reuters-21578-json
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A JSONified and simplified version of the famous reuters 21578 dataset
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[
{
"title": "IBC COFFEE AUCTIONS TO START SOON - DAUSTER",
"body": "The Brazilian Coffee Institute, IBC,\nplans to sell in a series of auctions over the next few weeks\nrobusta coffee purchased in London last year, but details of\nwhere and when auctions will take place are still to be\nfinalised, IBC president Jorio Dauster told reporters.\n The sales of 630,000 bags of robusta and an unspecified\namount of Brazilian arabica coffee will take place over a\nminimum of six months but it is not decided where sales will\ntake place or whether they will be held weekly or monthly.\n The amount offered at each sale has also not been set, but\ncould be in the order of 100,000 bags, Dauster said.\n Reuter\n\u0003",
"date": "21-APR-1987 11:35:01.50",
"topics": [
"coffee"
],
"places": [
"uk",
"brazil"
],
"id": "17001"
},
{
"title": "AMCA (AIL) NAMES NEW CHAIRMAN",
"body": "AMCA International Ltd said it\nappointed president and chief executive officer WIlliam Holland\nto succeed Kenneth Barclay as chairman.\n Barclay, who is 60 years old, decided not to stand for\nreappointment as chairman this year but will continue as a\ndirector, AMCA said.\n Reuter\n\u0003",
"date": "21-APR-1987 11:37:33.52",
"places": [
"canada"
],
"id": "17002"
},
{
"title": "API OIL INVENTORY REPORT TO BE ISSUED TONIGHT",
"body": "The American Petroleum Institute, API,\nsaid its weekly U.S. petroleum inventory report will be issued\ntonight, despite many company closures on Friday of last week\nfor the Easter holiday.\n The API report is usually released around 1700 EDT on\nTuesday nights.\n The Energy Information Administration said it also expects\nits weekly oil statistic report to be released as usual, on\nWednesday night at about 1700 EDT.\n Reuter\n\u0003",
"date": "21-APR-1987 11:38:04.12",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17003"
},
{
"title": "SORO GROUP TO LIMIT FAIRCHILD <FEN> STOCK BUYS",
"body": "Quantum Fund N.V., a Netherlands\nAntilles mutual fund for which New York investor George Soros\nis investment adviser, said it has agreed to limit further\npurchases of Fairchild Industries Inc stock.\n In a filing with the Securities and Exchange Commission,\nQuantum, which already holds 1,647,481 Fairchild common shares,\nor 11.5 pct of the total outstanding, said it agreed to the\nrestriction after Fairchild said its security clearance might\nbe jeopardized if Quantum acquires a major stake in it.\n But Quantum said Fairchild management was told that Soros,\nacting either individually or through entities other than\nQuantum that he controls, may decide to buy common stock in the\ncompany on his own behalf.\n Quantum had recently notified the Federal Trade Commission\nunder the Hart-Scott-Rodino Antitrust Improvements Act of 1976\nthat it might buy up to 49.9 pct of Fairchild's voting stock.\nUnless the FTC had objected, Quantum would have been free, but\nnot obligated, to buy up to 49.9 pct of Fairchild stock.\n Fairchild management, however, warned that if Quantum, a\nforeign entity, raises its stake in the company to 49.9 pct, it\ncould \"impair\" the government security clearances Fairchild\nneeds to carry out its its defense contract work.\n In response, Quantum said it told Fairchild it will not\nmake \"significant additional purchases\" of its common or\npreferred stock without giving Fairchild enough prior notice to\nenable it to consult with Quantum over the impact of action.\n Quantum also said it has withdrawn its notification request\nto the FTC and the antitrust division of the Justice Department\nof its intent to buy up to 49.9 pct of Fairchild.\n Quantum also said it told the FTC and the Justice\nDepartment that it does not expect to resubmit any further\nnotifications of intent to significantly raise its stake in\nFairchild at this time.\n The restrictions Quantum has agreed to follow regarding\nfurther dealings in Fairchild stock do not apply to Soros as an\nindividual investor.\n Fairchild's annual shareholders meeting is scheduled to be\nheld tomorrow.\n Reuter\n\u0003",
"date": "21-APR-1987 11:44:00.53",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17004"
},
{
"title": "FED ADDS RESERVES VIA TWO-DAY REPURCHASES",
"body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange two-day System\nrepurchase agreements, a Fed spokesman said.\n Dealers said that Federal funds were trading at 6-7/16 pct\nwhen the Fed began its temporary and direct supply of reserves\nto the banking system.\n Reuter\n\u0003",
"date": "21-APR-1987 11:45:56.03",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "17005"
},
{
"title": "CAPITAL ASSOCIATES <CAII.O> TO TRADE ON NASDAQ",
"body": "Capital Associates Inc\nsaid its common stock will be included in NASDAQ's national\nmarket system, starting today.\n Capital Associates is an equipment leasing and financial\nservice company with headquarters in Colorado Springs, Colo.\n Reuter\n\u0003",
"date": "21-APR-1987 11:49:31.32",
"places": [
"usa"
],
"id": "17006"
},
{
"title": "MINT REVIEWS OFFERS ON 3,701,000 LBS COPPER",
"body": "The U.S. Mint received 17 offers\nfrom seven firms at prices ranging from 0.66845-0.6840 dlrs per\nlb for payment by standard check and 0.66695-0.68 dlrs per lb\nfor wire transfer payment in a review of offers on 3,701,000\nlbs of electrolytic copper it is seeking to purchase.\n Philipp Brothers, N.Y., led with the lowest offers of\n0.66695 for wire transfer payment and 0.66845 dlrs per lb to be\npaid by check, followed by Cerro Sales Corp, N.Y., with 0.6684\ndlrs per lb on one mln lbs for wire payment, and 0.6713 dlrs\nper lb on one mln lbs for standard payment.\n Firms, in submitting offers, elect to be paid by standard\ncheck or wire transfer, with awards based on whichever of the\ntwo methods is more cost advantageous at that time.\n Cerro Sales also offered prices for wire payment of 0.6689\ndlrs per lb on one mln lbs and 0.6693 dlrs per lb on 1,701,000\nlbs. Cerro's standard payment offers included 0.6719 dlrs per\nlb on one mln lbs and 0.6723 dlrs per lb on 1,701,000 lbs.\n Cargill Metals, Minneapolis, offered 0.67025 dlrs per lb\nfor wire payment and 0.67275 dlrs per lb for standard payment,\nwhile Elders Raw Materials, Darien, Ct., offered 0.6718 dlrs\nper lb for wire payment and 0.6735 dlrs per lb for standard\npayment on increments of 950,000 lbs each.\n Other offers for wire transfer payment include 0.6759 dlrs\nper lb on 380,000 lbs, submitted by Deak International, N.Y.,\n0.6789 dlrs per lb on the entire quantity by Diversified Metals\nCorp, St. Louis, and 0.68 dlrs per lb by Gerald Metals,\nStamford, Ct.\n Other standard payment offers include 0.6819 dlrs per lb on\n950,000 lbs by Diversified Metals, and 0.6840 dlrs per lb on\nthe entire quantity by Gerald Metals.\n The Mint said the copper is for delivery the week of May 11\nto Olin Corp, East Alton, Ill.\n The offers have a minimum acceptance period of three\ncalendar days, it said.\n Reuter\n\u0003",
"date": "21-APR-1987 11:52:37.63",
"topics": [
"copper"
],
"places": [
"usa"
],
"id": "17007"
},
{
"title": "AHED <AHM.TO> MAY ISSUE ONE MLN SHARES",
"body": "Ahed Corp said it began discussions\nwith an investment dealer about issuing an additional one mln\ntreasury shares in the near future.\n Ahed also said it believes recent increases in its stock\nprice could be attributable to a published report describing\nthe activities of the company.\n Ahed said no other events are known to have taken place\nwhich would cause these recent price increases.\n Reuter\n\u0003",
"date": "21-APR-1987 11:55:33.03",
"places": [
"canada"
],
"id": "17008"
},
{
"title": "U.S. WEST <USW> INTRODUCES DATA NETWORK PRODUCT",
"body": "U.S. WEST INC said it introduced its\nfirst product for managing data networks, called the NETCENTER\ngraphic network monitor.\n The product was developed by U.S. WEST Network Systems Inc,\na subsidiary of U.S. WEST INC, it said. It will be distributed\nin the third quarter of 1987.\n The company said the product is aimed at companies with IBM\nSNA networks, and will allow customers control over their own\nnetworks.\n \n The initial license fee for a typical configuration will be\nin the 100,000 dlr to 300,000 dlr range, depending on the size\nof the network, the company said.\n Reuter\n\u0003",
"date": "21-APR-1987 11:55:57.82",
"places": [
"usa"
],
"id": "17009"
},
{
"title": "FRENCH WINTER CEREAL SOWING SEEN LITTLE CHANGED",
"body": "The Ministry of Agriculture left its\nestimates of French winter cereal sowings for the 1986/87\ncampaign barely changed at 6.606 mln hectares compared with its\nprevious forecast of 6.601 mln.\n This compared with the 6.41 mln ha of winter cereals\nharvested in the 1985/86 campaign.\n Winter soft wheat sowings were put at 4.647 mln ha compared\nwith its previous estimate of 4.651 mln and 4.57 mln ha\nharvested last campaign. Winter barley plantings were forecast\nat 1.46 mln ha, unchanged from its previous estimate and\ncompared with 1.41 mln harvested last season.\n The ministry put hard winter wheat sowings at 246,000 ha\nversus a February 1 estimate of 236,000 and actual area\nharvested last campaign of 217,000.\n Winter rape plantings were forecast at 627,000 ha against a\nprevious estimate of 621,000 and 375,000 rpt 375,000 harvested\nin 1985/86.\n Reuter\n\u0003",
"date": "21-APR-1987 12:04:11.03",
"topics": [
"grain",
"wheat",
"barley",
"oilseed",
"rapeseed"
],
"places": [
