reuters-21578-json

[ { "title": "TREASURY'S BAKER SAYS MACROECONOMIC INDICATORS NEED MORE PROMINENT ROLE\n", "date": " 9-APR-1987 16:55:59.00", "id": "16001" }, { "title": "HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP\n", "date": " 9-APR-1987 16:56:03.23", "topics": [ "acq" ], "id": "16002" }, { "title": "BEVERLY ENTERPRISES <BEV> SETS REGULAR DIVIDEND", "body": "Qtly div five cts vs five cts prior\n Pay July 13\n Record June 30\n Reuter\n\u0003", "date": " 9-APR-1987 16:56:14.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "16003" }, { "title": "TREASURY'S BAKER SAYS FLOATING EXCHANGE RATE SYSTEM NEEDS GREATER STABILITY\n", "date": " 9-APR-1987 16:59:15.05", "topics": [ "money-fx" ], "id": "16004" }, { "title": "CRUDE OIL NETBACKS UP SHARPLY IN EUROPE, U.S.", "body": "Crude oil netback values in complex\nrefineries rose sharply in Europe and firmed in the U.S. last\nFriday from the previous week but fell sharply in Singapore,\naccording to calculations by Reuters Pipeline.\n The firmer tone to refining margins in Europe and the U.S.\nrelected higher prices for petroleum products, particularly\ngasoline, and support from crude oil prices.\n Netback values for crude oil refined in Northern Europe\nrose substantially following strong gains in gasoline prices\nthere. Brent is valued at 19.45 dlrs, up 56 cts a barrel or\nthree pct from the previous week.\n In the U.S. Gulf, sweet crudes rose in value by 14 cts to\n19.33 dlrs for West Texas Intermediate, up about 0.7 pct.\n Sour grades in the U.S. Gulf showed an increase of 33 cts a\nbarrel for Alaska North Slope, up 1.7 pct.\n But netbacks for crude oil refined in Singapore fell\nsharply, down 15 cts to as much as 68 cts a barrel as ample\ndistillate supplies weighed on petroleum product prices.\n Attaka in Singapore is valued at 18.55 dlrs, a decline of\n68 cts a barrel or 3.5 pct from the previous week.\n For refineries in the Mediterranean, netback values were\nmostly lower, with declines of seven to 14 cts. The value of\nKuwait crude fell 14 cts to 18.37 dlrs, while Iranian Light\nfell 11 cts to 19.14 dlrs.\n On the U.S. West Coast, netback values for ANS CIF L.A.\nalso jumped sharply, up 40 cts a barrel or 2.2 pct to 18.82\ndlrs on higher gasoline prices.\n Reuter\n\u0003", "date": " 9-APR-1987 17:03:06.18", "topics": [ "crude" ], "places": [ "usa" ], "id": "16005" }, { "title": "TREASURY'S BAKER SAYS SYSTEM NEEDS STABILITY", "body": "Treasury Secretary James Baker said\nthe floating exchange rate system has not been as effective as\nhad been hoped in promoting stability and preventing imbalances\nfrom emerging in the global economy.\n In remarks before the afternoon session of the\nInternational Monetary Fund's Interim Committee, Baker said he\nwas not suggesting that the system should be abandoned.\n \"But I do suggest,\" he said, \"that we need something to give\nit more stability and to keep it headed in the right direction\nwhen the wind shifts.\"\n He said that indicators can serve \"as a kind of compass\" but\nadded that structural indicators can help focus attention on\nsome policies.\n Baker, however, said the IMF \"needs to move beyond\nmacroeconomic indicators and find structural indicators that\ncan help focus attention on some of the policies of specific\nrelevance to the imbalances we face today.\"\n The Treasury Secretary said that indicators should be given\na more prominent role in the annual economic reviews -- Article\nIV consultations -- that the Fund performs.\n Baker also told the policy making group that it was time\nfor the IMF to adopt earlier recommendations making IMF\nsurveillance more relevant to national policymakers and the\npublic.\n \"In particular, we urge increased publicity for IMF\nappraisals developed in Article IV consultations, the use of\nfollow-up reports on country actions to implement IMF\nrecommendations, and greater use of special consultation\nprocedures,\" he said.\n Baker emphasized that indicators were a device \"for moving\nbeyond rhetoric to action.\"\n He said they provide \"more structure to the system, and\ninduce more discipline and peer pressure into the process of\npolicy coordination.\"\n He said the Fund's procedures for surveillance need to be\nreviewed and updated to reflect the use of indicators.\n \"This should be matter of priority for the executive board,\"\nhe said.\n Baker also urged the Fund to develop alternative\nmedium-term economic scenarios for countries that \"can help us\nfocus even more clearly on the most important imbalances, by\nidentifying options for addressing them and analyzing the\nimplications of these options.\"\n He said also that further work should be done on finding\npaths that lead toward possible medium-term objectives.\n \"If we are to take effective remedial action when there are\nsignificant deviations from an intended course, then we must\nhave more definitive ways of indentifying the right course for\nkey variables,\" he said.\n Reuter\n\u0003", "date": " 9-APR-1987 17:04:00.71", "topics": [ "money-fx" ], "organisations": [ "imf" ], "places": [ "usa" ], "id": "16006" }, { "title": "NERCI <NER> UNIT CLOSES OIL/GAS ACQUISITION", "body": "Nerco Inc said its oil and gas\nunit closed the acquisition of a 47 pct working interest in the\nBroussard oil and gas field from <Davis Oil Co> for about 22.5\nmln dlrs in cash.\n Nerco said it estimates the field's total proved developed\nand undeveloped reserves at 24 billion cubic feet, or\nequivalent, of natural gas, which more than doubles the\ncompany's previous reserves.\n The field is located in southern Louisiana.\n Reuter\n\u0003", "date": " 9-APR-1987 17:07:18.35", "topics": [ "acq", "crude", "nat-gas" ], "places": [ "usa" ], "id": "16007" }, { "title": "U.S. AND BRITAIN VETO SANCTIONS AGAINST S.AFRICA", "body": "For the second time in seven\nweeks, the United States and Britain vetoed a Security Council\nresolution to impose mandatory sanctions against South Africa.