Policy Council was recommending trade sanctions\nagainst Japan for violating the two countries' agreement on\nsemiconductor trade.\n Under the pact, Japan pledged to stop dumping microchips in\nthe U.S. And Asia and open its domestic market to U.S.\nSemiconductors.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:16:49.94\u0005\u0005\u0005A",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10352"
},
{
"title": "MEXICO DENIES BRITISH BANKS BALKING AT DEBT DEAL",
"body": "Mexico denied reports that British\nbanks are resisting signing a 76 billion dlr new loan and\nrescheduling package.\n In a statement, the Finance Ministry said the process for\nformalizing the package was going as planned.\n Banking sources in London had been quoted earlier as saying\nthe British banks were balking at signing the package in an\neffort to get all participants to contribute equally to a new\n7.7 billion dlr loan contained in the deal.\n However, the Finance Ministry statement said all the\nBritish banks had promised their participation in the loan.\n \"The contribution of each one of them corresponds exactly to\nthe request of the Mexican government,\" the statememt said.\n The ministry said Citibank, which chairs Mexico's bank\nadvisory committee, has received cables from the British banks\n\"confirming said commitment.\"\n The ministry said the books on the package would be closed\nby mid-April and the first 3.5 billion dlrs of the new money\nshould arrive by the end of the month.\n It also said French, Swiss and \"some\" Canadian banks had\nsubscribed to the package and that the remaining Canadian banks\nwould sign the accord in the next few days.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:17:24.87\u0005\u0005\u0005A",
"places": [
"mexico",
"uk"
],
"id": "10353"
},
{
"title": "BANK OF SPAIN SUSPENDS ASSISTANCE",
"body": "The Bank of Spain suspended its daily\nmoney market assistance obliging borrowers to take funds from\nthe second window, where on Wednesday rates were raised to 16\npct compared with 14 pct for normal overnight funds.\n Money market sources said in view of high borrower demand\nthe suspension was likely to remain in effect until April 3,\nthe start of the next 10-day accounting period for reserve\nrequirements. The suspension comes after the Bank yesterday\ngave 1,145 billion pesetas assistance, a record high for this\nyear.\n It said 90 billion pesetas was provided at the second\nwindow.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:18:32.60\u0005\u0005\u0005RM",
"topics": [
"money-fx"
],
"places": [
"spain"
],
"id": "10354"
},
{
"title": "NAKASONE HARD-PRESSED TO SOOTHE U.S ANGER ON TRADE",
"body": "Prime Minister Yasuhiro Nakasone will\nvisit Washington next month in a bid to defuse mounting U.S.\nAnger over Japanese trade policies, but Western diplomats said\nthey believed his chances of success were slim.\n Boxed in by powerful political pressure groups and\nwidespread opposition to his tax reform plans, Nakasone will be\nhard-pressed to come up with anything new to tell U.S.\nPresident Ronald Reagan and key U.S. Congressmen, they said.\n News of the week-long visit starting April 29 coincided\nwith news that Japan recorded a 8.14 billion dlr trade surplus\nlast month, more than 70 pct higher than a year earlier.\n It also came one day after the Reagan Administration's\nEconomic Policy Council decided to take retaliatory action\nagainst Japan for its alleged failure to live up to a joint\ntrade agreement on computer microchips.\n Nakasone wants to go armed with two separate packages - one\ndesigned to pep up Japan's sagging economy and imports in the\nshort-term, the other to redirect the country in the medium\nterm away from its over-dependence on exports for growth.\n But government officials said political infighting could\nrob both packages of much of their punch and might even prevent\none from seeing the light of day.\n Nakasone has insisted that the government would not draw up\na package of short-term economic measures until after its\n1987/88 budget passed parliament because he feared that would\namount to a tacit admission that the budget was inadequate.\n But his hopes for quick passage of the budget in time for\nhis trip have been shattered by a parliamentary boycott by\nopposition parties protesting over the sales tax plan.\n Faced with the possibility that he might have to go to the\nU.S. Virtually empty-handed, Nakasone today ordered his ruling\nLiberal Democratic Party (LDP) to come up with its own\nmeasures.\n He can then tell Reagan the LDP package will form the basis\nof the government's plans, without losing face in parliament\nover the budget, political analysts said.\n Officials working on the government's short-term economic\npackage said it would probably include interest rate cuts on\nloans by government corporations, deregulation, measures to\npass on some of the benefits of the strong yen to consumers in\nthe form of lower prices, and accelerated public investment.\n They said a record portion of state investment planned for\nthe entire 1987/88 fiscal year will take place in the first\nhalf, probably over 80 pct.\n Diplomats said that was unlikely to be enough to satisfy\nReagan, who is under pressure from the Democrat-controlled U.S.\nCongress to take greater action to cut the huge American trade\ndeficit.\n To complement the short-term measures, Nakasone is also\nlikely to present Reagan with details of Japan's longer-term\neconomic plans.\n A high-ranking advisory body headed by former Bank of Japan\ngovernor Haruo Maekawa is expected to come up with a final\nreport outlining concrete steps to redirect the economy days\nbefore Nakasone is scheduled to leave for Washington.\n Its recommendations are designed as a follow-up to\nMaekawa's report last year on economic restructuring and are\nlikely to cover such potentially politically explosive areas as\nagricultural reform and land policy, officials said.\n While wanting to make the report as explicit and detailed\nas possible, they said the political realities might force them\nto water down some of the committee's recommendations.\n A subcommittee is considering what the Japanese economy\nmight look like in the medium to longer term after it undergoes\nmassive restructuring, officials said. The subcommittee\nprojects that the current account surplus will fall to less\nthan two pct of Japan's total output, or gross national\nproduct, around 1993 or 1995. Last year the surplus, which\nmeasures trade in goods and services, amounted to over four pct\nof gnp.\n The subcommittee also projects annual economic growth for\nJapan of nearly four pct over that period and a very gradual\nappreciation of the yen, to about 130 to the dollar by around\n1993, from 150 now.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:27:59.04\u0005\u0005\u0005RM",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10355"
},
{
"title": "U.K. MONEY MARKET GIVEN 265 MLN STG ASSISTANCE",
"body": "The Bank of England said it provided the\nmoney market with 265 mln stg in assistance this morning.\n This compares with the bank's estimate of the shortage in\nthe system of 750 mln stg, earlier revised up from 700 mln.\n The central bank purchased bank bills outright comprising\n119 mln stg in band one at 9-7/8 pct, 144 mln stg in band two\nat 9-13/16 pct and two mln stg in band three at 9-3/4 pct.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:29:24.33\u0005\u0005\u0005RM",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "10356"
},
{
"title": "BANK OF JAPAN INTERVENES TO STEM DOLLAR FALL",
"body": "The Bank of Japan intervened in the\nmarket to keep the dollar above 149 yen but the unit was under\nstrong selling pressure by an investment trust, dealers said.\n The central bank stepped into the market when the dollar\nfell towards 149.00 yen, but a trust bank aggressively sold\ndollars to hedge currency risks, and the Bank intervened again\nat 149.00, they said.\n The trust bank apparently changed its earlier view that the\ndollar would rise and started selling relatively large amounts\nof dollars, pushing the unit down to 148.80 at one point,\nbrokers said.\n One dealer estimated that the Bank bought 400 mln to 500\nmln dlrs as it tried to keep the U.S. Currency above 149 yen.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:29:31.78\u0005\u0005\u0005V",
"topics": [
"money-fx",
"dlr"
],
"places": [
"uk"
],
"id": "10357"
},
{
"title": "BANK OF FRANCE AGAIN BUYING DOLLARS, SOURCES SAY",
"body": "The Bank of France intervened in the\nParis foreign exchange market this morning for the third\nsuccessive day, banking sources said.\n Like yesterday, it bought dollars and sold yen in small\namounts, they said.\n One dealer said it was seen in the market twice in early\ndealing, buying five mln dlrs each time.\n Other dealers also reported small-scale intervention to\nstabilise the dollar after aggressive selling overnight in\nTokyo, where the Bank of Japan also intervened again.\n The dollar steadied at around 6.0650/0700 francs after\neasing in early trading to 6.0615/35 from an opening 6.0700/50.\nIt closed yesterday at 6.0800/30.\n One major french bank said it bought 10 mln dlrs for the\ncentral bank, selling yen, within a trading range of 148.20/30\nyen to the dollar, compared with yesterday's 149.28 rate at\nwhich intervention was carried out here.\n The yen later firmed to around 147.90/148.00.\n Reuter\n\u0003",
"date": "27-MAR-1987 07:30:29.12\u0005\u0005\u0005A",
"topics": [
"money-fx"
],
"places": [
"france"
],
"id": "10358"
},
{
"title": "BUNDESBANK BOUGHT DOLLARS AGAINST YEN, DEALERS SAY",
"body": "The Bundesbank entered the open\nmarket in the late morning to buy dollars against yen in\nconcert with the Bank of France, dealers said.\n The Bundesbank came into the market when the dollar was\naround 148.10 yen just after it had fallen below 148 to touch\n147.80 at 1027 GMT. The move had little effect, with the dollar\nstill testing 148 yen ahead of the official fixing.\n Dealers said the intervention was for fairly small amounts,\nin contrast to the Bundesbank's activity on Wednesday when\ndealers reported it bought about 100 mln dlrs.\n The Bundesbank had no comment.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:30:49.78\u0005\u0005\u0005A",
"topics": [
"money-fx"
],
"places": [
"west-germany"
],
"id": "10359"
},
{
"title": "JAPAN LIKELY TO ALLOW FOREIGN FUTURES MARKET USE",
"body": "The finance ministry appears ready to\nallow Japanese financial institutions to use overseas financial\nfutures markets, a ministry official said.\n He declined to say when, but banking sources expect\napproval as early as April. Banks, securities houses and\ninsurance companies are expected to become eligible to deal in\ndeposit, interest rate, bond and stock index futures.\n Ministry officials said they are wary of giving permission\nto individuals or corporations because of their relative\ninexperience.\n Broking for Japanese residents by financial institutions\nwould be prohibited as securities exchange laws bar banks from\ndoing this, the banking sources said.\n Overseas subsidiaries and branches of Japanese banks and\nsecurities houses have already been allowed to use the overseas\nfutures markets on their own accounts.\n The Finance Ministry Ordinance based on Foreign Exchange\nAdministration Law will have to be revised to allow local\ninstitutions to join the overseas markets, a ministry official\nsaid.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:31:45.13\u0005\u0005\u0005F",
"places": [
"japan"
],
"id": "10360"
},
{
"title": "BRIERLEY BIDS 4.35 DOLLARS/SHARE FOR PROGRESSIVE",
"body": "<Brierley Investments Ltd> (BIL)\nlaunched a full takeover bid for the supermarket group\n<Progressive Enterprises Ltd> at 4.35 dlrs a share.\n BIL said in a statement the offer is conditional on minimum\nacceptances totalling 30 mln shares, just under 25 pct of the\n120.4 mln Progressive shares on issue.\n Progressive is currently involved in a proposed merger with\n<Rainbow Corp Ltd>. Rainbow earlier this week raised its stake\nin Progressive to 52 pct. BIL opposes the Rainbow merger and\nanalysts say BIL needs a 25 pct stake in Progressive to prevent\nit occurring.\n The merger involves shareholders in Progressive and Rainbow\nboth receiving shares in a new company <Astral Pacific Corp\nLtd> on a one-for-one exchange basis.\n The BIL bid is higher than the 4.20 dlrs BIL said it would\noffer when it first announced on Monday it would make a full\nbid for Progressive, and it follows much public debate between\nBIL and Rainbow.\n BIL Chief Executive Paul Collins said last week that he\nopposes the Rainbow/Progressive merger because BIL sees\nProgressive shares as being worth twice as much as Rainbow's.\nBIL has not disclosed how many Progressive shares it holds.\n Rainbow has said the merger is soundly based. Chairman\nAllan Hawkins said last week that BIL's actions were aimed only\nat dirsrupting the merger and were not in the interests of\nProgressive shareholders.\n Both Rainbow's and Progressive's boards have approved the\nmerger proposal. It has also been approved by the Commerce\nCommission, but BIL's bid is still subject to the Commission's\nscrutiny.\n Progressive shares ended at 4.35 dlrs, Rainbow at 3.42 and\nBIL at 4.17 at the close of New Zealand Stock Exchange trading\ntoday.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:31:59.58\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"new-zealand"
],
"id": "10361"
},
{
"title": " S. African Feb trade surplus 1.62 billion rand vs Jan surplus 906.2 mln - official\n",
"date": "27-MAR-1987 07:38:24.52\u0005\u0005\u0005RM",
"topics": [
"bop",
"trade"
],
"id": "10362"
},
{
"title": "NORWAY'S HELIKOPTER SERVICE TO BUILD BELL HELICOPTERS",
"body": "<Helikopter Service A/S>, Norway's\nbiggest helicopter operator, will assemble 18 Bell 412 SP\nhelicopters for Norwegian Defence under license from <Bell\nHelicopters Textron> of the U.S., The company said.\n The 18 medium-range helicopters, worth 540 mln crowns, will\nbe assembled at the company's facilities at Sola airport in\nStavanger. Helikopter Service technical director Trygve Eidem\nsaid the 25-mln crown assembly contract will help the company\ndiversify its operations. Helikopter Service's main income is\nfrom chartered flights between Norway's North Sea oil fields\nand mainland heliports.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:39:50.82\u0005\u0005\u0005F",
"places": [
"norway"
],
"id": "10363"
},
{
"title": "JAPAN SETS ASIDE YEN FUNDS TO PREVENT DLR FALL",
"body": "The 50-day provisional 1987/88 budget,\nadopted today by the government, allows the Finance Ministry to\nissue up to 14,600 billion yen worth of foreign exchange fund\nfinancing bills, government sources said.\n Foreign exchange dealers said the yen funds would be used\nto buy dollars, to prevent a further dollar fall.\n The government sources said the amount, covering the first\n50 days of the year starting April 1, accounts for more than 90\npct of the 16,000 billion yen in bills incorporated in the full\nbudget.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:41:01.59\u0005\u0005\u0005A",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan"
],
"id": "10364"
},
{
"title": "WALT DISNEY INCREASES EUROBOND TO 75 MLN AUST DLRS",
"body": "The amount of a eurobond issued\nyesterday by Walt Disney Co Ltd has been raised to 75 mln\nAustralian dlrs from an original 60 mln, lead manager Warburg\nSecurities said.\n The issue, which matures on May 7, 1990, has a 14-1/2 pct\ncoupon and is priced at 101-3/8 pct.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:41:54.16\u0005\u0005\u0005A",
"places": [
"uk"
],
"id": "10365"
},
{
"title": "FLETCHER TO BE FLETCHER CHALLENGE CHIEF EXECUTIVE",
"body": "<Fletcher Challenge Ltd> (FCL)\nchairman Ron Trotter will step aside as chief executive in\nOctober on reaching 60 and will be replaced by group managing\ndirector Hugh Fletcher, FCL said in a statement.\n Fletcher, 39, whose grandfather James Fletcher was the\nfounder of <Fletcher Industries> from which FCL partly takes\nits name, joined the group in 1969.\n He holds master of commerce, bachelor of science and MBA\ndegrees from Harvard University and is also chairman of Air New\nZealand. No new managing director has been named yet to replace\nhim.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:42:19.23\u0005\u0005\u0005F",
"places": [
"new-zealand"
],
"id": "10366"
},
{
"title": "SUGAR MARKET SEES GOOD RECENT OFFTAKE",
"body": "Reports the Soviet Union has lately\nextended its recent buying programme by taking five to eight\nraws cargoes from the free market at around 30/40 points under\nNew York May futures highlight recent worldwide demand for\nsugar for a variety of destinations, traders said.\n The Soviet buying follows recent whites buying by India,\nTurkey and Libya, as well as possible raws offtake by China.\n Some 300,000 to 400,000 tonnes could have changed hands in\ncurrent activity, which is encouraging for a sugar trade which\npreviously saw little worthwhile end-buyer enquiry, they added.\n Dealers said a large proportion of the sales to the Soviet\nUnion in the past few days involved Japanese operators selling\nThai origin sugar.\n Prices for nearby shipment Thai sugars have tightened\nconsiderably recently due to good Far Eastern demand, possibly\nfor sales to the Soviet Union or to pre-empt any large block\nenquiries by China, they said.\n Thai prices for March/May 15 shipments have hardened to\naround 13/14 points under May New York from larger discounts\npreviously, they added.\n Traders said the Soviet Union might be looking to buy more\nsugar in the near term, possibly towards an overall requirement\nthis year of around two mln tonnes. It is probable that some\n1.8 mln tonnes have already been taken up, they said.\n Turkey was reported this week to have bought around 100,000\ntonnes of whites while India had further whites purchases of\ntwo to three cargoes for Mar/Apr at near 227 dlrs a tonne cost\nand freight and could be seeking more. Libya was also a buyer\nthis week, taking two cargoes of whites which, for an\nundisclosed shipment period, were reported priced around\n229/230 dlrs a tonne cost and freight, they added.\n Futures prices reacted upwards to the news of end-buyer\nphysicals offtake, although much of the enquiry emerged\nrecently when prices took an interim technical dip, traders\nsaid.\n Pakistan is lined up shortly to buy 100,000 tonnes of\nwhites although traders said the tender, originally scheduled\nfor tomorrow, might not take place until a week later.\n Egypt will be seeking 20,000 tonnes of May arrival white\nsugar next week, while Greece has called an internal EC tender\nfor 40,000 tonnes of whites to be held in early April, for\narrival in four equal parts in May, June, July and August.\n REUTER\n\u0003",
"date": "27-MAR-1987 07:55:53.91\u0005\u0005\u0005C T",
"topics": [
"sugar"
],
"places": [
"uk",
"ussr"
],
"id": "10367"
},
{
"title": "BANK OF FRANCE BUYS DOLLARS AT PARIS FIXING - DEALERS\n",
"date": "27-MAR-1987 08:00:55.20\u0005\u0005\u0005RM",
"topics": [
"money-fx"
],
"id": "10368"
},
{
"title": "DUTCH IBM UNIT CHARGED WITH PRICE UNDERCUTTING",
"body": "Three Dutch computer leasing firms\nare charging the Dutch unit of International Business Machines\nCorp <IBM.N> with unfair trading practices, saying its prices\nundercut the leasing market, a court spokesman said.\n He said the three firms started summary proceedings in the\nAmsterdam district court yesterday against IBM Nederland NV and\nits leasing finance subsidiary IBM Nederland Financieringen BV.\nA verdict is expected on April 16.\n The three firms suing IBM here are IBL Holland BV, ICA\nEurope BV and Econocom Nederland BV. An IBM Nederland spokesman\nsaid the firm denied the charges but declined further comment.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:05:48.50\u0005\u0005\u0005F",
"places": [
"netherlands"
],
"id": "10369"
},
{
"title": " swiss national bank says bought dollars against yen\n",
"date": "27-MAR-1987 08:06:15.64\u0005\u0005\u0005RM",
"topics": [
"money-fx",
"dlr"
],
"id": "10370"
},
{
"title": "UNION MINIERE TAKES STAKE IN PANCONTINENTAL",
"body": "<Union Miniere SA> said in a statement\nthat it has acquired an eight pct interest in Pancontinental\nMining Ltd <PANA.S> for a sum equivalent to 1.2 billion Belgian\nfrancs.\n Pancontinental operates gold and coal mines in Australia\nand natural gas and oil fields in Canada.\n Union Miniere said the location of its interest within the\nPancontinental group will be decided later. It did not\nelaborate.\n Union Miniere is a wholly owned subsidiary of Societe\nGenerale de Belgique <BELB.BR>.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:07:09.04\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"belgium"
],
"id": "10371"
},
{
"title": "S. AFRICAN TRADE SURPLUS RISES SHARPLY IN FEBRUARY",
"body": "South Africa's trade surplus rose\nto 1.62 billion rand in February after falling to 906.2 mln in\nJanuary, Customs and Excise figures show.\n This compares with a year earlier surplus of 958.9 mln\nrand.\n Exports rose slightly to 3.36 billion rand in February from\n3.31 billion in January but imports fell to 1.74 billion from\n2.41 billion.\n This brought total exports for the first two months of 1987\nto 6.67 billion rand and imports to 4.15 billion for a total\nsurplus of 2.52 billion rand against 1.71 billion a year\nearlier.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:07:17.04\u0005\u0005\u0005RM",
"topics": [
"trade",
"bop"
],
"places": [
"south-africa"
],
"id": "10372"
},
{
"title": "EC EXTENDS PARTS OF FREE FOOD FOR POOR SCHEME",
"body": "A scheme to distribute surplus food\nfree to the poor in the European Community (EC), which was due\nto expire next Tuesday, will be partially extended for a\nfurther month, an EC Commission spokesman said.\n He added the executive Commission has not yet decided\nwhether the scheme should become a permanent feature of the\nEC's struggle to find a use for its massive stocks of farm\nproduce.\n Almost 60,000 tonnes of cereals, sugar, beef, butter and\nother food have been authorised for distribution under an\noperation sanctioned by EC farm ministers on January 20 in\nwhich charities act as executive Commission agents.\n The original idea was to help the needy survive this year's\nunusually cold European winter.\n The spokesman said the Commission was extending the scheme\nfully in Greece, which has recently been hit by unseasonal\nsnowstorms, for the month of April.\n Other EC countries would be authorised to use stocks of\nfood for which they have already applied under the scheme up to\nApril 30. The spokesman said this would enable distribution of\nflour, semolina, sugar and olive oil at a relatively high rate\nnext month.\n He said the Commission, which has powers to continue most\naspects of the scheme without consulting ministers further,\nwill be considering soon whether it should be made permanent.\n Cost, which has already reached around 65 mln European\ncurrency units, would be a major consideration.\n End-January stocks included 1.28 mln tonnes of butter,\n520,000 tonnes of beef and over 10 mln tonnes of cereals.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:07:58.59\u0005\u0005\u0005C G",
"topics": [
"carcass",
"sugar"
],
"organisations": [
"ec"
],
"places": [
"belgium"
],
"id": "10373"
},
{
"title": "ANDREOTTI DROPS COALITION BID",
"body": "Veteran politician Giulio Andreotti\nabandoned his attempts to form a government, putting Italy on\ncourse for early elections, political sources said.\n Christian Democrat Andreotti told President Francesco\nCossiga he was unable to reconstruct the five-party coalition\nafter two weeks of negotiations, they said.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:13:03.76\u0005\u0005\u0005V",
"places": [
"italy"
],
"id": "10374"
},
{
"title": "INDIA STEPS UP COUNTERTRADE DEALS TO CUT TRADE GAP",
"body": "India is searching for non-communist\ncountertrade partners to help it cut its trade deficit and\nconserve foreign exchange.\n Wheat, tobacco, tea, coffee, jute, engineering and\nelectronic goods, as well as minerals including iron ore, are\nall on offer in return for crude oil, petroleum products,\nchemicals, steel and machinery, trade sources told Reuters.\n Most of the impetus behind countertrade, which began in\n1984, comes from two state trading firms -- the State Trading\nCorp (STC) and the Minerals and Metals Trading Corp (MMTC).\n \"The two state trading corporations are free to use their\nbuying power in respect to bulk commodities to promote Indian\nexports,\" a commerce ministry spokeswoman said, adding that\nprivate firms are excluded from countertrading.\n One trade source said India has targetted countries that\ndepend on an Indian domestic market recently opened to foreign\nimports.\n However, countertrade deals still make up only a small part\nof India's total trading and are likely to account for less\nthan eight pct of the estimated 18.53 billion dlrs in trade\nduring the nine months ended December, the sources said.\n Countertrade accounted for just five pct of India's 25.65\nbillion dlrs in trade during fiscal 1985/86 ended March,\nagainst almost nothing in 1984/85, official figures show.\n However, the figures exclude exchanges with the Eastern\nBloc paid in non-convertible Indian rupees, the sources said.\n Total trade with the Soviet Union, involving swaps of\nagricultural produce and textiles for Soviet arms and crude\noil, is estimated at 3.04 billion dlrs in fiscal 1986/87,\nagainst three billion in 1985/86.\n Indian countertrade, which is being promoted mainly to help\nnarrow the country's large trade deficit, is still\ninsignificant compared with agreements reached by Indonesia,\nVenezuela and Brazil, the trade sources said.\n The trade deficit, which hit an estimated record 6.96\nbillion dlrs in 1985/86, is expected to decline to 5.6 billion\nin the current fiscal year.\n But the push to include non-communist countries in\ncountertrade is also due to other factors, including the slow\ngrowth of foreign reserves, a tight debt repayment schedule,\nshrinking aid and trade protectionism, businessmen said.\n One source said India is showing more dynamism in promoting\ncountertrade deals than in the past, when the deals were made\ndiscreetly because they break GATT rules. As a member of the\nGeneral Agreement on Tariffs and Trade (GATT), India cannot\nofficially support bartering.\n The MMTC's recent countertrade deals include iron ore\nexports to Yugoslavia for steel structures and rails.\n \"MMTC's recent global tenders now include a clause that\npreference will be given to parties who accept payment in kind\nfor goods and services sold to India,\" a trade official said,\nadding that the policy remains flexible.\n \"We also take into account other factors such as prices at\nwhich the goods and services are offered to India,\" the trade\nofficial said.\n Early this year the commerce ministry quietly told foreign\ncompanies interested in selling aircraft, ships, drilling rigs\nand railway equipment to India that they stood a better chance\nif they bought Indian goods or services in return, the trade\nsources said.\n Illustrating the point, the official said a South Korean\nfirm recently agreed to sell a drilling platform worth 40 mln\ndlrs to the state-run Oil and Natural Gas Commission.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:13:21.80\u0005\u0005\u0005A",
"topics": [
"trade"
],
"places": [
"india"
],
"id": "10375"
},
{
"title": "JAPAN FEBRUARY CURRENT ACCOUNT, TRADE SURPLUS JUMP",
"body": "Japan's current account surplus rose to\n7.38 billion dlrs in February from 3.89 billion a year ago and\nfrom 4.95 billion in January, the Finance Ministry said.\n The trade surplus rose to 8.14 billion dlrs in February\nfrom 4.77 billion a year earlier and 5.70 billion in January.\n The long-term capital account deficit widened to 11.40\nbillion dlrs from 8.06 billion a year ago, but it narrowed from\n12.32 billion in January, the Ministry said.\n Japan's February exports rose to 16.74 billion dlrs from\n14.89 billion in February 1986 and from 14.65 billion in\nJanuary, the Ministry said. Imports fell to 8.61 billion from\n10.12 billion a year earlier and 8.94 billion in January.\n The invisible trade deficit fell to 617 mln dlrs in\nFebruary from 693 mln a year earlier, but was up from a 527 mln\ndeficit in January.\n Figures do not tally exactly because of rounding.\n Transfer payments narrowed to a 140 mln dlr deficit last\nmonth from a 185 mln deficit a year earlier and a 225 mln\ndeficit in January.\n The basic balance of payments deficit in February fell to\n4.02 billion dlrs from 4.17 billion in February 1986 and 7.37\nbillion in January. Short-term capital account payments swung\nto a 1.28 billion dlr deficit in February from a 1.60 billion\nsurplus a year earlier and a 1.44 billion dlr surplus in\nJanuary.\n Errors and omissions were 2.65 billion dlrs in surplus,\ncompared with a 1.27 billion surplus a year earlier and a 1.10\nbillion deficit in January. The overall balance of payments\ndeficit rose to 2.65 billion dlrs from 1.30 billion a year\nearlier but was down from 7.04 billion in January.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:18:32.29\u0005\u0005\u0005A",
"topics": [
"trade",
"bop"
],
"places": [
"japan"
],
"id": "10376"
},
{
"title": "JAPAN CONSUMER PRICES UNCHANGED IN FEBRUARY",
"body": "Japan's consumer price index (base 1985)\nwas unchanged at 99.7 in February from a month earlier, the\ngovernment's Management and Coodination Agency said.\n The index showed a 0.4 pct drop in January.\n The February index was down one pct from a year earlier for\nthe third consecutive year-on-year drop.\n In January, the index fell 1.1 pct from a year earlier, the\nfirst drop of over one pct since a 1.3 pct drop in September\n1958.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:20:06.84\u0005\u0005\u0005A",
"topics": [
"cpi"
],
"places": [
"japan"
],
"id": "10377"
},
{
"title": "SOUTH AFRICAN RESERVE BANK SEES INFLATION DROP",
"body": "South Africa's inflation rate,\ncurrently at 16.3 pct, should decline further during 1987, the\nReserve Bank said in its latest quarterly review.\n Although the recent fall in inflation was \"largely\nattributable to purely statistical factors,\" the decline had\nclearly been aided by a recovery in the rand's exchange rate,\nthe Bank said.\n \"The inflation rate stands to benefit further from the more\nrecent advances in the exchange rate in the third quarter of\n1986 and in the first few months of 1987,\" it said.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:20:24.42\u0005\u0005\u0005RM",
"places": [
"south-africa"
],
"id": "10378"
},
{
"title": "JAPAN DRAFT ECONOMIC PACKAGE DUE IN EARLY APRIL",
"body": "Prime Minister Yasuhiro Nakasone has told\nhis ruling Liberal Democratic Party (LDP) to come up with a\ndraft economic package in early April in time for his visit to\nWashington starting on April 29, government officials said.\n Nakasone also instructed the government's Economic Planning\nAgency (EPA) to work closer with the LDP to work out a\nfull-fledged economic plan to boost domestic demand as pledged\nat last month's Paris currency stability accord by six\nindustrial countries, the officials told Reuters.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:24:53.94\u0005\u0005\u0005A",
"places": [
"japan"
],
"id": "10379"
},
{
"title": "INDIA COOL TO LIMITED U.S. SUPERCOMPUTER OFFER",
"body": "Indian officials responded coolly to\na reported U.S. Offer to sell India a supercomputer less\npowerful than it sought, saying it showed Washington's lack of\nsensitivity to Indian concerns.\n Asked about a New York Times report that the United States\nhad offered New Delhi a supercomputer generations behind the\ntype it requested, an official told Reuters, \"If the U.S. is\ndoing that they have not been sensitive to Indian concerns.\"\n He declined to confirm the report directly but said India\nhad received an offer of a supercomputer from the United States\n\"and we are considering it.\"\n Sounding disappointed and dismayed he added, \"We do not wish\nat this stage to say whether it is the computer we were looking\nfor, or a more or less powerful model.\"\n The official, who asked to remain anonymous, added: \"An\nannouncement will be made in 10 days to two weeks time.\"\n India has sought for more than two years to buy an advanced\nsupercomputer primarily for monsoon forecasting. But the sale\nhas been held up by U.S. Security concerns prompted by India's\ncloseness to the Soviet Union, its chief arms supplier.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:25:39.69\u0005\u0005\u0005F A",
"places": [
"india",
"usa"
],
"id": "10380"
},
{
"title": "COSTCO WHOLESALE CORP <COST> 2ND QTR FEB 16 NET",
"body": "Oper shr five cts vs six cts\n Oper net 1,100,000 vs 1,463,000\n Revs 177.8 mln vs 331.5 mln\n Avg shrs 21.9 mn vs 25.7 mln\n First half\n Oper shr six cts vs five cts\n Oper net 1,121,000 vs 1.090,000\n Revs 315.3 mln vs 567.4 mln\n Avg shrs 20.6 mln vs 25.6 mln\n NOTE: Operating net excludes gains of 659,000 dlrs, or\nthree cts a share, vs 599 dlrs, or two cts a share, in quarter\nand 676,000 dlrs, or three cts a share, vs 599,000 dlrs, or two\ncts a share, in year from tax loss carryforward.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:29:39.47\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10381"
},
{
"title": "SWISS NATIONAL BANK SAYS IT BOUGHT DOLLARS",
"body": "The Swiss National Bank bought dollars\nagainst yen today, a spokesman for the bank said.\n He declined to say how many dollars the bank bought or when\nprecisely it intervened.\n Swiss foreign exchange dealers described the National\nBank's purchases as modest, perhaps amounting to no more than\n20 or 30 mln dlrs.\n The Bank of France, which was reported buying dollars\nagainst the yen in Paris, had made inquiries with Swiss banks\nas well, and the Bundesbank had also intervened. Bank of Japan\ndollar purchases today were perhaps 1.2 to 1.5 billion dlrs.\n Dealers said this tended to confirm the market's impression\nthat major industrial countries had agreed at the Paris meeting\non an effective floor for the dollar of 148 yen, and the market\nseemed ready to test it.\n Commercial clients were also selling dollars against the\nyen as the end of the Japanese fiscal year on March 31 drew\ncloser. Today's dealings in spot currencies are booked for\nMarch 31.\n One dealer said he had the feeling Japanese companies had\nbeen asked by the Bank of Japan not to sell dollars at this\npoint, but some, while sticking to the letter of that request,\nwere offering dollars forward today, rather than lose out if\nthe dollar fell further.\n The run on the dollar against the yen came in a market\nthinned by the absence of many dealers for a Forex Club meeting\nin Hamburg.\n Trading was, in fact, rather light against currencies other\nthan the yen, the dollar holding little changed through the\nday.\n The market now expected the U.S. Federal Reserve to\nintervene in support of the dollar. \"But they will probably do\nit only half-heartedly, so I don't think it will matter too\nmuch on rates,\" one dealer said.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:30:45.94\u0005\u0005\u0005RM",
"topics": [
"money-fx",
"dlr"
],
"places": [
"switzerland"
],
"id": "10382"
},
{
"title": "BONN WELCOMES PUBLIC SECTOR WAGE SETTLEMENT",
"body": "The government welcomed a wage settlement\nfor public sector workers which was agreed late last night as a\nfair compromise for both sides, government spokesman Friedhelm\nOst told reporters.\n The wage settlement gives 2.3 mln workers in federal, state\nand local governments a 3.4 pct wage increase for 1987,\nretroactive from January 1.\n The public sector union OeTV had originally sought a six\npct increase, while the government's initial offer was 2.7 pct.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:31:16.93\u0005\u0005\u0005RM",
"places": [
"west-germany"
],
"id": "10383"
},
{
"title": "U.S. FEBRUARY CONSUMER PRICES ROSE 0.4 PCT AFTER 0.7 PCT RISE IN JANUARY\n",
"date": "27-MAR-1987 08:31:21.85\u0005\u0005\u0005V RM",
"topics": [
"cpi"
],
"id": "10384"
},
{
"title": "U.S. CONSUMER PRICES ROSE 0.4 PCT IN FEBRUARY",
"body": "U.S. consumer prices, as measured by\nthe Consumer Price Index for all urban consumers (CPI-U), rose\na seasonally adjusted 0.4 pct in February after a 0.7 pct\nJanuary gain, the Labor Department said.\n The CPI for urban wage earners and clerical workers (CPI-W)\nrose to 329.0 in February, the department said.\n Prices for petroleum-based energy rose sharply for a second\nconsecutive month during February but by less than in January,\nthe department said.\n Energy prices rose 1.9 pct last month after a 3.0 pct rise\nin January, accounting for one-third of the overall CPI rise.\n For the 12 months ended in February, the CPI rose an\nunadjusted 2.1 pct.\n Transportation prices rose 0.5 pct in February after a 1.5\npct increase in January. Smaller price rises for motor fuels\nand declines in new car prices and finance charges were\nresponsible for the moderation.\n Gasoline prices rose 4.2 pct last month after increasing\n6.6 pct in January, but were still 18 pct below levels of a\nyear ago, the department said.\n Housing prices rose 0.4 pct in February after a 0.5 pct\nJanuary increase, largely due to a rise in fuel oil prices.\n Fuel oil prices were up 4.4 pct in February after\nincreasing 9.8 pct in January, but were still 15 pct below\nprice levels of February 1986.\n Food prices rose 0.2 pct last month after a 0.5 pct January\nincrease. Grocery store food prices were up 0.4 pct, the same\nas in January, but meat, poultry, fish and eggs cost less for a\nthird consecutive month, the department said.\n Medical care rose 0.3 pct in February to a level 7.1 pct\nabove one year ago, because of higher costs for prescription\nand non-prescription drugs and medical supplies, the department\nsaid.\n The index for apparel and upkeep rose 0.7 pct in February\nafter a 0.4 pct increase in January. The department said the\nintroduction of higher priced spring merchandise, particularly\nmen's clothing, was responsible for the advance.\n Prices for other goods and services rose 0.7 pct in\nFebruary following a 1.1 pct increase in January. Tobacco\nprices, up 0.9 pct after a 2.0 pct January increase, accounted\nfor 30 pct of the index rise, the department said.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:32:40.43\u0005\u0005\u0005V RM",
"topics": [
"cpi"
],
"places": [
"usa"
],
"id": "10385"
},
{
"title": "JUDGE DENIES DISMISSAL OF HUNT LOAN CHALLENGE",
"body": "A federal judge has denied motions by\nseveral banks for summary dismissal of lawsuits challenging the\nloans they made to the Hunt brothers' two energy companies.\n Nelson Bunker, W. Herbert and Lamar Hunt sued the 23 banks\nlast year for 13.8 billion dlrs in damages after halting\npayment to the banks on 1.5 billon dlrs in overdue loans to\n<Placid Oil Co> and <Penrod Drilling Co>.\n The ruling announced Thursday by Judge Barefoot Sanders\nclears the way for the Hunts to examine documents and interview\nofficers at the banks seeking evidence to support their charges\nof fraud, breach of fiduciary duty and interfering with the\ncompanies ability to pay back the loans.\n Judge Sanders also rejected parts of the Unts' suit,\nincluding allegations the banks were trying to monopolize the\ndrilling-rig business.\n He reserved judgment on other Placid and Penrod complaints,\nincluding charges the banks acted in bad faith on the loans.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:37:24.90\u0005\u0005\u0005F",
"id": "10386"
},
{
"title": "MACMILLAN BLOEDEL <MMB> STOCK SPLIT APPROVED",
"body": "MacMillan Bloedel\nLtd said shareholders authorized a previously announced\nthree-for-one stock split, applicable to holders of record\nApril nine.\n The company said its stock will begin trading on a split\nbasis on April 3, subject to regulatory approvals.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:38:22.92\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10387"
},
{
"title": "STORMY WEATHER TO DISRUPT NORTH SEA SHIPPING",
"body": "Very stormy weather is\nlikely in the North Sea through Saturday, disrupting shipping\nin the region, private forecaster Accu-Weather Inc said.\n Rain will accompany the strong winds that are expected over\nthe North Sea today into tonight. Saturday will also be very\nwindy and cooler with frequent showers.\n Winds today will be southwest at 30 to 60 mph, but will\nbecome west to northwest tonight and Saturday at 25 to 50 mph.\n Waves will build to 20 to 30 feet today and tonight and\ncontinue Saturday. Wind and waves will not diminish until late\nin the weekend.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:45:34.42\u0005\u0005\u0005C G T M",
"topics": [
"ship"
],
"places": [
"usa"
],
"id": "10388"
},
{
"title": "JAPAN TO INTRODUCE YEN COMMERCIAL PAPER IN OCTOBER",
"body": "The Finance Ministry is expected to\nintroduce yen commercial paper, CP, from October 1 in response\nto growing calls from corporations, ministry sources said.\n Around 200 corporations satisfy financial standards set by\nsecurities houses for non-collateral straight bond issues,\nincluding electric power companies, <Nippon Telegraph and\nTelephone Corp> and Kokusai Denshin Denwa Co Ltd, securities\nmanagers said.\n Most eligible firms would have to set up special reserves\nfor CP issues called backup lines, or be guaranteed by\nfinancial institutions to protect investors, they said.\n The legal status of yen CP would be the same as yen\ncommercial bills and it would be placed by an intermediary bank\nor securities house, securities managers said.\n The minimum issue unit will be 100 mln yen, and maturities\nwill be from 30 days and six months, they said.\n Securities houses, banks, insurance companies and consumer\ncredit companies are barred from CP issues, they said.\n Only banks may be commissioned to handle the clerical\nbusiness of principle payments, they added.\n REUTER\n\u0003",
"date": "27-MAR-1987 08:45:50.31\u0005\u0005\u0005A",
"places": [
"japan"
],
"id": "10389"
},
{
"title": "NATIOONAL MEDICAL ENTERPRISES INC 3RD QTR OPER SHR 46 CTS VS 51 CTS\n",
"date": "27-MAR-1987 08:47:18.80\u0005\u0005\u0005F",
"topics": [
"earn"
],
"id": "10390"
},
{
"title": "LIBERIAN SHIP GROUNDED IN SUEZ CANAL REFLOATED",
"body": "A Liberian motor bulk carrier, the\n72,203 dw tonnes Nikitas Roussos, which was grounded in the\nSuez canal yesterday, has been refloated and is now proceeding\nthrough the the canal, Lloyds Shipping Intelligence said.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:49:11.51\u0005\u0005\u0005C G T M",
"topics": [
"ship"
],
"places": [
"uk"
],
"id": "10391"
},
{
"title": "JAPAN LIKELY TO ALLOW FOREIGN FUTURES MARKET USE",
"body": "The finance ministry appears ready to\nallow Japanese financial institutions to use overseas financial\nfutures markets, a ministry official said.\n He declined to say when, but banking sources expect\napproval as early as April. Banks, securities houses and\ninsurance companies are expected to become eligible to deal in\ndeposit, interest rate, bond and stock index futures.\n Ministry officials said they are wary of giving permission\nto individuals or corporations because of their relative\ninexperience.\n Broking for Japanese residents by financial institutions\nwould be prohibited as securities exchange laws bar banks from\ndoing this, the banking sources said.\n Overseas subsidiaries and branches of Japanese banks and\nsecurities houses have already been allowed to use the overseas\nfutures markets on their own accounts.\n The Finance Ministry Ordinance based on Foreign Exchange\nAdministration Law will have to be revised to allow local\ninstitutions to join the overseas markets, a ministry official\nsaid.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:50:52.84\u0005\u0005\u0005C",
"places": [
"japan"
],
"id": "10392"
},
{
"title": "NATIONAL MEDICAL ENTERPRISES INC <NME> 3RD QTR",
"body": "Periods ended Feb 28\n Oper shr 46 cts vs 51 cts\n Oper shr diluted 43 cts vs 50 cts\n Oper net 34.2 mln vs 39.8 mln\n Revs 823.3 mln vs 794.3 mln\n Avg shrs 74.9 mln vs 78.7 mln\n Nine mths\n Oper shr 1.29 dlrs vs 1.46 dlrs\n Oper shr diluted 1.20 dlrs vs 1.43 dlrs\n Oper net 99.4 mln vs 114.5 mln\n Revs 2.50 billion vs 2.22 billion\n Avg shrs 77.0 mln vs 78.3 mln\n NOTE: Year ago nine months operating net excludes loss of\n2.0 mln dlrs, or two cts a share, from discontinued operations\n Reuter\n\u0003",
"date": "27-MAR-1987 08:53:33.47\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10393"
},
{
"title": "ABIDJAN PORT ACTIVITY RISES",
"body": "The tonnage of goods passing through\nIvory Coast's main port of Abidjan rose 2.3 pct last year,\naccording to the Ivorian Chamber of Commerce.\n Its monthly report said 9.47 mln tonnes of goods passed\nthrough the port last year compared with 9.26 mln the year\nbefore. Exports fell to 3.75 mln from 3.89 mln tonnes while\nimports rose to 5.72 mln from 5.37 mln.\n Reuter\n\u0003",
"date": "27-MAR-1987 08:54:43.48\u0005\u0005\u0005C",
"topics": [
"ship"
],
"places": [
"ivory-coast"
],
"id": "10394"
},
{
"title": "PAPANDREOU SAYS GREEKS READY FOR AGGRESSORS",
"body": "Greek Prime Minister Andreas Papandreou\nsaid today that the Greek armed froces were ready to tackle any\naggressors following the sailing of a Turkish research vessel\nand warships towards disputed waters in the Aegean Sea.\n Papandreou told an emergency cabinet meeting in Athens \"the\nmilitary readiness of our country is able now to give a very\nhard lesson if our neighbours (Turkey) were to carry out\nmilitary actions.\"\n He said the activities of the research vessel could be\naimed at partitioning the Aegean.\n \"The air force, navy and army are in a state of alert,\"\nGeneral Guven Ergenc, Secretary General of the Turkish General\nStaff, told a news conference.\n He said the Turkish research ship Sismik 1, escorted by an\nunspecified number of warships, would sail into disputed waters\nin the Aegean Sea tomorrow morning.\n Ergenc told Reuters later that all leave had been cancelled\nfor members of the armed forces in the Aegean coast area.\n The Turkish government said yesterday it had licensed the\nstate-owned Turkish Petroleum Corp to explore for oil in\ninternational waters around three Greek islands off Turkey.\n Greece and Turkey have long-standing disputes over areas\nof the Aegean and the presence of Turkish troops in Cyprus.\n The latest row erupted when the Greek government said last\nmonth that it was taking control of a Canadian-led consortium\nwhich was already producing oil off the Greek island of Thassos\nand would drill in the same area after the takeover.\n Ergenc told the news conference the alert followed a\ngovernment decision that Turkey should protect its interests\n\"because of measures Greece has been taking in the Aegean in\nviolation of international agreements.\"\n Asked how Turkey would react if Greece attacked any of the\nvessels, he said \"If there is an attack, it is clear what has to\nbe done. An attack on a warship is a cause for war.\" But he\nadded \"We are not in a state of war. The measures taken by the\nmilitary are directed towards protecting our rights.\"\n Greece said yesterday it would defend its national rights\nin the Aegean and urged Turkey to accept reference of the\ndispute to the International Court of Justice in The Hague.\n Turkish Foreign Ministry spokesman Yalim Eralp told\nreporters today this was unacceptable because of preconditions\nAthens had attached.\n In Athens, Greek Prime Minister Papandreou said that if the\nTurkish vessel Sismik 1 began research operations \"we will\nhinder it, of course not with words, as it cannot be stopped\nwith words.\"\n Greek newspapers said the armed forces were on alert and\nnavy ships had gone to the Aegean. But government spokesman\nYannis Roubatis did not confirm the move, saying only \"The Greek\nfleet is not at its naval base.\"\n Papandreou said that a map issued in Turkey showed 95 pct\nof the areas proposed for research were on the Greek\ncontinental shelf.\n Papandreou told the U.S. And NATO that if they had a part\nin orchestrating the present crisis in order to force Greece to\nnegotiate with Turkey, the Greek government would not accept\nit.\n Papandreou has maintained in the past that he will not\nnegotiate with Ankara until Turkey recognises Greek rights in\nthe Aegean and withdraws its troops from Cyprus.\n He said that in the case of war with Turkey it would not be\npossible for Greece to discuss the future of American military\nbases here. Asked by reporters if he would close the U.S. Bases\nin Greece in the event of war, Papandreou replied \"Obviously,\nand perhaps even before the war.\"\n REUTER\n\u0003",
"date": "27-MAR-1987 08:57:02.39\u0005\u0005\u0005V",
"topics": [
"crude",
"ship"
],
"places": [
"greece",
"turkey"
],
"id": "10395"
},
{
"title": "EDF ISSUES SWISS FRANC NOTES WITH GOLD WARRANTS",
"body": "Electricite de France is issuing 100 mln\nSwiss francs of 3-3/8 pct notes with warrants issued by Credit\nSuisse attached to buy gold, lead manager Credit Suisse said.\n Each eight-year note of a 50,000-franc face value has 15\nwarrants, two of which entitle the holder to acquire 100 grams\nof gold at a price of 2,350 francs. The strike price represents\na premium of about 15 pct over the current market price of\ngold.\n The warrants may be exercised from April 30, 1987, to April\n30, 1990. The notes, callable starting 1992 at 101.50, have a\nfinal maturity on April 30, 1995.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:03:07.38\u0005\u0005\u0005RM",
"places": [
"switzerland"
],
"id": "10396"
},
{
"title": " Top discount rate at U.K. Bill tender rises to 9.3456 pct\n",
"date": "27-MAR-1987 09:04:09.37\u0005\u0005\u0005RM",
"topics": [
"interest"
],
"id": "10397"
},
{
"title": "PORSCHE EXPECTS IMPROVEMENT IN U.S. SALES",
"body": "Sports carmaker Dr. Ing. H.C.F.\nPorsche AG <PSHG.F> said it expects to post a satisfactory\nprofit in 1986/87, with domestic volume sales seen lower but\nU.S. Sales anticipated higher.\n Managing board chairman Peter Schutz said domestic sales\nwere expected to fall to 9,000 in the year ending July 31 from\n11,340 in 1985/86. U.S. Sales should rise to more than 30,000\nfrom 28,670 last year.\n Schutz made no specific profit or sales forecasts. Last\nmonth the company said it expected net profit to fall below 70\nmln marks this year from 75.3 mln marks in 1985/86.\n For sales, Porsche expects its overall world volume this\nyear to be above 50,000. Sales last year stood at 53,254,\nSchutz said. His expectations of a satisfactory profit were\nbased on a combination of price rises and cost-cutting, he\nadded.\n The expected drop in West German sales this year would be\nthe result of the so-called \"grey market\" for Porsche cars, he\nsaid. When the dollar was strong against the mark, many\nPorsches had been bought locally in West Germany for illegal\nexport to the U.S.\n Porsche has previously said domestic sales in the 1986/87\nfirst half fell to 3,267 from 5,387 in the same 1985/86 period.\n The fact that U.S. Sales will account for a larger\npercentage of overall sales this year than before does not pose\nproblems for profit, the Porsche board said.\n In the last 12 months it has raised U.S. Prices by around\n20 pct without suffering any decline in sales. At the same time\nPorsche has hedged its dollar-denominated business for the\n1986/87 business year, finance director Heinz Branitzki.\n Branitzki put Porsche's hedging costs in 1985/86 at 28 mln\nmarks.\n In a speech to the annual meeting, Schutz said third-party\norders placed with Porsche's engineering research centre in\nWeissach were rising and should top 100 mln marks this year for\nthe first time.\n Porsche's net profit dropped sharply to 75.3 mln marks in\n1985/86 from 120.4 mln marks in 1984/85.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:05:15.00\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"west-germany",
"usa"
],
"id": "10398"
},
{
"title": "DIXONS GROUP PLC BUYS 2,455,000 CYCLOPS SHARES, NOW OWNS 83 PCT\n",
"date": "27-MAR-1987 09:05:30.11\u0005\u0005\u0005F",
"topics": [
"acq"
],
"id": "10399"
},
{
"title": "FCS LABS <FCSI> PRESIDENT, TREASURER RESIGN",
"body": "FCS Laboratories Inc said\nGeorge D. Fowle Jr has resigned as president of the company and\nGaru Griffin resigned as treasurer, both effective March 31.\n The company said directors elected Chairman Nicholas A.\nGallo III to the additional title of president and Chief\nFinancial Officer Richard D. Mayo was elected treasurer.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:08:09.60\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10400"
},
{
"title": "TEKTRONIX INC 3RD QTR SHR 48 CTWS VS 39 CTS\n",
"date": "27-MAR-1987 09:08:42.51\u0005\u0005\u0005F",
"topics": [
"earn"
],
"id": "10401"
},
{
"title": "AMERICAN MEDICAL INTERNATIONAL INC <AMI> PAYOUT",
"body": "Qtly div 18 cts vs 18 cts in prior qtr\n Payable May one\n Record April 15\n Reuter\n\u0003",
"date": "27-MAR-1987 09:10:29.17\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10402"
},
{
"title": "COCOA BUFFER STOCK COMPROMISE GAINING ACCEPTANCE",
"body": "A final compromise proposal on cocoa\nbuffer stock rules presented by International Cocoa\nOrganization, ICCO, council chairman Denis Bra Kanon is swiftly\ngaining acceptance by consumer and producer members, delegates\nsaid.\n \"We are close, nearer than ever to accepting it, but we\nstill have some work to do,\" producer spokesman Mama Mohammed of\nGhana told Reuters after a producers' meeting.\n European Community, EC, delegates said EC consumers\naccepted the package in a morning meeting and predicted \"no\nproblems\" in getting full consumer acceptance.\n Delegates on both sides are keen to come to some agreement\ntoday, the last day of the fortnight-long council meeting, they\nsaid.\n The compromise requires that buffer stock purchases from\nnon-ICCO member countries cannot exceed 15 pct of total buffer\nstock purchases, delegates said. The non-member cocoa issue has\nbeen among the most contentious in the rules negotiations.\n The 15 pct figure, up five percentage points from earlier\nproposals, represents a concession to consumers, delegates\nsaid. They have demanded a larger allowance for non-member\ncocoa in the buffer stock than producers have wanted.\n Another problem area, delegates said, was the question of\nprice differentials for different origins of cocoa bought into\nthe buffer stock, by which the buffer stock manager could\nfairly compare relative prices of different cocoas offered to\nhim.\n The compromise narrowed the range of differentials between\nthe origins from what previous proposals had detailed -- a move\nsome delegates described as \"just fiddling.\"\n But the adjustments may prove significant enough to appease\nsome countries that were not satisfied with the original\nproposed differentials assigned to them, delegates said.\n The compromise also stated buffer stock purchases on any\nday would be limited to 40 pct each in nearby, intermediate or\nforward positions, delegates said.\n If the compromise is accepted by the council, most\nconsumers and producers want buffer stock rules to take effect\nnext week, or as soon as practically possible.\n The full council is scheduled to meet around 1500 GMT to\ndiscuss the compromise, and could agree on it then if all\nparties are satisfied, they said. Consumers are due to meet\nbefore the council.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:14:59.90\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"organisations": [
"ec",
"icco"
],
"places": [
"uk"
],
"id": "10403"
},
{
"title": "DIXONS BOOSTS CYCLOPS <CYL> OWNERSHIP TO 83 PCT",
"body": "<Dixons Group Plc> said it bought\nabout 2,445,000 Cyclops Corp common shares, boosting its\nholdings of the company's stock to about 83 pct of those now\noutstanding and 79 pct on a fully diluted basis.\n Dixons said the stock was purchased in a single block\ntransaction at 95 dlrs per share.\n The company said it expects to proceed with a merger and\nhas advised Cyclops it intends to increas the per-share amount\nto be paid in the merger to 95 dlrs, form 90.25 dlrs, for each\nof the about 880,000 remaining Cyclops shares outstanding on a\nfully diluted basis.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:17:00.15\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10404"
},
{
"title": "DENMARK IN 600 MLN CROWN EUROBOND DEAL",
"body": "One Luxembourg and three Danish\nbanks are tapping the Euro-Danish crown market in a three\ntranche zero coupon eurobond deal of 600 mln Danish crowns\nnominal for Denmark, senior vice-president Lars Thuesen of\nPrivatbanken, which is the lead manager, told Reuters.\n The three 200 mln crown tranches are tranche A, due May 16,\n1989 priced at 82 1/8, tranche B, due May 15, 1990 priced at 73\n7/8 and tranche C, due May 15, 1991, priced 66 1/2.\n Fees are 3/4 pct for selling and 5/8 pct for management and\nunderwriting combined with 1/8 pct praecipium.\n The payment date was given as April 24, 1987 with\ndenominations at 10,000 crowns and listing in Luxembourg.\n The co-leaders in the new Danish eurobond deal are\nCopenhagen Handelsbank, Den Danske Bank and Kredietbank\nLuxembourg, Thuesen added.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:18:53.56\u0005\u0005\u0005RM",
"places": [
"denmark"
],
"id": "10405"
},
{
"title": "INDIA STEPS UP COUNTERTRADE DEALS",
"body": "India is searching for non-communist\ncountertrade partners to help it cut its trade deficit and\nconserve foreign exchange.\n Wheat, tobacco, tea, coffee, jute, engineering and\nelectronic goods, as well as minerals including iron ore, are\nall on offer in return for crude oil, petroleum products,\nchemicals, steel and machinery, trade sources told Reuters.\n Most of the impetus behind countertrade, which began in\n1984, comes from two state trading firms -- the State Trading\nCorp (STC) and the Minerals and Metals Trading Corp (MMTC).\n \"The two state trading corporations are free to use their\nbuying power in respect to bulk commodities to promote Indian\nexports,\" a commerce ministry spokeswoman said, adding that\nprivate firms are excluded from countertrading.\n One trade source said India has targetted countries that\ndepend on an Indian domestic market recently opened to foreign\nimports. But countertrade deals still make up only a small part\nof India's total trading and are likely to account for less\nthan eight pct of the estimated 18.53 billion dlrs in trade\nduring the nine months ended December, the sources said.\n Countertrade accounted for just five pct of India's 25.65\nbillion dlrs in trade during fiscal 1985/86 ended March,\nagainst almost nothing in 1984/85, official figures show.\n However, the figures exclude exchanges with the Eastern\nBloc paid in non-convertible Indian rupees, the sources said.\n Total trade with the Soviet Union, involving swaps of\nagricultural produce and textiles for Soviet arms and crude\noil, is estimated at 3.04 billion dlrs in fiscal 1986/87.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:19:25.22\u0005\u0005\u0005C G T M",
"topics": [
"trade",
"grain",
"wheat",
"coffee",
"tea",
"iron-steel",
"crude"
],
"places": [
"india"
],
"id": "10406"
},
{
"title": "ELDERS RESOURCES ISSUE TO RAISE 161 MLN DLRS",
"body": "<Elders Resources Ltd> said its\ntwo-for-seven convertible unsecured notes issue will raise\n161.32 mln dlrs for group expansion and development.\n The 46.99 pct-owned Elders IXL Ltd <ELXA.S> offshoot\nannounced the issue at 2.50 dlrs each with its first-half\nresults statement.\n The group lifted net earnings to 16.93 mln dlrs in the half\nended December 31 from 5.47 mln a year earlier when it was\nstill in its formative stages.\n The 8.0 pct notes are convertible to one share on May 1 and\nNovember 1 of each year from next November.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:22:34.32\u0005\u0005\u0005F",
"places": [
"australia"
],
"id": "10407"
},
{
"title": "VENEZUELA PREPARES DEBT TERM SHEET FOR BANKS",
"body": "Venezuela will shortly send creditor\nbanks a term sheet specifying the changes agreed last month in\nthe country's 20.3 billion dlr public sector debt rescheduling,\nfinance minister Manuel Azpurua said.\n Azpurua told reporters yesterday the document is in its\n\"final phase' of preparation, and will be soon be sent to banks\nfor approval.\n \"We expect that once the term sheet is received and analysed\nby the banks, it will be approved in a relatively short time,'\nAzpurua said.\n Under the new rescheduling agreement reached February 27,\npayments on Venezuela's public debt were extended from 12 to 14\nyears and the interest rate dropped from 1 and 1/8 to 7/8 of a\npct above LIBOR.\n In addition, payments for the 1987-1989 period were lowered\nfrom 3.82 billion dlrs to 1.350 billion dlrs. Venezuelan\nofficials said this amounted to an effective grace period,\nsomething the banks had refused to grant.\n The agreement replaced a February, 1986 rescheduling accord\nwhich Venezuela asked banks to revise, citing a 40 pct drop in\noil revenues last year.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:23:53.56\u0005\u0005\u0005RM",
"places": [
"venezuela"
],
"id": "10408"
},
{
"title": "SYNDICATION FOR ELDERS NOTE FACILITY CLOSES",
"body": "Syndication for Elders IXL Ltd's\n<ELXA.S> 100 mln Australian dlr note issuance facility has been\ncompleted, arranger Westpac Finance Asia Ltd said.\n It said the facility, which is half underwritten and half\nnon-underwritten, has been over-subscribed and underwriters'\nallocations are reduced from the original commitments.\n The managers of the facility are Westpac, Bank of Montreal\nAsia Ltd, BOT International (HK) Ltd, Commonwealth Bank of\nAustralia and Credit Industriel et Commercial de Paris. They\nwill be underwriting six mln dlrs each instead of 10 mln dlrs.\n Co-managers are Banque Bruxelles Lambert, Ka Wah Bank,\nKyowa Bank, Saitama Bank, Sanwa Bank and Yasuda Trust and\nBanking Co Ltd. They will be underwriting three mln dlrs each\ninstead of five mln dlrs. BT Asia Ltd is junior co-manager with\na two mln dlr commitment.\n Westpac launched the facility early this month at 200 mln\ndlrs but soon reduced it to 100 mln dlrs and amended the terms\ndue to the market's cool response. The underwriting margin was\nraised to 10 basis points over the Australian dlr bank bill\nrate. Originally the margin was set at 6.25 basis points for up\nto 50 mln dlrs and at 2.5 basis points for the remainder.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:26:52.17\u0005\u0005\u0005E A",
"places": [
"hong-kong"
],
"id": "10409"
},
{
"title": "DENMARK IN 600 MLN CROWN EUROBOND DEAL",
"body": "One Luxembourg and three Danish\nbanks are tapping the Euro-Danish crown market in a three\ntranche zero coupon eurobond deal of 600 mln Danish crowns\nnominal for Denmark, senior vice-president Lars Thuesen of\nPrivatbanken, which is the lead manager, told Reuters.\n The three 200 mln crown tranches are tranche A, due May 16,\n1989 priced at 82 1/8, tranche B, due May 15, 1990 priced at 73\n7/8 and tranche C, due May 15, 1991, priced 66 1/2.\n Fees are 3/4 pct for selling and 5/8 pct for management and\nunderwriting combined with 1/8 pct praecipium.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:27:32.80\u0005\u0005\u0005A",
"places": [
"denmark"
],
"id": "10410"
},
{
"title": "TEKTRONIX INC <TEK> 3RD QTR NET",
"body": "Qtr ends March 7\n Shr 48 cts vs 39 cts\n Net 18.7 mln vs 15.6 mln\n Revs 415.4 mln vs 384.5 mln\n Nine mths\n Shr 1.31 dlrs vs 78 cts\n Net 50.7 mln vs 31.8 mln\n Revs 1.04 billion vs 1.01 billion\n NOTE: per share for yr and qtr prior restated to reflect\ntwo-for-one stock split in Jan 1987.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:28:22.43\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10411"
},
{
"title": "WESTINGHOUSE SAYS IT EXPECTS AT LEAST 10 PCT EARNINGS/SHR GROWTH THROUGH 89\n",
"date": "27-MAR-1987 09:35:26.60\u0005\u0005\u0005F",
"topics": [
"earn"
],
"id": "10412"
},
{
"title": "COUNTRY WIDE TRANSPORT OFFERING 2.2 MLN SHARES",
"body": "<Country Wide Transport Services Inc>\nsaid it is holding an initial offering of 2.2 mln shares of\ncommon stock at 15 dlrs per share.\n Robinson-Humphrey Co Inc is the manager of the underwriting\ngroup, which has been granted an option to purchase up to an\nadditional 330,000 shares to cover over-allotments, the company\nsaid.\n Of the total shares to be sold, 1,500,000 will be sold by\nthe company and 700,000 will be sold by stockholders, the\ncompany said. Proceeds will be used to reduce indebtedness and\nto purchase equipment, the company added.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:39:27.98\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10413"
},
{
"title": "METROPOLITAN FINANCIAL<MPC> TO ACQUIRE COMPANY",
"body": "Metropolitan Financial Corp said it\nsigned an agreement to acquire the stock of closely held\nRothschild Financial Corp, St. Paul, Minn.\n Details of the purchase were withheld.\n It said Rothschild in 1986 originated 500 mln dlrs of\nmortgage loans, and its loan servicing portfolio stands at 1.4\nbillion dlrs. Officials of both companies estimated their\ncombined efforts could produce originations of 800 mln dlrs and\na loan servicing portfolio \"well over 2.0 billion dlrs by\nyearend.\"\n Reuter\n\u0003",
"date": "27-MAR-1987 09:40:58.53\u0005\u0005\u0005F A",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10414"
},
{
"title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES",
"body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 295,000 to 305,000 head versus\n303,000 week ago and 275,000 a year ago.\n Saturday's hog slaughter is guesstimated at about 40,000 to\n60,000 head.\n Cattle slaughter is guesstimated at about 125,000 to\n132,000 head versus 125,000 week ago and 125,000 a year ago.\n Saturday's cattle slaughter is guesstimated at about 30,000\nto 45,000 head.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:41:54.06\u0005\u0005\u0005C L",
"id": "10415"
},
{
"title": "U.K. MONEY MARKET GIVEN FURTHER 663 MLN STG HELP",
"body": "The Bank of England said it gave the\nmoney market a further 663 mln stg assistance in the afternoon\nsession. This takes the Bank's total assistance so far today to\n928 mln stg and compares with its forecast shortage which it\nearlier revised up to 850 mln stg from 750 mln.\n The central bank purchased bills in band one at 9-7/8 pct\ncomprising 267 mln stg bank bills, four mln stg local authority\nbills and one mln stg treasury bills. It also bought 378 mln\nstg bank bills and 13 mln stg of treasury bills in band two at\n9-13/16 pct.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:42:02.43\u0005\u0005\u0005RM",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "10416"
},
{
"title": "MADAGASCAR NEGOTIATING 180 MLN FRANC FRENCH LOAN",
"body": "A French government team has\narrived in Antananarivo to negotiate a new 180 mln franc\nstructural adjustment credit for the Madagascar government,\ndiplomatic sources said.\n Officials of the French treasury and Caisse Centrale de\nCooperation Economique aid agency will remain in Madagascar\nuntil Tuesday, they added.\n Last year, France provided its former Indian Ocean colony\nwith a structural adjustment loan of 160 mln francs.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:43:18.66\u0005\u0005\u0005RM",
"places": [
"france",
"madagascar"
],
"id": "10417"
},
{
"title": "AUSTRIA DOES NOT INTERVENE TO SUPPORT DOLLAR",
"body": "The Austrian National Bank did not\nintervene on the foreign exchange markets today to support the\ndollar, deputy banking department chief Herbert Danzinger told\nReuters.\n He denied a suggestion by a dealer at one Vienna bank that\nthe National Bank had sold marks to support the U.S. Currency.\n Senior dealers at Creditanstalt and Girozentrale, Austria's\ntwo largest banks, said they would have been aware of any\nNational Bank intervention. Any dollar purchases by the Bank\ntoday were for purely day-to-day purposes, they said.\n REUTER\n\u0003",
"date": "27-MAR-1987 09:51:34.43\u0005\u0005\u0005RM",
"topics": [
"money-fx"
],
"places": [
"austria"
],
"id": "10418"
},
{
"title": "HANSON TRUST <HAN> U.S. ARM SELLS CHEMICAL UNIT",
"body": "Hanson Trust Plc <HAN> said its U.S.\nsubsidiary, Hanson Industries, sold PCR Inc, a specialty\nchemicals unit, for 6.25 mln dlrs in cash to <Chemical Partners\nInc>.\n Hanson Industries said it acquired PCR Inc in 1986 as part\nof its purchase of <SCM Corp>.\n PCR Inc posted an operating loss in 1986 of 381,000 dlrs on\nsales of 13.2 mln dlrs, the company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:56:09.62\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10419"
},
{
"title": "PLENUM PUBLISHING <PLEN> REGISTERS DEBENTURES",
"body": "Plenum Publishing Corp <plen> said it\nfiled with the Securities and Exchange Commission a\nregistration covering the planned offering of 50 mln dlrs\nprincipal amount of convertible subordinated debentures due\nApril 15, 2007.\n The company said it will grant the underwriter, Bear\nStearns and Co Inc, a 30 day option to buy up to 7.5 mln dlrs\nprincipal amount of additional debentures to cover\noverallotment.\n It said proceeds will be used for acquisitions.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:56:19.46\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10420"
},
{
"title": "BYRD SAYS REAGAN MAY WIN HIGHWAY VETO FIGHT",
"body": "Senate majority leader Robert Byrd\nsaid President Reagan may win his latest veto battle with\nCongress over a nearly 88 billion highway construction bill.\n The West Virginia Democrat said it would be \"tough\" for the\nSenate to override the veto. Reagan is expected to announce he\nis rejecting the measure later today.\n Byrd said it would be difficult for the Senate to overcome\na White House public relations campaign against the bill.\n The House, voting first, is expected to override it, House\nRepublican Leader Bob Michel has said. It requires two houses\nto override a veto by two-thirds majorities.\n Reuter\n\u0003",
"date": "27-MAR-1987 09:56:30.03\u0005\u0005\u0005F A",
"places": [
"usa"
],
"id": "10421"
},
{
"title": "COMMERCIAL UNION GETS MEDIUM-TERM NOTE PROGRAM",
"body": "Commercial Union Assurance <CUAC.L>, a\ncomposite insurance company in the U.K., Said it is arranging a\nfinancing facility totalling 750 mln European Currency Units\n(ECUs) which will now include a medium term note program.\n Barry Cameron-Smail, Commercial Union's treasurer, said the\nnew financing will not increase its debt outstanding but rather\nact as an umbrella for all its financing needs.\n Commercial Union has had a Euro-commercial paper program\nsince the autumn of 1985 and a guilder commercial paper program\nsince January 1986.\n Cameron-Smail said Commercial Union decided on having the\nfinancing denominated in ECUs because it is more stable than\nmost major currencies, and because it would give greater\nflexibility in its financings as it expands operations abroad.\n Although banks are anxious to develop a market for medium\nterm notes, only a few companies such as Electrolux AB and\nPepsico Inc have gone so far as to arrange one. Commercial\nUnion is the first U.K. Company to set up such a program.\n Cameron-Smail said the company seeks to help the\ndevelopment of such a market as it would provide a new funding\nbase for its medium term assets.\n Cameron-Smail said that aside from traditional lines of\nbusiness, Commercial Union would like to move into other areas\nwhere it may not be able to fund the assets itself. \"This (the\nmedium term note program) will be the platform for developing\nthose assets,\" he said.\n He said Commercial Union will work closely with dealers for\nthe note program to find the right pricing level to satisfy\ninvestor demands. The program will be investor driven, he\nnoted, adding that the company wants the notes placed with end\ninvestors and not traded in the secondary market.\n Commercial Union will be able to issue medium term notes in\nU.S. Dollars or sterling, with the dollar notes listed in\nLuxembourg, while the sterling notes will be listed in London.\n Bankers expect that the maturities will be concentrated in\nthe one to five year area.\n The dealers for the program are Barclays de Zoete Wedd,\nCredit Suisse First Boston Ltd, Goldman Sachs International,\nSwiss Bank Corporation International Ltd and S.G. Warburg and\nCo Ltd.\n REUTER\n\u0003",
"date": "27-MAR-1987 10:00:30.10\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10422"
},
{
"title": "ELDERS EXTENDS OFFER FOR CARLING O'KEEFE <CKB>",
"body": "<Elders IXL Ltd>, of Australia, said\nwholly owned IXL Holdings Canada Inc extended its previously\nannounced offer to acquire all outstanding shares of Carling\nO'Keefe Ltd to midnight April 23, 1987, from March 25.\n The 18-dlr-a-share offer is being extended for Elders to\nobtain Canadian federal government approval for the acquisition\nof control of Carling. Elders said its application to\nInvestment Canada is still being processed under normal review\nprocedures.\n Up to March 26, 19,962,000 shares or 92 pct of Carling's\nstock has been deposited under the offer, Elders said.\n Elders also said it arranged for a credit facility of up to\n390 mln dlrs, shared equally between two Canadian banks, which\nwould be available to acquire shares under the offer.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:08:20.88\u0005\u0005\u0005E F",
"topics": [
"acq"
],
"places": [
"canada",
"australia"
],
"id": "10423"
},
{
"title": "GM, STRIKING UAW WORKERS RESUME TALKS AT MICHIGAN PLANT\n",
"date": "27-MAR-1987 10:10:49.45\u0005\u0005\u0005F",
"id": "10424"
},
{
"title": "IC INDUSTRIES<ICX> UP AFTER BEAR STEARNS REPORT",
"body": "IC Industries Inc rose 2-3/4 to 33-1/4\nfollowing a favorable comment by analyst Gary Schneider of Bear\nStearns and Co, traders said.\n Schneider was not immediately available for comment.\n IC Industries also was the subject of a favorable report\nearlier in the week from First Boston Corp, traders said.\n Sources said Schneider's report concluded IC Industries\nshares are undervalued and will eventually trade in the\nmid-40's.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:11:50.31\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10425"
},
{
"title": "UNION ELECTRIC SEEKS 150 MLN DLR LOAN FACILITY",
"body": "The Missouri-based energy service\ncompany, Union Electric Co, is seeking a 150 mln dlr, four-year\neuro-term loan facility, Swiss Bank Corporation International\nLtd said as arranger.\n The loan will carry a margin of 20 basis points over London\nInterbank Offered Rate (LIBOR).\n Amounts pre-paid under the loan may, at the option of the\nborrower, be converted into a revolving credit commitment with\nan equivalent maturity to the original maturity on the loan.\n There will be a 12.5 basis point commitment fee on the\nrevolving credit.\n REUTER\n\u0003",
"date": "27-MAR-1987 10:13:00.97\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10426"
},
{
"title": "STANDARD BRED PACERS <STBD> YR LOSS",
"body": "Shr loss 35 cts vs loss seven cts\n Net loss 718,269 vs loss 145,216\n Revs 1,394,080 vs 2,608,083\n NOTE: full name of company is standard bred pacers and\ntrotters Inc.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:14:38.74\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10427"
},
{
"title": "MORGAN GUARANTY JOINS DEALERS FOR BSAF PROGRAM",
"body": "Morgan Guaranty Ltd said it has been\nadded to the group of dealers for the euro-commercial paper\nprogram for BASF Corp that was launched last year.\n The program is for an unspecified amount and is guaranteed\nby the parent BASF Ag.\n The other dealers are Union Bank of Switzerland and Morgan\nStanley International.\n REUTER\n\u0003",
"date": "27-MAR-1987 10:16:44.82\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10428"
},
{
"title": "MULTIVEST <MVST> ENDS MERGER TALKS,SETS PURCHASE",
"body": "Multivest Corp said it has ended talks\non <Oryx Capital Corp>'s possible acqusition of Multivest and\nis starting an offer of 1.51 dlrs a share for all the\noustanding shares of <T.B.C. Industries Inc>.\n Multivest said its T.B.C. tender offer is scheduled to\nexpire April 30.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:17:42.22\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10429"
},
{
"title": "MOBILE COMMUNICATIONS CORP <MCCAA> YR NET",
"body": "Shr 77 cts vs 37 cts\n Net 13.5 mln vs 4.8 mln\n Revs 70.8 mln vs 60.8 mln\n Avg shrs 17.5 mln vs 12.9 mln\n NOTE: 1986 net includes gain of 18 mln dlrs from sale in\nDec 1986 of a 50 pct interest in its cellular telephone\noperations to BellSouth Corp.\n Net income also reflects non-recurring charges of 8,400,000\ndlrs recorded in the fourth qtr 1986, primarily reflecting\nrevaluation of assets.\n Full name of company is mobile communications corp of\namerica.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:18:27.09\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10430"
},
{
"title": "TOKHEIM CORP <TOK> 1ST QTR FEB 28 NET",
"body": "Shr 23 cts vs 12 cts\n Net 1,535,000 vs 783,000\n Rev 40.0 mln vs 28.7 mln\n Reuter\n\u0003",
"date": "27-MAR-1987 10:19:27.69\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10431"
},
{
"title": "SPARTECH<SPTN> SETS REVERSE SPLIT,DEBENTURE SALE",
"body": "Spartech Corp said it plans a one for\nfive reverse stock split and has filed a registration statement\nwith the Securities and Exchange Commission covering a planned\n25 mln dlr offering of convertible subordinated debentures due\n1999.\n Spartech said the debenture offering will be underwritten\nby Kidder Peabody and Co.\n The company said the split will be effective on stock of\nrecord April eight.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:20:17.38\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10432"
},
{
"title": "MOTOR WHEEL SELLS SENIOR SUBORDINATED NOTES",
"body": "Motor Wheel Corp is raising 100 mln\ndlrs through an offering of senior subordinated notes due 1997\nwith an 11-3/8 pct coupon and par pricing, said lead manager\nPaineWebber Inc.\n Proceeds will be used to finance the company's\nmanagement-led buyout from Goodyear Tire and Rubber Co <GT>,\nthe underwriter said.\n Non-callable for five years, the issue is rated B-3 by\nMoody's Investors and B by Standard and Poor's. Prescott, Ball\nand Turben co-managed the deal.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:20:30.33\u0005\u0005\u0005A RM",
"places": [
"usa"
],
"id": "10433"
},
{
"title": "RESTAURANT ASSOCIATES <RA.A> SETS 1ST QTR GAIN",
"body": "Restaurant Associates Industries Inc\nsaid it expects to record a pretax gain of 3.3 mln dlrs in the\nfirst quarter from the sale and lease of real estate.\n The company said it received a 2.5 mln dlrs partial payment\nin connection with the sale of property in Manhattan and an\nadditional one mln dlrs for early termination of the lease for\nits headquarters, which was relocated in February.\n The outstanding balance of about 8.5 mln dlrs on the sale\nof the property will be paid at closing scheduled for Sept 28,\n1987, it said.\n In the first quarter ended March 31, 1986, Restaurant\nAssociates reported net income of 313,000 dlrs or seven cts a\nshare on sales of 40.8 mln dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:21:08.71\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10434"
},
{
"title": "HUDSON'S BAY TO SELL WHOLESALE UNIT",
"body": "<Hudson's Bay Co> said it signed a\nletter of intent to sell its Hudson's Bay Wholesale unit to a\nprivate investment group. Terms were not disclosed.\n The company said Normal Paul, a member of the private\ninvestment group, will head Hudson's Bay Wholesale management.\n The unit's existing management group, headed by Ron\nMcArthur, will also participate in ownership, the company said\nwithout elaborating.\n The wholesale unit is a major distributor of tobacco,\nconfectionary and other products through 34 wholesale and 28\nvending branches in Canada. 1986 sales were 798 mln dlrs.\n Hudson's Bay said the sale of its wholesaling unit is part\nof a program to concentrate financial and management resources\non its core business of department stores and real estate.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:21:42.40\u0005\u0005\u0005E F",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "10435"
},
{
"title": "HENLEY GROUP INC <HENG> 4TH QTR LOSS",
"body": "Shr loss 3.41 dlrs\n Net loss 354 mln vs loss 53 mln\n Revs 825 mln vs 830 mln\n Avg shrs 103.8 mln\n Year\n Shr loss 5.33 dlrs\n Net loss 426 mlnm vs loss 66 mln\n Revs 3.17 billion vs 1.83 billion\n Avg shrs 80 mln\n NOTE: The company had no shares outstanding in 1985. On\nMarch 16, it had 109,244,315 shares oustanding.\n Losses include pre-tax restructuring charges of 286 mln\ndlrs in both 1986 periods vs 47 mln dlrs in both 1985 periods\n 1986 year loss also includes charge of about 100 mln dlrs\nfor amortization of good will\n Reuter\n\u0003",
"date": "27-MAR-1987 10:23:10.54\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10436"
},
{
"title": "LONE STAR INDUSTRIES <LCE> PROMISARY NOTES",
"body": "Lone Star Industries Inc said it has\narranged 150 mln dlrs of financing through the issuance of\npromisary notes to a consortium of 22 lenders.\n Lone Star said the 8.75 pct notes will mature on March 26,\n1992. The proceeds will be used to refinance and retire debt,\nand other general corporate purposes, the company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:27:57.53\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10437"