"france"
],
"id": "17010"
},
{
"title": "ENERGEX MINERALS <EGX> MAY RUN UP TO THREE PITS",
"body": "Energex Minerals\nLtd said economic evaluation of reserves indicates high-grade\noperation from three open pits may be feasable based on\nfive-year operation at 100 tons a day, a payback of less than\n1-1/2 years.\n An increase in the project's life, profitability and scale\nis anticipated as additional reserves are developed in 1987,\nthe company said.\n Current reserves are one mln long tons at 0.20 ounce gold\nper ton, all categories; proven-probable 262,242 long tons at\n0.25 ounce gold per ton, the company said.\n Reuter\n\u0003",
"date": "21-APR-1987 12:11:18.43",
"topics": [
"gold"
],
"places": [
"canada"
],
"id": "17011"
},
{
"title": "TURNER TO MEET WITH DOME <DMP> EXECUTIVES",
"body": "Liberal Party leader John Turner said he\nwill meet with senior executives of Dome Petroleum Ltd in\nCalgary tomorrow to discuss the proposed sale of Dome.\n Turner's office said he will hold a news conference\ntomorrow at 1400 MDT (1600 EDT) in Calgary.\n Turner, who is opposition leader in Parliament, has\ncriticized Dome's acceptance of a 5.1 billion dlr takeover bid\nfrom Amoco Corp <AN> as a sell-out of Canada's oil industry.\n Reuter\n\u0003",
"date": "21-APR-1987 12:13:27.73",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "17012"
},
{
"title": "NEW YORK TIMES <NYT> SEES UNEVEN GAINS IN 1987",
"body": "The New York Times Co said\nthat if prevailing business conditions continue, the company\nsees \"another outstanding year, although the remaining quarters\nof 1987 will probably not show uniform gains.\"\n The company's first quarter earnings rose 21 pct to 41.1\nmln dlrs or 50 cts a share compared to 33.9 mln dlrs or 42 cts\na share in the year-ago quarter restated for a two-for-one\nstock split.\n \n The company also said its newspaper division, which\nincludes the New York Times and 32 regional newspapers, had a\nfirst quarter operating profit of 69.8 mln dlrs compared with\n60.7 mln dlrs in the year-ago first quarter mainly due to\nadvertising volume and rate increases.\n The company's magazine division, which includes \"Family\nCircle,\" had a first quarter profit of 9.7 mln dlrs compared to\n7.4 mln dlrs in the year ago quarter.\n The company's broadcasting and cable tv group reported an\noperating profit of 2.9 mln dlrs compared to 2.6 mln dlrs in\nthe year-ago first quarter.\n Reuter\n\u0003",
"date": "21-APR-1987 12:13:34.25",
"places": [
"usa"
],
"id": "17013"
},
{
"title": "BANKERS TRUST <BT> TIES NET TO CURRENCY EARNINGS",
"body": "Bankers Trust New York Corp said its\nfirst quarter foreign exchange trading income rose to 82.8 mln\ndlrs from 20.9 mln dlrs in the first qtr of 1986, offsetting\nthe bank's 7.4 mln dlr loss incurred from placing 540 mln dlrs\nof Brazilian loans on a non-accrual status.\n Earlier, the bank reported that first quarter net income\nincreased to 124.2 mln dlrs, or 1.77 dlrs a share, from 115.9\nmln dlrs, or 1.64 dlrs a share, a year ago.\n Bankers Trust chairman Alfred Brittain III said increased\nnon-interest income, a lower provision for loan-losses and\nincreased net interest income also helped first quarter net.\n \n Bankers Trust previously announced that the 540 mln dlrs in\nnon-accruable Brazilian loans would cut its first quarter\nearnings by 7.4 mln dlrs, and could slice about 30 mln dlrs\nfrom the full year's net.\n Bankers Trust said non-interest income in the first quarter\nequaled 275.4 mln dlrs, up 37.1 mln dlrs from a year ago.\n Loan losses fell in the quarter to 22 mln dlrs, versus 40\nmln dlrs a year ago while taxable net interest income remained\nflat at 266 mln dlrs, the bank said.\n Reuter\n\u0003",
"date": "21-APR-1987 12:14:27.18",
"places": [
"usa"
],
"id": "17014"
},
{
"title": "ALTEX <AII> TO SELL OILFIELD SERVICES ASSETS",
"body": "Altex Industries Inc said it agreed to\nsell the assets of its wholly-owned oilfield service\nsubsidiary, Parrish Oil Tools Inc.\n The price and buyer were not disclosed.\n Altex said Parrish had a loss from operations of 428,000\ndlrs on revenues of 881,000 dlrs in fiscal 1986 and a loss from\noperations of 48,000 dlrs on revenues of two mln dlrs in fiscal\n1985.\n Reuter\n\u0003",
"date": "21-APR-1987 12:15:12.80",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17015"
},
{
"title": "IMARK INDS <IMAR.O> VOTES ANNUAL 25 CT DIVIDEND",
"body": "Imark Industries Inc said its\ndirectors approved payment of an annual dividend of 25 cts on\nMay 21, record May seven.\n The company paid the same dividend last year.\n Reuter\n\u0003",
"date": "21-APR-1987 12:17:02.35",
"places": [
"usa"
],
"id": "17016"
},
{
"title": "DUQUESNE LIGHT <DQU> HURT BY LEGISLATION",
"body": "Duquesne Light Co president Wesley\nvon Schack told shareholders that current state law and\nregulatory policies will result in higher capital rates and\nhigher rates for customers.\n \"Pennsylvania's recently enacted excess capacity\nlegislation denies shareholders the opportunity to earn a fair\nreturn on their investment and undermines economic development\nin Pennsylvania,\" von Schack told shareholders at the annual\nmeeting.\n \n Von Schack said two major bond rating agencies have recently\ndowngraded Duquesne's credit rating due to regulatory\nuncertainty. The action will result in higher capital rates and\nhigher rates for customers, he said.\n He said the Pennsylvania Utility commission indicated in\nits most recent rate case decision that even if newly\nconstructed Perry No. 1 nuclear plant was in commercial\noperation, shareholders would be denied a return on their\ninvestment in the plant. Von Schack called on shareholders to\njoin it and certain legislators' efforts to create a\npartnership to fight these issues and resolve these problems.\n \n Reuter\n\u0003",
"date": "21-APR-1987 12:17:09.99",
"places": [
"usa"
],
"id": "17017"
},
{
"title": "CREATIVE MONETARY POLICY TO SPUR KUWAITI ECONOMY",
"body": "Kuwait, a major oil producer hit by last\nyear's price slump, is leaning towards a more creative monetary\npolicy to help spur its economy, banking sources said.\n \"There is a clear emphasis on encouraging the use of money\nin productive ventures, rather than having it all tied up in\ninterest bearing investments which have no direct productive\noutlet,\" one banker said.\n Kuwait's Central Bank yesterday cut one key money market\nrate and abandoned another which had been used since February\n1986 to direct inter-bank borrowing and lending costs.\n The bank reduced to six pct from 6-1/2 pct the rate at\nwhich it will offer funds of one month to one year in the\ninter-bank market. This, in turn, affected retail rates.\n The cut, the third this year, followed a major overhaul of\ninterest rate policy last month which Central Bank Governor\nSheikh Salem Abdul-Aziz al-Sabah said was designed to revive\nthe economy.\n One banker said \"There is growing flexibility, creativity,\nin interest rate policy, amid an awareness of the need to\ndiversify the economy by stimulating the non-oil sector.\"\n For the first time in nearly three years domestic interest\nrates are now significantly below those for the U.S. Dollar, a\nfavourite haven for Gulf speculative and investor funds in the\npast, banking sources said.\n Despite uncertainties generated by the 6-1/2 year old Iran-\nIraq war on Kuwait's northern doorstep, bankers play down the\nprospect of any significant capital flight.\n The Kuwaiti dinar, whose value is set by the Central Bank\nand was fixed today at 0.27095/129 to the dollar, is stronger\nnow than for several years.\n Fears that the dollar may fall further will prompt second\nthoughts among Kuwaiti investors prepared to consider switching\nfunds into the U.S. Currency, the sources said.\n \"There is a distinct exchange rate risk,\" they added.\n Bankers said the dollar slump hurt many investors behind\nthe last major capital outflow in 1984, encouraged then by 18\npct U.S. Interest rates and the start of Iranian attacks on\nneutral shipping in the Gulf.\n The Central Bank calculates its dinar exchange rate against\na basket of currencies. Bankers do not know the basket's exact\nmake-up but say it is weighted heavily in favour of the dollar.\n Some bankers believe any strengthening of the dinar beyond\n0.27000 to the dollar might provoke investors into shifting\nfunds into the U.S. Currency. \"They may ask:When will the dollar\nbe so cheap again?\" one said.\n And with dinar interest rates now roughly one pct below\nthose for the dollar, they say the Central Bank faces a\ndelicate balancing role requiring further flexibility.\n Bankers said the current, expansionary interest rate policy\nis only part of a broader attempt to encourage local investment\nand strengthen the backbone of the economy.\n They estimate the economy, measured in terms of GDP and\nallowing for inflation, shrank 19 pct in 1986 after an 8.1 pct\ncontraction the previous year.\n Bankers also noted recent measures to stimulate stock\nmarket activity, capped today by sharp cuts in brokerage fees\nto make it cheaper for investors to trade.\n REUTER\n\u0003",
"date": "21-APR-1987 12:17:49.31",
"topics": [
"interest",
"money-fx",
"gnp"
],
"places": [
"kuwait"
],
"id": "17018"
},
{
"title": "CSX <CSX> UNIT CHAIRMAN RETIRES",
"body": "CSX Corp said\nthat Joseph Abely, chairman and chief executive officer of\nCSX's Sea-Land Corp unit, will retire by the end of the month.\n The company said he will be replaced by Robert Hintz,\nexecutive vice president of CSX and president and chief\nexecutive officer of the company's energy and properties\ngroups.\n Reuter\n\u0003",