\n Nine of the Council's 15 members voted for the draft, aimed\nat forcing South Africa to implement an eight-year-old U.N.\nindependence plan for Namibia (South West Africa), a vast,\nsparsely populated territory rich in minerals.\n The U.S. and Britain were joined by West Germany in casting\nnegative votes. France, Italy and Japan abstained.\n The resolution called for comprehensive mandatory sanctions\nbecause Pretoria insists on making Namibian independence\nconditional on the withdrawal of more than 30,000 Cuban troops\nfrom neighbouring Angola.\n Reuter\n\u0003", "date": " 9-APR-1987 17:10:03.66", "organisations": [ "un" ], "places": [ "usa", "uk", "south-africa", "namibia" ], "id": "16008" }, { "title": "U.S. DOLLAR LOSSES PROPEL BROAD COMMODITY GAINS", "body": "Commodities from gold to grains to\ncotton posted solid gains in a flurry of buying today as losses\nin the U.S. dollar and rising interest rates kindled fears of\ninflation and economic instability.\n Gains were most pronounced on the Commodity Exchange in New\nYork, where gold jumped 12.40 dlrs and closed at 436.50 dlrs a\ntroy ounce, and silver 22.5 cents to 6.86 dlrs a troy ounce.\n A key factor behind the advance was anticipation that\ninflation will be the only way for the major industrial nations\nto halt the slide in the value of the U.S. dollar, said Steve\nChronowitz, director of commodity research with Smith Barney,\nHarris Upham and Co., in New York.\n The dollar tumbled one day after top finance officials from\nthe seven largest industrial nations reaffirmed their\ncommitment to support its value, and despite reports of\nintervention by the U.S. Federal Reserve Bank, traders said.\n Traders said it appears that the industrial nations, known\nas the Group of Seven, lack the ability to change the long-term\ndirection of the currency markets.\n \"Maybe they have some ideas or plans,\" said Chronowitz. \"If\nthey do, it's not evident.\"\n \"It looks like there's no cure but to let the free market\ntake values to where they should be.\n \"One way or another, we will force our major trading\npartners to stimulate their economies,\" as a measure to correct\nthe mounting U.S. trade deficit, Chronowitz said.\n \"I think the markets believe, and have believed for a long\ntime, that the only recourse is to reflate at some point. It's\ngoing to be a long and tedious process, but that's what's\nhappening,\" he said.\n The falling value of the dollar makes U.S. commodities\ncheaper for foreign buyers, stimulating demand.\n At the same time, traders who are holding stocks and bonds\nsaw the value of their investments falling and many are turning\nto commodities such as precious metals as a hedge, said Marty\nMcNeill, a metals analyst in New York with the trading house of\nDominick and Dominick.\n The reaction in the metal markets reverberated throughout\nthe commodities markets, as grains, livestock, and cotton\nposted broad gains.\n Traders at the Chicago Board of Trade said attention in the\ngrain markets has shifted from concern about burdensome\nsupplies to the outlook that a lower dollar will stimulate\nexport demand.\n After the close of trading, the Agriculture Department\nraised its estimate for grain imports by the Soviet Union by\ntwo mln tonnes from the month-earlier report.\n Live hogs and frozen pork bellies posted sharp gains on the\nChicago Mercantile Exchange, while live cattle were moderately\nhigher.\n Analysts said several factors boosted hog prices. They said\nhogs haven't been making the weight gains that are normal at\nthis time of year, and farmers have been too busy with field\nwork to market animals.\n Reuter\n\u0003", "date": " 9-APR-1987 17:14:55.93", "topics": [ "money-fx", "grain", "cotton", "livestock", "gold", "silver" ], "places": [ "usa" ], "id": "16009" }, { "title": "GENERAL MOTORS <GM> TO IDLE 9,800 WORKERS", "body": "General Motors Corp said it will\ntemporarily lay off 9,800 workers at two plants next week.\n The layoffs will bring to 11,900 the number of General\nMotors workers temporarily let go by the company.\n Indefinite layoffs remain unchanged at 37,000.\n General Motors said its Chevrolet-Pontiac-GM of Canada\nplant at Okalhoma City, Okla., will be shut down April 13\nthrough April 20 for inventory adjustment. Some 5,500 workers\nwill be idled at the plant.\n General Motors' Chevrolet-Pontiac-GM of Canada plant at\nDoraville, Ga., will be closed for the same period for\ninventory adjustment, with 4,300 workers affected.\n The company's Lakewood, Ga., plant has been shut since\nDecember, with 2,100 workers on temporary layoff.\n General Motors said it will have one car plant and five\ntruck plants working on on overtime Saturday, April 11.\n Reuter\n\u0003", "date": " 9-APR-1987 17:15:43.34", "places": [ "usa" ], "id": "16010" }, { "title": "TENNEX INDUSTRIES TO BUILD PLANT IN TENNESSEE", "body": "<Tennex Industries Inc>, a\nJapanese owned supplier of air cleaners for the automotive\nindustry, said it will build a seven mln dlr plant in\nMunfreesboro, Tenn.\n The company said the 37,500-square-foot plant will\ninitially supply parts to <Nissan Motor Manufacturing Corp USA>\nin nearby Smyna.\n The company said it hopes to eventually produce parts for\nother U.S. car makers.\n Reuter\n\u0003", "date": " 9-APR-1987 17:16:11.81", "places": [ "usa" ], "id": "16011" }, { "title": "EGYPT SEEKING 500,000 TONNES CORN - U.S. TRADERS", "body": "Egypt is expected to tender April 22\nfor 500,000 tonnes of corn for May through September shipments,\nprivate export sources said.\n Reuter\n\u0003", "date": " 9-APR-1987 17:16:58.84", "topics": [ "grain", "corn" ], "places": [ "usa", "egypt" ], "id": "16012" }, { "title": "TRUSTCORP INC <TTCO> 1ST QTR NET ", "body": "Shr 67 cts vs 62 cts\n Net 9,160,000 vs 7,722,000\n Assets 4.5 billion vs four billion\n Note: Shr and net data are before accounting change\nannounced in 1986, which added 30 cts a share to year-ago 1st\nqtr results.