},
{
"title": "BLINDER INTERNATIONAL <BINL> TO RELEASE NEWS",
"body": "Blinder International\nEnterprises Inc said it will release news concerning an appeals\ncourt decision within the hour.\n Blinder said the news concerns its subsidiary, Blinder\nRobinson and Co Inc.\n \n Reuter\n\u0003",
"date": "27-MAR-1987 10:28:10.33\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10438"
},
{
"title": "BAYBANKS INC <BBNK> RAISES QTLY DIVIDEND",
"body": "Qtly div 36 cts vs 33 cts prior\n Pay May one\n Record April 14\n Reuter\n\u0003",
"date": "27-MAR-1987 10:28:13.58\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10439"
},
{
"title": "TOKHEIM <TOK> SEES IMPROVING SALES IN 1987",
"body": "Tokheim Corp, manufacturer of\nelectronic petroleum marketing systems, said it expects\nshipments of Tokheim Convenience Systems (TCS), its new family\nof dispensers, to improve its sales trend throughout 1987.\n Tokheim said shipments of TCS will begin in the second\nquarter.\n Earlier, the company reported first quarter, ended February\n28, earnings of 1.5 mln dlrs, or 23 cts a share, up from\n783,000 dlrs, or 12 cts a share, in last year's first quarter.\nSales rose as well, it said, to 40.0 mln dlrs, from 28.7 mln\ndlrs in the prior first quarter.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:28:27.98\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10440"
},
{
"title": "MINING TECHNOLOGY UNIT ENTERS SALES AGREEMENT",
"body": "<Mining Technology and Resources\nInc> said its wholly-owned subsidiary, Mine Support Systems\nInc, entered into a sales agreement with <R.M. Wilson Co Inc>\nof Wheeling, W. Va.\n R.M. Wilson will serve as Mine Support's exclusive sales\nagent for the company's Mine Roof Support System in the U.S.,\nthe company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:28:34.75\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10441"
},
{
"title": "SAFETY-KLEEN <SK> TO BUY MCKESSON <MCK> UNIT",
"body": "Safety-Kleen Corp said it agreed in\nprinciple to acquire McKesson Envirosystems Co, a subsidiary of\nMcKesson Corp.\n It said McKesson Envirosystems' current annual gross\nrevenues are about 14 mln dlrs.\n The company collects flammable solvents from its industrial\ncustomers for a fee, after which it analyzes and processes the\nsolvents before they are burned.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:29:28.49\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10442"
},
{
"title": " Bank of England says issuing 250 mln stg in tranches of existing index-linked stocks\n",
"date": "27-MAR-1987 10:32:49.29\u0005\u0005\u0005RM",
"id": "10443"
},
{
"title": "CCC ACCEPTS BIDS ON BONUS WHEAT TO ALGERIA-USDA",
"body": "The Commodity Credit Corporation,\nCCC, has accepted bids for export bonuses on 36,000 tonnes of\ndurum wheat to Algeria, the U.S. Agriculture Department said.\n The department said the bonuses awarded averaged 40.42 dlrs\nper tonne and will be paid to exporters in the form of\ncommodities from CCC inventories.\n The bonuses were made to Cam USA, Inc, the department said.\n The wheat is for shipment May 1-10, 1987.\n An additional 264,000 tonnes of durum wheat are still\navaiable to Algeria under the Export Enhancement program\ninitiative announced on March 16.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:35:33.86\u0005\u0005\u0005C G",
"topics": [
"grain",
"wheat"
],
"places": [
"usa",
"algeria"
],
"id": "10444"
},
{
"title": "WESTINGHOUSE <WX> SEES HIGHER EARNINGS GROWTH",
"body": "Westinghouse Electric Corp said\nearnings per share growth will exceed sales growth and will be\nin the double digit range through 1989.\n In 1986, the company earned 4.42 dlrs a share on revenues\nof 10.7 billion dlrs.\n Speaking at a meeting for securities analysts, Douglas\nDanforth, Westinghouse's chairman, said the company's sales\ngrowth target is about 8.5 pct a year for 1988 and 1989, \"given\nan economic environment that remains on a moderate growth\ncourse.\" He also said the company will make acquisitions, but\nhe did not specify particular targets.\n Paul E. Lego, senior executive vice president told the\nanalysts \"our plans do not call for a multibillion dlr\nacquisition, even though our balance sheet can handle one.\nDespite this disclaimer, if we identify a major acquisition\nthat has significnt value-creating for Westinghouse...we will\nconsider it.\" He said the company would consider an acquisition\ncandidate that is in an area compatable with Westinghouse's\nprimiary businesses.\n Danforth said the corportation was focused in several key\nareas including defense electronics, financial services,\nbroadcasting, electrical products and services for construction\nand industrial and utility markets.\n Danforth added that he expects Westinghouse's sales to grow\nfaster than the markets the corportation serves and \"surely\nfaster than GNP.\"\n He said earnings per share growth is expected to\nconsistently exceed the Standard and Poor's 500 index and\nreturn on equity will remain in the 18 to 21 pct range.\n Leo W. Yochum, senior executive vice president for finance,\ntold the analysts \"we will consider buying back stock\" but\nthere are no current plans for such a buyback.\n Yochum said that at the company's current level of earnings\nit could comfortably maintain higher debt levels and that\nWestinghouse will use its debt capacity to improve shareholder\nvalue.\n Last year, Westinghouse established a 790 mln dlrs\nrestructuring reserve to be used for plant consolodation,\nassett writedowns and other items. Yochum said, the company\nspent 306 mln dlrs of that reserve in 1986 and will spend 344\nmln dlrs of the reserves in 1987. The balance will be used in\n1988. He also said, capital expenditures should be about 400\nmln dlrs in 1987.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:37:39.86\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10445"
},
{
"title": "CLEARWATER FINE FOODS ACQUIRES CHANNEL FOODS",
"body": "Clearwater Fine Foods Inc, a Canadian\ncompany minority owned by Hillsdown Holdings PLC of London, has\nacquired Channel Foods Ltd, a Cornwall, England producer of\nchilled smoke fish and pate products, Hillsdown said.\n Privately held Clearwater was sold for three mln stg, the\ncompany said.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:38:27.20\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10446"
},
{
"title": "GALACTIC RESOURCES LTD <GALCF> YEAR LOSS",
"body": "Shr loss 1.30 dlrs\n Net loss 25.6 mln\n Revs 20.5 mln\n Note: Prior results not given.\n Shr and net include change in accounting policy, resulting\nin loss of 22.8 mln dlrs or 1.16 dlrs share.\n Results in U.S. funds\n Reuter\n\u0003",
"date": "27-MAR-1987 10:38:39.77\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10447"
},
{
"title": "PHILIP MORRIS <MO> UNIT SELLS SUBORDINATED NOTES",
"body": "Seven-Up Cos, a unit of Philip Morris\nCos Inc, is raising 155.78 mln dlrs via an offering of senior\nsubordinated notes due 1997 yielding 12-1/8 pct, said lead\nunderwriter Donaldson, Lufkin and Jenrette Securities Corp.\n The notes have a 7-1/2 pct coupon and were priced at 89.87.\n Non-callable for three years, the debt is rated B-3 by\nMoody's Investors Service Inc and CCC-plus by Standard and\nPoor's Corp. The issue was raised from an initial offering of\n140 mln dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:38:46.47\u0005\u0005\u0005A RM",
"places": [
"usa"
],
"id": "10448"
},
{
"title": "COCOA CONSUMERS ACCEPT COMPROMISE BUFFER PLAN",
"body": "Consumer members of the International\nCocoa Organization, ICCO, accepted a final buffer stock rules\ncompromise, \"on the condition that producers also agree,\"\nconsumer spokesman Peter Baron said.\n The full council was meeting at 1530 GMT to discuss the\ncompromise, which was put together yesterday by ICCO chairman\nDenis Bra Kanon.\n Consumer delegates said they were optimistic the council\ncould reach agreement on the rules fairly quickly.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:39:21.26\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk"
],
"id": "10449"
},
{
"title": "RABOBANK ISSUE IN HEAVY DEMAND ON AMSTERDAM BOURSE",
"body": "A new Rabobank mortgage bond, whose\nterms dealers considered extremely generous, was in heavy\ndemand on the Amsterdam bourse today, bond dealers said.\n Rabobank, not anticipating a strong two-day rally in Dutch\nbonds, on Wednesday set an issue price of 99.50 pct for a 6.25\npct eight-year open mortgage bond, giving it a yield about 1/4\npct higher than the market average.\n Rabobank stopped trading in the bond five minutes after the\nbourse opened, but already between 200 and 300 mln guilders\nworth had been sold, a Rabobank spokesman said. One Japanese\ninvestor took 50 mln guilders alone, a dealer said.\n Later, the bank proposed to allot only 30 pct of\nsubscriptions, causing a general outcry among traders. Rabobank\nfinally gave in to bourse demands to honour all subscriptions.\n \"We simply did not expect prices to rise so much,\" a Rabobank\nspokesman said.\" Since the pricing, the bond price index has\nrisen 0.9 to 117.3, and the average state loan yield has fallen\naccordingly to 6.04 pct.\n Two weeks ago, Rabobank issued a 250 mln guilder 6.75 pct\nbond at par, giving it a yield 0.40 above the average bank loan\nyields that day of 6.35 pct. The issue was heavily\nover-subscribed.\n REUTER\n\u0003",
"date": "27-MAR-1987 10:39:48.67\u0005\u0005\u0005RM",
"places": [
"netherlands"
],
"id": "10450"
},
{
"title": "HOMAC <HOMC> WINS INJUNCTION AGAINST TANGENT",
"body": "Homac Inc said the U.S. District Court\nfor the Eastern District of Michigan issued a preliminary\ninjunction against Tangent Inc of Dallas from appointing\ndirectors to Homac's board without written consent of a\nmajority of shareholders.\n It said the court also prohibited Tangent from acquiring or\nattempting to acquire any additional Homac shares pending\nfiling of an amendment to Tangent's Schedule 13D.\n Homac said the court declined to issue a preliminary\ninjunction to prohibit transfer of approximately 800,000 shares\nof common stock by DSA Financial Corp to Tangent. Homac claims\nit had the first right to purchase.\n Homac said it would appeal this aspect of the court's\ndecision.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:42:42.17\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10451"
},
{
"title": "NATO HOLDS EMERGENCY MEETING ON AEGEAN CRISIS",
"body": "NATO ambassadors met in emergency\nsession today to discuss tension between members Greece and\nTurkey over a disputed area of the Aegean Sea on the Western\nAlliance's southern flank, Greek diplomatic sources said.\n They said no information had yet emerged from the meeting,\ncalled after statements from both countries that they were\nprepared to back rival oil exploration teams with warships.\n General Guven Ergenc, Secretary General of the Turkish\nGeneral Staff, said today the Turkish research ship Sismik 1,\nescorted by an unspecified number of warships, would sail into\ndisputed waters in the Aegean Sea tomorrow morning.\n Greek Prime Minister Andreas Papandreou said \"The military\nreadiness of our country is able now to give a very hard lesson\nif our neighbours (Turkey) were to carry out military actions.\"\n The row erupted when the Greek government said last month\nthat it was taking control of a Canadian-led consortium which\nwas already producing oil off the Greek island of Thassos and\nwould drill in the same area after the takeover.\n REUTER\n\u0003",
"date": "27-MAR-1987 10:43:04.69\u0005\u0005\u0005RM",
"topics": [
"crude",
"ship"
],
"places": [
"belgium",
"greece",
"turkey"
],
"id": "10452"
},
{
"title": "HANSON TRUST TO SELL U.S. CHEMICALS UNIT",
"body": "Hanson Trust Plc <HNSN.L> said its U.S.\nSubsidiary, Hanson Industries Inc, is to sell PCR Inc, a\nspeciality chemicals unit, for 6.25 mln dlrs cash to <Chemical\nPartners Inc>.\n PCR had sales of 13.2 mln dlrs in fiscal 1986 and an\noperating loss of 381,000 dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:43:50.45\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"uk",
"usa"
],
"id": "10453"
},
{
"title": "INVESTOR PAUL BILZERIAN HAS 7.2 PCT PAY 'N PAK STAKE, MAY SEEK CONTROL\n",
"date": "27-MAR-1987 10:49:09.42\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10454"
},
{
"title": "UK MAY REVOKE JAPANESE FINANCIAL LICENSES",
"body": "The British government may revoke the\nlicences of selected Japanese banks and securities companies\noperating in London's financial City when they come up for\nrenewal next summer if progress is not made towards opening up\nJapan's markets to foreign competition, government sources\nsaid.\n \"We can't say \"yes, we are going to do it (revoke licences)\"\nbut this is definitely being considered,\" an official said.\n His comments came after the government was formally urged\ntoday by a cross-section of influential MPs to take joint\nretaliatory action with the United States against Japan.\n Britain has grown increasingly impatient with Japanese\ntrade practices. \"There's a sense of urgency here now, but the\nemphasis is on securing - not undermining - our interests in\nJapan,\" another government official told Reuters.\n Prime Minister Margaret Thatcher said on Thursday that\nBritain would not hesitate to use new powers contained in the\nFinancial Services Act 1986 and the Banking Bill to retaliate\nagainst countries that do not offer reciprocal market access.\n She clearly had Japan in mind, government sources said.\n The U.K. Last year showed a trade defict with Japan of 3.7\nbillion stg, official figures show.\n A parliamentary motion, signed by 98 MPs, today urged the\nU.K. Government to \"coordinate action with the President of the\nUnited States, and through the Department of Trade and\nIndustry, to suspend all further applications from Japanese\ncommunications companies for equipment approval by the British\nApprovals Board for Telecommunications, and all further\napplications from Japanese financial institutions for licences\"\nuntil authorities in Japan stopped imposing what the MPs called\n\"restrictive conditions\" on the bid by (Cable and Wireless PLC)\n(cawl.L) and its U.S. And Japanese partners for a stake in\nJapan's international telecommunications market.\n The motion for retaliatory steps came from a cross-section\nof MPs, reflecting the strength of feeling inside Parliament.\nParliamentarians said their action would increase pressure on\nthe Conservative government to take firm action.\n Officials said another option now being considered by the\nU.K. Is to refuse issuing new banking licences to Japanese\ninstitutions. That could be done under the government's\nproposed Banking Bill now moving through parliament.\n 58 Japanese financial institutions are authorised to deal\nin London, of which 29 are banks. In Tokyo, 14 London-based\nfirms are authorised to do financial business, officials said.\n The new financial services and banking acts offer Britain\nan alternative for retaliation which would be otherwise denied\nunder legally-binding international trade agreements.\n \"The Financial Services Act gives (Trade and Industry\nSecretary Paul) Channon power to stop firms from engaging in\ninvestment, banking and insurance,\" one official said.\n \"This point has been made to the Japanese at official level\na number times,\" the official added.\n Britain and France are now working together to urge that\nthe European Community take collective action against Japan,\nbut by working within EC treaties, another official said.\n British Trade Minister Alan Clark said this week in a radio\ninterview that the European Community should build barriers\nagainst Japanese imports through certification procedures\nsimilar to those facing European exporters in Japan.\n \"There comes a point where you cannot resist any longer,\" he\nsaid, adding \"(such barriers) can't be put in place overnight.\"\nClark said the issue of reciprocity regarding visible trade\n\"strikes at the basis of whether British industry is to have a\nfair access to an extremely large market (Japan) which is\nitself in a very dominant position (in) certain aspects of our\nown domestic market ... It is really a question of fairness.\"\n The situation is only likely to worsen following news that\nJapan's trade surplus with the rest of the world rose by more\nthan 70 pct in February, year-on-year, to 8.14 billion dlrs\nfrom 5.7 billion in January, political sources said.\n But Clark said in his interview that the issues of visible\ntrade and access to financial markets should be kept separate.\n Should Britain decide to act against Japanese financial\ninstitutions, it would most likely focus on the smaller, rather\nthan larger ones, to minimise any risks to its role as a global\nbusiness centre, government sources said. Japan's four largest\nsecurities houses are members of the London Stock Exchange.\n In Washington, White House officials said President Reagan\nwas ready to impose retaliatory trade action against Japan for\nbreaking its semiconductor agreement with the United States.\n There was no immediate indication when Reagan might act on\nthe recommendations of his Economic Policy Council to curb\nJapanese exports to the United States but officials said the\nmove could come today or early next week.\n Trade sources said the actions being weighed by Reagan\nincluded tariffs on a wide variety of Japanese exports which\nuse semiconductors.\n REUTER\n\n\n\u0003",
"date": "27-MAR-1987 10:49:39.83\u0005\u0005\u0005V",
"topics": [
"trade"
],
"places": [
"uk",
"japan",
"usa"
],
"id": "10455"
},
{
"title": "GM <GM>, STRIKING UAW RESUME TALKS",
"body": "Negotiators for General Motors\nCorp and the United Auto Workers union, which yesterday shut\ndown the automaker's Pontiac, Mich., truck plant, resumed talks\nin search of a local contract for the facility.\n Ron Miller, vice president for UAW local 594, said\nnegotiations resumed at 1000 EST, as expected.\n Miller said the two sides seemed to be getting closer to an\nagreement when the union's noon deadline yesterday was reached.\n He said he hoped an accord could be reached by Monday.\n Miller said negotiators for the union, which represents\n9,000 workers at Pontiac, and General Motors have still not\nbeen able to agree on the main issue--the company's use of\nnon-UAW labor for some jobs.\n Workers on the picket line were determined to stay on\nstrike for as long as necessary to reach a new agreement.\n\"We'll stay out here as long as it takes,\" said one.\n Picketing was peaceful and friendly, with no signs of\nviolence.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:51:49.32\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10456"
},
{
"title": "BELL CANADA <BCE> BUYS SHARES ISSUED BY UNIT",
"body": "Bell Canada Enterprises Inc said it\nacquired 150 mln dlrs of common shares issued by its wholly\nowned telephone unit, Bell Canada.\n Bell said the transaction is expected to be completed on\nApril 15, 1987, and proceeds to the telephone business will be\nused in part for capital expenditures and to provide additional\nworking funds.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:51:56.49\u0005\u0005\u0005E F",
"places": [
"canada"
],
"id": "10457"
},
{
"title": "LSB INDUSTRIES <LSB> AGREES TO ACQUIRE BANK",
"body": "LSB Industries Inc said it agreed\nto acquire Northwest Federal Savings and Loan Association for\n1,500,000 dlrs.\n As part of the agreement, LSB said it also would transfer\nassets valued of not less than 30 mln dlrs to Northwest\nFederal, which is located in Woodward, Okla.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:52:04.86\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10458"
},
{
"title": "UNIVERSAL HOLDING CORP <UHCO> 4TH QTR NET",
"body": "Shr NA\n Net profit 2,000 vs profit 195,000\n Revs 2,623,000 vs 2,577,000\n Year\n Shr NA\n Net loss 425,000 vs profit 278,000\n Revs 15.4 mln vs 8,637,000\n Reuter\n\u0003",
"date": "27-MAR-1987 10:52:27.96\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10459"
},
{
"title": "NORTHWEST AIRLINES <NWA> CUTS HAWAII FARES",
"body": "NWA Inc's Northwest Airlines\nsaid it is cutting fares to Hawaii from its 40-state U.S. route\nsystem, to save passengers between 30 dlrs and 100 dlrs off\nNorthwest's lowest published roundtrip prices.\n The service, named \"Lei-zy Day Fares,\" will have roundtrip\nairfares from New York of as low as 518 dlrs roundtrip, or from\nSan Francisco for 298 dlrs roundtrip, for example, the airline\nsaid.\n It added that the service's ticketholders can begin their\ntrips anytime from April 20 through May 31 and travel must be\ncompleted by June 12.\n Northwest said tickets must be purchased at least 14 days\nbefore departure, or within 14 days of making reservations,\nwhichever comes first.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:52:40.58\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10460"
},
{
"title": "U.K. ISSUES 250 MLN STG IN INDEX-LINKED BONDS",
"body": "The U.K. Treasury issued to the Bank of\nEngland 250 mln stg in two tranches of existing index-linked\nstocks, for first dealings on Monday, the Bank said.\n The issues are 150 mln stg of 2-1/2 pct index-linked\nTreasury stock due 2011 and 100 mln of 2-1/2 pct index-linked\nTreasury due 2024. The latter stock is free of tax to residents\nabroad (FOTRA).\n The bonds will be available to the U.K. Government bond\nmarket from Monday at certified prices of 113.00 stg pct for\nthe 2-1/2s of 2011 and 85-24/32 stg pct for the 2-1/2s of 2024.\n Several dealers had expected the Bank of England to\nannounce further issues of index-linked bonds today in the\nlight of strength seen in this sector of the market over the\npast few days. Some prices advanced by as much as 1-1/2 points\nyesterday as the rest of the market eased back further.\n However, one or two traders expressed surprise that the\nauthorities had issued further bonds of any kind in the light\nof the nervous conditions prevailing in the market.\n In such relatively small amounts, the new issues were\nunlikely to have a significantly harmful effect on Government\nbond prices in general, dealers said.\n Prices of index-linked bonds fell back slightly after the\nstock tranches were announced, with the 2-1/2 pct index-linked\nstock due 2016 quoted at 102-25/32 stg pct after 102-29/32\nshortly before the announcement.\n REUTER\n\u0003",
"date": "27-MAR-1987 10:56:16.61\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10461"
},
{
"title": "BILZERIAN MAY SEEK CONTROL OF PAY 'N PAK <PNP>",
"body": "Investor Paul Bilzerian disclosed he\nholds a 7.2 pct stake in Pay 'N Pak Stores Inc common stock and\nis considering seeking control of the retail building material\nfirm.\n Bilzerian said he and a Tampa, Fla., investment firm he\ncontrols called Bicoastal Financial Corp \"may acquire additional\nshares, or they may seek to acquire one or more positions on\n(Pay 'N Pak's) Board of directors or to acquire a controlling\ninterest in the (company's) shares, by tender offer or\notherwise.\" The statement was made in a filing with the\nSecurities and Exchange Commission.\n Bilzerian said his course of action would depend on the\ncompany's prospects, market conditions and other factors.\n Bilzerian said he and Bicoastal made net purchases of\n515,600 shares on the New York Stock Exchange Jan 26-March 25.\n His 7.2 pct stake makes up a total of 722,000 shares.\n Reuter\n\u0003",
"date": "27-MAR-1987 10:57:17.30\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10462"
},
{
"title": "S/P DOWNGRADES UNITED TECHNOLOGIES AND UNITS, AFFECTS 1.7 BILLION DLRS OF DEBT\n",
"date": "27-MAR-1987 10:59:44.27\u0005\u0005\u0005A RM",
"id": "10463"
},
{
"title": "FED EXPECTED TO ADD RESERVES, ECONOMISTS SAY",
"body": "The Federal Reserve is expected to\nenter the U.S. government securities market to add reserves\ntoday, economists said.\n They said the Fed would probably supply temporary reserves\nindirectly by arranging one to two billion dlrs of customer\nrepurchase agreements.\n After averaging 6.21 pct yesterday, federal funds were\nopened at 6-1/8 pct and remained at that level.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:04:50.52\u0005\u0005\u0005V RM",
"topics": [
"interest"
],
"places": [
"usa"
],
"id": "10464"
},
{
"title": "CANADA WHOLESALE TRADE UP 8.9 PCT IN MONTH",
"body": "Canadian wholesale merchant sales rose\n8.9 pct in January over the same month in 1986 with all but one\nof the major trade groups posting increases, Statistics Canada\nsaid.\n In December sales rose 13.7 pct.\n The federal agency said wholesalers of tobacco, drugs and\ntoilet preparations posted a 0.9 pct decline in sales.\nInventories were 5.3 pct higher than in January 1986.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:05:09.88\u0005\u0005\u0005E A",
"places": [
"canada"
],
"id": "10465"
},
{
"title": "SOCIETE GENERALE ISSUES 15 BILLION YEN BOND",
"body": "Societe Generale is issuing a 15 billion\nyen bond due April 21, 1992 carrying a coupon of 4-1/2 pct for\nthe first four years and priced at 102, Mitsui Trust\nInternational Ltd said as joint book runner.\n In the fifth year, the coupon rises to 7-1/2 pct but the\nbond is callable after four years.\n Japan's Ministry of Finance does not permit the issuance of\neuroyen bonds with maturities shorter than five years.\n Daiwa International (Europe) Ltd is the other joint book\nrunner. Payment is due April 21.\n The securities are available in denoninations of 10 mln yen\neach and will be listed on the Luxembourg Stock Exchange.\n There is a 1-1/4 pct selling concession and a 5/8 pct\ncombined management and underwriting fee.\n REUTER\n\u0003",
"date": "27-MAR-1987 11:07:15.07\u0005\u0005\u0005RM",
"places": [
"uk"
],
"id": "10466"
},
{
"title": "ALLEGHENY INT'L <AG> SELLS THREE OVERSEAS UNITS",
"body": "Allegheny International Inc\nsaid it sold three overseas subsidiaries to Reil Corp Ltd, a\nNorth Sydney, Australia, investment group.\n Terms were not disclosed.\n The units sold were Sunbeam Corp Ltd Australia, Sunbeam New\nZealand Ltd and Victa (U.K.) Ltd. The units make and distribute\nvarious products, including lawn mowers, small appliances and\nsheep shearing equipment. They employ a total of about 1,750.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:08:21.98\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa",
"australia"
],
"id": "10467"
},
{
"title": "WEYERHAEUSER <WY> OFFERS PREFERRED SHARES",
"body": "Weyerhaeuser Co is offering 200 mln\ndlrs of convertible exchangeable preferred stock at 50 dlrs a\nshare, said Morgan Stanley and Co, underwriter.\n Morgan Stanley said each share of preferred may be\nconverted at any time into 0.6944 share of the company's common\nstock.\n Morgan Stanley said Weyerhaeuser may exchange the\npreferred, on any dividend date beginning June 15, 1990, for\nits 5-1/4 pct convertible subordinated debentures due 2017.\n Weyerhaeuser will use proceeds from the offering to reduce\noutstanding commercial paper.\n Morgan Stanley said the Weyerhaeuser preferred stock will\nnot be redeemable prior to June 15, 1989, unless the closing\nprice of the common stock reaches or exceeds 150 pct of the\nthen effective conversion price for at least 20 trading days \nwithin 30 consecutive trading days that end within five trading\ndays prior to the notice of redemption.\n The redemption price will be 52.63 dlrs a share, declining\nto 50 dlrs a share on or after June 15, 1997, plus accrued and\nunpaid dividends, the underwriter said.\n/\n Reuter\n\u0003",
"date": "27-MAR-1987 11:08:42.31\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10468"
},
{
"title": "UNITED TECHNOLOGIES <UTX> DEBT DOWNGRADED BY S/P",
"body": "Standard and Poor's Corp said it\ndowngraded 1.7 billion dlrs of debt of United Technologies Corp\nand subsidiaries.\n S and P cut to AA-minus from AA the senior debt, and to\nA-plus from AA-minus the subordinated debt, of the parent and\nunits UT Financial Services Corp, UT Credit Corp, UT Finance\nN.V. and Carrier Corp. A-1-plus commercial paper was affirmed.\n The agency said new management would be challenged to\nreverse operational problems that hurt profitability and cash\nflow in the past two years. And business risk will be greater\nbecause of stricter government procurement practices.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:10:22.25\u0005\u0005\u0005A RM",
"places": [
"usa"
],
"id": "10469"
},
{
"title": "GALACTIC <GALCF> ADOPTS CONSERVATIVE ACCOUNTING",
"body": "Galactic Resources\nLtd, earlier reporting a 1986 loss of 25.6 mln U.S. dlrs, said\nit adopted a more conservative accounting policy, similar to\nother gold producers' accounting for exploration costs.\n As a result, the company retroactively charged all past\nexploration and related administration costs incurred on its\nproperties against expenses in 1986, 1985 and 1984.\n Under the new policy, all future exploration and related\nadministration costs will be written off to expenses rather\nthan capitalized as an intangible asset, it said.\n Galactic said the accounting change resulted in a 22.8 mln\nU.S. dlr charge against 1986 earnings. It did not immediately\ndisclose the affect of the change on prior years' results.\n The new accounting policy is not expected to adversely\naffect working capital position, future cash flows or the\ncompany's ability to conduct ongoing business operations, it\nsaid.\n Galactic said the charge includes 9.9 mln U.S. dlrs of\ncosts concerning its Summitville Mine leach pad and 8.9 mln\nU.S. dlrs in waste removal costs, dyke construction and other\nmine developments.\n Galactic said under the prior accounting policy, the\nSummitville mine expenses would have been amortized over the\nlife of the mine and charged against future earnings.\n The change will also result in lower depreciation and\namortization charges against income of about 52 U.S. dlrs an\nounce of gold produced in future periods, based on total\nestimated reserves of 617,000 ounces.\n Galactic said March leaching production at Summitville is\nexpected to exceed 2,500 ounces, raising gold equivalent\nproduction since the June 5, 1986 start of leaching to 65,000\nounces.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:11:53.63\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10470"
},
{
"title": "Cocoa Council agrees new buffer stock rules - delegates\n",
"date": "27-MAR-1987 11:12:34.20\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"id": "10471"
},
{
"title": "MARS STORE <MXXX> SEES QTR, YEAR LOSS AND CHARGE",
"body": "Mars Store Inc said it\nexpects to report a loss of about 800,000 dlrs for the fourth\nquarter and about 1.1 mln dlrs for the fiscal year ended\nJanuary 31.\n As a result of the loss, the company said it has decided to\ndiscontinue the operations of its Big Value Outlets division,\nwhich will result in a yet undisclosed one time charge against\nearnings for the year.\n The estimated 1.1 mln dlrs year loss or about 50 cts a\nshare, compares with earnings of 871,000 dlrs or 42 cts a share\nrecorded last year.\n \"The fourth quarter loss was affected by an abnormally high\ninventory shrinkage, lower than planned sales and higher\nmarkdowns related to increased promotional activity, all of\nwhich reduced fourth quarter gross margins,\" the company said.\n In order to concentrate on the company's core business, the\noperation of discount and promotional department stores, Mars\nsaid, it has decided to close the Big Value division.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:13:27.25\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10472"
},
{
"title": "HONEYWELL <HON> COMPLETES COMPUTER BUSINESS SALE",
"body": "Honeywell Inc said it has\ncompleted the sale of 57.5 pct of its Honeywell Information\nSystems <HIS> computer business to <Compagnie des Machines\nBull> of France and <NEC Corp> of Japan for 527 mln dlrs in\ncash.\n Honeywell said it will use much of the money to reduce\nshort-term debt incurred last December when the company\npurchased the Sperry Aerospace Group.\n Honeywell said the sale of HIS has created a new dedicated\ncomputer company jointly owned by Bull, NEC and Honeywell.\n The new privately held company, named Honeywell Bull, is\n42.5 pct owned by Honeywell Inc, 42.5 pct by Bull and 15 pct by\nNEC, the new company said.\n Honeywell added that terms of the agreement with NEC and\nBull allow it to reduce its current 42.5 pct stake in the new\ncompany to 19.9 pct at the end of 1988 by selling just over\nhalf its shares to Bull. Book value at the time will determine\nthe move's pricing, Honeywell said.\n Honeywell chairman and chief executive officer, Edson\nSpencer, said the move is the last major step in Honeywell's\nrestructuring.\n \"As the leading worldwide supplier of of automation and\ncontrols for buildings, industry, aerospace and defense,\nHoneywell is now focusing its management, technical and\nfinancial resources on high market share business,\" Spencer\nsaid.\n Honeywell said it expects to be Honeywell Bull's largest\ncustomer, purchasing computers for its own internal data\nprocessing, for integration into Honeywell buidling and\nindustrial automation systems and for resale to the U.S.\ngovernement.\n Honeywell said HIS's Federal Systems Division is now a\nwholly owned unit of Honeywell Inc, and has been named\nHoneywell Federal Systems Inc.\n Honeywell said it accounted for HIS as a discontinued\noperation in 1986, and will account for its future interest on\na cost basis, recording any dividends as received.\n Honeywell Bull said it will continue to develop its product\nline and build its business in integrated systems for\nnetworking, database management and transaction processing.\n The new company said its board will have nine members,\nincluding the chairman and chief executive officer.\n Bull will have four members, Honeywell two and NEC one, the\nnew company, which began worldwide operations today, said.\n It added that Jacques Stern, Bull's chairman and chief\nexecutive officer, will serve as Honeywell Bull's chairman of\nthe board, while Jerome Meyer, formerly executive vice\npresident of Honeywell Information Systems, was named president\nand chief executive officer.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:14:18.71\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10473"
},
{
"title": "AMSTERDAM BOURSE IN INSIDER TRADING INVESTIGATION",
"body": "The Amsterdam Stock Exchange will\nstart an official inquiry into dealings in shares and share\ncertificates of Dutch construction company <Bredero Vast Goed\nN.V.> earlier this week, amid suspicions of insider trading, a\nbourse spokesman said.\n Bredero shares fell 14.50 guilders to close at 58.00\nguilders during the official bourse session last Tuesday.\nBredero announced several hours after Tuesday's close it would\npostpone the publication of its 1986 figures, scheduled for the\nfollowing day. \"The price trend indicates not all investors\nshared the same information,\" the spokesman said.\n He said the bourse would publish the results of its inquest\nbut declined to say when this could be expected.\n The bourse said earlier today trading in Bredero shares,\nsuspended on Wednesday, will be resumed on Monday. The bourse\nhas cancelled all dealings in Bredero paper done on Tuesday\nwhen prices crashed.\n Bredero shares, quoted on the domestic section of the\nAmsterdam Stock Exchange, where trading starts 1-1/2 hours\nafter the main market, closed at 72.50 guilders on Monday.\n Certificates closed at 68.00 guilders.\n Insider trading is not a criminal offence here.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:15:48.87\u0005\u0005\u0005F",
"places": [
"netherlands"
],
"id": "10474"
},
{
"title": "DEALERS SAY FED INTERVENED BUYING DOLLARS IN U.S.",
"body": "U.S. dealers said the New York Federal\nReserve Bank has intervened in the foreign exchange market\ntoday buying dollars against yen.\n Fed officials do not comment on such intervention, but\ndealers said it appeared that the Fed had intervened when the\ndollar reached 147.50 yen in New York.\n The dollar subsequently hovered at 147.55/65 yen.\n Dealers said they were uncertain about the size of the\nintervention, but some said it was only for a small amount.\nThey were also uncertain whether the Fed intervened on its own\naccount, or if it executed orders for the Bank of Japan.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:18:00.98\u0005\u0005\u0005A RM",
"topics": [
"money-fx",
"dlr"
],
"places": [
"usa"
],
"id": "10475"
},
{
"title": "REAGAN VETOES HIGHWAY BILL ",
"body": "President Reagan vetoed an 87.5\nbillion dlrs highway and mass transit bill calling it a budget\nbuster.\n The bill, which also contains a provision allowing states\nto raise highway speed limits, now goes back to Congress where\nthe White House faces an uphill battle to sustain the veto.\n Reagan in a message to Congress said he had an alternative\nproposal that would authorize 66 billion dlrs over five years,\nthe same levels as in the Senate-passed version of the bill.\n He said he recognized the states were rapidly running out\nof highway funds and the legislation needed to make funds\navailable for the 1987 construction season. He said was no\nreason why Congress could not send a new bill that he could\nsign before the spring construction season was any further\nalong. Reagan supports raising the speed limit to 65 mph from\n55 mph on rural interstate highways.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:19:10.52\u0005\u0005\u0005V",
"places": [
"usa"
],
"id": "10476"
},
{
"title": "THE LIMITED <LTD> APPLIES FOR TOKYO EXCHANGE",
"body": "The Limited Inc said it applied\nto list its common stock on the Tokyo Stock Exchange.\n The company said the review process will take four months\nand the company expects trading to begin in July.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:19:49.36\u0005\u0005\u0005F",
"places": [
"usa",
"japan"
],
"id": "10477"
},
{
"title": "<INNOPAC INC> SIX MTHS FEBRUARY 28 NET",
"body": "Shr 22 cts vs 45 cts\n Net 3,100,000 vs 5,100,000\n Revs 103.4 mln vs 98.2 mln\n Reuter\n\u0003",
"date": "27-MAR-1987 11:22:35.75\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10478"
},
{
"title": "JACKPOT ENTERPRISES <JACK> TO BUYBACK SHARES",
"body": "Jackpot Enterprises Inc said it will\nbuy up to 50,000 of its own common shares from time to time in\nmarket transactions.\n The amusement and recreation services company recently\ncompleted buying 107,000 of its shares.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:22:41.34\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10479"
},
{
"title": "CHOCK FULL O'NUTS <CHF> SELLS CONVERTIBLE DEBT",
"body": "Chock Full O'Nuts Corp is raising 60\nmln dlrs through an offering of convertible subordinated\ndebentures due 2012 with a seven pct coupon and par pricing,\nsaid lead manager Drexel Burnham Lambert Inc.\n The debentures are convertible into the company's common\nstock at 10.75 dlrs per share, representing a premium of 24.6\npct over the stock price when terms on the debt were set.\n Non-callable for three years, the issue is rated B-2 by\nMoody's Investors and B-minus by Standard and Poor's. Bear\nStearns and Ladenburg Thalmann co-managed the deal.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:23:23.77\u0005\u0005\u0005A RM",
"places": [
"usa"
],
"id": "10480"
},
{
"title": "BYERS <BYRS> EXTENDS EXPIRATION OF WARRANTS",
"body": "Byers Inc said it extended the\nexpiration date of its class A warrants to June 11, from March\n31.\n Byers said each class A warrant entitles the holder to buy\none common share or one share of its preferred stock at 50 cts\na share.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:24:02.80\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10481"
},
{
"title": "SYNERGETICS <SYNG> EXTENDS WARRANT EXPIRATION",
"body": "Synergetics International Inc\nsaid it extended the expiration date of its warrants to June 15\nand temporarily reduced the warrant conversion price to 2.25\ndlrs, from 2.50 dlrs.\n The company said it made the extension to permit a\nre-registration of the common stock underlying the warrants.\n Synergetics said the reduced conversion price will remain\neffective until May 29, when it will return to 2.50 dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:25:54.51\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10482"
},
{
"title": "ADVANCED TOBACCO <ATPI> IN LICENSING PACT",
"body": "Advanced Tobacco Products\nInc said it signed a letter of intent to license a smoking\ndeterrent product to a unit of Pharmacia AB <PHABY> of Sweden.\n Under terms of the agreement, the company said Pharmacia's\nAB Leo unit will pay an undisclosed sum, including\nnon-refundable royalties, for exclusive rights to evaluate\nAdvanced Tobacco's nicotine technology through July.\n The company said the unit will also have an option to buy\nexclusive worldwide licensing rights for the technology for\nadditional cash and royalties.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:26:02.38\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10483"
},
{
"title": "CORNERSTONE FINANICAL CORP <CSTN> SETS PAYOUT",
"body": "Qtrly div eight cts vs eight cts prior\n Pay May 15\n Record April 10\n Reuter\n\u0003",
"date": "27-MAR-1987 11:26:05.95\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10484"
},
{
"title": "PEGASUS GOLD <PGULF> STARTS MILLING IN MONTANA",
"body": "Pegasus Gold Inc said\nmilling operations have started at its Montana Tunnels open-pit\ngold, silver, zinc and lead mine near Helena.\n The start-up is three months ahead of schedule and six mln\ndlrs under budget, the company said. Original capital cost of\nthe mine was 57.5 mln dlrs, but came in at 51.5 mln dlrs, the\ncompany said.\n After a start-up period, the mill is expected to produce \n106,000 ounces of gold, 1,700,000 ounces of silver, 26,000 tons\nof zinc and 5,700 tons of lead on an annual basis from\n4,300,000 tons of ore, the company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:27:45.88\u0005\u0005\u0005E F",
"topics": [
"gold",
"silver",
"zinc",
"lead"
],
"places": [
"usa"
],
"id": "10485"
},
{
"title": "ECONOMIC SPOTLIGHT - IRISH BUDGET",
"body": "New Irish Prime Minister Charles\nHaughey, faced with a debt-ridden economy, will have to produce\na harsh budget next week to impress financial markets, appease\npolitical opponents and maintain his tenuous hold on power,\nanalysts said.\n For Haughey, who failed to win an overall majority in last\nmonth's election, only scraped back into power when the speaker\nin parliament stepped in with his casting vote to decide a tied\nvote on who would be the next Prime Minister.\n Heading a minority government and faced with a stagnant\neconomy weighed down by debt, he has little room for manoeuvre.\n The national debt has now reached 24.3 billion punts --\n10,000 dlrs for every man, woman and child on the island and\nper capita three times the size of Mexico's.\n Its 19 pct unemployment rate is one of the highest in the\nEuropean Community and 30,000 youngsters emigrate every year.\nThe 58 pct income tax level could hardly be raised again.\n Haughey, declining to be tied down on specifics, promised\non the election trail to get Ireland out of the debt trap with\nan annual growth rate of 2.5 pct, compared to central bank\npredictions of 1.5 pct. Jobs were his top priority, he said.\n For his crucial first budget, Haughey has ruled out any\nincrease in the level of government borrowing and forecast\n\"widespread cutbacks with severe restrictions right across the\nboard.\"\n Finance Minister Ray MacSharry also stressed that some of\nthe 187,000 civil service jobs must go to trim Ireland's annual\npublic wages bill of 2.84 billion punts.\n \"The big question now is to what extent he will grasp the\nnettle and cut in next Tuesday's budget,\" said Kevin Barry,\neconomist with National and City Brokers.\n \"You have to cut the Exchequer Borrowing Recquirement (EBR)\nsubstantially and swiftly. He has to do it now,\" Barry said.\n Noting that last year's EBR was 2.145 billion punts, he\nsaid \"Two billion would be good news. The markets are already\ntaking the view it is going to be tough.\"\n \"He has absolutely no room to maneouvre. He cannot spend to\nstimulate the economy. I don't see any good news in the\nshort-term.\"\n But he, like other analysts, rules out a debt-servicing\ncrisis that would mean calling in the International Monetary\nFund (IMF). \"It's too easy to borrow aboard,\" he added.\n The steady rise of sterling, the currency of one of\nIreland's main trading partners, has been a boost to Irish\nexporters with the country recording a 31 mln punt trade\nsurplus in February, the 10th surplus in a row.\n Political uncertainty is not a major factor for the punt\nbecause the main political parties are all essentially\nconservative with no major economic policy switches expected.\n New Fine Gael leader Alan Dukes, who replaced ousted Prime\nMinister Garret Fitzgerald at the head of the main opposition\nparty, has pledged to back Haughey's budget if, as expected, he\ngets tough.\n Haughey is four short of an overall majority and would have\nto rely on the support of independent deputies if all four\nopposition parties united to vote against him.\n But in today's climate of economic austerity, few\npoliticians would risk returning to the polls so soon and\nHaughey could cling to power for at least another two years if\nhe brings in a belt-tightening budget next week, political\ncommentators say.\n The debt-laden economy is the great national preoccupation,\npushing firmly into the background for now Haughey's ultimate\ndream of a united Ireland with the British out of the north.\n H.J. Heinz chairman Tony O'Reilly, one of the most\nsuccessful Irishmen in international business, stressed the\nneed for a frontal attack on the national debt, arguing \"many of\nour children have lost faith in the future.\"\n \"Were there to be an uptick in world interest rates or a\nprecipitous decline in our parities, the effect on our economy\nand on the provision of services by our government would be\ncatastrophic,\" he said.\n This island of 3.5 mln people has been living beyond its\nmeans with a state spending spree on welfare benefits that\ncould not be financed by economic growth.\n REUTER\n\u0003",
"date": "27-MAR-1987 11:30:33.82\u0005\u0005\u0005RM",
"places": [
"ireland"
],
"id": "10486"
},
{
"title": "LOWER ASCS CORN PRICES TO AFFECT TEN STATES",
"body": "The Agriculture Department's\nwidening of Louisiana gulf differentials will affect county\nposted prices for number two yellow corn in ten states, a USDA\nofficial said.\n All counties in Iowa will be affected, as will counties\nwhich use the gulf to price corn in Illinois, Indiana,\nTennessee, Kentucky, Missouri, Mississippi, Arkansas, Alabama\nand Louisiana, said Ron Burgess, Deputy Director of Commodity\nOperations Division for the USDA.\n USDA last night notified the grain industry that effective\nimmediately, all gulf differentials used to price interior corn\nwould be widened on a sliding scale basis of four to eight cts,\ndepending on what the differential is.\n USDA's action was taken to lower excessively high posted\ncounty prices for corn caused by high gulf prices.\n \"We've been following this Louisiana gulf situation for a\nmonth, and we don't think it's going to get back in line in any\nnearby time,\" Burgess said.\n Burgess said USDA will probably narrow back the gulf\ndifferentials when and if Gulf prices recede. \"If we're off the\nmark now because we're too high, wouldn't we be as much off the\nmark if we're too low?\" he said.\n While forecasting more adjustments if Gulf prices fall,\nBurgess said no other changes in USDA's price system are being\nplanned right now.\n \"We don't tinker. We don't make changes lightly, and we\ndon't make changes often,\" he said.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:32:41.71\u0005\u0005\u0005C G",
"topics": [
"grain",
"corn"
],
"places": [
"usa"
],
"id": "10487"
},
{
"title": "DEERE DISCONTINUES NEGOTIATIONS WITH GENERAL MOTORS ON DIESEL JOINT VENTURE\n",
"date": "27-MAR-1987 11:33:19.75\u0005\u0005\u0005F",
"id": "10488"
},
{
"title": "GREECE BUYS 55,000 TONNES FRENCH MAIZE - TRADE",
"body": "Greece bought a total of 55,000 tonnes of\nFrench maize when it tendered yesterday, initially for 30,000\ntonnes of April delivery, trade sources said.\n They said 25,000 tonnes, to be shipped from Bordeaux, were\nsold at 1,603 francs per tonne fob, 15,000 tonnes from Rouen at\n1,596 francs fob and 15,000 tonnes from Sete at 1,607 francs\nfob.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:37:38.28\u0005\u0005\u0005C G",
"topics": [
"corn",
"grain"
],
"places": [
"france",
"greece"
],
"id": "10489"
},
{
"title": "PICTEL <PCTL> OFFERS UNITS AT SIX DLRS EACH",
"body": "PicTel Corp said it began a\npublic offering of 1,050,000 units priced at six dlrs a unit\nthrough managing underwriters F.N. Wolf and Co and Sherwood\nCapital Inc.\n Each unit consists of five shrs of common stock and three\nredeemable common stock purchase warrants exercisable at 1.25\ndlrs a share for five years.\n The company said it granted F.N. Wolf an option to buy up\nto 157,500 additional units to cover over-allotments.\n Proceeds will be used for product development, marketing,\ncapital equipment and working capital, the telecommunications\nproducts company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:38:10.51\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10490"
},
{
"title": "COCOA BUFFER STOCK RULES TO TAKE EFFECT IMMEDIATELY - DELEGATES\n",
"date": "27-MAR-1987 11:38:12.73\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"id": "10491"
},
{
"title": "C.O.M.B. <COQ> TO HAVE OPTIONS ON AMEX",
"body": "C.O.M.B Inc commenced trading put and\ncall options on the American Stock Exchange, according to the\nExchange.\n The company's options will trade with initial expiration\nmonths of April, May, July and October, with position and\nexercise limits at 5,500 contracts on the same side of the\nmarket, according to the Exchange.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:38:21.30\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10492"
},
{
"title": "U.S. SEN GRAMM INSISTS BUDGET TARGETS BE MET",
"body": "Sen. Phil Gramm, a co-author of the\nGramm-Rudman balanced budget law, said he will insist Congress\npass a 1988 budget abiding by the law's 1988 deficit target.\n The Texas Republican told a news conference he will block\nSenate action on any budget bill failing to hit the 108 billion\ntarget by raising a parliamentary point of order against it. He\ndoubted there were 60 votes needed to overrule him.\n Senate and House budget committees are working on budget\nplans which will fall short of the 108 billion dlr goal using\nCongressional Budget Office estimates. Gramm favors a spending\nfreeze to reach the law's goal.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:40:58.61\u0005\u0005\u0005V RM",
"places": [
"usa"
],
"id": "10493"
},
{
"title": "DROUGHT CUTS CHINESE WHEAT CROP -- USDA REPORT",
"body": "Drought has resulted in a reduction\nin China's estimated wheat crop this year to 87.0 mln tonnes,\n2.0 mln below last year's harvest, the U.S. Agriculture\nDepartment's officer in Peking said in a field report.\n The report, dated March 25, said imports in the 1987/88\nseason are projected at 8.0 mln tonnes, 1.0 mln tonnes above\nthe the current season's estimate.\n Imports from the United States are estimated at 1.5 mln\ntonnes compared to only 150,000 tonnes estimated for the\n1986/87 year, it said.\n After travelling to major wheat producing areas and\nobtaining more information on the planted area, the total\nplanted area was estimated down 290,000 hectares due to the dry\nfall, it said.\n The report said to compensate for the below normal\nprecipitation irrigation has increased as has the use of\nfertilizer.\n While there are pockets where irrigation is not possible,\nmost of the wheat crop has access to some water and therefore\nhas emerged from dormancy and is doing well, the report said.\n It said scattered rain in many parts of China in the past\n10 days has improved the situation but information on hail\ndamage in Anhui is incomplete.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:41:55.33\u0005\u0005\u0005C G",
"topics": [
"grain",
"wheat"
],
"places": [
"china",
"usa"
],
"id": "10494"
},
{
"title": "FED SETS ONE BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n",
"date": "27-MAR-1987 11:42:54.87\u0005\u0005\u0005V RM",
"id": "10495"
},
{
"title": "RENT-A-CENTER <RENT> FILES DEBENTURE OFFERING",
"body": "Rent-A-Center Inc said it filed a\nregistration statement with the Securities and Exchange\nCommission covering a 35 mln dlr offering of 25-year\nconvertible subordinated debentures.\n Proceeds will be used to finance a business expansion over\nthe next one or two years by opening or acquiring additional\nstores, Rent-A-Center said.\n The company named Morgan Stanley and Co Inc as lead\nunderwriter of the offering.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:43:31.06\u0005\u0005\u0005A RM",
"places": [
"usa"
],
"id": "10496"
},
{
"title": "TELEPHONE AND DATA SYSTEMS <TDS> FILES SHELF",
"body": "Telephone and Data Systems Inc said it\nfiled a shelf registration statement covering securities to be\nused in connection with acquisitions.\n It said the shelf covers 2,500,000 common shares and\n250,000 preferred shares which will not be sold for cash in a\npublic offering.\n Telephone and Data said the filing updates information\ncontained in registration statements which it files annually.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:43:37.74\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10497"
},
{
"title": "CISTRON BIOTECHNOLOGY <CIST> SETS DIVIDEND",
"body": "Cistron Biotechnology Inc said\nit will pay a stock dividend declared prior to the initial\npublic offering of its common stock in August 1986 to\nstockholders of record prior to the common offering.\n Payment of the dividend was contingent on the closing bid\nprice of the common stock averaging two dlrs or more per shares\nfor the trading days within any consecutive ten day period\nending before February 29, 1988. The company said that the\ncontingency has been fulfilled.\n Payment of the stock dividend increases Cistron's\noutstanding common stock to 21,390,190 shares from 16,185,354\nshares.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:43:45.85\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10498"
},
{
"title": "WERNER ENTERPRISES INC <WERN> 4TH QTR, YR NET",
"body": "Qtr ends Feb 28\n Shr 18 cts vs 10 cts\n Net 2,051,000 vs 901,000\n Revs 25.8 mln vs 19.2 mln\n Avg shrs 10.7 mln vs 9,059,600\n 12 mths\n Shr 87 cts vs 63 cts\n Net 9,020,000 vs 5,680,000\n Revs 94.4 mln vs 73.7 mln\n Avg shrs 10.3 mln vs 9,059,600\n Reuter\n\u0003",
"date": "27-MAR-1987 11:43:51.46\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10499"
},
{
"title": "<REVENUE PROPERTIES CO LTD> YEAR LOSS",
"body": "Shr loss eight cts vs loss 24 cts\n Net loss 1,150,000 vs loss 3,450,000\n Revs 55.7 mln vs 78.1 mln\n Reuter\n\u0003",
"date": "27-MAR-1987 11:43:59.05\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10500"
},
{
"title": "U.S. TELLS INDIA IT CAN BUY SUPERCOMPUTER",
"body": "The United States told India it\ncould purchase a supercomputer because U.S. concerns over a\npossible security breach had been removed.\n U.S. officials said the United States did not specify which\nsupercomputer it was willing to sell but had offered India a\nchoice.\n They declined to comment on a newspaper report that the\nUnited States wanted to sell India a computer less powerful\nthan the Indians had sought.\n They said the United States was awaiting a response from\nNew Delhi.\n The New York Times, quoting unnamed government and industry\nofficials, said the United States wanted to sell a weaker-model\nsupercomputer to India.\n U.S. and Indian negotiatiors reached a tentative agreement\nin December on security precautions for the sale of the\ncomputer, which has a wide variety of military applications.\n \"We have told the Indians that we ratify the tentative\nagreement reached in December,\" a U.S. official said.\n India proposed to use the supercomputer to analyze weather\npatterns to forecast monsoons.\n The sale of a U.S. supercomputer to a non-Western nation is\nrare. This transaction was seen as a test of a\ntechnology-sharing agreement signed by Prime Minister Rajiv\nGandhi and President Reagan in 1985.\n The American concern was that the advanced technology might\nfall into the hands of the Soviet Union, which is India's main\nweapons supplier.\n One condition calls for U.S. personnel to service the\ncomputer in India for three years, a Pentagon spokesman said.\n The spokesman predicted the negotiations, which also\ninvolved the State Department, could be quickly resolved.\n The only countries which make the supercomputer are the\nUnited States and Japan.\n In New Delhi, Indian officials told Reuters that a U.S.\noffer had been made.\n \"An announcement will be made in 10 days to two weeks time,\"\nan official said.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:44:23.47\u0005\u0005\u0005F",
"places": [
"usa",
"india"
],
"id": "10501"
},
{
"title": "DEERE <DE> ENDS TALKS WITH GM <GM> ON VENTURE",
"body": "Deere and Co said it agreed with\nGeneral Motors Corp to discontinue negotiations on the\nformation of a joint venture company to design, manufacture and\nmarket diesel engines.\n However, the company said it will continue a marketing\narrangement with GM established in 1985 under which John Deere\ndiesel engines are distributed worldwide through GM's Detroit\nDiesel Allison Division.\n Deere said it and GM began studying the feasibility of\nforming a diesel engine joint venture in March, 1985. They\nsigned a memorandum of understanding to combine the diesel\nengine operations of Deere and Detroit Diesel Allison in July\n1986 subject to final negotiations and government clearances.\n It said the companies' exploration of the potential joint\nventure made it clear there were more effective means to serve\nthe interests of their engine customers than by combining\nmanufacturing assets.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:44:36.51\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10502"
},
{
"title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES",
"body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange one billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-1/8 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:46:05.99\u0005\u0005\u0005V RM",
"topics": [
"interest",
"money-fx"
],
"places": [
"usa"
],
"id": "10503"
},
{
"title": "KRUPP MANAGER ARRESTED FOR FRAUD IN W. GERMANY",
"body": "A manager with steel\nproducer Krupp Stahl AG <KRPG.F> was arrested yesterday for\nfraud and falsifying documents, the state prosecutor's office\nsaid today.\n Two executives of steel trading companies in North Rhine\nWestphalia and Hanover were also arrested for aiding the Krupp\nmanager, a spokesman for the office said. The office identified\nthe manager only as Alex I.\n He said the manager is charged with faking signatures on\nforms ordering large shipments of heavy steel plate from one of\nthe trading companies for which Krupp AG paid.\n The spokesman said the manager ordered the shipments, which\non paper were for Krupp Stahl AG in Bochum but were delivered\nto the trade house near Hanover.\n The three men are also accused of pocketing profits from\nthe sale of the steel plates, but both Krupp and the\nprosecutor's office declined comment on how much money was\ninvolved.\n The Hanover daily Hannoversche Allgemeine said in an\narticle today the shipments' order value totalled 100 million\nmarks, while another local daily, the Neue Presse, put the\nvalue at 50 million marks.\n REUTER\n\u0003",
"date": "27-MAR-1987 11:48:00.06\u0005\u0005\u0005F",
"places": [
"west-germany"
],
"id": "10504"
},
{
"title": "ICCO COUNCIL AGREES COCOA BUFFER STOCK RULES",
"body": "The International Cocoa Organization\n(ICCO) Council reached agreement on rules to govern its buffer\nstock, the device it uses to keep cocoa off the market to\nstabilise prices, ICCO delegates said.\n The date on which the new rules will take effect has not\nbeen decided but delegates said they expected them to come into\nforce early next week, after which the buffer stock manager can\nbegin buying or selling cocoa.\n Since prices are below the \"may-buy\" level of 1,655 Special\nDrawing Rights a tonne set in the cocoa pact, the manager is\nlikely to buy cocoa sooon to support the market, they said.\n Delegates and traders said they expected the manager,\nJuergen Plambeck, to intervene in the market within three weeks\nof the pact coming into force.\n The rules permit him to buy and sell cocoa from origins or\nthe second hand market on an offer system, not by means of a\nposted price as in the previous cocoa accord.\n The cocoa will be priced according to a fixed set of\ndifferentials, ranging from 137 stg for most expensive Ghana\ncocoa to zero for Malaysian cocoa.\n Purchases from non-members, such as Malaysia, will be\nlimited to 15 pct of the total stock and those on any one day\nshould be limited to 40 pct each in nearby, intermediate and\nforward positions.\n The council meeting, which is expected to conclude two\nweeks of sessions involving various working groups and the\ncouncil itself, was continuing, the delegates said.\n The current cocoa agreement came into force on January 20\nduring a previous meeting of the council which was unable to\nagree on the rules to implement buffer stock operations.\n REUTER\n\u0003",
"date": "27-MAR-1987 11:48:27.70\u0005\u0005\u0005F A",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk"
],
"id": "10505"
},
{
"title": "COCOA BUFFER STOCK RULES EFFECTIVE IMMEDIATELY",
"body": "The cocoa buffer stock rules just\ndecided by the International Cocoa Organization, ICCO, council\nwill take effect immediately, delegates said.\n That means the buffer stock manager is likely to begin\nbuying cocoa within two or three weeks, after organizing\ncommunication systems and assessing the market, they said.\n Reuter\n\u0003",
"date": " 27-MAR-1987 11:51:33.23\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk"
],
"id": "10506"
},
{
"title": "WERNER ENTERPRISES <WERN> OFFERS TWO MLN SHARES",
"body": "Werner Enterprises Inc said it\nfiled a registration statement with the Securities and Exchange\nCommission covering a public offering of two million shares of\ncommon stock.\n The underwriters will be led by Alex, Brown and Sons Inc,\nalong with the Robinson-Humphrey Co Inc, the company said.\n The company said it will sell 800,000 shares, while\n1,200,000 shares will be sold by five selling stockholders.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:52:41.16\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10507"
},
{
"title": "SOUTHAM TO SELL 49 PCT INTEREST IN BRANDON SUN",
"body": "<Southam Inc> said it agreed to sell\nits 49 pct interest in Sun Publishing Co Ltd, which publishes\nThe Brandon Sun, to majority shareholder publisher Lewis D.\nWhitehead.\n Terms were not disclosed.\n Southam said the proposed sale resulted from an offer made\nby Whitehead, whose family has had majority control of the\nnewspaper since 1905.\n The Brandon Sun has daily circulation of 19,100.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:52:59.48\u0005\u0005\u0005E F",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "10508"
},
{
"title": "GLAMIS GOLD <GLGVF> SETS COMMON STOCK SPLIT",
"body": "Glamis Gold Ltd\nsaid it will ask shareholders at an April 1 extraordinary\ngeneral meeting to approve a one-and-one-half for one common\nshare split.\n Record date for the split will be set in the near future,\nthe company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:53:40.96\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10509"
},
{
"title": "KNIGHT-RIDDER <KRI> FEBRUARY SALES UP 12 PCT",
"body": "Knight-Ridder Inc said total revenues for\nFebruary rose 12 pct, to 108.8 mln dlrs, from 97.1 mln dlrs for\nthe same month last year.\n Year to date, Knight-Ridder said total revenues increased\n10.6 pct, to 213.9 mln dlrs, from 193.5 mln last year.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:53:58.27\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10510"
},
{
"title": "CARRINGTON OFFERS NATO MEDIATION IN AEGEAN",
"body": "Greece and Turkey's NATO\nallies called on both countries to avoid any action that could\naggravate an explosive situation in the Aegean and \"avoid\nrecourse to force at all costs.\"\n After an emergency meeting of NATO ambassadors , a\nstatement was issued saying: \"the present situation damages the\ninterests of Greece and Turkey, and of the Alliance as a whole.\"\n Secretary-General Lord Carrington also offered himself as\na mediator in the dispute on the Western Alliance's southern\nflank.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:57:02.40\u0005\u0005\u0005V",
"places": [
"belgium",
"greece",
"turkey"
],
"id": "10511"
},
{
"title": "MARINE MIDLAND <MM> MAY RECLASSIFY BRAZIL LOANS",
"body": "Marine Midland Banks Inc said in a\nfiling with the Securities and Exchange Commission that it may\nreclassify as \"nonperforming\" 359 mln dlrs of medium- and\nlong-term loans to Brazil.\n The company added that it expects first quarter 1987\nearnings to be \"down moderately\" from year-earlier levels.\n \"Continued suspension of interest payments on the medium-\nand long-term debt could result in such loans being classified\nas nonperforming and placed on nonaccrual,\" it said.\n However, it added its belief that it was \"premature to\ndecide at this time\" whether to reclassify the loans.\n Brazil announced Feb. 20 that it was temporarily suspending\ninterest payments on all its medium- and long-term foreign bank\ndebt.\n Marine Midland said its total Brazil outstandings as of the\nend of 1986 were 653 mln dlrs, including 359 mln dlrs of\nmedium- and long-term loans and 294 mln dlrs of short-term\noutstandings.\n As of Dec. 31, it had interest receivable of about five mln\ndlrs on its medium- and long-term Brazil outstandings.\n If debt restructuring talks between Brazil and its creditor\nbanks are not completed by the end of the third quarter, the\ncompany estimated Brazil's action would reduce its net income\nfor the year by about 22 mln dlrs.\n In the first quarter of 1986, Marine Midland reported \nrecord earnings of 38.2 mln dlrs, bolstered by certain\nnon-recurring securities gains.\n It said it expected lower first quarter 1987 earnings\nbecause the money market cost of funds had increased, \"narrowing\nnet interest spreads somewhat.\" It said the earnings projection\nwas based on \"preliminary\" 1987 data.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:58:10.66\u0005\u0005\u0005F A RM",
"places": [
"usa",
"brazil"
],
"id": "10512"
},
{
"title": "ALLSTAR INNS BEGINS PUBLIC OFFERING",
"body": "Allstar Inns LP said it\nbegan a public offering of 5,832,037 depositary units priced at\n12.50 dlrs a unit through lead underwriter Drexel Burnham\nLambert Inc and co-managing underwriters Dean Witter Reynolds\nInc and Bateman Eichler Hill Richards.\n The units represent limited partners' interest in the\ncompany.\n Proceeds will be used to repay debt.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:58:42.65\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10513"
},
{
"title": "OAKITE <OKT> TO SELL BEAUTY PRODUCTS LINE",
"body": "Oakite Products Inc said\nit intends to sell its personal care and beauty product\nbusiness, Paula Payne Inc.\n Oakite said it plans to retain Paula Payne's warehousing\nand production facilities in Charlotte, N.C., for use by its\nMlaire Manufacturing subsidiary. Paula Payne was acquired from\nRiegel Textile in 1985 to expand Oakite's aerosol manufacturing\nand warehousing capabilities into the Southeast.\n Reuter\n\u0003",
"date": "27-MAR-1987 11:59:37.40\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10514"
},
{
"title": "NUCLEAR METALS <NUCM> HAS DELAY IN ORDERS",
"body": "Nuclear Metals Inc said a delay\nin receiving certain new orders will result in negligible\nearnings per share for its fiscal second quarter.\n However, the company said it has been assured that the\norders will be placed beginning in its fiscal third quarter and\nthat it expects a strong rebound in earnings for the third and\nfourth quarters.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:00:09.18\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10515"
},
{
"title": "ROY F. WESTON WINS GOVERNMENT CONTRACT",
"body": "Roy F. Weston Inc said it was\nawarded a three-year contract valued at three mln dlrs to\nprovide technical assistance to the U.S. Environmental\nProtection Agency.\n The company said it is a subcontractor to Sanford Cohen and\nAssociates of McLean, Va.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:00:25.22\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10516"
},
{
"title": "CONSUMERS POWER <CMS> TO RESTART NUCLEAR PLANT",
"body": "Consumers Power Co said it\nintends to restart the the Palisades Nuclear Plant within the\nnext several days.\n Consumers Power said it shut the plant down last May 19\nbecause of problems with a regulating steam valve.\n The utility said the problem has been corrected and Region\nIII of the Nuclear Regulatory Commission gave it the go-ahead\nto restart the plant.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:01:51.09\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10517"
},
{
"title": "FIRST SARASOTA HOLDERS APPROVE ACQUISITIONS",
"body": "First Sarasota Bancorp said\nits shareholders approved the acquisition of its City\nCommercial Bank subsidiary by First Union Corp's <FUNC> First\nUnion National Bank of Florida.\n The purchase price of the outstanding shares is about 8.6\nmln dlrs.\n The transaction, subject to regulatory approval, is\nexpected to be completed during the second quarter of 1987.\n After completing the City Commercial acquisition and four\nother acquisitions having combined assets of 248 mln dlrs,\nFirst Union will have assets of 28.6 billion dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:02:41.20\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10518"
},
{
"title": "JAMAICA BUYS U.S. PL-480 CORN, WHEAT AND RICE",
"body": "Jamaica bought U.S. corn, wheat and\nrice at its tender earlier this week using PL-480 funds, a U.S.\nDepartment of Agriculture official said.\n The purchase consisted of the following cargoes -\n - Cargill sold 1,503.5 tonnes of number two soft red winter\n(SRW) wheat for May 5/30 shipment at 117.44 dlrs per tonne FOB\nGulf ports.\n - Continental Grain 8,250 tonnes of number two northern\nspring/dark northern spring (NS/DNS) wheat (14.5 pct protein)\nfor April 15/May 10 at 123.97 dlrs FOB Gulf, excluding\nBrownsville.\n - Nichemen 10,000 tonnes number two SRW wheat for June 12/July\n7 at 103.43 dlrs FOB Gulf.\n - Nichemen 10,000 tonnes number two NS/DNS wheat (14.0 pct\nprotein) for May 25/June 20 at 121.89 dlrs FOB Gulf.\n - Cargill 10,000 tonnes number two SRW wheat for April 10/May\n5 at 120.88 dlrs FOB Gulf.\n - Cargill 8,469.5 tonnes number two SRW wheat for May 5/30 at\n117.44 dlrs FOB Gulf.\n - Louis Dreyfus 4,500 tonnes number three yellow corn (15.0\npct maximum moisture) for April 10/May 5 at 76.09 dlrs FOB\nGulf.\n - Louis Dreyfus 5,300 tonnes same corn April 20/May 15 at\n75.89 dlrs FOB Gulf.\n - Louis Dreyfus 5,300 tonnes same corn May 10/June 5 at 75.49\ndlrs FOB Gulf.\n - Louis Dreyfus 5,300 tonnes same corn June 1/25 at 75.49 dlrs\nFOB Gulf.\n - Loius Dreyfus 3,700 tonnes number two yellow corn (14.5 pct\nmaximum moisture) for Apirl 10/May 5 at 76.29 dlrs FOB Gulf.\n - Louis Dreyfus 3,700 tonnes same corn for May 10/June 5 at\n75.68 dlrs FOB Gulf.\n Exporters have not received final PL-480 approval on their\nsale of a total of 9,500 tonnes of U.S. number five or better\nlong grain brown rice (10 pct maximum broken) for April 10/May\n25 shipments.\n But the USDA official said he saw no hold-up in obtaining\nthat approval.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:02:52.48\u0005\u0005\u0005C G",
"topics": [
"grain",
"corn",
"wheat",
"rice"
],
"places": [
"usa",
"jamaica"
],
"id": "10519"
},
{
"title": "HUNGARIAN ECONOMY CONTINUES UNFAVOURABLE TREND",
"body": "Hungary's economy and hard currency\ntrade have failed so far this year to reverse a two-year\nunfavourable trend, the official Hungarian news agency MTI\nsaid.\n Industrial production in January and February was only 1.3\npct up on the same 1986 period, MTI said, while hard currency\nexports fell six pct as imports rose 10 pct.\n Hungary's hard currency trade fell into a deficit of 539.4\nmln dlrs last year from a surplus of 295.3 mln in 1985 and 1.2\nbillion in 1984.\n MTI quoted a government spokesman saying last December's\nwage freeze decree would expire on April 1 as envisaged.\n Gross domestic product grew a sluggish one pct in 1986\nafter stagnating in 1985 and growing 2.6 pct in 1984.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:05:50.31\u0005\u0005\u0005RM",
"topics": [
"ipi",
"trade"
],
"places": [
"hungary"
],
"id": "10520"
},
{
"title": "NOBLE AFFILIATES <NBL> FINDS NATURAL GAS",
"body": "Noble Affiliates Inc said it\nfound natural gas on Ship Shoal 80, located about 10 miles\noffshore Louisiana in the Gulf of Mexico.\n The discovery well, Samedan Oil Corp's OCS-G 5537 Well\nNumber One, was drilled in 25 feet of water to a total depth of\n7,500 feet and found 38 feet of net gas pay in a 48-foot gross\nsand interval, the company said.\n The well tested gas at a rate of 6.2 mln cubic feet a day\nthrough a 26/64-inch choke with 1,548 pounds flowing tubing\npressure. Gas sales should begin in the first quarter of 1988,\nit said.\n Samedan, a Noble unit, is operator and owns a 60 pct\nworking interest in the well. Other owners are a New England\nElectric System <NES> unit, with a 25 pct stake, and\nSouthwestern Energy Production Co, with 15 pct.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:09:29.70\u0005\u0005\u0005F Y",
"topics": [
"nat-gas"
],
"places": [
"usa"
],
"id": "10521"
},
{
"title": "CYPRUS ACCUSES TURKEY OF AIRSPACE VIOLATIONS",
"body": "Cyprus has protested to the United\nNations over alleged airspace violations by the Turkish air\nforce, an official statement said.\n \"On behalf of my government I wish to protest strongly the\nabove aggression and provocative actions of Turkey ...\" Cyprus'\npermanent representative at U.N. Headquarters said in a letter\nto U.N. Secretary-General Javier Perez de Cuellar.\n The protest came as NATO ambassadors met in emergency\nsession in Brussels to discuss rising tensions between Greece\nand Turkey over a disputed area of the Aegean sea.\n The protest said Turkish jets flew over Cyprus yesterday\nduring an exercise of Turkish forces occupying north Cyprus.\n There was no immediate indication whether the alleged\noverflight was connected with the Aegean crisis.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:10:00.80\u0005\u0005\u0005RM",
"places": [
"cyprus",
"turkey"
],
"id": "10522"
},
{
"title": "NORTH HILLS <NOHL> GETS CONSTRUCTION FUNDING",
"body": "North Hills Electronics Inc\nsaid its North Hills Israel Ltd unit received a commitment for\n1,500,000 dlrs in financing from the <Overseas Private\nPlacement Corp>.\n The company said the money will be used to construct and\nequip a 14,000-square-foot manufacturing plant in Israel.\n North Hills said construction of the plant, which will make\nelectronic power supplies and interconnect devices for computer\nlocal area networks, will be completed by the second quarter of\nits current fiscal year.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:10:26.86\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10523"
},
{
"title": "SOURCE VENTURE CAPITAL INC YEAR",
"body": "Shr profit nil vs loss nil\n Net profit 68,895 vs loss 160,893\n Revs 3.3 mln vs 104,801\n Reuter\n\u0003",
"date": "27-MAR-1987 12:11:03.44\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10524"
},
{
"title": "NIGERIA, FRANCE TO RESCHEDULE OFFICIAL DEBT",
"body": "Nigeria and France have signed a\nbilateral agreement to reschedule Nigeria's\nofficial debt to France, government sources said.\n The accord was signed here yesterday by Nigerian Finance\nMinister Chu Okongwu and senior French Treasury officials after\ntalks with CoFACE, the French export credit agency, they said.\n The agreement came after a similar agreement with Britain\nthis week and follows an accord between Nigeria and the Paris\nClub of western creditor governments in December to reschedule\nsome 7.5 billion dlrs of official debt.\n The Paris Club multilateral agreement concerned medium and\nlong-term debt due between September 1986 and end-1987 over 10\nyears with five years grace.\n As with all Paris Club rescheduling accords, specific\ninterest rates and other details have to be negotiated on a\nbilateral basis with the creditor countries involved. No\ndetails of the discussions here were immediately available.\n The agreement signed on Tuesday with Britain's Export\nCredits Guarantee Department was the first in Nigeria's tour of\ncreditor nations. Okongwu left Paris today for London and is\ndue back in Nigeria on Monday, diplomatic sources said.\n Nigeria is hoping that further bilateral accords can be\nconcluded soon as this could encourage official export credit\nagencies to renew insurance cover for exports to Nigeria.\n CoFACE suspended its cover for medium and long-term export\ncontracts with Nigeria in 1983, but maintained its cover for\ncurrent trade deals involving consumer goods with six-month\ncredit periods, CoFACE sources said.\n \"We have an open position regarding Nigeria,\" the sources\nsaid, adding that it was for French Finance Minister Edouard\nBalladur to decide whether to renew full insurance cover.\n Nigeria is due to receive 900 mln dlrs in fresh export\ncredits this year from official agencies under a structural\nadjustment program drawn up by Nigeria and the World Bank to\nreschedule part of the country's 19 billion dlr foreign debt.\n But these credits cannot be approved until the export\ncredit agencies agree to resume insuring the credits.\n French exports to Nigeria were 3.42 billion francs in 1986,\ndown from 4.94 billion in 1985, while Nigeria's exports to\nFrance were 5.63 billion francs in 1986, down from 15.33\nbillion in 1985. Details of Nigeria's official debts to France\nwere not immediately available.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:11:18.16\u0005\u0005\u0005RM",
"places": [
"nigeria",
"france"
],
"id": "10525"
},
{
"title": "SYNERGY GROUP SELLS SUBORDINATED NOTES",
"body": "Synergy Group is offering 85 mln dlrs\nof senior subordinated notes due 1997 with an 11-5/8 coupon and\npar pricing, said sole manager L.F. Rothschild, Unterberg,\nTowbin Inc.\n Non-redeemable for five years, the notes are rated B-3 by\nMoody's Investors Service Inc and B-plus by Standard and Poor's\nCorp. The issue was increased from an initial offering of 75\nmln dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:12:12.85\u0005\u0005\u0005A RM",
"places": [
"usa"
],
"id": "10526"
},
{
"title": "LSB <LSB> IN PACT TO ACQUIRE NORTHWEST FEDERAL",
"body": "LSB Industries Inc said it\nentered into an agreement to acquire Northwest Federal Savings\nand Loan Association of Woodward, Oklahoma.\n Upon completion of the acquisition, LSB would pay about 1.5\nmln dlrs to the shareholders of Northwest and transfer to\nNorthwest Federal certain assets having a net current appraised\nvalue of not less than 30 mln dlrs.\n At completion of this transaction, Northwest Federal would\nbe a subsidiary of LSB's non-consolidated wholly-owned\nfinancial subsidiary.\n The acquisition is subject to obtaining approvals, waivers\nand forbearances from the Federal Home Loan Bank Board and\nother government approvals.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:12:38.53\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10527"
},
{
"title": "<PRAXIS BIOLOGICS INC> MAKES INITIAL STOCK SALE",
"body": "Praxis Biologics Inc said it\nbegan its initial public common stock offering of 1,750,000\nshares at 15.50 dlrs a share.\n The company said proceeds of the offering will be used to\nfund product research and development, including clinical\ntesting.\n It said the money will also be used to cover acquisition,\nconstruction and equipment costs and for working capital.\n The offering is being managed by Shearson Lehman Bros Inc\nand Merrill Lynch Capital Markets, the company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:12:51.13\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10528"
},
{
"title": "<BRAMALEA LTD> YEAR NET",
"body": "Shr 73 cts vs 55 cts\n Net 26.0 mln vs 17.1 mln\n Revs 673.3 mln vs 394.5 mln\n Avg shrs 29.3 mln vs 22.4 mln\n Reuter\n\u0003",
"date": "27-MAR-1987 12:13:37.69\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10529"
},
{
"title": "REAGAN READY TO IMPOSE TRADE CURBS AGAINST JAPAN",