"date": "21-APR-1987 12:23:33.91",
"places": [
"usa"
],
"id": "17019"
},
{
"title": "BRAZIL FUND SHOULD START OPERATING SOON",
"body": "A Brazil Fund through which foreign\ninvestors will be able to buy stocks in Brazilian companies\nshould start operating in about two months, the Securities and\nExchange Commission said.\n A spokesman told Reuters that four institutions in the\nUnited States were interested in participating in the Fund --\nMerrill Lynch and Co Inc, Salomon Brothers Inc, the IFC and the\nFirst Boston Corp.\n The spokesman said the Fund, approved last December, was\nexpected to attract about 100 mln dlrs of investments.\n Reuter\n\u0003",
"date": "21-APR-1987 12:28:08.02",
"places": [
"brazil"
],
"id": "17020"
},
{
"title": "JAPAN BUYS 4,000 TONNES OF CANADIAN RAPESEED",
"body": "Japan bought 4,000 tonnes of Canadian\nrapeseed for last-half May/first-half June shipment, nearly\ncompleting buying for May needs, trade sources said. \n Price details were not available.\n\n Reuter\n\u0003",
"date": "21-APR-1987 12:36:27.62",
"topics": [
"oilseed",
"rapeseed"
],
"places": [
"japan",
"canada"
],
"id": "17021"
},
{
"title": "SOUTH KOREA BUYS 50,000 TONNES CANADIAN WHEAT",
"body": "South Korea yesterday bought 50,000\ntonnes of Canadian feed wheat for late June/early July shipment\nat 95.00 dlrs per tonne FOB Vancouver, trade sources said.\n Reuter\n\u0003",
"date": "21-APR-1987 12:39:08.68",
"topics": [
"grain",
"wheat"
],
"places": [
"south-korea",
"canada"
],
"id": "17022"
},
{
"title": "SENATE PREPARING FOR NEW U.S. BUDGET BATTLE",
"body": "Congress returned from its Easter\nrecess ready for the annual Spring budget battle that promises\nto be a partisan dispute.\n The budget fight pitting Democrats against President Reagan\nand Republicans is expected to get underway this week in the\nSenate late this week and last at least another week. It is\ntaking on new prominence because of current trade woes.\n That is because the budget problems and its associated huge\ndeficits are said to be at the root of related international\ntrade friction currently worrying financiers.\n As the dollar slides downward on global markets and stock\nexchanges gyrate wildly, the trade dispute involving the United\nStates and Japan once again is spreading fears of a major trade\nwar between the two trading giants for the first time since\nWorld War II.\n Ostensibly that dispute is over U.S. charges that Japan is\nrefusing to open its markets to semi-conductor chips and the\nresulting U.S. tariffs doubling prices of Japanese televisions\nand small computers.\n Behind the elements of a brewing trade war which neither\nside wants, is the dilemma of the U.S. budget and its deficit.\n Some analysts say the financial markets may be waking up to\nthe economic realities that the huge debt cannot continue to\ngrow without repercussions.\n A large portion of the U.S. debt has been financed by\nforeigners from their accumulated trade surpluses. But if they\nwithdraw this support the result can only be further problems,\nincluding higher interest rates for Americans.\n In a nutshell, the U.S. budget process has now moved to the\nshowdown stages in Congress. Reagan's own trillion dollar\nspending budget for the government year 1988, starting Oct. 1,\nwas trounced badly in the House on April 9.\n The Senate takes up a plan similar to one that passed the\nHouse, calling for slashing the deficit from its estimated 171\nbillion dlr level next year to about 134 billion dlrs, through\ndefense and domestic spending cuts and about 18.5 billion dlrs\nin new, unspecified, taxes. As the Senate prepares to take up\nits own budget plan, majority Democrats predict there will be\npassage of a bill, only after a protracted partisan battle.\n In the House, not one Republican voted for the budget,\nwhich passed by 230 to 192. In the Senate, none of Reagan's\nRepublicans voted for the budget as it passed out of the Senate\nBudget Committee for full Senate consideration.\n A key Senate Budget Committee source told Reuters he\nbelieves this very unusual unanimous opposition was by design\namong congressional Republicans, perhaps with the tacit\napproval of the White House.\n \"Republicans want Democrats to take the heat for any tax\nhikes and defense cuts,\" he said.\n In the coming weeks, the source said, Democrats will press\nfor a bipartisan budget and seek a negotiated budget with\nReagan -- who already is opposed to the idea. But \"it is not\nclear how the Republicans will act,\" he added.\n He said Republicans may propose their own plan for lower\ntaxes and more defense spending, which they did not offer after\nReagan's budget was clobbered in an early vote in the House.\n When Reagan entered the White House in 1981, he inherited\nwhat was labelled a huge deficit from Jimmy Carter that wound\nup to be nearly 79 billion dlrs that year.\n Despite Reagan's promise to balance the budget by 1983,\ncritics note that his administration's record of accumulated\ndebt is estimated over one trillion dlrs, or 1,100 billion\ndlrs.\n That is money the government must borrow, and pay back, and\nmany analysts say it is what kept the dollar high and caused\nthe worst U.S. trade deficit ever.\n Last year the United States bought goods from the world\nworth 169.8 billion dlrs more than what it sold, including\npurchases of 58.6 billion dlrs in Japanese goods.\n While Congress is trying to attack the trade deficit on one\nfront through a get-tough trade bill promising retaliatory\nmeasures unless all markets are opened, its success so far\nagainst the budget deficit has been marked by limited progress.\n Congress, which controls the pursestrings, has put the\ndeficit on a downward path from its record high of 220.7\nbillion dlrs accumulated in fiscal 1986, which ended Sept. 30.\n Because of the Gramm-Rudman-Hollings balanced budget law\nenacted in late 1985, there has been pressure on Congress to do\nmore than talk about deficits.\n That law, named after Republican Senators Phil Gramm of\nTexas, Warren Rudman of New Hampshire and Democrat Ernest\nHollings of South Carolina, calls for a balanced budget by 1991\nthrough a series of set deficit targets that Congress must meet.\n The law has been followed, even though an enforcement\nmechanism to mandate automatic across-the-board cuts if\nCongress misses its goal was stricken by the Supreme Court.\n The legislators have followed the targets -- on paper. But\nin reality, the goal has actually been missed. For example,\nCongress last year approved legislation to meet the 1987 target\nof a 144 billion dlr deficit. But even after approving the\nnumbers, the deficit for 1987 is estimated at over 170 billion\ndlrs -- far off the target.\n This year the target is 108 billion dlrs and that goal is\nexpected to be missed widely.\n Reuter\n\u0003",
"date": "21-APR-1987 12:39:55.30",
"topics": [
"trade"
],
"places": [
"usa"
],
"id": "17023"
},
{
"title": "COMMONWEALTH EDISON <CWE> SELLS MORTGAGE BONDS",
"body": "Commonwealth Edison Co is raising 360\nmln dlrs via a two-tranche offering of first and refunding\nmortgage bonds, said lead manager Morgan Stanley and Co Inc.\n A 200 mln dlr issue of bonds due 1990 has an 8-1/8 pct\ncoupon and was priced at 99.775 to yield 8.21 pct, or 65 basis\npoints over comparable Treasury securities.\n A 160 mln dlr offering of bonds due 1992 has an 8-5/8 pct\ncoupon and was priced at 99.85 to yield 8.661 pct, or 78 basis\npoints more than Treasuries. Both tranches are non-callable for\nlife and rated A-3 by Moody's and A by S and P. Salomon\nBrothers Inc co-managed the deal.\n Reuter\n\u0003",
"date": "21-APR-1987 12:42:37.02",
"places": [
"usa"
],
"id": "17024"
},
{
"title": "BUSINESSMAN HAS ROYAL RESOURCES <RRCO.O> STAKE",
"body": "James Stuckert, a Louisville, Ky.,\nbusinessman, told the Securities and Exchange Commission he has\nacquired 380,000 shares of Royal Resources Corp, or 5.7 pct of\nthe total outstanding common stock.\n Stuckert said he bought the stake for 600,000 dlrs solely as\nan investment.\n Reuter\n\u0003",
"date": "21-APR-1987 12:47:33.66",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17025"
},
{
"title": "ATT <T> LAUNCHES SYSTEMS FOR SMALL BUSINESSES",
"body": "American Telephone and Telegraph Co\nintroduced two communications systems, Spirit and Merlin, and\nother products, in a bid to strengthen its position with small\nbusinesses, the company said.\n The Spirit system, with a basic price tag of 1,500 dlrs,\ncan handle up to six lines and 16 telephones and a more\nadvanced line which can handle up to 24 lines and 48\ntlelphones.\n ATT said the Merlin line, which starts at 2,500 dlrs, can\nhandle up to 32 lines and 72 telephones.\n ATT said the new products will eventually replace the\ncurrent Merlin product family. Some of the systems will be\navailable in May and others in the third quarter.\n ATT also introduced software enhancements for the System\n25, for business that require PBX voice and data communications\nand need up to 150 phones. These and other enhancements will be\navailable in the third quarter, the company said.\n Reuter\n\u0003",
"date": "21-APR-1987 12:48:28.99",
"places": [
"usa"
],
"id": "17026"
},
{
"title": "SPAIN MAINTAINS FIVE PCT INFLATION TARGET",