\n Reuter\n\u0003", "date": " 9-APR-1987 17:20:34.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "16013" }, { "date": " 9-APR-1987 17:28:02.76", "topics": [ "grain", "ship" ], "places": [ "usa" ], "id": "16014" }, { "title": "NAPA VALLEY BANCORP <NVBC> 1ST QTR NET", "body": "Shr 20 cts vs 25 cts\n Net 487,000 vs 435,000\n Reuter\n\u0003", "date": " 9-APR-1987 17:28:46.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "16015" }, { "title": "INTERNATIONAL POWER MACHINES <PWR> 4TH QTR LOSS", "body": "Shr loss 21 cts vs loss 28 cts\n Net loss 817,000 vs loss 1,058,000\n Revs 5,627,000 vs 7,397,000\n Year\n Shr loss 75 cts vs loss 1.36 dlrs\n Net loss 2,872,000 vs loss 5,200,000\n Revs 23.3 mln vs 21.1 mln\n Note: 1985 net includes 1,255,000 adjustment in inventory\nvaluations and 486,000 in cost-reduction expenses.\n Full name is International Power Machines Corp.\n Reuter\n\u0003", "date": " 9-APR-1987 17:29:59.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "16016" }, { "title": "CBOE TO LIST NEW S AND P OPTIONS <NSX> APRIL 20", "body": "The Chicago Board Options Exchange,\nCBOE, said it will list new Standard and Poor 500 stock index\noptions beginning April 20 that will trade side-by-side with\nthe existing S and P 500 options <SPX>.\n The new S and P 500 option contract differs from the\nexisting contract in that settlement of the new contract will\nbe based on the opening value of the index on expiration\nFriday. Settlement of the existing contract is based on the\nclosing value of the index on expiration Friday.\n The new opening settlement S and P 500 options will be\noffered only in months in which there are S and P 500 futures.\n Initial months to be listed in the new options will be\nJune, September and December, the CBOE said.\n Dissemination of the settlement of price of the new options\nwill be made through a special ticker symbol -- <SET>, the\nexchange said.\n There will initially be seven series of strike prices for\neach contract month of the new options -- one strike price \"at\nthe money,\" or near to the actual spot index value, and three\nabove and three below the spot index.\n Position limits in any combination of both the new and\nexisting S and P 500 options will be 15,000 contracts.\n The exchange said in the rare event that a stock does not\nopen on expiration Friday, the previous day's closing price of\nthat stock will be used to calculate the settlement value of\nthe index.\n Reuter\n\u0003", "date": " 9-APR-1987 17:33:46.96", "places": [ "usa" ], "id": "16017" }, { "title": "EC WARNS AGAINST PASSAGE OF TEXTILE BILL", "body": "The European Community has told\nCongress that if textile legislation injuring EC interests is\napproved, there was no doubt the community would retaliate\nagainst U.S. exports.\n Roy Denmam, head of the EC delegation here, issued the\nwarning in a letter to Senator Lloyd Bentsen, chairman of the\nFinance Committee. A copy of the letter was provided Reuters.\n Denmam told Bentsen, a Texas Democrat, that if the textile\nlegislation passed on its own or was included in an omnibus\ntrade bill and injured EC interests, \"there should be no doubt\nthat the EC will retaliate against the United States.\"\n He added that \"at a time when U.S. textile exports to the EC\nare growing rapidly, one result of such retaliation would be a\nsubstantial reduction of U.S. exports and jobs.\"\n The textile legislation, backed strongly by the industry,\nhard hit by imports, and by senators from textile-producing\nstates would impose new tough global quotas on textile imports\nand for the first time include Europe in the quotas.\n Reagan Administration officials have also opposed the\ntextile legislation, saying that if it passed it would likely\nprompt a presidential veto.\n Denman made his comments on the textile issue in a general\nassessment of the Senate trade bill, titled S.490.\n He said he was concerned about provisions in the Senate\nbill that would limit, if not eliminate, the president's\ndiscretion if retaliating against nations for keeping their\nhome markets closed to foreign goods.\n U.S. Trade Representative Clayton Yeutter has also opposed\nthose provisions, arguing that presidential flexibility was\nneeded in order to be able to negotiate with countries to open\ntheir markets, with retaliation being retained as a final, but\ndiscretionary, weapon.\n The pending overall trade legislation would force the\nAdministration to consult often with Congress and seek its\napproval during step-by-step GATT negotiations.\n He said \"enactment of S. 490 would reduce the confidence of\nother governments in America's commitment to multinational\ntrade.\"\n Summing up the senate legislation, Denman said \"a number of\nprovisions of that bil may achieve the opposite of what is\nintended and lead to dangerous consequences for the world and\nthe U.S. economy.\"\n Reuter\n\u0003", "date": " 9-APR-1987 17:35:06.68", "organisations": [ "ec" ], "places": [ "usa" ], "id": "16018" }, { "title": "CBOE TO LIST NEW S AND P OPTIONS APRIL 20", "body": "The Chicago Board Options Exchange,\nCBOE, said it will list new Standard and Poor 500 stock index\noptions beginning April 20 that will trade side-by-side with\nthe existing S and P 500 options.\n The new S and P 500 option contract differs from the\nexisting contract in that settlement of the new contract will\nbe based on the opening value of the index on expiration\nFriday. Settlement of the existing contract is based on the\nclosing value of the index on expiration Friday.\n The new opening settlement S and P 500 options will be\noffered only in months in which there are S and P 500 futures.