"body": "President Reagan was ready to impose\nretaliatory trade action against Japan for breaking its\nsemiconductor agreement with the United States, White House\nofficials said.\n There was no immediate indication when Reagan might act on\nthe recommendations of his Economic Policy Council to curb\nJapanese exports to the United States, but officials said the\nmove could come today or early next week.\n Trade sources said the actions being weighed by Reagan\ninclude tariffs on a wide variety of Japanese exports which use\nsemiconductors.\n The sources said the tariffs could be slapped on personal\ncomputers, television receivers and laser-printers, with the\naim of penalizing Japan's major electronic firms, including NEC\nCorp, Hitachi Ltd, Toshiba Corp and Fujitsu Ltd.\n They said Reaan could also delay invoking sanctions for a\nweek or two, giving Japan a final opportunity to end the\ndumping practice, but added that negotiators had already held\nextensive talks with the Japanese to no avail.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:16:08.40\u0005\u0005\u0005V RM",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "10530"
},
{
"title": "SOUTH AFRICA GDP UP 4.7 PCT IN 1986 LAST QUARTER",
"body": "The South African Reserve Bank,\nconfirming previous estimates, said real gross domestic product\nin the 1986 fourth quarter grew at a seasonally adjusted annual\nrate of 4.7 pct versus 4.6 pct in the third quarter and 1.3 pct\nin the 1985 final quarter.\n The bank, in its latest quarterly review, said the nominal\ngrowth rate for the year did not quite reach one pct after a\n1.5 pct contraction in 1985.\n But it said when the strengthening of the terms of trade is\ntaken into account, the real GNP in 1986 advanced by 1.5 pct\ncompared with a decrease of 0.5 pct in 1985.\n GDP is the total value of goods and services produced by an\neconomy but omits income from abroad. GNP includes such\npayments or outflows.\n The bank also said there were indications the country's\neconomic recovery was becoming more broadly based.\n With the exception of commerce all major sectors of the\neconomy contributed to the fourth quarter rise in domestic\nproduction.\n The bank said major increases in foreign reserves were\nrecorded in January, February and the first half of March 1987.\nReserves rose by 1.70 billion rand during January and February.\n Total reserves in 1986 declined by 189 mln rand to 5.70\nbillion rand and were equivalent to about 14.5 pct of the total\nannual value of import payments.\n The current account surplus amounted to 7.20 billion rand\nin 1986 versus 5.90 mln the previous year.\n The bank said continuing strength of the current account\nhas allowed foreign reserves to be \"rebuilt to more comfortable\nlevels.\"\n \"This has strengthened the authorities' hands in lending\nsupport to the exchange rate of the rand if such action were to\nbe called for,\" the bank said.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:16:28.35\u0005\u0005\u0005RM",
"topics": [
"gnp",
"reserves"
],
"places": [
"south-africa"
],
"id": "10531"
},
{
"title": "SOUTHWESTERN PUBLIC SERVICE CO<SPS> 2ND QTR NET",
"body": "Shr 42 cts vs 42 cts\n Net 19.1 mln vs 19.5 mln\n Revs 184.9 mln vs 185.1 mln\n 12 mths\n Shr 2.17 dlrs vs 2.53 dlrs\n Net 97.0 mln vs 111.8 mln\n Revs 793.3 mln vs 828.8 mln\n Avg shrs 40.9 mln vs 40.5 mln\n NOTE: Year-ago restated.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:17:37.09\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10532"
},
{
"title": "GENCORP <GY> CHANGES SITE OF ANNUAL MEETING",
"body": "GenCorp Inc said it changed the\nlocation for its March 31 annual meeting to the Quaker Sqaure\nHilton, Akron.\n The company said it changed the location of the meeting\nbecause of an expected increase in attendance.\n A partnership of AFG Industries Inc <AFG> and <Wagner and\nBrown> have made a 100 dlr a share tender offer for GenCorp.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:18:13.90\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10533"
},
{
"title": "<L.B. NELSON CORP> 4TH QTR NET",
"body": "Shr loss two cts vs loss 1.38 dlrs\n Net profit 34,000 vs loss 3,296,000\n Revs 3,121,000 vs 1,546,000\n Year\n Shr profit 28 cts vs loss 1.61 dlrs\n Net profit 1,088,000 vs loss 3,546,000\n Revs 5,266,000 vs 4,169,000\n Note: Current qtr per share figure adjusted to reflect\nprovision for preferred stock dividends.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:18:44.46\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10534"
},
{
"title": "SVENSKA FINANS GETS 100 MLN DLR EURO-CP PROGRAM",
"body": "A 100 mln dlr euro-commercial paper\nprogram has been arranged for Svenska Finans International BV,\nManufacturers Hanover Ltd said as one of two arranger/dealers.\n The other arranger/dealer is Svenska Handelsbanken Plc.\n The borrower is the wholly owned international holding\ncompany subsidiary of Svenska Finans AB, a subsidiary of\nSvenska Handelsbanken, Sweden.\n In connection with the program, the parent has issued a\nletter of intent, which is not a guarantee but states the\nparent's intention to make sure a subsidiary meets its\nfinancial obligations.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:20:28.58\u0005\u0005\u0005RM",
"places": [
"uk",
"sweden"
],
"id": "10535"
},
{
"title": "SOUTHWESTERN BELL VOTES THREE-FOR-ONE STOCK SPLIT, 8.8 PCT DIVIDEND INCREASE\n",
"date": "27-MAR-1987 12:21:34.89\u0005\u0005\u0005F",
"topics": [
"earn"
],
"id": "10536"
},
{
"title": "ANALYSTS PEG U.S. COTTON SEEDINGS 10.6 MLN ACRES",
"body": "U.S. cotton farmers are likely to\nplant about 10.6 mln acres in the coming season, based on an\naverage of estimates offered by cotton market analysts gearing\nup for the U.S. Agriculture Department's 1987 planting\nintentions report next Tuesday.\n The annual report gives cotton traders their first glimpse\nof what U.S. production might be in the 1987/88 season, which\nbegins August 1.\n Trade and commission house forecasts ranged from 10.2 to\n10.9 mln acres.\n On March 18 of last year, the USDA reported that cotton\nfarmers in 1986 intended to plant 9.71 mln acres.\n Four months later, the USDA estimated that 9.67 mln acres\nhad been planted as of June 1. By January, its estimate of 1986\nplanted acreage nationwide was 10.06 mln.\n Analysts said their forecasts for even greater acreage in\n1987 were spurred in part by belief that this year's good\ndemand and firm prices will be repeated next year. Analysts\nsaid those factors make cotton a profitable crop.\n \"With cotton more attractive price-wise, I think there is\ngoing to be a switch in acreage from soybeans to cotton.\nSoybeans are dirt cheap,\" said Lisbeth Keefe of Cargill\nInvestor Services, whose comments were echoed by other cotton\nmarket specialists.\n Changes in the U.S. cotton program also could lead to\nincreased acreage, analysts said.\n They recalled that under the 1986 program, cotton farmers\nwho used part of their crop as collateral for government loans\nwere not responsible for the cost of storing that cotton in\ngovernment warehouses. But under the 1987 plan, the government\nwill not pick up the tab for storage.\n Analysts said the change will discourage some farmers from\nparticipating in the program, which could result in more\ncotton. \"The cotton program stipulates a mandatory set-aside of\n25 pct of a farmer's base acreage,\" noted Judy Weissman of\nShearson Lehman Brothers. But farmers who elect not to\nparticipate in the program are free to plant all the acreage \nthey have.\n Some analysts said cotton farmers in the high-yielding\nWestern states would be most likely to steer clear of the\nprogram. \"Western acreage should be up at least 20 pct,\" said\none commission house analyst, whose estimate was based in part\non forecasts made by the National Cotton Council during its\nannual meeting in late January.\n But others disagreed. \"I think some Western growers have\ndecided they should be in the program for security reasons.\nThere's a lot of comfort in knowing you'll be guaranteed the\ngovernment's loan price of 52.25 cents a lb. Anyone outside the\nprogram is subject to the wiles of the market,\" said Walter\nBrown, market analyst for a major California cotton producer.\n Some cotton specialists said their expectations for\nincreased acreage might not be verified in Tuesday's planting\nintentions report. \"Anything the USDA is announcing now is\nbased on information they gathered before their cotton program\nwas announced (on March 20),\" one analyst cautioned. She said\ntraders will get a better idea of next year's cotton output\nwhen the USDA's planted acreage report is released on July 9.\n Brown took that opinion a step further. \"I don't think\nplanted acreage is important. What counts is the abandonment\nrate,\" the difference between acreage planted and acreage\nharvested.\n Brown said the abandonment rate this year was \"pretty high\"\nat 15.5 pct because of weather problems in key producing\nstates. \"More normal would be about six pct,\" he said.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:25:34.63\u0005\u0005\u0005C G",
"topics": [
"cotton"
],
"places": [
"usa"
],
"id": "10537"
},
{
"title": "IMATRON INC <IMAT> 4TH QTR LOSS",
"body": "Shr loss 16 cts vs loss seven cts\n Net loss 3,450,000 vs loss 1,508,000\n Sales 56,000 vs 1,187,000\n Avg shrs 22,568,000 vs 20,591,000\n Year\n Shr loss 38 cts vs loss 29 cts\n Net loss 7,977,000 vs loss 6,005,000\n Sales 3,699,000 vs 2,391,000\n Avg shrs 21,111,000 vs 20,578,000\n Reuter\n\u0003",
"date": "27-MAR-1987 12:25:58.66\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10538"
},
{
"title": "NATO CALLS ON GREECE AND TURKEY TO AVOID FORCE",
"body": "Greece and Turkey's NATO allies today\ncalled on both countries to avoid any action that could\naggravate an explosive situation in the Aegean and \"avoid\nrecourse to force at all costs.\"\n After an emergency meeting of NATO ambassadors, a statement\nwas issued saying \"the present situation damages the interests\nof Greece and Turkey, and of the Alliance as a whole.\"\n Secretary-General Lord Carrington also offered himself as a\nmediator in the dispute on the Western Alliance's southern\nflank.\n The meeting was called after reports that warships of both\ncountries were sailing towards a disputed oil exploration zone\nof the Aegean.\n The statement said the tensions in the area had reached a\nserious level and called on both countries to begin immediate\ndiscussions. \"Any intensification would make things worse,\" it\nadded.\n No attempt was made at the meeting to resolve the complex\ndispute which was aimed at damage-limitation. Carrington said,\n\"I am of course anxious to help in any way I can, provided that\nboth Greece and Turkey, and the other allies, wish me to do so.\"\n REUTER\n\u0003",
"date": "27-MAR-1987 12:27:03.56\u0005\u0005\u0005RM",
"topics": [
"crude",
"ship"
],
"places": [
"belgium",
"greece",
"turkey"
],
"id": "10539"
},
{
"title": "HONEYWELL <HON> UNIT GETS COMPUTER CONTRACTS",
"body": "Honeywell Bull Inc, the newly formed\ncompany jointly owned by Honeywell Inc, <NEC Corp> of Japan and\n<Compagnie des Machines Bull> of France, received four\ncontracts for mainframe computers and related equipment.\n Honeywell Bull said it received separate contracts from\nColeco Industries <CLO>; <North West Securities>, a\nBritish-based financial institution; the DeKalb Country School\nSystem of Georgia, and Banca Popolare De Vicenza, an Italian\nregional bank.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:28:53.83\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10540"
},
{
"title": "PLAZA GROUP COMPLETES MERGER TRANSACTION",
"body": "<Plaza Group> said it completed a\ntransaction in which it merged its wholly owned subsidiary,\nFlyfaire International Inc, into Shefra Inc, a public company,\nin return for a controlling interest in Shefra.\n With completion of the merger, Shefra changed its name to\nFlyfaire International Inc.\n Flyfaire, with annual sales of 100 mln dlrs, is engaged in\nthe wholesale vacation travel business.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:28:59.65\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10541"
},
{
"title": "CONAGRA INC <CAG> REGULAR DIVIDEND SET",
"body": "Qtly div 14-1/2 cts vs 14-1/2 cts prior\n Pay June One\n Record April 24\n Reuter\n\u0003",
"date": "27-MAR-1987 12:29:02.73\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10542"
},
{
"title": "HARNISCHFEGER <HPH> OFFERING 3.5 MLN SHARES",
"body": "Harnischfeger Industries Inc\nsaid it is offering 3.5 mln shares of common stock at 17 dlrs\nper share, starting today.\n The crane and material handling equipment maker said 2.5\nmln shares are being offered in the U.S. through an\nunderwriting group led by Shearson Lehman Brothers Inc and\nMerrill Lynch Capital Markets <MER>.\n The rest, it said, is being offered through an\ninternational underwriting group led by Shearson Lehman\nBrothers International Inc and Merrill Lynch International and\nCo.\n Harnischfeger said it will use the offering's approximately\n56.7 mln dlrs in proceeds to reduce the debt it incurred by\nacquiring Syscon Corp.\n The company added it granted the underwriters the option to\nacquire an additional 525,000 shares the cover overallotments.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:30:18.68\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10543"
},
{
"title": "LLC <LLC>, AMALGAMATED REPORT SIX MONTHS NET",
"body": "Valhi Inc reported earnings of LLC Corp\nand the Amalgamated Sugar Co for the six month period ended\nDecember 31.\n Effective March 10, Amalgamated merged into LLC, which\nchanged its name to Valhi. The following results reflect the\noperations of the companies prior to the merger.\n LLC Corp reported net income of 18.4 mln dlrs or 60 cts a\nshare on revenues of 55.6 mln dlrs compared to 23.2 mln dlrs or\n75 cts a share on revenues of 79.3 mln dlrs a year ago.\n This year's net includes an extraordinary loss of 201,000\ndlrs and a gain of 4.7 mln dlrs. 1985's net included an\nextraordinary gain of 6.3 mln dlrs, Valhi said.\n Amalgamated reported net income of 10.65 dlrs per share or\n69.7 mln dlrs on revenues of 371.3 mln dlrs compared to a net\nloss of 700,000 dlrs or 10 cts a share on revenues of 254.7 mln\ndlrs last year.\n Valhi said effective December 31, it changed its fiscal\nyear-end from June 30 to December 31.\n\n Reuter\n\u0003",
"date": "27-MAR-1987 12:31:02.18\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10544"
},
{
"title": "GROS DENIES COURT ACTION AGAINST BRAZIL",
"body": "Central Bank president Francisco Gros\ndenied rumours that foreign creditors had filed court actions\nagainst Brazil to seek payment of its 109-billion dlr debt.\n \"There is no court action against Brazil,\" Gros said in a\ntelevision interview.\n Brazil last month suspended interest payments on its 68\nbillion dlr debt to commercial banks and yesterday suggested an\nextension of short-term credit lines for 60 days until May 31.\n Media reports said some banks rated as small among Brazil's\n700 creditors had filed lawsuits against the decision to\nsuspend interest payments.\n Gros said negotiations with the commercial creditors would\nstart within two weeks, when he and Finance Minister Dilson\nFunaro attend council meetings of the International Monetary\nFund (IMF) in Washington.\n \"Brazil is facing the issue very carefully. We are seeking a\nnegotiation that will give the country space to grow, because\nonly with growth will we be able to meet our commitments,\" Gros\nsaid.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:33:36.16\u0005\u0005\u0005RM",
"topics": [
"interest"
],
"places": [
"brazil"
],
"id": "10545"
},
{
"title": "TALKING POINT/GOLD",
"body": "The price of gold bullion and share\nprices of North American gold stocks are benefiting from\ncontinued weakness in the U.S. dollar, analysts said.\n \"There's been a tug of war between the (currency)\nspeculators and the central banks over the U.S. dollar and it\nlooks like the game has gone to the speculators,\" said John Ing\nat Maison Placements Canada Inc.\n The dollar remained close to post-World War II lows today\nagainst the Japanese yen despite buying by several central\nbanks, including the Federal Reserve, dealers said.\n A drop in the dollar means uncertainty and gold is the\ntraditional hedge against uncertainty, Ing noted.\n Another analyst, Richard Cohen at Brown Baldwin Nisker Ltd,\nnoted that \"a lot of foreign investors are holding U.S. dollars.\nIf they see they are losing money, they move back into gold.\"\n A dollar decline also has inflationary implications, Ing\nsaid, adding that Maison Placements sees inflation rising to a\nfour pct annual rate from the current level of about three pct.\n Ing predicts gold will peak at 510 dlrs this year from its\ncurrent level of about 416 dlrs per ounce. Cohen sees an\naverage price of 425 dlrs, and another analyst, Michael\nPickens, at Yorkton Securities, puts the average at 450 dlrs,\nwith a possible spike above 500 dlrs.\n However, gold stocks in the U.S. and Canada have risen far\nfaster in recent months than the price of the metal itself,\ncausing concern among analysts that a correction lies somewhere\nin the future. But for now, all analysts say there is no sign\nthe buying pressure is slowing down. \"The stocks have run an\nincredible way,\" Cohen said.\n On U.S. markets today, ASA Ltd <ASA> rose 4-1/8 to 61-1/2,\nCampbell Red Lake Mines <CRK> was up 1-3/8 and Newmont Gold\n<NGC> increased 1-1/2 to 31-1/4.\n The Toronto Stock Exchange gold index today was up 268\npoints at 8067.90. Hemlo Gold gained 1-1/4 at 26-3/4, LAC\nMinerals was up 1-5/8 at 41, Placer Development rose 1-1/4 at\n43-3/8 and Lacana Mining gained 1 at 18.\n Ing pointed out that the TSE gold index has gained 51 pct\nsince December 31, 1986, while the price of bullion has\nincreased six pct. \"Canadian golds have been the top performing\nindex this year,\" he noted.\n In the U.S., there is \"too much money chasing too few\nstocks,\" Pickens said. And many investing institutions such as\npension funds and insurance companies still have excess cash,\nhe added.\n Cohen also noted that today's silver price break through\nsix dlrs an ounce indicates small investors are entering the\nprecious metals market and he expects the ratio between gold\nand silver prices to narrow.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:34:20.79\u0005\u0005\u0005E F",
"topics": [
"gold",
"money-fx"
],
"places": [
"canada",
"usa"
],
"id": "10546"
},
{
"title": "SOUTHWESTERN BELL<SBC> VOTES SPLIT, UPS PAYOUT",
"body": "Southwestern Bell Corp said its board\nvoted a three-for-one stock split and increased the dividend\n8.8 pct to 1.60 dlrs a share.\n On a post-split basis, the increased dividend will be 58\ncts a share, payable May One to holders of record April 10.\n Southwestern Bell said the stock split is\nits first. It said shares will be mailed May 22, record May\nFour.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:34:44.54\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10547"
},
{
"title": "HONEYWELL BULL SEES REVENUE GROWTH",
"body": "Honeywell Bull Inc, owned by Honeywell\nInc <HON>, <Cie des Machines Bull> and <NEC Corp>, said it\nexpects its 1987 revenues to increase 15 to 20 pct over its\ncurrent level of about 1.9 billion dlrs.\n Honeywell Bull president Jerome Meyer also told the press\nconference the company was profitable, adding the company aimed\nto improve profits over time.\n Honeywell Inc earlier today received 527 mln dlrs in cash\nfor the sale of 57.5 pct of its computer business to Bull and\nNEC. Honeywell will retain a 42.5 pct interest in Honeywell\nBull and Bull will own an equal amount.\n NEC owns 15 pct of the company.\n Meyer, who had been executive vice president of Honeywell\nInformation Systems, said Honeywell Bull would work closely\nwith NEC and Bull in both developing new products and marketing\ncomputers to multi-national companies.\n \"We haven't been growing as fast as we'd like, but we are\ngoing to turn that around,\" Meyer said. He said business was \nsoft in the U.S.\n He said the company was reorganizing its distribution\nprograms and its staff, reassigning and laying off selected\nemployees. He also said the company was hiring new workers.\n Honeywell Bull chairman Jacques Stern, who is also chairman\nof Bull, said he believed the computer industry could be a fast\ngrowing market for companies that provide the type of computers\ncustomers want. \"I don't believe in the slump of the market,\"\nhe said.\n The computer company would offer open systems so that\ncustomers would not be tied to a specific vendor or\narchitecture, and it will also focus on tying computers\ntogether through communications networks.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:35:33.79\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10548"
},
{
"title": "MCDONNELL DOUGLAS <MD> AWARDS CONTRACTS",
"body": "McDonnell Douglas Corp said\nit awarded two contract totaling 284 mln dlrs for landing gear\nfor its new MD-11 jetliner.\n The company said IC Industries Inc's <ICX> Pneumo Abex Corp\nunit was given a 214 mln dlr contract to make main landing\ngear, while <AP Precision Hydraulics> was awarded a 70 mln dlr\ncontract to build centerline and nose gear.\n The company said Pneumo's Cleveland Pneumatic unit will\nbuild 300 shipsets.\n AP Hydraulics' contract calls for 200 shipsets and options\nfor an additional 100, the company said.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:40:16.22\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10549"
},
{
"title": "MOODY'S DOWNGRADES GELCO <GEL> AND UNIT'S DEBT",
"body": "Moody's Investors Service Inc said\nthat it downgraded Gelco Corp's variable rate notes and\nconvertible debentures to Ba-3 from Ba-2.\n It also lowered the ratings of Gelco unit CTI International\nInc's senior debt to Ba-3 from Ba-2 and CTI's\nsubordinated debt to B-2 from B-1. About 486 mln dlrs if\naffected.\n Moody's said the changes reflect the reduced levels of debt\nprotection resulting from Gelco's restructuring efforts.\nMoody's said it is not adjusting Gelco's B-2 subordinated debt\nrating because it remains an appropriate assessment of risk.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:42:03.84\u0005\u0005\u0005A",
"places": [
"usa"
],
"id": "10550"
},
{
"title": "HANSON <HAN> TO SELL BOND'S DELIVERY SERVICE",
"body": "Hanson Industries, the U.S. arm of\nHanson Trust PLC, said contracts have been exchanged in London\nfor the sale of Bond's Delivery Service to Rockwood Holdings\nPLC for about 6.0 mln dlrs in cash.\n Completion is subject to Rockwood shareholder approval.\n In its most recent financial year, Bond's which was\npurchased\nby Hanson Trust Plc in its acquisition of Imperial Group PLC in\nApril 1986, made 960,000 dlrs pre-tax profit on sales of 13.6\nmln dlrs.\n Net tangible assets are 5.2 mln dlrs, Hanson said.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:45:02.58\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10551"
},
{
"title": "BULL TO ISSUE 800 MLN FRANCS STOCK OPTION BONDS",
"body": "French state computer group Cie des\nMachines Bull <BULP.PA> will issue 800 mln French francs worth\nof stock option bonds, the Finance Ministry said.\n Each bond of 1,000 francs nominal and six pct interest,\nwill carry three \"A\" warrants and three \"B\" warrants giving the\nright to subscribe to Bull shares.\n Bull is on the government's list of companies scheduled to\nbe privatised over the next five years but no date has been\nset.\n This operation will reinforce Bull's capital and reduce the\nstate's stake, prior to privatisation, the Ministry said in a\npress release.\n The three \"A\" warrants will give the right to subscribe to\nfive Bull shares at a price of 46 francs until November 30,\n1988 and the three \"B\" warrants the right to subscribe to five\nshares at a price of 52 francs until November 30, 1989.\n The eight-year bond, which will be issued at par, will have\na payment date of April 28 and will increase Bull's capital by\n1.2 billion francs in 1989.\n Bull shares were quoted at a close of 55.45 francs on the\nParis stock exchange today.\n The privatisation commission values Bull at a minimum of\nsix billion francs, the press release said.\n REUTER\n\u0003",
"date": "27-MAR-1987 12:47:25.64\u0005\u0005\u0005RM",
"places": [
"france"
],
"id": "10552"
},
{
"title": "U.S. PRICE DATA SUGGEST MODERATE INFLATION",
"body": "Latest consumer price data indicate\nU.S. inflation will be moderate in 1987 even though it will be\nabove last year's pace, economists said.\n \"Inflation is not such a constructive factor as this time\nlast year, but it's not building up a large head of steam,\"\nsaid Allan Leslie of Discount Corp.\n U.S. consumer prices, as measured by the consumer price\nindex for all urban consumers, rose a seasonally adjusted 0.4\npct in February after a 0.7 pct January gain. Energy prices,\nwhich fired January's data with a three pct rise, advanced a\nmore moderate 1.9 pct last month.\n The CPI came within the range of economists' expectations\nand had little direct impact on U.S. financial markets.\n Among the key components of the report, transportation\nprices rose 0.5 pct in February after a 1.5 pct January gain\nreflecting smaller price appreciation for motor fuels and\ndeclines in new car prices and finance charges.\n \"There are no pronounced pressures at the retail level,\"\nsaid William Sullivan of Dean Witter Reynolds Inc.\n Economists said the latest CPI supports existing\nexpectations for an inflation rate of 3.5 to four pct in 1987.\n The CPI rose 1.1 pct from December 1985 to December 1986.\nWithout last year's energy price drop, it rose 3.8 pct.\n Economists said that upward pressure on import prices as a\nresult of the dollar's drop as well as the volatile energy\ncomponent warrant attention in case gains in these areas become\nfactored into the wider economic picture.\n \"As long as those price rises do not become entrenched in\ncost of living adjustments contained in labor contracts, thus\nreducing international competitiveness, then the Federal\nReserve would probably be willing to tolerate four pct\ninflation,\" said Larry Leuzzi of S.G. Warburg and Co Inc.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:51:34.99\u0005\u0005\u0005V RM",
"topics": [
"cpi"
],
"places": [
"usa"
],
"id": "10553"
},
{
"title": "SECOND FDA PANEL REVIEWS GENENTECH'S <GENE> TPA",
"body": "The federal Food and Drug\nAdministration (FDA) is expected to announce soon that it will\nrequire an additional review of Genentech Inc's TPA heart drug,\na move that likely will delay the company's plans to\nmarket the drug this spring, government and Wall Street sources\nsaid.\n TPA, a bio-engineered blood-clot dissolving drug which\nGenentech hopes to market under the name Activase, will be\nreviewed by the FDA's cardiorenal advisory committee during the\npanel's May 28-29 meeting, the sources said.\n Neither Genentech nor the FDA would confirm that a second\nreview of the drug had been set.\n \"It's under consideration for the May 28-29 meeting,\" an FDA\nofficial said. \"It's on a draft agenda.\"\n Similarly, a Genentech spokeswoman said the FDA had not yet\nnotified it of the second advisory committee review.\n \"We know it's a possibility, but as of this minute, we can't\nconfirm that we are on the agenda,\" she said.\n The spokeswoman said a second review had \"always been a\npossibility.\" But she declined to say how the review would\naffect marketing plans before receiving official FDA word.\n The spokeswoman acknowledged that rumors of a second FDA\ncommittee review had buffeted Genentech's stock yesterday on\nWall Street. The stock fell 2.75 dlrs a share to clsoe at 61.75\ndlrs.\n TPA stands for tissue plasminogen activator, and would be\nused on heart attack victims to clear blockage in a vein or\nartery. Though other blood clot dissolvers are on the market,\nTPA is said to be more effective and with fewer side effects.\n Analysts have projected the worldwide market for the drug\nat as high as 1.5 billion dlrs a year.\n Stuart Weisbrod, a biotechnology analyst with Prudential\nBache Securities Inc., told Reuters the additional FDA review\nlikely would keep TPA off the market until at least November.\n Approval had been expected this spring.\n He said the FDA action prompted him to cut his estimate of\nGenentech's 1987 earnings to about 40 cents a share from his\nearlier projection of 67 cents a share.\n He said the delay would lower Genentech's 1987 revenues\nfrom TPA to about five to six mln dlrs compared to an earlier\nprojection of 50 to 60 mln dlrs of 1987 revenues.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:53:59.16\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10554"
},
{
"title": "WESTINGHOUSE INTERESTED IN MERGER OF RADIO UNIT",
"body": "Westinghouse Electric Corp <WX> said\nit is still open to a merger of its radio operations with\nGeneral Electrics Co's <GE> NBC radio operations.\n \"We have left the door open and GE is reassessing the\nmerger and so are we,\" Westinghouse chairman Douglas Danforth\ntold Reuters at the conclusion of a meeting before analysts.\n Danforth said he continues to see value in a merger between\nWestinghouse's radio operation and those of NBC. \n Discussions with NBC on the merger of the two companies'\nradio units were suspended in December.\n Danforth reaffirmed that Westinghouse is interested in\nacquisitions, saying the company is leaning toward acquisitions\nin the 300 mln to 500 mln dlr range. He said, however, that\nlarger acquisitions are possible if they are the right fit.\n Danforth, who earlier today said he expects earnings growth\nin the double-digit range through 1989, said he is comfortable\nwith analysts' predictions of 4.80 dlrs to 5.30 dlrs a share\nthis year. In 1986 the company earned 4.42 dlrs a share.\n He said the company has targeted waste energy systems and\nhazardous waste removal, as some of the emerging growth areas\nfor the company.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:55:26.78\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10555"
},
{
"title": "COMPUTER NETWORK TECHNOLOGY <CMNT> 4TH QTR LOSS",
"body": "Shr loss eight cts vs loss eight cts\n Net loss 655,457 vs loss 566,429\n Rev 258,712 vs nil\n Year\n Shr loss 31 cts vs loss 26 cts\n Net loss 2,725,882 vs loss 1,759,675\n Rev 349,070 vs nil\n NOTE: Company's full name is Computer Network Technology\nCorp. 1985 revenues n.a. because 1986 was initial year of\nproduct revenue.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:56:01.84\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10556"
},
{
"title": "COMPUTER NETWORK <CMNT> IN PACT WITH CRAY <CYR>",
"body": "Computer Network Technology Corp\nsaid it has signed an OEM agreement with Cray Research Inc,\nallowing Cray to resell Computer Network's CHANNELink 5000\nSeries Channel processor.\n In connection with this, Computer Network said Cray also\nmade an order for CHANNELink Model 5312 processors valued at\n421,000 dlrs.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:56:18.60\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10557"
},
{
"title": "PHARMACIA UNIT SIGNS NICOTINE TECHNOLOGY LICENCE",
"body": "Sweden's <AB Leo>, manufacturer of\nthe anti-smoking chewing gum Nicorette, said it had signed a\nletter of intent to study the nicotine technology of <Advanced\nTobacco Products Inc> (ATPI) of San Antonio, Texas.\n Leo, a subsidiary of Pharmacia AB <PHAB ST>, said the\nagreement gives it the option of acquiring worldwide licences\nand rights to ATPI at the end of its period of study.\n No cash details of the deal were given and Leo said no\nfurther details would be given until a definite agreement had\nbeen signed.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:57:35.34\u0005\u0005\u0005F",
"places": [
"sweden"
],
"id": "10558"
},
{
"title": "BIFFEX LOOKING TO JOIN NEW FUTURES EXCHANGE",
"body": "The Baltic International Freight Futures\nExchange (BIFFEX) said it agreed to pursue negotiations with\nother futures markets on the Baltic Exchange with a view to\nmerging into a new futures exchange.\n Legal advisers have already been instructed to implement\namalgamation of the London Potato Futures Association, the Soya\nBean Meal Futures Exchange and the London Meat Futures\nExchange.\n The London Grain Futures Market has also discussed merging\nwith the other markets.\n The aim of the merger is to seek Recognised Investment\nExchange status as required by the 1986 Financial Services Act.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:57:47.05\u0005\u0005\u0005C",
"topics": [
"ship"
],
"places": [
"uk"
],
"id": "10559"
},
{
"title": "INSTINET <INET> CHANGES SPECIAL MEETING DATE",
"body": "Instinet Corp said the special meeting\nat which shareholders will vote on its proposed merger with\nReuters Holdings PLC <RTRSY> will be held May 12.\n Instinet said it had previously scheduled the meeting for\nMay 21.\n It said the record date for the meeting remains April 10.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:57:56.16\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10560"
},
{
"title": "<CANADIAN SATELLITE COMMUNICATIONS> SIX MTHS NET",
"body": "Period ended February 28\n Oper shr profit six cts vs loss 15 cts\n Oper profit 474,000 vs loss 1,175,000\n Revs 17,946,000 vs 9,271,000\n Note: Current shr and net exclude tax gain of 513,000 dlrs\nor five cts share\n full name <Canadian Satellite Communications Inc>\n Reuter\n\u0003",
"date": "27-MAR-1987 12:58:01.44\u0005\u0005\u0005E F",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10561"
},
{
"title": "CABOT <CBT> CALLS NOTES FOR REDEMPTION",
"body": "Cabot Corp said it called for\nredemption its outstanding 12-1/4 pct notes due November 1,\n1994 and 10-3/4 pct notes due September 1, 1995, aggregating 89\nmln dlrs at face amount.\n It said the redemption is part of a restructuring in which\nit has said it would divest itself of certain discontinued\nbusinesses, repurchase shares and reduce long-term debt.\n The 12-1/4 pct notes will be redeemed at 108.47 pct plus\ninterest from November 1, 1986. The 10-3/4 pct notes will be\nredeemed at 108.96 pct plus accrued interest from March 1,\n1987.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:59:03.15\u0005\u0005\u0005A",
"places": [
"usa"
],
"id": "10562"
},
{
"title": "FRENCH MINISTERIAL MEETING HELD ON CGCT SALE",
"body": "Finance Minister Edouard Balladur,\nIndustry Minister Alain Madelin and Telecommunications Minister\nGerard Longuet met for more than an hour today to discuss the\nimminent sale of the French telephone switching group <Cie\nGenerale de Constructions Telephoniques>, a spokesman for\nLonguet said.\n No decision was announced as a result of the meeting, and\nthe French government has given itself until the end of next\nmonth to choose between the candidates.\n The sale of CGCT, which controls 16 pct of France's\ntelephone market, has been priced at 500 mln francs, and three\ninternational consortia are battling for the right to buy it.\n West Germany's Siemens AG <SIEG.F> has teamed up with the\nFrench group Jeumont-Schneider, in opposition to a bid from the\nU.S. Group ATT <T.N> and the Dutch Philips Telecommunications\nBV <PGLO.AS> in association with the French telecommunications\nfirm SAT <Societe Anonyme de Telecommunications>.\n A third bid has been lodged by Sweden's AB LM Ericsson\n<ERIC.ST>, allied with French defence electronics group Matra\n<MATR.PA> and Bouygues SA <BOUY.PA>.\n Reuter\n\u0003",
"date": "27-MAR-1987 12:59:10.88\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"france"
],
"id": "10563"
},
{
"title": "DEAN FOODS CO <DF> 3RD QTR NET",
"body": "Shr 35 cts vs 40 cts\n Net 9,246,000 vs 10,719,000\n Sales 367.9 mln vs 315.1 mln\n Nine mths\n Shr 1.03 dlrs vs 1.13 dlrs\n Net 27,490,000 vs 30,160,000\n Sales 1.06 billion vs 915.3 mln\n Reuter\n\u0003",
"date": "27-MAR-1987 12:59:47.94\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10564"
},
{
"title": "DEAN FOODS CO <DF> RAISES DIVIDEND",
"body": "Qtly div 13-1/2 cts vs 11-1/2 cts prior\n Pay June 15\n Record May 22\n\n Reuter\n\u0003",
"date": "27-MAR-1987 12:59:58.69\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10565"
},
{
"title": "DOSKOCIL <DOSK> SHAREHOLDERS VOTE REVERSE SPLIT",
"body": "Doskocil Cos Inc said its\nshareholders approved a one-for-10 reverse stock split, which\nis expected to become effective by April 30.\n The company said the reverse split will reduce the its\noutstanding shares to about six mln from 60 mln.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:00:32.16\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10566"
},
{
"title": "U.S. ENERGY COSTS ROSE IN FEBRUARY BY 1.9 PCT",
"body": "Consumer energy costs rose 1.9 pct\nin February following a sharp rise last month, the Labor\nDepartment said.\n The February increase in the overall energy costs,\nincluding petroleum, coal and natural gas, followed a 0.2 pct\ndrop in December and a 3.0 pct rise in January, it said.\n Energy prices were 12.2 pct below year-ago levels.\n The department's Consumer Price Index showed that the cost\nof gasoline rose in February by 4.2 pct, after a 6.6 pct rise\nin January.\n Gasoline prices were nonetheless 18.0 pct below their\nlevels as of February 1986.\n Also, the category including fuel oil, coal and bottled gas\nrose in February by 3.8 pct, putting it 14.9 pct under the\nyear-ago figure.\n The index also showed that natural gas and electricity were\nunchanged last month, but down 3.5 pct from the February 1986\nfigure, the department said.\n The index has been updated o reflect 1982-84 consumption\npatterns; previously, the index was based on 1972-73 patterns.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:00:55.39\u0005\u0005\u0005Y",
"topics": [
"cpi",
"crude",
"nat-gas",
"heat",
"propane"
],
"places": [
"usa"
],
"id": "10567"
},
{
"title": "PHILIPPINES CLINCHES DEBT DEAL, SOURCE SAYS",
"body": "The Philippines has reached agreement\nwith its bank advisory committee on a debt-rescheduling\nagreement after four weeks of talks, a source close to the\nPhilippine delegation said.\n No details were available and bankers were not available to\ncomment because meetings with the Philippine negotiators were\nstill in progress.\n But a spokesman for Manufacturers Hanover Trust Co, which\nchairs the 12-bank Philippine advisory committee, said a press\nconference with finance minister Jaime Ongpin will begin at the\nbank's headquarters at 1430 EST/1930 GMT.\n \"There is an agreement,\" the source close to the Philippine\ndelegation said, adding that details would be announced at the\npress conference.\n Manila wants to reschedule about 3.6 billion dlrs of debt\nthat falls due between 1987 and 1992 and to obtain easier terms\non 5.8 billion dlrs of previously restructured debt.\n The talks have dragged on because of the banks' reluctance\nto accept interest payments partly in Philippine Investment\nNotes, PINs, instead of cash and because of Manila's insistence\non an interest rate margin close to the 5/8 pct spread over\nEurocurrency rates that it initially demanded.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:02:41.87\u0005\u0005\u0005RM V",
"places": [
"usa",
"philippines"
],
"id": "10568"
},
{
"title": "COLD AIR A THREAT TO SOME U.S. HARD WHEAT AREAS",
"body": "A cold air mass working its way\nsouth from Canada may pose a threat to developing hard red\nwinter wheat in Oklahoma, according to Eugene Krenzler, wheat\nspecialist for the Oklahoma Cooperative Extension.\n \"There is some threat. Some of the crop is far enough along\nso that it's probably vulnerable,\" Krenzler said.\n Accu Weather meteorologist Dale Mohler said cold air moving\nfrom the north could put temperatures in the middle 20's\nfahrenheit as early as tonight, depending on development of a\nlow pressure area over southeast Colorado which could stall the\nsystem.\n If impeded by the low-pressure area, the cold air could hit\nOklahoma and Texas as late as Monday morning. Temperatures\ncould stay in the mid-20's for up to eight hours, Mohler said.\n Krenzler said less than 10 pct of the Oklahoma wheat crop\nhas advanced to boot stage. The closer to that stage the more\nvulnerable the head of the wheat is to cold weather, he said.\n \"We can handle probably an hour or so down to 25 or 26\ndegrees (fahrenheit),\" Krenzler said, \"as long as we don't have\na lot of wind.\"\n \"If we do get six hours down below 25 degrees I'd say we\nhave a good chance of significant damage to the heads,\" he\nsaid.\n Krenzler said early planted stands in the north-central and\nsouthwestern parts of the state are probably most vulnerable.\nCrops in the panhandle of Oklahoma and Texas are less developed\nand have some snow cover protection from the cold, he noted.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:05:00.89\u0005\u0005\u0005C G",
"topics": [
"wheat",
"grain"
],
"places": [
"usa"
],
"id": "10569"
},
{
"title": "BANDO MCGLOCKLIN FILES INITIAL PUBLIC OFFERING",
"body": "<Bando McGlocklin Capital\nCorp> said it filed a registration statement with the\nSecurities and Exchange Commission coverig a proposed initial\npublic offering of 750,000 shares of common stock.\n The closed end investment company estimated the offering's\nprice at between seven dlr and eight dlrs a share.\n The company said it is selling all the shares under the\nunderwriting group management of The Milwaukee Co.\n Bando said it will use the net proceeds to repay loans and\nreduce debt.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:07:58.64\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10570"
},
{
"title": "CORRECTED - C.O.M.B <CMCO> TO HAVE OPTIONS ON AMEX",
"body": "C.O.M.B Inc commenced trading put and\ncall options on the American Stock Exchange, according to the\nExchange.\n The company's options will trade with a ticker symbol of\n<COQ> with initial expiration months of April, May, July and\nOctober, with position and exercise limits at 5,500 contracts\non the same side of the market, according to the Exchange.\n(corrects ticker symbol in headline, which is symbol of\ncompany's options)\n \n Reuter\n\u0003",
"date": "27-MAR-1987 13:10:39.83\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10571"
},
{
"title": "ALLEGHENY LUDLUM FILES INITIAL PUBLIC OFFERING",
"body": "<Allegheny Ludlum Corp> said it\nfiled with the Securities and Exchange Commission for an\ninitial public offering of 6,265,000 common shares.\n The company said it is offering 4.4 mln primary shares and\n765,000 secondary shares in the U.S., and 1.1 mln primary\nshares overseas. Goldman Sachs and Co will manage the U.S.\noffering and Goldman Sachs International Corp will manage the\ninternational side of the offering.\n Proceeds from the sale will be used to reduce debt. The\ncompany makes specialty steel and metels and said it is one of\nthe largest U.S. makers of stainless steel.\n\n Reuter\n\u0003",
"date": "27-MAR-1987 13:13:43.85\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10572"
},
{
"title": "EDUCATION SYSTEMS <ESPC> YEAR NET",
"body": "Shr 27 cts vs 34 cts\n Net 174,390 vs 222,720\n Revs 4,948,622 vs 4,516,042\n Note: Current net includes non-recurring loss on\ninvestments of 82,034.\n Full name is Education Systems and Publications Corp.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:13:48.65\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10573"
},
{
"title": "US WEST <USW> DIRECTORY UNIT CHANGES NAME",
"body": "US West Inc said its Directory\nPublishing Corp unit has been renamed US West Marketing\nResources.\n The regional Bell company said the unit's new name better\nreflects its evolution to a full service provider of marketing\nservices.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:13:54.05\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10574"
},
{
"title": "CHADIAN TROOPS REPORTEDLY RECAPTURE FAYA",
"body": "Chadian troops have recaptured the\nnorthern oasis of Faya Largeau, which was the main base of\nLibyan troops in northern Chad, sources close to the government\nsaid.\n There was no official confirmation, but Chadian radio\nplayed martial music and asked listeners to stay tuned.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:14:19.81\u0005\u0005\u0005V RM Y",
"places": [
"chad"
],
"id": "10575"
},
{
"title": "BORG-WARNER UP AMID RUMORS IRWIN JACOBS SOLD STOCK, ARBITRAGEURS SAY\n",
"date": "27-MAR-1987 13:16:25.43\u0005\u0005\u0005F",
"topics": [
"acq"
],
"id": "10576"
},
{
"title": "GULF/WESTERN <GW> UNIT, DISNEY <DIS> SET PACT",
"body": "Gulf and Western Inc's Simon and\nSchuster Inc unit said it will become the exclusive worldwide\ndistributor for Walt Disney Co's educational films, videos and\nfilmstrips.\n The company said the agreement covers more than 300 films\nand videos and 500 filmstrips for schools, colleges and other\ninstitutions.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:18:44.13\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10577"
},
{
"title": "MILLIPORE <MILI> TO PAY CIVIL PENALTY",
"body": "Millipore Corp said it agreed to pay a\n192,500 dlrs penalty to the U.S. Environmental Protection\nAgency and the State of New Hampshire for discharging\npollutants from 1972 and 1985 from its Jaffrey, N.H. plant to\nnavigable waters without a permit.\n As part of the settlement, Millipore will undertake a study\nto see if groundwater contamination exists in the waters. It\nalso is prohibited from discharging pollutants except in\naccordance with wastewater discharge permits which were issued\nafter the lawsuit was filed.\n Millipore officials were not available for comment.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:18:58.31\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10578"
},
{
"title": "FRENCH AEROSPATIALE TO MAKE EURO-CP ISSUE",
"body": "State-owned aerospace group Aerospatiale\nsaid it will make an issue of Euro-commercial paper next month,\nbacked by a 400 mln dlr seven-year revolving credit facility\ngranted by 44 banks in December 1986.\n The company said in a statement that Societe Generale,\nBankers Trust, Chase Investment Bank and Credit Suisse First\nBoston would place the paper.\n Aerospatiale gave no details of the amount of paper to be\nissued but said the offering had been rated A1 by Standard and\nPoors and /P1 by Moodys, reserved for the best investment\nrisks.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:19:20.33\u0005\u0005\u0005RM",
"places": [
"france"
],
"id": "10579"
},
{
"title": "FRENCH SKI EQUIPMENT MAKER SEEKS EURO-CP/CREDIT",
"body": "Salomon SA, the French maker of ski\nbindings and boots, said it is seeking a 75 mln dlr\neuro-commercial paper program that will be supported by a 75\nmln dlr committed syndicated revolving credit.\n The launch of the program is still subject to final\napproval of the French authorities.\n Morgan Guaranty Ltd is the arranger for the program and the\nrevolving credit and will act as one of the dealers for the\ncommercial paper along with Credit Suisse First Boston Ltd.\nMorgan Guaranty Trust Co of New York, London branch, will be\nissuing and paying agent. None of the terms were disclosed.\n REUTER\n\u0003",
"date": "27-MAR-1987 13:21:51.57\u0005\u0005\u0005RM",
"places": [
"uk",
"france"
],
"id": "10580"
},
{
"title": "HENLEY GROUP <HENG> UNIT WINS TAIWAN CONTRACT",
"body": "Henley Group Inc's M.W. Kellogg Co unit\nsaid it was selected by <Chinese Petroleum Corp> to design,\nengineer and build a ethylene plant at Chinese\nPetroleum's Kaohsiung refinery in Taiwan.\n Terms of the contract were not disclosed, but Kellogg said\nthe total cost of the plant will be 300 mln dlrs.\n Kellogg said engineering of the plant, which will have a\ncapacity of 400,000 tonnes a year, is already underway and\nconstruction will begin in 1988.\n The plant will go into operation in 1990, Kellogg said.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:22:09.41\u0005\u0005\u0005F",
"topics": [
"pet-chem"
],
"places": [
"usa",
"taiwan"
],
"id": "10581"
},
{
"title": "MCLEAN'S <MII> U.S. LINES SETS SALE OF ASSETS",
"body": "McLean Industries Inc said its\ntwo shipping subsidiaries -- UNITED States Lines Inc and United\nStates Lines (S.A.) Inc -- have agreed in principle to dispose\nof substantially all their remaining operating shipping assets.\n The units have been operating under protection of Chapter\n11 of the U.S. Bankruptcy Code since last November.\n McLean said U.S. Lines has a letter of intent with CSX\nCorp's <CSX> Sea-Land Corp subsidiary to transfer assets of its\nTranspacific/Hawaii/Guam Service to Sea-Land.\n McLean said Sea-Land has tentatively agreed to pay 125 mln\ndlrs for six vessels, certain port facilities, and various\nother equipment used in U.S. Lines' Transpacific service and\ntheree Lancer class vessels and subsidy rights owned by the two\nMcLean subsidiaries.\n As previously announced, U.S. Lines (S.A.) will transfer\nits South American Service to <Crowley Maritime Corp>'s\nAmerican Transport Lines Inc subsidiary in return for a fixed\nlease payment for the four Lancer class vessels and a\nparticipation based on American Transport's South American\nrevenues.\n McLean said the agreement also calls for Crowley to release\nU.S. Lines (S.A.) for any damages and unpaid charter hire for\nthree vessels leased to U.S. Lines (S.A.) by Crowley which have\nbeen returned to Crowley.\n McLean said the minimum lease payments will be seven mln\ndlrs and estimated revenue participation during the first four\nyears at about 16 mln dlrs. In addition, U.S. Lines (S.A.)\nsubsidiaries in Brazil and Argentina will be sold to American\nTransport.\n The company said both agreements in principle have been\napproved by directors of the companies involved, but still need\ncourt, regulatory and lender approval.\n McLean said it is requesting the bankruptcy court to\nschedule a hearing on its motion to approve the agreements,\nadding that the court has granted the company's request to\nextend for 90 days the period for the shipping companies to\nfile a proposed plan of reorganization.\n It said the planned transactions will leave McLean with no\nsignificant shipping assets except 12 New York class vessels,\nwhich are not in operation and are expected to be sold.\n McLean said its shipping units are returning the vessels\noperating in foreign commerce to United States ports to permit\nthe planned transfer to purchasers.\n The company said U.S. Lines will maintain its weekly\nservice from the U.S. West Coast to Hawaii and Guam until the\nvessels are transferred and the transaction is completed.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:23:36.32\u0005\u0005\u0005F",
"topics": [
"ship",
"acq"
],
"places": [
"usa"
],
"id": "10582"
},
{
"title": "CME PROPOSES LIMITS ON BROKER TRADING RINGS",
"body": "The Chicago Mercantile Exchange (CME)\nhas proposed stringent limits on the portion of futures trading\nthat can be conducted between \"trading rings,\" or affiliated\ngroups of floor brokers, according to a CME spokesman.\n Violators would be subject to fines of as much as 50,000\ndlrs, the exchange said in a letter distributed to its members\nearlier this week.\n The proposal is one of the reforms the exchange's Board of\nGovernors suggested to curb practices that have come under fire\nfor unfairly limiting competition on the floor. Local traders\nclaim that trading among broker \"rings\" violates the\nopen-outcry system prevailing in the futures markets.\n Limits on ring trading would be applied floor-wide under\nthe proposal. The other reforms, which address dual trading,\nwould apply only to the Standard and Poor's 500 stock index\nfutures pit.\n A debate over dual trading, the practice of trading for\none's own account and filling customer orders, has arisen\nbecause many traders believe it can create a climate for\ntrading abuses, especially in the extremely volatile stock\nindex futures pit.\n Adoption of the Board of Governors' reforms hinges on an\nApril 13 vote of CME members on a membership petition, signed\nby several hundred members in February, that would bar all dual\ntrading at the exchange.\n Defeat of the petition is likely, according to a floor\nbroker contacted by Reuters, who also said he welcomed the\nlimits on the \"ring\" traders. If members reject the petition,\nthat would open up the way for the Board of Governors' reforms.\n CME President William Brodsky said the need to curb broker\ngroup trading has grown \"as the groups have gotten larger.\" \"A\nlot of the individuals were losing business because they were\nfaced with a large-scale competition. The Board began studying\nthe problem about six months ago.\n Under the proposed reforms, members of a broker rings --\ndefined as brokers who share brokerage fees, revenues,\nexpenses, a deck of customer orders or employee salary expenses\n-- would be barred from trading more than 15 pct of their\npersonal trades with each other. Those found in violation would\nbe subject to fines of up to 50,000 dlrs.\n Broker ring members would also be prohibited from trading\nmore than 25 pct of customer orders with each other. Fines of\nup to 10,000 dlrs would be levied on violators.\n More stringent limits were proposed on individual trading\nthan customer orders because \"we don't want to negatively\nimpact customer orders,\" Brodsky said. \"On the other hand, the\nneed to do a personal order is very different.\"\n Broker associations would also be limited to having no more\nthan one member serving on an exchange disciplinary or pit\ncommittee.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:29:49.68\u0005\u0005\u0005F RM A",
"places": [
"usa"
],
"id": "10583"
},
{
"title": "COCOA BUFFER DIFFERENTIALS DETAILED",
"body": "The International Cocoa Organization\n(ICCO) council agreed standard price differentials for\ndifferent origin cocoas to form part of the buffer stock buying\nand selling procedure, consumer delegates said.\n The buffer stock manager will accept offers for different\norigin cocoas according to a sliding scale of price\ndifferentials, under which Ghana cocoa will be pegged at a 137\nstg premium to Malaysian.\n Thus, if the buffer stock manager was buying cocoa based on\na Malaysian price of 1,200 stg a tonne, he would accept Ghana\noffers up to 1,337 stg.\n Differentials were fixed as follows,\n Country Differential stg/tonne\n Malaysia 0\n Brazil 55\n Ivory Coast 67\n Cameroun 77\n Nigeria 120\n Togo 130\n Ghana 137\n Nigeria's differential is on \"landed weight\" terms. Shipping\nweight terms will be accepted at a 15 stg discount to this\nrate.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:33:30.85\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk",
"malaysia",
"brazil",
"cameroon",
"ghana",
"ivory-coast",
"togo"
],
"id": "10584"
},
{
"title": "MINSTAR INC SAID IT SOLD ALL 10 MLN OF ITS BORG-WARNER SHARES\n",
"date": "27-MAR-1987 13:34:20.73\u0005\u0005\u0005F",
"topics": [
"acq"
],
"id": "10585"
},
{
"title": "COCOA COUNCIL MEETING ENDS AFTER AGREEING RULES",
"body": "The International Cocoa Organization\n(ICCO) council adjourned after agreeing buffer stock rules for\nthe 1986 International Cocoa Agreement, an ICCO spokesman said.\n The buffer stock will begin operations immediately, he\nsaid.\n He confirmed delegate reports that the buffer stock manager\nwill trade cocoa by means of an offer system, and according to\nfixed differentials for cocoa from different origins.\n Purchases from non-members will be limited to 15 pct of the\ntotal and buying or selling operations in any one day will be\nrestricted to a maximum of 40 pct each for nearby, intermediate\nand forward positions, he said.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:35:57.52\u0005\u0005\u0005C T",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk"
],
"id": "10586"
},
{
"title": "MINSTAR INC SAID IT IS STILL INTERESTED IN ACQUIRING BORG-WARNER\n",
"date": "27-MAR-1987 13:36:10.03\u0005\u0005\u0005F",
"topics": [
"acq"
],
"id": "10587"
},
{
"title": "U.S. URGES RESTRAINT IN AEGEAN",
"body": "The United States said it was doing\nwhat it could to ease tension in the Aegean as Greek and\nTurkish warships headed for a possible clash over oil drilling\nrights on the sea's continental shelf.\n State Department spokesman Charles Redman told reporters,\n\"We have urged both sides to exercise restraint and avoid any\nactions which might exacerbate the situation.\"\n \"In the light of the most recent developments, we are\nconsulting with the parties and with other interested allies on\nmeans to reduce tensions,\" he added.\n Redman declined to elaborate on what Washington was doing,\nbut he said an emergency meeting of NATO ambassadors in\nBrussels on the subject was only one path it was pursuing.\n He also refused to say which side was to blame for the\nrenewed confrontation, saying Washington was still trying to\nascertain all the facts, as Prime minister Andreas Papanderou\nsaid Greece was prepared to tackle any aggressor.\n \"The crucial point here is that these are two friends and\nallies. We don't want to see tension rise and we are doing what\nwe can to see if we can help here,\" Redman said.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:41:28.21\u0005\u0005\u0005RM V Y",
"topics": [
"crude",
"ship"
],
"places": [
"usa",
"greece",
"turkey"
],
"id": "10588"
},
{
"title": "AMERICAN STOCK EXCHANGE, U.K. FIRM PLAN MARKET",
"body": "A U.K. Financial services company,\n<Quadrex Securities Ltd>, is planning a joint venture with the\nAmerican Stock Exchange for a new U.S. Dealer market in\nnon-U.S. Securities, Quadrex chairman Gary Klesch said.\n He said the new exchange is aimed at facilitating U.S.\nInstitutions' trade in foreign debt and equity securities. It\nis planned to provide a central depositary for stocks and\nbonds, the lack of which has hitherto inhibited such trading,\nhe said. Klesh said the new market would come under SEC\njurisdiction, and that while the SEC is considering the plans,\nhe could not estimate when it might get an official go ahead.\n However, Klesch added that he hoped the exchange could open\nin the autumn.\n He said Quadrex is a five-year-old securities business,\nbased in London and backed by about 40 mln dlrs capital, which\nowns companies operating in a range of financial markets,\nincluding foreign exchanges and Eurobonds.\n Klesch said further details would be available nearer to\nthe planned opening.\n REUTER\n\u0003",
"date": "27-MAR-1987 13:45:41.56\u0005\u0005\u0005F",
"places": [
"uk",
"usa"
],
"id": "10589"
},
{
"title": "CARGILL U.K. STRIKE TALKS ADJOURN TO TUESDAY",
"body": "Talks between management and unions at\nCargill U.K. Ltd's oilseed processing plant at Seaforth\nadjourned today without a solution to the three month old\nstrike, a company spokesman said.\n Negotiations will resume next Tuesday, he said.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:46:59.98\u0005\u0005\u0005C T",
"topics": [
"oilseed"
],
"places": [
"uk"
],
"id": "10590"
},
{
"title": " E. GERMAN EQUIPPED TEXTILE MILL OPENED IN CUBA",
"body": "A textile mill with an annual production\ncapacity of 52 mln square metres of knitted fabric has been\nopened officially near Havana, Granma, the official Cuban\nnewspaper, said.\n The mill, inaugurated yesterday, is equipped with looms and\nother machinery from East Germany. A single production line, in\noperation since last year, has already produced over seven mln\nsquare metres of fabric.\n President Fidel Castro and vice-president Carlos Rafael\nRodriguez were present at the ceremony.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:47:43.08\u0005\u0005\u0005G",
"places": [
"cuba"
],
"id": "10591"
},
{
"title": "CANADIAN MONEY SUPPLY M-1 FALLS 555 MLN DLRS IN WEEK, BANK OF CANADA SAID\n",
"date": "27-MAR-1987 13:49:54.59\u0005\u0005\u0005E RM",
"topics": [
"money-supply"
],
"places": [
"canada"
],
"id": "10592"
},
{
"title": "NEW LME ALUMINIUM CONTRACT WELCOMED BY TRADE",
"body": "The London Metal Exchange's, LME,\ndecision to introduce a dollar-denominated aluminium contract,\nwith the Port of Singapore listed as a delivery point, is a\npositive move, physical traders and LME dealers said.\n Earlier this week the LME declared that a 99.70 pct minimum\npurity aluminium contract would commence trading on June 1,\n1987, alongside its long-established sterling-based 99.50 pct\ncontract.\n This is the LME's first dollar contract and non-European\ndelivery point, and the Board and Committee are looking at\nSingapore as a delivery point for other contracts.\n Trade sources said the LME's new contract will conform with\nexisting industry practice, where 99.70 standard re-melt\nmaterial, priced in dollars, is most commonly traded.\n The location of a warehouse in Singapore is also a positive\nmove by the LME, given its ideal location for Australian and\nJapanese traders, who would be able to place metal on to\nwarrant speedily and relatively inexpensively, they said.\n Hedging during the LME ring sessions becomes much simpler\nwith a dollar contract. At present pre-market trading is almost\nexclusively dollar-based, but currency conversions have to be\ndone during the sterling rings, they added.\n LME ring dealers said the new contract would match more\nclosely trade requirements and possibly alleviate some of the\nrecent wide backwardations.\n Very little physical business is now done in 99.50 pct\npurity metal, nearly all of which is produced in Eastern Bloc\ncountries, such as Romania.\n The Soviet Union also produces 99.50 pct, but has declined\nas an exporter recently, they said.\n Some dealers said the new 99.70 contract may suffer from\nliquidity problems initially, as business may continue to\ncentre on the present good ordinary brand (gob) contract, where\nthere are many holders of large short positions on the LME.\n But others said the new contract would soon attract trading\ninterest, given that much 99.70 metal has already been\nattracted to the LME's warehouses by backwardations.\n The LME also has a much more viable liquidity base for a\nnew contract, compared to the Comex market in New York, where\nhigh grade aluminium futures are not particularly active, they\nsaid.\n Thus, it seems likely that the sterling contract will\neventually lose trading interest and volumes will decline. Like\nstandard zinc, which was superseded by a high grade contract,\ngob aluminium will probably be replaced, although the process\nin this case may take longer, they added.\n Forming a new contract and establishing a Singapore\nwarehouse are constructive moves by the LME but backwardations,\nwhich make physical trading difficult, would not totally\ndisappear as a result, the trade sources said.\n These premiums for prompt metal have become a\nsemi-permanent feature over the last year, due to increased\nbusiness and volatility in traded options, and are presently\naround 50 stg.\n Increasingly large granting of option positions has been\ntaking place. When some of these are declared and exercised at\nthe end of the relevant month, physical tightness and squeezes\naround these dates are commonplace, they said.\n Listing Singapore as a delivery point allows Far Eastern\noperators to deliver aluminium into a LME warehouse instead of\nhaving to cover.\n But tightness and backwardations are seen continuing, even\nthough the LME's new option contracts widen the gap between the\ndeclaration and prompt dates.\n These will be due on the first and third Wednesday of the\nmonth, whereas at present most fall on the 20th and 25th.\n Backwardations will remain while operators continue to\ngrant options where potential tonnage to be delivered exceeds\naluminium stock levels, an LME option trader said.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:53:00.39\u0005\u0005\u0005C M",
"topics": [
"alum"
],
"places": [
"uk",
"singapore"
],
"id": "10593"
},
{
"title": "CANADIAN MONEY SUPPLY FALLS IN WEEK",
"body": "Canadian narrowly defined money supply\nM-1 fell 555 mln dlrs to 32.42 billion dlrs in week ended March\n18, Bank of Canada said.\n M-1-A, which is M-1 plus daily interest chequable and\nnon-personal deposits, fell 559 mln dlrs to 74.86 billion dlrs\nand M-2, which is M-1-A plus other notice and personal\nfixed-term deposit fell 439 mln dlrs to 177.30 billion dlrs.\n M-3, which is non-personal fixed term deposits and foreign\ncurrency deposits of residents booked at chartered banks in\nCanada, fell 696 mln dlrs to 215.74 billion dlrs. MORE\n More\n\u0003",
"date": "27-MAR-1987 13:58:01.19\u0005\u0005\u0005E A RM",
"topics": [
"money-supply"
],
"places": [
"canada"
],
"id": "10594"
},
{
"title": "STERLING <STRL> FILES FOR STOCK OFFERING",
"body": "Sterling Inc said it filed a\nregistration statement for the proposed offering of 1.5 mln\nshares of common stock.\n Sterling said one mln shares will be sold by the company\nand 500,000 shares will be sold by shareholders.\n Proceeds from the sale will be used to reduce bank debt,\nSterling said.\n Alex. Brown and Sons Inc, Bear, Stearns and Co Inc and\nPrescott, Ball and Turben Inc will manage the offering,\nSterling added.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:59:06.41\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10595"
},
{
"title": "CORNING GLASS WORKS<GLW> BUYS FIBER-OPTIC STAKE",
"body": "Corning Glass Works said it\nbought a 50 pct interest in Technology Dynamics Inc, a\nWoodinville, Wash., company involved in research and\ndevelopment of fiber-optic sensors.\n The purchase price was not disclosed.\n Privately held Technology Dynamics plans to introduce its\nfirst line of fiber-optic sensors later this year, Corning\nGlass said.\n \n Reuter\n\u0003",
"date": "27-MAR-1987 13:59:33.80\u0005\u0005\u0005F",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10596"
},
{
"title": "FIRST NATIONAL CORP <FTNC> 4TH QTR",
"body": "Shr loss 29 cts vs loss 15 cts\n Net loss 513,542 vs loss 263,708\n Revs 38,000 vs nil\n Year\n Shr loss 24 cts vs loss 10 cts\n Net loss 417,552 vs loss 142,010\n Revs 171,000 vs nil\n Reuter\n\u0003",
"date": "27-MAR-1987 13:59:45.20\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10597"
},
{
"title": "BEARD CO <BEC> YEAR LOSS",
"body": "Shr loss 57 cts vs profit 3.02 dlrs\n Net loss 3,606,000 vs profit 8,294,000\n Revs 15.3 mln vs 23.9 mln\n Note: Net includes gains from sale of USPCI Inc <UPC> stock\nof 1.5 mln vs 20.5 mln\n Year-ago net includes loss from discontinued operations of\n10.3 mln.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:59:50.01\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10598"
},
{
"title": "ESSEX COMMUNICATIONS CORP <ESSXA> YEAR LOSS",
"body": "Shr loss 47 cts vs loss 63 cts\n Net loss 1,450,000 vs loss 1,930,000\n Revs 14.7 mln vs 13.3 mln\n Note: Year-ago resulted restated to exclude Michigan cable\nsystems sold in 1985.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:59:53.78\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10599"
},
{
"title": "DENNING MOBILE ROBOTICS INC <GARD> 4TH QTR LOSS",
"body": "Shr loss nine cts loss 12 cts\n Net loss 585,866 vs loss 455,866\n Avg shrs 6,841,638 vs 3,651,505\n Year\n Shr loss 34 cts vs loss 54 cts\n Net loss 2,158,709 vs loss 1,931,397\n Avg shrs 6,296,701 vs 3,586,914\n Note: Company has no revs as it is in product development\nstage. Shr and avg shrs data reflect 1-for-25 reverse split in\nNovember 1986.\n Reuter\n\u0003",
"date": "27-MAR-1987 13:59:59.61\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10600"
},
{
"title": "SCOTT'S LIQUID GOLD INC YEAR OPER NET",
"body": "Oper shr two cts vs 10 cts\n Oper net 162,300 vs 773,400\n Revs 16.6 mln vs 16.5 mln\n Avg shrs 8,282,480 vs 8,045,493\n NOTE: Excludes gains of 138,000 dlrs or two cts/shr vs\n733,000 dlrs or nine cts from benefit of tax loss\ncarryforwards.\n Reuter\n\u0003",
"date": "27-MAR-1987 14:00:04.62\u0005\u0005\u0005F",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10601"
},
{
"title": "LABOR DEPT REPORTS U.S. REAL EARNINGS ROSE 0.6 PCT IN FEB AFTER BEING UNCHANGED IN JAN\n",
"date": "27-MAR-1987 14:01:21.93\u0005\u0005\u0005V RM",
"topics": [
"income"
],
"places": [
"usa"
],
"id": "10602"
},
{
"title": "ZAMBIA-TANZANIA HIGHWAY TO BE REHABILITATED",
"body": "The main road between landlocked\nZambia and the Tanzanian port of Dar es Salaam is to be\nrehabilitated at a cost of 109 mln dlrs, starting in December,\nWillie Lyatu, the project coordinator in the Tanzanian Ministry\nof Communications, said.\n The road runs parallel to the Chinese-built Tazara,\n(Tanzania-Zambia) railway and is in bad condition.\n Lyatu said the government was currently evaluating 52 bids\nby international contractors to rehabilitate 293.5 km of the\nasphalt highway and 800 km of other trunk roads with a gravel\nsurface.\n The final list of contractors would be issued by the World\nBank, the project's main sponsor, at the end of April, he\nadded.\n The World Bank is contributing 50 mln dlrs to the project,\nwhich is also being financed by the African Development Bank,\nNorway and Denmark.\n Reuter\n\u0003",
"date": "27-MAR-1987 14:01:56.71\u0005\u0005\u0005C M",
"places": [
"zambia",
"tanzania"
],
"id": "10603"
},
{
"title": "U.S. REAL EARNINGS ROSE 0.6 PCT IN FEBRUARY",
"body": "The average weekly earnings of U.S.\nworkers after adjustment for inflation and seasonal changes\nrose 0.6 pct in February after being unchanged in January, the\nLabor department said.\n The department had earlier reported that real earnings fell\n0.3 pct in January but revised the figure to show earnings\nunchanged.\n Between February this year and February, 1986, real\nearnings rose 0.5 pct, the department said.\n The rise in February real earnings resulted from a 0.5 pct\nincrease in average hourly earnings and a 0.6 pct increase in\naverage weekly hours. That was partly offset by a 0.4 pct rise\nin the consumer price index, which measures inflation, the\ndepartment said.\n Before seasonal adjustment, weekly earnings last month\naveraged 307.59 dlrs, up from 305.13 dlrs in January and up\nfrom 300.66 dlrs in February, 1986.\n Reuter...\n\u0003",
"date": "27-MAR-1987 14:02:56.54\u0005\u0005\u0005V RM",
"topics": [
"income"
],
"places": [
"usa"
],
"id": "10604"
},
{
"title": "TALKING POINT/FOOD STOCKS",
"body": "Fueled by an earnings-driven bull\nmarket, food stocks are emerging as the big winners, analysts\nsay.\n \"This is an earnings-driven market, and the investor is\nhoming in on stocks that have visible and predictable earnings\ngrowth,\" E.F. Hutton food analyst June Page said.\n The food group, whose stocks have underperformed since the\nbeginning of the year after about five years of growth, seems\nto have turned around, DLJ Securities analyst William Leach\nagreed.\n The fundamentals remain favorable and may even be enhanced\nby the effects of tax reform for companies such as Sara Lee\nCorp <SLE>, Quaker Oats Co <OAT>, and General Mills Inc <GIS>,\nPage said. These and other food companies are recommended as\naggressive buys on a selective basis by most brokerage houses\nsurveyed.\n The current economy provides an environment of stable\ninflation, interest rates and energy costs, which gives food\ncompanies the flexibility to expand profit margins over a\nperiod of time, Page said. Lower commodity costs allow for\nfurther price flexibility, she added.\n Another plus is that increases in labor and packaging in\nthe food industry have been minimal, she noted.\n For 1987, Page said E.F. Hutton sees inflation holding\nunder four pct, oil prices stabilizing at 17 to 18 dlrs a\nbarrel and interest rates remaining at current levels.\n As a result of new production facilities featuring\nsophisticated technology \"companies now have a lower breakeven\npoint because they have enhanced productivity and lower\noverhead costs,\" she said.\n Unit volume growth has accelerated in the past several\nyears in the food industry due to product segmentation, that\nis, iintends to\nfile for an offering of about two mln shares within the next 30\ndays.\n It said proceeds would be used for working capital and\nother general corporate purposes, including the possible\nacquisition of other businesses or additional technology.\n Ashton-Tate now has about 23.6 mln shares outstanding.\n Reuter\n\u0003",
"date": "27-MAR-1987 14:04:26.14\u0005\u0005\u0005F",
"places": [
"usa"
],
"id": "10605"
},
{
"title": "TAIWAN TO STUDY SUSPENDING FOREX CONTROLS",
"body": "Premier Yu Kuo-Hua ordered financial\nofficials to quicken the pace of relaxing foreign exchange\ncontrols and study the possibility of suspending the controls,\na cabinet statement said.\n The statement quoted Yu as telling Finance Ministy and\nCentral Bank officials the relaxation was needed to help reduce\nTaiwan's surging foreign exchange reserves, which reached a\nrecord 53 billion U.S. Dollars this month.\n Finance Minister Robert Chien told reporters his ministry\nand the Central Bank would work jointly on new measures to ease\nthe controls, but he did not give details.\n Yu said the government could maintain the framework of the\nforeign exchange controls while finding ways to ease them. The\ncontrols would be used during emergency.\n Taiwan's reserves have resulted largely from its trade\nsurplus, which hit 15.6 billion dlrs in 1986 and 10.6 billion\nin 1985. About 95 pct of the surplus was from Taiwan's trade\nwith the United States, according to official figures.\n But he said that while easing the controls would help\nreduce the reserves, it would not do so substantially in a\nshort time.\n Economists and bankers said the new decision resulted from\ngrowing pressure from the United States, Taiwan's largest\ntrading partner, which buys almost half the island's exports.\n Lu Ming-Jen, economic professor at Soochow University, told\nReuters: \"The decision came a little bit late. But it was better\nthan never.\"\n Ko Fei-Lo, Vice President at First Commercial Bank, said\nthe government should rapidly relax its foreign exchange\ncontrols and open its market wider to help balance trade with\nits trading partners, especially the United States.\n \"The liberalisation in both imports and foreign exchange\ncontrols will not only help our trading partners, but also help\nour own economic problems,\" he said.\n He said the mounting foreign exchange reserveshelped boost\nTaiwan's money supply by 48.22 pct in the year to end-February.\n REUTER\n\u0003",
"date": "28-MAR-1987 00:33:35.40",
"topics": [
"money-fx"
],
"places": [
"taiwan"
],
"id": "10606"
},
{
"title": "TEST HITCH INTERRUPTS ARIANE MOTOR TRIALS",
"body": "An error interrupted testing of an Ariane\nrocket third stage starter motor on Monday but there should be\nlittle or no delay in the launch program, Arianespace said.\n A joint statement from the European Arianespace consortium\nand the motor manufacturer Societe Europeenne de Propulsion\n(SEP) said that to avoid any risk, the motor had been\ndismantled and could not be used in the next launch.\n It had immediately been replaced by another motor and new\ntests had begun today.\n \"In these conditions, the flight V19 remains scheduled\nbefore the end of June,\" the statement said.\n Ariane launches have been suspended since an ignition\nfailure in the third stage motor last May forced controllers to\nblow up a rocket in flight.\n SEP has been carrying out a series of nearly 50\nsimulated-altitude tests on the redesigned starter at its\ntightly guarded plant in the town of Vernon, 80 km northwest of\nParis.\n The Arianespace-SEP statement said that during a test on\nMarch 23, a fault in the preparation of the altitude simulation\nchamber meant a component of the motor came under abnormal\npressure.\n Arianespace originally hoped to resume launches by February\nthis year, but a longer-than-expected test program on the new\nstarter motor forced postponement of the next launch.\n The total orderbook of outstanding launches for the\n13-member European Space Agency's Ariane rockets runs to more\nthan 40 satellites and is worth more than two billion dlrs.\n The Ariane program is the main rival to the United States'\nNASA agency in the lucrative satellite launch market. Its\norders have sharply increased largely as a result of the U.S.\nSpace shuttle disaster in January 1986.\n REUTER\n\u0003",
"date": "28-MAR-1987 01:35:32.76",
"places": [
"france"
],
"id": "10607"
},
{
"title": "JAPAN'S CHIP MAKERS ANGERED BY U.S. SANCTION PLANS",
"body": "Japanese computer chip makers reacted\nangrily to news the United States plans to take retaliatory\naction against them for allegedly failing to live up to an\nagreement on trade in computer microchips.\n Electronic Industries Association of Japan (EIAJ) Chairman\nShoichi Saba stated: \"EIAJ believes that it is premature and\neven irrational to attempt an assessment of the impact of the\nagreement and our efforts to comply with it only six months\nafter concluding the agreement.\"\n \"We urge U.S. Governmental authorities to reconsider the\ndecision made, to evaluate fairly the results of Japanese\nefforts in implementing the objectives of the agreement, and to\nresist emotional biases,\" he said.\n Yesterday, Washington announced plans to slap as much as\n300 mln dlrs in tariffs on Japanese imports in retaliation for\nwhat is sees as Japan's failure to comply with the terms of the\npact.\n The agreement, struck late last year after months of heated\nnegotiations, called on Japan to stop selling cut-price chips\non world markets and to buy more American-made semiconductors.\n To salvage the pact, Tokyo has instructed its chip makers\nto slash production and has helped establish a multi-lateral\norganisation designed to promote chip imports.\n Saba said that Japanese chip companies have pledged three\nmln dlrs over the next five years to the new organisation and\nexpressed regret that no American company has seen fit to join.\n \"This suggests that American semiconductor manufacturers may\nnot be really interested in participating in the Japanese\nmarket,\" he said.\n REUTER\n\u0003",
"date": "28-MAR-1987 01:58:48.19",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10608"
},
{
"title": "OVERSEA-CHINESE BANKING CORP LTD <OCBM.SI> YEAR",
"body": "Shr 21 cts vs 20 cts\n Fin Div 8.0 cts gross vs 9.0 cts\n Group net 104.8 mln dlrs vs 100.9 mln\n Note - Fin div pay June 6, record May 19.\n REUTER\n\u0003",
"date": "28-MAR-1987 02:58:44.85",
"topics": [
"earn"
],
"places": [
"singapore"
],
"id": "10609"
},
{
"title": "UNITED OVERSEAS BANK LTD <UOBM.SI> YEAR",
"body": "Shr 26.9 cts vs 25.1 cts\n Fin Div 8.0 pct gross vs 8.0 pct\n Group net 106.1 mln dlrs vs 99.0 mln\n Note - Fin div pay May 25, record April 18.\n REUTER\n\u0003",
"date": "28-MAR-1987 02:58:55.22",
"topics": [
"earn"
],
"places": [
"singapore"
],
"id": "10610"
},
{
"title": "STRAITS TRADING CO LTD <STCM.SI> YEAR",
"body": "Shr 8.7 cts vs 7.7 cts\n Fin div 9.0 cts vs 9.0 cts\n Group net 23.5 mln dlrs vs 20.8 mln\n Turnover 212.7 mln dlrs vs 595.4 mln\n Note - Fin div pay May 27, record May 23. REUTER\n\u0003",
"date": "28-MAR-1987 02:59:07.44",
"topics": [
"earn"
],
"places": [
"singapore"
],
"id": "10611"
},
{
"title": "SINGAPORE LAND LTD <LNDH.SI> FIRST HALF FEB 28",
"body": "Shr 8.43 cts vs 9.61 cts\n Int div nil vs nil\n Group net 7.8 mln dlrs vs 8.9 mln\n Turnover 30.6 mln dlrs vs 33.5 mln\n Note - The company said group net profits for the year\nending this Aug 31 should amount to 13.5 mln dlrs.\n REUTER\n\u0003",
"date": "28-MAR-1987 02:59:22.14",
"topics": [
"earn"
],
"places": [
"singapore"
],
"id": "10612"
},
{
"title": "IVORIAN CHOSEN COCOA COUNCIL EXECUTIVE DIRECTOR",
"body": "Edouard Kouame, Ivorian delegate to the\nInternational Cocoa Organization (ICCO), was chosen Executive\nDirector of the ICCO, effective October 1, ICCO officials said.\n Kouame will succeed Dr. Kobena Erbynn of Ghana in the post.\n REUTER\n\u0003",
"date": "28-MAR-1987 03:48:52.66",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk"
],
"id": "10613"
},
{
"title": "SOUTH KOREA SIGNS FOR 44.6 BILLION YEN CREDIT",
"body": "South Korea signed with Japan for a 44.6\nbillion yen credit facility, part of a four billion dlr aid\npackage for South Korea's economic development plan to 1988,\nForeign Ministry officials here said.\n The facility, to be used mostly for building a\nmulti-purpose dam and modernising educational and medical\nfacilities and for sewer projects, bears interest of 4.25 pct\nper year and is repayable over 18 years after a grace period of\nseven years.\n REUTER\n\u0003",
"date": "28-MAR-1987 03:59:46.77",
"places": [
"japan",
"south-korea"
],
"id": "10614"
},
{
"title": "MALAYSIA EXPECTS RUBBER SHORTAGE IN APRIL/MAY",
"body": "Malaysia said it expects a natural\nrubber shortage in April and May because of the effects of\ncurrent wintering on rubber trees.\n The expected shortage and stronger demand for rubber goods,\nespecially condoms and surgical gloves by consumers, is likely\nto push up prices, the Malaysian Rubber Exchange and Licensing\nBoard said in its latest monthly bulletin.\n During the annual wintering period from February to April\nrubber trees shed their leaves and latex output is very low.\n REUTER\n\u0003",
"date": "28-MAR-1987 04:18:48.62",
"topics": [
"rubber"
],
"places": [
"malaysia"
],
"id": "10615"
},
{
"title": "ZIMBABWE CONFIRMS HOOF-AND-MOUTH DISEASE",
"body": "Zimbabwe has confirmed an outbreak of\nthe animal-borne hoof-and-mouth disease, which prompted\nBotswana on Thursday to stop imports of almost all Zimbabwean\nmeat products.\n Agriculture Ministry Permanent Secretary Robbie Mupawose\nsaid it had been found at a ranch in southwestern Matabeleland\nprovince and that all measures were being taken to contain it\nfrom spreading. \"The effect of this outbreak on Zimbabwe's beef\nexports is being examined,\" he added in a statement.\n Zimbabwe exports a wide range of meat products to\nneighbouring states and some 8,000 tonnes of high-grade beef to\nthe European Community annually worth about 48 mln U.S. Dlrs.\n REUTER\n\u0003",