"body": "Spanish Secretary of State for the\neconomy Guillermo de la Dehesa said the government maintained\nits five pct inflation target for this year although a 0.6 pct\nincrease in March pushed the rise in the year on year consumer\nprice index to 6.3 pct.\n De la Dehesa said the March rise, announced today by the\nNational Statistics Institute, was not entirely satisfactory\nbut acceptable.\n The year on year rate at the end of February was six pct.\nPrices rose 8.3 pct last year.\n The March rise included a 0.05 pct increase correcting an\nerror in last January's consumer price index. Economists had\nearlier said the error could have been as high as 0.2 pct.\n De la Dehesa said seasonal increases in food prices pushed\nthe index up in March and he expected the rate to be lower in\nApril.\n The Communist-led Workers Commissions union said the March\nprice rise showed inflation was going up again and the\ngovernment looked increasingly unlikely to meet its five pct\ntarget.\n The Workers Commissions said the inflation trend fuelled\nunions's claims to wage increases beyond the government's\nrecomendation to limit wage rises at around five pct.\n Spain is being affected by a two-month-old wave of strikes\nfor wage rises. Government officials note wage settlements so\nfar this year have yielded average increases upwards of six\npct, while unions say the figure is higher then seven pct.\n REUTER\n\u0003",
"date": "21-APR-1987 12:53:58.04",
"topics": [
"cpi"
],
"places": [
"spain"
],
"id": "17027"
},
{
"title": "API SAID STATISTICS TO BE RELEASED TONIGHT",
"body": "The American Petroleum Institute said\nit plans to release its weekly report on U.S. oil inventories\ntonight, even though last Friday was a holiday.\n Reuter\n\u0003",
"date": "21-APR-1987 13:00:06.84",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17028"
},
{
"title": "GCA <GCA> COMPLETES FINANCIAL RESTRUCTURING",
"body": "GCA Corp said it completed its\npreviously announced plan of financial restructuring under\nwhich Hallwood Group Inc <HWG> took a 14 pct interest in the\ncompany, a maker of semiconductor manufacturing equipment.\n The company said it also implemented a one-for-50 reverse\nstock split.\n Under terms of the plan, the company exchanged about 109\nmln dlrs in debt to creditors and suppliers for 43 mln dlrs in\ncash, and warrants to purchase 2.2 mln shares of its common\nstock. GCA also raised 71.7 mln dlrs through the sale of common\nstock.\n Reuter\n\u0003",
"date": "23-APR-1987 18:32:18.42",
"places": [
"usa"
],
"id": "17029"
},
{
"title": "SEC WARNS SECURITIES DEALERS ON HIGH MARK-UPS",
"body": "The Securities and Exchange\nCommission reminded securities dealers that its mark-up\ndisclosure requirements also applies to transactions on\nzero-coupon securities.\n Dealers and brokers are required by U.S. securities law to\ndisclose their mark-ups if they are excessive, the SEC said in\na public notice.\n Further, excessive mark-ups on securities transactions,\nwhether disclosed or not, violate the rules of the national\nAssociation of Securities Dealers Inc and Municipal Securities\nRulemaking Board, it said.\n In a separate action, the SEC filed a friend-of-the-court\nbrief in a private civil case involving a complaint against\nMerrill Lynch over excessive mark-ups on zero-coupon bonds. The\ncase is being appealed to the U.S. Appeals Court.\n The lower court dismissed the complaint, finding antifraud\nprovisions of securities laws do not prohibit undisclosed\nexcessive mark-ups on securities transactions.\n The SEC is urging the appeals court to reverse the\ndecision, citing its nearly 50 year-old position that\nundisclosed excessive mark-ups by securities dealers violate\nthe general antifraud provisions of securities laws.\n Reuter\n\u0003",
"date": "23-APR-1987 18:34:33.58",
"places": [
"usa"
],
"id": "17030"
},
{
"title": "SOUTHAM INC <STM.TO> 1ST QTR NET",
"body": "Oper shr 32 cts vs 37 cts\n Oper net 18.9 mln vs 21.6 mln\n Revs 352.1 mln vs 323.0 mln\n Note: 1987 net excludes extraordinary gain of 2.8 mln dlrs\nor five cts shr from sale of surplus property.\n Reuter\n\u0003",
"date": "23-APR-1987 18:37:03.79",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17031"
},
{
"title": "LOCTITE CORP <LOC> 3RD QTR MARCH 31 NET",
"body": "Shr 96 cts vs 53 cts\n Net 8,663,000 vs 4,798,000\n Revs 89.7 m ln vs 66.8 mln\n Nine mths\n Shr 2.33 dlrs vs 1.67 dlrs\n Net 21.1 mln vs 15.1 mln\n Revs 241.3 mln vs 192.8 mln\n Reuter\n\u0003",
"date": "23-APR-1987 18:45:40.42",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17032"
},
{
"title": "U.S. CONGRESS STILL ANGRY WITH JAPAN - ABE",
"body": "Special Japanese envoy Shintaro Abe\nsaid in a brief interview with Reuters that the feeling in the\nU.S. congress is \"very severe\" against Japan.\n However, Abe said he believed that neither Congress nor the\nReagan administration wants to undermine relations with Japan.\n He said the Reagan administration showed \"relative\nunderstanding\" of how Japan is trying to alleviate its U.S.\ntrade imbalance. Abe said he was convinced \"Congress and the\nadministration had the same view that the relationship between\nTokyo and Washington should not be undermined.\"\n Reuter\n\u0003",
"date": "23-APR-1987 18:56:03.00",
"places": [
"usa",
"japan"
],
"id": "17033"
},
{
"title": "GLENFED INC <GLN> 3RD QTR MARCH 31 NET",
"body": "Oper shr 1.54 dlrs vs 82 cts\n Oper net 33.7 mln vs 17.66 mln\n Revs 473.1 mln vs 419.0 mln\n Nine mths\n Oper shr 4.60 dlrs vs 2.39 dlrs\n Oper net 100.4 mln vs 51.0 mln\n Revs 1.38 billion vs 1.21 billion\n Assets 18.5 billion vs 15.5 billion\n Deposits 13.00 billion vs 11.29 billion\n Loans 15.04 billion vs 12.56 billion\n Note: Oper net excludes extraordinary loss 6,636,000 and\n11.9 mln for 1987 qtr and nine mths on prepayment of borrowings\nfrom the Federal Home Loan Bank Board.\n Oper also excludes tax credits of 15.8 mln vs 5,954,000 for\nqtr and 17.8 mln vs 11.6 mln for nine mths.\n \n Reuter\n\u0003",
"date": "23-APR-1987 18:59:23.50",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17034"
},
{
"title": "HORIZON INDUSTRIES INC <HRZN> 2ND QTR NET",
"body": "Qtr ended April four\n Shr profit eight cts vs loss 22 cts\n Net profit 341,000 vs loss 903,000\n Revs 58.4 mln vs 46.3 mln\n Six mths\n Shr profit 35 cts vs loss 19 cts\n Net profit 1,466,000 vs loss 767,000\n Revs 121.4 ln vs 95.9 mln\n Reuter\n\u0003",
"date": "23-APR-1987 19:00:51.40",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17035"
},
{
"title": "FED DATA PROVIDE NEW EVIDENCE OF TIGHTER POLICY",
"body": "U.S. banking data released today are\ntoo distorted to draw sweeping conclusions about monetary\npolicy, but they do support the market's assumption that the\nFederal Reserve has started to tighten its grip on credit,\neconomists said.\n \"It's clear that the Fed has firmed somewhat. Discount\nwindow borrowings, net free reserves, the Fed funds rate\naverage and the pattern of reserve additions are all consistent\nwith a modest tightening,\" said Dana Johnson of First Chicago\nCorp.\n Johnson, and several other economists, now estimate that\nthe Fed funds rate should trade between 6-1/4 and 6-3/8 pct.\n Discount window borrowings in the week to Wednesday were\n935 mln dlrs a day, producing a daily average for the two-week\nstatement period of 689 mln dlrs, the highest since the week of\nDecember 31, 1986, and up from 393 mln dlrs previously.\n Moreover, banks were forced to borrow a huge 5.2 billion\ndlrs from the Fed on Wednesday - the highest daily total this\nyear - even though unexpectedly low Treasury balances at the\nFed that day left banks with over two billion dlrs more in\nreserves than the Fed had anticipated.\n However, economists said it is almost certain that the Fed\nis aiming for much lower discount window borrowings than\nwitnessed this week. They pointed to two factors that may have\nforced banks to scramble for reserves at the end of the week.\n First, economists now expect M-1 money supply for the week\nended April 29 to rise by a staggering 15 to 20 billion dlrs,\npartly reflecting the parking in checking accounts of the\nproceeds from stock market sales and mutual fund redemptions to\npay annual income taxes.\n As banks' checking-account liabilities rise, so do the\nreserves that they are required to hold on deposit at the Fed.\n Required reserves did indeed rise sharply by 2.5 billion\ndlrs a day in the two weeks ended Wednesday, but economists\nsaid the Fed may not have believed in the magnitude of the\nprojected M-1 surge until late in the week and so started to\nadd reserves too late.\n Second, an apparent shortage of Treasury bills apparently\nleft Wall Street dealers with too little collateral with which\nto enagage in repurchase agreements with the Fed, economists\nsaid. Thus, although there were 10.3 billion dlrs of repos\noutstanding on Wednesday night, the Fed may have wanted to add\neven more reserves but was prevented from doing so.\n \"It's not at all inconceivable that the Fed didn't add as\nmuch as they wanted to because of the shortage of collateral,\"\nsaid Ward McCarthy of Merrill Lynch Economics Inc.\n McCarthy estimated that the Fed is now targetting\ndiscount-window borrowings of about 400 mln dlrs a day,\nequivalent to a Fed funds rate of around 6-3/8 pct.\n After citing the reasons why the Fed probably has not\ntightened credit to the degree suggested by the data,\neconomists said the fact that the Fed delayed arranging \novernight injections of reserves until the last day of the\nstatement period was a good sign of a more restrictive policy.\n Jeffrey Leeds of Chemical Bank had not been convinced that\nthe Fed was tightening policy. But after reviewing today's\nfigures, he said, \"It's fair to say that the Fed may be moving\ntoward a slightly less accommodative reserve posture.\"\n Leeds expects Fed funds to trade between 6-1/4 and 6-3/8\npct and said the Fed is unlikely to raise the discount rate\nunless the dollar's fall gathers pace.\n Johnson at First Chicago agreed, citing political\nopposition in Washington to a dollar-defense package at a time\nwhen Congress sees further dollar depreciation as the key to\nreducing the U.S. trade surplus with Japan.\n Reuter\n\u0003",