\n Initial months to be listed in the new options will be\nJune, September and December, the CBOE said.\n Dissemination of the settlement price of the new options\nwill be made through a special ticker symbol -- <SET>, the\nexchange said.\n There will initially be seven series of strike prices for\neach contract month of the new options -- one strike price \"at\nthe money,\" or near to the actual spot index value, and three\nabove and three below the spot index.\n Position limits in any combination of both the new and\nexisting S and P 500 options will be 15,000 contracts.\n The exchange said in the rare event that a stock does not\nopen on expiration Friday, the previous day's closing price of\nthat stock will be used to calculate the settlement value of\nthe index.\n Reuter\n\u0003", "date": " 9-APR-1987 17:39:34.36", "places": [ "usa" ], "id": "16019" }, { "title": "THREE TRADERS INDICTED FOR INSIDER TRADING", "body": "A Grand Jury in Manhattan Federal Court\nindicted three arbitrageurs, charging they swapped inside\ninformation between their firms, Goldman Sachs and Co and\nKidder Peabody and Co, court documents showed.\n Robert Freeman, head of risk arbitrage at Goldman\nSachs and Co, Richard Wigton, an employee of Kidder Peabody Co\nInc, and Timothy Tabor, also formerly with Kidder, were charged\nwith trading on inside information between June 1984 and\nJanuary 1986. They were arrested in February.\n The indictments also alledged that Goldman Sachs and\nFreeman made money on the insider trading scheme.\n According to the indictment, Freeman exchanged inside\ninformation with Martin Siegel, who at the time was a vice\npresident of Kidder Peabody.\n Siegel pleaded guilty last February 13 to charges he\nparticipated in the conspiracy. The indictment charged Siegel\npassed on non-public information to both Wigton and Tabor from\nFreeman.\n Reuter\n\u0003", "date": " 9-APR-1987 17:39:43.66", "places": [ "usa" ], "id": "16020" }, { "title": "GREAT AMERICAN MGMT<GAMI> HAS ATCOR<ATCO> STAKE", "body": "Great American Management and\nInvestment Inc told the Securities and Exchange Commission it\nacquired a 7.7 pct stake in Atcor Inc.\n Great American said it bought the stake for investment.\n It added that it has also considered--but not yet\ndecided--to buy additional Atcor shares, either in the open\nmarket, in private transactions, through a tender offer or\notherwise.\n Great American said it paid about 6.1 mln dlrs for its\n462,400 Atcor shares. It said its most recent purchases\nincluded 191,400 shares bought March 18-April 6.\n Reuter\n\u0003", "date": " 9-APR-1987 17:41:35.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "16021" }, { "title": "RAI RESEARCH CORP <RAC> 3RD QTR FEB 28 NET", "body": "Oper shr one ct vs 13 cts\n Oper net 17,806 vs 312,692\n Revs 1,318,165 vs 2,239,349\n Nine mths\n Oper shr 27 cts cs 28 cts\n Oper net 640,156 vs 671,291\n Revs 5,612,818 vs 5,632,044\n Note: Oper excludes gain from discontinued operations of\n15,598 for year-ago qtr and loss from discontinued operations\nof 49,040 for year-ago nine mths.\n Reuter\n\u0003", "date": " 9-APR-1987 17:42:26.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "16022" }, { "title": "MOORE <MCL> SEES SUBSTANTIAL 1987 PROFIT GAIN", "body": "Moore Corp Ltd expects 1987 profits from\ncontinuing operations will exceed 1986 results and recover to\n1985 levels when the company earned 152 mln U.S. dlrs or 1.70\ndlrs a share, president M. Keith Goodrich said.\n \"We'll have a substantial increase in earnings from\ncontinuing operations,\" he told reporters after the annual\nmeeting. He said he expected profits would recover last year's\nlost ground and reach 1985 results.\n In 1986, profits from continuing operations slumped to\n139.5 mln dlrs or 1.54 dlrs a share. The total excluded losses\nof 30 mln dlrs on discontinued operations.\n Goodrich said Moore is still actively looking for\nacquisitions related to its core areas of business forms\nmanufacturing or handling.\n \"We could do a large acquisition,\" he said when asked if\nthe company could raise as much as one billion dlrs for this\npurpose.\n Chairman Judson Sinclair, answering a shareholder's\nquestion, told the annual meeting that a special resolution\npassed by shareholders to create a new class of preferred\nshares would allow Moore to move quickly if it decided to\npursue an acquisition.\n \"If we were to make a major acquisition ... it means we can\nmove with a certain expediency,\" Sinclair said.\n Asked if the resolution was designed to give Moore\nprotection from a possible hostile takeover, Sinclair said\nonly, \"I know of no threat to the corporation at this time.\"\n \n Reuter\n\u0003", "date": " 9-APR-1987 17:42:36.85", "topics": [ "earn" ], "places": [ "canada" ], "id": "16023" }, { "title": "ARVIN <ARV> RAISES NUMBER OF AUTHORIZED SHARES", "body": "Arvin Industries Inc said its\nshareholders at the annual meeting voted to increase authorized\ncommon shares to 50 mln from 30 mln.\n The company told shareholders that the offering of 1.7 mln\ncommon shares in January raised 50 mln dlrs, and the 500 shares\nof variable rated preferred stock offered in February also\nraised 50 mln dlrs. The company said it also placed 150 mln\ndlrs in long-term debt in March.\n Reuter\n\u0003", "date": " 9-APR-1987 17:47:39.74", "places": [ "usa" ], "id": "16024" }, { "title": "RAYTHEON <RTN> WINS U.S. NAVY CONTRACT", "body": "Raytheon Co said the United\nStates Navy awarded it a 215.3 mln dlr contract to produce\n1,927 AIM/RIM-7M Sparrow Missile Guidance and Control Sections\nand associated hardware.\n Under the contract, the company said it will provide\nmissiles and associated hardware to the U.S. Navy and Air Force\nand to several U.S. allies.\n Raytheon said the contract represents the major share of\nthe fiscal 1987 competitive Sparrow missile procurement.