"date": "28-MAR-1987 04:50:10.73",
"topics": [
"livestock",
"carcass"
],
"places": [
"zimbabwe"
],
"id": "10616"
},
{
"title": "U.S. BANKER PREDICTS FURTHER DOLLAR FALL THIS YEAR",
"body": "A leading U.S. Banker said the dollar\nwas likely to fall another five to 10 pct this year and an\nimprovement in the huge American trade deficit would be only\ntemporary at current world exchange rate levels.\n Kurt Viermetz, Worldwide Treasurer of <Morgan Guaranty\nTrust Co>, told Arab currency traders meeting here that the\nsteady depreciation of the dollar had not gone far enough to\nrein in U.S. Deficits on a lasting basis.\n Speaking at the 14th annual congress of the Interarab\nCambist Association, Viermetz said an agreement reached last\nmonth among major industrial nations to steady the dollar\naround current levels left many questions unanswered.\n \"I cannot see any chance for a real turnaround (rise) in the\ndollar,\" Viermetz said. \"I believe there is room for a further\nfall of five to 10 per cent in 1987.\"\n The United States, West Germany, Japan, France, Great\nBritain and Canada -- G-6 -- agreed in Paris in late February\nto stabilise major currencies around current levels.\n The accord came after months of transatlantic argument,\nwith Tokyo and Bonn claiming Washington's policy of talking the\ndollar lower had made life impossible for West German and\nJapanese exporters.\n The Paris accord also brought a pause to the continued\nslide of the dollar engineered by a meeting in New York in\nSeptember 1985 when industrial nations agreed to depress the\nvalue of the currency to help redress global trade imbalances.\n But Viermetz said Morgan Guaranty's economic models showed\nthat with no further change in exchange rates -- and continued\nsluggish growth in West Germany and Japan -- the U.S. Trade\ndeficit would improve only temporarily.\n He said the deficit might fall to 145 billion dlrs this\nyear from 165 billion in 1986 and further improve to 120\nbillion in 1988 but by 1990, it would be back around 160\nbillion dlrs.\n \"This is clearly unacceptable for the monetary authorities\nand politicians in Washington,\" he said.\n Viermetz said it was only natural that markets should\nattempt to test the credibility of the Paris accord, struck\nwhen the dollar was trading at about 1.83 marks and 152.50 yen.\n Immediately before the historic 1985 New York agreement or\n\"Plaza Accord,\" the dollar had been trading at 2.84 marks and 240\nyen.\n Viermetz said he believed major nations in Paris wanted to\nsee the dollar hold within a \"loose range\" of 1.75 to 1.90 marks\nand 145 to 155 yen, with any attempt to push the U.S. Currency\nlower being countered by central bank intervention.\n The dollar ended in New York yesterday at 147.15/25 yen --\nits lowest level against the Japanese currency in roughly 40\nyears. It closed at 1.8160/70 marks.\n Viermetz also said he did not see the U.S. Federal funds\nrate falling below six pct for fear of provoking an\nuncontrolled fall in the dollar.\n But at the same time, worries about the international debt\ncrisis would mean there was little chance of a rise above 6-3/4\npct since this would increase loan costs to the third world.\n The Middle East foreign exchange conference brings together\nmore than 200 traders and bank treasury chiefs from the Arab\nworld and Arab banks in European and U.S. Financial centres.\n Formal discussions, which end today, have also centred on\nthe role of Arab banks in world financial markets, with bankers\nurging them to adapt to a new global trend towards\nsecuritisation of business.\n Hikmat Nashashibi, President of the Arab Bankers\nAssociation, said Arab banks have to shake off their old\nmentality of commercial banking and concentrate more on\ninvestment banking.\n REUTER\n\u0003",
"date": "28-MAR-1987 06:11:38.56",
"topics": [
"money-fx",
"dlr"
],
"places": [
"uae",
"usa"
],
"id": "10617"
},
{
"title": "OFFICIAL WANTS ARAB FUND TO HELP LEBANESE POUND",
"body": "Lebanese central bank Vice Governor\nMeguerditch Bouldikian called for the establishment of an Arab\nfund to assist the Lebanese pound, which has lost more than 80\npct of its value against the dollar since January 1986.\n Bouldikian told an Arab exchange dealers conference the\nbank would continue to take measures to defend the currency.\n But he said Lebanon needed foreign support for its\nwar-battered economy now more than ever before. \"We expect a\ncommon effort between the central bank and Arab central banks\nand monetary authorities to create an Arab fund to support and\npreserve the value of the currency when needed,\" he said.\n Twelve years of civil war have devastated productive\nsectors of the Lebanese economy and created gaping trade and\nbudget deficits.\n Bouldikian said recent government measures had succeeded in\nreducing demand for imports and increasing exports. \"These are\nencouraging factors, but the war has not ended yet,\" he said.\n \"We believe that with a just political solution acceptable\nto all sides, confidence will return and this will benefit the\nLebanese pound and Lebanon.\"\n In the meantime, he said the central bank had four main\ngoals:\n 1) to use surplus liquidity to finance the budget deficit\n 2) to increase the role of commercial banks and non-bank\nfinancing institutions in financing the deficit\n 3) to limit the transfer of Lebanese pounds into foreign\ncurrency deposits\n 4) to protect the financial health of commercial banks.\n REUTER\n\u0003",
"date": "28-MAR-1987 06:21:58.04",
"topics": [
"money-fx"
],
"places": [
"uae",
"lebanon"
],
"id": "10618"
},
{
"title": "JAPAN JOINING INTERNATIONAL COCOA AGREEMENT",
"body": "Japan is in the process of joining the\nInternational Cocoa Organisation (ICCO), which will bring the\nnumber of members in the body to 36, ICCO officials said.\n Japan is completing constitutional procedures necessary to\nits accession to the ICCO and is expected to become an\nimporting member in three to four months, they said.\n REUTER\n\u0003",
"date": "28-MAR-1987 06:23:26.53",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk",
"japan"
],
"id": "10619"
},
{
"title": "TURKISH SHIP IN OIL ROW HEADS FOR AEGEAN",
"body": "A Turkish research ship, escorted by\nwarships and air force planes, left for the Aegean to press\nAnkara's case in an escalating row with Greece over oil rights,\nthe semi-official Anatolian News Agency said.\n The ship set off this morning from the Dardanelles port of\nCanakkale with flags flying and watched by sightseers, the\nagency said.\n Prime Minister Turgut Ozal said last night the ship would\nnot go into international waters unless Greece did the same.\n \"We are waiting for the first move from them,\" he told\nTurkish Radio in London.\n REUTER\n\u0003",
"date": "28-MAR-1987 06:26:49.84",
"topics": [
"ship",
"crude"
],
"places": [
"turkey",
"greece"
],
"id": "10620"
},
{
"title": "PAPANDREOU SHOWS \"RESTRICTED OPTIMISM\" OVER CRISIS",
"body": "Greek Prime Minister Andreas Papandreou\nexpressed \"restricted optimism\" about a crisis with Turkey over\ndisputed oil rights in the Aegean Sea.\n Papandreou was speaking to reporters after briefing\nopposition political leaders on the latest developments in the\nrow as a Turkish research ship escorted by warships and combat\naircraft headed for the Aegean.\n He and other political leaders spoke of qualified optimism\nfollowing a statement by Turkish Premier Turgut Ozal last night\nthat the research vessel would not enter disputed waters as\npreviously annnounced unless Greek vessels did so.\n The Prime Minister declined to answer reporters' questions\nabout an announcement last night that Greece had asked the\nUnited States to suspend operations at one of the American\nmilitary bases here due to the crisis.\n But Opposition leader Constantine Mitsotakis told reporters\nhe thought the suspension would be temporary until the crisis\nis resolved. A U.S. Defence Department official in Washington\nsaid the station was still functioning.\n Communist Party leader Harilaos Florakis said here \"the\nclimate is calmer today.\"\n Greek newspapers reported that the Greek army, navy and air\nforce had been moved to strategic Greek islands in the Aegean\nand to the land border with Turkey at the Evros River.\n But there was no official word on military movements apart\nfrom a comment by the government spokesman that the Greek navy\nwas no longer in port.\n The United States, NATO and the United Nations all called\non Greece and Turkey to exercise restraint.\n Greek U.N. Representative Mihalis Dounas said in a letter\nto the secretary-general that the dispute was of a legal nature\nand could be settled in the International Court in the Hague.\n REUTER\n\u0003",
"date": "28-MAR-1987 06:36:35.25",
"topics": [
"crude",
"ship"
],
"places": [
"greece",
"turkey"
],
"id": "10621"
},
{
"title": "CHINA POSTPONES PLAN TO SCRAP PARALLEL CURRENCY",
"body": "Chinese Vice-Premier Tian Jiyun said\nplans to scrap the country's parallel currency, Foreign\nExchange Certificates (FECs), had been postponed due to\nobjections from foreign businessmen and others.\n But Tian told a news conference the Chinese government\nstill considered FECs unsatisfactory.\n Asked about the current state of plans to abolish the FECs,\nTian said: \"We have decided to postpone the question. As to\nwhether it will be done in the future, it will be done\naccording to the evolution of the situation.\"\n He said many people, including foreign businessmen, had\nraised objections to the plan to abolish the certificates, and\nadded: \"It is rather complicated.\"\n The FECs were introduced in 1980 for use by foreigners in\nChina. But they now circulate widely among local residents and\nthere is a big black market in the currency, though it is\ntheoretically at par with the ordinary Chinese currency,\nrenminbi.\n Tian said the government still considered that the FECs had\n\"many demerits and negative influences.\"\n Bank of China President Wang Deyan told Reuters earlier\nthis month that he thought it unlikely that the certificates\nwould be scrapped this year.\n Western diplomats and economists have said the Chinese\nauthorities are having trouble finding a suitable alternative.\n Vice-Premier Yao Yilin announced at a similar press\nconference last year that the FECs would be abolished, saying\nthe government had decided it was ideologically unacceptable to\nhave two currencies circulating in China at the same time.\n REUTER\n\u0003",
"date": "28-MAR-1987 06:53:51.27",
"topics": [
"money-fx"
],
"places": [
"china"
],
"id": "10622"
},
{
"title": "NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE",
"body": "Prime Minister Yasuhiro Nakasone sounded\na conciliatory note in Japan's increasingly bitter row with the\nUnited States over trade in computer microchips.\n \"Japan wants to resolve the issue through consultations by\nexplaining its stance thoroughly and correcting the points that\nneed to be corrected,\" he was quoted by Kyodo News Service as\nsaying.\n While expressing regret over America's decision to impose\ntariffs on imports of Japanese electrical goods, Nakasone said\nTokyo was willing to send a high-level official to Washington\nto help settle the dispute.\n Government officials said Japan would make a formal request\nnext week for emergency talks and that the two sides would\nprobably meet the week after, just days before the April 17\ndeadline set by Washington for the tariffs to take effect.\n Tokyo is expected to propose a joint U.S./Japan\ninvestigation of American claims that Japanese companies are\ndumping cut-price chips in Asian markets.\n Yesterday, Washington announced plans to put as much as 300\nmln dlrs in tariffs on imports of certain Japanese electronic\ngoods in retaliation for what it sees as Tokyo's failure to\nlive up to their bilateral chip pact.\n That agreement, hammered out late last year after months of\nheated negotiations, called on Japan to stop selling cut-price\nchips in world markets and to buy more American-made chips.\n Nakasone's comments seemed distinctly more conciliatory\nthan those of his Trade and Industry Minister, Hajime Tamura,\nwho earlier today said Japan was ready to take \"appropriate\nmeasures\" if Washington went ahead with the sanctions.\n Ministry of International Trade and Industry (MITI)\nofficials later sought to downplay the significance of Tamura's\nremark and said that his main message was that the two sides\nneed to talk urgently about the issue.\n But they admitted that Japan was considering taking the\nUnited States to GATT, the Geneva-based international\norganization which polices world trade, if Washington imposed\nthe tariffs.\n Any Japanese action would probably be taken under Article\n23 of the General Agreement on Tariffs and Trade (GATT), they\nsaid. If that article were invoked, GATT would set up a panel\nto consider the legality of the U.S. Action.\n But officials here said they hope that can be avoided. \"It\nmay be wishful thinking but there is a possibility the United\nStates may lift its decision at an early date,\" Tamura said.\n In announcing the U.S. Sanctions yesterday, President\nRonald Reagan said he was prepared to lift them once he had\nevidence that Japan was no longer dumping chips in world\nmarkets and had opened up its own market to imports.\n Japanese government officials said they are confident they\ncan make the pact work.\n They said that the export of cut-price Japanese chips\nthrough unregulated distributors has all but dried up after\nMITI instructed domestic makers to cut output.\n While acknowledging that it is harder to increase Japanese\nimports of American chips, MITI officials said that the\nministry is doing all it can to ensure that happens.\n The Ministry recently called on Japan's major chip users,\nsome of whom are also leading producers, to step up their\npurchases of foreign semiconductors.\n A spokesman for one of the companies, Toshiba Corp <TSBA.T>\nsaid his firm would do just that and could announce its plans\nin the next week or so. He expects other Japanese companies to\ndo likewise.\n REUTER\n\u0003",
"date": "28-MAR-1987 07:04:43.45",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10623"
},
{
"title": "ISLAMIC BANK MAKES 12.3 MLN DLRS OF LOANS",
"body": "The Islamic Development Bank (IDB)\napproved a total of 12.3 mln dlrs of project loans and\ntechnical assistace to member countries, a bank statement said.\n It said Senegal was given a 5.5 mln dlrs loan for a rice\ncultivation project, Guinea 4.6 mln dlrs for construction of\nschools and 1.2 mln dlrs for Comoros for petroleum facilities.\n Sudan, Sierra Leone and Gabon were given a total of 980,000\ndlrs of technical assistance. The bank also extended a 10 mln\ndlrs line of leasing to a Malaysian Bank and 1.9 mln dlrs to a\nTunisian-Saudi Investment Company, the statement said.\n REUTER\n\u0003",
"date": "28-MAR-1987 07:11:39.72",
"places": [
"turkey",
"senegal",
"guinea",
"sierra-leone",
"gabon"
],
"id": "10624"
},
{
"title": "ISLAMIC BANKS ESTABLISH 50 MLN DLR TRADE PORTFOLIO",
"body": "The Islamic Development Bank (IDB) and\n20 Islamic Banks signed an agreement to establish a 50 mln dlr\ntrade portfolio to finance trade among Islamic countries, IDB\nsources said.\n They said IDB's share in the portfolio, which will only\nfinance exports and imports of the private sector, was limited\nto up to 25 mln dlrs.\n The sources said shares in the porfolio could be traded or\nredeemed by the IDB, adding that this was a major step in\nestablishing an Islamic financial market.\n REUTER\n\u0003",
"date": "28-MAR-1987 07:12:04.12",
"topics": [
"trade"
],
"places": [
"turkey"
],
"id": "10625"
},
{
"title": "SOVIETS HAVE TESTED SS-18 MISSILE - WEINBERGER",
"body": "U.S. Defence Secretary Caspar\nWeinberger said the Soviet Union continues to grow in military\nstrength and has tested its SS-18 intermediate-range missile.\n It was a \"successful test so far as we know, and the next\none of course is the follow-on to the SS-20,\" Weinberger told\ninterviewers on the CNN television network.\n \"They finished deploying the SS-20 some time last year. They\nare all ready well advanced on its follow-on. They never stop.\nThat\"s the lesson.\"\n \"They continue to grow in all aspects: conventional, land,\nsea, air and nuclear,\" he said of Soviet military strength.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:08:38.15",
"places": [
"usa",
"ussr"
],
"id": "10626"
},
{
"title": "TURKISH-GREEK AEGEAN TENSION ABATES",
"body": "Turkey\"s standoff with Greece over Aegean\noil rights appeared at an end after the government said it had\nbeen assured Athens would not start prospecting in disputed\nwaters.\n A Foreign Ministry statement last night hinted Turkey was\nclaiming victory. A Greek-based international consortium, North\nAegean Petroleum Co., Had given up plans to start searching for\noil in international waters east of Thasos island, it said.\n \"In the same way it has been understood that Greece will\nalso not undertake oil activities outside its territorial\nwaters,\" the statement added.\n An Ankara Radio report monitored in London said Foreign\nMinister Vahit Halefolu had called on Greece to engage in\ndialogue over the dispute. It was impossible to resolve the\ndispute by crises, he was quoted as saying.\n \"We call on Greece to come and engage in a dialogue with us\n- let us find a solution as two neighbours and allies should,\"\nhe said.\n The radio said Halefoglu had briefed the leaders of a\nnumber of the country\"s political parties on the latest\ndevelopments.\n Turkey sent the survey ship Sismik 1 into the Aegean\nyesterday, flanked by warships, to press its case but having\nearlier said it would go into disputed waters, declared the\nvessel would stay in Turkish areas.\n Prime Minister Turgut Ozal, in London on his way home after\nheart surgery in the United States, is expected to receive an\necstatic welcome from thousands of Turks when he returns today.\n He was in defiant mood last night, telling Turkish radio:\n\"We can never accept that Greece should confine us to the\nAnatolian continent. If there are riches under the sea, they\nare for mankind.\"\n Despite the end of the crisis, Turkish officials\nacknowledged that the underlying dispute over delimiting the\ncontinental shelf in the Aegean remained unsolved.\n Turkey alleged that the consortium\"s plans would have\ninfringed the 1976 Berne agreement between the two countries,\nwhich called for a moratorium on any activities until the\ndelimitation was agreed. Greece earlier this month declared it\nconsiders the accord inoperative.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:09:12.32",
"topics": [
"ship",
"crude"
],
"places": [
"turkey",
"greece"
],
"id": "10627"
},
{
"title": "CHINA HELPS IRAN TO DEVELOP NEW MISSILES - PAPER",
"body": "Iran has produced a short-range\nsurface-to-surface missile with technological help from China\nand is working with Peking on a longer-range missile capable of\nhitting most areas of Iraq, the Observer newspaper said.\n The British Sunday paper, quoting Iranian sources, said the\nshorter-range missile was based on a Chinese version of the\nSoviet-made Frog and had been fired at the Iraqi port of Basra.\nThe missile has a range of 40 miles.\n The other type, similar to the Soviet army\"s Scud B with a\nrange of 180 miles, is at an advanced stage of development,\naccording to the Observer.\n The development of a longer-range weapon would enable Iran\nto strike at many towns and cities on the territory of its\nrelatively small neighbour.\n Earlier this month, Iran acknowledged it had acquired\nChinese-made Silkworm missiles capable of hitting tankers\ncarrying crude oil from Arab countries to the West.\n Iran said it would use its Silkworm anti-ship missile\nagainst shipping in the waterway only if Iraqi air and missile\nraids prevented it from exporting oil.\n The Silkworms are large mobile missiles with a range of 60\nmiles, which can carry a warhead of 1,000 pounds.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:11:42.98",
"places": [
"uk",
"china",
"iran",
"iraq"
],
"id": "10628"
},
{
"title": "CHINA, ISRAEL DISCUSS MIDDLE EAST PEACE PROSPECTS",
"body": "China and Israel, which have no\ndiplomatic relations, discussed Middle East peace prospects and\nrelated matters at a meeting in New York city, an Israeli\nspokesman said.\n Taking part in the talks at an undisclosed location were\nChina's U.N. Representative, Ambassador Li Luye, and the\ndirector-general of the Israeli Foreign Ministry, Abraham\nTamir.\n \"It was in a U.N. Context rather than a bilateral context,\nand one of a series of meetings being held with members of the\nSecurity Council,\" Israeli U.N. Spokesman Eyal Arad said.\n The meeting, which dealt with \"the peace process and related\nmatters,\" was held at Israel's initiative and was arranged by\nthe two countries' U.N. Missions, he added.\n While in New York, Tamir has conferred with a number of\nU.N. Diplomats, including the representative of the Soviet\nUnion, with which Israel also has no diplomatic relations.\n Increasing attention has been focused in recent months on\nprospects for a U.N.-sponsored Middle East peace conference\nthat would include the five permanent members of the Security\nCouncil -- China, the Soviet Union, the United States, Britain\nand France.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:19:28.14",
"places": [
"china",
"israel"
],
"id": "10629"
},
{
"title": "GREECE SCRAPS U.S. BASE CLOSURE REQUEST",
"body": "Prime Minister Andreas Papandreou has\nwithdrawn a request to Washington to suspend operations at an\nAmerican army base near Athens as a Greek-Turkish row over oil\nrights in the Aegean eased.\n A Turkish research ship which Greece had threatened to\ntackle if it sailed into disputed waters in the Aegean Sea kept\nto Turkish territorial waters yesterday, avoiding a potential\nclash.\n Papandreou expressed qualified optimism after briefing\nopposition leaders on Aegean developments early yesterday.\n The Greek government later withdrew Friday's request to\nWashington to close down its telecommunications base at Nea\nMakri, north of Athens, saying that the reasons which had\nprompted it to make the request were no longer valid.\n Under the terms of the U.S.-Greek bases accord, Greece has\nthe right to ask for suspension of operations at times when its\nnational interests are threatened.\n The row in the Aegean erupted after Turkey said it would\nsearch for oil round three Greek islands off its coast\nfollowing an announcement from Greece that it planned to drill\neast of Thassos island after taking control of a Canadian-led\noil consortium operating in the northern Aegean.\n Turkey accused Greece of breaching the 1976 Berne Agreement\nunder which both sides agreed to preserve the status quo in the\nAegean until their continental shelf dispute was settled.\nAthens says it considers the accord inactive.\n The Turkish Foreign Ministry said in a statement it had\nreceived an assurance from Greece that it would not carry out\noil activities outside its territorial waters. Greece declined\ncomment on the statement.\n Papandreou repeated an invitation to Turkey to take the\nlong-standing continental shelf dispute to the International\nCourt of Justice at The Hague.\n Conservative opposition leader Constantine Mitsotakis said\nhe had urged Papandreou to accept an offer from NATO General\nSecretary Lord Carrington to help resolve the row.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:19:43.36",
"places": [
"usa",
"greece"
],
"id": "10630"
},
{
"title": "TENTATIVE PACT AGREED IN GM <GM.N> STRIKE",
"body": "A tentative settlement has been\nreached in a three-day strike by 9,000 workers at a General\nMotors <GM.N> truck and bus complex, a union spokesman said.\n United Auto Workers (UAW) spokesman Don Hooper told Reuters\nin a telephone interview a settlement had been reached and a\nratification vote was expected today. He had no further\ndetails.\n GM officials were unavailable for comment, but the head of\nsecurity at one of the struck plants confirmed a tentative\nsettlement of the dispute.\n The UAW struck at three GM factories on Thursday as labor\ncontract talks broke down on the issue of using non-union\nlabour on subcontracting jobs.\n About 9,000 hourly workers walked off the job after the UAW\nand management failed to come to an agreement by Thursday noon,\na deadline set last week by the union.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:52:05.03",
"places": [
"usa"
],
"id": "10631"
},
{
"title": "BANK SEES MODEST RECOVERY IN GULF ARAB ECONOMIES",
"body": "The Emirates Industrial Bank has\npredicted a modest economic recovery in the Gulf Arab states\nfollowing higher oil revenues.\n A bank study, carried by the Emirates news agency WAM, said\ntotal oil revenues of the six Gulf Cooperation Council (GCC)\ncountries were likely to reach 39 billion dlrs this year from\n33.5 billion in 1986.\n The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia\nand the United Arab Emirates (UAE).\n The bank said the improvement would result from higher oil\nprices made possible by last December's OPEC accord to restrain\noverall group production.\n These curbs have pushed up oil prices from around eight\ndollars a barrel in mid-1986 to around 18 dlrs.\n \"All signs point to the possibility of a modest recovery in\nthe economies of these (GCC) countries, although this expected\ngrowth will not be similar to that of the (1970s) boom years,\"\nthe study said.\n It added, however, that GCC states would experience higher\nbudget deficits this year because of needs arising from past\nrecession and the difficulty of making fresh spending cuts.\n The study said the combined GCC bugdet deficits would rise\nto 23.2 billion dlrs from 17.9 billion last year.\n It said lower oil exports cut the GCC states' combined\ntrade surplus to 18 billion dlrs in 1986 from 21.5 billion in\n1985.\n The UAE suffered a 19.5 pct drop in gross domestic product\nto 77.6 billion dirhams last year from 96.4 billion in 1985, it\nadded.\n REUTER\n\u0003",
"date": "28-MAR-1987 23:52:52.48",
"topics": [
"crude"
],
"places": [
"uae"
],
"id": "10632"
},
{
"title": "ARAB BANKER SAYS TOO SOON FOR SINGLE CURRENCY",
"body": "Gulf Arab states must coordinate\neconomic policies more closely before moving towards their goal\nof a unified currency system, the President of the Arab Bankers\nAssociation said.\n Hikmat Nashashibi told a news conference at the end of an\nArab currency traders meeting: \"We have to start with\ncoordination of fiscal policies as a prerequisite for a common\nsystem of currencies ... There is quite a substantial way to go\nyet.\"\n He said only then would a unified Gulf currency system be a\nplausible project.\n The six nations of the Gulf Cooperation Council -- Saudi\nArabia, Kuwait, Bahrain, Oman, Qatar and the United Arab\nEmirates -- have held a series of meetings this year to\nexamine linking their currencies to a single peg in a system\nwhich bankers say could be modelled on the European Monetary\nSystem (EMS).\n At present, five currencies are linked either officially or\nin practice to the U.S. Dollar, while the Kuwaiti dinar is\npegged to a trade-weighted basket of currencies.\n A common currency system or EMS-style \"grid\" would, in\ntheory, foster regional trade by providing a basis for stable\nexchange rates, but Nashashibi said inter-Arab trade is at a\nvery low ebb and capital flows between Gulf states remain\nsmall. \"Capital markets in the Arab world are still in their\ninfancy,\" he said.\n Nashashibi said lack of experience among Arab banks, a\npaucity of financial instruments and a legal framework that\noften does not recognise the western banking concept of\ninterest have hampered the growth of Arab markets.\n REUTER\n\u0003",
"date": "29-MAR-1987 00:00:02.22",
"topics": [
"money-fx"
],
"places": [
"uae"
],
"id": "10633"
},
{
"title": "CHINA FOREIGN RESERVES EXCEED 10 BILLION DLRS",
"body": "China's foreign exchange reserves are\nmore than 10 billion dlrs, enough to cover import payments for\nthree to four months, Vice Premier Tian Jiyun said.\n He told a news conference that China also has considerable\nreserves of gold. He gave no figure.\n The last published figure for foreign exchange reserves was\n10.37 billion dlrs at end-September 1986, down from 10.47\nbillion at end-June and 12.59 billion at end-September 1985.\n REUTER\n\u0003",
"date": "29-MAR-1987 00:15:09.44",
"topics": [
"reserves"
],
"places": [
"china"
],
"id": "10634"
},
{
"title": "CHINA SAYS FOREIGN DEBT RISING, LEVEL NOT DANGEROUS",
"body": "A Chinese leader said the country's\nforeign debt was rising but the level was not dangerous and\nChina valued its good credit rating in the world.\n Vice-Premier Tian Jiyun told a news conference for foreign\njournalists the debt, including foreign investment, was 20.6\nbillion dlrs at end-1986, of which 7.6 billion were in\nlong-term, low-interest loans.\n \"Considering the national economic strength of China and the\nscale of its imports and exports, this level of foreign debt\ncan be sustained by China now and has not developed to a\ndangerous point,\" he said.\n Finance Minister Wang Bingqian said in the budget speech on\nThursday that foreign borrowings in 1987 would be almost double\nthe 1986 level and nearly six times the 1985 amount.\n Under Chairman Mao Tse-tung's rule from 1949-1976, China\nborrowed very little abroad, insisting that nearly all\ndevelopment be financed from the country's own resources.\n Tian took the opposite view. \"It is not enough for us to\nrely totally on our own funds and capital (to achieve its\nmodernisation). We have to have the courageous spirit to borrow\na certain amount of foreign loans,\" he said.\n He said China must not borrow too much and no more than it\ncan repay. \"China has good credit in terms of foreign borrowing\nand we value this good credit,\" he said.\n Vice Premier Yao Yilin, a former Commerce Minister, told\nthe same news conference some people said China's foreign debt\nwas already too much and others said China could increase the\namount.\n \"They proceed from their own perspectives to make such\nremarks. We must always be clear-headed when we analyse the\nsituation,\" he said.\n REUTER\n\u0003",
"date": "29-MAR-1987 00:15:38.34",
"places": [
"china"
],
"id": "10635"
},
{
"title": "ITALY RELAXES RESTRICTIONS ON LIRA IMPORTS",
"body": "Italy is to modify restrictions limiting\nthe amount of lira cash that can be brought in and out of the\ncountry, the Foreign Trade Ministry said.\n A statement said Foreign Trade Minister Rino Formica has\nsigned a measure lifting currency regulations that currently\nimpose a 400,000 lire limit on the value of lira bank notes\nthat can be brought into Italy. It did not say when the new\nmeasure would come into force.\n In future, there will be no limit to the amount of lira\nbank notes both residents and non-residents can bring into\nItaly.\n The statement said the 400,000 lire limit would remain for\nItalian residents wishing to take cash out of the country, but\nnon-residents could re-export lira cash if they made\nappropriate declarations at customs points.\n It said the lifting of the restrictions \"reinforces the\ninternational status of the lira and meets the requirements\nexpressed several times by foreign exchange dealers.\"\n REUTER\n\u0003",
"date": "29-MAR-1987 00:21:19.08",
"topics": [
"money-fx",
"lit"
],
"places": [
"italy"
],
"id": "10636"
},
{
"title": "FRENCH PUBLIC SECTOR TO GET FIVE BILLION FRANCS",
"body": "The French public sector will get a total\nof five billion francs of investment from the 41 billion francs\nwhich the government expects to raise through its privatisation\nprogram, the Finance Ministry said in a statement.\n Prime Minister Jacques Chirac said in a televised interview\non Wednesday the successful program would net the government 10\nbillion francs, more than the 30 billion orignally estimated.\n Around 75 pct of the additional revenue will be used to cut\nstate debt and 25 pct for public sector investment.\n Of this investment envelope, a total of 800,000 francs will\ngo towards industrial modernisation, especially of the chemical\nsector and and a further 800,000 francs for high-tech\nindustries such as the aeronautical and electronic sectors, the\nFinance Ministry said.\n France's state railways, the SNCF, will receive 1.4 billion\nfrancs to speed up financing of the high-speed TGV rail link to\nthe Atlantic coast.\n A total of two billion francs will go towards improving\nmotorways around the country, the ministry said.\n REUTER\n\u0003",
"date": "29-MAR-1987 00:22:53.58",
"places": [
"france"
],
"id": "10637"
},
{
"title": "ARAB FOREX ASSOCIATION ELECTS NEW CHAIRMAN",
"body": "The Inter-Arab Cambist Association\n(ICA) elected Abdullah al-Dakhil of Kuwait's Burgan Bank its\nnew chairman, succeeding Hani Ramadan of Beirut Riyad Bank for\na three-year term, ICA officials said\n The annual meeting elected three Vice-Chairmen -- Ezzedine\nSaidane of Banque Internationale Arabe de Tunis, Mohammed Osman\nof Societe Bancaire du Liban and Walid Nasouli of Morgan\nGuaranty Trust Co of New York.\n Ibrahim Buhindi of the Saudi National Commercial Bank in\nBahrain and Imad Bata of Finance and Credit Corp of Jordan were\nelected Secretary and Treasurer, respectively.\n REUTER\n\u0003",
"date": "29-MAR-1987 00:46:37.12",
"topics": [
"money-fx"
],
"places": [
"uae"
],
"id": "10638"
},
{
"title": "LIBYA SAYS CHAD FIGHTING TO CONTINUE",
"body": "Libyan leader Muammar Gaddafi said\nconfrontation would continue in Chad unless French forces leave\nthe country and rebel leaders share political power there.\n \"Any anti-Libyan regime in N'djamena can rest assured that\nit will never have a single comfortable night's sleep,\" he said\nin a speech carried by Libyan television and monitored by the\nBritish Broadcasting Corporation.\n Gaddafi repeated his stand that no Libyan forces are in\nChad, saying he stood by Chad rebel forces of GUNT -- the\nTransitional Government of National Unity -- fighting the\nforces of President Hissene Habre, supported logistically by\n2,400 French troops.\n \"As long as this movement (GUNT) continues to fight for the\nliberation of Chad we will continue to stand by its side with\nall force and firmness ... Whatever the battles, however long\nthe conflict and whatever the alliance between the\ncolonialists, the reactionaries and their agents,\" Gaddafi said.\n REUTER\n\u0003",
"date": "29-MAR-1987 00:54:46.64",
"places": [
"libya",
"chad"
],
"id": "10639"
},
{
"title": "COFFEE PRICES BAD NEWS FOR LATIN AMERICA -MINISTER",
"body": "A senior Nicaraguan official said a\nrecent plunge in coffee prices was economically and politically\ndisastrous for Latin American coffee-producing countries.\n Nicaraguan Foreign Trade Minister Alejandro Martinez Cuenca\nwas in London to brief International Coffee Organisation (ICO)\nexecutive board producer members after a meeting last weekend\nin Managua attended by eight Latin American coffee producers to\ndiscuss the fall in coffee prices.\n London coffee prices slid 300 stg per tonne in March, to\n1,279 stg from 1,580 stg at end-February.\n Martinez told reporters the price fall since the ICO failed\nto agree export quotas on March 1 has had disastrous results on\nLatin America, both economically and politically.\n He urged continued negotiations among coffee producers to\npave the way for a coffee export quota agreement by September.\n Coffee export quotas, used to regulate coffee prices under\nan International Coffee Agreement, were suspended a year ago\nwhen prices soared in response to a drought in Brazil.\n Central American economic ministers have estimated the\nregion will lose 720 mln dlrs in foreign exchange earnings in\n1987 if coffee prices are not rescued by a quota arrangement,\nMartinez said.\n He said ICO quota talks broke down last month because\nconsumer members lack the political will to fully support\ncommodity agreements, and because consumers tried to dictate to\nproducers.\n REUTER\n\u0003",
"date": "29-MAR-1987 01:57:33.44",
"topics": [
"coffee"
],
"organisations": [
"ico-coffee"
],
"places": [
"uk",
"nicaragua"
],
"id": "10640"
},
{
"title": "TURKEY LIFTS SURVEY SHIP ESCORT AS TENSION ABATES",
"body": "Turkey pulled warships back from close\nescort of its Sismik 1 survey ship as the threat of conflict\nwith Greece over oil rights in the Aegean Sea abated.\n The semi-official Anatolian Agency said naval vessels ended\ntheir close protection of the ship as it continued work in\nTurkish waters but were following it at a distance.\n Popular newspapers headlined what they saw as Turkish\nresolve and international pressure forcing Greece to pull back\nfrom planned exploration in disputed international waters.\n \"Intense United States and NATO efforts bore fruit: Greece\nwill stay in its national waters,\" said the daily Gunes. The\ntop-selling Hurriyet topped its front page with: \"Our resolute\nstand made Greece see reason.\"\n But two newspapers, Cumhuriyet and Milliyet, noted in\nidentical headlines -- \"Crisis Frozen\" -- that the basic\ndisagreement over exploration rights remained unsolved.\n The confrontation eased after the Turkish government said\nit had been assured Athens would not begin prospecting in\ndisputed waters.\n REUTER\n\u0003",
"date": "29-MAR-1987 03:20:39.84",
"topics": [
"ship",
"crude"
],
"places": [
"greece",
"turkey"
],
"id": "10641"
},
{
"title": "TOKYO BIDS TO STOP CHIP ROW TURNING INTO TRADE WAR",
"body": "Japan is seeking to prevent its computer\nchips dispute with the U.S. From erupting into a full-scale\ntrade war, government officials said.\n \"We hope that the dispute on this specific issue won't have\nan adverse effect on our overall relationship with the United\nStates,\" a Ministry of International Trade and Industry (MITI)\nofficial said.\n On Friday, Washington announced plans for as much as 300\nmln dlrs in tariffs on Japanese electronic goods for Tokyo's\nalleged failure to live up to a bilateral computer chip pact.\n That agreement, reached last year after heated\nnegotiations, called on Japan to stop selling cut-price chips\nin world markets and to buy more American-made semiconductors.\n Foreign Ministry officials immediately tried to isolate the\nfall-out from the dispute by seeking to separate it from Prime\nMinister Yasuhiro Nakasone's planned trip to Washington at the\nend of April.\n While Japan has already done about all it can to make sure\nthe chip pact is working, the government is studying measures\nit can take in other fields to defuse American anger and ensure\nthe trip's success, they said.\n \"The perception of Japan in the (U.S.) Congress is very bad,\"\none official told Reuters. \"We would very much like to do\nsomething to respond to that.\"\n In an apparent effort to prevent the chip dispute from\nspreading to other areas, MITI officials sought to depict the\nU.S. Action as a severe warning to Japanese semiconductor\nmakers, not to the government.\n Faced with a belligerent domestic chip industry and an\nangry American Congress, the Japanese government has been\nforced to walk an increasingly fine line in the semiconductor\ndispute, trade analysts said.\n They said that it was an open secret that Japan's largest\nchip maker, NEC Corp, was not happy with what it viewed as the\ndraconian measures MITI was taking to implement the pact,\nincluded enforced production cuts.\n The angry response of Japanese chip makers yesterday to the\nannouncement of the U.S. Tariffs highlighted the difficulties\nthe government faces in taking further action.\n \"Japanese semiconductor manufacturers have complied with the\nU.S./Japan agreement,\" said Shoichi Saba, Chairman of the\nElectronic Industries Association of Japan.\n He accused the U.S. Of being \"irrational.\" He said the U.S.\nAction had made the bilateral chip pact \"meaningless.\"\n Saba's comments contrasted with those of Prime Minister\nYasuhiro Nakasone, who said Tokyo wanted to solve the dispute\nthrough consultations.\n Japan is expected to send a high-level official to\nWashington early next month to try to convince the U.S. Not to\ngo ahead with the tariffs on April 17.\n Trade analysts say Tokyo is likely to outline industry\nplans to step up purchases of U.S. Chips and to propose a joint\ninvestigation into Washington's allegations of chip dumping.\n REUTER\n\u0003",
"date": "29-MAR-1987 04:51:28.60",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10642"
},
{
"title": "U.S. SEES MORE HARMONY IN TALKS WITH FRANCE",
"body": "The U.S. Expects more harmonious\ntalks than usual during French Prime Minister Jacques Chirac's\nfirst official visit this week as frequently rancorous disputes\nbetween the two countries begin to fade.\n \"The Libyan bombing is a thing of the past, the trade war\ndidn't happen and we have reached reasonably good cooperation\non terrorism,\" one U.S. Official told Reuters.\n \"It looks like a reasonably harmonious visit in prospect,\nmore harmonious than usual.\"\n Since taking office a year ago, Chirac has been obliged to\ndeal with a series of potentially serious disputes with the\nUnited States.\n During the U.S. Bombing of alleged terrorist targets in\nLibya last April, France refused to allow British-based U.S.\nPlanes to overfly its territory, forcing them to take a\ncircuitous route. That angered Washington.\n The U.S. Officials, who asked not to be identified, said a\nyear ago Washington felt the French were not taking strong\nenough action against terrorism. \"Now they are. We're pleased\nand they are pleased that we are pleased,\" one said.\n More recently, a dispute over U.S. Access to the grain\nmarkets of Spain and Portugal after they joined the European\nCommunity threatened to become a trade war.\n In retaliation for what Washington saw as deliberate\nCommunity moves to exclude U.S. Grain, the United States was\npoised to impose swingeing tariffs on European Community food\nimports and a major trade war was averted at the last minute.\n Last week, the forces of President Hissene Habre of Chad,\nsupported, trained and armed by Paris and Washington, scored a\nmajor success by pushing Libyan troops out of their last bases\nin northern Chad.\n A French official added: \"There is also a common interest in\ngetting Japan to cut its trade surplus with the rest of the\nworld by opening up its markets.\"\n Although relations have improved markedly between the two\ncountries, many irritants remain. At the top of the list is the\nCommunity's common agricultural policy (CAP).\n To Washington, as one official put it, \"CAP is the root of\nall evil\" in international food trade because it subsidises\nfarmers and sells vast amounts of excess produce at below world\nprices, thereby eating into U.S. Markets.\n REUTER\n\u0003",
"date": "29-MAR-1987 04:58:41.86",
"topics": [
"trade",
"grain"
],
"places": [
"usa",
"france"
],
"id": "10643"
},
{
"title": "BANK FUER GEMEINWIRTSCHAFT AG <BKFG.F> YEAR 1986",
"body": "Year ended December 31, 1986.\n Group net profit 30 mln marks vs 35 mln.\n Balance sheet total 61.50 billion marks vs 63.67 billion.\n Credit volume 42.00 billion marks vs 43.15 billion.\n Parent bank net profit 20 mln marks vs 20 mln.\n Transfer to trades union holding co 80 mln marks vs 80 mln.\n Payment to open reserves 20 mln marks vs 20 mln.\n Balance sheet total 48.67 billion marks vs 49.01 billion.\n Partial operating profit 182.6 mln marks vs 313.7 mln.\n Interest surplus 897.9 mln marks vs 981.1 mln.\n Surplus on commission 208.8 mln marks 188.1 mln.\n Ordinary expenditure 969.7 mln marks vs 909.7 mln.\n Earnings from subsidiaries through profit transfer\nagreements 494.2 mln marks vs 54.2 mln.\n Earnings from writing back provisions 326.5 mln marks vs\n65.6 mln.\n Published risk provisions 736.3 mln marks vs 224.0 mln.\n Credit volume 32.63 billion marks vs 33.51 billion.\n Group figures for 1986 exclude <BSV Bank fueer Sparanlagen\nund Vermoegensbildung AG> which no longer consolidated.\n REUTER\n\u0003",
"date": "29-MAR-1987 05:34:15.85",
"topics": [
"earn"
],
"places": [
"west-germany"
],
"id": "10644"
},
{
"title": "SOUTH AFRICAN MINISTER SHOT, INJURED",
"body": "South Africa's Environmental Affairs\nMinister John Wiley has been injured in a shooting incident at\nhis home, police said\n A police spokesman said the matter was still being\ninvestigated and refused to give further details.\n The South African Press Association said no crime was\nsuspected. The minister's condition was not known.\n REUTER\n\u0003",
"date": "29-MAR-1987 05:39:06.82",
"places": [
"south-africa"
],
"id": "10645"
},
{
"title": "S. AFRICAN MINISTER DEAD",
"body": "South Africa's Environmental\nAffairs Minister John Wiley died today in an apparent suicide\nattempt, police said.\n His wife found him lying on his bed at home this morning\nwith a bullet wound in his head, police said. A pistol lay by\nhis side.\n The police said no crime was suspected and they were\ntreating it as an apparent suicide.\n The spokesman said Wiley's wife returned to the family home\nnear Cape Town to find the door locked. She found help to break\ninto the house and found her husband dead.\n Wiley, 60, had been member of parliament for Simonstown,\nnear Cape Town, since 1966, representing several parties.\n Local reporters said he had been fighting a very active\ncampaign to retain the seat for the National Party (NP) in the\nMay 6 whites-only general election.\n They said he won the seat comfortably for the NP in the\n1981 poll, but was facing a strong challenge this year from\nJohn Scott, candidate for the centrist Progressive Federal\nParty.\n REUTER\n\u0003",
"date": "29-MAR-1987 05:48:56.28",
"places": [
"south-africa"
],
"id": "10646"
},
{
"title": "IRAQ SAYS IRAN FIRED LAND-BASED MISSILES AT SHIPS",
"body": "Iraqi Foreign Minister Tareq Aziz was\nquoted as saying Iran has attacked several ships with\nland-based missiles sited at the Strait of Hormuz.\n The U.S. Announced recently Iran had emplaced Chinese-made\n\"Silkworm\" anti-ship missiles with the range to cover the entire\nwidth of the 24-mile-wide strait at the Gulf's mouth.\n Aziz said in an interview with al-Thawra newspaper that\nleaders of Gulf Arab states had told him of the existence of\nthe missiles, which he said had been in place for many months.\n \"They briefed me with their details and we know that the\nIranians used them several times to attack ships belonging to\nArab states in the Gulf, sailing in the waterway,\" he said.\n This is the first time any person of authority has said\nIran, Iraq's enemy in the 6-1/2-year-old Gulf war, had fired\nthe missiles in anger.\n A British naval source in the Gulf said last week Iran had\nfired one test missile against a hulk in the strait.\n About 120 ships have been attacked in the Gulf by both\nbelligerents since January last year.\n Aziz said the U.S. Had announced the existence of the\nmissiles so late after their arrival as part of its efforts to\nneutralise the effects of the secret U.S. Arms sale to Iran.\n \"The missiles existed in the Gulf for many months ... But\nthey became a serious topic for America and the West only after\nthe failure of the Iranian invasion plan (against the south\nIraqi city of Basra) and as a balloon to cover up the Irangate\nstory,\" Aziz said.\n REUTER\n\u0003",
"date": "29-MAR-1987 05:52:49.75",
"places": [
"iran",
"iraq"
],
"id": "10647"
},
{
"title": "BFG PARTIAL OPERATING PROFITS FALL SHARPLY IN 1986",
"body": "Bank fuer Gemeinwirtschaft AG\n<BKFG.F>, BfG, partial operating profits fell to 182.6 mln\nmarks in 1986 from 313.7 mln in 1985, new majority shareholder\nAachener und Muenchener Beteiligungs-AG <AMVG.F>, AMB, said.\n But total operating and extraordinary profits, including\nearnings from currency and securities trading on the bank's own\naccount and earnings from the sale of holdings in other firms,\nwere more than double the previous year's level, AMB said.\n BfG's 1986 accounts were included in a prospectus for AMB's\ncapital increase, which is to finance the insurance company's\nacquisition of 50 pct plus one share of BfG.\n Despite the fall in partial operating profits, BfG paid an\nunchanged 20 mln marks into open reserves and transferred an\nunchanged 80 mln marks to its trade union holding company,\n<Beteiligungsgesellschaft fuer Gemeinwirtschaft AG>, from which\nAMB has acquired the majority stake.\n The bank has said its business last year suffered from the\nturbulence around the troubled trade-union-owned housing\nconcern Neue Heimat.\n AMB said the 500 mln mark drop in BfG's business volume to\n50.1 billion marks affected the interest surplus.\n The interest surplus, which fell to 897.9 mln marks from\n981.1 mln, was also depressed by the 0.1 point fall in the\ninterest margin to 1.9 pct.\n A rise in the surplus on commission to 208.8 mln marks from\n188.1 mln was not enough to compensate for this.\n The rise in total operating profits enabled BfG to step up\nrisk provisions, with country risks particularly emphasised\nbecause of the continuing difficulties of some countries.\n Disclosed risk provisions, which under West German\naccounting rules do not necessarily reflect the full amount,\nrose to 736.3 mln marks from 224.0 mln.\n BfG's parent credit volume eased to 32.63 billion marks in\n1986 from 33.51 billion. Foreign debtors accounted for 24 pct\nof this credit volume, and Latin American debtors accounted for\n14.7 pct of total lending to foreigners.\n BfG posted extraordinary earnings from the sale of 25.01\npct of <Volksfuersorge Deutsche Lebensversicherung AG>, 74.9\npct of <BSV Bank fuer Sparanlagen und Vermoegensbildung AG> and\nfive pct of <Allgemeine Hypothekenbank AG>. The sale was linked\nto AMB's acquisition of a majority of BfG.\n These sales show up as 494.2 mln marks from profit transfer\nagreements and 326.5 mln from writing back risk provisions.\n REUTER\n\u0003",
"date": "29-MAR-1987 06:01:35.33",
"topics": [
"earn"
],
"places": [
"west-germany"
],
"id": "10648"
},
{
"title": "ISLAMIC DEVELOPMENT BANK LOANS FALL",
"body": "The Jeddah-based Islamic Development\nBank (IDB) said in an annual report its loans during the last\nIslamic year fell 24 pct due to world economic recession.\n Total financing approved by the bank for projects, trade,\nand technical and special assistance fell to 756.9 mln Islamic\ndinars in the year ended September 4, 1986, from 1,001.4 mln\nthe previous year.\n \"Due to a general recession in the world economy, the demand\nfor development funds was low and there was a scarcity of\nprocessable projects in most member countries during 1406\n(September 1985-86),\" the report said.\n It said a steep decline in oil prices had led to a major\ntransfer of resources from oil-producing countries to\nindustrial nations.\n \"The oil exporting member nations of the IDB faced a major\nadjustment problem arising from a sizable decline in oil prices\nand loss of export earnings, affecting their position as\npotential suppliers of capital,\" the report said.\n Project financing and technical assistance loans fell to\n175.7 mln Islamic dinars in the year ended last September from\n269.4 mln the previous year.\n The report said although there was a reduction in foreign\ntrade financing loans in the past year due to a sharp decline\nin the price of oil and various primary commodities, the\nquantity financed in physical terms of imports was higher.\n Foreign Trade financing declined to 572.8 mln dinars from\n668.2 million dinars the previous year. Disbursements of loans,\nincluding previously-approved loans, fell to 557.2 mln dinars\nfrom 783.9 mln.\n The Bank in 1986 decided to establish a fund under the name\n\"IDB Unit Trust\" to introduce and market financial instruments in\nline with the principles of Islam, the report said.\n \"This experience will provide a foundation for the floating\nof other financial instruments in the near future through which\nthe bank expects to mobilise even larger resources,\" the report\nsaid.\n The IDB was established by the 46-member Islamic Conference\nOrganisation and opened in October 1975.\n REUTER\n\u0003",
"date": "29-MAR-1987 06:37:53.80",
"places": [
"turkey"
],
"id": "10649"
},
{
"title": "DOLLAR OPENS AT A RECORD LOW FOR TOKYO AT 145.80 YEN - DEALERS\n",
"date": "29-MAR-1987 19:09:42.24",
"topics": [
"money-fx",
"dlr"
],
"id": "10650"
},
{
"title": "Bank of Japan intervenes, buys dollars around 145.90-95 yen -- Tokyo dealers\n",
"date": "29-MAR-1987 19:25:23.38",
"topics": [
"money-fx",
"dlr"
],
"id": "10651"
},
{
"title": "DOLLAR FALLS BELOW 145.00 YEN IN TOKYO -- DEALERS\n",
"date": "29-MAR-1987 19:35:40.80",
"topics": [
"money-fx",
"dlr"
],
"id": "10652"
},
{
"title": "BANK OF JAPAN ALREADY PURCHASED ONE BILLION DLRS IN MORNING INTERVENTION - DEALERS\n",
"date": "29-MAR-1987 20:04:54.88",
"topics": [
"money-fx",
"dlr"
],
"id": "10653"
},
{
"title": "JAPAN CENTRAL BANK BUYS ONE BILLION DLRS IN TOKYO",
"body": "The Bank of Japan has already purchased\nmore than one billion dlrs in intervention since the opening\nand continues to buy the U.S. Currency, dealers said.\n The central bank was supporting the dollar against the yen\namid heavy selling pressure from investment trusts and\nsecurities houses which had pushed the dollar as low as 144.75\nyen earlier this morning, they said.\n The dollar recovered slightly from the intervention and was\ntrading around 145.00, they added.\n It had opened in Tokyo at 145.80 yen.\n REUTER\n\u0003",
"date": "29-MAR-1987 20:20:42.98",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "10654"
},
{
"title": "TOKYO STOCK MARKET AVERAGE PLUNGES 372.73 POINTS TO 21,805.29 -- BROKERS\n",
"date": "29-MAR-1987 20:23:13.24",
"id": "10655"
},
{
"title": "NEW ZEALAND TREASURY BILL TENDER CANCELLED",
"body": "New Zealand's Reserve Bank said it\nhas cancelled the regular weekly Treasury bill tender scheduled\nfor tomorrow.\n The bank said in a statement that it forecasts a small net\ncash injection into the system over the settlement week.\n However, it said it will conduct open market operations\nduring the week. After these the cash balance should fluctuate\naround 30 mln N.Z. Dlrs.\n REUTER\n\u0003",
"date": "29-MAR-1987 20:53:19.57",
"places": [
"new-zealand"
],
"id": "10656"
},
{
"title": "Sumita says he does not repeat not expect dollar to fall further.\n",
"date": "29-MAR-1987 20:59:12.69",
"topics": [
"money-fx",
"dlr"
],
"id": "10657"
},
{
"title": "Japan will continue to cooperate with other nations to stabilize dlr, Sumita\n",
"date": "29-MAR-1987 21:01:49.02",
"topics": [
"money-fx",
"dlr"
],
"id": "10658"
},
{
"title": "SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL",
"body": "Bank of Japan governor Satoshi Sumita\nsaid he does not expect the dollar to remain unstable and fall\nfurther.\n He told a Lower House Budget Committee in Parliament that\nthe Bank of Japan would continue to cooperate closely with\nother major nations to stabilize exchange rates.\n The central bank has been keeping extremely careful watch\non exchange rate movements since last week, he said.\n He said the dollar would not continue to fall because of\nunderlying market concern about the rapid rise of the yen.\n Sumita said the currency market has been reacting to\noverseas statements and to trade tension between Japan and the\nU.S. Over semiconductors.\n The yen's tendency to rise will prevent Japan from\nexpanding domestic demand and undertaking necessary economic\nrestructuring, he said.\n REUTER\n\u0003",
"date": "29-MAR-1987 21:09:29.92",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "10659"
},
{
"title": "DLR FALLS ON FEAR TOKYO WON'T HIKE DEMAND-MIYAZAWA",
"body": "Finance Minister Kiichi Miyazawa said\nthat the dollar's drop today to 145 yen is partly attributable\nto the perception inside and outside Japan that the country has\nfailed to fulfill its promise to expand domestic demand.\n He told a Lower House budget committee in Parliament that\nit was natural for other nations to think that Japan is not\ndoing enough because of the delay in the passage of the 1987/88\nbudget.\n The budget has been delayed by opposition boycotts of\nParliament to protest government plans for a new sales tax.\n REUTER\n\u0003",
"date": "29-MAR-1987 21:26:47.30",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "10660"
},
{
"title": "JAPAN CAREFULLY CONSIDERING MONEY POLICY -- SUMITA",
"body": "Bank of Japan governor Satoshi Sumita\nsaid the central bank will carefully consider its monetary\npolicy in light of the recent sharp fall of the dollar.\n Asked if the Bank of Japan will consider a further cut in\nits discount rate, he said he now thinks the bank will have to\ncarefully consider its future money policy.\n He told a Lower House Budget Committee in Parliament that\ncredit conditions have been eased by the five discount rate\ncuts by Japan since the beginning of last year.\n Japan must now be especially careful about a flare-up in\ninflation, with money supply growth accelerating, he said.\n Sumita said the central bank would continue to make a\njudgement on monetary policies while watching consumer prices,\nexchange rates and economic and financial conditions both in\nand outside Japan.\n Asked if the September 1985 Plaza agreement was a failure\nbecause the dollar had fallen too far, Sumita said he still\nthought the pact was a good one in the sense that it had\ncorrected the overvaluation of the dollar. But the Plaza accord\ndid not set any target for the dollar's fall, he said.\n The dollar's steep fall stems from the market's belief that\nthe trade imbalance will continue to expand, he said.\n REUTER\n\u0003",
"date": "29-MAR-1987 21:45:43.77",
"topics": [
"money-fx"
],
"places": [
"japan"
],
"id": "10661"
},
{
"title": "PERU SAYS NEW GOLD DEPOSITS WORTH 1.3 BILLION DLRS",
"body": "President Alan Garcia said Peru has found\ngold deposits worth an estimated 1.3 billion dlrs in a jungle\nregion near the Ecuadorean border about 1,000 km north of here.\n He told reporters the deposits, located at four sites near\nthe town of San Ignasio, contained the equivalent of 100 tonnes\nof gold.\n Garcia said the government would soon install a two mln dlr\ntreatment plant at Tomaque. It will extract enough ore to\nprovide an estimated 25 mln dlr profit by the end of this year,\nhe added.\n Garcia said the other gold-bearing deposits are located at\nTamborapa, Pachapidiana and a zone between the Cenepa and\nSantiago rivers.\n REUTER\n\u0003",
"date": "29-MAR-1987 21:52:00.62",
"topics": [
"gold"
],
"places": [
"peru"
],
"id": "10662"
},
{
"title": "IRAN'S NON-OIL EXPORTS RISE 35 PCT IN YEAR",
"body": "Iran's non-oil exports were worth at\nleast 750 mln dlrs in the year ended March 20, a 35 pct\nincrease from the previous year, the national Iranian news\nagency IRNA reported.\n IRNA, monitored in London, quoted a senior Industry\nMinistry official as saying non-oil exports included carpets,\nanimal skins, pistachios, fruit and industrial goods.\n REUTER\n\u0003",
"date": "29-MAR-1987 22:00:46.77",
"places": [
"uk",
"iran"
],
"id": "10663"
},
{
"title": "USSR TO HOLD MULTI-CANDIDATE LOCAL ELECTIONS",
"body": "The USSR will hold local council\nelections on June 21 at which voters in some districts will\nhave a choice of candidates as part of an experiment in\nelectoral reform, the Tass News Agency said.\n The official agency said yesterday the selected districts,\nstill to be chosen, would have a slate of several candidates,\nnot all of whom could be elected, and voters would strike out\nthe names of those they did not support.\n Tass said candidates would have to win support from more\nthan 50 pct of registered constituents to win seats.\n Voting is compulsory in the Soviet Union.\n In the past, official returns for elections at most levels\nin the Soviet government system have recorded 99 to 100 pct\nsupport for all candidates. Voters simply dropped the official\nballot paper with the single candidate's name into an urn.\n Tass said districts chosen for the experiment would return\nseveral deputies rather than a single representative to local\ncouncil bodies.\n The announcement followed pledges on electoral reform by\nSoviet leader Mikhail Gorbachev, campaigning to revitalise\nconfidence in the communist system after what he has described\nas a period of stagnation.\n REUTER\n\u0003",
"date": "29-MAR-1987 22:27:39.54",
"places": [
"ussr"
],
"id": "10664"
},
{
"title": "BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE",
"body": "The United States and Japan will\nsoon settle their trade dispute over semiconductors, U.S.\nCommerce secretary Malcolm Baldrige said on television.\n Baldrige, referring to the U.S.-Japan trade agreement on\nsemiconductors, said: \"Their government wants to live up to it.\nTheir industries haven't been doing it, and I think we'll have\na good settlement to spare both sides.\"\n \"I think the Japanese understand full well that they haven't\nlived up to this commitment,\" he said.\n He added: \"I do not think there will be a trade war at all.\"\n On Friday, Washington announced plans to put as much as 300\nmln dlrs in tariffs on Japanese electronic goods from April 17,\nbecause of Tokyo's failure to observe the agreement.\n The officials said the tariffs would be ended as soon as\nJapan started adhering to the agreement. But they said there\nwas little chance Japan could react quickly enough to avert the\nhigher tariffs.\n Baldrige said the Reagan administration hoped the strong\nU.S. Action against Japan would convince Congress to tone down\nprotectionist trade legislation now being drafted.\n He denied the action had been taken for that reason.\n REUTER\n\u0003",
"date": "29-MAR-1987 22:32:21.86",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10665"
},
{
"title": "YAO SAYS CHINA TO RESHUFFLE LEADERSHIP BY OCTOBER",
"body": "A top level political reshuffle\nfollowing the January removal of Communist Party chief Hu\nYaobang will take place at a party conference later this year,\nVice-Premier Yao Yilin said Saturday.\n Yao told a news conference Zhao Ziyang would go on holding\nthe jobs of Premier and acting Communist Party chief until the\n13th party congress, due to be held by October.\n Yao gave the news conference in the Great Hall of the\nPeople along with Vice-Premiers Li Peng and Tian Jiyun, the two\nmain contenders to succeed Zhao as Premier.\n Western diplomats say Li, a technocrat who studied in the\nSoviet Union, is the most likely successor.\n Li appeared to go out of his way to deny any special\nsympathy with Moscow. In answer to questions, he said he had\nnever met Soviet leader Mikhail Gorbachev when both studied in\nthe Soviet Union in the 1950s and had since met him on only two\noccasions, both of which had been reported in the news media.\n Asked what China could learn fromn the Soviet economic\nsystem, Li said the main lesson was to avoid excessive\ncentralism and rigid control over economic activities.\n \"We do not totally reject the planned economy, but we are\nopposed to rigid control in the planned economy which hampers\ninitiative and enthusiasm of the grassroots enterprise,\" Li\nsaid.\n On Taiwan, Yao repeated Chinese policy of not ruling out\nforce to regain the nationalist-ruled island, but did not\nrepeat an official statement earlier this week that the goal\nwas to achieve reunification by the year 2000. \"As for\nreunification, it is our hope that it will be achieved through\npeaceful means, but we have not eliminated the possibility of\ntaking non-peaceful means to achieve that process,\" he said.\n REUTER\n\u0003",
"date": "29-MAR-1987 22:46:31.69",
"places": [
"china"
],
"id": "10666"
},
{
"title": "CHINA SETS UP NEW FINANCIAL INSTITUTION",
"body": "China has set up a new nationwide\nfinancial institution which will handle foreign exchange and\nrenminbi deposits and loans, leasing, investment, guarantees\nand bond issues, the People's Daily overseas edition said.\n The new institution, <Everbright Financial Co>, is a unit\nof state-owned <Everbright Holding Co> of Peking, which has had\na turnover of 500 mln dlrs since it was set up three years ago\nunder the chairmanship of Wang Guangying, the paper said.\n A Western banker said the creation of the new firm is a\nfurther step in making China's banking more competitive and\nbreaking down the monopolies that existed previously.\n He said the scope of the new firm will be similar to that\nof state-owned <China International Trust and Investment Corp>\n(CITIC), which has been active in raising foreign funds and\nbringing foreign investment and technology to China.\n CITIC is better known inside China, because most of\nEverbright's activities up to now have been abroad, the banker\nsaid. \"The heads of both enjoy excellent relations with China's\ntop leaders,\" he added.\n The paper said Chen Muhua, president of the People's Bank\nof China, and Vice Premier Yao Yilin attended the firm's\nfounding ceremony, an indication of highest-level approval.\n The paper quoted Chen as saying at the ceremony that in\n1987 China will continue to deepen its economic reforms by such\nmeans as further reforming its financial system, enlivening\ncurrency markets and speeding up the circulation of funds.\n REUTER\n\u0003",
"date": "29-MAR-1987 22:52:32.21",
"places": [
"china"
],
"id": "10667"
},
{
"title": "YUGOSLAVIA TO BUY FIVE U.S.-BUILT AIRLINERS",
"body": "State-owned JAT-Jugoslav Airlines has\nsigned a contract to buy five McDonnell Douglas Corp <MD.N>\nMD-11 wide-bodied airliners for its longhaul routes, Tanjug\nnews agency reported.\n JAT will take delivery of the aircraft between 1991 and\n1994, the agency said.\n The airline will also add two turboprop aircraft to its\nfleet in June and lease two McDonnell Douglas DC-10s by the\nbeginning of the summer tourist season, it said.\n REUTER\n\u0003",
"date": "29-MAR-1987 22:59:29.60",
"places": [
"yugoslavia"
],
"id": "10668"
},
{
"date": "29-MAR-1987 23:01:17.26",
"topics": [
"crude"
],
"places": [
"iran",
"iraq"
],
"id": "10669"
},
{
"title": "POLISH GOVERNMENT HIKES FOOD, FUEL, ENERGY PRICES",
"body": "Poland's communist government raised\nfood, fuel and energy prices but said it had taken an economic\nrisk by reducing the scale of the increases under pressure from\nthe country's official trade unions.\n A communique broadcast on Saturday evening said food prices\nwould rise on average by 9.3 pct, petrol, gas and electricity\nby 25 pct and coal by 50 pct.\n The immediate increases will be followed by a rise of 10\npct in the cost of meat from April 1. Some postal charges will\ngo up 100 pct next month and rail and bus fares by 30 pct in\nOctober.\n The government said its annual plan for the economy had\nspecified a 13 pct increase in food prices this year.\n \"Economic reasoning calls for greater price rises than those\nwhich have been announced ... The government has taken an\neconomic risk in accepting a portion of the trades unions'\ndemands,\" the communique said.\n The National Trade Union Alliance (OPZZ), which claims\nseven million members, warned earlier this month it would fight\nefforts to impose the original range of price rises. It said\nthe rises would badly affect the lower paid and the old,\ndespite government pledges to protect their purchasing power.\n Solidarity leader Lech Walesa, whose banned organisation\nhas been replaced by the OPZZ, condemned the increases in front\nof a crowd of 1,500 cheering supporters at St Brygida's Roman\nCatholic Church in the Baltic port of Gdansk.\n \"For the first time in six years (since Solidarity was\nbanned), I say enough. For the first time, I am decidedly\nagainst. I am against price rises as being the only sign of\nreform,\" Walesa said.\n \"I am for reforms. I favour the reforms which (Soviet leader\nMikhail) Gorbachev is carrying out ... But I am not in favour\nof make-believe reforms,\" he said.\n REUTER\n\u0003",
"date": "29-MAR-1987 23:07:24.78",
"places": [
"poland"
],
"id": "10670"
},
{
"title": "TIME SAYS REAGAN KNEW ARMS CASH WENT TO CONTRAS",
"body": "Former National Security Adviser John\nPoindexter told President Reagan on two occasions in 1986 that\nprofits from arms sales to Iran were being diverted to\nNicaraguan rebels, according to a Time magazine report.\n Poindexter resigned as head of the National Security\nCouncil (NSC) last November when the Reagan administration\ndisclosed he was aware part of the profits from the arms sales\nwere diverted to contra rebels in Nicaragua.\n The report in Time quoted unnamed friends of Poindexter's\nas saying he felt he was following Reagan's orders and that he\nkept the president adequately informed.\n \"Indeed, he is likely to testify that on at least two\noccasions in 1986, he told Reagan in general terms that the\ncontras were being helped as an ancillary or side benefit of\nthe arms deal with Iran,\" Time said.\n Reagan has repeatedly denied he knew anything about the\ndiversion of arms sales profits to the contras.\n In his nationally televised March 19 news conference Reagan\ntold reporters Poindexter and fired NSC aide Oliver North \"just\ndidn't tell me what was going on.\"\n Poindexter has been granted limited immunity so he can\ntestify in congressional hearings on the affair.\n REUTER\n\u0003",
"date": "29-MAR-1987 23:12:59.30",
"places": [
"usa"
],
"id": "10671"
},
{
"title": "JAPAN VTR PRODUCTION FALLS IN FEBRUARY",
"body": "Japan's video tape recorder (VTR)\nproduction fell 10.4 pct from a year earlier to 2.18 mln sets\nin February for the third successive year-on-year drop,\nreflecting slow exports, the Electronic Industries Association\nof Japan said.\n But February output was up 27.2 pct from a month earlier.\n Colour television production rose 5.7 pct from a year\nearlier to 1.20 mln sets in February after 15 consecutive\nyear-on-year drops. The February increase over a year ago\nreflected higher domestic sales. The production was up 38.5 pct\nfrom a month earlier.\n REUTER\n\u0003",
"date": "29-MAR-1987 23:15:40.57",
"places": [
"japan"
],
"id": "10672"
},
{
"title": "U.S. MACHINE TOOL ORDERS FELL 1.1 PCT IN FEB",
"body": "U.S. machine tool orders fell 1.1\npct in February to 145.1 mln dlrs from a revised 146.7 mln dlrs\nin January, the National Machine Tool Builders Association\nsaid.\n Last month the association reported the January total tool\norders at 147.8 mln dlrs.\n In its monthly statistical report, the tool industry trade\nassociation also said that February orders were off 31.0 pct\nfrom orders of 210.4 mln dlrs in February last year.\n The association said metal-forming tool orders fell 13.3\npct last month to 41.4 mln dlrs from a revised 47.7 mln dlrs in\nJanuary, and were off 1.1 pct from 41.8 mln dlrs in February\n1986. Metal-cutting tool orders totaled 103.8 mln dlrs in\nFebruary, up 4.9 pct from a revised 99.0 mln dlrs in January\nand 38.5 pct below the 168.6 mln dlrs in new orders for\nFebruary 1986.\n The association said the backlog of orders in February was\n1,210.7 mln dlrs, up 0.6 pct from the revised January backlog\nof 1,203.3 and 29.2 pct below the backlog in February last\nyear.\n The association said total shipments of machine tools fell\n6.8 pct last month to 137.7 mln dlrs from a revised 147.7 mln\ndlrs in January and were off 32.1 pct from the 202.7 mln dlrs\nin orders in February last year.\n Last month the association reported the January total\nshipments of machine tools at 148.3 mln dlrs.\n Reuter\n\u0003",
"date": "29-MAR-1987 23:31:23.39",
"places": [
"usa"
],
"id": "10673"
},
{
"title": "BTR NYLEX RAISES OFFER FOR BORG-WARNER AUSTRALIA",
"body": "<BTR Nylex Ltd> said it will increase\nits takeover offer for Borg-Warner Corp's <BOR> listed unit,\n<Borg-Warner (Australia) Ltd> (BWA) to five dlrs each from four\ndlrs for all issued ordinary and preference shares.\n The new offer values the diversified auto parts\nmanufacturer's 27.22 mln ordinary shares and 13.22 mln first\nparticipating preference shares at 202.2 mln dlrs.\n Formal documents will be sent to shareholders as soon as\npossible, it said in a brief statement.\n BTR Nylex, which manufactures rubber and plastic products,\nfirst bid for BWA in late January.\n As previously reported, Borg-Warner Corp, which owns 65 pct\nof BWA's ordinary shares and 100 pct of the preferences,\nadvised a month ago that it would not accept the offer.\n This meant BTR Nylex's 50.1 pct acceptance condition could\nnot be met, BWA said in a statement reporting its parent's\ndecision.\n BWA advised shareholders to ignore the offer and said other\nparties had expressed interest in bidding for it.\n But no other bid has yet emerged.\n BTR Nylex is a 59.5 pct-owned listed subsidiary of\nBritain's BTR Plc <BTRX.LON>.\n REUTER\n\u0003",
"date": "29-MAR-1987 23:38:56.49",
"topics": [
"acq"
],
"places": [
"australia"
],
"id": "10674"
},
{
"title": "JAPANESE SEEN LIGHTENING U.S. BOND HOLDINGS",
"body": "The dollar's tumble to a record low of\n144.70 yen in Tokyo today motivated some major Japanese\ninvestors to lighten their U.S. Bond inventory further and is\nexpected to spur diversification into investment assets\nincluding foreign and domestic shares, dealers said.\n The key U.S. 7-1/2 pct Treasury bond due 2016 fell to a low\nof 96.08-12 in early Tokyo trade against the 98.05-06 New York\nfinish, then recovered to 96.20-22.\n Some trust bank pension fund acccounts and investment\ntrusts were seen selling several hundred million dollars on the\nforeign exchange market here today, accentuating the unit's\ntumble, securities house dealers said.\n They seem undecided on what to do with the fresh yen cash\npositions resulting from their dollar sales today, and are\nsidelined until the currency market stabilises and the interest\nrates outlook clarifies, a Nikko Securities Co Ltd currency\ntrader said.\n The dollar's plunge and low yields on U.S. Bonds will\nfurther promote diversification into other foreign investments,\nas well as call back funds into the domestic bond and stock\nmarkets from overseas bond markets, securities bond managers\nsaid.\n They said major Japanese investors in the past two years\nare estimated to have held 50 to 80 pct of their foreign\nportfolios in U.S. Bonds but many have lightened their U.S.\nBond inventory to as low as 40 pct.\nREUTER...\n\u0003",
"date": "29-MAR-1987 23:43:02.29",
"places": [
"usa",
"japan"
],
"id": "10675"
},
{
"title": "INVESTOR GROUP PUTS PRESSURE ON GENCORP <GY>",
"body": "An investor group trying to acquire\nGenCorp Inc said it would move to unseat the board of directors\nand take other action if GenCorp refuses to discuss a 2.3\nbillion dlr takeover bid.\n General Acquisition Co, a partnership of Wagner and Brown\nand AFG Industries Inc <AFG>, reiterated in a statement sent to\nGenCorp on Friday that it was willing to negotiate its earlier\noffer of 100 dlrs a share for the tire, broadcasting, plastics\nand aerospace conglomerate.\n Analysts have speculated GenCorp could fetch at least 110\nto 120 dlrs per share if broken up.\n GenCorp officials declined to comment on the statement, but\na spokesman reiterated a request to shareholders to wait until\nthe board renders an opinion before making a decision on the\noffer. GenCorp has said a statement would be made on or before\nthe company's annual meeting on Tuesday.\n General Acquisition said the board could not carry out its\nduties to shareholders and make an informed decision until it\nhas, \"... Explored with us the ways in which our offer can be\nrevised to provide greater value to your shareholders.\"\n General Acquisition added it was aware the board may be\nreviewing alternative transactions, which might provide GenCorp\nshareholders with a payment other than cash.\n \"If that is the case, you should recognise that our\nadditional equity capital may very well enable us to offer cash\nand securities having greater value than GenCorp could provide\nin any similarly structured transaction,\" it said.\n It added GenCorp's board had an obligation to present any\nalternative proposal to shareholders in a way that allowed\ncompeting offers.\n General Acquisition requested it be given a chance to bid\non a competitive and fair basis before any final decision was\nmade on any other buyout proposal.\n The statement repeated the request GenCorp remove a \"poison\npill\" preferred share purchase rights to shareholders, making\nany takeover more expensive.\n It said it might take legal action, or seek the support of\nshareholders in calling a special meeting to replace the board\nand consider other proposals.\n GenCorp should not accept any other proposal containing\ndefensive features, it said.\n REUTER\n\u0003",
"date": "30-MAR-1987 00:28:39.88",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10676"
},
{
"title": "JAPAN WANTS GOVERNMENTS TO BUY ITS T-BILLS",
"body": "The Finance Ministry is trying to\neliminate technical obstacles so as to encourage purchases of\nJapanese Treasury bills by foreign governments and central\nbanks, in order to increase overseas holdings of yen assets, a\nsenior Finance Ministry official said.\n The official declined to give details but securities\nsources said they expect the 16 pct withholding tax on T-bills\nto be repaid immediately when governments and central banks buy\nbills. The current practice of filing tax redemption claims is\ntime consuming, they said.\n Securities houses here have had difficulty selling\nsix-month debt-financing paper, called tankoku, to overseas\ngovernments and central banks because of the tax system and the\nBank of Japan's book entry system, which demands the accounts\nbe kept with the houses rather than by the Bank.\n Tankoku, introduced in February 1986, were designed as a\nkey short-term instrument to promote internationalization of\nthe yen. But since the introduction of a complicated book-entry\nsystem for bill purchases in January 1986, foreign governments\nand central banks have shied away from buying the bills, the\nsources said.\n Foreign governments and central banks are therefore\nexpected to be allowed to hold their accounts at the Bank of\nJapan, the securities sources said.\n Relevant measures are likely to be announced at the next\nU.S.-Japan yen-dollar committee meeting on the deregulation of\nTokyo's financial market, expected in May, they said.\n REUTER\n\u0003",
"date": "30-MAR-1987 00:47:53.81",
"places": [
"japan"
],
"id": "10677"
},
{
"title": "SUMITOMO MINING <SMIT.T> RAISES NICKEL OUTPUT",
"body": "Sumitomo Metal Mining Co said it will\nraise its monthly nickel output to around 1,750 tonnes from\nApril 1 from 1,650 now because of increased domestic demand,\nmainly from stainless steel makers.\n Sumitomo produced 1,800 tonnes of a nickel a month until\nend-1986, but cut output in January because of stagnant demand,\na company official said.\n Calendar 1987 production is likely to fall to around 20,000\ntonnes from 22,000 in 1986 as a result of the first quarter\nreduction, he said.\n Sumitomo is Japan's only nickel producer.\n REUTER\n\u0003",
"date": "30-MAR-1987 00:50:32.37",
"topics": [
"nickel"
],
"places": [
"japan"
],
"id": "10678"
},
{
"title": "Nakasone says major nations committed in Paris to stable dlr above 150 yen\n",
"date": "30-MAR-1987 00:52:36.53",
"topics": [
"money-fx",
"dlr",
"yen"
],
"id": "10679"
},
{
"title": "JAPAN VEHICLE EXPORTS FALL IN FEBRUARY",
"body": "Japanese vehicle exports fell 8.2 pct in\nFebruary from January to 530,066, the Japan Automobile\nManufacturers Association said.\n February exports fell 6.8 pct from a year earlier after a\n6.8 pct year-on-year rise in January, the first growth since\nJune 1986, when they rose 4.4 pct from a year earlier.\n February exports included 361,285 cars, down 6.3 pct from a\nyear earlier, 165,770 trucks, down 8.6 pct, and 3,011 buses, up\n51.4 pct.\n Exports to the U.S. Fell to 226,942 in February from\n259,272 a year earlier, while those to the European Community\nrose to 141,095 from 121,050.\n The EC figure included 63,387 vehicles to West Germany, up\nfrom 41,821, but exports to Britain fell to 20,554 from 28,536.\n Shipments to South-east Asia fell to 33,957 from 41,960 and\nthose to the Middle East fell to 15,828 from 25,278.\n Japan's motorcycle exports rose 18 pct from January to\n177,115 in February, but fell 25.9 pct from a year earlier, the\n12th consecutive year-on-year drop.\n REUTER\n\u0003",
"date": "30-MAR-1987 00:55:38.27",
"organisations": [
"ec"
],
"places": [
"japan"
],
"id": "10680"
},
{
"title": "Miyazawa says major nations have intervened aggressively since dlr fell below 150 yen\n",
"date": "30-MAR-1987 00:57:35.31",
"topics": [
"money-fx",
"dlr",
"yen"
],
"id": "10681"
},
{
"title": "PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER",
"body": "U.S. roastings of green coffee in the\nweek ended March 21 were about 250,000 (60-kilo) bags,\nincluding that used for soluble production, compared with\n195,000 bags in the corresponding week of last year and about\n300,000 bags in the week ended March 14, George Gordon Paton\nand Co Inc reported.\n It said cumulative roastings for calendar 1987 now total\n3,845,000 bags, compared with 4,070,000 bags by this time last\nyear.\n Reuter\n\u0003",
"date": "30-MAR-1987 01:01:21.52",
"topics": [
"coffee"
],
"places": [
"usa"
],
"id": "10682"
},
{
"title": "TOKYO STOCKS PLUNGE 502.98 TO 21,675.04 DUE TO YEN RISE AGAINST DOLLAR -- BROKERS\n",
"date": "30-MAR-1987 01:02:39.51",
"places": [
"japan"
],
"id": "10683"
},
{
"title": "G-6 WANTS TO HOLD DLR ABOVE 150 YEN - NAKASONE",