"date": "23-APR-1987 19:02:27.01",
"topics": [
"money-supply"
],
"places": [
"usa"
],
"id": "17036"
},
{
"title": "RORER GROUP INC <ROR> 1ST QTR NET",
"body": "Oper shr profit 34 cts vs loss 78 cts\n Oper net profit 7,434,000 vs loss 17.0 mln\n Revs 201.2 mln vs 171.7 mln\n Note: Year-ago oper exludes gain on sale of businesses of\n139.6 mln.\n Year-ago oper includes charges of 27.8 mln resulting from\nallocation of the purchase price of Revlon's businesses to\ninventory and 7.1 mln for restructuring costs.\n Reuter\n\u0003",
"date": "23-APR-1987 19:08:09.42",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17037"
},
{
"title": "MILD COFFEE GROWERS TO MEET IN GUATEMALA",
"body": "A large group of \"other milds\"\ncoffee-growing nations will hold talks in Guatemala next month\nto map their strategy for next September's meeting of the\nInternational Coffee Organisation (ICO).\n Mario Fernandez, executive director of the Costa Rican\ncoffee institute, said delegates from Mexico, the Dominican\nRepublic, Peru, Ecuador, India, Papua New Guinea and five\ncentral american nations will participate in the two-day\nstrategy session beginning May 4.\n The main topic will be reform of what many producing\ncountries perceive as the ICO's unfair distribution of export\nquotas, Fernandez said.\n He said Costa Rica would press for quotas \"based on the\nreal production and export potential of each country in the\npast few years\" and to distribute quotas based on \"historic\"\nproduction levels rather than recent harvests and crop\nestimates.\n Reuter\n\u0003",
"date": "23-APR-1987 19:36:56.77",
"topics": [
"coffee"
],
"organisations": [
"ico-coffee"
],
"places": [
"costa-rica",
"guatemala"
],
"id": "17038"
},
{
"title": "US STUDY DISCUSSES DROPPED COMSAT-CONTEL MERGER",
"body": "A congressional study today said the\nproposed, but now apparently abandoned, merger of the\nCommunications Satellite Corp <CQ> and Contel Corp <CTC>\nwould technically be legal but could violate the spirt of the\nlaw setting up COMSAT.\n Two weeks ago before the study was completed, Contel\nannounced it would seek to terminate the proposed merger.\n The study by the non partisan Congressional Research\nService (CRS) said \"the proposed merger appears to comply,\ntechnically, with the mandates or letter of statutes, if may\nnevertheless violate the spirit of the law.\"\n Comsat, created by a 1962 act of Congress, and Contel, a\ncorporation of local telephone and communications firms, filed\nwith the Federal Communications Commission last November 3 an\napplication for merger. Several firms had protested the\nproposed merger.\n In an analysis of the law, the research service issued\nseveral critical comments about the structure of the new firm\nand said apparent domination by Contel of a restructured COMSAT\nwould have broken the spirit of the law setting up\nCOMSAT.COMSAT is the U.S. arm of Intelstat, the international\nsatellite communications firm. \n \nReuter...^M\n\u0003",
"date": "23-APR-1987 19:48:08.94",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17039"
},
{
"title": "SETBACK SEEN FOR NAKASONE IN JAPANESE PARLIAMENT",
"body": "Japan's Lower House passed the 1987\nbudget after the ruling Liberal Democratic Party agreed to a\nmediation proposal that could kill its plan to introduce a\ncontroversial sales tax, political analysts said.\n The move was seen as a major blow to Prime Minister\nYasuhiro Nakasone, the leading advocate of the five pct tax.\n Some analysts predicted Nakasone might be forced to step\ndown just after the June summit of leaders from major\nindustrial democracies, well before his one-year term is due to\nexpire at the end of October.\n The ruling party though was anxious to pass the budget\nbefore Nakasone leaves next week for the U.S. so that he could\ntell Washington the Japanese government was doing its utmost to\nboost the sagging economy and imports.\n Reuter\n\u0003",
"date": "23-APR-1987 19:48:47.25",
"places": [
"japan",
"usa"
],
"id": "17040"
},
{
"title": "BANK OF JAPAN INTERVENES IN TOKYO MARKET",
"body": "The Bank of Japan intervened just after\nthe Tokyo market opened to support the dollar from falling\nbelow 140.00 yen, dealers said.\n The central bank bought a moderate amount of dollars to\nprevent its decline amid bearish sentiment for the U.S.\nCurrency, they said.\n The dollar opened at a record Tokyo low of 140.00 yen\nagainst 140.70/80 in New York and 141.15 at the close here\nyesterday. The previous Tokyo low was 140.55 yen set on April\n15.\n REUTER\n\u0003",
"date": "23-APR-1987 20:21:46.09",
"topics": [
"money-fx",
"dlr"
],
"id": "17041"
},
{
"title": "AUSTRALIA'S M-3 MONEY SUPPLY RISE 1.5 PCT IN MARCH",
"body": "Australia's M-3 money supply growth was\n1.5 pct in March and 11.3 pct in the 12 months to March, the\nReserve Bank said.\n This compared with a revised rise of 0.5 pct in February\nand 11.1 pct in the year to end-February.\n The Reserve Bank said the M-3 data for March was affected\nby the start of the operations of <National Mutual Royal\nSavings Bank Ltd>, which has resulted in the transfer of\ndeposits (equivalent to around 1.5 pct of m-3) from the United\nPermanent Building Society to National Mutual Royal Savings\nBank Ltd.\n The Reserve Bank said M-3 money supply in March was 110.77\nbillion Australian dlrs compared with a revised 109.11 billion\nin February and 99.48 billion in March, 1986.\n M-3 is deposits of the private sector held by trading and\nsavings banks plus holdings of notes and coins.\n REUTER\n\u0003",
"date": "23-APR-1987 20:24:10.50",
"topics": [
"money-supply"
],
"places": [
"australia"
],
"id": "17042"
},
{
"title": "JAPANESE PARLIAMENT PASSES 1987 BUDGET",
"body": "Parliament's Lower House passed the 1987\nbudget shortly before midnight local time, official\nparliamentary sources said.\n The move followed agreement by the ruling Liberal\nDemocratic Party to a proposal that could kill its plan to\nintroduce a controversial sales tax, political analysts said.\nThe move was seen as a major blow to Prime Minister Yasuhiro\nNakasone, the leading advocate of the five pct tax, they said.\n Some analysts said Nakasone may be forced to step down\nafter the June summit of heads of major industrial democracies\nand before his one-year term is due to expire at end-October.\n Under the compromise agreed by the LDP and opposition\nparties, Lower House Speaker Kenzaburo Hara will take charge of\nthe sales tax bill, appoint a ruling/opposition party council\nto debate it and allow opposition leaders to review the present\ntax system, analysts said.\n Hara also verbally agreed to scrap the sales tax plan\nentirely if the joint council fails to reach agreement on how\nto handle the tax.\n The opposition parties, who have been vociferously\nattacking the sales tax plan for months, hailed the decision as\na great victory.\n The opposition parties had already delayed passage of the\nbudget for three weeks after the April 1 start of the fiscal\nyear by intermittent parliamentary boycotts.\n Although the LDP had more than enough votes to ram the\nbudget through parliament, it had been reluctant to do so for\nfear of a backlash of public opinion, especially after its\nsetback in recent local elections due to the sales tax issue.\n The ruling party though was anxious to pass the budget\nbefore Nakasone leaves next week for the U.S. So that he could\ntell Washington the Japanese government was doing its utmost to\nboost the sagging economy and imports.\n According to Kyodo News Service, Nakasone told reporters he\ndid not think the sales tax was dead.\n If the sales tax is dropped, it could prove a major boost\nto the economy because it would increase the government budget\ndeficit, economists said.\n The sales tax was originally scheduled to be introduced\nnext January to help offset the loss of government revenues\nstemming from a cut in income and corporate taxes due to go\ninto effect this month.\n REUTER\n\u0003",
"date": "23-APR-1987 20:30:17.87",
"places": [
"japan"
],
"id": "17043"
},
{
"title": "Dollar trades at post-war low of 139.50 yen in Tokyo - brokers\n",
"date": "23-APR-1987 20:35:24.14",
"topics": [
"money-fx",
"dlr"
],
"places": [
"usa",
"japan"
],
"id": "17044"
},
{
"title": "Many major nations yesterday intervened heavily to aid dlr - Miyazawa\n",
"date": "23-APR-1987 21:19:18.12",
"topics": [
"dlr"
],
"id": "17045"
},
{
"title": "STANDARD OIL SAYS BRITISH PETROLEUM SHARE TENDER EXTENDED UNTIL MAY 4\n",
"date": "23-APR-1987 21:25:22.52",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "17046"
},
{
"title": "JAPAN HAS NO PLANS FOR NEW MEASURES TO AID DLR",