\n Reuter\n\u0003", "date": " 9-APR-1987 17:49:07.93", "places": [ "usa" ], "id": "16025" }, { "title": "FIRM HAS 14.8 PCT OF DECISION/CAPITAL FUND<DCF>", "body": "Gabelli Group Inc said it and two\nsubsidiaries held a total of 295,800 Decision/Capital Fund Inc\nshares or 14.8 pct of the total outstanding.\n It said the shares were held on behalf of investment\nclients and it said it had no intention of seeking control of\nthe fund.\n Gabelli said its most recent purchases of Decision/Capital\nFund stock included 95,800 shares bought April 3-6 on the\nPhiladelphia Stock Exchange.\n Gabelli is an investment firm headquartered in New York\nCity. Its Gabelli and Co subsidiary is a brokerage firm.\n Reuter\n\u0003", "date": " 9-APR-1987 17:50:16.86", "topics": [ "acq" ], "places": [ "usa" ], "id": "16026" }, { "title": "CONSUMERS POWER <CMS> TO REDEEM BONDS", "body": "Consumers Power Co said it has 56\nmln dlrs available to be used to redeem at par any 15 pct\nseries first mortgage bonds that are not exchanged under an\noutstanding bond exchange program.\n The utility on March 17 offered to exchange its 15 pct\nfirst mortgage bonds due March 1, 1994 for a new series of\nfirst mortgage bonds, 9-1/4 pct due April 1, 1997. The offer\nwill expire April 14, 1987.\n Reuter\n\u0003", "date": " 9-APR-1987 17:51:34.88", "places": [ "usa" ], "id": "16027" }, { "title": "SEMICONDUCTOR BOOK TO BILL RATIO AT 1.21 PCT", "body": "The Semiconductor Industry\nAssociation put the three-month average book-to-bill ratio at\n1.21, which was above analysts' expectations and reflects the\nsixth straight increase in this indicator of computer industry\nactivity.\n Average booking in the three month period ended in March\ntotaled 910.8 mln dlrs, up 15.6 pct from a month ago and the\nhighest bookings since September, 1984. March billings, or\ncomputer chip sales in the month, totaled 912.1 mln dlrs, up\n34.6 pct from a month ago, the association said. The three\nmonth average billings totaled 751.3 mln dlrs, up 6.5 pct.\n March billings were the strongest recorded since November,\n1984, the association said. The book to bill ratio, at 1.21,\nwas the highest since May, 1984, it noted.\n Preliminary total solid state shipments for the first\nquarter of 1987 totaled 2.25 billion dlrs, up 4.9 pct from last\nquarter and up 15.9 pct from last year's first quarter.\n Semiconductor Industry Association President Andrew\nProcassini said the rise in the book to bill was due to a\nsubstantial increase in U.S. bookings during March.\n \"We believe that the bookings increase reflects growing\nconfidence by electronic equipment manufacturers that some\nend-equipment market segments have improved substantially\nduring the first quarter,\" Procassini said in a statement.\n The association also revised its book-to-bill ratio\nestimate for the three months ended in February to 1.12, from\n1.13 earlier. It further revised the January book-to-bill\nfigure to 1.09 from 1.12 estimated earlier.\n The three-month average book-to-bill ratio of 1.21 for\nMarch means for every 100 dlrs worth of product shipped,\ncomputer chip maker received 121 dlrs in new orders.\n Drexel Burnham Lambert Inc analyst Michael Gumport said\nassociation numbers indicate March orders were up 20 pct above\nthe normal seasonal level.\n The association does not break out March orders from its\nthree-month average, which it put at 910.8 mln dlrs.\n Gumport noted the three-month average bookings were well\nabove the 800-865 mln dlrs anticipated by the industry.\n He said semiconductor stock could rise five to ten pct on\nthe stock market open tomorrow, due to the positive numbers.\n \"Skeptics are going to have to have some pretty strong\nreasons not to like this group (of stocks),\" Gumport said.\n Kidder Peabody and Co analyst Michael Kubiak said the ratio\nindicates March orders at about one billion dlrs, which would\nbe the highest monthly order rate since April, 1984.\n He predicted at least a five pct rise in semiconductor\nstocks on the open, and said the stock group could soar as high\nas 15 pct during the session.\n \"One month does not a boom-time make, but this is very good\nnews,\" he said.\n Kubiak attributed the stong semiconductor orders to\nstrength in the personal computer market, inventory restocking\nand strong buying by distributors.\n Purchasing managers had been keeping computer chip\ninventories low, due to the overcapacity in the industry and\nthe slow growth of the economy in general, analysts noted.\n The semiconductor industry has been in a slump for the past\nthree years.\n The analysts said the March order and sales numbers are the\nstrongest evidence yet that the trend may be turning.\n Nevertheless, they do not expect the Administration to\nretreat from proposed sanctions against Japanese chip makers.\n They added, however, if the industry continues to improve,\nit could mean the sanctions will be short term.\n Jack Beedle, President of In-Stat, an electronics industry\nresearch firm, called the March numbers \"excellent\", but also\ncautioned against excessive optimism.\n \"I still believe caution should be the word, rather than\neuphoria,\" said Beedle, adding that he has yet to see strong\nindications from the general economy or the computer industry\nthat support a solid, long-term recovery.\n Beedle said while he thinks the semiconductor industry will\nhave a very good second quarter, he still thinks positive\nshifts in exports and industrial production are needed to\nsustain a recovery.\n Reuter\n\u0003", "date": " 9-APR-1987 17:52:21.04", "places": [ "usa" ], "id": "16028" }, { "title": "PARTNERSHIP BUYS IPCO <IHS> STAKE OF 6.8 PCT", "body": "MP Co, a New York investment\npartnership, told the Securities and Exchange Commission it\nbought a 6.8 pct stake in IPCO Corp common stock.\n The partnership said it acquired 346,600 IPCO shares,\npaying 4.9 mln dlrs, because it believed the securities to be\n\"an attractive investment opportunity.