"body": "Prime Minister Yasuhiro Nakasone said\nthat Japan and other industrialized nations committed\nthemselves in Paris last month to stabilize the dollar above\n150 yen.\n He told a Lower House Budget Committee in Parliament that\nthe six nations have taken measures, including market\nintervention, to support the dollar above that level.\n Finance Minister Kiichi Miyazawa told the same committee\nthat the six - Britain, Canada, France, Japan, the U.S. And\nWest Germany - had intervened aggressively since the dollar\nfell below 150 yen.\n Miyazawa said major nations are trying hard to stabilize\nexchange rates.\n Asked if there had been any change in the fundamentals of\neach nation since the February 22 Paris accord, he said he did\nnot think the fundamentals themselves had changed\nsubstantially.\n But he said the market is sensitively looking at what is\nhappening in major nations. He did not elaborate.\n Miyazawa added that it was difficult to say why there has\nbeen such speculative dollar selling in the market.\n REUTER\n\u0003",
"date": "30-MAR-1987 01:03:30.23",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan",
"uk",
"usa",
"france",
"canada",
"west-germany"
],
"id": "10684"
},
{
"title": "BASF 1986 world group pre-tax profit 2.63 billion marks vs 3.04 billion\n",
"date": "30-MAR-1987 01:14:40.60",
"topics": [
"earn"
],
"id": "10685"
},
{
"title": "STOCKS PLUNGE IN LATE TOKYO TRADE",
"body": "Stocks plunged sharply just before the\nclose of trade as the yen's continued rise against the dollar\nand Friday's order by President Reagan to impose weighty duties\non key Japanese export sectors prompted investors to evacuate\ntheir stock holdings, brokers said.\n At 1456 local time the index had slumped 502.98 to\n21,675.04, the day's low. On Saturday the index rose 151.36 to\na record high of 22,178.02.\n Brokers said today's decline was led by selling of\nmultinational export companies' shares.\n REUTER\n\u0003",
"date": "30-MAR-1987 01:19:30.43",
"places": [
"japan"
],
"id": "10686"
},
{
"title": "AUSTRALIAN SUGAR AREAS SAID RECEIVING SOME RAIN",
"body": "Dry areas of the Australian sugar cane\nbelt along the Queensland coast have been receiving just enough\nrain to sustain the 1987 crop, an Australian Sugar Producers\nAssociation spokesman said.\n The industry is not as worried as it was two weeks ago, but\nrainfall is still below normal and good soaking rains are\nneeded in some areas, notably in the Burdekin and Mackay\nregions, he said from Brisbane.\n Elsewhere, in the far north and the far south of the state\nand in northern New South Wales, the cane crop is looking very\ngood after heavy falls this month, he said.\n The spokesman said it is still too early to tell what\neffect the dry weather will have on the size of the crop, which\nis harvested from around June to December.\n He said frequent but light falls in the areas that are\nshort of moisture, such as Mackay, mean they really only need\nabout three days of the region's heavy tropical rains to\nrestore normal moisture to the cane.\n But rainfall in the next two or three weeks will be crucial\nto the size of the crop in the dry areas, he said.\n \"It's certainly not a disastrous crop at this stage but it\nmight be in a month without some good falls,\" he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 01:24:44.65",
"topics": [
"sugar"
],
"places": [
"australia"
],
"id": "10687"
},
{
"title": "BASF AG <BASF.F> 1986 YEAR",
"body": "Year to December 31.\n World group pre-tax profit 2.63 billion marks vs 3.04\nbillion.\n World group turnover 40.47 billion vs 44.38 billion.\n World group investment in fixed assets 2.66 billion vs 2.46\nbillion.\n Parent company pre-tax profit 1.97 billion vs 1.91 billion.\n Parent turnover 18.72 billion vs 20.46 billion.\n Parent domestic turnover 7.10 billion vs 8.14 billion.\n Parent foreign turnover 11.62 billion vs 12.32 billion.\n Parent investment in fixed assets 1.14 billion vs 884 mln.\n REUTER\n\u0003",
"date": "30-MAR-1987 01:24:53.22",
"topics": [
"earn"
],
"places": [
"west-germany"
],
"id": "10688"
},
{
"title": "JAPAN ISOLATED, YEN RISES, WORLD FEELS CHEATED",
"body": "Japan is becoming dangerously isolated\nagain as the U.S. And Europe feel they have been cheated by\nJapanese promises to switch from export to domestic-led growth,\nofficials and businessmen from around the world said.\n As the dollar today slipped to a record low below 145 yen,\nmaking Japanese exporters and holders of dollar investments\ngrit their teeth harder, Finance Minister Kiichi Miyazawa said\nthere was a perception Japan had reneged on its promise.\n The problem goes deep and centres on misunderstandings by\nboth sides over the key Maekawa report of April, last year.\n The document was prepared by a private committee formed by\nPrime Minister Yasuhiro Nakasone and led by former Bank of\nJapan head Haruo Maekawa. It recommended that to stop friction\ndue to its large trade surpluses, Japan must \"make a historical\ntransformation in its traditional policies on economic\nmanagement and the nation's lifestyle. There can be no further\ndevelopment for Japan without this transformation.\"\n Americans and Europeans took the report to heart and have\nlooked in vain for clear signs of this historic change. But the\nJapanese remain doubtful about the short, or even medium term\nprospects of totally transforming their economic habits.\n The bubble of frustration against what appears as Japanese\nprevarication burst last week. The U.S. Said it intended to\nraise tariffs of as much as 300 mln dlrs on Japanese exports to\nthe U.S. On the grounds Japan had abrogated a bilateral\nsemiconductor pact.\n British Prime Minister Margaret Thatcher threatened to\nblock Japanese financial firms from London after the Japanese\nplaced what the British say are restrictive conditions on a bid\nby British firm Cable and Wireless to join a domestic\ntelecommunications joint venture.\n On Friday, European currency dealers said European central\nbanks, annoyed at restrictive Japanese trade practises, might\nleave Japan alone to intervene to staunch the rise of the yen.\n Eishiro Saito, head of top Japanese business group\nKeidanren, spotted the dangers inherent in such contradictory\nviews last November when he visited the European Community.\n\"Related to this matter of (trade) imbalance, the point that I\nfound to be of great cause for alarm during this trip to Europe\nwas the excessive degree of hope placed by the Europeans in the\nresults of the Maekawa report,\" he said.\n \"We explained that the process of restructuring the economy\naway from its dependence on exports toward a balance between\ndomestic and external demand...Would take time,\" Saito said.\n Saito's words were ignored. In February, EC Industrial\nPolicy Director Heinrich von Moltke came to Japan and said \"I\nonly know that your government, under the leadership of\nMaekawa, points to restructuring your economy into a less\noutward looking, more inward looking one. It is the Maekawa\nreport which has attracted the most attention in Europe.\"\n And Europeans and Americans want quick action. \"A far better\nanswer than protectionism would be structural change within the\nJapanese economy, the kind suggested by the Maekawa report. And\nwe hope to see changes occur in the near future,\" visiting\nChairman of General Motors Roger Smith said in March.\n Such expectations are now ingrained, which was partly the\nfault of Nakasone, who heralded Maekawa's report as a sea of\nchange in Japanese affairs, said U.S. Officials.\n Months before the report was issued, U.S. And EC business\nleaders met their Japanese colleagues to discuss the trade\nproblem.\n \"We are more anxious than ever that the new approach of the\nMaekawa committee does lead to speedy and effective action,\"\nsaid EC Industrial Union leader Lord Ray Pennock.\n \"The important implication of the Maekawa report is that it\nis finally looking to let Japanese enjoy the fruits of their\nlabour,\" said Philip Caldwell, Senior Managing Director of\nShearson Lehman Brothers.\n Contents of the report were leaded well ahead of issuance.\n Japanese officials say they are implementing the report as\nfast as they can, said a European ambassador who has travelled\nthe country asking about this issue.\n He said People mentioned many things in line with the\nspirit of the report, including restructuring of the coal and\nsteel industries.\n A major misunderstanding is that the private report was\ngovernment policy. Europeans are confused about this,\nunderlined by von Moltke's reference to the \"leadership\" of the\nMaekawa report. Even so, Japanese officials point to last\nSeptember's government programme of new economic measures.\n\"Without endorsing the report as policy, officials point out\nthat the government has put its signature to a programme\ndesigned to implement the report,\" the ambassador said.\n REUTER\n\u0003",
"date": "30-MAR-1987 01:43:34.74",
"topics": [
"money-fx",
"yen",
"dlr"
],
"organisations": [
"ec"
],
"places": [
"japan",
"usa"
],
"id": "10689"
},
{
"title": "JAPAN SEEKS RECORD LOW 4.7 PCT APRIL BOND COUPON",
"body": "The Finance Ministry said it proposed to\nthe underwriting syndicate a record low 4.7 pct coupon on the\n10-year government bond to be issued in April, down from the\nprevious record low five pct March issue.\n The bond would be priced at 99.75 to yield 4.736 pct\ncompared with 99.50 and 5.075 pct in March, and proposed issue\nvolume is 1,400 billion yen against 475 billion, it said.\n The syndicate is expected to accept the terms immediately,\nunderwriters said.\n REUTER\n\u0003",
"date": "30-MAR-1987 02:03:41.65",
"places": [
"japan"
],
"id": "10690"
},
{
"title": "SSANGYONG CONSTRUCTION RAISES 48 MLN U.S. DOLLARS",
"body": "<Ssangyong Construction Co Ltd> of\nSouth Korea has signed a 48.3 mln U.S. Dlr financing package to\nfund the construction of a hotel and commercial complex in\nJakarta, the agent, Wardley Ltd, said.\n The package, guaranteed by the parent firm, <Ssangyong\nCement Industrial Co Ltd>, includes a 25 mln dlr medium term\nloan, a five mln dlr revolving letter of credit facility and an\n18.3 mln dlr bonding facility. The three year loan carries\ninterest at 1/2 point over three or six month Singapore\ninterbank offered rate (Sibor). The LC facility costs 10 basis\npoints over Sibor and the bonding facility 50 basis points.\n The facility is being lead managed by Hongkong and Shanghai\nBanking Corp. Managers are Arab Banking Corp, Bank of Nova\nScotia, Gulf International Bank, Istituto Bancario San Paolo di\nTorino, National Bank of Kuwait, Standard Chartered Asia Ltd\nand Sumitomo Finance (Asia) Ltd. Co-managers are Australian\nEuropean Finance Corp Ltd and Cho Heung Bank.\n A Wardley spokesman said the loan was well received by\ninternational banks which have a keen appetite for increasingly\nscarce Korean assets. The loan was approved by the Korean\nFinance Ministry because it is for use outside Korea and will\nnot raise the country's indebtedness, he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 02:23:42.65",
"places": [
"hong-kong",
"south-korea"
],
"id": "10691"
},
{
"title": "Woolworth Holdings says it bidding 244 mln stg for Superdrug stores\n",
"date": "30-MAR-1987 02:36:06.12",
"topics": [
"acq"
],
"id": "10692"
},
{
"title": "INDONESIA LIMITS OIL PRICE IMPACT-FINANCE MINISTER",
"body": "Indonesia has minimised the economic\nimpact of falling oil prices, kept inflation within limits and\nboosted exports, Finance Minister Radius Prawiro said.\n Indonesia was badly hit by last year's steep plunge in\ncrude prices, which cut revenue from oil exports by half.\n But Prawiro was quoted by Indonesian newspapers as telling\nPresident Suharto that inflation was kept to around nine pct in\nthe financial year ending tomorrow, against around 4.3 pct the\nprevious year.\n Exports were estimated to have risen by seven pct, he said,\nalthough he did not give complete figures.\n The depressed economy forms the main backdrop to general\nelections next month in Indonesia, a major producer of rubber,\npalm oil, tin, timber and coffee.\n Prawiro said 1986/87 had also been difficult because of the\nappreciation of currencies like the yen and the mark against\nthe dollar, which increased Indonesia's debt repayments.\n He said the economy would have suffered more from the world\neconomic recession if the government had not devalued the\nrupiah by 31 pct last September.\n In an editorial on the economic outlook, the Jakarta Post\nsaid the government must press ahead with measures to\nderegulate the economy to help boost non-oil exports.\n The English-language daily said bigger export earnings were\nneeded to finance not only imports but also the country's\ngrowing foreign debt, estimated at around 37 billion dlrs.\n \"About 50 pct of our foreign debt obligations fall due\nwithin the next three to five years and will steadily increase\nthe debt servicing burden,\" the paper said.\n However, end-investors were seen bargain hunting in\nexpectation of a further yen interest rate decline, dealers\nsaid.\n Most dealers were cautious in the face of the dollar's\nnosedive today and the possibility of a U.S. Interest rate\nrebound to halt further dollar depreciation.\n A 4.7 pct coupon and volume of 1,400 billion yen for the\nApril 10-year bond proposed by the Finance Ministry this\nafternoon were taken favourably by the market.\n REUTER\n\u0003",
"date": "30-MAR-1987 02:40:49.05",
"topics": [
"crude"
],
"places": [
"indonesia"
],
"id": "10693"
},
{
"title": "WOOLWORTH BIDS 244 MLN STG FOR SUPERDRUG",
"body": "Woolworth Holdings Plc <WLUK.L> said it\nwould make a 244 mln stg agreed bid for <Superdrug Stores Plc>\nvaluing the company's shares at about 696p each.\n The offer would be made on the basis of 17 new Woolworth\nordinary shares for every 20 in Superdrug.\n Woolworth said it had received acceptances from the holders\nof 61 pct of Superdrug shares.\n The bid is Woolworth's second attempt in recent months to\nacquire a retail chemist chain. Earlier this year it negotiated\na possible bid for <Underwoods Plc> buit the talks were broken\noff two weeks ago.\n Full acceptance of the offer would involve the issue of\nabout 29.8 mln new Woolworth shares, or 14 pct of the enlarged\nshare capital. A cash alternative would offer 646p for each\nshare in Superdrug. Members of the Goldstein family have\naccepted the offer for 11.7 mln shares, which have not been\nunderwritten.\n Another major shareholder, Rite Aid Corp's Rite Investments\nCorp unit, had accepted the offer for 9.9 mln shares, and would\ntake the cash alternative for 9.0 mln of these.\n In the year to end-January, Woolworth reported pretax\nprofits sharply higher at 115.3 mln stg after 81.3 mln\npreviously.\n In the year to end-February, Superdrug reported pretax\nprofits of 12.26 mln after 10.36 mln previously on turnover\nthat rose to 202.9 mln from 164.3 mln. Superdrug shares firmed\nto 670p from 480p on Friday. Woolworth eased to 813p from 830p.\n REUTER\n\u0003",
"date": "30-MAR-1987 02:42:54.21",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "10694"
},
{
"title": "JAPAN HAS LITTLE NEW TO OFFER IN MICROCHIP DISPUTE",
"body": "The Japanese government appears to have\nlittle new to offer to settle a dispute with the U.S. Over\ncomputer chips, trade analysts and government officials said.\n The U.S. Has threatened to impose tariffs worth up to 300\nmln dlrs on Japanese electronics exports to the U.S., In\nretaliation for Japan's alleged failure to keep a pact on the\nmicrochip trade signed last September.\n A Foreign Ministry official told Reuters \"Japan has done\nwhat it can, and now we must persuade the United States to wait\nfor those steps to take effect.\"\n The U.S. Alleges that, in defiance of the September\nagreement, Japan is still selling microchips at below cost in\nnon-U.S. Markets and refusing to open Japan further to U.S.\nChip sales. U.S. Tariffs are due to take effect on April 17.\n Analysts noted Japan's Ministry of International Trade and\nIndustry (MITI) has already ordered chipmakers to cut\nproduction in order to dry up the source of cheap chips sold in\nthird countries at non-regulated prices.\n \"I'm not sure MITI can do much more than it has,\" said\nJardine Fleming (Securities) Ltd analyst Nick Edwards.\n A MITI official said the Ministry was not planning to call\nfor production cuts beyond those already sought, although it\nwould continue to press chip users to buy more foreign goods.\n Spokesmen for some Japanese electronics firms said they\nwould consider buying more U.S. Chips. But a Matsushita\nElectric Industrial Co spokesman said a rapid increase in\nimports was not likely.\n Most analysts said Japanese exporters would be hard hit if\nthe United States did implement the tariffs, which would be\nlevied on consumer electronics products rather than on\nmicrochips themselves.\n \"If the tariffs remain in place for any length of time,\nthere will be complete erosion of exports to the United States,\"\nsaid Tom Murtha, analyst at James Capel and Co.\n \"The Japanese electronics industry is too powerful to be\nstopped altogether, but recovery for the industry will be\ndelayed for another year,\" he said.\n Some analysts said tariffs would also harm U.S. Industry by\nstepping up offshore production and by reducing demand in Japan\nfor semiconductors U.S. Firms are trying to sell here.\n \"The American approach is full of contradictions,\" Jardine\nFleming's Edwards said.\n \"If they want to expand (U.S.) exports, the last thing they\nwant to do is hit the makers of the final products because that\nhurts the final market,\" Edwards said.\n But other analysts said the dispute reflects not just U.S.\nConcern over what it sees as a strategic industry, but also\nfrustration with Japan's vast trade surplus. Some analysts\nargued that to solve the semiconductor problem Japan may have\nto take action beyond that pledged in the semiconductor pact.\n Carole Ryavec, an analyst at Salomon Brothers Asia Ltd,\nsaid \"The major overall issue is to stimulate the domestic\neconomy and move away from an export-dependent economy.\"\n REUTER\n\u0003",
"date": "30-MAR-1987 02:46:37.74",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10695"
},
{
"title": "H.K. DEALERS SAY NAKASONE G-6 COMMENT TOO LATE",
"body": "Remarks by Japan's Prime Minister\nYasuhiro Nakasone that last month's G-6 meeting agreed to\nstabilize the dollar above 150 yen have come too late to\ninfluence currency trading, dealers said.\n After Nakasone's statement the dollar rose to 146.40/50 yen\nfrom an initial low of 144.20/40 and New York's Friday finish\nof 147.15/25. But the rebound was largely on short-covering,\nthey said.\n \"I think (Nakasone's) desperate,\" said a U.S. Bank foreign\nexchange manager.\n Nakasone told a Lower House Budget Committee in Parliament\nthat Japan and other industrialized nations committed\nthemselves in Paris last month to stabilize the dollar above\n150 yen.\n Finance Minister Kiichi Miyazawa told the same committee\nthat the six - Britain, Canada, France, Japan, the U.S. And\nWest Germany - had intervened aggressively since the dollar\nfell below 150 yen.\n \"His (Nakasone) remarks should have been made and should\nhave had a bigger influence when the dollar was still above 150\nyen,\" said P.S. Tam of Morgan Guaranty Trust.\n Tam said the dollar has hit short-term chart targets and\nis likely to rebound. But he warned of another dip to below 145\nyen.\n Dealers said the worsening trade relations between the U.S.\nAnd Japan will continue to depress the dollar.\n The trade issue has now become a political issue since the\nReagan Administration is facing uproar in Congress over\nth3pYgks in cutting the country's 169.8 billion dlr trade\ndeficit, they said.\n REUTER\n\u0003",
"date": "30-MAR-1987 02:52:29.67",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"hong-kong",
"japan",
"uk",
"france",
"west-germany",
"canada",
"usa"
],
"id": "10696"
},
{
"title": "JAPANESE KEEN TO ENTER GERMAN PRIMARY BOND MARKET",
"body": "Japanese securities houses and banks\nare eager to enter the market for lead-management of mark\neurobonds when the ban on Japanese institutions is lifted, but\nthe entry may be difficult, Japanese bankers said.\n Most Japanese securities houses and banks established here\nsaid they have concrete plans to enter lead-management\nbusiness, as soon as terms are cleared, probably this year.\n Japan's largest bank, The Dai-Ichi Kangyo Bank Ltd, is also\nconsidering expanding its business here, bankers said.\n Japanese banks were excluded from lead management of mark\neurobonds when the Bundesbank opened that market to foreign\nbanks in May 1985, due to the lack of reciprocity for German\nbanks in the Japanese market.\n Last year, the Japanese began a slow opening by granting\nWest German banks investment licences.\n Pressure on Tokyo stepped up last week when U.K. Government\nsources said Britain may revoke the licences of some Japanese\nbanks and securities firms operating in London when they come\nup for renewal if progress is not made towards opening Japan's\nmarkets to foreign competition.\n A spokesman for the Dai-Ichi Kangyo representative office\nhere said the bank was naturally considering options such as\nexpanding its mark securities trading operations to Frankfurt.\n Sources at the bank's London branch said the bank was\nalready seriously planning such a move.\n Expanding secondary operations would also improve the\nplacement capacity of Japanese houses intending to move into\nlead management of mark eurobonds.\n But even Japanese banks already established in secondary\nmarkets here face a host of problems in lead management. One is\nfinding borrowers.\n One banker at Nikko Securities Co Ltd's The Nikko\nSecurities Co (Deutschland) GmbH said the cost of mark issues\nmay be too high for some Japanese firms.\n \"For the moment, for Japanese borrowers, marks are\nexpensive,\" he said. Many prefer Swiss francs or eurodollars.\n A Japanese borrower with a five-year equity warrant\neurodollar bond issued at 2-1/2 pct can now swap into domestic\nyen rates of one pct. But mark swap opportunities are limited.\n In addition, many Japanese companies are committed already\nto large German banks.\n To avoid souring relations with German banks they now\ncooperate with, Japanese houses may prefer finding borrowers so\nfar not seen in the mark sector.\n Names may include Sanyo Electric Co Ltd and Nishimatsu\nConstruction Co Ltd, which both count Yamaichi Securities Co\nLtd as their house bank, or Hokkaido Electric Power Co Inc,\nwhich recently gave a presentation here with the Industrial\nBank of Japan's unit here.\n Japanese banks are also faced with finding local personnel,\nwhich is not easy. \"They are definitely going to have a manpower\nproblem,\" one Swiss banker said.\n Swiss and American banks had no trouble attracting top\nGerman managers. But Japanese cultural differences will be\nharder for Germans to overcome. Success may depend on whether\nJapanese parents allow German subsidiaries independence to\noperate without interference.\n Once established, more problems are expected if extra\ncompetition shaves margins.\n Extra competition could cut management fees in the mark\nsector. Separate management and underwriting fees common here\nmay also be eroded, which now make German underwriting business\nprofitable compared with other centres.\n A few banks are unsure if they really want to get involved\nin the business. \"I don't think Sumitomo has 100-pct concrete\nplans at this moment unless there is a new development,\" a\nbanker at the West German commercial branch of Sumito Bank Ltd\nin Duesseldorf said.\n Apart from the commercial branch in Duesseldorf Sumitomo\nhas a rep office in Frankfurt, but both are primarily engaged\nin commercial banking. If Sumitomo were to set up a securities\noperation, it would have to set up a full subsidiary, he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:02:08.19",
"places": [
"japan",
"west-germany"
],
"id": "10697"
},
{
"title": "NORTH KOREA AGREES TO TOP LEVEL TALKS WITH SOUTH",
"body": "North Korea said it agreed to a South\nKorean proposal for talks between the prime ministers of the\ntwo countries, and proposed a preparatory meeting on April 23.\n The state-run North Korean Central News Agency, monitored\nhere, said Pyongyang signalled its agreement in a letter sent\nby North Korean prime minister Li Gun-Mo to his southern\ncounterpart Lho Shin-Yong.\n Lho proposed that the two prime ministers meet for talks in\na letter on March 17.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:09:15.04",
"places": [
"north-korea",
"south-korea"
],
"id": "10698"
},
{
"title": "ARBED SA <ARBB.BR> YEAR 1986",
"body": "Net profit 890 mln Luxembourg francs\nvs 1.12 billion.\n Turnover 57.8 billion francs vs 65.3 billion.\n Cash flow 5.72 billion francs vs 6.70 billion.\n Steel production 3.74 mln tonnes, down seven pct.\n Board will decide on April 24 whether to pay a dividend. No\ndividend has been paid since 1984.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:10:12.56",
"topics": [
"earn"
],
"places": [
"luxembourg"
],
"id": "10699"
},
{
"title": "TOKYO STOCK EXCHANGE CUTS TRADING HOURS",
"body": "The Tokyo Stock Exchange said it cut\ntrading time from today by 30 minutes to inhibit volume after\nrecent trade turnover records.\n The cut extends the lunch break to 1115 to 1330 local time\n(0315 to 0530 GMT) from 1115 to 1300 local time (0315 to 0500\nGMT) and follows record turnover of 2.6 billion shares on\nFriday.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:22:30.67",
"places": [
"japan"
],
"id": "10700"
},
{
"title": "JAPAN ACTIVELY BOUGHT U.S. CORN LAST WEEK - TRADE",
"body": "Japanese feed and starch makers actively\nbought U.S. Corn last week, C and F basis, for July/September\nshipment in view of bullish freight rates following active\ninquiries by the Soviet Union, trade sources said.\n Some said the makers were seen buying some 30 pct of their\nrequirements, estimated at about three mln tonnes for the\nthree-month shipment period.\n \"Belief is growing that freight rates will not decline\nsharply from current high levels even in the usually sluggish\nsummer season because the Soviet Union's chartering is seen\ncontinuing five to seven months from April,\" one source said.\n The sources said Japanese trading houses were seen covering\na total of 500,000 tonnes of Chinese corn for shipment in May\nto October. But they are believed to have not yet sold most of\nthe corn to end-users in anticipation of further corn price\nrises in the world market.\n Supply from Argentina and South Africa for July/September\nis still uncertain. But the sources forecast supplies from\nArgentina may fall to 400,000 to 500,000 tonnes from an\nanticipated 800,000 in calendar 1987 and from South Africa to\n700,000 to 800,000 tonnes from an estimated one mln in light of\ntighter export availability.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:29:11.32",
"topics": [
"grain",
"corn"
],
"places": [
"usa",
"japan"
],
"id": "10701"
},
{
"title": "ARBED SEES NEED TO MAINTAIN PRESSURE ON COSTS",
"body": "The recent deterioration in the\nsteel market makes it important for Arbed SA <ARBB.BR> to\nmaintain efforts to reduce costs, the company said in a\nstatement.\n It reported that its competitive position had weakened\nconsiderably in the second half of 1986, leading to a seven pct\ncut in steel output over the whole of the year to 3.74 mln\ntonnes.\n Arbed had managed to make a 890 mln franc net profit,\nslightly down from the 1.12 billion profit in 1985, thanks to\nlower raw material costs and prudent management, the company\nsaid.\n Arbed said the early months of 1987 had seen the market\ndeteriorate further, but the decision of the European Community\nto maintain anti-crisis measures, at least provisionally,\nshould under normal circumstances have a beneficial effect.\n EC ministers have agreed to extend a quota production\nsystem while discussions continue on an industry plan for\ncapacity reductions.\n Arbed said in current conditions, cost cutting efforts\nremain necessary to avoid any weakening of resources which have\nbeen built up over the last three years.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:36:13.47",
"topics": [
"earn"
],
"places": [
"luxembourg"
],
"id": "10702"
},
{
"title": "BASF <BASF.F> SAYS 1986 RESULTS AFFECTED BY DLR",
"body": "BASF AG said\nthe volatile currency situation last year, particularly the\nfall of the dollar, led to sharp drops in turnover denominated\nin marks and to price reductions for exports from domestic\nproduction.\n But in a statement accompanying year-end figures, the group\nsaid it expected satisfactory business development over the\nnext months. \"At the moment we do not expect any extraordinary\ninfluences such as there were last year,\" it said. Orders in\nhand and incoming orders were steady at a high level.\n BASF reported 13.6 pct lower 1986 world group pre-tax\nprofit at 2.63 billion marks compared to 1985.\n The unusual situation on the crude oil market last year\nalso produced a clear sales slide in the oil and gas sector and\nforced price declines for petrochemical products, BASF said.\n The fall in pre-tax profit corresponded to the losses on\nstocks in the oil and gas sector at the beginning of 1986. In\nthe parent company, the positive earnings development\ncontinued, it said, where pre-tax profit rose by 3.2 pct to\n1.97 billion marks. The decline in parent company turnover was\nbalanced out by increased capacity use and price declines in\nraw materials. \n In 1986, world group turnover was off 8.8 pct at 40.47\nbillion marks compared to 1985, BASF said. Parent turnover fell\n8.5 pct to 18.72 billion.\n Turnover increases, with the exceptions of the sectors fine\nchemicals and informations systems, had only been achieved in\nthose areas widened last year through acquisition in 1985.\n Results from these had been taken only partly into the\nfourth quarter of that year but fully included in 1986 data.\n So far in the current year, the investment volume of the\nparent company and the world group is exceeding that in 1986,\nBASF said, without giving concrete figures.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:43:39.24",
"topics": [
"earn"
],
"places": [
"west-germany"
],
"id": "10703"
},
{
"title": "BAHRAIN INTRODUCES NEW MONEY MARKET REGIME",
"body": "Bahrain is introducing a new domestic\nmoney market regime to provide dinar liquidity aid centred on\nthe island's newly launched treasury bill programme.\n The Bahrain Monetary Agency has issued a circular to all\ncommercial banks outlining a new policy from April 1 which\ngives liquidity aid through sale and repurchase agreements in\ntreasury bills, or through discounting them.\n The circular, released officially to Reuters, said current\narrangements for providing liquidity aid will no longer be\nvalid except \"in quite exceptional circumstances.\"\n Under the current system, the agency provides the island's\n20 commercial banks with dinar liquidity by means of short-term\nswaps against U.S. Dollars and, less frequently, by short-term\nloans secured against government development bonds.\n \"The agency considers that it is now appropriate to replace\nthese operations with short-term assistance based on Government\nof Bahrain treasury bills,\" the circular to banks states.\n The agency said it will repurchase treasury bills with a\nsimultaneous agreement to resell them to the same bank at a\nhigher price which will reflect an interest charge.\n The agency said it envisages the repurchase agreements will\nnormally be for a period of seven days.\n Bahrain launched a weekly tender for two mln dinars of\n91-day treasury bills in mid-December last year and has since\nraised a total of 26 mln dinars through the programme.\n Bahrain's commercial banks are currently liquid and have\nbeen making little use of the traditional dollar swaps offered\nby the agency. But banking sources said the new regime from\nApril 1 will mean banks cannot afford not to hold treasury\nbills in case they need funds from the central bank.\n Banking sources said more than half of the 20 banks hold\ntreasury bills, although the need by others to take up paper\ncould increase demand at weekly tenders and push down allotted\nyields slightly.\n Last week's yield was six pct, although the programme had\nstarted at the end of last year with rates as low as 5.60 pct.\n Banking sources said the cost of liquidity through\nrepurchase accords will not differ much from that on dollar\nswaps. But a bank using dollars to obtain liquidity would\nforesake interest on the U.S. Currency while the underlying\ntreasury bill investment is unaffected in a repurchase accord.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:45:19.60",
"topics": [
"money-fx"
],
"places": [
"bahrain"
],
"id": "10704"
},
{
"title": "JAPAN BUYS LARGE AMOUNT OF BRAZILIAN SOYBEANS",
"body": "Japanese crushers have bought some\n214,000 tonnes of Brazilian soybeans for late April/early July\nshipment and may buy up to 140,000 to 190,000 tonnes more for\nJune to August shipment, trade sources said.\n Japan imported 128,089 tonnes of Brazilian beans in\ncalendar 1986, Finance Ministry customs-cleared statistics\nshow.\n The sources said Brazilian beans were cheaper than U.S.\nOrigin which may account for the heavy purchases, but added\nthere were concerns about deliveries from Brazil in the near\nterm due to labour problems there.\n The Japanese purchases comprise 30,000 tonnes for April\n20/May 10 shipment, 102,000 for May, 15,000 for late May/early\nJune, 36,000 for June, and 31,000 for late June/early July\nshipment, the sources said.\n As a result of the large volumes of Brazilian beans\npurchased, Japanese crushers will buy a total of only 150,000\ntonnes of U.S. Beans for May shipment. Some 100,000 of this\nshipment has already been purchased, the sources added.\n They said crushers bought some 270,000 to 280,000 tonnes of\nU.S. Beans for April shipment.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:48:44.87",
"topics": [
"oilseed",
"soybean"
],
"places": [
"japan",
"brazil"
],
"id": "10705"
},
{
"title": "WESTPAC CALLS FOR CUT IN AUSTRALIAN BUDGET DEFICIT",
"body": "A maximum budget deficit of 2.5 billion\ndlrs for fiscal 1987/88 ending June 30 is needed if financial\nmarkets are to be impressed with the government's resolve to\ntackle Australia's economic problems, Westpac Banking Corp\n<WSTP.S> said.\n This compares with the budgeted deficit of 3.5 billion dlrs\nfor the current 1986/87 year although the market expects the\nactual shortfall to be some 500 mln dlrs higher.\n In its latest Economic Review, Westpac said powerful\narguments could be advanced for eliminating the deficit\naltogether next year or even budgeting for a modest surplus.\n Westpac said such a policy would deliver the message the\ngovernment was determined to face deep-seated economic\nproblems. But it said it would be a great deal to expect of a\ngovernment in what was probably an election year.\n It said even a relatively minor cut in the deficit would\nrequire some unpleasant decisions, noting a repeat of the\n1986/87 budget's zero real growth in spending would only bring\nthe deficit to about 4.3 billion dlrs.\n A cut of greater than two pct in real terms was needed if a\n2.5 billion dlr deficit was to be achieved and this required\nsome radical surgery to existing programs, the bank said.\n Westpac said the government's mid-May mini-budget provided\nan opportunity for bold measures, both in relation to the size\nof the government's role in the economy and the principles\ngoverning that activity, notably indexation of outlays.\n It said official figures show 93 pct of outlays in some way\nindexed, hard to justify when living standards outside the\npublic sector were being eroded.\n In current circumstances, the alternative to fiscal\ndiscipline is the sure road to bigger external debts, further\ncurrency depreciation, a boost to inflation and, ultimately,\ncapital flight, the bank said.\n REUTER\n\u0003",
"date": "30-MAR-1987 03:56:08.23",
"places": [
"australia"
],
"id": "10706"
},
{
"date": "30-MAR-1987 03:56:37.05",
"id": "10707"
},
{
"title": "DUTCH MONEY SUPPLY HARDLY CHANGED IN DECEMBER",
"body": "Dutch seasonally adjusted M2 money\nsupply was hardly changed in December at 169.49 billion\nguilders compared to 169.56 billion in November, Central Bank\ndata show.\n The figure was 2.6 pct higher than in December 1985.\n In November, M2 fell 1.9 pct from its level in October and\nwas 3.9 pct above its level a year before.\n Seasonally adjusted M1 money supply was also hardly changed\nat 97.21 billion guilders in December, compared to 97.05\nbillion guilders in November. It was up 9.4 pct on its level a\nyear before.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:00:09.97",
"topics": [
"money-supply"
],
"places": [
"netherlands"
],
"id": "10708"
},
{
"title": "SINGAPORE WELCOMES NEW LME ALUMINIUM CONTRACT MOVE",
"body": "Singapore welcomed the London Metal\nExchange's (LME) decision to list Singapore as a delivery point\nfor the LME's new dollar-denominated aluminium contract.\n Tay Thiam Peng, manager for international trading at the\nTrade Development Board, said the decision would boost\nSingapore's image as a major delivery port.\n \"We hope this will encourage more metal traders to set up\nshop here and that Singapore can become a delivery port for\nother metals as well,\" he said.\n The new contract, to start trading on June 1, is LME's\nfirst dollar-contract.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:03:50.65",
"topics": [
"alum"
],
"places": [
"singapore"
],
"id": "10709"
},
{
"title": "BANK OF ENGLAND FORECASTS SURPLUS IN MONEY MARKET",
"body": "The Bank of England said it forecast a\nliquidity surplus of around 100 mln stg in the money market\ntoday.\n Among the main factors affecting liquidity, exchequer\ntransactions will add some 985 mln stg to the system today\nwhile a fall in note circulation and bankers' balances above\ntarget will add around 360 mln stg and 110 mln stg\nrespectively.\n Partly offsetting these inflows, bills for repurchase by\nthe market will drain some 785 mln stg while bills maturing in\nofficial hands and the treasury bill take-up will remove about\n546 mln stg.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:05:58.92",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "10710"
},
{
"title": "BANK OF JAPAN TO SELL 500 BILLION YEN IN BILLS",
"body": "The Bank of Japan will sell 500 billion\nyen of financing bills via a 32-day repurchase agreement to\nhelp mop up a money market surplus of around 1,750 billion yen\ntomorrow, short-term money houses said.\n The bill, to mature on May 2, will produce a 3.8995 pct\nyield on the sales, made by the Bank of Japan to banks and\nseucurities houses through money houses, they said.\n The repurchase agreement yield compares with the 3.9375 pct\none-month commercial bill discount rate today and the 4.40 pct\nrate on one-month certificates of deposit.\n The surplus is due largely to government tax allocations to\nlocal governments and public entities at the end of fiscal\n1986/87 tomorrow.\n The operation will put outstanding bill supplies at about\n2,500 billion yen.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:08:42.98",
"places": [
"japan"
],
"id": "10711"
},
{
"title": "PHILIPPINE COCONUT AGENCY GETS NEW ADMINISTRATOR",
"body": "Newly-installed Philippine Coconut\nAuthority Chairman Jose Romero has announced the appointment of\nlawyer Leandro Garcia as administrator, replacing Colonel Felix\nDuenas who is returning to military duty.\n The new constitution does not allow military men to hold\npositions in civilian agencies.\n Duenas and four other military men who were assigned to the\nauthority in 1978, will return to the ministry of defence where\nthey worked prior to their appointments at the coconut agency.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:10:57.62",
"topics": [
"oilseed",
"coconut"
],
"places": [
"philippines"
],
"id": "10712"
},
{
"date": "30-MAR-1987 04:16:11.34",
"places": [
"japan"
],
"id": "10713"
},
{
"title": "TESCO BUYS 5.4 PCT OF HILLARDS",
"body": "Tesco Plc <TSCO.L> said <County Bank\nLtd> had bought 165,000 shares in <Hillards Plc> on its behalf,\nincreasing its stake to 5.4 pct. The shares were bought at\n313.25p each.\n Tesco is making an opposed 151 mln stg bid for Hillards.\n Hillards shares at 0900 GMT were quoted one penny firmer at\n317p while Tesco was one penny easier at 479p.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:18:41.26",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "10714"
},
{
"title": "ROYALE BELGE <RBVB.BR> YEAR 1986",
"body": "Non-consolidated net profit 3.435\nbillion francs vs 2.330 billion.\n Turnover 39.3 billion francs (no direct comparison)\n Own funds 20 billion francs vs 9.2 billion after transfer\nof 1.28 billion francs from profits and 8.5 billion from sale\nof securities.\n Note - company said the figure is slightly lower because\nFrench branches have become group subsidiaries).\n Proposed net dividend on ordinary shares 100 francs,\nincluding 20 franc supplement due to the exceptional character\nof results, vs 71.9 francs.\n Note - Company was created in May 1986 by the merger of\n(Royale Belge Vie-Accidents) and (Royale Belge\nIncendie-Reassurance).\n Vie-Accidents shareholders received eight new shares and\nIncendie-Reassurance shareholders six for every share held in\nthe old companies.\n Comparisons are therefore company calculations.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:18:57.91",
"topics": [
"earn"
],
"places": [
"belgium"
],
"id": "10715"
},
{
"title": "SRI LANKAN MINISTER SEEKS LOAN FACILITY FROM IMF",
"body": "Finance and Planning Minister Ronnie De\nMel has left for Washington to discuss Sri Lanka's request for\nan International Monetary Fund (IMF) loan facility of up to 6.5\nbillion rupees, ministry officials told Reuters.\n They said De Mel will propose to IMF officials that Sri\nLanka trim its budget deficit and control its balance of\npayments by cutting back on development projects and other\ngovernment spending. He hopes to get approval for a structural\nadjustment facility and compensatory financing facility\nstarting in June. De Mel will also attend a Washington meeting\nof the Group of 24 from April 5 to 8.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:29:11.05",
"organisations": [
"imf"
],
"places": [
"sri-lanka"
],
"id": "10716"
},
{
"title": "JAPANESE SHIPYARDS TO FORM CARTEL, CUT OUTPUT",
"body": "Japan's ailing shipyards have won\napproval from the Fair Trade Commission to form a cartel to\nslash production to about half of total capacity for one year,\neffective April 1, industry sources said.\n The approval follows an act of parliament passed last week\ndesigned to help the industry regroup and shed 20 pct of\ncapacity by March 31, 1988, Transport Ministry officials said.\n The cartel, comprising 33 yards capable of constructing\nships of more than 10,000 gross tonnes, will limit newbuilding\noutput to a maximum of three mln compensated gross registered\ntonnes in 1987/88, the Shipbuilders Association of Japan said.\n Industry sources said the 33 will seek to renew the cartel\nin 1988/89 in the belief demand will remain sluggish.\n Last week's temporary act of parliament also allows\nshipbuilders to receive favourable taxation terms plus up to 50\nbillion yen in compensation for liabilities incurred through\njob losses and the sale of excess capacity.\n Up to 30 billion yen has been allocated for purchasing\nredundant land and equipment from shipbuilders.\n The Ministry will start drawing up its restructuring\nguidelines from April 1 and the yards will implement the\nguidelines from September, industry sources said.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:31:23.83",
"topics": [
"ship"
],
"places": [
"japan"
],
"id": "10717"
},
{
"title": "INDONESIAN RUPIAH SLIPS AGAINST MARK AND YEN",
"body": "The Indonesian rupiah has held steady\nsince its 31 pct devaluation against the dollar six months ago,\nbut has slipped against the mark and to a lesser extent against\nthe yen, according to central bank figures.\n In the past month, the rupiah has fallen five pct against\nthe yen. Today's middle rate per 100 yen was 1,129.78 against\n1,075.20 at end-February and 1,058.6 at devaluation in\nSeptember.\n Bank Indonesia's quoted rate for the dollar, the main\ncurrency for Indonesia's oil and gas exports, was 1,644.0\ntoday, the same rate fixed at the time of devaluation.\n The rate for the West German mark was 913.28 today, a sharp\ndrop from September when it was 786.06.\n The British pound has risen to 2,657.93 against 2,429.83.\n The value of the rupiah is set daily against a basket of\ncurrencies by the central bank.\n The rise in the value of the mark and the yen has hit\nIndonesia by increasing its debt servicing levels. Its total\ndisbursed foreign debt is estimated by the World Bank at 37\nbillion dlrs.\n Japan is one of Indonesia's key trading partners, taking\nhalf its oil exports.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:34:30.95",
"topics": [
"money-fx",
"rupiah",
"dmk",
"yen"
],
"places": [
"indonesia"
],
"id": "10718"
},
{
"title": "GILLETTE CANADA ISSUES 500 MLN FRENCH FRANC BOND",
"body": "Gillette Canada Inc is launching a 500\nmln French franc bond, due April 30, 1992, paying nine pct and\npriced at 101-5/8, Banque Paribas said on behalf of Banque\nParibas Paris, the lead manager.\n Morgan Guaranty Ltd will co-lead manage the issue, which\nwill be sole in denominations of 10,000 francs and be listed in\nLuxembourg.\n Fees are 1-1/4 pct for selling and 5/8 pct for management\nand underwriting combined. The bonds are non-callable and\npayment is April 29.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:37:16.97",
"places": [
"uk"
],
"id": "10719"
},
{
"title": "PHILIPPINE COCONUT INDUSTRY WORRIED BY EC TAX",
"body": "Philippine coconut oil exports to Europe\nwould be virtually wiped out if the European Community (EC)\nimplements a new tax on vegetable oils, Philippine Coconut\nAuthority (PCA) chairman Jose Romero said.\n But he told reporters he did not think the EC would impose\nthe tax because of objections from the U.S.\n \"There's just so much flak coming from many countries,\nspearheaded by the United States, whose soybean exports would\nbe adversely affected. This would spark a trade war,\" he said.\n The tax, to be imposed from July, would add about 375 dlrs\na tonne to vegetable oils entering the EC.\n The Philippines exported 43,540 tonnes of coconut oil worth\n11.7 mln dlrs to Europe in January, against total exports of\n86,959 tonnes worth 23.8 mln. It also exports copra and copra\nmeal.\n Agriculture Secretary Carlos Dominguez has also raised\nobjections to the proposed EC tax.\n He said it could cause the collapse of world demand and\nprices and destroy the domestic industry.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:41:02.96",
"topics": [
"oilseed",
"coconut"
],
"organisations": [
"ec"
],
"places": [
"philippines"
],
"id": "10720"
},
{
"title": "WALLENBERG GROUP RAISES STAKE IN ERICSSON",
"body": "Sweden's Wallenberg group said it\nraised its holding in telecommunications maker Telefon AB L.M.\nEricsson <eric.St.> to 37.5 of the voting rights from 28.9 pct.\n The move by the Knut and Alice Wallenberg Foundation, one\nof the institutions at the core of the group of companies\nformed by the late industrialist Marcus Wallenberg, further\nconsolidated group control over one of its key firms, analysts\nsaid.\n The foundation now controls 14.1 pct of Ericsson's voting\nrights with 22.3 pct held by the group's investment companies\n<AB Investor> and <Forvaltnings AB Providentia>.\n The move comes after the Wallenberg group fought off a\nhostile takeover bid earlier this month for match and packaging\nconglomerate Swedish Match AB <smbs.St> from arms and chemical\nconcern Nobel Industrier AB <NOBL.ST> by increasing its stake\nin Swedish Match to 85 pct from 33 pct.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:44:15.59",
"topics": [
"acq"
],
"places": [
"sweden"
],
"id": "10721"
},
{
"title": "GKN REORGANISES JOINT VENTURE",
"body": "<GKN Plc> said it and <Zahnradfabrik\nFriedrichshafen AG> would reorganise the ownership structure of\ntheir <Viscodrive GmbH> joint venture.\n Under the agreement, GKN's Uni-Cardan AG unit would\nincrease its stake in Viscodrive to 75 pct from 50 pct, while\nZF's stake would drop to 25 pct.\n At the same time ZF would take an 80 pct stake in a new\ncompany, <Steertec Lenkungen GmbH> leaving Uni-Cardan with 20\npct.\n Viscodrive manufactures viscous control units while\nSteertec will develop power steering systems.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:46:26.42",
"places": [
"uk"
],
"id": "10722"
},
{
"title": "YUGOSLAVIA TO HELP PRODUCE NEW SOVIET AIRLINER",
"body": "Yugoslavia said it has been asked to\nparticipate in the production of a new Soviet airliner -- the\nIlyushin 114.\n The official Tanjug news agency said this was decided at a\nmeeting in Havana of officials of the Soviet-led trade group\nComecon. Yugoslavia is a communist nonaligned state, belonging\nneither to the Warsaw Pact or the Western alliance, Nato, but\nit enjoys preferential trading status in Comecon. Under the\ndeal, Yugoslavia will produce several major parts, including\nthe landing gear, for the new medium-range 80-passenger\nIlyushin airliner, Tanjug said. No financial details were\ndisclosed.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:51:15.69",
"organisations": [
"comecon"
],
"places": [
"yugoslavia",
"ussr"
],
"id": "10723"
},
{
"title": "FRENCH FEBRUARY INFLATION CONFIRMED AT 0.2 PCT",
"body": "French retail prices rose a confirmed 0.2\npct in February, in line with provisional figures released two\nweeks ago showing a rise of between 0.1 and 0.2 pct, the\nNational Statistics Institute said.\n The rise compared with a 0.9 pct rise in January.\n Year-on-year retail price inflation was confirmed at 3.4\npct for February compared with a three pct rise year-on-year in\nJanuary.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:52:07.90",
"topics": [
"cpi"
],
"places": [
"france"
],
"id": "10724"
},
{
"title": "PHILIPPINE DEBT PACT SEEN AS GOOD FOR ECONOMY",
"body": "The Philippines' restructuring of 13.2\nbillion dlrs of foreign debt will provide a welcome boost for\nthe economy, but last Friday's accord with the country's\n12-bank advisory committee does not imply an overnight boom,\nbankers and businessmen polled by Reuters said.\n \"The successful negotiations form an important piece in the\nmosaic,\" Christian Roeher, Secretary-General of the European\nChamber of Commerce, said. \"Now is really the time for the\ngovernment to start implementing its ideas. There has been a\nlot of talking and loud thinking.\"\n Business leaders said the 17-year rescheduling of\ncommercial bank debt would give President Corazon Aquino some\nbadly-needed breathing space, but warned her government was\nstill in the midst of political consolidation.\n \"There is a lot of interest among foreign investors in the\ncountry, but now they are waiting to see what happens in the\ncongressional and local elections later this year,\" said\nAmerican Chamber of Commerce president George Drysdale.\n The government is serious about getting down to work, but\nthere are many individual agendas for growth and no consensus.\nBut each step brings a unanimity of opinion closer, he said.\n Aurelio Periquet, President of the Philippine Chamber of\nCommerce and Industry, told Reuters the debt accord had\npositively translated the international banking community's\nconfidence in the country's economy and Aquino's government.\n \"This government needs less pressure and more time and\nhappily our creditors seem to see it that way,\" he said. \"This\naccord may not result in an immediate boom, but at least it\nenhances the image of the country for foreign investors.\"\n But Periquet said domestic and foreign investments fell\nshort of targets in 1986. \"The accord does not solve all our\nproblems,\" he added.\n Periquet said the question of political stability no longer\nworried Filipino businessmen, who had already started expanding\nexisting businesses or investing in new areas.\n \"A number of us have already put in new money and there are\nplans for the export market,\" he said. \"President Aquino has\nshown her ability to pull the nation out of one crisis after\nanother.\"\n Roeher said foreign investment would probably be held back\nuntil after the congressional polls in May and the local\nelections in August. \"The two elections will probably have a\nmore decisive effect on the way business reacts,\" he said.\n \"Some foreign companies are not waiting, but they are more\nthe exception than the rule,\" Roeher said.\n He said it was important the government ensure the creation\nof more jobs was not just a transitory development.\n \"The absorption of enormous aid given to the Philippines is\nalso poor. A lot of it has not been put to use. The government\nshould act without further delay to absorb the 1.7 billion dlrs\nof development aid it will receive in 1987,\" he said.\n A foreign banker close to the debt negotiations said he did\nnot foresee any real boom until 1989.\n \"The problem is that Aquino has inherited her political\nsystem from (former President Ferdinand) Marcos,\" the banker\nsaid. \"There is still a clamour for the sharing of benefits,\ndifferent sectors claiming their rights and duties. If they go\ntoo fast there could be another bust two years down the road.\"\n Businessman Raul Concepcion, whose brother Jose is the\ncountry's trade and industry minister, said everyone could\nheave a sigh of relief. \"Now that the debt agreement is out of\nthe way, our economic and financial officials can concentrate\non their work, like increasing government revenue and\nefficiency,\" he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 04:52:17.50",
"places": [
"philippines"
],
"id": "10725"
},
{
"title": "TORAY INDUSTRIES NAMES NEW PRESIDENT",
"body": "Toray Industries Inc <TORT.T>, Japan's\ntop synthetic fibre maker, named managing director Katsunosuke\nMaeda as president, effective April 16.\n Current president Yoshikazu Ito will become chairman.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:00:41.39",
"places": [
"japan"
],
"id": "10726"
},
{
"title": "UAE CENTRAL BANK CD YIELDS HIGHER",
"body": "Yields on certificates of deposit\noffered by the United Arab Emirates central bank were higher\nthan last Monday's offering, the bank said.\n One-month maturity rose 1/16 point to 6-3/16 pct, two-month\n1/8 point to the same level, and three- and six-month issues\n3/16 point to 6-1/4 pct each.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:02:21.14",
"places": [
"uae"
],
"id": "10727"
},
{
"title": "CREDIT AGRICOLE OFFERS TO SWAP BONDS",
"body": "Credit Agricole announced an offer to\nswap the 1,889,000 francs of bonds outstanding on its original\n4.25 mln franc, 10-year, 14 pct July 1980 issue for its new\nfour billion franc, two tranche, 8.30 pct, 1987 issue.\n The swap will be on the basis of two 2,000 franc nominal\n1980 bonds for one 5,000 franc nominal bond of the 1987 issue.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:02:39.78",
"places": [
"france"
],
"id": "10728"
},
{
"title": "SRI LANKA TO UPROOT OR BUD DISEASED RUBBER TREES",
"body": "Sri Lanka will uproot rubber trees that\nare more than two years old and affected by the leaf disease\ncorynespora, the head of the government's Rubber Research\nInstitute told Reuters.\n Rodney De Mel said affected trees less than two years old\nwould undergo base-budding -- attaching a clone as close as\npossible to the trunk's base and cutting off the top of the\ntree once the bud has taken. Uprooted or base-budded trees\nmature later, causing an output loss estimated at 350 kilos per\nhectare from the sixth year when they begin producing.\n About 7,000 acres are planted with the high yielding RIC\n103 variety, the clone afflicted by corynespora.\n Only about 2,000 acres are affected by the disease, which\ncauses leaves to fall off, De Mel said.\n Sri Lanka has 508,000 acres planted with rubber trees.\n De Mel said the disease was detected in nurseries as early\nas in middle 1985, but it was only in August-September 1986\nthat it became widespread.\n The Institute is conducting a survey to determine how many\ntrees will be uprooted or base-budded. Healthy trees will be\nsprayed and remain under observation.\n T.P. Lilaratne, head of the government's Rubber Controller\nDepartment, which monitors the industry, told Reuters\nreplanting and base-budding would have to be undertaken before\nlate May when the monsoon rains begin.\n De Mel said clones in the nurseries which are susceptible\nto corynespora, identified as RIC 103, RIC 52, RIC 104, RIC\n106, RIC 107 and RIC 118, will be uprooted and burned.\n The same procedures will be undertaken for the foreign\nclones indentified as NAB 12, RRIM 725, FX25, PPN 2444, PPN\n2447, KRS 21 and PPN 2058.\n Lilaratne said the susceptible clones would be replaced by\nPB 86, RRIM 600, RRIC 110, RRIC 121, RIC 100 and RIC 102.\n These six varieties would also be used to replace trees\nuprooted or base-budded, De Mel said.\n Lilaratne said planters would receive 10,000 rupees per\nhectare for replanting and plants would be free of charge.\n \"But no compensation is contemplated at the moment,\" he\nadded.\n De Mel said a drought in Sri Lanka has helped control the\nspread of the disease.\n \"The drought has not stopped the disease, but probably\nhelped in some way because trees have not been affected in\nareas that are dry,\" he said.\n Brokers said the disease had not affected prices because it\nhas not caused a drop in production.\n Prices for the best latex crepe at the Colombo auction last\nweek firmed to 20.19 rupees per kilo from 20.05 rupees at the\nprevious sale.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:05:02.76",
"topics": [
"rubber"
],
"places": [
"sri-lanka"
],
"id": "10729"
},
{
"title": "KANSALLIS-OSAKE-PANKKI LAUNCHES 100 MLN DLR BONDS",
"body": "Finland's <Kansallis-Osake-Pankki>\nsaid in a statement it is issuing 100 mln dlrs subordinated\nbonds due 1994 with equity warrants in international markets\nwith maximum interest rate of 4-5/8 pct.\n Pricing will probably be April 7, the statement said.\n The new issue could raise the bank's share capital by 200\nmln Finnish marks from the present 2.26 billion, it said.\n The statement said the issue followed up the 1986 tender\nissuance involving the first non-restricted or free shares,\nwhich can be held by aliens.\n The warrants entitle holders to subscribe for a maximum of\n10 mln free shares. Eight mln of the Bank's current 113 mln\nshares are free shares, a spokeswoman said.\n The float follows the signing by Finnish President Mauno\nKoivisto last Friday of legislation entitling aliens with\neffect from next June 1 to own up to two fifths of the shares\nin Finnish companies, with consent of the Council of State, as\nagainst one fifth although voting rights will be restricted.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:13:02.88",
"places": [
"finland"
],
"id": "10730"
},
{
"title": " Miyazawa expects dollar to rebound soon, spokesman says\n",
"date": "30-MAR-1987 05:21:16.55",
"topics": [
"money-fx",
"dlr"
],
"id": "10731"
},
{
"title": "QUEBECOR ISSUES 60 MLN DLR CONVERTIBLE BOND",
"body": "Quebecor Inc <PQB.A>, the Canadian\npublishing concern, is issuing a 60 mln dlr convertible bond\ndue May 14, 1997 bearing an indicated coupon of 5-3/4 to six\npct, said Merrill Lynch Capital Markets as lead manager.\n The issue will be priced to have a conversion premium of 22\nto 25 pct, with final terms to be set on Monday, April 6. The\ncompany's stock last traded on the Toronto Stock Exchange at\n19-3/8. The securities will be listed in Luxembourg and are\navailable in denominations of 1,000 and 10,000 dlrs.\n Fees include a one pct combined management and underwriting\nand a one pct selling concession.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:22:06.81",
"places": [
"uk"
],
"id": "10732"
},
{
"title": "ONGPIN SAYS \"PINS\" WILL REVIVE BAKER PLAN",
"body": "Finance Secretary Jaime Ongpin said\nPhilippine Investment Notes (PINs), to be offered to commercial\nbank creditors as part of the country's 13.2 billion dlr debt\nrescheduling, would revive the Baker Plan.\n PINs are tradable, foreign currency-denominated financial\ninstruments with a six-year maturity, designed for conversion\ninto pesos to fund government-approved equity investments\nwithin the Philippines.\n Ongpin told reporters after a meeting with businessmen the\ngovernment was planning to issue between 100 and 150 mln dlrs\nworth of PINs at a discount of about 12.5 pct this year.\n The plan, outlined by U.S. Treasury Secretary James Baker\n18 months ago, stalled because commercial banks balked at the\nidea of lending additional money, Ongpin said. It had called\nfor substantial new commercial bank lending and development\nbank aid in order to help debtor countries grow out of their\neconomic troubles.\n The PINs provide a mechanism to finance the growth needed\nby these debtor nations, provided they are willing to welcome\nforeign equity investment into their economies, Ongpin told a\nbusinessmen's meeting. \"And this can now be achieved without\nforcing commercial banks into involuntary new money lending.\"\n Bankers in New York said given the booming market in\ndebt-equity swaps, PINs ought to work if Manila issues the\nnotes at an appropriate discount.\n Ongpin said the use of PINs would result in anticipated\nsavings of one billion pesos over the debt agreement's 17-year\nlife.\n The accord restructured 5.8 billion dlrs of previously\nrescheduled debt, 3.5 billion dlrs of debt falling due between\nJanuary 1987 and December 1992, and 925 mln dlrs of new money\nlent by the banks in 1985 at a spread of 7/8 percentage points\nover London Interbank Offered Rates (LIBOR).\n It also rolled over trade credits worth 2.9 billion dlrs.\n Ongpin said the Philippines' 7-1/2 year grace period was\nbetter than Mexico's seven-year grace period, while the PINs\nproposal would result in savings of foreign exchange and\ngenerate pesos which would be reinvested in domestic\nenterprises.\n Ongpin said the restructuring of commercial bank debt, as\nwell as of 870 mln dlrs of debt by the Paris Club of Western\ncreditor governments in January, was expected to reduce the\ncountry's debt-service ratio to between 25 and 30 pct from its\ncurrent level of 40 to 45 pct.\n He said the country's balance of payments was now projected\nat a surplus of about 1.2 billion dlrs in 1987, compared with a\nsurplus of about 1.1 billion dlrs in 1986 and a previous\nprojected deficit of 1.2 billion dlrs this year.\n The Philippine negotiating team refined the PINs idea three\ntimes before the final agreement was struck last Friday, Ongpin\nsaid. \"What we have now is PINs IV,\" he said.\n Ongpin told the meeting he had kept his promise to gain\nterms better than those granted last year to Mexico, which won\na 20-year repayment at 13/16 points over LIBOR.\n \"And they (Mexico) are a long way from seeing any money\ncross the table even as of today,\" Ongpin said, adding he\nexpected much quicker approval from all the Philippines' 483\ncreditor banks worldwide.\n He said he had been in almost daily telephone contact with\nPresident Corazon Aquino, particularly when the banks began to\ntake a very tough stance on pricing.\n \"But the President's instructions were unequivocal and\nunwavering, 'Do not yield one more millimetre and I don't care\nhow long it takes. Get a green card if you have to, but don't\ncome home without a deal we can all be proud of',\" he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:23:00.36",
"places": [
"philippines"
],
"id": "10733"
},
{
"title": "PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA",
"body": "The Philadelphia Stock Exchange (PHLX),\na leading trader of currency options, plans to extend its\ntrading hours to serve Australasian and Far Eastern markets,\nexchange president Nicholas Giordano said.\n He told reporters the PHLX will open a new session between\n1900 and 2300 hours U.S. EST from the beginning of the third\nquarter this year.\n The PHLX is also opening an office in Hong Kong to serve\nclients in the region and educate financial markets about the\nadvantages of currency options, Giordano said.\n Giordano was in Sydney to start an Asian-Pacific tour by\nexchange executives promoting the hedging benefits of the\nexchange-trade currency option market against existing\nover-the-counter option trading during the local working day.\n Currency options pioneered by the PHLX in 1982 had become\nan accepted means of hedging against foreign exchange risk and\nhad grown in popularity, he said.\n The PHLX now offered options in eight currencies, including\na new Australian dollar option, and traded an average 42,000\ncontracts daily with underlying open interest of more than 30\nbillion U.S. Dlrs.\n Giordano said the exchange had been impressed with the\nperformance of its Australian dollar contract, which since its\nintroduction last year had regularly topped the French franc as\nthe third most popular traded option, with up to 8,000\ncontracts traded daily.\n Having the Philadelphia exchange open during the\nAsia-Pacific market day would open new hedging opportunities,\nset a truer level for over-the-counter option trading, increase\narbitraging opportunities and give corporations and treasuries\naccess to a currency option market of much greater depth and\nliquidity with the security of a clearing house, he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:24:25.05",
"topics": [
"money-fx"
],
"places": [
"australia"
],
"id": "10734"
},
{
"title": "YIELD FALLS ON 91-DAY SAMA DEPOSITS",
"body": "The yield on 91-day bankers security\ndeposit accounts issued this week by the Saudi Arabian Monetary\nAgency, SAMA, fell to 6.18376 pct from 6.34322 a week ago,\nbankers said.\n SAMA increased the offer price on the 500 mln riyal issue\nto 98.46094 from 98.42188 last Monday. Three month interbank\nriyal deposits were quoted today at 6-1/2, 3/8 pct.\n SAMA offers a total 1.9 billion riyals in 30, 91 and\n180-day agreements to banks in the Kingdom each week.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:27:07.20",
"places": [
"bahrain"
],
"id": "10735"
},
{
"title": "MIYAZAWA EXPECTS DOLLAR REBOUND SOON - SPOKESMAN",
"body": "Japanese Finance Minister Kiichi Miyazawa\nexpects the dollar to rebound soon, a Ministry spokesman said.\n He quoted Miyazawa as telling Japanese reporters that major\nindustrial nations are aggressively intervening in currency\nmarkets worldwide to prevent a dollar free-fall.\n The minister believes that market forces will push the\ndollar back up from its record low of 144.70 yen today,\naccording to the spokesman.\n Miyazawa told the Japanese reporters the U.S. Unit fell\nbecause Japanese investors sold dollars to hedge currency risks\nbefore the close of the 1986/87 fiscal year on March 31.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:34:49.87",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "10736"
},
{
"title": "U.K. CONFIRMS FEBRUARY STERLING M3 RISE",
"body": "The Bank of England said the broad\nmeasure of U.K. Money supply, Sterling M3, rose a seasonally\nadjusted 2.2 pct in February after a 1.1 pct rise in January.\n The unadjusted year on year rise was 18.9 pct after 17.6\npct in the year to January, the Bank said.\n The narrow measure of money supply, M0, fell by a\nseasonally adjusted 0.8 pct in February, and rose by a\nnon-adjusted 4.1 pct year on year. In January, M0 fell by an\nadjusted 0.6 pct, and rose by a non-adjusted 4.1 pct year on\nyear.\n The figures confirm provisional data issued by the Bank on\nMarch 19.\n The Bank said sterling bank lending grew by a seasonally\nadjusted 2.91 billion stg in February, after a 1.70 billion stg\nadjusted rise in January.\n The measure of private sector liquidity, PSL2, rose an\nunadjusted 0.9 pct in February, making a year-on-year\nunadjusted 13.1 pct rise. Adjusted, PSL2 rose by 1.2 pct in\nFebruary, against a 0.6 pct rise in January, the Bank said.\n It said the public sector contribution to the growth in\nSterling M3 was contractionary by about 40 mln stg after a\ncontractionary contribution of 2.3 billion stg in January.\n Within this, the Public Sector Borrowing Requirement showed\na repayment of 380 mln stg after a 3.7 billion stg repayment in\nJanuary, while the non-bank private sector's holdings of\ngovernment debt fell by about 260 mln stg after a 1.1 billion\nstg fall in January.\n There was a 50 mln stg rise in notes and coins in\ncirculation in February after a 290 mln stg fall in January,\nthe Bank said.\n Non-interest bearing sight deposits rose by 460 mln stg\nafter a 1.5 billion stg fall in January and interest-bearing\ndeposits fell 200 mln stg after a 1.6 billion rise in January.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:36:41.53",
"topics": [
"money-supply"
],
"places": [
"uk"
],
"id": "10737"
},
{
"title": "SLOUGH ESTATES VIEWS 1987 PROSPECTS CONFIDENTLY",
"body": "Slough Estates Plc <SLOU.L> said it\nviews the prospects during 1987 with confidence.\n In a statement accompanying its 1986 results, it reported a\nrise of over 10 mln stg in 1986 pretax profit to 49.6 mln stg\nand said there are signs that the existing threat of excess\nsupply may be lessened in 1987. There has also been a return of\ninterest in industrial investment.\n An external appraisal of the group's investment properties\nwas carried out last year which found their gross value to be\n851.3 mln stg as at Dec 31.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:45:35.95",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "10738"
},
{
"title": "GERMAN FEBRUARY WHOLESALE TURNOVER RISES ONE PCT",
"body": "West German wholesale turnover\nprovisionally totalled about 58 billion marks in February, a\nrise of a real one pct compared with the same month last year,\nthe Federal Statistics Office said.\n Turnover fell a nominal seven pct from February last year,\ndown by around four billion marks, it added. Turnover of about\n114 billion marks in the first two months of 1987 represented a\nreal decline of two pct from the same 1986 period.\n According to final figures, wholesale turnover had fallen\nby a real 5.7 pct in January, an office spokeswoman said.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:48:54.18",
"places": [
"west-germany"
],
"id": "10739"
},
{
"title": "NISSAN MEXICANA TO TAKE OVER CAR ENGINE EXPORTS",
"body": "<Nissan Mexicana SA de CV>, owned 96.4\npct by Nissan Motor Co Ltd <NSAN.T> and the rest by Marubeni\nCorp <MART.T>, will supply all engines for manual transmission\n\"Sentra\" cars produced by Nissan Motor's wholly-owned subsidiary\n<Nissan Motor Manufacturing Corp USA> (NMMC), a Nissan\nspokeswoman said.\n Nissan's shift to Mexican production from Japan is due to\nimproved quality there and the yen's rise against the dollar.\n From July 1987, all car engines for NMMC will be supplied\nby Nissan Mexicana. As a start, Nissan Mexicana shipped a total\nof 17,000 car engines to NMMC last summer, the spokeswoman\nsaid.\n NMMC in Smyrna, Tennessee, which has produced Sentras since\nMarch 1985, made 65,000 cars.\n NMMC will more than double Sentra production to 140,000\nthis year including 80,000 to 90,000 manuals, she said.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:55:11.78",
"places": [
"japan"
],
"id": "10740"
},
{
"title": "GERMAN CALL MONEY RISES ON PENSION PAYMENTS",
"body": "Call money rose to 3.70/80 pct from\n3.50/60 pct in moderate business as liquidity drained from the\nsystem on pension payments by insurance firms, dealers said.\n But the market was relatively liquid for the month's end,\nwhen rates usually tighten, dealers said. Call money was still\nat or slightly below the 3.80 pct rate set on the most recent\nBundesbank securities repurchase offer last week.\n The insurances would probably draw down some 11 billion\nmarks for pension payments. But part of this would be offset by\nan estimated five to six billion marks flowing in from treasury\nbills bought from the Bundesbank on Thursday, dealers said. \n Rates could ease later in the week as bank customers\ndeposit part of their pension payments back with the banks\ntomorrow and Wednesday, and banks face reserve requirements for\na new month, dealers said.\n On Thursday, banks' actual daily reserve holdings fell to\n43.3 billion marks, down substantially from 49.1 billion on\nWednesday. But the daily average holdings for the first 25 days\nof the month stood at 51.8 billion marks, well above the\nrequired daily average net reserve holdings of 50.7 billion. \nThe Bundesbank has not scheduled a securities repurchase\ntender this week, since there is no expiring prior pact. \ndealers said liquidity was adequate without the addition of new\nrepo funding.\n If tightness does occur the Bundesbank may add short-term\ntemporary federal government funds to counteract this. The last\nsuch liquidity injection was carried out as call money rates\nrose above 4.00 pct earlier this month, dealers said.\n REUTER\n\u0003",
"date": "30-MAR-1987 05:59:21.04",
"places": [
"west-germany"
],
"id": "10741"
},
{
"title": "EC COMMISSIONER WELCOMES COCOA ACCORD",
"body": "The new International Cocoa Agreement\nshould lead to a stabilisation of prices, both benefitting\nproducer countries and promoting an equilibrium in\ninternational economic relations, European Community\nDevelopment Commissioner Lorenzo Natali said.\n He said in a statement welcoming the agreement on buffer\nstock rules reached last week in London that it resulted in\nlarge part from initiatives taken by the EC Commission after\nconsumers and producers had reached deadlock in initial\nnegotiations.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:00:03.75",
"topics": [
"cocoa"
],
"organisations": [
"ec"
],
"places": [
"belgium"
],
"id": "10742"
},
{
"title": "RUGBY WELL PREPARED FOR NEW CEMENT COMPETITION",
"body": "Rugby Portland Cement Plc <RBYL.L> said\nit was well placed to operate in the new circumstances\nfollowing the ending in February of the 53-year old cement\nmanufacturers common price and marketing arrangements.\n In a statement following the release of its 1986 results,\nIT stated that the current year had started well. It reported\nthat pretax profits in the year rose to 35.46 mln stg from\n21.84 mln previously on turnover higher at 313.3 mln after\n252.2 mln.\n The strong recovery of the first six months continued into\nthe second half, although U.K. Cement demand rose only\nmodestly. Results benefitted from cost cutting and higher\nvolumes.\n The decision by the Cement Makers Federation to end the\npricing agreement reflected pressure from higher competition\ndue to growing imports and the possibility that the system\nwould be taken to the Restrictive Practices Court by the U.K.\nGovernment. It stated that its John Carr unit benefitted from\nstrong organic growth, although overseas its Cockburn operation\nhad a difficult period with high maintenance costs and\nincreased depreciation charges.\n The company is proposing to change its name at the next\nannual meeting to <Rugby Group Plc>.\n Rugby said it spent 27 mln stg on acquisitions in 1986. It\nnoted that its Western Australia hotels company had agreed to\nsell the Parmelia hotel for 31.5 mln Australian dlrs, some\nseven mln stg above end-1986 book value.\n The results were largely in line with forecasts and Rugby\nshares were little changed at 242p after 241 at Friday's close.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:00:18.68",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "10743"
},
{
"title": "MANNESMANN BUYS INDIRECT MAJORITY STAKE IN SACHS",
"body": "Mannesmann AG <MMWG.F> said it has\nreached a series of agreements giving it an indirect majority\nstake in the <Fichtel und Sachs AG> car parts group.\n The takeover is contingent on approval from the Federal\nCartel Office in West Berlin, a spokesman said, adding that\nMannesmann was confident the authorities would not block the\npurchase.\n Mannesmann is buying 75 pct of <MEC Sachs\nVermoegensholding> which owns 37.5 pct of Sachs AG, which in\nturn holds 96.5 pct of Fichtel und Sachs. The MEC shares will\nbe bought from the granddaughters of the firm's founder.\n Mannesmann is also purchasing a 25.01 pct stake in Fichtel\nund Sachs from Commerzbank AG <CBKG.F> and has an option to buy\nthe bank's remaining 10 pct stake, a company statement said.\n In addition to these firm agreements, Mannesmann is also\ntalking with the state-owned steel group Salzgitter AG\n <SALG.H> on buying its 24.98 pct stake in Fichtel und Sachs.\n This would give Mannesmann around 75 pct of Fichtel und Sachs.\n Salzgitter said it decided to give up its own original\nplans to seek a majority stake in Sachs after holding talks\nwith the government in Bonn.\n Earlier this month Mannesmann disclosed that it might want\na majority stake in Sachs after previously saying it was\nseeking to buy only a minority holding in the company, which\nhas annual turnover of 2.2 billion marks and employs 17,000.\n The acquisition is part of Mannesmann's efforts to\ndiversify into high-technology areas and away from its previous\nreliance on steel and pipe-making. More\n A spokesman for the Federal Statistics Office later said\nthe anti-cartel authorities would probably rule on the takeover\nin the new few weeks.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:03:36.19",
"topics": [
"acq"
],
"places": [
"west-germany"
],
"id": "10744"
},
{
"title": "CHINESE CHEMICAL PLANT TO ISSUE DOMESTIC BOND",
"body": "A chemical plant in the south China\nprovince of Guangdong will raise 30 mln yuan by a domestic bond\nissue, the China News Service, monitored here, said.\n It said the Shantou Photosensitive Chemicals Plant will\nissue three-year bonds of fixed interest at 11 pct a year in\ndenominations of 50, 100 and 500 yuan.\n A subsidiary of the China Commercial and Industrial Bank is\narranger for the issue.\n The plant will use the proceeds to finance its expansion.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:04:53.12",
"places": [
"hong-kong",
"china"
],
"id": "10745"
},
{
"title": "SINGAPORE M-1 MONEY SUPPLY 2.7 PCT UP IN JANUARY",
"body": "Singapore's M-1 money supply rose\n2.7 pct in January to 10.09 billion Singapore dlrs after a 3.7\npct increase in December, the Monetary Authority of Singapore\nsaid.\n Year on year, M-1 grew by 15.6 pct in January compared with\nan 11.8 pct growth in December.\n The January rise was largely seasonal, reflecting an\nincrease in currency in active circulation prior to the Lunar\nNew Year. Currency in active circulation rose to 5.42 billion\ndlrs from 5.03 billion in December and 4.84 billion a year ago.\n The demand deposit component of M-1 dropped in January by\n4.67 billion dlrs from 4.79 billion in December and compared\nwith 3.89 billion in January, 1986.\n Broadly-based M-2 money supply rose 1.1 pct to 31.30\nbillion dlrs in January, after a 1.6 pct rise in December,\nbringing year on year growth to 12.1 pct in January against\n10.0 pct in the previous month.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:08:09.95",
"topics": [
"money-supply"
],
"places": [
"singapore"
],
"id": "10746"
},
{
"title": "BROWN BOVERI WINS SUPERCHARGER ORDER FROM MAZDA",
"body": "BBC Brown Boveri und Cie\n<BBCZ.Z> said it won a major order to supply its \"Comprex\"\npressure-wave supercharger for use in a new car diesel engine\nto be produced by Mazda Motor Corp <MAZT.T> of Hiroshima,\nJapan.\n It gave no financial details.\n BBC said the supercharger enables diesel engine cars to\nmatch the performance of petrol engine vehicles without losing\nthe fuel economy and emission advantages of diesel.\n Mazda is the first international carmaker to use the\nsupercharger in mass production of diesel engines.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:08:22.91",
"places": [
"switzerland"
],
"id": "10747"
},
{
"title": "B AND C REORGANISES COMMERCIAL OPERATIONS",
"body": "British and Commonwealth Shipping Co Plc\n<BCOM.L> said that it would reorganise its commercial and\nservice operations into a single public grouping with\nautonomous management.\n The group has expanded rapidly in the past year through the\n672.5 mln stg acquisition of <Exco International Plc> and 90\nmln bid for <Steel Brothers Holdings Plc>.\n It noted that its operations were now divided between\nfinancial services, including money broking, investment\nmanagement and forfaiting, and more traditional areas such as\naviation, hotels, commodity trading and office equipment.\n It said that each sector had exciting prospects but\nrequired different methods of management and financing.\n B and C planned to form a new public company to hold the\ncommercial operations and envisaged it operating with a capital\nof between 400 mln and 600 mln stg.\n It has retained Barclays de Zoete Wedd to advise on the\nintroduction of independent investors to subscribe for\nadditional capital, and believes that the proportion of equity\ncapital held by outside investors would not exceed 20 pct of\nthe total.\n The statement said that with the continued support of B and\nC, together with outside capital, the new grouping would emerge\nas a major group in its own right with the ability to take\nadvantages of opportunities as they arose. However, the group\nwould not seek a listing for the time being.\n B and C also said that its chairman, Lord Cayzer, planned\nto retire in June. The company proposed that he be appointed\nlife president and that current chief executive John Gunn\nshould take over as chairman.\n B and C shares eased 11p to 459p at 1040 GMT.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:08:46.14",