"body": "Finance Minister Kiichi Miyazawa said\nJapan has no plans to take new emergency measures to support\nthe dollar, other than foreign exchange intervention.\n He also told reporters that many major nations yesterday\nintervened heavily to support the dollar against the yen.\n Yesterday's intervention was large in terms of the\ncountries involved and the amounts expended, he said.\n With the continued fall of the dollar against the yen,\n0speculation had arisen in currency markets here that Japan\nmight take new measures to support the U.S. Currency, such as\ncurbing capital outflows.\n Miyazawa said that yesterday's news of a 4.3 pct rise in\nU.S. Gnp in the first quarter had been expected. Although the\ngrowth looks robust on the surface, the figures in reality are\nnot that good, he said.\n He said the ruling Liberal Democratic Party (LDP) is\nexpected to come up with a final set of recommendations of ways\nto stimulate the Japanese economy before Prime Minister\nYasuhiro Nakasone leaves for Washington next week.\n Commenting on yesterday's report on economic restructuring\nby a high-level advisory panel to Nakasone, Miyazawa said it\nwas important to put the panel's recommendations into effect.\n REUTER\n\u0003",
"date": "23-APR-1987 21:28:14.05",
"topics": [
"money-fx",
"dlr"
],
"places": [
"usa",
"japan"
],
"id": "17047"
},
{
"title": "STANDARD OIL SAYS BP EXTENDS TENDER",
"body": "Standard Oil Co <SRD> said in a brief\nannouncement issued after a meeting of its board of directors\nthat British Petroleum Co PLC <BP.L> (BP) has extended its 70\ndlr per share tender offer until midnight May 4.\n The offer for the 45 pct of Standard shares not owned by BP\nhad been due to expire midnight April 28.\n Standard Oil said discussions with BP concerning the tender\nwere continuing but provided no further details.\n \"So long as those discussions continue, no recommendation\nwill be made to Standard Oil shareholders regarding the offer,\"\nStandard said.\n Standard directors met at the company's Cleveland\nheadquarters on Thursday in a regularly scheduled meeting. The\nspokesman was unable to say if the meeting would continue on\nFriday.\n A committee of independent directors previously obtained an\nopinion from First Boston Corp that the Standard shares were\nworth 85 dlrs each, 15 dlrs more than the BP offer.\n REUTER\n\u0003",
"date": "23-APR-1987 21:34:36.89",
"topics": [
"acq"
],
"places": [
"usa",
"uk"
],
"id": "17048"
},
{
"title": "QANTAS TO BUY EXTENDED RANGE BOEING 767 AIRCRAFT",
"body": "State-owned <Qantas Airways Ltd> said it\nhas placed a firm order for a single Boeing Co <BA.N> 767-300ER\n(extended range) aircraft for delivery in August 1988 at a cost\nof 150 mln Australian dlrs, including spares.\n A statement said it also has options to buy six more and\nwill decide in mid-1987 whether to use engines made by United\nTechnologies Corp <UTX> unit Pratt and Whitney or General\nElectric Co <GE>.\n The 767-300ER can carry more cargo and passengers and is\nmore fuel-efficient than the 767-200, six of which Qantas has\nin service.\n REUTER\n\u0003",
"date": "23-APR-1987 21:38:26.85",
"places": [
"usa"
],
"id": "17049"
},
{
"title": "JAPAN AGENCY URGES WATCH ON YEN RISE EFFECTS",
"body": "Japan should look out for possible\neffects of the yen's recent sharp rise on Japan's economy as\ngrowth remains slow, the government's Economic Planning Agency\nsaid in a monthly report submitted to cabinet ministers.\n EPA officials told reporters the underlying trend of the\neconomy is firm but growth is slow due to sluggish exports.\n Customs-cleared exports by volume fell 4.9 pct\nmonth-on-month in February after a 2.8 pct fall in March.\n The government must take adequate economic measures to\nexpand domestic demand and stabilise exchange rates in a bid to\nensure sustained econonic growth, the report said.\n The report made a special reference to the yen's renewed\nrise and its effect on the economy, the officials said, adding\nthe agency's judgement of current economic conditions has not\nchanged since last month.\n The EPA said last month Japan's economy is beginning to\nshow signs of bottoming out, conditional upon exchange rates.\n The dollar fell below 139 yen in early trading today - a\npost-war low.\n REUTER\n\u0003",
"date": "23-APR-1987 21:40:47.37",
"places": [
"usa",
"japan"
],
"id": "17050"
},
{
"title": "JAPAN DOES NOT INTEND TO EASE CREDIT - OFFICIALS",
"body": "The Bank of Japan does not intend to ease\ncredit policy further, bank officials told Reuters.\n They were responding to rumours in the Japanese bond market\nthat the central bank was planning to cut its 2.5 pct discount\nrate soon, possibly before Prime Minister Yasuhiro Nakasone\nleaves for Washington on April 29.\n Bank of Japan governor Satoshi Sumita will be in Osaka,\nwestern Japan on April 27 and 28 for the annual meeting of the\nAsian Development Bank, making a rate cut announcement early\nnext week a virtual impossibility, they said. April 29 is a\nholiday here.\n REUTER\n\u0003",
"date": "23-APR-1987 22:03:13.44",
"topics": [
"money-supply",
"interest"
],
"places": [
"japan"
],
"id": "17051"
},
{
"title": "NATIONAL MUTUAL CUTS AUSTRALIAN PRIME TO 17.75 PCT",
"body": "National Mutual Royal Bank Ltd said\nit would cut its prime rate to 17.75 pct from 18.25, effective\nApril 27.\n The cut follows a trend toward lower rates started last\nmonth and accelerated by Westpac Banking Corp, which yesterday\ncut its prime to 17.50 pct from 18.25 pct. Westpac's 17.50 pct\nis the lowest prevailing rate.\n REUTER\n\u0003",
"date": "23-APR-1987 22:49:55.57",
"topics": [
"interest"
],
"places": [
"australia"
],
"id": "17052"
},
{
"title": "ELDERS PURCHASE OF CANADIAN BREWER APPROVED",
"body": "Elders IXL Ltd <ELXA.S> said the\nCanadian government approved its bid for <Carling O'Keefe Ltd>.\n Elders earlier announced it was buying 10.9 mln shares, or\n50.1 pct of Carling, from the Canadian subsidiary of Rothmans\nInternational Plc <ROT.L> for 18 Canadian dlrs each.\n Elders chairman John Elliott said in a statement when the\noffer for the ordinary shares closed on April 23, that\nacceptances representing over 93 pct of outstanding shares had\nbeen received. <IXL Holdings> would proceed to acquire the rest\ncompulsorily, he said.\n REUTER\n\u0003",
"date": "23-APR-1987 23:12:19.63",
"topics": [
"acq"
],
"places": [
"australia",
"canada"
],
"id": "17053"
},
{
"title": "ECUADOR TO USE COLOMBIA OIL LINK FOR FIVE YEARS",
"body": "Ecuador will use a new pipeline link\nwith Colombia to export crude oil for the next five years,\nColombian mines and energy minister Guillermo Perry said.\n The link will be inaugurated on May 8. It was built to\nallow Ecuador to resume exports of crude oil halted on March 5\nby earthquake damage to its Lago Agrio to Balao pipeline,\n Once that pipeline is repaired, Ecuador will exceed its\nOPEC quota in order to offset lost income and pay debts\ncontracted with Venezuela and Nigeria since the quake, Ecuador\nmines and energy minister Javier Espinosa said.\n The two ministers were speaking at a news conference after\nsigning an agreement for joint oil exploration and exploitation\nof the jungle border zone between the two nations. Drilling\nwill begin in September.\n \"The agreement to transport Ecuadorean crude oil is not only\nfor this emergency period but for the next five years, with\npossibility of an extension. Between 20,000 and 50,000 barrels\nper day (bpd) will be pumped along it,\" Perry said.\n Espinosa said Ecuador planned to pump 35 mln barrels\nthrough the link in the next five years, at a cost of 75 cents\nper barrel during the first year.\n The 43-km link, with a maximum capacity of 50,000 bpd, will\nrun from Lago Agrio, the centre of of Ecuador's jungle\noilfields, to an existing Colombian pipeline that runs to the\nPacific port of Tumaco.\n Espinosa said the 32-km stretch of the link built on the\nEcuadorean side cost 10.5 mln dlrs. Perry gave no figures for\nColombia's 11 km segment but said it was \"insignificant compared\nwith what we are going to earn.\"\n OPEC member Ecuador was pumping around 250,000 bpd before\nthe quake. Lost exports of 185,000 bpd are costing it 90 mln\ndlrs per month, Espinosa said.\n REUTER\n\u0003",
"date": "23-APR-1987 23:51:21.93",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"ecuador",
"colombia"
],
"id": "17054"
},
{
"title": "SUHARTO PARTY SET FOR EASY WIN IN INDONESIA POLLS",
"body": "President Suharto's ruling Golkar party\nappears to have made substantial gains with over 75 pct of the\nvotes counted in Indonesia's national elections.\n Figures released by the election commission showed Golkar\non target to take 70 pct of the vote.\n Provisional figures indicate that with results of 68.9 mln\nballots announced, Golkar had won 50.29 mln, the Moslem-based\nUnited Development Party 10.93 mln and the nationalist\nDemocratic Party 7.69 mln.\n The total electorate is 94 mln and officials said they\nthought about 90 pct of the votes had been counted.\n\u0003",
"date": "23-APR-1987 23:57:39.18",
"places": [
"indonesia"
],
"id": "17055"
},
{
"title": "DENMARK'S NOVO INDUSTRI GETS SWISS SHARE LISTING",
"body": "Danish-based insulin and enzymes\nproducer Novo Industri A/S <NVO.CO> said in a statement that\nits \"B\" shares would be listed on stock exchanges in Zurich,\nBasel and Geneva from May 4.\n The aim is to create broader European interest in Novo\nstock, currently listed in Copenhagen, London and New York,\nsaid the statement issued after yesterday's ordinary general\nmeeting.\n Novo said more than 50 pct of its B shares were owned by\nU.S. Investors. The new listings, the first by a Danish company\non the Swiss exchanges, will not involve issuing of new share\ncapital.\n REUTER\n\u0003",
"date": "24-APR-1987 06:10:35.04",
"places": [
"denmark"
],
"id": "17056"
},
{
"title": "TAIWAN TO TENDER UP TO 87,000 TONNES OF U.S. MAIZE",