\"\n It said it planned to regularly review its investment and\nmay in the future recommend business strategies or an\nextraordinary corporate transaction such as a merger,\nreorganization, liquidation or asset sale.\n The partnership is controlled by Marcus Schloss and Co Inc,\na New York brokerage firm, and Prime Medical Products Inc, a\nGreenwood, S.C., medical supplies firm.\n Reuter\n\u0003", "date": " 9-APR-1987 17:54:38.77", "topics": [ "acq" ], "places": [ "usa" ], "id": "16029" }, { "title": "DELMED INC <DMD> YEAR LOSS", "body": "Oper shr loss 30 cts vs loss 1.27 dlrs\n Oper net loss 8,648,000 vs loss 25.6 mln\n Revs 27.4 mln vs 33.3 mln\n Avg shrs 29.1 mln vs 20.1 mln\n Note: Oper excludes loss on provision for discontinued\noperations of 971,000 vs 12.2 mln and loss from conversion of\ndebt 587,000 vs gain of 1,734,000.\n 1985 oper excludes loss from pension plan liquidation of\n631,000 and loss from discontinued operations of 1,015,000.\n\n Reuter\n\u0003", "date": " 9-APR-1987 17:56:18.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "16030" }, { "title": "MARCH TRUCK SALES SAID UP 16.4 PCT", "body": "Retail sales of trucks in March rose\n16.4 pct over the same month last year, said the Motor Vehicle\nManufacturers Association.\n The trade group said dealers sold 377,617 trucks in March,\nup from 324,327 last year.\n Year-to-date truck sales were up 3.6 pct at 934,074 from\n1986's 901,757.\n Reuter\n\u0003", "date": " 9-APR-1987 17:56:55.34", "places": [ "usa" ], "id": "16031" }, { "title": "DRUG INDUSTRY ATTACKED ON ASPIRIN ISSUE", "body": "Elements of the drug industry endangered\nthe lives of children by pressuring the government to delay a\nnow common warning on the link between aspirin and an often\nfatal disease, a doctor said.\n The warning involving Reye's Syndrome has since been\nrequired on aspirin products under a Food and Drug\nAdministration (FDA) directive of one year ago, and now appears\non the labels of aspirin and aspirin-containing products.\n The industry under government coaxing began voluntarily\nprinting warning labels in mid-1985.\n \n But in an editorial in this week's Journal of the\nAmerican Medical Association, Dr Edward Mortimer of Case\nWestern Reserve University in Cleveland said some aspirin\nmanufacturers misled physicians and acted irresponsibly in\nopposing the warning for several years before then.\n Mortimer's criticism was prompted by a new government study\npublished in the same issue of the Journal which said it had\nfound a \"strong association\" between aspirin and Reye's Syndrome.\n Reye's Syndrome, which kills about 20 per cent of its\nvictims, strikes following chicken pox, influenza and other \nillnesses. Symptoms include lethargy, belligerence and\nexcessive vomiting. Those who survive sometimes suffer brain\ndamage.\n \n Reuter\n\u0003", "date": " 9-APR-1987 18:01:43.61", "places": [ "usa" ], "id": "16032" }, { "title": "CADILLAC FAIRVIEW SAYS IT HAS RECEIVED SOME ACQUISITION PROPOSALS\n", "date": " 9-APR-1987 18:04:04.54", "topics": [ "acq" ], "id": "16033" }, { "title": "GM <GM> UNIT GETS BOEING <BA> CONTRACT", "body": "General Motors Corp's Hughes\nAircraft Co said it received a contract worth more than 20 mln\ndlrs from Boeing Co's Boeing Commercial Airplane Co.\n Hughes will supply a cabin entertainment and service system\nfor Boeing's new 747-4000 jumbo jetliners.\n Reuter\n\u0003", "date": " 9-APR-1987 18:04:24.13", "places": [ "usa" ], "id": "16034" }, { "title": "AUDEC IN PRIVATE PLACEMENT OF STOCK, WARRANTS", "body": "<Audec Corp> said it sold\nprivately 24 units, each consisting of 40,000 common shares and\n40,000 redeemable common share purchase warrants, for a total\nof 480,000 dlrs.\n Audec said the sale was part of its plan to place a total\nof 28 units at 20,000 dlrs each.\n Reuter\n\u0003", "date": " 9-APR-1987 18:05:37.57", "places": [ "usa" ], "id": "16035" }, { "title": "FRENCH PROPOSE NEW WORLD BANK DEBT FACILITY", "body": "The French government said it \nproposed the creation of a new facility for development and for\ndebt reduction under the framework of the World Bank.\n In a statement issued in conjunction with the meeting of\nthe International Monetary Fund's policy-making Interim\nCommittee, the French said the \"multilateral resources thus\ncollected would permit a partial refinancing on highly\nconcessional terms of previously rescheduled official debts.\"\n The statement said the \"French government believes it is\nnecessary to take new steps to deal with the issue of the\npoorest countries' debt.\"\n The French statement said that Paris club reschedulings\nshould have a lengthening of the repayment period up to between\n15 and 20 years instead of the current limit of 10 years.\n And grace periods would be extended.\n \"These measures would be confined to the poorest, heavily\nindebted countries and would be decided on a case-by-case\nbasis,\" it said.\n The French also called for making the IMF's compensatory\nfinancing facility for export shortfalls more concessional.\n Reuter\n\u0003", "date": " 9-APR-1987 18:09:50.90", "organisations": [ "worldbank", "imf" ], "places": [ "usa", "france" ], "id": "16036" }, { "title": "CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS", "body": "<Cadillac Fairview Corp Ltd> said it\nreceived proposals to acquire the company, following its\nannouncement last August that it had retained investment\ndealers to solicit offers for all outstanding common shares.\n Cadillac Fairview said the offers are subject to\nclarification and negotiation and offered no further details.\n Reuter\n\u0003", "date": " 9-APR-1987 18:10:34.32", "topics": [ "acq" ], "places": [ "canada" ], "id": "16037" }, { "title": "ONE CHRYSLER <C> PLANT TO WORK OVERTIME", "body": "Chrysler Corp said one of its U.S. car\nand truck assembly plants will work overtime next week.