"topics": [
"ship"
],
"places": [
"uk"
],
"id": "10748"
},
{
"title": "JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS",
"body": "A Finance Ministry official said the\nministry has recently conducted a survey on foreign exchange\ntransactions by institutional investors but declined to say if\nit was aimed at moderating their dollar sales.\n However, financial market sources said they had heard the\nministry has asked life insurance and securities firms to\nrefrain from selling dollars, but they were unable to confirm\nthis directly.\n Dealers said life insurance firms were not major sellers of\ndollars in recent trading sessions because they had already\nsold them to hedge risks.\n Dealers said securities houses and trust banks on the other\nhand have aggressively sold the dollar.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:10:18.66",
"topics": [
"money-fx"
],
"places": [
"japan"
],
"id": "10749"
},
{
"title": "BP U.K. REFINERY DUE TO PARTLY RE-OPEN NEXT WEEK",
"body": "The British Petroleum Co PLC (BP.L) oil\nrefinery at Grangemouth, closed after an explosion and fire\neight days ago, is expected to partially reopen next week, a\nrefinery spokesman said.\n He said the entire 178,500 bpd refinery has been shut since\nthe accident which killed one person and damaged the site's\nhydrocracker. The main units will resume operation next week\nbut the hydrocracker will be closed for an unspecified period.\nThe spokesman said the refinery had been operating at about\nhalf its capacity since end-January due to overhaul work on\npart of the complex. The overhaul is expected to end by late\nApril.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:12:28.52",
"topics": [
"crude"
],
"places": [
"uk"
],
"id": "10750"
},
{
"title": "NO INTERVENTION, DOLLAR FIXED AT 1.8063 MARKS",
"body": "The Bundesbank did not intervene as\nthe dollar was fixed lower at 1.8063 marks after 1.8231 on\nFriday, dealers said.\n Business calmed down after a hectic start, with European\noperators sidelined because of uncertainty about the short-term\ndirection of the dollar, dealers said. \"At the moment, all the\naction is taking place in New York and Tokyo,\" one said.\n The U.S. Currency traded within a 145 basis point range in\nEurope, touching a low of 1.7940 and a high of 1.8085 marks.\nBut it remained within a narrow 40 basis point span around\n1.8050 marks after the first hour of European trading.\n Comments by Japanese officials and Bank of Japan dollar\nsupport had pushed it above 145 yen and 1.80 marks after\nfalling as low as 144.50 and 1.7860 respectively in Tokyo.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:14:40.68",
"topics": [
"money-fx",
"dlr",
"dmk"
],
"places": [
"west-germany"
],
"id": "10751"
},
{
"title": "TOP QUALITIES SOUGHT ON HAMBURG COFFEE MARKET",
"body": "The green coffee market saw some demand\nfor high quality coffees in the past week, but business was\ndescribed as generally unsatisfactory, trade sources said.\n Especially sought were spot East African and Ethiopian and\nsome Brazils, they said, adding that some high grade robustas\nalso met some demand.\n Sporadic business was noted in the second hand which\noffered Kenya coffee for May/June shipment up to 25 dlrs below\norigin levels.\n Roasters are said to be well covered and are not expected\nto enter the market for larger purchases in the near term.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:18:15.32",
"topics": [
"coffee"
],
"places": [
"west-germany"
],
"id": "10752"
},
{
"title": "CERTAINTEED SEEKS 150 MLN DLR CREDIT FACILITY",
"body": "CertainTeed Corp is seeking a 150 mln\ndlr multiple facility, which will incorporate a revolving\ncredit and allow the borrower to issue short-term advances,\neuronotes and euro-commercial paper on an uncommitted basis,\nChemical Bank International said as arranger.\n The revolving credit will be for five years and drawings\nwill be at 10 basis points over the London Interbank Offered\nRate (Libor). There also will be a 150 mln dlr swingline option\navailable under which drawings will be at 10 basis points over\nthe U.S. Prime rate.\n The euronotes will have maturities of one, three and six\nmonths and be sold in denominations of 500,000 and one mln\ndlrs, while the commercial paper will have maturities of up to\n183 days.\n There will be a facility fee of 10 basis points and\nutilisation fees of five basis points for up to 33 pct, 7.5\nbasis points for between 34 and 66 pct and 10 basis points for\nthe remainder.\n CertainTeed, a U.S. Building products company, is 57 pct\nowned by Cie de Saint-Gobain <SGEP.PA>, the recently privatised\nFrench glass and materials group.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:23:08.51",
"places": [
"uk"
],
"id": "10753"
},
{
"title": "SINGAPORE BANK CREDIT RISES IN JANUARY",
"body": "Total loans and advances extended by\nbanks in Singapore rose in January to 36.01 billion Singapore\ndlrs from 35.79 billion in December but fell from 36.93 billion\na year ago, the Monetary Authority of Singapore said.\n It said the increase was concentrated in loans to the\nmanufacturing and real estate sectors, while loans to the\ncommerce sector declined.\n Deposits of non-bank customers also fell in January to\n30.44 billion dlrs from 30.61 billion in December but rose from\n28.33 billion in January, 1986.\n Total assets and liabilities of banks rose to 77.60 billion\ndlrs in January from 76.83 billion in the previous month and\n69.45 billion a year ago.\n Assets and liabilities of finance companies fell to 6.87\nbillion dlrs from 6.95 billion and compared with 6.85 billion,\nrespectively.\n Loans extended by finance companies rose to 4.77 billion\ndlrs from 4.74 billion in December and against 5.34 billion in\nJanuary last year, while deposits placed with them dropped to\n4.68 billion against 4.89 and 4.79 billion.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:25:21.60",
"topics": [
"money-supply"
],
"places": [
"singapore"
],
"id": "10754"
},
{
"title": "BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET",
"body": "The Bank of England said it had not\noperated in the money market during the morning session.\n Earlier, the Bank revised its forecast of the liquidity\nposition to flat from its original estimate of a 100 mln stg\nsurplus.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:31:47.63",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "10755"
},
{
"title": "ASIAN DOLLAR MARKET ASSETS FALL IN JANUARY",
"body": "The gross size of the Asian dollar\nmarket contracted to 197.2 billion U.S. Dlrs in January, down\n3.4 billion dlrs from December, reflecting a decline in\ninterbank activity, the Monetary Authority of Singapore (MAS)\nsaid in its latest monthly bulletin.\n The assets stood at 151.7 billion dlrs in January last\nyear.\n MAS said interbank lending fell in January to 140.9 billion\ndlrs from 146.6 billion in December but rose from 102.0 billion\nin january 1986 and interbank deposits to 154.0 billion against\n159.4 and 117.1 billion, respectively.\n Loans to non-bank customers increased to 40.1 billion dlrs\nin January from 38.7 billion in December and 36.9 billion in\nJanuary, 1986.\n Deposits of non-bank customers also increased in January to\n34.9 billion from 33.8 billion a month ago and 27.7 billion a\nyear ago. REUTER\n\u0003",
"date": "30-MAR-1987 06:33:04.00",
"topics": [
"money-fx"
],
"places": [
"singapore"
],
"id": "10756"
},
{
"title": "H.K. M3 MONEY SUPPLY RISES 1.4 PCT IN FEBRUARY",
"body": "Hong Kong's broadly defined M-3 money\nsupply rose 1.4 pct in February to 615.59 billion H.K. Dlrs\nfrom January when it rose 2.2 pct, the government said.\n Total M3 rose 22.4 pct from February, 1984. Local currency\nM3 rose 0.6 pct to 282.11 billion dlrs from January, and 16.8\npct on the year.\n Total M2 rose 2.0 pct to 545.71 billion dlrs in February\nfrom January, when it increased by 3.3 pct.\n Local currency M2 rose 1.0 pct to 251.49 billion dlrs last\nmonth after it rose 4.7 pct in January. Total M2 and local M2\nrose 32.0 pct and 24.9 pct respectively from February, 1984.\n Total M1 fell 5.3 pct to 59.52 billion dlrs in February\nafter a 12 pct rise in the previous month. Local M1 dropped 6.0\npct to 54.47 billion dlrs after January's rise of 12.3 pct.\n Year on year growth in total M1 and local M1 was 26.3 pct\nand 27.6 pct, respectively.\n Total loans and advances rose 1.3 pct to 523.74 billion\ndlrs from January, when they were up 3.3 pct. However, loans\nfor financing Hong Kong's visible trade fell 1.3 pct to 36.23\nbillion dlrs after a 3.4 pct rise in the previous month.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:48:20.23",
"topics": [
"money-supply"
],
"places": [
"hong-kong"
],
"id": "10757"
},
{
"title": "ALGERIA SETS TENDER FOR RAPE/SUNFLOWERSEED OIL",
"body": "Algeria will tender on April 3 for\n20,000 tonnes of optional origin sunflowerseed oil/rapeseed oil\nfor Apr/May loading, traders said.\n Meanwhile, the market is awaiting results of an Algerian\nimport tender which took place over the weekend for about\n10,000 tonnes of refined vegetable oils in drums, traders\nadded.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:54:15.63",
"topics": [
"oilseed",
"sunseed",
"rapeseed",
"veg-oil",
"sun-oil",
"rape-oil"
],
"places": [
"uk",
"algeria"
],
"id": "10758"
},
{
"title": "ICN MARK EUROBOND ISSUE NOW UNCERTAIN",
"body": "Plans by the U.S.-based ICN\nPharmaceuticals Inc <ICN.N> to issue a mark eurobond soon are\nin doubt owing to uncertainties about future expansion, Arab\nBanking Corp - Daus and Co GmbH (ABC DAUS) said.\n During a presentation in February ICN had said it would\nissue its first mark eurobond sometime this spring\n ICN planned to issue a bond to provide funds to acquire\npharmaceuticals firms and expand its marketing base, Daus said\nin a statement. But uncertainty about an acquisition, coupled\nwith Eastman Kodak Co's <EK.N> announcement it plans to sell\nits 2.3 pct stake in ICN, had made a launch date uncertain.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:55:41.00",
"places": [
"west-germany"
],
"id": "10759"
},
{
"title": "COCOA DEAL SEEN POSITIVE, BUT NO PRICE GUARANTEE",
"body": "The buffer stock rules agreement reached\non Friday by the International Cocoa Organization (ICCO) is an\nimprovement on previous arrangements but the price-support\nmechanism is unlikely to do more than stem the decline in cocoa\nprices, many ICCO delegates and trade sources said.\n The accord was reached between producers and consumers of\nthe 35-member ICCO council after two weeks of talks.\n European chocolate manufacturers and delegates said the\naccord may boost cocoa prices immediately, but world surpluses\noverhanging the market will pull prices down again before long.\n \"If the buffer stock operation is successful, I doubt it\nwill do anything more than stop the price from falling further,\nand it will have no relevance at all to retail chocolate\nprices,\" a European dealer said.\n And if the buffer stock manager delays too long in buying,\nor is not seen to be using his purchasing power when the market\nis relying on him to do so, the bearish trade reaction could\npressure prices dramatically, dealers said.\n The buffer stock is the market-regulating tool of the ICCO,\ninto which cocoa can be bought or from which it can be sold to\nmanoeuvre prices into a pre-set stabilization range.\n A new cocoa agreement came into force in January but\ndelegates could not agree buffer stock rules at that time.\n The new rules take effect immediately. The buffer stock\nmanager is expected to begin buying cocoa within the next three\nweeks, after organizing communications with cocoa producing\ncountries and assessing the market, since prices are below the\n\"must-buy\" level of 1,600 Special Drawing Rights per tonne\nspecified in the agreement, the sources said.\n The buffer stock theoretically has funds to buy a maximum\n100,000 tonnes within a five week period, but its approach will\nbe more cautious, buffer stock manager Juergen Plambeck said.\n The buffer stock has around 250 mln dlrs in funds and a\nbuying limit of 250,000 tonnes of cocoa, 100,000 tonnes of\nwhich are already in the buffer stock.\n ICCO council chairman and Ivorian Agriculture Minister\nDenis Bra Kanon said the new rules have a good chance of\nstabilizing prices. Ivory Coast is the world's largest cocoa\nproducer.\n \"We have established rules which will permit us to withdraw\nimmediately the surplus of cocoa on the world market,\" Bra Kanon\ntold reporters after the council adjourned. Bra Kanon reckoned\nthe world cocoa surplus could be less than half the 94,000\ntonnes estimated by the ICCO statistics committee.\n However, some producer and consumer members emerged from\nthe final ICCO council meeting with reservations about the\npact.\n Ghana, whose high-quality cocoa is the world's most\nexpensive and provides 60 pct of the country's export earnings,\nmade a formal protest to the council about the price\ndifferentials assigned to its cocoa, saying they were too high\nfor Ghanaian cocoa to be bought for the buffer stock.\n According to consumer spokesman Peter Baron of West\nGermany, \"Consumers weren't perfectly happy with the buffer\nstock rules. We reached a very sensitive compromise...There\nwere no real winners or losers.\"\n Some European Community delegates were not satisfied that\nimportant points were fully discussed during the talks, and as\na result, doubted the rules can deal with world surpluses as\neffectively as they could have, delegates said.\n Under the new rules, the buffer stock manager would seek\noffers of different origin cocoas, using price differentials to\nreflect different qualities. Non-ICCO member cocoa can comprise\nup to 15 pct of the total buffer stock.\n London cocoa prices traded today around 1,300 stg per\ntonne, down from around 1,450 stg in January 1987 and 1,750 stg\nin January 1986.\n A cocoa withholding scheme can take a further 120,000\ntonnes of cocoa off the market if a special council session\ndecides market conditions warrant it, according to the\nagreement.\n The withholding scheme can only be used if prices fall\nbelow the 1,600 SDR lower intervention price for more than five\ndays and if 80 pct of the maximum buffer stock capacity has\nbeen filled, or if the buffer stock runs low on funds, it says.\n The ICCO will discuss withholding scheme rules at an\nexecutive committee meeting on June 9/12, ICCO officials said.\n REUTER\n\u0003",
"date": "30-MAR-1987 06:57:33.64",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk",
"west-germany"
],
"id": "10760"
},
{
"title": "JAPAN WANTS GOVERNMENTS TO BUY ITS T-BILLS",
"body": "The Finance Ministry is trying to\neliminate technical obstacles so as to encourage purchases of\nJapanese Treasury bills by foreign governments and central\nbanks, in order to increase overseas holdings of yen assets, a\nsenior Finance Ministry official said.\n The official declined to give details but securities\nsources said they expect the 16 pct withholding tax on T-bills\nto be repaid immediately when governments and central banks buy\nbills. The current practice of filing tax redemption claims is\ntime consuming, they said.\n Securities houses here have had difficulty selling\nsix-month debt-financing paper, called tankoku, to overseas\ngovernments and central banks because of the tax system and the\nBank of Japan's book entry system, which demands the accounts\nbe kept with the houses rather than by the Bank.\n Tankoku, introduced in February 1986, were designed as a\nkey short-term instrument to promote internationalization of\nthe yen. But since the introduction of a complicated book-entry\nsystem for bill purchases in January 1986, foreign governments\nand central banks have shied away from buying the bills, the\nsources said.\n Foreign governments and central banks are therefore\nexpected to be allowed to hold their accounts at the Bank of\nJapan, the securities sources said.\n Relevant measures are likely to be announced at the next\nU.S.-Japan yen-dollar committee meeting on the deregulation of\nTokyo's financial market, expected in May, they said.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:11:22.58",
"places": [
"japan"
],
"id": "10761"
},
{
"title": "G-6 WANTS TO HOLD DLR ABOVE 150 YEN - NAKASONE",
"body": "Prime Minister Yasuhiro Nakasone said\nthat Japan and other industrialized nations committed\nthemselves in Paris last month to stabilize the dollar above\n150 yen.\n He told a Lower House Budget Committee in Parliament that\nthe six nations have taken measures, including market\nintervention, to support the dollar above that level.\n Finance Minister Kiichi Miyazawa told the same committee\nthat the six - Britain, Canada, France, Japan, the U.S. And\nWest Germany - had intervened aggressively since the dollar\nfell below 150 yen.\n Miyazawa said major nations are trying hard to stabilize\nexchange rates.\n Asked if there had been any change in the fundamentals of\neach nation since the February 22 Paris accord, he said he did\nnot think the fundamentals themselves had changed\nsubstantially.\n But he said the market is sensitively looking at what is\nhappening in major nations. He did not elaborate.\n Miyazawa added that it was difficult to say why there has\nbeen such speculative dollar selling in the market.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:13:14.76",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan"
],
"id": "10762"
},
{
"title": "GILLETTE CANADA ISSUES 500 MLN FRENCH FRANC BOND",
"body": "Gillette Canada Inc is launching a 500\nmln French franc bond, due April 30, 1992, paying nine pct and\npriced at 101-5/8, Banque Paribas said on behalf of Banque\nParibas Paris, the lead manager.\n Morgan Guaranty Ltd will co-lead manage the issue, which\nwill be sole in denominations of 10,000 francs and be listed in\nLuxembourg.\n Fees are 1-1/4 pct for selling and 5/8 pct for management\nand underwriting combined. The bonds are non-callable and\npayment is April 29.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:13:40.72",
"places": [
"uk"
],
"id": "10763"
},
{
"title": "QUEBECOR ISSUES 60 MLN DLR CONVERTIBLE BOND",
"body": "Quebecor Inc <PQB.A>, the Canadian\npublishing concern, is issuing a 60 mln dlr convertible bond\ndue May 14, 1997 bearing an indicated coupon of 5-3/4 to six\npct, said Merrill Lynch Capital Markets as lead manager.\n The issue will be priced to have a conversion premium of 22\nto 25 pct, with final terms to be set on Monday, April 6. The\ncompany's stock last traded on the Toronto Stock Exchange at\n19-3/8. The securities will be listed in Luxembourg and are\navailable in denominations of 1,000 and 10,000 dlrs.\n Fees include a one pct combined management and underwriting\nand a one pct selling concession.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:14:01.72",
"places": [
"uk"
],
"id": "10764"
},
{
"title": "GERMAN BANKS OUTLOOK CLOUDIER AFTER RECORD 1986",
"body": "When the largest German \"universal\"\nbanks begin announcing 1986 results this week they should\nreport the third consecutive record year. But prospects for\n1987 and beyond would be distinctly cloudier, bank analysts\nsaid.\n Results should show the trend which began this decade was\nunbroken. The proportion of earnings gleaned from commission\nbusiness should be higher, while the role played by the more\ntraditional credit lending business would show further erosion.\n Stock exchange volumes remained high last year, depite only\nmodest share index rises in the year.\n In addition, major banks last year were very active in new\nbourse flotations and primary and secondary bond market\nbusiness, banking analysts said.\n Despite last week's quite strong rally, the depressed stock\nmarket and forecasts that it would probably not attract\nsustained interest from the global investment community made a\ndownturn in commission business most likely.\n Pressure on the interest rate margin and the increasing\ncompetition posed not only by foreign banks in Germany but by\nforeign stock exchanges, particularly London, would also bring\nmore guarded prognoses for the future from board members.\n But one banking analyst said, \"There's obviously no reason\nto paint too dark a picture. In this decade so far, the banks\nhave posted practically only record profits, with increases of\n50 pct and more. This cycle must clearly end sometime.\"\n One problem more psychological than real was West German\nbanks' exposure to Latin American debtor nations. Bank\nofficials have said that a good 70 pct of the exposure has been\nwritten off on balance sheets.\n Some analysts consider that the conservative accounting of\nGerman banks may in some cases have prompted the writedown of\n80 or even 100 pct of several exposures there.\n With almost all Latin American exposure denominated in dlrs\nand written down two or three years ago, the U.S. Currency's\nfall has made further allocations to country risk reserves for\nthe region virtually unnecessary.\n \"German bank earnings have become much more dependent on\ndevelopments on the stock exchange than on the debt question,\" a\nsecond analyst said.\n It is precisely because of bank reporting rules that allow\nthe build up of \"hidden\" reserves known only to the Bundesbank,\nthat few analysts produced precise earnings forecasts as they\ndid for corporate non-banks.\n But Alastair France, of London brokers Alexanders, Laing &\nCruickshank, said his clculations showed that Deutsche Bank AG\n<DBKG.F> would report a very strong 1986, boosted&by\nherMdbsoa Z the FriedrichFlick ndstievewaltung KGAA\nindustrial empire, followed by a fairly strong drop back this\nyear and flat earnings in 1988.\n This contrasted with Dresdner Bank AG <DRSD.F> and\nCommerzbank AG <CBKG.F> whose earnings would drift fractionally\nlower this year and then rise modestly in 1988. On the German\nDVFA basis, Deutsche should report 59 marks per share in 1986\nand 49 marks in both ensuing years, France said.\n\u0003",
"date": "30-MAR-1987 07:16:34.72",
"places": [
"west-germany"
],
"id": "10765"
},
{
"title": "MIYAZAWA EXPECTS DOLLAR REBOUND SOON - SPOKESMAN",
"body": "Japanese Finance Minister Kiichi Miyazawa\nexpects the dollar to rebound soon, a Ministry spokesman said.\n He quoted Miyazawa as telling Japanese reporters that major\nindustrial nations are aggressively intervening in currency\nmarkets worldwide to prevent a dollar free-fall.\n The minister believes that market forces will push the\ndollar back up from its record low of 144.70 yen today,\naccording to the spokesman.\n Miyazawa told the Japanese reporters the U.S. Unit fell\nbecause Japanese investors sold dollars to hedge currency risks\nbefore the close of the 1986/87 fiscal year on March 31.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:23:20.56",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan"
],
"id": "10766"
},
{
"title": "NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE",
"body": "Prime Minister Yasuhiro Nakasone sounded\na conciliatory note in Japan's increasingly bitter row with the\nUnited States over trade in computer microchips.\n \"Japan wants to resolve the issue through consultations by\nexplaining its stance thoroughly and correcting the points that\nneed to be corrected,\" he was quoted by Kyodo News Service as\nsaying.\n While expressing regret over America's decision to impose\ntariffs on imports of Japanese electrical goods, Nakasone said\nTokyo was willing to send a high-level official to Washington\nto help settle the dispute.\n Government officials said Japan would make a formal request\nnext week for emergency talks and that the two sides would\nprobably meet the week after, just days before the April 17\ndeadline set by Washington for the tariffs to take effect.\n Tokyo is expected to propose a joint U.S./Japan\ninvestigation of American claims that Japanese companies are\ndumping cut-price chips in Asian markets.\n On Friday, Washington announced plans to put as much as 300\nmln dlrs in tariffs on imports of certain Japanese electronic\ngoods in retaliation for what it sees as Tokyo's failure to\nlive up to their bilateral chip pact.\n Reuter\n\u0003",
"date": "30-MAR-1987 07:25:08.41",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10767"
},
{
"title": "AMYLUM CHAIRMAN DISAPPOINTED BY FERRUZZI-CPC DEAL",
"body": "Belgian starch manufacturer <Amylum NV>\nis surprised and disappointed that its 675 mln dlr offer for\nthe European business of CPC International Inc <CPC.N> was\napparently rejected in favour of a lower 630 mln dlr bid by\nItaly's <Gruppo Ferruzzi>, chairman Pierre Callebaut said.\n Callebaut told Reuters that Amylum, a leading starch and\nisoglucose manufacturer in which Britain's Tate and Lyle Plc\n<TATL.L> holds a 33.3 pct stake, had made an undisclosed\ninitial takeover offer for CPC's European corn wet milling\nbusiness by the close of CPC's tender on March 17.\n The offer was raised on March 24 to a final 675 mln dlrs in\ncash after CPC told Amylum its initial bid was below Ferruzzi's\n630 mln stg offer, Callebaut said.\n On the same day, CPC announced it had agreed in principle\nto sell its European business to Ferruzzi in a 630 mln dlr\ndeal.\n Noting that Ferruzzi was studying a public offering of\nshares in its unit <European Sugar (France)> to fund the CPC\ntakeover, Callebaut said Amylum may still succeed in its bid.\n \"For the time being we just await developments. But I note\nthat whereas our higher offer was in cash, Ferruzzi apparently\nis still organising finance,\" Callebaut said.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:27:14.78",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "10768"
},
{
"title": "SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL",
"body": "Bank of Japan governor Satoshi Sumita\nsaid he does not expect the dollar to remain unstable and fall\nfurther.\n He told a Lower House Budget Committee in Parliament that\nthe Bank of Japan would continue to cooperate closely with\nother major nations to stabilize exchange rates.\n The central bank has been keeping extremely careful watch\non exchange rate movements since last week, he said.\n He said the dollar would not continue to fall because of\nunderlying market concern about the rapid rise of the yen.\n Sumita said the currency market has been reacting to\noverseas statements and to trade tension between Japan and the\nU.S. over semiconductors.\n The yen's tendency to rise will prevent Japan from\nexpanding domestic demand and undertaking necessary economic\nrestructuring, he said.\n Reuter\n\u0003",
"date": "30-MAR-1987 07:28:26.06",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan"
],
"id": "10769"
},
{
"title": "DLR FALLS ON FEARS, MIYAZAWA SAYS",
"body": "Finance Minister Kiichi Miyazawa said\nthat the dollar's drop today to 145 yen is partly attributable\nto the perception inside and outside Japan that the country has\nfailed to fulfill its promise to expand domestic demand.\n He told a Lower House budget committee in Parliament that\nit was natural for other nations to think that Japan is not\ndoing enough because of the delay in the passage of the 1987/88\nbudget.\n The budget has been delayed by opposition boycotts of\nParliament to protest government plans for a new sales tax.\n Reuter\n\u0003",
"date": "30-MAR-1987 07:29:51.32",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan"
],
"id": "10770"
},
{
"title": "JAPAN ISOLATED, YEN RISES, WORLD FEELS CHEATED",
"body": "Japan is becoming dangerously isolated\nagain as the U.S. And Europe feel they have been cheated by\nJapanese promises to switch from export to domestic-led growth,\nofficials and businessmen from around the world said.\n As the dollar today slipped to a record low below 145 yen,\nmaking Japanese exporters and holders of dollar investments\ngrit their teeth harder, Finance Minister Kiichi Miyazawa said\nthere was a perception Japan had reneged on its promise.\n The problem goes deep and centres on misunderstandings by\nboth sides over the key Maekawa report of April, last year.\n The document was prepared by a private committee formed by\nPrime Minister Yasuhiro Nakasone and led by former Bank of\nJapan head Haruo Maekawa. It recommended that to stop friction\ndue to its large trade surpluses, Japan must \"make a historical\ntransformation in its traditional policies on economic\nmanagement and the nation's lifestyle. There can be no further\ndevelopment for Japan without this transformation.\"\n Americans and Europeans took the report to heart and have\nlooked in vain for clear signs of this historic change. But the\nJapanese remain doubtful about the short, or even medium term\nprospects of totally transforming their economic habits.\n The bubble of frustration against what appears as Japanese\nprevarication burst last week. The U.S. Said it intended to\nraise tariffs of as much as 300 mln dlrs on Japanese exports to\nthe U.S. On the grounds Japan had abrogated a bilateral\nsemiconductor pact.\n British Prime Minister Margaret Thatcher threatened to\nblock Japanese financial firms from London after the Japanese\nplaced what the British say are restrictive conditions on a bid\nby British firm Cable and Wireless to join a domestic\ntelecommunications joint venture.\n On Friday, European currency dealers said European central\nbanks, annoyed at restrictive Japanese trade practises, might\nleave Japan alone to intervene to staunch the rise of the yen.\n Eishiro Saito, head of top Japanese business group\nKeidanren, spotted the dangers inherent in such contradictory\nviews last November when he visited the European Community.\n\"Related to this matter of (trade) imbalance, the point that I\nfound to be of great cause for alarm during this trip to Europe\nwas the excessive degree of hope placed by the Europeans in the\nresults of the Maekawa report,\" he said.\n \"We explained that the process of restructuring the economy\naway from its dependence on exports toward a balance between\ndomestic and external demand...Would take time,\" Saito said.\n Saito's words were ignored. In February, EC Industrial\nPolicy Director Heinrich von Moltke came to Japan and said \"I\nonly know that your government, under the leadership of\nMaekawa, points to restructuring your economy into a less\noutward looking, more inward looking one. It is the Maekawa\nreport which has attracted the most attention in Europe.\"\n And Europeans and Americans want quick action. \"A far better\nanswer than protectionism would be structural change within the\nJapanese economy, the kind suggested by the Maekawa report. And\nwe hope to see changes occur in the near future,\" visiting\nChairman of General Motors Roger Smith said in March.\n Such expectations are now ingrained, which was partly the\nfault of Nakasone, who heralded Maekawa's report as a sea of\nchange in Japanese affairs, said U.S. Officials.\n Months before the report was issued, U.S. And EC business\nleaders met their Japanese colleagues to discuss the trade\nproblem.\n \"We are more anxious than ever that the new approach of the\nMaekawa committee does lead to speedy and effective action,\"\nsaid EC Industrial Union leader Lord Ray Pennock.\n \"The important implication of the Maekawa report is that it\nis finally looking to let Japanese enjoy the fruits of their\nlabour,\" said Philip Caldwell, Senior Managing Director of\nShearson Lehman Brothers.\n Contents of the report were leaded well ahead of issuance.\n Japanese officials say they are implementing the report as\nfast as they can, said a European ambassador who has travelled\nthe country asking about this issue.\n He said People mentioned many things in line with the\nspirit of the report, including restructuring of the coal and\nsteel industries.\n A major misunderstanding is that the private report was\ngovernment policy. Europeans are confused about this,\nunderlined by von Moltke's reference to the \"leadership\" of the\nMaekawa report. Even so, Japanese officials point to last\nSeptember's government programme of new economic measures.\n\"Without endorsing the report as policy, officials point out\nthat the government has put its signature to a programme\ndesigned to implement the report,\" the ambassador said.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:30:37.25",
"topics": [
"trade",
"money-fx"
],
"places": [
"japan",
"usa",
"uk"
],
"id": "10771"
},
{
"title": "ALITALIA PILOTS START WEEK OF INDUSTRIAL ACTION",
"body": "Alitalia <AZPI.MI> pilots started five\ndays of industrial action today causing cancellations to dozens\nof domestic flights and chaos to several international\nservices, Italian airport officials said.\n Pilots working for the national airline are striking for\nfour hours during the busy morning period every day until\nSaturday in protest at working conditions. Almost all of\nItaly's airports are affected by the action.\n Alitalia said it had cancelled 96 domestic flights and\nwarned of severe disruption to other services.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:32:40.92",
"places": [
"italy"
],
"id": "10772"
},
{
"title": "PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA",
"body": "The Philadelphia Stock Exchange (PHLX),\na leading trader of currency options, plans to extend its\ntrading hours to serve Australasian and Far Eastern markets,\nexchange president Nicholas Giordano said.\n He told reporters the PHLX will open a new session between\n1900 and 2300 hours U.S. EST from the beginning of the third\nquarter this year.\n The PHLX is also opening an office in Hong Kong to serve\nclients in the region and educate financial markets about the\nadvantages of currency options, Giordano said.\n Giordano was in Sydney to start an Asian-Pacific tour by\nexchange executives promoting the hedging benefits of the\nexchange-trade currency option market against existing\nover-the-counter option trading during the local working day.\n Currency options pioneered by the PHLX in 1982 had become\nan accepted means of hedging against foreign exchange risk and\nhad grown in popularity, he said.\n The PHLX now offered options in eight currencies, including\na new Australian dollar option, and traded an average 42,000\ncontracts daily with underlying open interest of more than 30\nbillion U.S. Dlrs.\n Giordano said the exchange had been impressed with the\nperformance of its Australian dollar contract, which since its\nintroduction last year had regularly topped the French franc as\nthe third most popular traded option, with up to 8,000\ncontracts traded daily.\n Having the Philadelphia exchange open during the\nAsia-Pacific market day would open new hedging opportunities,\nset a truer level for over-the-counter option trading, increase\narbitraging opportunities and give corporations and treasuries\naccess to a currency option market of much greater depth and\nliquidity with the security of a clearing house, he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:33:08.30",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "10773"
},
{
"title": "JAPAN CAREFULLY CONSIDERING MONEY POLICY - SUMITA",
"body": "Bank of Japan governor Satoshi Sumita\nsaid the central bank will carefully consider its monetary\npolicy in light of the recent sharp fall of the dollar.\n Asked if the Bank of Japan will consider a further cut in\nits discount rate, he said he now thinks the bank will have to\ncarefully consider its future money policy.\n He told a Lower House Budget Committee in Parliament that\ncredit conditions have been eased by the five discount rate\ncuts by Japan since the beginning of last year.\n Japan must now be especially careful about a flare-up in\ninflation, with money supply growth accelerating, he said.\n Sumita said the central bank would continue to make a\njudgement on monetary policies while watching consumer prices,\nexchange rates and economic and financial conditions both in\nand outside Japan.\n Asked if the September 1985 Plaza agreement was a failure\nbecause the dollar had fallen too far, Sumita said he still\nthought the pact was a good one in the sense that it had\ncorrected the overvaluation of the dollar. But the Plaza accord\ndid not set any target for the dollar's fall, he said.\n The dollar's steep fall stems from the market's belief that\nthe trade imbalance will continue to expand, he said.\n Reuter\n\u0003",
"date": "30-MAR-1987 07:34:21.99",
"topics": [
"money-fx"
],
"places": [
"japan"
],
"id": "10774"
},
{
"title": "YUGOSLAVIA SHARPLY INCREASES SAVINGS RATES",
"body": "Yugoslav banks said they will raise\ninterest rates sharply on savings accounts from April 1.\n The Association of Yugoslav Banks said interest rates on\nsix month deposit accounts will be raised to 81 pct from 51\npct, 12 month deposits to 84 pct from 61 pct, two year deposits\nto 86 from 64 pct and three years to 88 from 66 pct.\n The increase is in line with Prime Minister Branko\nMikulic's policy of bringing interest rates closer to the rate\nof inflation which is approaching 100 pct.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:43:05.59",
"places": [
"yugoslavia"
],
"id": "10775"
},
{
"title": "U.S. BUDGET DIRECTOR SAYS NO TAX HIKE COMPROMISE",
"body": "Budget director James Miller said\nPresident Reagan will not compromise on his vow not to raise\ntaxes despite pressure from Congress.\n \"No, the President has been very clear about that,\" Miller\nsaid on NBC's \"Today\" program. \"The President's not going to give\nin.\"\n When asked if Reagan's pledge not to raise tax rates meant\nhe might go along with some tax increase not affecting rates,\nMiller replied, \"No, I wouldn't read anything into the word tax\nrate. Of course that's the most important thing. But the\nPresident's not going to go along with a tax increase.\"\n REUTER\n\u0003",
"date": "30-MAR-1987 07:55:12.62",
"places": [
"usa"
],
"id": "10776"
},
{
"title": "CITROEN PLANS TO CLOSE LEVALLOIS PLANT",
"body": "Automobiles Citroen, a division of\nprivate car group Peugeot SA <PEUP.PA>, plans to close its\nLevallois plant outside Paris in the first half of 1988,\nhalting production of the 2-CV small car in France, a\nspokeswoman said.\n The 2-CV, France's oldest popular car, was introduced in\n1949. It will continue to be produced at Citroen's Portuguese\nplant at Mangualde, the spokeswoman said.\n Measures for the 1,090 workers employed at the plant will\ninclude offers of other jobs in the company, help in finding\njobs outside it and financial incentives to return home for\nNorth African workers who make up about half of the workforce.\n \"We have always said that when the Levallois plant, which\nwas built in 1893, could no longer produce cars profitably, we\nwould close it,\" the spokeswoman said.\n Sales in France dropped to about 14,008 last year from\n26,221 in 1983.\n REUTER\n\u0003",
"date": "30-MAR-1987 07:56:57.34",
"places": [
"france"
],
"id": "10777"
},
{
"title": "DUTCH BONDS SEEN RALLYING FURTHER THIS WEEK",
"body": "A further rally in Dutch bonds is\nlikely this week, due to a lower dollar and a slightly firmer\nguilder against the mark attracting investors back to guilders\nfrom marks, bond analysts said.\n The rally began last week, as proceeds from a sell-off in\ndollar paper flooded into stronger currencies.\n The state tender of a new 6.25 pct eight-year bullet\nindicates a week of active trading, dealers said.\n \"We've not had trade like this since last year's boom around\nthe May elections,\" said Wim Moret of Banque Paribas.\n Moret was referring to the strong demand for Dutch bonds up\nto and following last year's election of Prime Minister Ruud\nLubbers, whose centre-right coalition government was pledged to\na tight economic programme which bolstered the guilder.\n Last week, a wide sell-off of dollar and sterling boosted\ndemand for mark and guilder paper. Japanese corporate investors\nwere active buyers as the end of their accounting year, March\n31, approached.\n Dutch prices and trade volume reached their highest level\nthis year. Total turnover topped four billion guilders, after\n3.5 billion in the previous active trading week.\n While volume was considerable, prices rose more moderately.\nThe bourse bond index rose to 117.3 last Friday, a rise of 1.9\nagainst its level two week's earlier.\n Foreign investors took the lion's share of trade last week,\nbut dealers noted considerable switching by domestic investors\nas the yield differential between mark and guilder issues\nenticed arbitrage activity.\n The dollar, mark and sterling started this week even lower,\nheightening the chances of lively foreign demand for\nguilder-denominated paper, dealers said.\n Today's declines could also be partly attributed to\ninvestors selling in a bid to force down prices ahead of the\nstate loan tender tomorrow.\n \"This is quite a normal situation. It's natural for\ninvestors to want the highest yield for the lowest price. It\nensures firm demand at tomorrow's tender,\" one dealer said.\n The terms of the new issue are seen drawing firm domestic\nand foreign demand, especially since the yield premium on Dutch\nlong maturities has grown to 0.45 pct over similar mark issues.\n The loan will be the fourth state issue for payment this\nyear, and also the fourth with a 6.25 pct coupon, since Dutch\ninterest rates have changed little this year.\n Bond analysts said that in view of the state's practice of\nweighting the bulk of its capital market borrowing in the first\nhalf of the year, it would be likely to raise at least four\nbillion guilders.\n Dutch merchant bank Pierson, Heldring en Pierson, said the\nstate has raised about 15.3 billion of its 1987 capital market\nrequirement of an estimated 32 billion guilders. Of this total,\n7.3 billion was raised on the public capital market.\n Basing their judgement on today's market conditions,\ndealers expected the loan to be priced at 101.00 pct for a\nyield of 6.09 pct.\n \"But everything hinges on tomorrow. If prices decline and\nyields rise, it may be priced at a fraction below that,\" one\ndealer said.\n On the domestic front, dealers say investors are amply\ncovered by a 4.2 billion guilder nine-day special advance by\nthe Dutch central bank, which has given the money market\nsufficient liquidity until Friday, when the provision expires.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:05:54.41",
"places": [
"netherlands"
],
"id": "10778"
},
{
"title": "TOKYO BIDS TO STOP CHIP ROW BECOMING TRADE WAR",
"body": "Japan is seeking to prevent its computer\nchips dispute with the U.S. From erupting into a full-scale\ntrade war, government officials said.\n \"We hope that the dispute on this specific issue won't have\nan adverse effect on our overall relationship with the United\nStates,\" a Ministry of International Trade and Industry (MITI)\nofficial said.\n On Friday, Washington announced plans for as much as 300\nmln dlrs in tariffs on Japanese electronic goods for Tokyo's\nalleged failure to live up to a bilateral computer chip pact.\n That agreement, reached last year after heated\nnegotiations, called on Japan to stop selling cut-price chips\nin world markets and to buy more American-made semiconductors.\n Foreign Ministry officials immediately tried to isolate the\nfall-out from the dispute by seeking to separate it from Prime\nMinister Yasuhiro Nakasone's planned trip to Washington at the\nend of April.\n While Japan has already done about all it can to make sure\nthe chip pact is working, the government is studying measures\nit can take in other fields to defuse American anger and ensure\nthe trip's success, they said.\n \"The perception of Japan in the (U.S.) Congress is very bad,\"\none official told Reuters. \"We would very much like to do\nsomething to respond to that.\"\n In an apparent effort to prevent the chip dispute from\nspreading to other areas, MITI officials sought to depict the\nU.S. Action as a severe warning to Japanese semiconductor\nmakers, not to the government.\n Faced with a belligerent domestic chip industry and an\nangry American Congress, the Japanese government has been\nforced to walk an increasingly fine line in the semiconductor\ndispute, trade analysts said.\n They said that it was an open secret that Japan's largest\nchip maker, NEC Corp, was not happy with what it viewed as the\ndraconian measures MITI was taking to implement the pact,\nincluded enforced production cuts.\n The angry response of Japanese chip makers yesterday to the\nannouncement of the U.S. Tariffs highlighted the difficulties\nthe government faces in taking further action.\n \"Japanese semiconductor manufacturers have complied with the\nU.S./Japan agreement,\" said Shoichi Saba, Chairman of the\nElectronic Industries Association of Japan.\n He accused the U.S. of being \"irrational.\" He said the U.S.\naction had made the bilateral chip pact \"meaningless.\"\n Saba's comments contrasted with those of Prime Minister\nYasuhiro Nakasone, who said Tokyo wanted to solve the dispute\nthrough consultations.\n Japan is expected to send a high-level official to\nWashington early next month to try to convince the U.S. Not to\ngo ahead with the tariffs on April 17.\n Trade analysts say Tokyo is likely to outline industry\nplans to step up purchases of U.S. chips and to propose a joint\ninvestigation into U.S. allegations of chip dumping.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:08:51.13",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10779"
},
{
"title": "U.S. APPEARS TO TOLERATE FURTHER DLR DECLINE",
"body": "In a bid to hasten Japan's promise\nto speed up its economic growth and open markets to foreign\ntrade, top U.S. officials appear once again to have signaled\ntheir tolerance of a lower dollar.\n Treasury Secretary James Baker and one of his top aides,\nAssistant Secretary David Mulford, said last week there was no\ntarget for the dollar, a statement that sent the yen soaring\nagainst the dollar, despite massive central bank intervention.\n \"That was no slip of the tongue,\" said one western monetary\nofficial, who asked not to be identified.\n For now, the strategy appears to be working. Japanese\nofficials said late last week a package to bolster domestic\ndemand will be ready in early April. Until last week, there\nwere few indications the package would be ready anytime soon.\n The Reagan administration, facing an uproar in Congress\nover the apparent lack of progress in cutting the 169.8 billion\ndlr trade deficit, is learning now that to extract results from\nJapan, dramatic action is required.\n Last week the White House imposed unprecedented tariffs on\ncertain Japanese electronic goods after Tokyo failed to adhere\nto a semi-conductor pricing accord between the two countries.\n The shift in U.S. strategy, in part designed to appease\nmounting Congressional anger over Japanese policies, comes just\ntwo weeks before industrial nations reconvene here to review\nthe Paris agreement to stabilize currencies.\n And news that Japan earned a record 18 billion dlr trade\nsurplus in the first two months this year just underscored the\nneed for urgent action, in the view of U.S. officials.\n Nonetheless, U.S. officials see signs of improvement in the\ndeficit. \"I'd be stunned if we were not going to derive some\nbenefits (from the lower dollar) soon,\" said one.\n In Paris, leading industrial nations agreed to cooperate\nclosely to foster currency stability within ranges reflecting\n\"underlying economic fundamentals\" or economic reality.\n The agreement envisages those fundamentals to include Japan\nand West Germany stimulating their economies and the United\nStates cutting its budget deficit.\n The three nations, joined by France, Britain and Canada,\nagree these policies are essential to redress huge global trade\nimbalances.\n But analysts say markets have signalled the underlying\nfundamentals imply a lower dollar, rather than a stable one.\n Markets, in effect, are less confident than governments\nthat these measures -- including U.S. budget deficit cuts\nagreed by Congress and the White House --will be carried out.\n Nonetheless, the dollar's sharp fall has not undermined \ncooperation. A U.S. economic policymaker said the accord was on\ntrack and Tokyo and Bonn seem \"to want more stimulative measures\nwhich is what the Paris accord calls for.\"\n International monetary sources said exchange market\ndevelopments generally have not unsettled policymakers,\nalthough Japan is an obvious exception. \"Everybody feels it can\nstill be managed,\" one source said of market developments.\n But last week, the Bank of Japan spent an estimated five\nbillion dlrs intervening to halt the rise in the yen, and other\ncentral banks about one billion dlrs.\n Another monetary source said Japan was upset with America's\nhalf-hearted attempt to halt the falling dollar, flouting the\nParis accord outright.\n The source, close to the top levels of Japanese economic\npolicymaking, said Japan's understanding of the accord was that\nthe yen would be kept at around 154 to the dollar, the level it\nstood at when the accord was struck.\n The source said Tokyo was extremely worried by Washington's\nuse of the exchange rate to change Japanese policies. It was a\n\"pointed reminder\" to Japan to do something about the trade\nissues, the source said of the dollar's fall against the yen.\n By departing last Sunday from the language of the Paris\naccord -- that nations agreed to foster currency stability\naround current levels -- Baker triggered a run on the dollar.\n Later in the week, Mulford too said there was no target for\nthe dollar and called on Japan and West Germany to live up to\ntheir international responsibilities and stimulate growth.\n But U.S. officials said recent market developments will not\nunravel the spirit of the Paris agreement.\n \"There's a realisation now that you cannot leave things\nalone, everyone agrees that the external (trade) imbalances\nought to be adjusted,\" one official said.\n \"While no-one is going to cede national sovereignty, we\ncertainly seem to be moving towards much closer co-operation,\"\nanother U.S. official said.\n The officials said the meeting here, where the six will be\njoined by Italy, will be a status report.\n \"Japan will have to explain what the state of their program\nis and Germany will report on its plans. Maybe there's a need\nto move faster,\" one source said.\n Mulford told Congress last week the Paris accord called, in\neffect, for currency stability for several months. This would\nbuy time for Japan and West Germany to speed up their economic\ngrowth and help bring down the U.S. trade deficit.\n His comments appeared to serve notice on other major\nnations that Washington cannot wait too long for action to\nreduce the gap between the Japanese and German trade surpluses\nand the U.S. trade deficit.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:10:45.58",
"topics": [
"money-fx",
"trade"
],
"places": [
"usa",
"japan",
"france",
"uk",
"canada",
"west-germany"
],
"id": "10780"
},
{
"title": "BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE",
"body": "The United States and Japan will\nsoon settle their trade dispute over semiconductors, U.S.\nCommerce secretary Malcolm Baldrige said on television.\n Baldrige, referring to the U.S.-Japan trade agreement on\nsemiconductors, said: \"Their government wants to live up to it.\nTheir industries haven't been doing it, and I think we'll have\na good settlement to spare both sides.\"\n \"I think the Japanese understand full well that they haven't\nlived up to this commitment,\" he said.\n He added: \"I do not think there will be a trade war at all.\"\n On Friday, Washington announced plans to put as much as 300\nmln dlrs in tariffs on Japanese electronic goods from April 17,\nbecause of Tokyo's failure to observe the agreement.\n The officials said the tariffs would be ended as soon as\nJapan started adhering to the agreement. But they said there\nwas little chance Japan could react quickly enough to avert the\nhigher tariffs.\n Baldrige said the Reagan administration hoped the strong\nU.S. Action against Japan would convince Congress to tone down\nprotectionist trade legislation now being drafted.\n He denied the action had been taken for that reason.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:14:23.43",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10781"
},
{
"title": "U.S. BANKER PREDICTS FURTHER DOLLAR FALL THIS YEAR",
"body": "A leading U.S. Banker said the dollar\nwas likely to fall another five to 10 pct this year and an\nimprovement in the huge American trade deficit would be only\ntemporary at current world exchange rate levels.\n Kurt Viermetz, worldwide treasurer of Morgan Guaranty Trust\nCo, told Arab currency traders meeting here that the steady\ndepreciation of the dollar had not gone far enough to rein in\nU.S. deficits on a lasting basis.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:15:50.98",
"topics": [
"money-fx",
"dlr"
],
"places": [
"uae"
],
"id": "10782"
},
{
"title": "CALIFORNIA THRIFT CLOSED, DEPOSITS TRANSFERED",
"body": "The Federal Home Loan Bank Board\nsaid that it closed Equitable Savings and Loan Association of\nFountain Valley, California, on Friday due to insolvency,\namongst other complaints.\n The bank board said in a statement that Equitable's insured\ndeposits have been transfered to a unit of Buffalo-based Empire\nof America Federal Savings Bank <EOA> in Woodland Hills,\nCalifornia.\n Consequently, Equitable's offices will open as Empire\nbranches today.\n Equitable had assets of 59.12 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:16:03.71",
"places": [
"usa"
],
"id": "10783"
},
{
"title": "INVESTOR GROUP PUTS PRESSURE ON GENCORP <GY>",
"body": "An investor partnership, seeking to\nacquire GenCorp Inc, said it would attempt to unseat the\ncompany's board of directors and take other hostile actions if\nthe firm refuses to discuss its 2.3 billion dlr takeover bid.\n General Acquisition Co, comprising investors Wagner and\nBrown and glass-maker AFG Industries, also reiterated its\nwillingness to negotiate with Gencorp.\n The partnership has earlier offered 100 dlrs per share for\nGenCorp -- a tire, broadcasting, plastics and aerospace\nconglommerate.\n Analysts have speculated that GenCorp, on a break-up basis,\ncould fetch more than 110 to 120 dlrs per share.\n GenCorp officials had no comment on General Acquisition's\nstatement but a spokesman reiterated an earlier request to\nshareholders to wait until its board renders an opinion before\nmaking a decision on the General Acquisition tender.\n Gencorp said its statement would be made on or before the\ncompany's annual meeting, scheduled for Tuesday.\n General Acquisition made its statement in a letter sent to\nthe GenCorp board on Friday.\n The partnership said it was willing to negotiate all points\nof its offer, including price.\n The group the board cannot fully carry out its fiduciary\nduties to GenCorp shareholders and make a fully informed\ndecision about its offer until it has \"thoroughly explored with\nus the ways in which our offer can be revised to provide\ngreater value to your shareholders.\"\n General Acquisition said it is aware the board may be\nreviewing alternative transactions which might provide GenCorp\nshareholders with a payment other than cash.\n \"If that is the case, you should recognize that our\nadditional equity capital may very well enable us to offer cash\nand securities having greater value than GenCorp could provide\nin any similarly structured transaction,\" the partnership said.\n General Acquisition also said it believes that GenCorp's\nboard has an obligation to present any alternative transaction\nit may propose to shareholders in a manner that would allow for\ncompeting offers.\n The partnership requested that if any other proposal is\nunder consideration that it be given the same information\navailable to GenCorp's managers and advisers in constructing a\nproposal.\n General Acquisition said that if GenCorp agrees to accept\nanother buyout proposal that it also be given an opportunity to\nbid on a competitive and fair basis before any final decision\nis made.\n General Acquisition repeated its request that GenCorp\nremove its \"poison pill\" or shareholders rights plan.\n General Acquisition said if GenCorp does not allow an\n\"environment for fair competition,\" it will take all steps\nnecessary to create such an enviroment.\n It said it may take legal action or seek the support of\nshareholders in calling a special meeting to replace the board\nand to consider other proposals it might develop.\n General Acquisition also said if the board decides to\naccept an alternate proposal it asked that it not accept a plan\nthat would include defensive features.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:16:15.67",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10784"
},
{
"title": "RENAULT PLANS JOB CUTS AT BOULOGNE PLANT",
"body": "State-run carmaker Regie Nationale des\nUsines Renault <RENA.PA> said it plans to cut 1,300 jobs at its\nBoulogne-Billancourt centre in Paris by this summer which will\nreduce its workforce there to 5,500 by June from a current\n6,810.\n Renault said that in an overall plan to improve\nproductivity it planned to reduce the workforce to 5,100 at the\nend of this year.\n The car firm has already announced its intention to reduce\nits total workforce to 73,000 by end-1987 from 79,000 at the\nend of 1986.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:17:29.78",
"places": [
"france"
],
"id": "10785"
},
{
"title": "UNITED BANKS COLORADO <UBKS> ACQUISITION CLEARED",
"body": "United Banks of Colorado Inc said it has\nreceived Federal Reserve Board approval to acquire IntraWest\nFinancial Corp <INTW> in an exhcnmage of 0.7234 United share\nfor each IntraWest share.\n The company said the acquisition is still subject to 30-day\nreview by the U.S. Justice Department and is expected to be\ncompleted in the second quarter.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:17:54.77",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10786"
},
{
"title": "SUFFIELD'S <SSBK> COASTAL <CSBK> BUY CLEARED",
"body": "Suffield Financial Corp said it\nhas received approvcal from the Maine Bureau of Banking for its\nproposed acquisition of Coastal Bancorp of Portland, Maine, and\nthe acquisition is expected to close around April One.\n The approval was the last regulatory clearance required for\nthe transaction.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:18:04.83",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10787"
},
{
"title": "MARKETING SYSTEMS <MASY> SEEKS ACQUISITIONS",
"body": "Marketing Systems of America Inc\nsaid it has retained Richter, Cohen and Co to assist in efforts\nto redirect its business through merger or acquisition.\n The company said as consideration for services to be\nrenedered, it has agreed to grant Richter five-year warrants to\nbuy 231,000 common shares at 32 cts each, exercisable starting\nin March 1988, and a negotiated fee on completion of any\ntransaction. It said it has the right to cancel the warrants\nafter one year if no transaction has been completed.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:18:28.10",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10788"
},
{
"title": "CHANTAL PHARMACEUTICAL <CHTL> SHARES TO BE SOLD",
"body": "Chantal Pharmaceutical Corp said a\nregistration statement covering an offering of 1,943,850 of its\ncommon shares by shareholders has become effective.\n The registration includes 1,650,000 shares sold in a\nSeptember 1986 private placement.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:18:42.16",
"places": [
"usa"
],
"id": "10789"
},
{
"title": "ORACLE SYSTEMS <ORCL> FILES FOR OFFERING",
"body": "Oracle Systems Corp said it has\nfiled for an offering of 2,300,000 common shares, after\nadjustment for a recent two-for-one stock split, including\n800,000 to be sold by shareholders.\n The company said lead underwriters are Alex. Brown and Sons\nInc <ABSB> and <Donaldson, Lufkin and Jenrette Securities\nCorp>. The offering is expected to be made in early April,\nwith company proceeds used to repay all short-term debt, for\nworking capital and for possible acquisitions.\n Oracle said after the offering it will have about 28.5 mln\nshares outstanding.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:18:52.23",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10790"
},
{
"title": "YORK RESEARCH <YORK> GETS EQUITY FINANCING",
"body": "York Research Corp said it has\ncompleted the arrangement of 11 mln dlrs of common stock to\nEuropean investors.\n York said it will use the 11 mln dlrs as a construction\npool to initially fund a series of cogeneration projects which\nit willk design, build, partially own and operate, with six\nprojects already committed. Gross revenues from the first six\nprojects are expected to exceed 500 mln dlrs over their life\ncycle, York said, with revenue and income expected to start\nflowing in 1988. Each project consists of a 20-year energy\nsale agreement, it said.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:19:58.89",
"places": [
"usa"
],
"id": "10791"
},
{
"title": "POTOMAC ELECTRIC <POM> PREFERRED SOLD",
"body": "Underwriter <Drexel Burnham Lambert\nInc> said a 50 mln dlr issue of sinking fund preferred stock of\nPomotac Electric Power Co which it won at competitive bidding\nhas sold out.\n The shares were priced at 50 dlrs each with a 3.37 dlr\nannual dividend for a dividend yield of 6.74 pct. It said the\npreferred carried the lowest long-term fixed rate dividend\nyield in almost 20 years for an investment grade preferred\nissue.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:20:11.62",
"places": [
"usa"
],
"id": "10792"
},
{
"title": "AMVESTORS <AVFC> FILES FOR SHARE OFFERING",
"body": "AmVestors Financial Corp said it\nhas filed to offer 2,500,000 common shares through underwriters\n<Smith Barney, Harris Upham and Co Inc> and Morgan Keegan Inc\n<MOR>.\n It said proceeds will be used for general corporate\npurposes.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:20:16.04",
"places": [
"usa"
],
"id": "10793"
},
{
"title": "SKANSKA TO TAKE STAKE IN CANADIAN FIRM",
"body": "Swedish construction and real estate\ncompany Skanska AB <skbs.St.> said it will sell its 49 pct\nholding in Canadian building firm <Canadian Foundation Company\nLtd> to rival <Banister Continental Ltd>.\n A company spokeswoman told Reuters Skanska will receive\nBanister shares as payment, giving the Swedish group 15 pct of\nthe stock in the expanded Banister firm.\n She said Skanska will also be appointing two board members\nto the Canadian company.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:20:22.23",
"topics": [
"acq"
],
"places": [
"sweden",
"canada"
],
"id": "10794"
},
{
"title": "BRITISH GAS REPAYS 750 MLN STG DEBT",
"body": "British Gas Plc <BRGS.L> said it repaid\n750 mln stg debt to the government, the first tranche of 2.5\nbillion stg unsecured debentures issued as part of the process\nof privatisation last year.\n The repayment of the funds for the year to end-March was in\nline with details given in the prospectus last year.\n Before the sale, the government added the debt onto the\nBritish Gas balance sheet. In the year to end-March 1988 BGC\nwill pay back a further 250 mln stg, followed by 400 mln in\nboth 1988/89 and 1989/90 and the remainder in equal instalments\nof 350 mln over the next two years.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:22:47.53",
"places": [
"uk"
],
"id": "10795"
},
{
"title": "U.K. MONEY MARKET GIVEN 129 MLN STG ASSISTANCE",
"body": "The Bank of England said it had provided\nthe money market with assistance worth 129 mln stg in the\nafternoon session. This compares with the Bank's forecast of a\nshortage in the system today of around 100 mln stg.\n The central bank purchased 129 mln stg bank bills in band\none at 9-7/8 pct.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:24:32.65",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "10796"
},
{
"title": "GREECE SCRAPS U.S. BASE CLOSURE REQUEST",
"body": "Prime Minister Andreas Papandreou has\nwithdrawn a request to Washington to suspend operations at an\nAmerican army base near Athens as a Greek-Turkish row over oil\nrights in the Aegean eased.\n A Turkish research ship which Greece had threatened to\ntackle if it sailed into disputed waters in the Aegean Sea kept\nto Turkish territorial waters yesterday, avoiding a potential\nclash.\n Papandreou expressed qualified optimism after briefing\nopposition leaders on Aegean developments early yesterday.\n The Greek government later withdrew Friday's request to\nWashington to close down its telecommunications base at Nea\nMakri, north of Athens, saying that the reasons which had\nprompted it to make the request were no longer valid.\n Under the terms of the U.S.-Greek bases accord, Greece has\nthe right to ask for suspension of operations at times when its\nnational interests are threatened.\n The row in the Aegean erupted after Turkey said it would\nsearch for oil round three Greek islands off its coast\nfollowing an announcement from Greece that it planned to drill\neast of Thassos island after taking control of a Canadian-led\noil consortium operating in the northern Aegean.\n Turkey accused Greece of breaching the 1976 Berne Agreement\nunder which both sides agreed to preserve the status quo in the\nAegean until their continental shelf dispute was settled.\nAthens says it considers the accord inactive.\n The Turkish Foreign Ministry said in a statement it had\nreceived an assurance from Greece that it would not carry out\noil activities outside its territorial waters. Greece declined\ncomment on the statement.\n Papandreou repeated an invitation to Turkey to take the\nlong-standing continental shelf dispute to the International\nCourt of Justice at The Hague.\n Conservative opposition leader Constantine Mitsotakis said\nhe had urged Papandreou to accept an offer from NATO General\nSecretary Lord Carrington to help resolve the row.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:28:43.46",
"topics": [
"crude",
"ship"
],
"places": [
"usa",
"greece",
"turkey"
],
"id": "10797"
},
{
"title": "WORKERS TO END 4-DAY STRIKE AT GENERAL MOTORS",
"body": "United Auto Workers members\nvoted overwhelmingly to ratify a settlement in a four-day\nstrike against General Motors Corp's <GM> truck and bus complex\nhere, a UAW official said.\n Workers agreed to a settlement that provided for a 1.3 mln\ndlrs payment to workers by the No. 1 carmaker for an alleged\nviolation of a 1984 contract and for the rehiring of about 20\nworkers who were idled when their jobs went to subcontractors.\n Some 9,000 workers walked off their jobs at the bus and\ntruck plant on Thursday.\n Members of UAW Local 594 voted 1314 to 25 to accept the\nsettlement.\n Local president Donny Douglas said of the settlement, \"We\ngot compensation for everything that went out.\"\n Workers alleged GM violated their contract by assigning\nwork traditionally done by the union to outside companies.\nLocal officials also said GM violated contract provisions on\nhealth and safety issues, work rules, seniority and job\nclassifications.\n The local also said that GM had violated contract language\non work rules, seniority, job classification and health and\nsafety issues.\n A spokesman for GM's Truck and Bus Group said there would\nbe no company comment on the settlement's details, but said GM\nwas pleased that workers would be back on the job.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:31:59.17",
"places": [
"usa"
],
"id": "10798"
},
{
"title": "ONGPIN SAYS \"PINS\" WILL REVIVE BAKER PLAN",
"body": "Finance Secretary Jaime Ongpin said\nPhilippine Investment Notes (PINs), to be offered to commercial\nbank creditors as part of the country's 13.2 billion dlr debt\nrescheduling, would revive the Baker Plan.\n PINs are tradable, foreign currency-denominated financial\ninstruments with a six-year maturity, designed for conversion\ninto pesos to fund government-approved equity investments\nwithin the Philippines.\n Ongpin told reporters after a meeting with businessmen the\ngovernment was planning to issue between 100 and 150 mln dlrs\nworth of PINs at a discount of about 12.5 pct this year.\n The plan, outlined by U.S. Treasury Secretary James Baker\n18 months ago, stalled because commercial banks balked at the\nidea of lending additional money, Ongpin said. It had called\nfor substantial new commercial bank lending and development\nbank aid in order to help debtor countries grow out of their\neconomic troubles.\n The PINs provide a mechanism to finance the growth needed\nby these debtor nations, provided they are willing to welcome\nforeign equity investment into their economies, Ongpin told a\nbusinessmen's meeting. \"And this can now be achieved without\nforcing commercial banks into involuntary new money lending.\"\n Bankers in New York said given the booming market in\ndebt-equity swaps, PINs ought to work if Manila issues the\nnotes at an appropriate discount.\n Ongpin said the use of PINs would result in anticipated\nsavings of one billion pesos over the debt agreement's 17-year\nlife.\n The accord restructured 5.8 billion dlrs of previously\nrescheduled debt, 3.5 billion dlrs of debt falling due between\nJanuary 1987 and December 1992, and 925 mln dlrs of new money\nlent by the banks in 1985 at a spread of 7/8 percentage points\nover London Interbank Offered Rates (LIBOR).\n It also rolled over trade credits worth 2.9 billion dlrs.\n Ongpin said the Philippines' 7-1/2 year grace period was\nbetter than Mexico's seven-year grace period, while the PINs\nproposal would result in savings of foreign exchange and\ngenerate pesos which would be reinvested in domestic\nenterprises.\n Ongpin said the restructuring of commercial bank debt, as\nwell as of 870 mln dlrs of debt by the Paris Club of Western\ncreditor governments in January, was expected to reduce the\ncountry's debt-service ratio to between 25 and 30 pct from its\ncurrent level of 40 to 45 pct.\n He said the country's balance of payments was now projected\nat a surplus of about 1.2 billion dlrs in 1987, compared with a\nsurplus of about 1.1 billion dlrs in 1986 and a previous\nprojected deficit of 1.2 billion dlrs this year.\n The Philippine negotiating team refined the PINs idea three\ntimes before the final agreement was struck last Friday, Ongpin\nsaid. \"What we have now is PINs IV,\" he said.\n Ongpin told the meeting he had kept his promise to gain\nterms better than those granted last year to Mexico, which won\na 20-year repayment at 13/16 points over LIBOR.\n \"And they (Mexico) are a long way from seeing any money\ncross the table even as of today,\" Ongpin said, adding he\nexpected much quicker approval from all the Philippines' 483\ncreditor banks worldwide.\n He said he had been in almost daily telephone contact with\nPresident Corazon Aquino, particularly when the banks began to\ntake a very tough stance on pricing.\n \"But the President's instructions were unequivocal and\nunwavering, 'Do not yield one more millimetre and I don't care\nhow long it takes. Get a green card if you have to, but don't\ncome home without a deal we can all be proud of',\" he said.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:34:27.30",
"places": [
"philippines"
],
"id": "10799"
},
{
"title": "EC MINISTERS STUDY FARM PRICES, NO ACCORD SEEN",
"body": "European Community agriculture\nministers are today taking their first serious look at farm\nprice proposals for the coming season, but diplomats expect no\nagreement at the two days of talks.\n Experts say the proposals put forward last month by the\nEuropean Commission could lead to a double-digit percentage\nfall in guaranteed prices for the 1987/88 crop year.\n Consideration of the price measures comes as farm surpluses\nand subsidies are set to dominate forthcoming talks under the\nGeneral Agreement on Tariffs and Trade, GATT.\n The talks signal the official start of months of annual\nwrangling over subsidy levels paid to the EC's 12 mln farmers.\n Agriculture worldwide is plagued by surplus production and\ndepressed prices, with domestic economic policies largely\nblamed for the crisis. The U.S. Has signaled it wants the issue\nof world over-supply pushed to the top of the list of\ninternational economic issues to be negotiated this year.\n EC diplomats say that to a large extent this view is shared\nin Europe, but the political strength of well-organised farm\nlobbies leaves ministers with little room for manoeuvre.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:35:18.56",
"organisations": [
"ec"
],
"places": [
"belgium"
],
"id": "10800"
},
{
"title": "DOMINION RESOURCES <D> SEEKS RATE HIKE",
"body": "Dominion Resources Inc said it\nhas asked the Virginia Corporation commission to approve fuel\ncost and base rate adjustments that would raise typical\nresidential bills 1.4 pct, effective May One.\n It said it is seeking a one-year base rate reduction of\n26.7 mln dlrs due to tax savings and a 67.5 mln dlr increase in\nfuel charges, for a net increase of 40.9 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:37:20.98",
"places": [
"usa"
],
"id": "10801"
},
{
"title": "WEDGESTONE REALTY <WDG> ISSUES WARRANTS",
"body": "Wedgestone Realty Investors Trust said\nit has issued institutional investors 10-year warrants to buy\n575,000 shares at 16.50 dlrs each in connection with the\npreviously-announced sale of 10-year promissory notes to the\ninvestors.\n It said the exercise price of the warrants may be reduced\nand the number of shares increased in certain circumstances.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:38:00.74",
"places": [
"usa"
],
"id": "10802"
},
{
"title": "PANAMA SUGAR VESSEL SAFELY DOCKED AT GREENOCK",
"body": "The Panamanian motor vessel Northern 1,\n4,217 dwt, was safely towed into Greenock over the weekend\nafter having its crankshaft broken off the Scottish coast\nduring severe weather, Lloyds Shipping Intelligence said.\n Northern 1 was loaded with 3,000 tons of sugar from\nDemerara.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:39:08.75",
"topics": [
"sugar",
"ship"
],
"places": [
"uk",
"panama"
],
"id": "10803"
},
{
"title": "JAPAN SET TO RIDE OUT YEN RISE, OFFICIALS SAY",
"body": "The government is determined to ride out\nthe latest sharp rise of the yen without taking panic measures\nbecause it expects the currency's appreciation to prove\ntemporary, senior officials said.\n \"The market has already located a ceiling (for the yen) and\nmarket forces are pushing the dollar back up a bit,\" one senior\nFinance Ministry official said.\n He attributed the dollar's fall in recent days to special\nfactors, in particular, selling by Japanese investors ahead of\nthe March 31 end to their fiscal year.\n That selling largely came to an end this morning after\nabout one hour of trading here, the senior official said. \"They\n(the investors) became more or less quiet after 10 o'clock\n(0100 GMT),\" he said.\n After falling to a record low of 144.70 yen this morning,\nthe dollar edged back up in late trading to end at 146.20.\nDealers attributed the late rise to remarks by Prime Minister\nYasuhiro Nakasone that major nations had agreed to stabilise\nthe dollar above 150 yen.\n Several officials said they did not see any fundamental\nreason for the dollar's recent sharp fall.\n One official even called the market's recent actions\nirrational. If anything, the U.S. Decision to slap tariffs on\nJapanese electronics goods should support the dollar against\nthe yen because it will cut Japanese exports to the U.S., He\nsaid.\n As a result, several officials said they saw no reason to\nalter the broad thrust of government policy agreed to at last\nmonth's meeting of major nations in Paris.\n \"We don't see any substantial reason to change our policy\nstance,\" one senior official said.\n\u0003",
"date": "30-MAR-1987 08:40:05.91",
"topics": [
"money-fx",
"yen"
],
"places": [
"japan"
],
"id": "10804"
},
{
"title": "SAGE ANALYTICS <SAII> SETS STOCK SPLIT",
"body": "Sage Analytics International Inc\nsaid its board has declared a three-for-two stock split,\npayable June 22 to holders of record on June Eight.\n The company also said it will redeem warrants till\noutstanding on June Two at 10 cts each. Each two warrants\nallow the purchase of one common share at six dlrs through June\nOne. There are presently 800,000 warrants outstanding.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:41:15.38",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10805"
},
{
"title": "U.S. BUDGET DIRECTOR SAYS NO TAX RISE COMPROMISE",
"body": "Budget director James Miller said\nPresident Reagan will not compromise on his vow not to raise\ntaxes despite pressure from Congress.\n \"No, the President has been very clear about that,\" Miller\nsaid on NBC's \"Today\" program. \"The President's not going to give\nin.\"\n When asked if Reagan's pledge not to raise tax rates meant\nhe might go along with some tax increase not affecting rates,\nMiller replied, \"No, I wouldn't read anything into the word tax\nrate. Of course that's the most important thing. But the\nPresident's not going to go along with a tax increase.\"\n REUTER\n\u0003",
"date": "30-MAR-1987 08:45:37.43",
"places": [
"usa"
],
"id": "10806"
},
{
"title": "H.K. DEALERS SAY NAKASONE G-6 COMMENT TOO LATE",
"body": "Remarks by Japan's Prime Minister\nYasuhiro Nakasone that last month's G-6 meeting agreed to\nstabilize the dollar above 150 yen have come too late to\ninfluence currency trading, dealers said.\n After Nakasone's statement the dollar rose to 146.40/50 yen\nfrom an initial low of 144.20/40 and New York's Friday finish\nof 147.15/25. But the rebound was largely on short-covering,\nthey said.\n \"I think (Nakasone's) desperate,\" said a U.S. Bank foreign\nexchange manager.\n Nakasone told a Lower House Budget Committee in Parliament\nthat Japan and other industrialized nations committed\nthemselves in Paris last month to stabilize the dollar above\n150 yen.\n Finance Minister Kiichi Miyazawa told the same committee\nthat the six - Britain, Canada, France, Japan, the U.S. And\nWest Germany - had intervened aggressively since the dollar\nfell below 150 yen.\n \"His (Nakasone) remarks should have been made and should\nhave had a bigger influence when the dollar was still above 150\nyen,\" said P.S. Tam of Morgan Guaranty Trust.\n Tam said the dollar has hit short-term chart targets and\nis likely to rebound. But he warned of another dip to below 145\nyen.\n Dealers said the worsening trade relations between the U.S.\nAnd Japan will continue to depress the dollar.\n The trade issue has now become a political issue since the\nReagan Administration is facing uproar in Congress over\nth3pYgks in cutting the country's 169.8 billion dlr trade\ndeficit, they said.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:46:08.69",
"topics": [
"money-fx",
"trade"
],
"places": [
"japan",
"usa"
],
"id": "10807"
},
{
"title": "JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS",
"body": "A Finance Ministry official said the\nministry has recently conducted a survey on foreign exchange\ntransactions by institutional investors but declined to say if\nit was aimed at moderating their dollar sales.\n However, financial market sources said they had heard the\nministry has asked life insurance and securities firms to\nrefrain from selling dollars, but they were unable to confirm\nthis directly.\n Dealers said life insurance firms were not major sellers of\ndollars in recent trading sessions because they had already\nsold them to hedge risks.\n Dealers said securities houses and trust banks on the other\nhand have aggressively sold the dollar.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:46:53.69",
"topics": [
"money-fx"
],
"places": [
"japan"
],
"id": "10808"
},
{
"title": "JAPANESE SEEN LIGHTENING U.S. BOND HOLDINGS",