"body": "The joint committee of Taiwan's maize\nimporters will tender on April 29 for two cargoes of U.S.\nMaize, totalling between 54,000 and 87,000 tonnes for delivery\nbetween May 21 and June 25, a committee spokesman told Reuters.\n Taiwan has set a calendar 1987 import target of 2.92 mln\ntonnes compared with imports of 3.05 mln in 1986. About 80 pct\nof the imports are expected to come from the U.S. And the rest\nfrom South Africa, the spokesman said.\n REUTER\n\u0003",
"date": "24-APR-1987 06:16:49.25",
"topics": [
"grain",
"corn"
],
"places": [
"taiwan",
"usa"
],
"id": "17057"
},
{
"title": "SWISS COMMITTED TO JOINT CURRENCY INTERVENTION",
"body": "The Swiss National Bank will continue to\ntake part in concerted intervention on currency markets as\nnecessary, president Pierre Languetin told the bank's annual\nmeeting.\n He said the dollar had on occasion hit highs or lows which\nbore no relation to economic fundamentals and cooperation\nbetween all monetary authorities was necessary to prevent it\nbreaching thresholds that would damage everyone.\n \"We are resolved -- as we have done in the past -- to take\npart in concerted intervention to the extent that this is\npossible and desirable,\" Languetin said.\n Languetin said Switzerland had noted with satisfaction the\nsix nation Paris accord on currency stabilisation measures in\nFebruary, adding that it had anchored the principle of\nstrengthened international cooperation.\n He said measures such as recent concerted intervention were\nuseful in the short term.\n But he added, \"The (Paris) Louvre accord can produce no\nlasting effects without a correction of the fundamental\nimbalances, without a reduction of the American budget deficit\nand without stronger growth in Europe and Japan.\"\n Languetin said certain changes would probably be necessary\nin the \"too expansive\" monetary policy of the United States,\nadding that there was a prevailing view that U.S. Money supply\nwas expanding too strongly.\n \"If this should last long the dollar could only be\nstabilised at the cost of a substantial easing in monetary\npolicy on the part of the other central banks, which would in\nturn create the basis for a new wave of world-wide inflation,\"\nhe said. One positive factor was that monetary authorities in\nthe most important countries had not relinquished their\nanti-inflation policies.\n REUTER\n\u0003",
"date": "24-APR-1987 06:18:18.37",
"topics": [
"money-fx"
],
"places": [
"switzerland"
],
"id": "17058"
},
{
"title": "JAPANESE BUYERS ACCEPT CUBA SUGAR DELAY - TRADERS",
"body": "Several Japanese buyers have accepted\npostponement of between 150,000 and 200,000 tonnes of Cuban raw\nsugar scheduled for delivery in calendar 1987 until next year\nfollowing a request from Cuba, trade sources said.\n Cuba had sought delays for some 300,000 tonnes of\ndeliveries, they said. It made a similar request in January\nwhen Japanese buyers agreed to postpone some 200,000 tonnes of\nsugar deliveries for 1987 until 1988.\n Some buyers rejected the Cuban request because they have\nalready sold the sugar on to refiners, they added.\n Japanese buyers are believed to have contracts to buy some\n950,000 tonnes of raw sugar from Cuba for 1987 shipment.\n But Japan's actual raw sugar imports from Cuba are likely\nto total only some 400,000 to 450,000 tonnes this year, against\n576,990 in 1986, reflecting both the postponements and sales\nearlier this year by Japanese traders of an estimated 150,000\ntonnes of Cuban sugar to the USSR for 1987 shipment, they said.\n They estimated Japan's total sugar imports this year at 1.8\nmln tonnes, against 1.81 mln in 1986, of which Australia is\nexpected to supply 550,000, against 470,000, South Africa\n350,000, against 331,866, and Thailand 400,000, after 390,776.\n REUTER\n\u0003",
"date": "24-APR-1987 06:34:22.72",
"topics": [
"sugar"
],
"places": [
"japan",
"cuba"
],
"id": "17059"
},
{
"title": "INDIA AIMS TO EXPORT 280 MLN KILOS TEA BY 1990",
"body": "India plans to export about 280 mln\nkilos of tea a year by 1990, up from estimates of 202 mln in\n1986 and 220 mln in 1985, Minister of State for Commerce Priya\nRanjan Dasmunsi told Parliament.\n Bad weather reduced domestic tea output in 1986 causing a\nshortfall in exports. To boost exports the government recently\nintroduced higher cash compensatory support on packet tea,\nexcise tax rebate of 50 paise per kilo of bulk tea, full rebate\nof excise duty on packet tea exports and exemption of customs\nduty on filter paper used in making tea bags, he said.\n REUTER\n\u0003",
"date": "24-APR-1987 06:48:14.73",
"topics": [
"tea"
],
"places": [
"india"
],
"id": "17060"
},
{
"title": "UBS CONFIRMS FIRST QUARTER PROFITS LOWER",
"body": "Union Bank of Switzerland <SBGZ.Z> said\nfirst quarter profits were higher than in the third and fourth\nquarters of 1986, but were below the record results of the\nfirst quarter of last year.\n Nevertheless, the bank said overall performance in the\nfirst three months was satisfactory, with the situation\nparticularly promising in commission, foreign exchange,\nsecurities and trading sectors.\n In a newspaper interview on April 10, chief executive\nNikolaus Senn said first quarter earnings had been below last\nyear's level.\n The bank said its assets grew by 1.2 billion francs in the\nthree month period to reach 153.3 billion at end-March. If it\nhad not been for the decline in the dollar, the rise would have\nbeen as much as 4.3 billion francs, it said.\n REUTER\n\u0003",
"date": "24-APR-1987 06:54:11.82",
"places": [
"switzerland"
],
"id": "17061"
},
{
"title": "NORWEGIAN CENTRAL BANK RESERVES RISE IN MARCH",
"body": "Norway's Central Bank reserves totalled\n74.77 billion crowns in March, against 70.56 billion in\nFebruary and 98.55 billion in March 1986, the Central Bank said\nin its monthly balance sheet.\n Foreign exchange reserves totalled 67.05 billion crowns,\ncompared with 67.21 billion in February and 92.08 billion\ncrowns a year ago. Gold reserves totalled 284.7 mln crowns,\nunchanged from the previous month and last year's figure.\n Central Bank special drawing right holdings were 3.07\nbillion crowns, compared with 3.06 billion in February and 2.27\nbillion a year ago.\n REUTER\n\u0003",
"date": "24-APR-1987 07:03:23.39",
"topics": [
"reserves"
],
"places": [
"norway"
],
"id": "17062"
},
{
"title": "BANK OF SPAIN RAISES INTEREST RATES",
"body": "The Bank of Spain announced a one-point\nrise in overnight call money rates to 16-5/8 pct, which a\ncentral bank spokesman said was part of government efforts to\ncontrol money supply growth.\n The increase came after yesterday's one-point rise and\npushed interbank rates to 19 19-1/2 pct from 18-1/8 19 pct.\n The M-4 money supply, liquid assets in public hands, the\nbroadest measure of money supply, rose 14.1 pct in the first\nthree months compared with this year's eight pct target. Money\nsupply growth was 11.4 pct last year.\n REUTER\n\u0003",
"date": "24-APR-1987 07:14:16.83",
"topics": [
"interest",
"money-fx",
"money-supply"
],
"places": [
"spain"
],
"id": "17063"
},
{
"title": "BUNDESBANK BOUGHT DOLLARS FOR YEN IN OPEN MARKET",
"body": "The Bundesbank intervened in the open\nmarket to buy dollars for yen ahead of the Frankfurt fixing,\ndealers said.\n They said the Bundesbank bought dollars for around 139.80\nyen in small amounts in the half-hour running up to the 1100\nGMT fix.\n The Bundesbank did not intervene when the dollar was fixed\nin Frankfurt at 1.7969 marks.\n Earlier the Bank of Japan bought dollars steadily in the\nFar East, but could not stop heavy selling which pushed the\ndollar to a post-war low of 139.05 yen at one point.\n REUTER\n\u0003",
"date": "24-APR-1987 07:21:43.09",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"west-germany"
],
"id": "17064"
},
{
"title": "NO SWISS NATIONAL BANK INTERVENTION SEEN",
"body": "A Swiss National Bank spokesman said the\nbank had not intervened in currency markets today and dealers\nsaid they had seen no evidence of Bundesbank action outside\nWest Germany.\n Frankfurt dealers reported that the Bundesbank bought\ndollars for yen in the open market there.\n Zurich dealers said the absence of the Swiss National Bank\nsuggested that no concerted intervention was under way.\n Asked earlier today if the Swiss National Bank had\nintervened, the spokesman said \"not yet.\"\n REUTER\n\u0003",
"date": "24-APR-1987 07:22:09.79",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"switzerland"
],
"id": "17065"
},
{
"title": "BANK OF JAPAN INTERVENES IN TOKYO MARKET",
"body": "The Bank of Japan intervened just after\nthe Tokyo market opened to support the dollar from falling\nbelow 140.00 yen, dealers said.\n The central bank bought a moderate amount of dollars to\nprevent its decline amid bearish sentiment for the U.S.\nCurrency, they said.\n The dollar opened at a record Tokyo low of 140.00 yen\nagainst 140.70/80 in New York and 141.15 at the close here\nyesterday. The previous Tokyo low was 140.55 yen set on April\n15.\n REUTER\n\u0003",
"date": "24-APR-1987 07:23:50.50",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17066"
},
{
"title": "FRENCH BEET PLANTERS SEE FAVOURABLE SOWINGS START",
"body": "French sugar beet plantings are off to a\ngood start, thanks to generally favourable winter and spring\nweather, the CGB beet planters' association said.\n It said in a report that soil structure was likely to be\nexcellent for good preparation as a result of a cold,\nreasonably showery, winter.\n By April 15, 27.8 pct of the area had been sown against\nthree pct at the same year ago date.\n It added the area sown was likely to be reduced this year\nby 1.2 pct to 445,000 hectares.\n REUTER\n\u0003",
"date": "24-APR-1987 07:26:38.57",
"topics": [
"sugar"
],
"places": [