\n Six of its seven U.S. facilities will work during the week.\nThe plant on overtime, both during the week and on Saturday,\nApril 11, is the company's Sterling Heights, Mich., factory.\n The company's U.S. plants and offices will be closed\nFriday, April 17, and Monday, April 20, for the Good Friday and\nMartin Luther King Jr. holidays.\n Reuter\n\u0003", "date": " 9-APR-1987 18:16:05.61", "places": [ "usa" ], "id": "16038" }, { "title": "EC WARNS AGAINST PASSAGE OF TEXTILE BILL", "body": "The European Community (EC) will\nretaliate against U.S. textile exports if Congress passes trade\nlegislation damaging European interests, an EC official warned\ntoday.\n Roy Denman, head of the EC delegation here, issued the\nwarning in a letter to Senator Lloyd Bentsen, chairman of the\nFinance Committee. A copy was provided to Reuters.\n The bill, backed by the textile industry and senators from\ntextile-producing states, would impose global quotas on textile\nimports and for the first time include Europe.\n Denman said he was concerned about provisions in the bill\nthat would limit, if not eliminate, the president's discretion\nin retaliating against nations that keep their home markets\nclosed to foreign goods.\n Reuter\n\u0003", "date": " 9-APR-1987 18:19:25.11", "organisations": [ "ec" ], "places": [ "usa" ], "id": "16039" }, { "date": " 9-APR-1987 18:20:35.91", "topics": [ "ship", "crude" ], "places": [ "usa" ], "id": "16040" }, { "title": "WINTERHALTER <WNTLC> HOLDERS OKAY TAKEOVER", "body": "Winterhalter Inc said its\nshareholders approved the 525,000 dlr acquisition of\nWinterhalter by Interface Systems Inc <INTF>.\n The acquisition would be for 15 cts per Winterhalter share.\n Reuter\n\u0003", "date": " 9-APR-1987 18:21:04.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "16041" }, { "title": "LIBERTY FINANCIAL <LFG> PRESIDENT TO RESIGN", "body": "Harold H. Kline, 48, will resign on\nMay one as president of Liberty Financial Group Inc and its\nLiberty Savings Bank unit to pursue other business\nopportunties, the company said.\n The company said Kline's post will be filled by Charles G.\nCheleden, chairman and chief executive officer.\n Kline will continue to serve on the boards of Liberty\nFinancial and Liberty Savings, the company added.\n Reuter\n\u0003", "date": " 9-APR-1987 18:24:01.68", "places": [ "usa" ], "id": "16042" }, { "title": "IMMUNOMEDICS <IMMU> TO SELL COMMON STOCK", "body": "Immunomedics Inc said it filed a\nregistration statement with the Securities and Exchange\nCommission for the proposed sale of 2,500,000 shares of common\nstock.\n The company said it will sell 2,100,000 shares and that\ncertain stockholders will sell the remaining 400,000 shares.\n Proceeds from the offering will be used for product\ndevelopment, basic research, staff expansion, prepayment of\ndebt, capital expenditures and working capital, the company\nsaid. The offering will be co-managed by E.F. Hutton and Co Inc\nand First Boston Corp, Immunomedics said.\n Reuter\n\u0003", "date": " 9-APR-1987 18:25:31.98", "places": [ "usa" ], "id": "16043" }, { "title": "MOBIL <MOB> WILL NOT INCREASE BUDGET", "body": "Mobil Corp Chairman Allen E. Murray said\nthe company's exploration and production budget would not be\nincreased in the foreseeable future as it is \"operating on the\nassumption that (oil) prices will remain on the lower end of\nthe spectrum.\n \"Our budget is at about the same level as it was last year\nand I think it is the right amount,\" said Murray who was in\ntown for ceremonies celebrating the consolidation of Mobil's\ndomestic exploration and production operations into a new,\nlocally-based subsidiary.\n Last year, Mobil spent a total of 2.13 billion dlrs on\nexploration and production, 341 mln dlrs in the United States\nand 1.79 billion overseas.\n Murray said the new subsidiary, Mobil Exploration and\nProduction U.S. Inc., was not created as \"part of any cost\nsaving effort\" but instead to \"increase our efficiency and\nability to stay ahead of the pack.\"\n The consolidation will, however, save Mobil about 15 mln\ndlrs annually once relocation and reorganization costs have\nbeen absorbed, according to A.F. Stancell, vice president of\nU.S. producing operations for the company.\n Mobil, the nation's second largest oil company, responded\nto the collapse of oil prices last year -- from 30 dlrs a\nbarrel at end-1985 to as low as 10 dlrs in mid-1986 -- by\nlaying off 5,500 people and cutting its budget in midyear by 27\npercent, or 1.1 billion dlrs.\n Of that amount, more than 900 mln dlrs was eliminated from\nits exploration and spending spending plans.\n But the company reported an increase in profits in 1986\nover 1985 and a jump in per share earnings to 3.45 dlrs a share\nfrom 2.55 dlrs. \n Reuter\n\u0003", "date": " 9-APR-1987 18:29:26.90", "places": [ "usa" ], "id": "16044" }, { "title": "<AMERICAN EAGLE PETROLEUMS LTD> YEAR LOSS", "body": "Shr loss 10 cts vs profit 17 cts\n Net loss 1,546,000 vs profit 4,078,000\n Revs 22.6 mln vs 38.9 mln\n Reuter\n\u0003", "date": " 9-APR-1987 18:31:32.77", "topics": [ "earn" ], "places": [ "canada" ], "id": "16045" }, { "title": "TREASURY'S BAKER SAYS DEBTOR NATIONS NEED TIMELY DISBURSEMENTS\n", "date": " 9-APR-1987 18:33:20.67", "id": "16046" }, { "title": "GM'S<GM> HUGHES AIRCRAFT HAS BOEING<BA> CONTRACT", "body": "General Motors' Hughes Aircraft Co\nsaid it was awarded a contract worth more than 20 mln dlrs by\nBoeing's Boeing Commercial Airplane Co to provide an advanced\ncabin entertainment and service system for Boeing's new 747-400\nairliners.\n Hughes said the new system uses advanced digital electronic\ntechniques and also adds cabin lighting control, cabin advisory\nsigns and seat information.\n Hughes said the first 747-400 is scheduled to be completed \nin early 1988.