"body": "The dollar's tumble to a record low of\n144.70 yen in Tokyo today motivated some major Japanese\ninvestors to lighten their U.S. Bond inventory further and is\nexpected to spur diversification into investment assets\nincluding foreign and domestic shares, dealers said.\n The key U.S. 7-1/2 pct Treasury bond due 2016 fell to a low\nof 96.08-12 in early Tokyo trade against the 98.05-06 New York\nfinish, then recovered to 96.20-22.\n Some trust bank pension fund acccounts and investment\ntrusts were seen selling several hundred million dollars on the\nforeign exchange market here today, accentuating the unit's\ntumble, securities house dealers said.\n They seem undecided on what to do with the fresh yen cash\npositions resulting from their dollar sales today, and are\nsidelined until the currency market stabilises and the interest\nrates outlook clarifies, a Nikko Securities Co Ltd currency\ntrader said.\n The dollar's plunge and low yields on U.S. Bonds will\nfurther promote diversification into other foreign investments,\nas well as call back funds into the domestic bond and stock\nmarkets from overseas bond markets, securities bond managers\nsaid.\n They said major Japanese investors in the past two years\nare estimated to have held 50 to 80 pct of their foreign\nportfolios in U.S. Bonds but many have lightened their U.S.\nBond inventory to as low as 40 pct.\n Since late last year, Japanese investors, seeking\nsubstantial liquidity and attractive yields, have used fresh\nfunds to buy mark and Canadian dollar bonds and, after the\nParis currency pact, actively bought French franc bonds and\ngilts while gradually lightening U.S. Bond inventories, the\nmanagers said.\n Dealers said funds tied up in foreign assets had flowed\ninto local bond and stock markets as well.\n The yield of the key 5.1 pct 89th bond dropped to a record\nlow of 4.080 pct today from the 4.140 Saturday finish and\ncompared with 4.25 pct on three-month certificates of deposit.\n The key bond has fluctuated less than five basis points for\nmore than a month here, suggesting most dealers could not\nsatisfy their needs for capital gains, dealers said.\n A market survey by Reuters showed some active accounts in\nU.S. Treasuries are currently dealing on Tokyo's stock market.\nThe stock market's bullishness late last week was partly due to\nfunds transferred from U.S. Treasuries, dealers said.\n Japanese net purchases of foreign securities in the first\nhalf of March fell an estimated one billion dlrs compared with\naverage monthly net purchases of 7.7 billion for the whole of\n1986, Finance Ministry sources said.\n The steep fall is due to Japanese investors' cool attitude\ntowards U.S. Bonds, which had amounted to more than 80 pct of\ntotal foreign securities purchased, securities houses managers\nsaid.\n Foreign stock buying in March is expected to exceed the\nrecord high of 1.5 billion dlrs seen in December, they said.\n \"Diversification of foreign portfolios is underway and we\nhave bought bonds in currencies such as marks, the Canadian\ndollar, the ECU and French franc,\" a fund manager at <Yasuda\nTrust and Banking Co Ltd> said.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:47:38.36",
"topics": [
"money-fx"
],
"places": [
"japan",
"usa"
],
"id": "10809"
},
{
"title": "IDEC IZUMI ISSUES 35 MLN DLR EQUITY WARRANT BOND",
"body": "Idec Izumi Corp is issuing a 35 mln dlr\nEurobond with equity warrants, due April 23, 1992 with an\nindicated coupon of 2-3/8 pct and priced at par, lead manager\nDaiwa Europe Ltd said.\n The non-callable bonds are guaranteed by Fuji Bank Ltd and\nfinal terms will be set on April 6. The warrants will be\nexercisable between June 1, 1987 and April 2, 1992.\n Gross fees of 2-1/4 pct comprise 3/4 pct for management and\nunderwriting and 1-1/2 pct for selling. Listing will be in\nLuxembourg.\n REUTER\n\u0003",
"date": "30-MAR-1987 08:50:56.00",
"places": [
"uk"
],
"id": "10810"
},
{
"title": "PERU ANNOUNCES LARGE NEW GOLD FIND",
"body": "President Alan Garcia said Peru has found\ngold deposits worth an estimated 1.3 billion dlrs in a jungle\nregion near the Ecuadorean border about 1,000 km north of here.\n He told reporters yesterday the deposits, located at four\nsites near the town of San Ignasio, contained the equivalent of\n100 tonnes of gold.\n Garcia said the government would soon install a two mln dlr\ntreatment plant at Tomaque. It will extract enough ore to\nprovide an estimated 25 mln dlr profit by the end of this year,\nhe added.\n Garcia said the other gold-bearing deposits are located at\nTamborapa, Pachapidiana, and a zone between the Cenepa and\nSantiago rivers.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:51:24.56",
"topics": [
"gold"
],
"places": [
"peru"
],
"id": "10811"
},
{
"title": "BRITISH GAS REPAYS 750 MLN STG DEBT",
"body": "British Gas Plc <BRGS.L> said it repaid\n750 mln stg debt to the government, the first tranche of 2.5\nbillion stg unsecured debentures issued as part of the process\nof privatisation last year.\n The repayment of the funds for the year to end-March was in\nline with details given in the prospectus last year.\n Before the sale, the government added the debt onto the\nBritish Gas balance sheet. In the year to end-March 1988 BGC\nwill pay back a further 250 mln stg, followed by 400 mln in\nboth 1988/89 and 1989/90 and the remainder in equal instalments\nof 350 mln over the next two years.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:54:12.41",
"places": [
"uk"
],
"id": "10812"
},
{
"title": "MAGMA POWER <MGMA> NAMES NEW CHIEF EXECUTIVE",
"body": "Magma Power Co said director Arnold\nL. Johnson has been named president and chief executive\nofficer.\n He succeeds Andrew W. Hoch, who moved to chairman in\nFebruary following the resignation of B.C. McCabe Sr.\n The company said Johnson has also been named president and\nchief executive officer of Magma Energy Inc <MAGE>, which Magma\nPower controls, succeeding Hoch, who becomes Magma Energy\nchairman as well. McCabe, whom Hoch also succeeds there, has\nbeen named chairman emeritus.\n Reuter\n\u0003",
"date": "30-MAR-1987 08:56:14.67",
"places": [
"usa"
],
"id": "10813"
},
{
"title": "FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.35 PCT FROM 7.37 PCT - OFFICIAL\n",
"date": "30-MAR-1987 08:56:18.46",
"id": "10814"
},
{
"title": "NEWS CORP LTD TO ACQUIRE HARPER AND ROW PUBLISHERS INC FOR 65 DLRS/SHARE\n",
"date": "30-MAR-1987 09:03:21.57",
"topics": [
"acq"
],
"id": "10815"
},
{
"title": "CANADIAN WORLDWIDE ENERGY BUYS TRITON<OIL> UNIT",
"body": "<Canadian Worldwide Energy\nLtd> said it acquired Triton Energy Corp's wholly owned\nCanadian subsidiary, Triton Petroleum Ltd, for the issue of\n3.75 mln common shares of Canadian Worldwide, subject to\nregulatory approvals.\n The company said the transaction will increase Triton\nEnergy's holding in Canadian Worldwide to 13.25 mln shrs or a\n60 pct fully diluted interest from 9.5 mln shares.\n Triton Petroleum's assets consist of proven oil reserves of\n1.3 mln barrels, exploratory acreage, and unspecified working\ncapital and a significant tax loss carryforward.\n Canadian Worldwide said it is optimistic the Triton\nPetroleum Ltd acquisition will strengthen its financial and\nproduction base and permit acceleration of its conventional oil\nexploration program.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:22:45.71",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "10816"
},
{
"title": "CLABIR <CLG> DIVIDENDS NOT TAXABLE",
"body": "Clabir Corp said it has\ndetermined all dividends paid on its Class A common in 1986 are\nnot taxable as dividend income.\n While this is a preliminary estimate, the company said, it\nmay be used by shareholders when preparing 1986 income tax\nreturns.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:23:44.41",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10817"
},
{
"title": "RLI CORP <RLI> TO BEGIN TRADING ON THE NYSE",
"body": "RLI Corp, a specialty insurance\ncompany, said the New York Stock Exchange has cleared it to\nbegin trading its common stock on the exchange effective May 8.\n RLI said it is currently trading on the National\nAssociation of Securities Dealers Automated Quotation System\n(NASDAQ) under the symbol <RLIC>.\n RLI's new symbol will be <RLI>, the company said.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:24:37.05",
"places": [
"usa"
],
"id": "10818"
},
{
"title": "TEXSCAN HAS TENTATIVE REORGANIZATION PLAN",
"body": "Texscan Corp said it has agreed\nin principle with its lending banks -- United Bank of Arizona\nand Security Pacific Bank -- on a joint plan of reorganization.\n Subject to documentation, the plan will be filed within the\nnext 10 days, Texscan said without providing further details.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:24:42.87",
"places": [
"usa"
],
"id": "10819"
},
{
"title": "MICRO-MEMBRANES <MEMB> LAUNCHES SECOND PRODUCT",
"body": "Micro-Membranes Inc said it\nstarted marketing its second product, Co-Bind Plates, which are\nused as part of diagnostic kits for sexually transmitted\ndiseases, drugs, and in immunological testing.\n The company said the product is its second since becoming\npublic ten months ago.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:24:48.63",
"places": [
"usa"
],
"id": "10820"
},
{
"title": "PHILIPPINES, WORLD BANK SIGN 310 MLN DLR PACKAGE",
"body": "The Philippines and the World Bank have\nsigned a 300 mln dlr loan and 10 mln dlr worth of technical\nassistance to help Manila in its economic recovery efforts,\nbank officials said .\n The loan, to be disbursed in three equal tranches, is\nrepayable over 20 years, including a five-year grace period,\nwith a variable interest rate, currently at 7.92 pct.\n The loan was signed by Finance Minister Jaime Ongpin and A.\nKarasmasoglu, World Bank vice-president for East Asia and the\nPacific. Ongpin said the first tranche of 100 mln dlrs was\nexpected within a month.\n REUTER\n\u0003",
"date": "30-MAR-1987 10:26:43.20",
"organisations": [
"worldbank"
],
"places": [
"philippines"
],
"id": "10821"
},
{
"title": "LENNAR <LEN> SEES STRONG EARNINGS FOR 1987 YEAR",
"body": "Lennar Corp chairman and president,\nLeonard Miller, said the current backlog of orders and the\nstrong economy point to strong revenues and earnings for the\nbalance of fiscal 1987.\n He said the company's backlog of sales deposits on Feb 28\nwas 2,416, an increase of 976 units over the previous year.\n Lennar recorded net earnings for the first quarter 1987 of\n4,403,000, or 51 cts per share, compared to 1,775,000, or 20\ncts per share the prior first quarter. It recorded net earnings\nof 12.5 mln dlrs, or 1.43 dlrs per share, for fiscal 1986.\n The company also said that at its April 29 annual meeting,\nshareholders will vote on increasing the company's authorized\ncommon stock to 45 mln shares from 15 mln. This will include 30\nmln shares of common stock and 15 mln shares of class B common\nstock, it added.\n Those shareholders who elect to convert their shares into\nclass B stock will be entitled to 10 votes per share while\nother shareholders will retain one vote per share, Lennar said.\n The company said if this is approved, it intneds to pay\nholders of Class B stock a quarterly cash dividend of five cts\nper share and holders of the other common stock a quarterly\ncash dividend of six cts per share.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:28:07.46",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10822"
},
{
"title": "FORD MOTOR CREDIT UNIT FILES FOR TWO BILLION DLR DEBT SHELF OFFERING\n",
"date": "30-MAR-1987 10:28:17.99",
"id": "10823"
},
{
"title": "NASD STARTS SEARCH FOR NEW PRESIDENT",
"body": "The <National Association of\nSecurities Dealers Inc> said it has named a search committee to\nseek a replacement for outgoing president Gordon S. Macklin,\nwho recently announced plans to become chairman of <Hambrecht\nand Quist>.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:30:01.17",
"places": [
"usa"
],
"id": "10824"
},
{
"title": "YUGOSLAV TRADE FALLS SHARPLY STATISTICS SHOW",
"body": "Yugoslav trade is declining rapidly\nthis year in hard currency terms, according to the latest\nFederal Statistics Office (FSO) figures.\n The FSO figures showed total exports from January 1 to\nMarch 23 valued at 875.59 billion dinars, compared with 667.18\nbillion dinars in the same period last year.\n These figures were down by 12.5 pct on last year in dollar\nterms due to exchange rate fluctuations and changes in how the\nfigures were calculated, FSO sources said.\n This year current exchange rates were used for the first\ntime instead of a fixed rate of 24.53 dinars to the dollar.\n BELGRADE, March 30 - Yugoslav trade is declining rapidly\nthis year in hard currency terms, according to the latest\nFederal Statistics Office (FSO) figures.\n The FSO figures showed total exports from January 1 to\nMarch 23 valued at 875.59 billion dinars, compared with 667.18\nbillion dinars in the same period last year.\n These figures were down by 12.5 pct on last year in dollar\nterms due to exchange rate fluctuations and changes in how the\nfigures were calculated, FSO sources said.\n This year current exchange rates were used for the first\ntime instead of a fixed rate of 24.53 dinars to the dollar.\n\u0003",
"date": "30-MAR-1987 10:30:13.38",
"topics": [
"trade"
],
"places": [
"yugoslavia"
],
"id": "10825"
},
{
"title": "WALBRO <WALB> SEES STRONG 1ST QTR RESULTS",
"body": "Walbro Corp said it expects\nits first-quarter results to reach \"all-time highs.\"\n It projected sales exceeding 32 mln dlrs, or up 21 pct from\nthe 26,488,000 dlrs reported for the 1986 first quarter. It\nsaid the previous high for a single quarter was 27,179,000 dlrs\nfor the 1986 fourth quarter.\n Walbro estimated income for the quarter will exceed\nfirst-quarter 1986 income, which was 1,953,000 dlrs, or 66 cts\na share, by at least 40 pct. It said the first quarter of 1986\nhad been the previous income record for a single quarter.\n Walbro cited strong demand for its fuel systems products,\nespecially automotive electronic fuel injection components and\ncarburetors for lawn and garden applications.\n However, it said it is unlikely the company will sustain\nthe same record pace of sales and income throughout 1987, due\nto an expected reduction in throttle body sales.\n \"It now appears likely that the company's throttle body\nbusiness with General Motors Corp <GM> will peak in the first\nsix months of 1987, continue at reduced levels to July 1988 and\nsuffer an interruption for the period from July 1988 to July\n1989,\" Walbro added.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:30:21.59",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10826"
},
{
"title": "CANADA GDP UP 0.1 PCT IN JANUARY",
"body": "Canada's gross domestic product rose 0.1\npct, seasonally adjusted, in January after gaining 1.0 pct in\nDecember but falling 0.1 pct and 0.3 pct in November and\nOctober, Statistics Canada said.\n January's rise, in 1981 prices, was fueled largely by a 0.5\npct gain in the goods producing sector. Output in\nservices-producing industries declined 0.1 pct from December's\nlevel.\n January's level was 1.29 pct higher than the same month a\nyear ago.\n The federal agency said it was the second straight gain for\ngoods producing industries. Most of the growth occurred in\nmanufacturing and construction.\n Within manufacturing, strong gains were posted in the wood,\nmachinery, non-metallic mineral and food product groups.\nSignificant declines were recorded in the output of automobiles\nand parts, however.\n In the services sector, increases in finance, insurance and\ncommunication were more than offset by declines in\ntransportation, storage and the retail trade.\n Reuter\n\u0003",
"date": "30-MAR-1987 10:30:46.87",
"topics": [
"gnp"
],
"places": [
"canada"
],
"id": "10827"
},
{
"date": "30-MAR-1987 10:30:56.54",
"places": [
"brazil"
],
"id": "10828"
},
{
"title": "TECHNOLOGY/IBM'S NEW COMPUTER NERVOUSLY AWAITED",
"body": "International Business Machines Corp\n<IBM> is widely expected to deeply affect the personal computer\nindustry this week when it announces a long awaited new\ngeneration of desktop machines.\n The four new computers, expected to be called the Personal\nSystem 2 family, are almost sure to veer away from industrywide\nstandards for personal computers that were first established by\nIBM six years ago.\n The result id the new computers will be harder to copy and\nless likely to work with software and attachments designed for\nexisting standards. Some market researchers are already\npredicting slower growth as customers adjust to the change.\n A proprietary IBM pc will cause the pc market's growth to\nbe flat or even negative in 1988 as vendors and users delay\npurchases to gauge the importance of the new machine,'' said\nJohn McCarthy, consultant with Forrester Research Inc.\n IBM is traditionally very close-mouthed about unannounced\nproducts, but so intense is the interest in these machines that\nsome details have leaked out and consultants, dealers and the\ntrade press are rife with information, both factual or\nsupposed.\n The four computers expected to be announced April 2 will\nreportedly include one low end, low cost computer, two models\nthat will resemble IBM's current high-end AT, and, most\nimportantly, a computer incorporating Intel Corp's <INTC> 80386\nmicroprocessor, the powerhouse chip that is revolutionizing the\npersonal computer.\n The microprocessor is the brains of a computer and Intel\nmicroprocessors are the ones used in all IBM and IBM-compatible\npersonal computers, by far the largest segment of the desktop\nmarket.\n The 80386, more commonly called the 386, processes\ncomputer instructions twice as fast as the chips used in\nexisting IBM computers and 386-based desktop computers are as\npowerful as the much larger minicomputers of a few years ago.\n Although IBM will not be the first company to introduce a\n386 personal computer - Compaq Corp <CPQ> was - most industry\nconsultants believe that customers will not rush to embrace the\nnew generation until they see what the world's largest computer\ncompany is going to do.\n What IBM will apparently do is introduce a computer that\nis, at least temporarily, copy-proof. That is a far different\nsituation than exists with IBM's current family of personal\ncomputers, which are cloned widely.\n With the Personal System, IBM will reportedly build as\nmany features as possible directly into the computers'\nmotherboards, including graphics capabilities, a non-standard\nbus for add-on equipment and a new version of the operating\nsystem used on all IBM compatible computers.\n The word in (Silicon) Valley is that it will take two mln\ndlrs and 18 months before the machines can be copied,'' said\nMichael Murphy, publisher of the newsletter California\nTechnology Stock Letter.\n At the same time as Personal System is unveiled,\nMicrosoft Corp <MSFT> is expected to unveil a new version of\nits MS/DOS operating system, DOS 3.3, that will correct many of\nthe programming problems encountered on earlier versions of the\nsoftware. MS/DOS is used with all IBM personal computers.\n Consultants said that most existing IBM-compatible\nsoftware will run on the new computers but software written\nspecifically for the Personal System will not run on older\nmodels.\n The industry will be looking closely at the delivery dates\nfor the new computers, particularly the 386, because if IBM\ndoes not start shipping its entry in this important new market\nsoon, Compaq will continue to gain larger and larger market\nshare.\n Market researcher Future Computing Inc estimated that\nCompaq's Deskpro 386, which started shipping last October, is\ngenerating sales of between 3.5 mln and and four mln dlrs a\nmonth. In the first six months of availability between 21 and\n24 mln dlrs worth of Deskpro 386s were sold.\n Said Future Computing analyst Joe Cross, \"That's some\nindication of the kind of money IBM is leaving on the table.\"\n Reuter\n\u0003",
"date": " 30-MAR-1987 11:07:19.68",
"places": [
"usa"
],
"id": "10829"
},
{
"title": "SRI LANKA APPEALS FOR DROUGHT RELIEF AID",
"body": "Sri Lanka has appealed to 24 countries\nfor emergency aid to help 2.4 mln villagers affected by the\ncountry's worst drought in 36 years, government officials said.\n Embassies received letters over the weekend outlining aid\nneeded for a sixth of Sri Lanka's population in 13 districts.\n The letter said the government had to step in \"to avert\nserious economic hardship\" and because the Social Services\nMinistry had already used up its entire 1987 budget provision\nof 23 mln rupees by distributing help to the worst hit areas.\n The letter said 548.76 mln rupees were needed for a six\nmonth period, at least until the May-September (Yala) rice crop\nwas harvested. Over 25,000 tonnes of wheat, rice, flour and\nother cereals were required, it said, along with supplies of\nsugar, lentils, dried or canned fish and milk.\n In some of the most seriously affected districts, the Maha\n(October 1986-April 1987) crop had been \"almost completely\ndevastated,\" the letter said. Maha paddy output was now\nestimated at 70 mln bushels, 20 mln less than originally\nexpected.\n There were two scenarios for the Yala crop, with a high\nforecast of around 40 mln bushels conditional on adequate\nrainfall within the next three to four weeks.\n \"Should the present drought continue, however, production is\nestimated at around 20 mln bushels,\" the letter added.\n Total estimated paddy output for 1987 would be between 90\nand 110 mln bushels, or 1.35 to 1.65 mln tonnes of rice. Last\nyear's output was 124 mln bushels, down from 127 mln in 1985.\n The letter said villagers in most seriously affected\ndistricts had been deprived of any means of subsistence because\nsubsidiary crops had also failed.\n It said the government's current budget did not permit it\nto provide sustained and adequate relief to those affected.\n\"Revenue has been adversely affected by depressed commodity\nprices and slowing of the economy. Defence commitments continue\nto exert pressure on the expenditure side.\"\n The 548.76 mln cash would cover payments of 150 rupees per\nmonth for each family, as well as handling, transport and\ndistribution of emergency food. But such an outlay of funds by\nthe government would not be possible without seriously\nimpairing development projects, or \"greatly fuelling inflation\"\nin the economy, the letter said.\n The letter said the Food Department would be able to\nrelease wheat and rice from the buffer stock to meet the\nimmediate cereal requirements \"provided such stocks are replaced\nsubsequently.\"\n The Meteorological Department said the country was\nexperiencing its worst drought since 1951 and the four-month\ndry spell prevailing in most of the areas would only break when\nthe monsoon rains fell in late May.\n The letter said some areas had been experiencing the\ndrought since August, and in the rice growing district of\nKurunegala there had been no effective rainfall since June\n1986.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:11:43.71",
"topics": [
"grain",
"wheat",
"rice"
],
"places": [
"sri-lanka"
],
"id": "10830"
},
{
"title": "MOBIL FRANCE TO TAKE 10 PCT STAKE IN PRIMAGAZ",
"body": "Mobil Corp's <MOB> Mobil Oil Francaise\nunit said it will take a stake of about 10 pct in the French\nbutane and propane gas distribution company <Primagaz> in\nexchange for the transfer to Primagaz of Mobil's small and\nmedium bulk propane activity.\n Small and medium bulk propane sales totalled 55,000 tonnes\nin 1986 and the transfer will increase total business of\nPrimagaz by about 12 pct, equal to 32,000 extra customers.\n A Primagas spokesman said Mobil will take the stake by\nmeans of a capital increase, terms of which have not yet been\nestablished.\n\u0003",
"date": "30-MAR-1987 11:14:03.91",
"topics": [
"acq"
],
"places": [
"france"
],
"id": "10831"
},
{
"title": "METROMAIL <MTML> SEES FLAT YEAR NET",
"body": "Metromail Corp said it expects\nearnings for the year to be about flat due to higher expenses\ncaused by an expansion of data processing capabilities and\nstartup costs associated with new cooperative programs that\nwill continue into the fourth quarter.\n The company today reported earnings for the nine months\nended March One of 7,214,900 dlrs, down from 7,752,800 dlrs a\nyear before. For all of last year it earned 10.9 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:14:26.42",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10832"
},
{
"title": "REGENCY CRUISTS <SHIP> CORRECTS EARNINGS",
"body": "Regency Cruises Inc said its earnings\nper share for the year 1986 were 36 cts per share, not the 37\ncts it reported on March 11.\n The company lost 10 cts per share in 1985.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:14:36.98",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10833"
},
{
"title": "MORRISON INC <MORR> ACQUIRES CUSTOM MANAGEMENT",
"body": "Morrison Inc, a diversified food\nservice company, said it acquired Custom Management Corp, based\nin Kingston, Penn., for an undisclosed amount.\n Custom manages some 215 food contract management operations\nand about 65 environmental service accounts, producing about\n100 mln dlrs in annual revenues.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:16:24.86",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10834"
},
{
"title": "CHINA WINS CYPRUS IRRIGATION CONTRACT",
"body": "A Chinese company has won a 3.5 mln dlr\ncontract to supply pumping stations for the biggest irrigation\nproject ever undertaken in Cyprus, an official announcement\nsaid.\n The Southern Conveyor project, to be completed in two\nyears, aims to conserve over 90 pct of the island's water\nresources by 1990 with a network of huge dams. It will raise\nwater storage capacity from six mln cubic meters in 1961 to 290\nmln cubic meters.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:16:36.51",
"places": [
"cyprus",
"china"
],
"id": "10835"
},
{
"title": "PETER MILLER PLANS 2.2 MLN DLR DEBENTURE ISSUE",
"body": "<Peter Miller Apparel Group Inc> said\nit signed a letter of intent to issue 2.16 mln dlrs of\nconvertible debentures, subject to regulatory and board\napprovals.\n The company said a newly incorporated merchant banking\nsubsidiary of Greyvest Financial Corp has agreed to purchase\nthe debenture issue and closing is expected in April.\n The debenture carries a three year term and is convertible\nfrom April 1, 1987 to March 31, 1989 at 1.35 dlrs a share, and\nfrom April 1, 1989 to March 30, 1990 at 1.50 dlrs a share.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:16:54.80",
"places": [
"canada"
],
"id": "10836"
},
{
"title": "NYNEX'S NEW YORK TELEPHONE FILES 500 MLN DLR DEBT SECURITIES SHELF REGISTRATION\n",
"date": "30-MAR-1987 11:18:02.45",
"id": "10837"
},
{
"title": "GTE <GTE> UNIT, INDIANA NAT'L <INAT> SIGN PACT",
"body": "GTE Corp's GTE EFT Services Inc\nunit and Indiana National Corp said they have signed an\nagreement where GTE will provide electronic funds transfer\nswitching services for Indiana National's MoneyMover 24-Hour\nTeller and Plus System networks.\n The companies said GTE EFT Service will make an initial\nhookup with CommerceAmerica Banking Company, an affiliate of\nIndiana National.\n The MoneyMover and Plus System networks support about 400\n24-hour automated teller machines in more than 80 cities in\nIndiana and Kentucky, the companies said.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:18:39.99",
"places": [
"usa"
],
"id": "10838"
},
{
"title": "ANECO REINSURANCE CO LTD <ANECF> YEAR NET",
"body": "Shr profit 80 cts vs loss 1.60 dlrs\n Net profit 1,673,960 vs loss 3,292,663\n NOTE: 1986 net includes gain on bond portfolio of 1,160,000\ndlrs and 5,600,000 dlr provision for losses on discontinued\nliability and multi-peril lines of reinsurance.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:19:11.88",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10839"
},
{
"title": "TEXAS INTERNATIONAL CO <TEI> 4TH QTR LOSS",
"body": "Shr loss 36 cts vs loss 36 cts\n Net loss 20.1 mln vs loss 12.6 mln\n Revs 12.5 mln vs 24.9 mln\n Avg shrs 55.8 mln vs 34.7 mln\n Year\n Shr loss 1.11 dlrs vs loss 1.05 dlrs\n Net loss 50.8 ln vs loss 31.9 mln\n Revs 63.7 mln vs 106.9 mln\n Avg shrs 45.8 mln vs 30.2 mln\n NOTE: Net includes extraordinary gains of 247,0000 dlrs vs\nnil in quarter and 809,000 dlrs vs 425,000 dlrs in year.\n 1985 year net includes 6,700,000 dlr credit for previous\noverpayments of windfall profits taxes.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:19:29.70",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10840"
},
{
"title": "SCIENTIFIC MICRO <SMSI> SEES HIGHER REVENUES",
"body": "Scientific Micro Systems\nInc said it expects first quarter revenues to rise by about 60\npct to 24 mln dlrs, compared with the 15 mln reported for the\nfirst quarter last year.\n The company said it experienced revenue growth across all\nproduct lines during the quarter.\n It also said revenue growth should continue during the year\nand the company should experience improved profitability in the\nsecond half when acquisition and new product introduction costs\nwill not have a significant impact on earnings.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:19:37.45",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10841"
},
{
"title": "NYNEX <NYN> UNIT FILES TO OFFER DEBT SECUTITIES",
"body": "New York Telephone Co, a unit of NYNEX\nCorp, said it filed with the Securities and Exchange Commission\na shelf registration statement covering up to 500 mln dlrs of\ndebt securities.\n Proceeds will be to refinance outstanding debt or for\ngeneral corporate purposes, the company said.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:22:43.93",
"places": [
"usa"
],
"id": "10842"
},
{
"title": "BOLT BERANEK <BBN> FILES FOR DEBENTURE OFFERING",
"body": "Bolt Beranek and Newman Inc said it\nfiled with the Securities and Exchange Commission a\nregistration statement covering a 75 mln dlr issue of\nconvertible subordinated debentures due 2012.\n A portion of the proceeds will be used to acquire all of\nthe outstanding capital stock of Network Switching Systems Inc.\n Another part will allow Bolt to exercise its option to\npurchase all of the limited partnership interests in BBN\nRS/Expert Limited Partnership, with the rest used for general\ncorporate purposes. The company named PaineWebber, Merrill\nLynch and Montgomery Securities as underwriters.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:26:39.56",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10843"
},
{
"title": "HENLEY GROUP SAID HAS CLOSE TO FIVE PCT OR 7.9 MLN SHARES OF SANTA FE SOUTHERN PACIFIC AS INVESTMENT\n",
"date": "30-MAR-1987 11:30:58.96",
"topics": [
"acq"
],
"id": "10844"
},
{
"title": "MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS",
"body": "The average price of mexico's crude\noil exports in first quarter 1987 will be 15.25 dlrs per\nbarrel, according to preliminary figures issued in a press\nrelease by the state oil company Petroleos Mexicanos (PEMEX).\n It gave no direct comparison with the year-ago figure but\nsaid crude and products sales were expected to rise to 1.99\nbillion dlrs this quarter, 420 mln dlrs higher than expected\nand 22 pct better than the year-ago quarter.\n Prospects for the second quarter were relatively favourable\nwith crude exports seen at 1.320 mln bpd after an expected\n1.324 mln this month, 1.323 in February and 1.395 mln in\nJanuary.\n REUTER\n\u0003",
"date": "30-MAR-1987 11:37:05.25",
"topics": [
"crude"
],
"places": [
"mexico"
],
"id": "10845"
},
{
"title": "LONDON STOCK EXCHANGE REVISES FT-SE CONSTITUENTS",
"body": "The London Stock Exchange announced\nthree changes to stocks included in the FT-SE 100 share index\nafter a regular quarterly revision of its constituents.\n Recently privatised British Airways Plc, the 70th of the\ntop 100 U.K. Companies by market capitalisation, is included\nfrom next quarter, while Argyll Group Plc and British and\nCommonwealth Holdings Plc return to the index after\nacquisitions, and rate 44th and 66th respectively.\n A statement said Imperial Continental Gas Association may\nbe among three firms excluded if a proposed split in its\noperations goes through.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:37:32.54",
"places": [
"uk"
],
"id": "10846"
},
{
"title": "TEXAS INTERNATIONAL <TEI> HAS UNQUALIFIED AUDIT",
"body": "Texas International Inc said it\nhas received an unqualified audit opinion from auditor Arthur\nAndersen and Co.\n The company had received a qualified opinion on 1985\nfinancial statements subject to its ability to resolve\nnegotiations with its U.S. bank group. Subsequently, it sold\nalmost all its domestic oil and natural gas properties and\nretired all U.S. bank debt in March 1987 with part of the\nproceeds.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:37:39.48",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10847"
},
{
"title": "TENNECO <TGT> BUYS UNISYS <UIS> UNIT",
"body": "Tenneco Inc said its Newport\nNews Shipbuilding subsidiary has completed the purchase of the\nSperry Marine Systems division of Unisys Corp for about 70 mln\ndlrs.\n Sperry Marine has annual revenues of about 100 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:38:07.92",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10848"
},
{
"title": "BIOGEN <BGENF> MAY SELL EUROPEAN OPERATIONS",
"body": "Biogen NV said as part of a\nprogram to reduce expenses, it is in talks on the sale of its\nGeneva, Switzerland operations.\n The company gave no details.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:38:44.13",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10849"
},
{
"title": "TEXSCAN REACHES REORGANIZATION AGREEMENT",
"body": "<Texscan Corp>, which filed for\nbankruptcy in November 1985, said it reached an agreement in\nprinciple with its lending bank group on a joint reorganization\nplan.\n The company said it expects to file the plan within the\nnext 10 days.\n Additional detail was not provided.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:38:54.31",
"places": [
"usa"
],
"id": "10850"
},
{
"title": "MILTOPE GROUP INC <MILT> 4TH QTR NET",
"body": "Shr 10 cts vs 29 cts\n Net 584,000 vs 1,688,000\n Sales 19.8 mln vs 16.9 mln\n Avg shrs 5,959,000 vs 5,762,000\n Year\n Shr 68 cts vs 96 cts\n Net 4,013,000 vs 5,430,000\n Sales 68.1 mln vs 61.3 mln\n Avg shrs 5,934,000 vs 5,679,000\n Backlog 67.9 mln vs 60.6 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 11:38:59.75",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10851"
},
{
"title": "SPECTRUM CONCEPTS UNVEILS NETWORKING PRODUCT",
"body": "<Spectrum Concepts Inc> said it\nunveiled a new software product called XCOM 6.2 that links\nvarious computer systems together.\n The company said the software can transfer data between\nInternational Business Machine Corp's <IBM> mainframe\ncomputers, System/38 minicomputers, Digital Equipment Corp\n<DEC> Vax minicomputers, IBM personal computers and Token Ring\nlocal area networks.\n It said prices range from 26,000 dlrs for a mainframe\nlicense to 200 dlrs for each personal computer.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:39:07.07",
"places": [
"usa"
],
"id": "10852"
},
{
"title": "ALOETTE COSMETICS INC <ALET> 4TH QTR DEC 31 NET",
"body": "Shr 12 cts vs 12 cts\n Net 337,000 vs 235,000\n Revs 3,350,000 vs 1,642,000\n Avg shrs 2,935,734 vs 2,000,000\n Year\n Shr 69 cts vs 56 cts\n Net 1,815,000 vs 1,112,000\n Revs 12.1 mln vs 7,709,000\n Avg shrs 2,648,257 vs 2,000,000\n Reuter\n\u0003",
"date": "30-MAR-1987 11:39:11.76",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10853"
},
{
"title": "TRADE BODY SETS NEW RULES FOR EURODOLLAR MANAGERS",
"body": "The International Primary Market Makers\nAssociation, a trade organisation, said its board last week\nadopted new rules recommending lead managers of eurodollar bond\nissues make a market in that security for 12 months.\n Currently, while there is an implied obligation on the part\nof firms to make markets in issues they underwrite, there is no\nformal obligation to do so.\n Christopher Sibson, secretary general of IPMA, in\nexplaining why the recommendation was adopted, said \"It is aimed\nat the problem of the lead manager who does a deal and\ndisappears.\"\n Sibson said the organization cannot force its members to\nadhere to the rule. \"We're under no illusions about the legal\nbinding force of these recommendations,\" he said.\n Lead managers have occasionally abandoned efforts to\nsupport an unprofitable issue just a short while after it has\nbeen offered, leaving investors and smaller firms with no one\nto buy it back from them.\n Most recently, when prices of perpetual floating rates\nnotes (FRNs) suddenly plunged, most market makers abandoned the\nsecurities altogether, leaving investors stuck with about 17\nbillion dlrs worth of unmarketable securities on their books.\n Sibson noted that the recommendation adopted by the board\nonly applies to fixed-rate dollar issues and would not have\nhelped the floating rate sector out of its current crisis.\n Among other measures, the IPMA also decided that the\ncriteria for membership should be tightened to exclude some of\nthe smaller firms.\n Under the new rules, a firm must be the book running lead\nmanager during the two preceding years of 12 internationally\ndistributed debt issues denominated in U.S. Dlrs or in one of\neight other major currencies.\n The former requirement called for three lead-managed\nissues. Sibson said he expects the tighter entrance\nrequirements to pare 3he current list of 67 members down by six\nto 10 members.\n Smaller firms have criticized IPMA's efforts to restrict\nmembership to the larger firms, saying it is anti-competitive\nand that it reinforces the big firms' already large market\nshare.\n \"Belonging to IPMA carries a certain amount of prestige with\nborrowers,\" said a dealer at a small foreign bank. \"The borrower\nsays to himself, \"Well I can travel economy or I can travel\nfirst class,'\" he said.\n Sibson defended the new rules saying \"We have to steer a\ncourse between representing the interests of the major market\nmakers and the less desirable goal of representing everybody.\"\n In any event, he said, the size of the market has expanded\nto the point where the former minimum size requirements were\njust too small.\n Also, IPMA members will be required to register with the\nAssociation of International Bond Dealers as reporting dealers,\nsubmitting daily information on prices on issues in which they\nare market makers. The effective date of the rule has yet to be\ndetermined.\n Dealers said that the rule would enable investors and\nsecondary market makers to better evaluate the appropriate\nmarket price for their securities. Such a rule would make\ninvestors more confident of trading in the eurobond market and\nwould increase liquidity, they said.\n Dealers said that the form of the reporting has not yet\nbeen spelled out. But previous discussion of the reporting\nrequirement considered firms listing the closing price of a\ngiven security as well as the high and low for the day.\n Members also agreed at the IPMA meeting on the\nimplementation of a new communications system which enables a\nlead manager to invite all potential management group members\nin to a deal at the same time.\n REUTER\n\u0003",
"date": "30-MAR-1987 11:39:42.85",
"places": [
"uk"
],
"id": "10854"
},
{
"title": "INTERNATIONAL PROTEINS CORP <PRO> YEAR NET",
"body": "Oper shr 49 cts vs 22 cts\n Oper net 1,018,000 vs 468,000\n Sales 95.0 mln vs 98.3 mln\n NOTE: Net excludes tax credits of 284,000 dlrs vs 310,000\ndlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:40:02.08",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10855"
},
{
"title": "CSM SYSTEMS INC <CSMS> YEAR ENDED DEC 31 LOSS",
"body": "Shr loss 20 cts vs profit 24 cts\n Net loss 173,578 vs profit 211,324\n Revs 4,558,244 vs 5,595,644\n NOTE: Earnings per share restated retroactively for all\nperiods to reflect 20 pct stock dividend in April 1984 and 25\npct stock split September 1985.\n Revenues include progress receivables on long-term\ncontracts not billed to customers, and reflect the\nproportionate elements of profit as revenues based on stage of\ncompletion of long term contracts.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:40:12.66",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10856"
},
{
"title": "Ia-So Minn direct hogs estimated rcpts 95,000 vs actual week ago 93,000 and actual year ago 93,000.\n",
"date": "30-MAR-1987 11:40:35.66",
"topics": [
"hog",
"livestock"
],
"id": "10857"
},
{
"title": "BAXTER <BAX> STARTS CLINICAL TRIALS ON DRUG",
"body": "Baxter Travenol Laboratories\nsaid its Hyland Therapeutics unit has started the first human\nclinical trials on genetically engineered Factor VIII, the\nclotting agent missing from the blood of most hemophiliacs.\n It said unlike Factor VIII concentrates currently in use,\ngenetically engineered Factor VIII would not be limited by the\navailability of human plasma and will be completely free from\nblood-borne viruses, including AIDS and all forms of hepatitis,\nBaxter said.\n Baxter also said it is in the final states of U.S. clinical\ntrials on a highly purified form of Factor VIII derived from\nhuman plasma that is produced using an advanced process\nincorporating monoclonal antibody purification.\n It said Genetics Institute, a publicly held biotechnology\ncompany in which Baxter is a shareholder, will supply the\nprotein used for human clinical testing, as well as a\nsubstantial portion of ongoing production requirements.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:41:36.82",
"places": [
"usa"
],
"id": "10858"
},
{
"title": "FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n",
"date": "30-MAR-1987 11:42:00.65",
"topics": [
"money-fx"
],
"id": "10859"
},
{
"title": "GLOBAL RAISES HEAVY FUELS PRICES",
"body": "Global Petroleum Corp said today it\nraised its posted prices for numbers six fuel cargoes in the\nnew york harbor 70 cts to 1.60 dlrs per barrel, depending on\ngrade.\n Effective today, the new prices are: 0.3 pct sulphur 22.50\ndlrs, up 1.25; 0.5 pct sulphur 21.85 dlrs, up 1.60; one pct\nsulphur 20.10 dlrs, up 70 cts; two pct sulphur 19.85, up 75\ncts; 2.2 pct sulphur 19.25 dlrs, up 90 cts; 2.5 pct sulphur\n18.80 dlrs, up 1.20, the company said.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:42:10.54",
"topics": [
"fuel"
],
"places": [
"usa"
],
"id": "10860"
},
{
"title": "LONDON'S FTSE 100 FALLS BY LARGEST EVER MARGIN",
"body": "The Financial Times/Stock Exchange index\nof Britain's 100 leading shares fell by its largest ever margin\nin points terms during a single session, dropping 46.1 to close\nat 2,002.5. The index earlier today touched a low of 1,993.7.\n Before today the largest one day points decline was a 35.8\npoint drop on February 9.\n The index fall was triggered by fears a trade war could\nbreak out with Japan following news the U.S. Increased tariffs\non Japanese imports after the breakdown of a 1986 semiconductor\npact. Today's sharp sell off at the Wall Street opening gave\nselling momentum to a market which was already at its lows.\n REUTER\n\u0003",
"date": "30-MAR-1987 11:43:00.24",
"places": [
"uk"
],
"id": "10861"
},
{
"title": "TURKISH PREMIER HINTS AT AEGEAN TALKS",
"body": "Prime Minister Turgut Ozal said Turkey's\nlatest row with Greece over oil rights in the Aegean Sea showed\nthe need for talks and \"an opportunity has emerged for this.\"\n He spoke to reporters after talks with Turkey's ambassador\nto Athens who arrived last night from a meeting with Greek\nPrime Minister Andreas Papandreou. A reply would be made to\nGreece shortly, Ozal said.\n He did not say whether he was taking up Papandreou's\nrenewed offer to go to the International Court of Justice in\nThe Hague but said such a move was not the only way to a\nsolution\n Reuter\n\u0003",
"date": "30-MAR-1987 11:44:21.40",
"places": [
"turkey",
"greece"
],
"id": "10862"
},
{
"title": "U.K. GOVERNMENT BONDS PLUMMET WITH U.S. ISSUES",
"body": "The U.K. Government bond market closed\nshowing severe losses ranging to almost 1-1/2 points as sharp\nfalls for U.S Treasury bonds resulting from pronounced dollar\nweakness exacerbated existing uncertainty, dealers said.\n Selling was described as relatively modest, although very\nfew buyers appeared to take up the slack. Much of the momentum\nwas derived from the futures market, where a high 33,074 lots\nwere traded in the long gilt June contract.\n The Treasury 13-1/2 pct stock due 2004/08 closed 1-7/16\npoint lower at 135-20/32 stg pct while the Treasury 10 pct due\n1991 ended at 105-12/32 for a fall of 1-3/16.\n Dealers noted that market confidence had already been at a\nlow ebb, with much of the recent impressive rise whittled away\nlast week as investors reacted nervously to opinion polls\nshowing unexpectedly strong gains for the centrist\nLiberal/Social Democratic alliance.\n The market had been sustained in large part during its\nrecent rally by a virtual conviction that the ruling\nConservative party would first call and then win a general\nelection early this summer.\n However, advances credited to the alliance last week have\ncast doubt on both assumptions.\n \"Turnover in the cash market has actually been quite small,\"\none dealer said, adding that price movements had been very\nvolatile at times.\n After losing ground heavily in the Far East in tandem with\nthe flagging dollar, U.S. Bonds fell further in London trading\nbut showed some signs of recovery late in the U.S. Morning as\nthe dollar steadied a little against the yen. The latest period\nof weakness for the dollar has accentuated fears that currency\nrisk might induce Japanese investors in particular to undertake\ndramatic reductions in their portfolios of U.S. Treasury\nissues.\n Dealers noted that early strength in the index-linked\nsector of the market, which had enabled the Government broker\nto supply some of both index-linked stock tranches announced on\nFriday, had soon fallen prey to the general depression\naffecting gilts.\n The Treasury 2-1/2 pct index-linked stock due 2020 closed\njust under one point lower at 100-11/32 stg pct.\n REUTER\n\u0003",
"date": "30-MAR-1987 11:45:07.87",
"places": [
"uk"
],
"id": "10863"
},
{
"title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES",
"body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange two billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-3/8 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:45:23.00",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "10864"
},
{
"title": "CENTRONICS <CEN> CHAIRMAN RESIGNS",
"body": "Centronics Corp said its chairman,\nStephen Weinroth, resigned his post to devote more time to his\nduties as managing director of Drexel Burnham Lambert Inc.\n The company said Thomas Kamp, formerly vice chairman, was\nnamed to replace Weinroth.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:45:57.20",
"places": [
"usa"
],
"id": "10865"
},
{
"title": "PHILADELPHIA EXCHANGE SETS FAR EAST MARKETING",
"body": "The <Philadelphia Stock Exchange>\nsaid it has established a Far East marketing division based in\nHong Kong to try to broaden participation among international\nbanks, multinational corporations and trading firms in its\nforeign currency options market.\n The exchange said the new division will shortly open a\nrepresentative office in Tokyo.\n \n Reuter\n\u0003",
"date": "30-MAR-1987 11:46:27.30",
"places": [
"usa"
],
"id": "10866"
},
{
"title": "BOW VALLEY INDUSTRIES<BVI> SETS SECONDARY ISSUE",
"body": "Bow Valley Industries Ltd said\nit filed a preliminary short form prospectus in Canada and the\nUnited States for a secondary offering of 22.8 pct of\noutstanding common stock, or 9,362,197 common shares, being\nsold by certain shareholders.\n The company said Bowcan Holdings Inc, a holding company\nprincipally owned by the Seaman brothers of Calgary and Charles\nRosner Bronfman Trust of Montreal, is offering to sell all of\nits holding of 8,279,665 Bow Valley common shares.\n The balance of the offering is owned directly and\nindirectly by various trusts of Jean and Charles deGunzberg.\n Proceeds and expenses from the secondary offering of Bow\nValley Industries common shares are for the account of the\nselling shareholders, the company said.\n The shareholders will engage Salomon Brothers Inc for\ndistribution of the shares in the United States and McLeod\nYoung Weir Ltd for distribution in Canada.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:46:35.33",
"topics": [
"acq"
],
"places": [
"canada",
"usa"
],
"id": "10867"
},
{
"title": "<CORNUCOPIA RESOURCES LTD> IN DRILLING PROGRAM",
"body": "Cornucopia Resources Ltd said an\nextensive drill and sampling program will begin in mid-April at\nits Ivanhoe gold property in north central Nevada.\n It said it will seek to increase the present reserves of\neight mln short tons grading 0.045 ounce of gold per ton that\nhad been found by USX Corp <X> on a small portion of the\n13,.000 acre property, determine the location of possible\nhigh-grade ore zones at depth and test other targets.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:46:42.49",
"topics": [
"gold"
],
"places": [
"canada"
],
"id": "10868"
},
{
"title": "WESTINGHOUSE <WX> TO MOVE POWER GENERATION UNIT",
"body": "Westinghouse Electric Corp said it\nhas relocated its power generation service division\nheadquarters to locations of existing Westinghouse operations\nin Monroeville, Pa., and Orlando, Fla.\n The company said about 25 of the 135 employees at the\nBroomall site will be moved to Monroeville and 45 to Orlando,\nwith the remaining 65 having their employment terminated.\n It said terminated employees will receive enhanced\nseparation benefits.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:46:49.66",
"places": [
"usa"
],
"id": "10869"
},
{
"title": "COGNITRONICS CORP <CGN> 4TH QTR LOSS",
"body": "Shr loss 78 cts vs loss 18 cts\n Net loss 1,671,000 vs loss 382,000\n Revs 3,261,000 vs 4,427,000\n Year\n Shr loss 1.35 dlr vs loss 15 cts\n Net loss 2,902,000 vs loss 331,000\n Revs 13.5 mln vs 16.1 mln\n NOTE: 1986 and 1985 4th qtr net includes charges of 867,000\ndlrs or 40 cts a share and 222,000 or 10 cts a share,\nrespectively.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:47:09.19",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10870"
},
{
"title": "ALLEGHENY INTERNATIONAL SELLS WILKINSON SWORD GROUP FOR 230 MLN DLRS\n",
"date": "30-MAR-1987 11:48:34.17",
"topics": [
"acq"
],
"id": "10871"
},
{
"title": "HENLEY <HENG> HAS SANTA FE SOUTHERN <SFX> STAKE",
"body": "Henley Group said in a 10-K filing\nwith the Securities and Exchange Commission that it has 7.9 mln\nshares or close to five pct of Santa Fe Southern Pacific Corp,\na spokesman said.\n In response to questions from Reuters, the Henley spokesman\nsaid the filing was as of December 31, 1986, but that the\ncompany still holds the shares.\n \"It's an investment and we're very happy with it. Beyond\nthat, I have no comment,\" the spokesman said.\n \n Reuter\n\u0003",
"date": "30-MAR-1987 11:49:24.08",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10872"
},
{
"title": "MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS",
"body": "The average price of mexico's crude\noil exports in first quarter 1987 will be 15.25 dlrs per\nbarrel, according to preliminary figures issued in a press\nrelease by the state oil company Petroleos Mexicanos (PEMEX).\n It gave no direct comparison with the year-ago figure but\nsaid crude and products sales were expected to rise to 1.99\nbillion dlrs this quarter, 420 mln dlrs higher than expected\nand 22 pct better than the year-ago quarter.\n Prospects for the second quarter were relatively favourable\nwith crude exports seen at 1.320 mln bpd after an expected\n1.324 mln this month, 1.323 in February and 1.395 mln in\nJanuary.\n REUTER\n\u0003",
"date": "30-MAR-1987 11:49:32.03",
"topics": [
"crude"
],
"places": [
"mexico"
],
"id": "10873"
},
{
"title": "COMBUSTION <CSP> COMPLETES ACCURAY <ACRA> BUY",
"body": "Combustion Engineering Inc said\nit has completed the previously-announced acquisition of\nAccuRay Corp in a merger trasaction that closed Friday at 45\ndlrs per share.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:50:56.16",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10874"
},
{
"title": "REYNOLDS AND REYNOLDS SUED FOR THEFT OF SECRETS",
"body": "<Advanced Voice Technologies Inc> said\nit has filed a suit against Reynolds and Reynolds Co <REYNA>,\ncharging the company with pirating a computer-based voice\nmessaging system for auto dealer service departments (CASI),\nusing confidential information it received while test marketing\nthe system for Advanced Voice.\n Advanced Voice said the suit also charges that Reynolds and\nReynolds advised present and potential customers of Advanced\nVoice not to use or buy its CASI system in an attempt to drive\nthe Nashville, Tenn.-based company out of interstate sales to\nauto dealerships.\n The lawsuit, filed in a Detroit U.S. District Court, seeks\npreliminary and permanent injunctions to stop Reynolds and\nReynolds from using or disclosing information it gained from\nAdvanced Voice, as well as punitive and compensatory damages,\nAdvnaced Voice said.\n The company also said in its suit it had signed a\nconfidentiality agreement with Reynolds and Reynolds before\ngiving it business and technical information about the CASI\nsystem. Afterwards, Reynolds and Reynolds told Advanced Voice\nit would not distribute the CASI system, but would develop its\nown instead, Advanced Voice said.\n \"We held virtually nothing back from Reynolds and Reynolds\nbecause of our confidential relationship and the reputation of\nthe company,\" Michael Frank, president of Advanced Voice, said.\n\"They went from no backround and experience in telecommuncation\nequipment utilizing voice messaging technology, to their own\nsystem a year later, just two months after severing ties with\nus.\"\n Reuter\n\u0003",
"date": "30-MAR-1987 11:51:37.08",
"places": [
"usa"
],
"id": "10875"
},
{
"title": "U.S. SEES NO NEW COFFEE AGREEMENT TALKS SOON",
"body": "The United States does not expect\nthe executive board meeting of the International Coffee\nOrganization, ICO, to call for a new round of negotiations on\nreinstating coffee quotas, a U.S. government official said.\n The official, a member of the U.S. delegation to ICO talks\nearlier this year, said no new coffee agreement talks are\nexpected because there is no indication the negotiating\npositions of major producers and consumers have changed.\n The U.S. still demands, as a condition of reimposition of\ncoffee quotas, that \"objective criteria\" be set for\nestablishing quotas, said the U.S. official, who asked not to\nbe identified. Brazil, the major producer, insists on quotas\nbased on a traditional formula.\n The U.S. remains open to a negotiating meeting but only if\nsome new flexibility is apparent from major countries, the\nofficial said.\n The ICO executive board meets tomorrow in London.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:54:10.76",
"topics": [
"coffee"
],
"organisations": [
"ico-coffee"
],
"places": [
"usa"
],
"id": "10876"
},
{
"title": "INTELLIGENT SYSTEMS <INP> SETS INITIAL PAYOUT",
"body": "Intelligent Systems Master\nLimited Partnership said its board declared an initial\nquarterly dividend of 25 cts per unit, payable April 10 to\nholders of record March 31.\n The partnership, formed at year-end by the conversion of\nIntelligent Systems Corp from corporate form, said its board\nhas approved in principle quarterly dividend of 15 to 25 cts\nper quarter for calendar 1987.\n It said as part of its restructuring it may sell some of\nits assets this year, with unitholders receiving either cash\nfrom the sale or stock in the acquiring company.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:54:48.08",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10877"
},
{
"title": "GREAT COUNTRY BANK <GCBK> EXECUTIVE RESIGNS",
"body": "Great Country Bank said william\nMcDougall has resigned as executive vice president and\nsecretary, and his reponsibilities have been assumed by other\nofficers.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:55:07.65",
"places": [
"usa"
],
"id": "10878"
},
{
"title": "QUEST MEDICAL INC <QMED> 4TH QTR LOSS",
"body": "Shr loss six cts vs profit two cts\n Net loss 463,473 vs profit 126,835\n Revs 3,506,066 vs 3,082,499\n Year\n Shr loss four cts vs profit three cts\n Net loss 323,214 vs profit 187,893\n Revs 13.8 mln vs 10.8 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 11:55:25.76",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10879"
},
{
"title": "CREDITANSTALT ARRANGES 100 MLN STG CD PROGRAM",
"body": "Creditanstalt-Bankverein <CABV.VI>, the\nlargest commercial bank in Austria, has arranged a 100 mln stg\ncertificate of deposit program, banking sources said.\n The dealers for the program will be S.G. Warburg and Co Ltd\nand County NatWest Capital Markets Ltd.\n REUTER\n\u0003",
"date": "30-MAR-1987 11:56:01.85",
"places": [
"uk",
"austria"
],
"id": "10880"
},
{
"title": "MOODY'S MAY DOWNGRADE GOTABANKEN AND UNIT, AFFECTS 2.2 BILLION CROWNS OF DEBT\n",
"date": "30-MAR-1987 11:56:09.61",
"id": "10881"
},
{
"title": "TRADE SEES U.S. CORN EXPORTS UP, WHEAT/BEANS OFF",
"body": "Grain traders and analysts expect lower\nwheat and soybean exports and higher corn exports than a year\nago in the USDA's export inspection report today.\n Corn export guesses ranged from 27.0 mln to 32.0 mln\nbushels, compared with the 27.6 mln inspected last week and\n20.5 mln a year ago.\n Soybean export guesses ranged from 14.0 mln to 16.0 mln, up\nfrom the 13.4 mln inspected last week but below the 25.5 mln\nreported a year ago.\n Wheat estimates ranged from 11.0 mln to 14.0 mln bushels,\ncompared with 12.0 mln reported last week and 18.3 mln a year\nago.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:56:34.65",
"topics": [
"grain",
"wheat",
"corn",
"oilseed",
"soybean"
],
"places": [
"usa"
],
"id": "10882"
},
{
"title": "OPPENHEIMER HAS SIX PCT OF CYCLOPS <CYL>",
"body": "Oppenheimer, the brokerage and\ninvestment subsidiary of Oppenheimer Group Inc, told the\nSecurities and Exchange Commission it has acquired 243,400\nshares of Cyclops Corp, or 6.0 pct of the total outstanding.\n Oppenheimer said it bought the stake in connection with\nrisk arbitrage and other investment activities in the ordinary\ncourse of its business. It said it has no plans to seek control\nof the company.\n As of Friday, <Dixons Group PLC> had acquired 2,455,000\nCyclops shares, giving it 83 pct of the total.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:57:24.95",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10883"
},
{
"title": "DUNE RESOURCES LTD <DNLAF> 4TH QTR NET",
"body": "Shr profit one ct vs loss two cts\n Net profit 27,000 vs loss 69,000\n Revs 295,000 vs 264,000\n Year\n Shr loss eight cts vs loss three cts\n Net loss 262,000 vs loss 88,000\n Revs 1,004,000 vs 1,248,000\n Reuter\n\u0003",
"date": "30-MAR-1987 11:58:39.14",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10884"
},
{
"title": "AW COMPUTER SYSTEMS INC <AWCSA> YEAR END DEC 31",
"body": "Shr 18 cts vs 17 cts\n Net 584,493 vs 540,977\n Revs 4,685,930 vs 4,524,315\n Reuter\n\u0003",
"date": "30-MAR-1987 11:58:50.24",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10885"
},
{
"title": "DOW<DOW> RAISES STYRENE-BUTADIENE LATEX PRICES",
"body": "Dow Chemical Co said it\nincreased prices by nine cts a pound (solids) for\nstyrene-butadiene latex and plastic pigments, effective May\nOne. Dow did not release the percentage increase.\n It said the increase will affect the floor covering\nmarkets, paper, paperboard and specialty markets.\n It said the increase is in addition to a previously\nannounced seven cts a pound (solids) increase, effective March\nOne.\n Reuter\n\u0003",
"date": "30-MAR-1987 11:59:27.79",
"topics": [
"rubber",
"pet-chem"
],
"places": [
"usa"
],
"id": "10886"
},
{
"title": "ALLEGHENY INTERNATIONAL <AG> SELLS WILKINSON",
"body": "Allegheny International Inc said it\nsold its Wilkinson Sword Consumer Group to the <Swedish Match\nCo> of Stockholm for for 230 mln dlrs.\n After settlement of intercompany transactions between the\nWilkinson Sword groups and Allegheny, the net payment by\nSwedish Match will amount to about 160 mln dlrs.\n The Wilkinson Sword Group was transferred to the Swedish\nMatch Co today except for companies in certain countries where\napproval from government authorities is required, the company\nsaid.\n Allegheny said it acquired a 44 pct interest in Wilkinson,\nthen known as Wilkinson Match Ltd, in 1978, and the remaining \nshare in 1980.\n This divestiture is part of Allegheny's overall\nrestructuring program and strategy to concentrate primarily on\nits North American consumer products business, the company\nsaid.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:00:41.16",
"topics": [
"acq"
],
"places": [
"usa",
"sweden"
],
"id": "10887"
},
{
"title": "EL-DE ELECTRO <ELOPF> OFFERING SELLS OUT",
"body": "El-De Electro-Optic Developments Ltd\nsaid all one mln common shares it offered in its initial public\noffering at three dlrs each have been sold.\n Underwriters was Brown, Knapp and Co Inc.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:01:25.97",
"places": [
"usa"
],
"id": "10888"
},
{
"title": "GOTABANKEN AND UNIT MAY BE DOWNGRADED BY MOODY'S",
"body": "Moody's Investors Service Inc said it\nmay downgrade 2.2 billion crowns of debt of <Gotabanken> and\nits unit, Gotabanken Inc.\n The rating agency cited concerns over the company's asset\nquality. Gotabanken was Sweden's fourth-largest commercial bank\nin 1985 based on consolidated assets of 45.4 billion crowns.\n Under review for possible downgrade are Gotabanken's\nPrime-1 short-term deposits and the unit's same-rated\ncommercial paper.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:01:41.45",
"places": [
"usa",
"sweden"
],
"id": "10889"
},
{
"title": "PUNTA GORDA ISLES <PGI> SELLS PREFERRED STOCK",
"body": "Punta Gorda Isles Inc PGA\nsaid it completed the sale of 1,875,000 shares of its Class A\ncumulative convertible preferred stock for 7,500,000 dlrs in\ncash at four dlrs per share.\n The sale was private to Love - PGI Partnerships, a\nsubsidiary of <The Love Companies> of St. Louis.\n In connection with the sale, Punta Gorda said it converted\n500,000 dlr of debt owed to a corporation controlled by Alfred\nJohns, PGI's chairman, into 125,000 shares of the preferred\nstock.\n The preferred stock is convertible into Punta Gorda's\ncommon stock at 2.41 dlrs per share, and holders are entitled\nto one vote per share and to vote as one class with holders of\nthe common stock.\n The company said Johns entered into voting trust agreements\ngiving an unnamed individual affilated with the Love Partners\ncontrol over the 125,000 shares of preferred stock, as well as\n280,600 shares of common stock owned by Johns.\n Punta Gorda also said it increased its board to seven\nmembers from three in connection with the private sale.\n Named to the board were Andrew Love, Laurence Schiffer,\nDavid Kirkland, and Daniel Baty, the company said.\n Also in connection with the private sale, Punta Gorda said\nits primary lender, Naples Federal Savings and Loan\nAssociation, granted an extension of the maturing date of its\nindebtedness to April 15, 1988, from April 10, 1987.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:05:01.28",
"places": [
"usa"
],
"id": "10890"
},
{
"title": "DATRON CORP <DATR> 4TH QTR NET",
"body": "Shr 19 cts vs 13 cts\n Net 166,000 vs 118,000\n Rev 3.2 mln vs 2.5 mln\n Year\n Shr 34 cts vs 30 cts\n Net 303,000 vs 269,000\n Rev 10.8 mln vs 10.2 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 12:06:18.44",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10891"
},
{
"title": "C.O.M.B. <CMCO> SELLS THREE RETAIL STORES",
"body": "C.O.M.B. Co said it sold three of\nits retail stores in Omaha to Bob Cummins Enterprises Inc, a\nretail closeout merchandiser.\n It said the sale is consistent with its previously\nannounced Retail Division restructuring plans.\n\n Reuter\n\u0003",
"date": "30-MAR-1987 12:06:34.07",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10892"
},
{
"title": "CENTRONICS <CEN> SETS PREFERRED PURCHASE RIGHTS",
"body": "Centronics Corp said its board\ndeclared a dividend distribution of one preferred share\npurchase right on each outstanding common share payable to\nholders of record April 9.\n The rights, which will expire 10 years later, will entitle\nshareholders to buy one-hundredth of a share of a new series of\npreferred at an exercise price of 20 dlrs.\n The rights will be exercisable only if some one acquires 30\npct or more of Centronic's common or announces an offer which\nwould result in ownership of 30 pct or more of the stock.\n Centronics said its board will be entitled to redeem the\nrights at two cts per right at any time before a 30 pct\nposition has been acquired.\n If the rights become exercisable, the company said, those\nheld by shareholders other than the owner of 30 pct or more of\nthe stock will entitle the holder to purchase a number of\ncommon shares having a market value twice the right's exercise\nprice.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:07:32.60",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10893"
},
{
"title": "MCCLAIN INDUSTRIES <MCCL> SETS STOCK SPLIT",
"body": "McClain Industries Inc\nsaid its board declared a four-for-three stock split, payable\n30, record April 15.\n The company also said it plans to open within the next 90\ndays a 114,000 square foot plant in Macon, Ga., that will allow\nit to expand production of transfer trailers and other\nproducts.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:17:48.80",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10894"
},
{
"title": "HERITAGE COMMUNICATIONS <HCI> IN SPECIAL MEETING",
"body": "Heritage Communications Inc\nsaid it expects to hold a special shareholder meeting in May to\nconsider its proposed acquisition by an investor group\nincluding members of senior management and Tele-communications\nInc <TELE>.\n The company said it is seeking to obtain all regulatory\napprovals needed to complete the transaction before or shortly\nafter the special meeting. Heritage said it has filed\npreliminary proxy materials with the Securities and Exchange\nCommission and has applied for a change of control of its\nbroadcast licenses with the Federal Communications Commission.\n Heritage it and Tele-Communications made required\nHart-Scott-Rodino filings with the Federal Trade Commission and\nJustice Department on March 11 and 12, respectively.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:21:33.07",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10895"
},
{
"title": "WESTAR <WSTR> IN NEGOTIATIONS WITH NORANDA",
"body": "Westar Corp said it is\nnegotiating with Noranda Exploration Inc, a unit of Noranda Inc\n<NOR>.\n Westar said Noranda is interested in earning a percentage\ninterest in approximately 800 acres of Westar's 10,000 acre\nLordsburg, N.M., prospect.\n Westar also said it is completing a gold and silver\nleaching facility at the Lordsburg mine. The company said it\nexpects the facility to be in production during April.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:21:50.15",
"places": [
"usa"
],
"id": "10896"
},
{
"title": "CHEROKEE GROUP INC <CHKE> 1ST QTR FEB 28 NET",
"body": "Shr 22 cts vs 16 cts\n Net 2,460,000 vs 1,730,000\n Sales 37.0 mln vs 27.3 mln\n NOTE: Share adjusted for two-for-one stock split in\nFebruary 1987.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:22:10.41",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10897"
},
{
"title": "VITRAMON <VITR> TO FILE FOR SHARE OFFERING",
"body": "Vitramon Inc said it intends to\nfile for an offering of 600,000 common shares, which would give\nit about 2,560,000 common shares outstanding.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:22:19.07",
"places": [
"usa"
],
"id": "10898"
},
{
"title": "LOUISIANA PACIFIC <LPX> TO BUY WALLBOARD PLANT",
"body": "Louisiana Pacific Corp said it\nreached a non-binding agreement in principle to buy a gypsum\nwallboard plant in Seattle from Norwest Gypsum.\n Purchase price and other details of the agreement were not\ndisclosed.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:22:37.15",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10899"
},
{
"title": "NYSE SAYS SANTA FE <SFX> NO RESPONSE YET ON STOCK",
"body": "The New York Stock Exchange said Santa\nFe Southern Pacific Corp has not yet responded to the\nExchange's inquiries about the unusual activity in the\ncompany's stock.\n The stock was trading at 38-1/2, up 2-3/8 on volume of\n848,200 shares.\n The Exchange said it contacted the company to request that\nit issue a public statement as to whether any corporate\ndevelopments could explain the activity in its stock.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:25:53.23",
"places": [
"usa"
],
"id": "10900"
},
{
"title": "NOBEL'S BOFORS TO SELL ITS SINGAPORE HOLDING",
"body": "Nobel Industries Sweden SA <NOBL.ST>\nsaid its arms subsidiary, <AB Bofors>, plans to sell its 40 pct\nstake in <Allied Ordnance Co of Singapore Ltd> because of its\npart in weapons exports which contravene Swedish law.\n \"The events we have uncovered are unacceptable and highly\nregrettable incidents in our company's history,\" Nobel chairman\nLars-Erik Thunholm told a news conference.\n Nobel managing director Anders Carlberg said an internal\ninquiry has revealed an extensive network of international arms\nsmuggling.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:27:11.43",
"topics": [
"acq"
],
"places": [
"sweden",
"singapore"
],
"id": "10901"
},
{
"title": "ICO BOARD SEEN UNLIKELY TO SET NEW COFFEE TALKS",
"body": "Chances that the International Coffee\nOrganization, ICO, executive board meeting this week will agree\nto resume negotiations on export quotas soon look remote, ICO\ndelegates and trade sources said.\n ICO observers doubted Brazil or key consuming countries are\nready to give sufficient ground to convince the other side that\nreopening negotiations again would be worthwhile, they said.\n ICO talks on quotas last month broke down after eight days\nwhen producers and consumers failed to reach agreement.\n \"Since we have not seen signs of change in other positions,\nit's difficult to see a positive outcome at this stage,\"\nBrazilian delegate Lindenberg Sette said. But quotas must be\nnegotiated sometime, he said.\n The U.S. has indicated it is open to dialogue on quotas\nbut that Brazil must be flexible, rather than refuse to lower\nits export share as it did in the last negotiations, delegates\nsaid.\n At this week's March 31-April 2 meeting, the 16-member ICO\nboard is scheduled to discuss the current market situation, the\nreintroduction of quotas, verification of stocks and some\nadministrative matters, according to a draft agenda.\n The fact that Brazilian Coffee Institute president Jorio\nDauster, Assistant U.S. Trade Representative Jon Rosenbaum and\nchief Colombian delegate Jorge Cardenas are not attending the\nmeeting has signalled to most market watchers that it will be a\nnon-event as far as negotiating quotas is concerned.\n \"I would imagine there will be a lot of politicking among\nproducers behind closed doors to work up some kind of proposal\nby September (the next scheduled council meeting),\" Bronwyn\nCurtis of Landell Mills Commodities Studies said.\n Traders and delegates said they have seen no sign that a\ndate will be set for an earlier council meeting.\n If the stalemate continues much longer, analysts expect the\ncoffee agreement will end up operating without quotas for the\nremainder of its life, to September 30, 1989.\n When talks broke down, the U.S. and Brazil, the largest\ncoffee consumer and producer respectively, blamed one another\nfor sabotaging negotiations by refusing to compromise.\n Brazil wanted to maintain the previous export quota shares,\nunder which it was allocated 30 pct of world coffee exports,\nbut consumers and a small group of producers pressed for shares\nto be redistributed using \"objective criteria,\" which would have\nthreatened Brazil's share.\n At a recent meeting in Managua of Latin American producers,\nCosta Rica and Honduras said they were willing to put their\nobjections as members of the group of eight ICO \"dissident\"\nproducers aside, in order to stem the damaging decline in\nprices, Nicaraguan External Trade Minister Alejandro Martinez\nCuenca told reporters Saturday. He was in London to brief\nproducers on the Managua meeting.\n However, other producers said they were not aware of this\nmove toward producer solidarity.\n London coffee prices closed at 1,276 stg a tonne today,\ndown from around 1,550 at the beginning of March.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:28:41.16",
"topics": [
"coffee"
],
"organisations": [
"ico-coffee"
],
"places": [
"uk",
"usa",
"brazil"
],
"id": "10902"
},
{
"title": "MINISTER SEES ENOUGH EC STATES AGAINST OILS TAX",
"body": "Enough European Community (EC) states\nappear to be opposed to the proposals by the EC Commission for\na 330 European currency unit (Ecu) a tonne tax on vegetable\noils, fats and marine oils to block adoption by EC ministers,\nBritish Farm Minister Michael Jopling said.\n He told a news conference held during a meeting here of EC\nagriculture ministers that Britain, West Germany, the\nNetherlands, Denmark, and Portugal were all against the tax.\n Between them, these five countries had more than enough\nvotes in the weighted voting system used in EC ministers'\nmeetings to block a decision, Jopling said.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:29:03.65",
"topics": [
"veg-oil"
],
"organisations": [
"ec"
],
"id": "10903"
},
{
"title": "DRAVO <DRV> TO HAVE FIRST QUARTER LOSS",
"body": "Dravo Corp said it expects a first\nquarter loss of about 30 cts per share, compared with a\nyear-earlier profit of one ct, and said operating earnings for\nall of 1987 may not match 1986's earnings of 61 cts per share\nfrom continuing operations.\n Dravo saidperformance so far this year in its engineering\nand construction segment has not met earlier expectations.\n It said the first quarter will be impacted by writedowns\nresulting fromn revised estimates of costs required to complete\nprojects and by delays in starting work on jobs originally\nforecasted to contribute to first quarter earnings.\n Dravo further said it has given the investor group buying\nDravo's river transportation, stevedoring and pipe frabrication\nbusinesses additional time to structure the necessary\npermanenty financing, and closing is now expected in the third\nquarter.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:29:34.02",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10904"
},
{
"title": "ECONOMIC SPOTLIGHT - U.S. CONGRESS RAPS JAPAN",
"body": "The U.S. Congress is making Japan,\nwith its enormous worldwide trade surplus, the symbol of the\nU.S. trade crisis and the focus of its efforts to turn around\nAmerica's record trade deficit.\n \"Japan has come to symbolize what we fear most in trade: the\nchallenge to our high technology industries, the threat of\ngovernment nutured competition, and the multitude of barriers\nto our exports,\" Senate Democratic Leader Robert Byrd said.\n \"If we can find a way to come to terms with Japan over trade\nproblems, we can manage our difficulties with other countries,\"\nthe West Virginia Democrat said at a Senate Finance Committee\nhearing on the trade bill.\n Byrd and House Speaker Jim Wright, a Texas Democrat, have\nmade trade legislation a priority this year and a wide-ranging\nbill is being readied for probable House approval next month.\n Japan's bilateral trade surplus jumped from 12 billion dlrs\nin 1980 to 62 billion dlrs last year. Its surplus rose to 8.14\nbillion dlrs in February from 5.7 billion dlrs in January.\n Congress points to the record 169 billion dlrs U.S. trade\ndeficit in 1986 and the slow response in the trade imbalance to\nthe dollar's decline in world currency markets as a reason to\npress Japan to buy more U.S. goods.\n They are particularly dismayed by the rapid deterioration\nin U.S. exports of sophisticated computer technology.\n In response to the growing anger and pressure by the U.S.\nsemiconductor industry, President Reagan Friday announced he\nintended to raise tariffs as much as 300 mln dlrs on Japanese\nelectronic goods in retaliation for Japan's failure to abide by\na 1986 U.S.-Japanese semiconductor agreement.\n Congress also has been been angered by the administration's\nlack of success with Japan on a host of other trade issues\nincluding beef, citrus, automobile parts, telecommunications\ngoods, and financial services.\n The bulk of the House trade bill was written last week in\nfour committees. It is a package of trade sanctions and\nmeasures to force the administration take tough action against\nforeign trade barriers and unfair competition.\n Although most provisions do not single out Japan, in many\ncases their impact would be to restrict imports of Japanese\nproducts or make them more expensive with higher duties.\n The cornerstone of the trade legislation passed the House\nWays and Means Committee by a vote of 34 to 2. Its focus is to\nforce President Reagan to retaliate against unfair foreign\ncompetition and to make it easier for U.S. industries to win\ntemporary relief from surges in imports.\n The most controversial issue, an amendment to restrict\nimports if countries such as Japan with large surpluses do not\nbuy more U.S. goods was left for an April vote by the House.\n Rep. Richard Gephardt, a Democratic presidential aspirant\nfrom Missouri, has the support of Wright and other key\nDemocrats to press for passage of the amendment.\n The measure would have the most impact on Japan, West\nGermany, Taiwan and South Korea. If Japan, for example, does\nnot reduce its barriers by mid-1988, the United States would\nset import quotas or tariffs to cut Japanese surplus by ten per\ncent a year for three years.\n \"I'm tired of going into companies and having managers say\nto me, 'We're not over competing in Japan because we can't\ncompete in the marketplace.' That argument needs to be taken\naway from American business,\" Gephardt said.\n The administration has said it could not support a trade\nbill containing such a provision.\n \n\u0003",
"date": "30-MAR-1987 12:34:59.72",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "10905"
},
{
"title": "MIDLAND SETS UP SUBSIDIARY IN FINLAND",
"body": "Midland Bank Plc <MDBL.L> said its\n<Midland Montagu> investment banking arm has set up a\nsubsidiary in Finland, <Midland Montagu Osakepankki>.\n It said in a statement the new unit, the first Finnish\nsubsidiary of a U.K. Bank, is a member of the Helsinki Stock\nExchange. As such, it will be active in equity trading and will\nadvise on new issues, listings, mergers and acquisitions.\n It will also help raising equity and debt capital and\nprovide a full range of foreign exchange and treasury products.\nIn the domestic money market, it will manage commercial paper\nissues and will trade in CD's and Treasury Bills.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:35:36.73",
"places": [
"uk",
"finland"
],
"id": "10906"
},
{
"title": "GENERAL PUBLIC UTILITIES CORP <GPU> TWO MTHS NET",
"body": "Shr 97 cts vs 81 cts\n Net 60.8 mln vs 51.1 mln\n Revs 487.4 mln vs 529.7 mln\n 12 mths\n Shr 3.42 dlrs vs 2.18 dlrs\n Net 215.0 mln vs 137.2 mln\n Revs 2.74 billion vs 2.88 billion\n NOTE: 1986 results restated for change in accounting.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:36:10.69",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10907"
},
{
"title": "KAUFMAN, BOARD <KB> UNITS CUT QUAKER <KSF> STAKE",
"body": "Kaufman and Board Inc and its\ninsurance subsidiaries said they lowered their stake in Quaker\nState Oil Refining Corp to 1,795,908 shares, or 6.9 pct of the\ntotal outstanding, from 2,120,908 shares, or 8.1 pct.\n In a filing with the Securities and Exchange Commission,\nthe Kaufman and Board group, which includes Sun Life Group,\nsaid it sold 325,000 Quaker State common shares between Feb 27\nand March 23 at prices ranging from 28.00 to 31.00 dlrs each.\n\n Reuter\n\u0003",
"date": "30-MAR-1987 12:36:49.84",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10908"
},
{
"title": "BUSINESSMAN HAS 5.7 PCT OF ARDEN GROUP <ARDNA>",
"body": "Saul Brandman, a California business\nexecutive, told the Securities and Exchange Commission he has\nacquired 118,714 shares of Arden Group Inc, or 5.7 pct of the\ntotal outstanding common stock.\n Brandman, chairman of Domino of California Inc, a Los\nAngeles garment maker, said he bought the stake for 3.1 mln\ndlrs for investment purposes.\n He said he may buy more Arden Group shares, or he may sell\nsome or all of his current stake. He also said he has no plans\nto seek control of the company.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:37:22.09",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10909"
},
{
"title": "TURKEY, GREECE MOVING TOWARDS AEGEAN TALKS - OZAL",
"body": "Turkish Prime Minister Turgut Ozal said\nTurkey and Greece were moving towards talks in their row over\noil rights in the Aegean Sea.\n He was speaking to reporters after talks with Turkish\nAmbassador to Athens Nazmi Akiman, who arrived last night from\na meeting with Greek Premier Andreas Papandreou.\n \"Both sides are now moving towards starting discussions. In\norder not to jeopardise these, it would be improper to give\ndetails,\" he said.\n Ozal told reporters Akiman came to Turkey to brief the\ngovernment \"on efforts aimed at starting discussions between\nTurkey and Greece\" and a reply would be made to Athens soon.\n He did not say whether he was taking up Papandreou's\nrenewed offer today that the two countries meet to discuss how\nto refer the issue to the International Court of Justice at The\nHague, but said the court was not the only way to a solution.\n Turkey has in the past rejected the basis for Greece's\nproposal to go to the court, a 1956 Geneva Convention and the\nLaw of the Sea, which it says support Athens' arguments.\n REUTER\n\u0003",
"date": "30-MAR-1987 12:40:39.49",
"places": [
"turkey",
"greece"
],
"id": "10910"
},
{
"title": "SENATE BILL WOULD ALLOW FARM LOAN WRITE-DOWNS",
"body": "The U.S. Senate has approved a\nmeasure that would allow an estimated 4,200 agricultural banks\nto write off loan losses over 10 years.\n The measure, offered by Sen. Alan Dixon (D-Ill.), was\nattached to a bill to recapitalize the Federal Savings and Loan\nInsurance Corp that the Senate approved March 27.\n Dixon's amendment would permit agricultural banks -- banks\nwith assets of 100 mln dlrs or less and at least 25 pct of\ntotal loans in farm loans -- to write down over 10 years\nagricultural loan losses incurred between 1984 and 1992.\n Dixon said current law, which requires losses to be\ndeducted immediately from bank capital, \"forces banks to try not\nto acknowledge the extent of their problems.\"\n Sen. Nancy Kassebaum (R-Kan.) said farm banks have been\nconcerned that write-downs might reduce their capitalization\nbelow the six pct regulatory requirement.\n Last year Congress urged federal regulators to use\nforbearance in the assessment of agricultural loans. However,\nKassebaum said \"only a miniscule number of banks\" have qualified\nfor the capital forbearance provisions.\n Dixon's measure also would allow agricultural banks to\namortize losses on the reduced value of farmland acquired in\nthe handling of agricultural loans.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:41:05.09",
"places": [
"usa"
],
"id": "10911"
},
{
"title": "ITALY'S CIR PLANS CONVERTIBLE BOND ISSUES",
"body": "CIR (Comagnie Riunite Industriali SpA)\n<IRRI.MI> said it will ask shareholders to approve two\nfive-year bond issues carrying warrants convertible into shares\nof its subsidiaries <Buitoni SpA> and <Sasib SpA>.\n Neither the value nor the terms of the planned issues was\nreleased.\n Shareholders are scheduled to vote on the bond issues at an\nextraordinary meeting called for April 27.\n REUTER\n\u0003",
"date": "30-MAR-1987 12:44:41.97",
"places": [
"italy"
],
"id": "10912"
},
{
"title": "FED WILL BUY BILLS FOR CUSTOMER AFTER AUCTION",
"body": "The Federal Reserve said it will enter\nthe U.S. Government securities market after the 1300 EST weekly\nbill auction to purchase around 900 mln dlrs of Treasury bills\nfor customers, a spokesman said.\n He said the Fed will purchase bills with maturities from\nMay through September 10.\n Dealers said Federal funds were trading at 6-3/8 pct when\nthe Fed announced the operation.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:48:26.54",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "10913"
},
{
"title": "CHIRAC SAYS 1988 BUDGET DEFICIT WILL BE LOWER",
"body": "Prime Minister Jacques Chirac said the\nbudget deficit next year will be reduced by about 15 billion\nfrancs, and the government's planned programme of 50 billion\nfrancs' tax cuts for 1987/88 will be implemented, a statement\nfrom the Prime Minister's office said.\n The forecasts were contained in a letter of guidance to\nministries to prepare for the 1988 budget to be voted by\nParliament in autumn.\n Finance Minister Edouard Balladur plans to cut the 1988\nbudget deficit to around 115 billion francs from the forecast\n1987 deficit of 129 billion, and to 100 billion francs in 1989.\n Chirac's statement said that to achieve the twin aims of\nreducing the deficit and granting tax relief \"a vigourous effort\nto contain spending will have to be made.\"\n As in his letter to ministries last year, Chirac repeated\nthe aim to reduce by 1.5 pct the number of civil servants\nexcept those in teaching or the security services.\n Budgetary adjustments made by the various government\nministries will collated by Balladur in mid-July, who will then\npresent them to the Prime Minister.\n REUTER\n\u0003",
"date": "30-MAR-1987 12:51:28.28",
"places": [
"france"
],
"id": "10914"
},
{
"title": "NYSE SAYS SANTA FE <SFX> DECLINES COMMENT",
"body": "The New York Stock Exchange said Santa\nFe Southern Pacific Corp declined to comment on inquiries\nregarding the unusual activity in its stock.\n Earlier, analysts and traders said the stock rose sharply\nafter Henley Group <HENG> disclosed in a securities and\nExchange Commission filing that it holds almost eight mln\nshares in the railroad and real estate conglomerate.\n The stock was trading at 38-3/4, up 2-5/8 on early\nafternoon turnover of over one million shares.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:51:43.04",
"places": [
"usa"
],
"id": "10915"
},
{
"title": "GM <GM> SAID TO CUT 2ND QTR OUTPUT SCHEDULES",
"body": "General Motors Corp has cut 100,000\ncars from its second quarter production schedule, according to\nAutomotive News.\n The trade paper, citing \"sources both within GM and on the\noutside,\" said GM plans to build 1,042,708 cars in the quarter,\na nine pct reduction from its earlier estimate. The cut could\nlead to further layoffs at GM, it said.\n A GM spokesman said the company does not disclose future \nproduction schedules.\n Auto analysts said the cut would make sense for GM, which\nhas high car inventories.\n A 100,000-car reduction in output would only take GM part\nof the way toward reducing high inventories, said Ron Glantz,\nanalyst with Montgomery Securities.\n \"They should be cutting a lot more than they are,\" Shearson\nLehman analyst Michael Lucky said. He estimated that, even if\nGM cut an additional 100,000 cars from its second quarter\nproduction, it would still have a 75-day supply of cars.\n Normal inventory level is 50 to 65 days supply. At the end\nof March, the automaker had 95 days supply, Lucky said.\n Glantz said that at the end of February GM had 361,000\nexcess vehicles, including both cars and trucks.\n The production cuts could lead to increased layoffs,\nalthough those would likely be temporary rather than indefinite\nlayoffs, said Lucky.\n He said the automaker might also use this as an opportunity\nto close some plants. Lucky estimates that GM needs to shut two\nor three more assembly plants to bring its capacity more in\nline with demand.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:52:14.01",
"places": [
"usa"
],
"id": "10916"
},
{
"title": "METROMAIL CORP <MTML> 3RD QTR MARCH 1 NET",
"body": "Shr 25 cts vs 32 cts\n Net 2,414,500 vs 3,027,500\n Rev 26.2 mln vs 23.5 mln\n Nine months\n Shr 76 cts vs 82 cts\n Net 7,214,900 vs 7,752,800\n Rev 69.2 mln vs 64.9 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 12:53:26.34",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10917"
},
{
"title": "ORANGE <OJAY> IN DEFINITIVE PACT TO SELL UNITS",
"body": "Orange Julius International Inc said\nit entered into a definitive agreement to sell Orange Julius of\nAmerica and Orange Julius Canada Limited to H.C. Holdings Inc,\nowned by Branford Castle Inc, a merchant banker, members of its\nmanagement and certain of its shareholders.\n Orange said the purchase price will consist of 19 mln dlrs\nin cash and 10 pct redeemable preferred, 10 pct of HC's common\nequity, and the right for it to prospectively receive 20 pct of\ncertain royalties under a proposed licensing program.\n It said HC also agreed to lend up to 600,000 dlrs to it in\nadvance of closing and it had already received 300,000 dlrs.\n Orange Julius announced the proposed sale of the units when\na letter of intent was signed February 17.\n The company said it is reviewing other offers to buy the\nunits and if it decides to accept another offer it will pay HC\nan agreed upon amount and reimburse HC for its expenses.\n Reuter\n\u0003",
"date": "30-MAR-1987 12:55:55.41",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10918"
},
{
"title": "SIERRACIN CORP <SER> 4TH QTR NET",
"body": "Oper shr profit nine cts vs loss 26 cts\n Oper net profit 313,000 vs loss 860,000\n Revs 18.8 mln vs 16.4 mln\n Year\n Oper shr profit 45 cts vs loss 47 cts\n Oper net profit 1,543,000 vs loss 1,582,000\n Revs 72.7 mln vs 61.4 mln\n Note: Current qtr and year figures exclude losses from\ndiscontinued operations of 179,000 dlrs, or five cts per share\nand 901,000 dlrs, or 27 cts per share, respectively.\n Prior qtr and year figures exclude losses from discontinued\noperations of 600,000 dlrs, or 17 cts per share and 1.1 mln\ndlrs, or 33 cts per share, respectively.\n\n Reuter\n\u0003",
"date": "30-MAR-1987 12:58:28.49",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10919"
},
{
"title": "NIGERIA TO ISSUE 1.5 BILLION DLRS IN PROMISSORY NOTES APRIL 7 FOR UNINSURED TRADE DEBT - TRUSTEE\n",
"date": "30-MAR-1987 12:59:11.11",
"places": [
"nigeria"
],
"id": "10920"
},
{
"title": "COMPUTER MICROFILM CORP <COMI> YEAR NET",
"body": "Shr 23 cts vs 14 cts\n Net 439,100 vs 259,948\n Revs 9,918,413 vs 9,683,392\n NOTE: Share adjusted for five pct stock dividend.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:00:37.80",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10921"
},
{
"title": "COMPUTER MICROFILM <COMI> SEES HIGHER 1987 NET",
"body": "Computer Microfilm corp said it expects\nrevenues of over 12.5 mln dlrs and higher earnings in 1987.\n The company today reported 1986 earnings of 439,100 dlrs on\nrevenues of 9,918,413 dlrs, up from earnings of 259,948 dlrs\nand revenues of 9,683,392 dlrs a year before.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:01:16.28",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10922"
},
{
"title": "KEVLIN MICROWAVE CORP <KVLM> 3RD QTR FEB 28 NET",
"body": "Shr profit nil vs profit five cts\n Net profit 9,879 vs profit 118,852\n Revs 1,581,894 vs 1,878,052\n Avg shrs 2,627,952 vs 2,617,090\n Nine mths\n Shr loss two cts vs profit 24 cts\n Net loss 51,001 vs profit 619,860\n Revs 4,006,024 vs 6,646,587\n Avg shrs 2,532,959 vs 2,621,397\n NOTE: Nine mth orders 4,601,463 dlrs, up 39 pct, and\nbacklog at end of period 4,906,670 dlrs, up 83 pct from a year\nbefore.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:01:22.88",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10923"
},
{
"title": "UNIFAST INDUSTRIES INC <UFST> YEAR NET",
"body": "Shr 62 cts vs 19 cts\n Net 961,826 vs 226,429\n Sales 22.8 mln vs 16.1 mln\n Avg shrs 1,543,230 vs 1,172,039\n Reuter\n\u0003",
"date": "30-MAR-1987 13:01:41.62",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10924"
},
{
"title": "AZTEC MANUFACTURING CO <AZTC> 4TH QTR LOSS",
"body": "Shr loss 77 cts vs loss 1.49 dlrs\n Qtly div two cts vs two cts prior\n Net loss 3,860,000 vs loss 7,541,000\n Sales 2,538,000 vs 3,648,000\n Year\n Shr loss 78 cts vs loss 1.58 dlrs\n Net loss 3,935,000 vs loss 7,999,000\n Sales 10.5 mln vs 16.3 mln\n NOTE: Dividend pay April 24, record April 10.\n 1986 net both periods includes pretax charge 2,944,000 dlrs\nfrom writedown of assets and provision 726,000 dlrs for\nobsolete and nonproductive inventory and other items.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:01:49.44",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10925"
},
{
"title": "GAC LIQUIDATING TRUST <GACTZ> YEAR NET",
"body": "Shr 1.05 dlrs vs 27 cts\n Net 4,193,000 vs 1,070,000\n Revs 9,377,000 vs 9,444,000\n NOTE: 1986 net includes gain two mln dlrs from reduction of\nloss allowance on undeveloped land.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:01:56.61",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10926"
},
{
"title": "NIGERIA TO ISSUE 1.5 BILLION DLRS OF NOTES",
"body": "Nigeria plans to issue on April 7 a\nfurther 1.5 billion dlrs in short-term promissory notes to its\nuninsured trade creditors in connection with existing arrears\non those debts, Law Debenture Trust Corp Plc said as trustee\nfor the notes.\n It said Nigeria also plans to hold talks with a newly\nappointed representative for those creditors fairly soon, and\nthat Nigeria also will call \"at an early date\" an extraordinary\nmeeting of noteholders, including holders of the new notes. The\npurpose of that meeting will be to consider a resolution to the\narrears on the trade debt and the promissory notes.\n Nigeria missed the first principal payment due on the notes\nlast autumn and another payment of about 30 mln dlrs that was\ndue in early January because of a cash shortage, which stemmed\npartly from the drop in oil prices last year.\n An official of the Law Debenture Trust said he did not know\nwhen the new representative for the noteholders, David Murison,\nwould meet the Nigerians. He noted the Nigerians currently are\nattempting to negotiate bilateral agreements with members of\nthe Paris Club of western creditor governments under a\nmultilateral pact on these debts reached in December. So far,\nbilateral accords have been reached with the U.K. And France.\n Law Debenture Trust, as trustee for the notes, has been\nattempting to organise a meeting between the note holders and\nNigeria for the last coupole of months. The appointment of\nMurison, chairman of Westpac Banking Corp's Mase Westpac Ltd\nunit in London, was made in an effort to better coordinate\nthese efforts.\n The Law Debenture official said Murison will begin talks\nwith Nigeria as soon as they return to London. And although it\nis hoped that a meeting of all note holders could be held by\nend-May, he said this may not be possible since four weeks\nnotice of the meeting is required by law.\n The discussions with the note holders are being held in\nconjunction with proposals to rescheduling Nigeria's debt to\ncommercial banks and official credit agencies.\n When talks began last April on rescheduling part of the\ncountry's approximate 19 billion dlrs of foreign debt, the\ncommercial banks insisted that it be contingent on Nigeria\nobtaining a rescheduling of its official debts as well. The\nNigerians then extended this to include all uninsured trade\ndebt.\n The commercial bank package has yet to be signed due in\npart to the reluctance of Japanese banks, which have a\nrelatively small exposure, to participate.\n REUTER\n\u0003",
"date": "30-MAR-1987 13:02:05.05",
"places": [
"uk",
"nigeria"
],
"id": "10927"
},
{
"title": "INVESTOR HAS 8.0 PCT OF ALLEGHENY INT'L <AG>",
"body": "A group of firms and funds\ncontrolled by New York investor Mario Gabelli said it has\nacquired the equivalent of 882,507 shares of Allegheny\nInternational, or 8.0 pct of the total outstanding.\n In a filing with the Securities and Exchange Commission,\nthe Gabelli group said it bought the stake as part of its \nbusiness and not in an effort to seek control of the company.\n It said it may by more shares or sell some or all of its\ncurrent stake. The stake includes 782,000 common shares and\ncumulative convertible preferred stock which could be converted\ninto 100,507 common shares.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:03:16.11",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10928"
},
{
"title": "MCDONALD'S <MCD> TO BUY 10-7/8 PCT DEBENTURES",
"body": "McDonald's Corp said it is\noffering to buy the 25 mln dlrs in its outstanding 10-7/8 pct\ndebentures due July 15, 2015.\n It said debentures will be purchased at 1,118.30 dlrs per\n1,000 dlrs principal amount, plus accrued interest. The\noriginal debenture issue was for 100 mln dlrs.\n It said the buyback offer expires April Eight, unless\nextended.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:06:20.80",
"places": [
"usa"
],
"id": "10929"
},
{
"title": "SIERRACIN <SER> PAYS DEBT, GETS NEW LOAN PACT",
"body": "Sierracin Corp said it completed\nthe repayment of its entire 14 mln dlr bank debt and entered a\nnew, unsecured revolving credit term loan agreement.\n The new arrangement provides for borrowings of up to 10 mln\ndlrs at the bank's prime rate and replaces a secured credit\nline which expired in February, Sierracin also said.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:06:56.10",
"places": [
"usa"
],
"id": "10930"
},
{
"title": "U.S. CORPORATE FINANCE - NEW ZEALAND DLR FRNS",
"body": "Floating-rate notes denominated in a\nforeign currency, a relatively new wrinkle on Wall Street, will\nprobably be issued infrequently because the so-called \"window\nof opportunity\" opens and closes quickly, traders say.\n \"In just two days we had as many issues. As a result, the\nmarket became glutted,\" said one trader.\n He said the window depends more on supply than on foreign\nexchange or interest rate risk, at least for the moment.\n\"Obviously, currency risk is important. But there is a limited\nnumber of investors right now for the paper,\" he said.\n On Thursday, Bear, Stearns and Co sole-managed a 100 mln\nNew Zealand dlr offering of three-year floating-rate notes\nissued by Ford Motor Credit Co, a unit of Ford Motor Co <F>.\n The initial rate for the notes will be set on April 15, and\nquarterly after that, at 200 basis points below the 90-day New\nZealand bank bill rate. They are non-callable for life.\n This followed by a week another Bear Stearns-led offering\nof the same amount of New Zealand dollar notes for Dow Chemical\nCo <DOW>. The initial rate was also to be initially set on\nApril 15, and quarterly after that, at 340 basis points below\nthe same 90-day New Zealand rate.\n Because the Dow Chemical notes carried an interest rate\nfloor of 17 pct, the issue saw strong investor demand,\nunderwriters said.\n But the Ford Credit notes and Friday's offering of 130 mln\nNew Zealand dlrs of floating-rate notes due 1990 issued by\nGeneral Electric Co's <GE> General Electric Credit Corp via\nPrudential-Bache Securities Inc, did not have such a floor.\n \"Obviously, the two firms did not want to issue floaters\nand face the risk of New Zealand rates falling sharply,\" an\nunderwriter away from the syndicates said. He and others noted\nthat the New Zealand 90-day rate was 27 pct late last week.\n An underwriter familiar with the Dow Chemical deal pointed\nout that because of the interest rate and currency swaps Dow\ndid, the issuer felt comfortable setting a rate floor.\n Domestic offerings of foreign currency denominated date\nfirst surfaced in Fall 1985. By using currency and rate swaps,\ncompanies can sell debt that pays a high interest rate in a\nforeign currency like Australian or New Zealand dollars. But\nthe issuers actually realize savings on borrowing costs.\n \"I would say that every company which issued foreign\ncurrency debt saved some basis points when compared to\nsame-maturity plain vanilla U.S. issues,\" an analyst said.\n Investors, mainly institutions, were attracted to the early\nissues because of the high interest rates. They were willing to\nabsorb foreign currency risk until mid-1986, when sharp slides\nposted by the Australian and New Zealand dollars brought such\nissuance to a quick halt.\n It was not until late last year, after the currencies\nstabilized, that companies again started issuing debt\ndenominated in Australian and New Zealand dollars.\n But many investors have still shied away from the debt,\nremembering the mid-1986 downturn of the Australian and New\nZealand dollars, analysts noted.\n To attract some of those investors back to the fold,\nunderwriters like Bear Stearns decided to structure the foreign\ncurrency issues as floating rate debt, sources said.\n This occurred against a backdrop of uncertainty over the\ncourse of U.S. interest rates for the intermediate term, and\npredictions by a number of economists that Treasury yields\nwould rise in the second half of the year, the sources noted.\n A Bear Stearns officer said more than half of the Ford\nCredit notes were sold by late Friday afternoon, the second day\nof offering. \"That is quicker than some recent fixed-rate New\nZealand dollar note issues,\" he said.\n However, underwriters away from the Bear Stearns syndicate\nsaid the issue may have sold even faster if Prudential-Bache\ndid not offer the General Electric Credit notes on Friday.\n They pointed out that the Ford notes were rated A-1 by\nMoody's Investors and AA-minus by Standard and Poor's, while\nthe General Electric notes, which had the same interest rate\nterms and were also non-callable to maturity, carried\ntop-flight AAA ratings by both agencies.\n \"We have sold 20 to 25 pct of the GE notes. For first-day\nsales on a Friday afternoon, I'm happy with the results,\" an\nofficer on Prudential-Bache's syndicate desk said.\n Investors pay the U.S. dollar equivalent of the foreign\ncurrency-denominated notes, underwriters said.\n Investment bankers said the next floating-rate issue of New\nZealand or Australian dollar-denominated debt is probably a few\nweeks away.\n \"I would like to underwrite a deal a day. But with the Dow,\nFord and GE offerings, the marketplace has had enough for the\ntime being,\" the Prudential-Bache officer admitted.\n Meanwhile, IDD Information Services said the 30-day\ncorporate visible supply fell to 3.29 billion dlrs last week\nfrom 3.98 billion dlrs in the previous week.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:07:07.95",
"topics": [
"nzdlr",
"austdlr"
],
"places": [
"usa"
],
"id": "10931"
},
{
"title": "U.S. BILL SALES SEEN AT 5.74/72, 5.82/81 PCT",
"body": "The U.S. Treasury's regular weekly\nbill auction is expected to produce an average yield of about\n5.74/72 pct for the three-month maturities and 5.82/81 pct for\nthe six-month, dealers said.\n The current issues were yielding 5.71/70 and 5.76/75 pct\nrespectively in early afternoon trading.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:07:39.17",
"places": [
"usa"
],
"id": "10932"
},
{
"title": "FRENCH TREASURY DETAILS PLANNED TAP ISSUE",
"body": "The French Treasury will issue between\neight and 12 billion francs worth of tap stock depending on\nmarket conditions at its next monthly tender on Thursday,\nbanking sources said.\n The planned issue will be of two fixed rate tranches, of\nthe 8.50 pct 1997 and the 8.50 pct 2002 stock, and one tranche\nof the 1999 variable-rate stock. The minimum amount of each\ntranche to be sold will be one billion francs.\n At its last tender on March 4, the Bank of France sold\n11.05 billion francs of tap stock.\n REUTER\n\u0003",
"date": "30-MAR-1987 13:09:24.01",
"places": [
"france"
],
"id": "10933"
},
{
"title": "BANKS FILE SUIT AGAINST SAUDI COMPANY",
"body": "Four international banks have filed\nclaims for 131.2 mln riyals against the owners of Saudi\nconstruction and trading group Abdulla Fouad and Sons Co,\nbankers and lawyers in the Kingdom said.\n Bankers said the suit may prove to be a test case for banks\nwhich have so far been largely frustrated in their attempts to\nreclaim loans through the Saudi Arabian legal system.\n Citibank N.A., Bank of America NT and SA, Arab Banking Corp\n(ABC) and the Bank of Bahrain and Kuwait (BBK) filed claims\nwith a special Saudi court under the jurisdiction of the\nMinistry of Commerce on March 7.\n A hearing at the Dammam court, the Negotiable Instruments\nCommittee, has been set for April 19.\n A company spokesman declined comment.\n The company was hit by the decline in Saudi Arabia's\neconomy but chairman Abdulla Fouad arranged to settle debts\nwith Saudi bank creditors by ceding them a hospital, shares and\nan office building, bankers said.\n The four non-Saudi banks, however, decided to press their\nclaims in the court.\n The bankers and lawyers said claims are based on promissory\nnotes signed by the limited liability company and backed by\npersonal guarantees signed by Abdulla Fouad, his two wives and\nhis sons and daughters.\n The claims are for a 34.2 mln riyal loan from ABC, a 42 mln\nriyal syndicated loan led by Bank of America and including BBK\nand two loans of 15 mln riyals and 40 mln signed from Citibank.\n The loans were signed between july 1984 and january 1985.\n REUTER\n\u0003",
"date": "30-MAR-1987 13:10:22.79",
"places": [
"saudi-arabia"
],
"id": "10934"
},
{
"title": "USLICO <USC> STARTS TRADING ON NYSE",
"body": "USLICO Corp said its common\nstock has started trading on the New York Stock Exchange.\n The stock was formerly traded on the NASDAQ system.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:10:36.88",
"places": [
"usa"
],
"id": "10935"
},
{
"title": "W. AFRICA CENTRAL BANK WANTS IMF PARTICIPATION",
"body": "The Governor of the Central Bank of\nWest African CFA franc zone countries (UMOA) today urged that\nthe bank should be involved in all negotiations with the\nInternational Monetary Fund but said the zone's seven member\ncountries were not thinking of ditching the fund.\n Abdoulaye Fadiga told reporters after a regular one-day\nmeeting of UMOA finance ministers here that the bank's\nparticipation in future credit talks with the IMF would promote\na greater coherence in Fund aid granted to the region.\n But he stresed that UMOA, which last month called for a new\nrelationship with the IMF, was not contemplating a break with\nthe fund.\n \"Member states (of UMOA) never envisaged breaking with the\nFund,\" he said.\n Fadiga said an extraordinary UMOA meeting held in Ivory\nCoast's inland capital, Yamoussoukro, last month, stresssed the\nneed for growth-oriented IMF adjustment policies.\n \"Borrowing to pay off debts cannot be a solution,\" he added.\n UMOA members are Benin, Burkina Faso, Ivory Coast, Mali,\nNiger, Senegal and Togo. The zone's common-curreny, the CFA\nfranc, is pegged to the French franc at the rate of 50 CFA\nfrancs to one French franc.\n Fadiga said many of the region's problems stem from low\ncommodity prices and a weak dollar.\n He applauded last week's agreement between producers and\nconsumers on the functioning of a new international cocoa pact,\nsaying negotiation of other commodity accords would benefit\nUMOA countries.\n He also urged action to persuade West Africans to transfer\nmore money through the regular banking system rather than using\nnon-official channels.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:11:21.03",
"organisations": [
"imf"
],
"places": [
"ivory-coast"
],
"id": "10936"
},
{
"title": "GAC LIQUIDATING TRUST <GACTZ> SELLS LAND",
"body": "GAC Liquidating Trust said\nit has completed the sale of its Rio Rico 16,653 acre\nundeveloped land tract in Nogales, Ariz., for about 4,725,000\ndlrs.\n It said it received about one mln dlrs in cash at closing,\nless costs and expenses, and a 3,725,000 dlr promissory note\nsecured by irrevocable bank letters of credit and a first deed\nof trust on substantially all the property sold. The\npromissory note is payable in cash without interest one year\nafter closing.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:11:56.00",
"places": [
"usa"
],
"id": "10937"
},
{
"title": "MCDONNELL <MD> UNIT SIGNS PACT WITH MARTIN <ML>",
"body": "Martin Marietta Corp said it\nsigned an exclusive agreement with McDonnell Douglas Corp's\nTymnet Co for Tymnet to provide data communications services as\na member of its team bidding on the federal government's FTS\n2000 telecommunications system.\n Tymnet is a unit of McDonnell's Information Systems Group.\n The government's FTS 2000 system will replace the current\none operated for federal agencies by the General Services\nAdministration. The GSA issued a request for proposals in\nJanuary, with responses due in June and selection of a\ncontractor scheduled by year end.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:17:12.11",
"places": [
"usa"
],
"id": "10938"
},
{
"title": "EXECUTIVE TELECOM <XTEL> EXTENDS WARRANTS",
"body": "Executive Telecommunications Inc said its\nboard has extended the exercise date of its warrants to\nDecember 31 from March 31.\n Each allows the purchase of one common share at 1.50 dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:17:36.62",
"places": [
"usa"
],
"id": "10939"
},
{
"title": "CENTRONICS <CEN> NAMES SALOMON <SB> AS ADVISOR",
"body": "Centronics Corp said it has named\nSalomon Inc financial advisor to help it identify acquisition\ncandidates.\n Centronics sold its computer business in February and\nsubstantially all of its assets now consist of cash. It said\nit intends to acquire at least one business.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:17:55.83",
"places": [
"usa"
],
"id": "10940"
},
{
"title": "<CLAYTON AND DUBILIER INC> SELLS BURPEE",
"body": "Privately-held Clayton and Dubilier\nInc said it has sold W. Atlee Burpee Co to a new company formed\nby Wicks Capital Corp, Bankers Trust New York Corp <BT> aND\nBurpee management for undisclosed terms.\n The garden supply company was acquired from ITT Corp <ITT>\nin December along with O.M. Scott and Sons Co.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:18:02.34",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10941"
},
{
"title": "U.S. REGULATORS TO CONSIDER CBT EVENING SESSION",
"body": "The Commodity Futures Trading\nCommission, CFTC, said that on April 15 it will consider the\nChicago Board of Trade's proposal to establish night trading.\n The Chicago exchange hopes to begin night trading at the\nend of the month. The proposed trading session -- which would\nbe the first in the United States -- would extend from 1700 to\n2100 local time (2300 to 0300 GMT).\n CFTC also said that on April 22 it will consider the\nPhiladelphia Board of Trade's application to trade futures on\nthe Australian dollar and the New York Cotton Exchange's\napplication to trade the five-year U.S. Treasury Index.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:20:43.75",
"places": [
"usa"
],
"id": "10942"
},
{
"title": "GCA CORP <GCA> YEAR",
"body": "Shr loss 1.77 dlrs vs loss 10.47 dlrs\n Net loss 24.9 mln vs loss 123.1 mln\n Revs 123.1 mln vs 156.5 mln\n NOTE:1985 loss includes loss of 51.2 mln dlrs from\ndiscontinued operations. 1986 loss includes gain of 6.8 mln\ndlrs from discontinued operations.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:21:04.12",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10943"
},
{
"title": "DOW <DOW> SEES RECORD ANNUAL PROFITS IN 1987",
"body": "Dow Chemical Co believes strong margins\nfor chemical products could result in record earnings this\nyear, Chairman Paul Oreffice said.\n \"I'm hoping we will have the best year in our history\nprofit-wise,\" he told reporters following a speech at The\nAmerican Institute of Chemical Engineers meeting.\n \"I believe the entire chemical industry is headed for a\nrecord year, or close to it,\" Oreffice said.\n In 1986, Dow earned 741 mln dlrs an increase from 1985's 58\nmln dlrs brought about by falling oil prices and resulting\ncheaper feedstock costs.\n Oreffice also said Dow's profit margins on chemical\nproducts would improve this year over last year.\n He said reduced capacity in the chemical industry and the\nweakened U.S. dollar would also contribute to the company's\nimproved performance.\n Dow will spending about 650 mln dlrs on research and\ndevelopment in 1987 with an emphasis on new specialty\nchemicals, Oreffice said.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:23:35.29",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10944"
},
{
"title": "GANNETT'S <GCI> USA TODAY'S ADVERTISING RISES",
"body": "Gannett Co's USA Today said it\ncarried a total of 957 paid advertising pages through the end\nof its first quarter, compared to 769 paid pages a year ago.\n USA Today said it has averaged just under 15 advertising\npages per day in 1987, up from 12 per day in the first quarter\nof 1986.\n Gannett also said that effective March 30, USA Today will\nhave a new circulation rate base of 1.50 mln up from its\nprevious base of 1.45 mln.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:24:56.34",
"places": [
"usa"
],
"id": "10945"
},
{
"title": "CHEROKEE GROUP <CHKE> 1ST QTR FEB 28 NET",
"body": "Shr 22 cts vs 16 cts\n Net 2,460,000 vs 1,730,000\n Sales 37.0 mln vs 27.3 mln\n Per share figures adjusted for two-for-one stock split of\nFebruary 1987.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:29:00.98",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10946"
},
{
"title": "CRUDE OIL NETBACKS UP IN U.S., MEDITERRANEAN",
"body": "Crude oil netback values in complex\nrefineries rose slightly in the U.S. and the Mediterranean \nlast Friday from the previous week but were lower elsewhere,\naccording to calculations by Reuters Pipeline.\n The soft tone to refining margins reflects large worldwide\nstocks of petroleum products and thin trading activity, traders\nsaid.\n In the U.S. Gulf, sweet crudes rose in value by as much as\n26 cts a barrel for West Texas Intermediate, an increase of 1.4\npct from the previous Friday, while sour crudes, such as\nAlaska North Slope, were up one pct.\n In the Mediterranean, netback values were up 17 cts to 22\ncts a barrel, with Arab Light up 17 cts a barrel to 18.62 dlrs,\na 0.9 pct increase from the previous Friday and Urals were up\n22 cts a barrel to 19.16 dlrs, a 1.2 pct increase.\n But netbacks for crude oil refined in Northern Europe was\ngenerally lower with Brent valued at 18.89 dlrs, off 30 cts\nfrom the previous friday, and Bonny Light was off 17 cts to\n19.58 dlrs a barrel.\n Refinery netbacks in Singapore were also lower, with\nheavier and sour crudes weakest. Arab Heavy dropped 10 cts to\n16.63 dlrs a barrel and Dubai was off 12 cts to 18.09 dlrs.\n On the U.S. West Coast, however, netback values for ANS CIF\nL.A. were weaker with weak gasoline prices sending the yield at\ncracking plants down 68 cts to 18.42 dlrs from the previous\nFriday, as shown below in dlrs a barrel.\nTOPPING.........15.63......16.10......14.30\nCRACKING........18.42......19.10......16.86\n The Mediterranean region also showed netback values rising\nlast Friday over the previous week with the largest gains shown\nby Es Sider and the heavier Urals crude oil, which were each up\n22 cts a barrel last Friday to 19.40 dlrs and 19.16 dlrs a\nbarrel, respectively.\n Netback values for the mediterranean region are shown below\nin dlrs a barrel.\nGRADE...........MAR 27.....MAR 20.....FEB 27\nES SIDER........19.40......19.18......16.44\nARAB LIGHT......18.61......18.44......15.52\nIRAN LT.........19.25......19.08......16.16\nKUWAIT..........18.51......18.33......15.42\nURALS cif.......19.16......18.94......16.07\n Netbacks in Northern Europe's refinery region were lower\nlast friday from the previous week with Brent falling 1.6 pct\nto 18.89 dlrs a barrel.\n Netbacks for other grades of oil refined in Northern\nEurope are shown below in dlrs a barrel.\n................MAR 27.....MAR 20.....FEB 27\nBRENT...........18.89......19.19......16.77\nBONNY LIGHT.....19.58......19.75......17.15\nARAB LIGHT......18.49......18.52......16.07\nURALS CIF.......19.02......18.98......16.54\n Refinery netbacks in Singapore were also lower with heavier\nand sour crudes weakest.\n Arab Heavy dropped 10 cts to 16.63 dlrs a barrel and Dubai\nwas off 12 cts to 18.09 dlrs.\n Netbacks for other grades of oil refined in Singapore are\nshown below in dlrs a barrel.\nGRADE...........MAR 27.....MAR 20.....FEB 27\nATTAKA..........19.23......19.24......16.72\nARAB LIGHT......18.00......18.10......15.55\nOMAN............18.21......18.25......16.31\nDUBAI...........18.09......18.21......15.86\nARAB HEAVY......16.63......16.73......14.24\n Reuter\n\u0003",
"date": "30-MAR-1987 13:29:38.37",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "10947"
},
{
"title": "BANKS FILE SUIT AGAINST SAUDI COMPANY",
"body": "Four international banks have filed\nclaims for 131.2 mln riyals against the owners of Saudi\nconstruction and trading group Abdulla Fouad and Sons Co,\nbankers and lawyers in the Kingdom said.\n Bankers said the suit may prove to be a test case for banks\nwhich have so far been largely frustrated in their attempts to\nreclaim loans through the Saudi Arabian legal system.\n Citibank N.A., Bank of America NT and SA, Arab Banking Corp\n(ABC) and the Bank of Bahrain and Kuwait (BBK) filed claims\nwith a special Saudi court under the jurisdiction of the\nMinistry of Commerce on March 7.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:29:47.37",
"places": [
"saudi-arabia"
],
"id": "10948"
},
{
"title": "ARIZONA NUCLEAR PLANT BEGINS FUEL LOADING",
"body": "Fuel loading of the Palo\nVerde Unit 3 nuclear power plant began Saturday, the Arizona\nNuclear Power Project said.\n The plant, rated at 1,270 megawatts, is expected to enter\ncommercial service by the end of this year, the company said.\nPalo Verde Units 1 and 2 are already in commercial operation\nand also are rated at 1,270 MW each, the company said.\n The Arizona Nuclear Power Project is a consortium of\nsouthwest U.S. utilities including AZP Group's <AZP> Arizona\nPublic Service Co, Southern California Edison <SCE>, El Paso\nElectric Co <ELPA>, and Public Service Co of New Mexico <PNM>.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:30:27.76",
"places": [
"usa"
],
"id": "10949"
},
{
"title": "INVESTOR GROUP HAS CIRCLE EXPRESS <CEXX> STAKE",
"body": "An investor group controlled by New\nYork Investor David Rocker told the Securities and Exchange\nCommission it has acquired 291,400 shares of Circle Express\nInc, or 6.1 pct of the total outstanding common stock.\n The group, Rocker Partners Ltd and Compass Investments Ltd,\nsaid it bought the stake for investment purposes and not as\npart of an effort to seek control of the company.\n\n Reuter\n\u0003",
"date": "30-MAR-1987 13:30:55.32",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10950"
},
{
"title": "PARADYNE <PDN> LAUNCHES MODEMS, NETWORK SYSTEM",
"body": "Paradyne Corp said it introduced a\nnew 3400 series of high-speed network diagnostic modems that\nprovide an open-ended, modular approach to telecommunications\nrequirements.\n It said one modem, the 3450, costs 8,900 dlrs and the\nother, the 3470, costs 11,500 dlrs.\n It also said it introduced the ANALYSIS 6510, a new\ngeneration of advanced and automated network management and\ncontrol systems. It said the price of an entry level\nconfiguration is 21,250 dls.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:31:52.88",
"places": [
"usa"
],
"id": "10951"
},
{
"title": "NIGERIA TO ISSUE 1.5 BILLION DLRS OF NOTES",
"body": "Nigeria will issue April 7 1.5 billion\ndlrs in short-term promissory notes to its uninsured trade\ncreditors in connection with existing arrears on those debts,\nLaw Debenture Trust Corp Plc said as trustee for the notes.\n It said Nigeria also plans to hold talks with a newly\nappointed representative for those creditors fairly soon, and\nthat Nigeria will call \"at an early date\" an extraordinary\nmeeting of noteholders, including holders of the new notes. The\npurpose of that meeting will be to consider a resolution to the\narrears on the trade debt and the promissory notes.\n Nigeria missed the first principal payment due on the notes\nlast autumn and another payment of about 30 mln dlrs that was\ndue in early January because of a cash shortage, which stemmed\npartly from the drop in oil prices last year.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:33:17.30",
"places": [
"nigeria",
"uk"
],
"id": "10952"
},
{
"title": "FEDERAL BANK BOARD CLOSES CALIFORINIA THRIFT",
"body": "The Federal Home Loan Bank Board\nsaid it had closed Equitable Savings and Loan Association of \nFountain Valley, Calif., and transferred its insured deposits\nto Empire of America-California, FSB, a federal savings bank in\nWoodland Hills, Calif.\n Equitable had assets of 59.12 mln dlrs. Empire is a\nsubsidiary of Empire of America, FSB, Buffalo, N.Y., which has\n9.1 billion dlrs in assets and 143 offices in five states.\n The former offices of Equitable will open as branches of\nEmpire and Equitable's depositors will have immediate access to\ntheir insured funds.\n Equitable was insolvent and had substantially dissipated\nassets and earnings, resulting in an unsafe and unsound\ncondition to transact business, the bank board said.\n It was the seventh closing of a thrift in the nation this\nyear and the first liquidation in California.\n The FHLBB said Equitable had deposits of 79.2 mln dlrs, all\nof which was insured except for about 300,000 dlrs.\n A spokeswoman for the board said information on the cost of\nthe transfer to the Federal Savings and Loan Insurance Corp.\nwas unavailable.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:34:37.40",
"places": [
"usa"
],
"id": "10953"
},
{
"title": "CENTRAL/SOUTH WEST <CSR> UNIT OFFERS PREFERRED",
"body": "Central and South West Corp said its\nSouthwestern Electric Power Co subsidiary has sold at\ncompetitive bidding to underwriters 40 mln dlrs of 6.95 pct\nsinking fund preferred stock.\n It said winning underwriter Shearson Lehman Brothers Inc,\nan American Express Co <AXP> subsidiary, is offering the shares\nto the public at a price of 100 dlrs per share to yield 6.95\npct. It said net proceeds to Central and South West were 99.25\ndlrs for each of the 400,000 shares. The issue is\nnonrefundable for five years and a sinking fund starting in\n1992 will retire three pct of the issue a year.\n The company has the option to repurchase another three pct\nannually.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:34:49.64",
"places": [
"usa"
],
"id": "10954"
},
{
"title": "VESTRON <VV> IN SUIT OVER VIDEOCASSETTE RIGHTS",
"body": "Vestron Inc said it is seeking\nan order in California Superior court for Los Angeles County to\nrestrain Hemdale Film Corp and its Hemdale Video corp affiliate\nfrom distributing or relasing the films \"Platoon\" and\n\"Hoosiers\" in all ancillary markets.\n The company said its suit seeks to order Hemdale to live up\nto commitments under its exclusive home video distributrion\nagreements with Vestron for the films and seeks damages for\nlost profits as well.\n Vestron said the suit alleges that Hemdale was to deliver\neach film to Vestron within 30 days after theatrical release.\n The company alleged Hemdale has refused to deliver the\nfilms in an attempt to renegotiate the agreements with Vestron.\n It said the dispute appears to make a significant delay of\nthe videocassette release of Platoon inevitable.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:35:11.09",
"places": [
"usa"
],
"id": "10955"
},
{
"title": "FRENCH 1986/87 SOFT WHEAT EXPORTS FALL",
"body": "Exports of French soft wheat for the\nperiod July 1, 1986, to March 1, 1987, fell 27.6 pct to 8.21\nmln tonnes from 11.34 mln tonnes in the same 1985/86 period,\nthe national cereals office ONIC said quoting customs figures.\n Of this total, exports to non-EC countries totalled 3.76\nmln tonnes, 34 pct down on 5.70 mln, and exports to EC nations\n4.45 mln tonnes, 21.1 pct down on a previous 5.64 mln.\n Main EC destinations were Italy with two mln tonnes versus\n1.9 mln, Belgium 500,000 tonnes (one mln), Netherlands 500,000\n(600,000), West Germany 500,000 (800,000), Spain 300,000\n(zero), Britain 300,000 (700,000), Greece 200,000 (300,000),\nand Ireland 100,000 (200,000).\n In flour, exports totalled 980,000 tonnes, up 6.5 pct on a\nprevious 920,000 tonnes.\n Exports of maize totalled 4.11 mln tonnes, 37.4 pct up on a\nprevious 2.99 mln. Exports to non-EC countries were 190,000\ntonnes against 140,000 and to EC countries 3.92 mln tonnes\nagainst 2.84 mln.\n Main EC desinations were Netherlands 900,000 (600,000),\nBelgium 800,000 (one mln), Britain 700,000 (500,000), West\nGermany 400,000 (same), Italy 300,000 (200,000) and Greece\n300,000 (zero).\n Reuter\n\u0003",
"date": "30-MAR-1987 13:37:29.83",
"topics": [
"grain",
"wheat",
"corn"
],
"places": [
"france"
],
"id": "10956"
},
{
"title": "TEXACO SAYS IT FILED FOR REHEARING BY TEXAS APPEALS COURT OF PENNZOIL CASE\n",
"date": "30-MAR-1987 13:39:35.33",
"id": "10957"
},
{
"title": "STAN WEST <SWMC> MAKES PRIVATE PLACEMENT",
"body": "Stan West Mining Corp said it\ncompleted a private placement of three mln units, consisting of\nthree mln common shares and warrants to purchase another 1.5\nmln shares.\n The units were placed among institutional investors outside\nthe United States and Canada through lead agent Shearson Lehman\nBrothers International Inc, Stan West said.\n It said the transaction will raise over 13 mln dlrs before\nfees and expenses.\n Trading in Stan West was halted earlier, news pending. It\nlast traded at 4-11/16.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:40:08.32",
"places": [
"usa"
],
"id": "10958"
},
{
"title": "IBC EXPECTED TO MAINTAIN COFFEE EXPORT FORMULA",
"body": "The Brazilian Coffee Institute,\nIBC, is expected to maintain its previous pricing system when\nit reopens export registrations, probably later this week,\nexporters said.\n They said IBC President Jorio Dauster is likely to leave\nthe basic formula for the minimum registration price unchanged\nbut raise the contribution quota to partially offset the\neffects of cruzado devaluation since April registrations were\nclosed in mid-February.\n To fully compensate for devaluation the quota would have to\nbe around 28 dlrs per bag against 7.0 when registrations closed.\n However, even a 21 dlr per bag rise in the contribution\nquota would make Brazil coffees uncompetitive on world markets,\nand an increase to around 15 dlrs a bag is more likely, the\nexporters said.\n They added that Dauster is keen to raise the contribution\nquota as the Institute needs money to repay Central Governmnet\nfunds released to finance IBC purchases at the guaranteed\nproducer price.\n Although a vote in the Monetary Council to provide more\nfunds for such purchases was deferred on technical grounds last\nweek, funds are still being released for subsequent approval.\n The sources said it is still unclear when registrations\nwill be reopened, although most expect it to be by the end of\nthis week.\n \"Brazil owes it to its customers to make its intentions\nknow. A country like Brazil cannot afford to be permanently\nclosed down,\" one exporter said.\n However, before announcing its export policy the IBC is\nlikely to wait to see if tomorrow's meeting of the\nInternational Coffee Organisation, ICO, executive board in\nLondon decides to call a full council meeting to discuss\nreintroduction of export quotas, sources said.\n There is also talk of the announcement this week of new\nmeasures to adjust the Brazilian economy, and the IBC could be\nawaiting clarification before making any move, the exporters\nsaid.\n Another factor which could be delaying the opening of\nregistrations is the current strike by bank workers which,\nwhile not affecting current shipments, could affect\ndocumentation and currency operations for new sales.\n This would certainly be the case if the IBC was considering\nobliging exporters to pay the contribution quota within two or\nthree days of registering a sale.\n\u0003",
"date": "30-MAR-1987 13:42:14.60",
"topics": [
"coffee"
],
"places": [
"brazil"
],
"id": "10959"
},
{
"title": "<VISTA MANAGEMENT INC> TO MAKE ACQUISITION",
"body": "Vista Management Inc said it has\nagreed to acquire General Energy Development Inc for over\n2,200,000 dlrs in cash, with financing to come from mortgage\nloans on the National Auto Service Centers General Energy\noperates.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:42:52.70",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10960"
},
{
"title": "GOLDEN POULTRY <CHIK> TO MAKE ACQUISITION",
"body": "golden Poultry Co Inc said it has\nsigned a letter of intent to purchase privately-held food\ndistributor Don Lowe Foods Inc of Pompano Beach, Fla., for\nundisclosed terms, subject to approval by both boards.\n It said Tampa operations of Lowe are not involved in the\nsale.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:42:58.34",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10961"
},
{
"title": "WILLCOX AND GIBBS <WG> TO MAKE ACQUISITION",
"body": "Willcox and Gibbs Inc said it has\nagreed to acquire Atlantia electric parts distributor B and W\nElectric Supply Co for an undisclosed amount of cash.\n B and W had sales of about eight mln dlrs in its most\nrecent year.\n Willcox said it plans further expansion in the Atlanta area.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:43:03.27",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10962"
},
{
"title": "MISCHER CORP <MSHR> 4TH QTR LOSS",
"body": "Shr loss 67 cts vs profit 60 cts\n Net loss 1,398,000 vs profit 1,250,000\n Revs 8,834,000 vs 20.9 mln\n Year\n Shr loss 2.81 dlrs vs loss 15 cts\n Net loss 5,864,000 vs loss 310,000\n Revs 52.1 mln vs 82.7 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 13:43:07.51",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10963"
},
{
"title": "WICHITA INDUSTRIES INC <WRO> 4TH QTR NET",
"body": "Shr profit 32 cts vs profit eight cts\n Net profit 936,000 vs profit 249,000\n Revs 348,000 vs 1,150,000\n Year\n Shr loss 2.15 dlrs vs loss 19 cts\n Net loss 6,095,000 vs loss 469,000\n Revs 1,554,000 vs 4,254,000\n NOTE: Results include credits of 556,000 and 1,141,000 for\nthe latest qtr and yr vs 112,000 and 656,000 for prior periods\nfrom tax loss carryforwards.\n Results include after-tax gains of 567,000 for both 1986\nperiods vs loss of 45,000 for prior periods on disposal of\ndiscontinued operations.\n Prior periods restated to reflect sale of discontinued\noperations.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:43:12.52",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10964"
},
{
"title": "YELLOW FREIGHT <YELL> FILES FOR RATE INCREASE",
"body": "Yellow Freight System Inc\nsaid it filed with the Interstate Commerce Commission a rate\nincrease of 2.9 pct in Rocky Mountain territory,\n It said the increase would offset labor and other cost\nincreases and not make a contribution to operating margins.\n The company said it took the independent action of filing\nfor the rate increase following suspension by the commission of\na general rate increase published by the Rocky Mountain Motor\nTariff Bureau. It noted that at the same time the commission\nallowed similar increases published by the other regional rate\nbureaus.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:43:26.90",
"places": [
"usa"
],
"id": "10965"
},
{
"title": "INFODATA SYSTEMS INC <INFD> 4TH QTR NET",
"body": "Shr profit 20 cts vs loss 33 cts\n Net profit 376,470 vs loss 1,555,469\n Revs 3,615,550 vs 2,896,000\n Year\n Shr profit 14 cts vs loss 66 cts\n Net profit 382,014 vs loss 1,128,160\n Revs 11.2 mln vs 11.0 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 13:43:38.81",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10966"
},
{
"title": "U.S. REPLACING ALL MARINE SECURITY GUARDS IN MOSCOW",
"body": "The United States said it was\nreplacing all 28 Marine security guards at its embassy in\nMoscow after two who were stationed there were arrested on\nspying charges.\n Deputy State Department spokeswoman Phyllis Oakley said the\nMarines would be rotated back to the United States by the end\nof April to facilitate a three-pronged government investigation\nnow underway.\n She told reporters the move -- replacing an entire marine\nsecurity guard contingent -- was unprecedented.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:43:50.78",
"places": [
"usa",
"ussr"
],
"id": "10967"
},
{
"title": "SPORTS NEWS, CYBERNETIC IN DEAL",
"body": "Sports News Network\nInternational Inc said it signed an exclusive agreement to\ndistribute its electronic news service, Sportswatch, through\nCybernetic Data Products.\n The agreement calls for Sports News Network to provide its\nsports news service to more than 1,300 existing electronic\nboard owned by Cybernetic Data Products and operated under the\nname, SilentRadio.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:44:09.44",
"places": [
"usa"
],
"id": "10968"
},
{
"title": "CITY RESOURCES <CCIMF> TO SELL PROPERTY STAKE",
"body": "City Resources Ltd said it has agreed\nin principle to sell a 50 pct interest in a group of mineral\nproperties in the southwest Pacific to a buyer it did not name\nfor 30 mln Canadian dlrs.\n The company said a preliminary estimate of the geological\nresources of one of the properties to a depth of 200 meters\nindicates a potential of 1.2 mln ounces of gold, and by the\nmiddle of 1987 it expects to establish proven ore reserves\ncontaining at least 500,000 ounces of gold. It said mining\ncould start in 1988, subject to a satisfactory prefeasibility\nstudy.\n The company said completion of the transaction is subject\nto regulatory and shareholder approvals.\n City Resources is controlled by City Resources Ltd of\nAustralia.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:44:59.93",
"topics": [
"acq",
"gold"
],
"places": [
"canada"
],
"id": "10969"
},
{
"title": "GENRAD <GEN> OFFERS SOFTWARE FOR TESTING",
"body": "GenRad Inc said it introduced a\nsoftware product that allows for development of test programs\nfor its 227X line of in-circuit/functional test systems on\nDigital Equipment Corp's <DEC> VAX-based computers.\n GenRad said the product, named ATG-32, provides for\noff-line development of test systems at four- to eight-times\nthe speed of its current 227X test program.\n It said ATG-32 is priced at 30,000 dlrs and is available\nimmediately.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:47:00.03",
"places": [
"usa"
],
"id": "10970"
},
{
"title": "HUGHES SUPPLY <HUG> TO MAKE ACQUISITION",
"body": "Hughes Supply Inc said it has\nsigned a letter of intent to acquire most of the assets of Tri\nState Supply Inc, a wholesale distributor of electrinical\nfixtures and supplies with sales for the year ending tomorrow\nof about 13 mln dlrs.\n Terms were not disclosed.\n It said clopsing is expected around April 30, subject to\napproval by Tri State's board and shareholders.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:47:58.80",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10971"
},
{
"title": "JMB REALTY TRUST <JMBRS> 2ND QTR FEB 28 NET",
"body": "Shr 31 cts vs 41 cts\n Net 436,981 vs 583,715\n Six months\n Shr 63 cts vs 82 cts\n Net 901,648 vs 1,160,178\n Reuter\n\u0003",
"date": "30-MAR-1987 13:48:02.22",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10972"
},
{
"title": "REPUBLIC PICTURES CORP <RPICA> 4TH QTR LOSS",
"body": "Oper shr loss two cts vs profit eight cts\n Oper net loss 77,000 vs profit 285,000\n Revs 3,781,000 vs 4,721,000\n Year\n Oper shr profit 23 cts vs profit 26 cts\n Oper net profit 904,00 vs profit 952,000\n Revs 19.0 mln vs 15.1 mln\n Note: Current qtr and year figures exclude losses from\ndiscontinued operations of 303,000 dlrs, or seven cts per share\nand 354,000 dlrs, or nine cts per share, respectively.\n Net earnings for first three months of 1986 restated to\nreflect reduction of 148,000 dlrs resulting from increase in\neffvective income tax rate.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:48:24.90",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10973"
},
{
"title": "EQUIPMENT CO OF AMERICA <ECOA> 4TH QTR NET",
"body": "Oper shr seven cts vs four cts\n Oper net 159,000 vs 94,000\n Sales 4,528,000 vs 3,683,000\n Avg shrs 2,376,000 vs 2,189,000\n Year\n Oper shr 19 cts vs 15 cts\n Oper net 435,000 vs 339,000\n Sales 15.7 mln vs 14.4 mln\n NOTE: Net excludes tax credits of 17,000 dlrs vs 39,000\ndlrs in quarter and 268,000 dlrs vs 294,000 dlrs in year.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:48:55.30",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10974"
},
{
"title": "ASHLAND OIL <ASH> SEEKS CHEMICAL ACQUISITIONS",
"body": "Ashland Oil Inc is actively seeking a\nchemical acquisition and is willing to spend between 100 to 200\nmln dlrs, Chairman John Hall said.\n \"We're looking for privately held companies or units of\nother companies. We think it's too dificult to go (shopping) on\nthe stock market where premiums are so high,\" Hall told\nReuters. He was in Houston to address the annual meeting of the\nAmerican Institute of Chemical Engineers.\n \"We're trying to grow in that area to cushion the oil price\nvolatility,\" Hall said.\n Hall said Ashland is seeking a chemical company acquisition\nwhich would complement its existing chemical businesses which\nmanufacture adhesives, polyester resins and other products.\n When asked if Ashland is considering divesting its\nmoney-losing oil exploration and production unit, he said \"we\ndo not have any spin-offs planned at this time.\"\n Hall said the Ashland, Ky., based oil company would have\nstrong margins on its chemical products throughout 1987, adding\n\"right now we're struggling a bid\" with the company's refining\nand marketing margins.\n The Ashland chairman also said he hoped the U.S. government\nwould consider some form of tax incentive to help develop\ncostly synthetic fuels such as oil shales and coal\nliquification. \"The lead time on that (kind of project) is so\nlong, it's difficult for a private company or a company with\nshareholders to pay for reseach,\" he explained.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:51:54.87",
"places": [
"usa"
],
"id": "10975"
},
{
"title": "CHIRAC URGES EXCHANGE RATE STABILITY PLAN",
"body": "French Prime Minister Jacques Chirac\ncalled on leading Western nations to set up a mechanism which\nwould put a stop to volatile foreign exchange rates.\n In a speech prepared for delivery to businessmen and\nbankers in New York, Chirac said said monetary stablility was a\nkey element in bringing the world financial system back to\nhealth.\n \"The industrialized states should agree to set up a monetary\nframework which would provide the necessary stability as well\nas sufficient flexibility to allow ajustments when needed,\"\nChirac said.\n \"This requires a monitoring and alert mechanism which would\npermit a timely and concerted reaction,\" he said.\n The prime minister, on the first day of a three-day visit\nto the United States, said the February 22 Paris accords agreed\nby the \"Group of Five\" industrial nations should serve as a basis\nfor the new mechanism.\n Under the Paris accords, the United States, Britain,\nFrance, West Germany, and Japan agreed to stabilize exchange\nrates around existing parities. But, only five weeks after they\nwere signed, they have failed to stop the dollar tumbling to\nrecord lows against the yen.\n Chirac said the means to monitor exchange rate movements\nwere readily available. \"What is needed is the political will to\nuse these more completely, in the spirit of the Paris\naccords... \"\n In other points of his speech, Chirac called on countries\nwith high trade surpluses -- an apparent reference to Japan --\nto open up their markets and stimulate demand.\n He warned the United States that protectionist measures as\ndebated in the U.S. Congress would bring a tough response from\nthe 12-nation European Community.\n \"Europe is very sensitive to every rumour of protectionism.\nIt will react with energy and solidarity because it does not\nwant to ruin its chances of recovery.\"\n The Reagan administration is seeking to tone down a tough\ntrade bill which if passed would require the president to\nretaliate against countries deemed to discriminate against U.S.\nGoods.\n Chirac also appealed for an effort from developed countries\nto help the Third World by reducing interest rates and\nstimulating commodity prices.\n \"No stock-pile mechanism can run counter to the underlying\ntrend of the market. These agreements must be complemented by\nfinancial aid to the developing countries hardest hit by the\ndecline.\"\n Chirac said he hoped concrete steps could be reached on\nthese issues at forthcoming international meetings -- the\nInternational Monetary Fund/World Bank session in Washington\nand the June summit of seven leading western nations in Venice.\n Reuter\n\u0003",
"date": "30-MAR-1987 13:56:26.19",
"places": [
"france",
"usa"
],
"id": "10976"
},
{
"title": "CERMETEK <CRMK> INCREASES WORK WEEK",
"body": "Cermetek Microelectronics Inc\nsaid it will return to a full 40 hour work week, efective at\nthe end of this month, as a result of increased business.\n Last October Cermetek, a maker of modems, data base access\nand communications terminals, reduced its work week to 36 hours\nto reduce costs.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:00:55.28",
"places": [
"usa"
],
"id": "10977"
},
{
"title": "OHIO MATTRESS <OMT> IN ACQUISITION, SETTLEMENT",
"body": "Ohio Mattress Co said itr has\nexecuted a definitive agreement to acquire Sealy Mattress Co of\nMichigan Inc, the Detroit licensee of Ohio Mattress's 82 pct\nowned Sealy Inc subsidiary in a transaction that also involves\na settlement between Sealy and Michigan Sealy.\n The company said on completion of the acquisition, the\nSealy stock owned by Michigan Sealy will be redeemed, raising\nOhio Mattress' interest in Sealy to 93 pct. Michigan Sealy has\nbeen in litigation against Sealy, alleging violations of\nantitrust laws, and Sealy was recently found liable for 45 mln\ndlrs in damages to Michigan Sealy.\n Under the acquisition agreement, the company said Sealy\nwill enter into a cash settlement of its litigation with\nMichigan Sealy.\n The company said shareholders of Michigan Sealy will\nreceive a total of 48.6 mln dlrs, subject to adjustment, from\nthe acquisition and the settlement, both of which are subject\nto regulatory approvals.\n Michigan Sealy had sales of about 12.5 mln dlrs in 1986.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:01:09.64",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10978"
},
{
"title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC",
"body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Wells Fargo and Co <WFC> - Shelf offering of up to 250 mln\ndlrs of subordinated capital notes.\n Chicago Pacific Corp <CPAC> - Offering of 150 mln dlrs of\nconvertible subordinated debentures due April 1, 2012, through\nan underwriting group led by Goldman, Sachs and Co.\n Integrated Genetics Inc <INGN> - Offering of two mln shares\nof convertible exchangeable preferred stock through Alex. Brown\nand Sons Inc and PaineWebber Inc.\n Allegheny Ludlum Corp - Initial public offering of\n5,165,000 shares of common stock, including 765,000 by current\nholders, at an estimated 21 to 24 dlrs a share through Goldman,\nSachs and Co.\n Michael Foods Inc - Initial public offering of two mln\nshares of common stock at an estimated 13 to 15 dlrs a share\nthrough an underwriting group led by William Blair and Co.\n Plenum Publishing Corp <PLEN> - Offering of 50 mln dlrs of\nconvertible subordinated debentures due April 15, 2007 through\nBear, Stearns and Co Inc.\n International Mobile Machines Corp <IMMC> - Offering of one\nmln shars of cumulative convertible preferred stock through\nDrexel Burnham Lambert Inc and Butcher and Singer Inc.\n Stage II Apparel Corp - Initial public offering of one mln\nshares of common stock at an estimated 10 to 12 dlrs a share.\n AmVestors Financial Corp <AVFC> - Offering of 2.5 mln\nshares of common stock through Smith Barney, Harris Upham and\nCo Inc and Morgan Keegan and Co Inc.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:01:44.64",
"places": [
"usa"
],
"id": "10979"
},
{
"title": "<TOROMONT INDUSTRIES LTD> YEAR NET",
"body": "Oper shr 49 cts vs 47 cts\n Oper net 1,475,000 vs 1,474,000\n Revs 85.8 mln vs 90.6 mln\n Note: Current shr and net exclude extraordinary loss of\n3,413,000 dlrs or 1.13 dlrs shares, versus extraordinary loss\nof 63,000 dlrs or two cts share in prior year\n Reuter\n\u0003",
"date": "30-MAR-1987 14:03:41.71",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "10980"
},
{
"title": "TEXACO <TX> SEEKS PENNZOIL <PZL> CASE REHEARING",
"body": "Texaco Inc said it has filed\na motion with the Texas Court of Appeals in Houston seeking a\nrehearing of the court's decision to uphold most of Pennzoil\nCo's 11.12 billion dlr judgment against Texaco.\n The company said its motion cites over 200 errors contained\nin the February 12 appeals court decision, adding its \"brief\nsimply 'rubberstamps' the original trial court judgment which\nthe company has said 'riddled with errors'.\"\n In support of its argument, Texaco's motion emphasized a\nrecent case before the U.S. Court of Appeals for the Seventh\nCircuit in Chicago in Skycom Corp v. Telstar Corp as\n\"unequivocal confirmation that the Texas Court's opinion is\nwrong,\" according to Gibson Gayle, a Texaco attorney with the\nHouston firm of Fulbright and Jaworski.\n \"The United States Court of Appeals in Chicago issued the\nruling based on facts strikingly similar to the facts in the\nTexaco-Pennzoil litigation,\" he said.\n \"The question before the (federal appeals) court was\nwhether an \"agreement in principle' subject to execution of\n'formal documents' is a contract according to New York law.\n \"The answer by the court was a resounding 'No' -- precisely\nopposite the answer given by the Appellate Court in Texas,\"\nGayle said.\n \"The United States Court of appeals reached this decision\nfor the identical reasons that Texas and the Attorney General\nof New York have cited in their briefs before the Texas\nappellate court,\" he pointed out.\n \"Texaco has consistently maintained that Pennzoil did not\nhave a binding contract to Buy Getty Oil shares, since a press\nrelease announced only an 'agreement in principle' which was\n'subject to the execution of a definitive merger agreement',\"\naccording to Gayle.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:04:27.71",
"places": [
"usa"
],
"id": "10981"
},
{
"title": "SABENA BEGINS BRUSSELS-TORONTO SERVICE",
"body": "Sabena Belgian World Airlines said it\nbegan today three-times-weekly service between Brussels and\nToronto.\n Sabena said it will fly combined passenger-freight flights\nnon-stop into Toronto on Mondays and Thursdays. Sunday flights\nwill stop in Montreal.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:07:36.52",
"places": [
"canada",
"belgium"
],
"id": "10982"
},
{
"title": "AMERON INC <AMN> 1ST QTR FEB 28 LOSS",
"body": "Shr loss 11 cts vs profit six cts\n Net loss 515,000 vs profit 294,000\n Sales 62.8 mln vs 65.4 mln\n Reuter\n\u0003",
"date": "30-MAR-1987 14:07:41.18",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10983"
},
{
"title": "<TEXSCAN CORP> IN AGREEMENT WITH LENDERS",
"body": "Texscan Corp said it has reached\nagreement in principle with bank lenders United Bancorp of\nArizona <UBAZ> and Security Pacific Corp <SPC> on a plan of\nreorganization from Chapter 11 bankruptcy.\n It said a plan is expected to be filed within 10 days.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:07:48.64",
"places": [
"usa"
],
"id": "10984"
},
{
"title": "YORK INTERNATIONAL <YRK> TO MAKE ACQUISITIONS",
"body": "York International Corp said it has\nagreed to acquire Frick Co and Frigid Coil/Frick Inc for\nundisclosed terms.\n The company said Frick makes refrigeration equipment and\ncompressors and Frigid Coil also makes refrigeration equipment.\n Together the two had revenues of about 50 mln dlrs in 1986.\n The company said it hopes to complete the acquisition in\nMay, subject to its review of Frick and Frigid and regulatory\napprovals.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:07:58.31",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10985"
},
{
"title": "SAN/BAR <SBAR> APPOINTS NEW PRESIDENT",
"body": "San/Bar Corp said it appointed\nCharles von Urff as president, chief operating officer and a\ndirector of the company to succeed Robert Johnson, who retired\nlast year.\n Prior to joining San/Bar von Urff had been president and\nchief executive of Microelectric Packaging Inc, the company\nalso said.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:08:05.98",
"places": [
"usa"
],
"id": "10986"
},
{
"title": "CARTER-DAY SELLS ASSETS OF UNIT",
"body": "<Carter-Day Industries Inc>\nsaid its Hart-Carter Co subsidizary has sold substantially all\nof its assets used in the production and sale of farm\nmachinery for 500,000 dlrs below book value in cash and notes.\n It said substantially all of the proceeds from the\ntransaction are committed to application against advances from\nsecured lenders, accounts payable and accrued liabilities.\n The company said for the nine months ended December 31, the\noperations being sold had revenues of 8,105,000 dlrs and lost\n146,000 dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:08:13.78",
"places": [
"usa"
],
"id": "10987"
},
{
"title": "NUCLEAR SUPPORT <NSSI> TO BUY ITT <ITT> HENZE",
"body": "Nuclear Support Services Inc\nsaid it agreed in principle to buy the business and assets of\nITT Henze Service from ITT Corp for an undisclosed amount.\n Henze, which is engaged in performing nuclear plant repair\nwork, had revenues of 12.7 mln dlrs for the year ended December\n31, 1986.\n For 1986, Nuclear Support, a supplier of support personnel\nand services to the nuclear power industry, had net income of\n2.4 mln dlrs on sales of 30.6 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:08:22.12",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10988"
},
{
"title": "COLONIAL BANCGROUP <CLBGA> BUYS FARMERS",
"body": "Colonial BancGroup said it\nacquired Farmers and Merchants Bank, a Baldwin County bank with\nassets of 103 mln dlrs, through an exchange of stock valued at\nabout 12 mln dlrs.\n Colonial said it also signed letters of intent to acquire\nFirst Federal Bank in Opelika, Athens-Limestone Bank in Athens,\nJackson County Bank in Scottsboro and Commercial National Bank\nin Demopolis, with aggregate assets totaling 130 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:08:27.97",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10989"
},
{
"title": "GALACTIC <GALCF> REVISES SUMMITVILLE ROYALTIES",
"body": "Galactic Resources\nLtd said it signed a five-year revision agreement to reschedule\nthe net smelter royalty payments of the Summitville project\nmining lease, reducing production costs by 17 U.S. dlrs an\nounce at gold prices of 425 U.S. dlrs an ounce.\n For gold prices less than 475 dlrs an ounce the revised\nroyalty schedule falls to one pct from five pct, and rises to\nseven pct from five pct for prices above 750 dlrs an ounce.\n The royalty cost cut combined with Galactic's previously\nannounced conservative accounting change will lower charges\nagainst earnings by about 69 dlrs per ounce of gold produced.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:10:21.55",
"places": [
"canada"
],
"id": "10990"
},
{
"title": "CUMMIN NAMED CHAIRMAN OF PHLCORP <PHX>",
"body": "PHLCorp said its shareholders\nelected Ian M. Cumming as chairman, succeeding Victor H.\nPalmieri, and Joseph S. Steinberg as president, succeeding\nPeter A. Martosella.\n PHLCorp, formerly Baldwin-United Corp, said Cumming and\nSteinberg were also elected to the board of directors, as were\nJames N. Kimball and Michael T. Lynch.\n Cumming is chairman of <Lucadia National Corp>, which\nbought a 39 pct stake of Baldwin-United during the bankruptcy\nreorganization that led to the formation of PHLCorp. Steinberg\nis president of Lucadia.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:12:32.38",
"places": [
"usa"
],
"id": "10991"
},
{
"title": "ROCHESTER TELEPHONE <RTC> COMPLETES ACQUISITION",
"body": "Rochester Telephone Corp said\nit completed its acquisition of the Enterprise Telephone Co,\nbased in New Holland, Pa., in exchange for stock valued at 26.3\nmln dlrs.\n Enterprises serves about 16,000 access lines in Lancaster\nCounty. Enterprise becomes the third operating telephone\nsubsidiary of Rochester Telephone in Pennsylvania and its sixth\nlargest overall, the company said.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:12:42.27",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10992"
},
{
"title": "PRUDENTIAL BORROWS FROM MINORITY BANKS",
"body": "<Prudential Insurance Co of\nAmerica> said it has obtained a 35 mln dlr line of credit from\na group of minority-owned banks led by Freedom National Bank of\nNew York.\n It said funds will be used for general corporate purposes.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:13:00.40",
"places": [
"usa"
],
"id": "10993"
},
{
"title": "CITY RESOURCES TO SELL GOLD PROPERTY STAKE",
"body": "City Resources Ltd said it has agreed\nin principle to sell a 50 pct interest in a group of mineral\nproperties in the southwest Pacific to a buyer it did not name\nfor 30 mln Canadian dlrs.\n The company said a preliminary estimate of the geological\nresources of one of the properties to a depth of 200 meters\nindicates a potential of 1.2 mln ounces of gold, and by the\nmiddle of 1987 it expects to establish proven ore reserves\ncontaining at least 500,000 ounces of gold. Mining could start\nin 1988, subject to a satisfactory feasibility study.\n The company said completion of the transaction is subject\nto regulatory and shareholder approvals.\n City Resources is controlled by City Resources Ltd of\nAustralia.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:14:43.63",
"topics": [
"acq",
"gold"
],
"places": [
"canada"
],
"id": "10994"
},
{
"title": "WEST AFRICAN CENTRAL BANK SEEKS JOINING IMF TALKS",
"body": "The Governor of the Central Bank of\nWest African CFA franc zone countries (UMOA) today urged that\nthe bank should be involved in all negotiations with the\nInternational Monetary Fund but said the zone's seven member\ncountries were not thinking of ditching the fund.\n Abdoulaye Fadiga told reporters after a regular one-day\nmeeting of UMOA finance ministers here that the bank's\nparticipation in future credit talks with the IMF would promote\na greater coherence in Fund aid granted to the region.\n But he stresed that UMOA, which last month called for a new\nrelationship with the IMF, was not contemplating a break with\nthe fund.\n \"Member states (of UMOA) never envisaged breaking with the\nFund,\" he said.\n He said an extraordinary UMOA meeting held in Ivory Coast's\ninland capital, Yamoussoukro, last month, stresssed the need\nfor growth-oriented IMF adjustment policies.\n \"Borrowing to pay off debts cannot be a solution,\" Fadiga\nadded.\n UMOA members are Benin, Burkina Faso, Ivory Coast, Mali,\nNiger, Senegal and Togo. The zone's common-curreny, the CFA\nfranc, is pegged to the French franc at the rate of 50 CFA\nfrancs to one French franc.\n Fadiga said many of the region's problems stem from low\ncommodity prices and a weak dollar.\n He applauded last week's agreement between producers and\nconsumers on the functioning of a new international cocoa pact,\nsaying negotiation of other commodity accords would benefit\nUMOA countries.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:14:52.03",
"organisations": [
"imf"
],
"places": [
"ivory-coast"
],
"id": "10995"
},
{
"title": "TALKING POINT/WALL STREET STOCKS",
"body": "Investors who have been riding the\nbull market in U.S. stocks got a stinging reminder today of how\nunexpected news can trigger sharp reversals.\n \"The market was ripe for some type of pullback,\" said Frank\nKorth, analyst at Shearson Lehman Brothers. He said over the\nweekend, investors pondered President Reagan's decision to\nimpose tariffs on Japanese electronic goods and some concluded\nthe step could signal the beginning of a trade war.\n The Dow Jones Industrial Average plunged 79 points in 30\nminutes before stabilizing and making a partial recovery.\n Korth believes there has been an over-reaction and\nnear-term traders might want to step in and buy one-half or\none-quarter of new investments they have been considering.\n \"We're still in a bull market,\" said William Raftery of\nSmith Barney, Harris Upham and Co. He thinks history has shown\nsuch sharp pullbacks are a natural part of bull markets. \"The\nbear usually strikes slowly,\" he said.\n Raftery noted that blue chips have been forefront of the\nrally that took the market to record highs last week. In\ntoday's decline, he said, the big name stocks were coming more\ninto a more normal alignment with the general market.\n Charles Comer of Moseley Securities Corp said ultimately\nthe pullback could prove to be a pre-shock to the long awaited\ncorrection. But for now he believes the bull market remains\nintact. However, it could take several weeks for the market to\ncomplete a \"distribution process\" and along the way there will\nbe rallies.\n Comer thinks it is premature to conclude that today's\naction signaled formation of a market top. He thinks the market\ncan hold in the low to mid 2200 area on the Dow index.\n \"This probably is the correction that has been expected,\"\nsaid Crandall Hays of Robert W. Baird Co.\n Hays noted that market breadth began to deteriorate last\nweek. He said this morning investors saw the dollar down\nfurther, interest rates up and gold up. \"The trade problem got\npeople spooked and and all the bad things were happening at\nonce,\" he said.\n \"This correction could take us down 150 points and we're\nhalf-way there now,\" he said early today.\n He thinks the downward move in stock prices could be over\nin a couple of weeks. Business conditions seem to be getting\nbetter according to what he hears from a broad cross-section of\ncompanies, from retailers to machinery manufacturers.\n \"The market was high and people were looking for a\ncorrection, so this was an excuse for the market to go down,\"\nsaid Alan Ackerman of Gruntal and Co.\n He believes investors will be in a mood of extreme caution\nor slightly negative for the near term.\n Ackerman thinks the U.S. is attempting to \"fire a shot\nacross Japan's bow and let them know we're serious about having\ncloser trade ties.\" But nevertheless investors have been\nrattled by \"a perception that a full scale trade war is\npossible.\" Ultimately, unless there is an accord, the effects\ncould be higher interest rates and unemployment, he said.\n \"I anticipate a further correction later this week,\" said\nHarry Laubscher of Tucker Anthony, R.L. Day. He thinks the\npullback was \"the start of an overdue correction of between six\nand 10 pct from the market highs.\"\n Although investors now have new reason to worry about\nhigher interests rate and a return of inflation, Laubscher\nsays, \"it is not the end of the bull market.\"\n \"The market was looking for a reason to knock itself down a\nlittle bit, and with the trade sanctions coming largely as a\nsurprise, this was the think the market attached itself to,\"\nsaid Gary Ciminero of Fleet Financial Group.\n\u0003",
"date": "30-MAR-1987 14:16:32.16",
"places": [
"usa"
],
"id": "10996"
},
{
"title": "MAYFAIR <MAYF> IN HERSHEY <HSY> LICENSE DEAL",
"body": "Mayfair Industries Inc said it has\nentered into a licensing agreement under which it will use\nlogos of Hershey Foods Inc candy products on a variety of\ngarments, effective immediately.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:17:46.88",
"places": [
"usa"
],
"id": "10997"
},
{
"title": "HOME SHOPPING <HSN> TO PURCHASE TV STATION",
"body": "Home Shopping NEtwork Inc said\nits Silver King Broadcasting Co INc unit entered a definitive\ncontract to buy the broadcasting assets of TV station KWVT,\nChannel 22 in the Portland/Salem, Ore. area for undisclosed\nterms.\n Additionally, the company said KWVT, which serves 785,000\nhomes, began broadcasting Home Shopping Network full time this\nmorning under an affiliation agreement.\n Home Shopping also said it entered a definitive contract to\nbuy TV Station KPST, Channel 66 in San Francisco and KLTJ,\nChannel 49 in Dallas.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:17:53.70",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "10998"
},
{
"title": "COVINGTON TECHNOLOGIES INC <COVT> YEAR NET",
"body": "Oper shr profit eight cts vs loss 20 cts\n Oper net profit 1,115,000 vs loss 2,729,000\n Revs 83.0 mln vs 37.9 mln\n Note: Current year figures exclude operating loss\ncarryforward gain of 888,000 dlrs and loss from discontinued\noperations of 73,000 dlrs.\n Prior year figures exclude loss from discontinued\noperations of 3.9 mln dlrs.\n Reuter\n\u0003",
"date": "30-MAR-1987 14:18:08.31",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "10999"
},
{
"title": "PARIS MEET AGREED NOT TO PUBLISH BANDS - LAWSON",
"body": "U.K. Chancellor of the Exchequer Nigel\nLawson said the meeting of six major industrial nations in\nParis last month agreed not to publish any bands in connection\nwith their pact to stabilise currencies.\n Questioned by a parliamentary select committee about why\nthe participating countries had not announced any bands, Lawson\nreplied, \"we all agreed it would be much more sensible not to.\"\nWhen asked whether that meant an informal joint currency float\nwith set ranges was arranged in Paris, Lawson said \"I do not\nwant to reveal the precise nature of the agreement, so as not\nto make it easy for\" speculation against the accord.\n Lawson said the Paris accord presumed that individual\ncountries would take corrective action if their currency began\nreacting significantly to domestic macroeconomic factors.\n But if such movements were due to extraneous factors,\nLawson said the other pact countries would come to its aid\nthrough concerted intervention on the foreign exchanges.\n \"It is clear that both Germany and Japan are having\ndifficulty adjusting to their very large exchange rate\nappreciations and making their economies more domestically\noriented, just as it is taking time for the United States to\nmake its own economy more export oriented,\" Lawson said.\n In his oral evidence to Parliament's Select Treasury\nCommittee, Lawson repeated that he was happy with the pound's\ncurrent level, adding that \"It is an objective ... To try to\nkeep it around that level.\"\n He said the perception of sterling on foreign exchanges had\nchanged since the steep drop in oil prices, largely because the\npound had weathered that period so successfully. \"There has been\na reassessment of sterling's fundamentals,\" Lawson said. He\ndisagreed with what he termed \"the grossly exaggerated claim\"\nthat real U.K. Interest rates were much higher than those of\nother major industrialsed countries.\n Using as a reference the key three-month sterling interbank\nrate as quoted in London, Lawson said Britain now had a real\ninterest rate level of 5.75 pct - the same as Japan did and\nonly a 0.75 percentaage point above the Group of Five average.\n Lawson confirmed that \"over the medium and longer term, the\ngovernment's objective is zero inflation.\"\n He said the government's intention of its PSBR constant at\n1.0 pct of GDP \"is the modern equivalent of the balanced budget\ndoctrine.\" He added that \"to allow the debt/GDP ratio to remain\nconstant on anything other than zero inflation basis is simply\na recipe for accelerating inflation.\"\n Reuter\n\u0003",
"date": "30-MAR-1987 14:19:43.96",
"topics": [
"money-fx",
"stg"
],
"places": [
"uk"
],
"id": "11000"
}
]