\n\n Reuter\n\u0003", "date": " 9-APR-1987 18:36:11.47", "places": [ "usa" ], "id": "16047" }, { "title": "REAGAN HITS HOUSE-PASSED BUDGET", "body": "President Reagan criticized\nthe House-passed budget by saying the Democratic budget plan\nwas just business as usual.\n The budget cut defense by eight billion dlrs and called for\n18 billion dlrs in new taxes.\n He said the defense cut potentially theratened national\nsecurity and was asking the American taxpayers to pay for the\nDemocrats' excesses.\n Reuter\n\u0003", "date": " 9-APR-1987 18:36:43.22", "places": [ "usa" ], "id": "16048" }, { "title": "S/P DOWNGRADES ZENITH ELECTRONIC <ZE>", "body": "Standard and Poor's said it lowered its\nrating on 190 mln dlrs of Zenith Electronic Corp debt because\nof continued poor earnings results and increased debt leverage.\n Among the rating changes, the company's senior debt was\nlowered to BB-plus from BBB-plus.\n Reuter\n\u0003", "date": " 9-APR-1987 18:36:56.22", "places": [ "usa" ], "id": "16049" }, { "title": "MOODY'S DOWNGRADES REPUBLICBANK <RPT>", "body": "Moody's Investors Service said it\nlowered the ratings on 464 mln dlrs of long-term debt issued by\nRepublicBank Corp and its two principal subsidiaries but\nupgraded 451 mln dlrs of securities of Interfirst Corp <IFC>.\n The rating adjustments are based on the likelihood that the\nproposed merger of the two Texas banks will be consummated.\nMoody's said Interfirst is considerably the weaker of the two\ninstitutions.\n Among the rating changes, RepublicBank's senior debt was\ndowngraded to BA-1 from BAA-1 while Interfirst's was raised to\nBA-1 from B-1.\n Reuter\n\u0003", "date": " 9-APR-1987 18:39:02.17", "places": [ "usa" ], "id": "16050" }, { "title": "TREASURY'S BAKER CALLS FOR MORE BANK FLEXIBILITY", "body": "Treasury Secretary James Baker said\nthat commercial banks need to develop more flexibility in their\nconcerted lending mechanisms \"to help assure continued\nparticipation in new money packages.\"\n He said that major debtor nations need to be able to count\non receiving timely disbursements on new loans essential to\nsupport well-conceived economic programs.\n His remarks were made to the afternoon session of the\nInternational Monetary Fund's policy making Interim Committee.\n Baker said, \"The sense of urgency and willingness to\ncooperate in support of a larger general interest that helped\nto carry us through the difficult crisis period of 1982 and\n1983 is now less evident.\"\n He said to address this problem, it is important for the\ncommercial banks to \"develop a menu of alternative new money \noptions from which all banks with debt exposure can choose in\nproviding continuing support for debtor reforms.\"\n He said the \"continued implementation of the debt strategy\nmay well rest on their doing so.\"\n Baker also said that growth prospects for the lowest income\ncountries remain an issue of \"critical concern to the United\nStates.\"\n He said that he intended to address the problem of poor\ncountry prospects in greater detail at tomorrow's meeting of\nthe joint IMF-World Bank Devlopment Committee.\n Baker said, however, that ministers should guard against\nwhat appear to be magical solutions to the complex debt\nproblem.\n \"I want to stress the need for all to guard against the\nephemeral attraction of magical solutions, which may appear as\ntantalizing alternatives to the rigorous realities of grappling\nwith our debt problems,\" he said.\n But he emphasized that the only lasting progress is to\napproach each situation on a case-by-case basis, \"bringing to\nbear the policies and financing needed to bring the economy\nback to sustained economic growth.\"\n Reuter\n\u0003", "date": " 9-APR-1987 18:39:51.11", "organisations": [ "imf" ], "places": [ "usa" ], "id": "16051" }, { "title": "CHILEAN TRADE SURPLUS NARROWS SLIGHTLY IN FEBRUARY", "body": "chile's trade surplus narrowed to 102.2\nmln dlrs in february, from 105.4 mln dlrs in the same month\nlast year, but it was above the 18.2-mln-dlr surplus recorded\nin january 1987, the central bank said.\n Exports in february totalled 379.4 mln dlrs, 17.2 pct above\nthe january figure. Imports fell 9.2 pct from the previous\nmonth to 277.2 mln dlrs. The figures for the same month last\nyear were 314 mln and 208.6 mln dlrs, respectively.\n The accumulated trade surplus over the first two months of\n1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the\nprevious year.\n Reuter\n\u0003", "date": " 9-APR-1987 18:41:59.03", "topics": [ "trade" ], "places": [ "chile" ], "id": "16052" }, { "title": "ANALYSTS DOUBT FED FIRMED DESPITE BORROWING RISE", "body": "Economists said that they doubt the\nFederal Reserve is firming policy to aid the dollar, despite\nhigher discount window borrowings in the latest two-week\nstatement period and very heavy borrowings Wednesday.\n Data out today show net borrowings from the Fed averaged\n393 mln dlrs in the two weeks to Wednesday, up from 265 mln\ndlrs in the prior statement period. Wednesday borrowings were\n1.4 billion dlrs as Federal funds averaged a high 6.45 pct.\n \"One could make a case that the Fed is firming, but it\nprobably isn't,\" said William Sullivan of Dean Witter Reynolds.\n Sullivan said some may assume the Fed has firmed policy\nmodestly to support the dollar because net borrowings in the\ntwo-weeks to Wednesday were nearly 400 mln dlrs after averaging\naround 250 mln dlrs over the previous two months.\n However, the Dean Witter economist noted that the latest\ntwo-week period included a quarter end when seasonal demand\noften pushes up borrrowings.\n \"Some might argue that the Fed was firming policy, but it\nlooks like it tried to play catchup with reserve provisions\nlate in the statement period and didn't quite make it,\" said\nWard McCarthy of Merrill Lynch Capital Markets.\n A Fed spokesman told a press press c