"france"
],
"id": "17067"
},
{
"title": "JAPAN AGENCY URGES WATCH ON YEN RISE EFFECTS",
"body": "Japan should look out for possible\neffects of the yen's recent sharp rise on Japan's economy as\ngrowth remains slow, the government's Economic Planning Agency\nsaid in a monthly report submitted to cabinet ministers.\n EPA officials told reporters the underlying trend of the\neconomy is firm but growth is slow due to sluggish exports.\n Customs-cleared exports by volume fell 4.9 pct\nmonth-on-month in February after a 2.8 pct fall in March.\n The government must take adequate economic measures to\nexpand domestic demand and stabilise exchange rates in a bid to\nensure sustained econonic growth, the report said.\n The report made a special reference to the yen's renewed\nrise and its effect on the economy, the officials said, adding\nthe agency's judgement of current economic conditions has not\nchanged since last month.\n The EPA said last month Japan's economy is beginning to\nshow signs of bottoming out, conditional upon exchange rates.\n The dollar fell below 139 yen in early trading today - a\npost-war low.\n REUTER\n\u0003",
"date": "24-APR-1987 07:28:06.22",
"topics": [
"trade",
"money-fx",
"yen"
],
"places": [
"japan"
],
"id": "17068"
},
{
"title": "DEALERS SEE MODERATE DUTCH CENTRAL BANK YEN SALES",
"body": "The Dutch central bank has intervened\nin the currency markets today, in apparent concerted action\nwith other central banks, foreign exchange dealers said.\n They detected selling of the yen for dollars, which some\nestimated would run to a moderate 200 mln guilders, comparable\nto token Dutch intervention reported last week.\n Other dealers, however, said they believed today's moderate\nintervention had been in guilders against dollar.\n The dealers agreed the intervention was minimal and more a\npolitical gesture than a market moving force.\n REUTER\n\u0003",
"date": "24-APR-1987 07:54:16.72",
"topics": [
"money-fx",
"yen"
],
"places": [
"netherlands"
],
"id": "17069"
},
{
"title": "NAKASONE EXPECTED TO SURVIVE SALES TAX DEFEAT",
"body": "Prime Minister Yasuhiro Nakasone's\nunpopular sales tax plan has been defeated and although fellow\npoliticians and political analysts agree he has suffered a\ngrave loss of face only a few are willing to write him off.\n Michio Watanabe, a Nakasone faction member and deputy\nsecretary general of the ruling Liberal Democratic Party, LDP,\nis one of those who believes he will survive.\n \"He's tough, he won't step down,\" but \"will hang on to the\ndeath\" at least until his term ends on October 30, Watanabe told\nReuters.\n The sales tax scheme was a mainstay in Nakasone's plans to\nrevamp the nation's tax system for the first time in 36 years.\nWatanabe acknowledged that the five pct sales tax was a\nmistake.\n \"It was too greedy,\" he said. A two or three pct tariff might\nhave been easier to swallow, he said.\n One popular school of thought among skeptical analysts is\nthat Nakasone will be remain in office at least until the June\n8-10 summit of industrialised nations in Venice.\n A Western diplomatic observer said he believed that\nNakasone would be at the summit as prime minister. But he would\nnot bet on his chances of survival up until October.\n Masamichi Inoki, a senior fellow at the conservative\nInstitute of Peace and Security, said he did not think Nakasone\nhad suffered irreparable damage.\n \"He will certainly hang on for the summit,\" Inoki said.\n In any event, the general belief now is that the five pct\nsales tax, as championed by Nakasone, is a dead issue but that\nan indirect tax, in another form, will be introduced by the\nLDP.\n Inoki said he believed the issue would be resurrected as\nearly as the next Diet (parliament) meets. The current session\nfinishes on May 27.\n The newspaper Tokyo Shimbun expressed another stream of\nopinion, stating that Nakasone might well get another year to\ndeal with the unfinished and unpopular business of tax reform.\n The government has to find a way of generating revenue to\nsupport an expected glut of elderly Japanese.\n And the only means of drumming up the money is to levy an\nindirect tax, said Watanabe, a former Minister of International\nTrade and Industry.\n The next prime minister will have to grapple with an\nindirect tax, and \"whoever is the next prime minister won't be\nin the job very long,\" Watanabe said.\n Watanabe said he doubted the next prime minister would be\nany of the three so-called \"New Leaders,\" LDP secretary general\nNoboru Takeshita, LDP executive council chairman Shintaro Abe,\nand Finance Minister Kiichi Miyazawa. Each of them controls a\npowerful LDP faction. \"It will be somebody else,\" he said.\n Political science professor Rei Shiratori of Dokkyo\nUniversity gave one of the darkest readings on Nakasone's\npolitical future.\n \"Soon after the Venice summit, there will be a move to\nchange the government by the New Leaders,\" Shiratori said.\n \"He can't fight on,\" he said.\n He said Nakasone had a special emotional attachment to the\nsales tax plan as the last and most important item in Japan's\npurge of policies inherited from the U.S. Occupation.\n Shiratori said an indirect tax will have to be levied, but\n\"to introduce such a tax, they'll have to change the prime\nminister.\"\n Nevertheless, Shiratori said he believes Nakasone could\nhang on until as late as September.\n REUTER\n\u0003",
"date": "24-APR-1987 08:05:55.09",
"places": [
"japan"
],
"id": "17070"
},
{
"title": "JAPAN DOES NOT INTEND TO EASE CREDIT - OFFICIALS",
"body": "The Bank of Japan does not intend to ease\ncredit policy further, bank officials told Reuters.\n They were responding to rumours in the Japanese bond market\nthat the central bank was planning to cut its 2.5 pct discount\nrate soon, possibly before Prime Minister Yasuhiro Nakasone\nleaves for Washington on April 29.\n Bank of Japan governor Satoshi Sumita will be in Osaka,\nwestern Japan on April 27 and 28 for the annual meeting of the\nAsian Development Bank, making a rate cut announcement early\nnext week a virtual impossibility, they said. April 29 is a\nholiday here.\n REUTER\n\u0003",
"date": "24-APR-1987 08:22:48.54",
"topics": [
"interest"
],
"places": [
"japan"
],
"id": "17071"
},
{
"title": "JAPAN HAS NO PLANS FOR NEW MEASURES TO AID DLR",
"body": "Finance Minister Kiichi Miyazawa said\nJapan has no plans to take new emergency measures to support\nthe dollar, other than foreign exchange intervention.\n He also told reporters that many major nations yesterday\nintervened heavily to support the dollar against the yen.\n Yesterday's intervention was large in terms of the\ncountries involved and the amounts expended, he said.\n With the continued fall of the dollar against the yen,\nspeculation had arisen in currency markets here that Japan\nmight take new measures to support the U.S. Currency, such as\ncurbing capital outflows.\n Miyazawa said that yesterday's news of a 4.3 pct rise in\nU.S. Gnp in the first quarter had been expected. Although the\ngrowth looks robust on the surface, the figures in reality are\nnot that good, he said.\n He said the ruling Liberal Democratic Party (LDP) is\nexpected to come up with a final set of recommendations of ways\nto stimulate the Japanese economy before Prime Minister\nYasuhiro Nakasone leaves for Washington next week.\n Commenting on yesterday's report on economic restructuring\nby a high-level advisory panel to Nakasone, Miyazawa said it\nwas important to put the panel's recommendations into effect.\n REUTER\n\u0003",
"date": "24-APR-1987 08:23:17.24",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17072"
},
{
"title": "JAPAN DOCK STRIKE TO CONTINUE OVER WEEKEND",
"body": "A strike by Japanese dockworkers will\ncontinue over the weekend as no breakthrough is in sight, a\nJapan Harbour Transportation Association spokesman said.\n The association has not yet agreed on a schedule for\npreliminary negotiations with the National Council of Harbour\nWorkers Unions, because the council insisted on talks with\nshippers as well as dock management, he said.\n The strike, which began on Tuesday, halted container\nmovements to points inside Japan from the ports of Tokyo,\nYokohama, Nagoya, Osaka, Kobe, Kitakyushu, Shimizu, Yokkaichi\nand Hakata.\n Reuter\n\u0003",
"date": "24-APR-1987 08:28:22.67",
"topics": [
"ship"
],
"places": [
"japan"
],
"id": "17073"
},
{
"title": "TAIWAN WINS REVISED TEXTILE ACCORD FROM U.S.",
"body": "Taiwan and the U.S. Have revised and\nextended their textile export agreement after negotiations in\nWashington this week, a spokesman for the Taiwan Textile\nFederation said.\n Charles Chen told Reuters the original three year accord\nhas been extended by one year to the end of 1989. The U.S. Has\nagreed to raise the limit on annual growth of Taiwan's textile\nand apparel exports to one pct from 0.5 pct for calendar 1989,\nhe said. \"The new accord is more fair and gives breathing space\nto our textile makers (so they can) diversify their exports to\nother nations,\" he added.\n Chen said the revised agreement puts Taiwan on similar\ntextile exporting terms to Hong Kong and South Korea. But\ndespite the changes, Taiwanese firms have lost orders to rivals\nin Hong Kong and South Korea because of the strong Taiwan\ndollar, he said. The Taiwan currency has risen 17 pct against\nthe U.S. Dollar since September 1985 while the Korean won rose\nby some six pct and the Hong Kong dollar was stable.\n Taiwan's textile exports to the U.S. Amounted to 2.8\nbillion U.S. Dlrs last year out of total exports to the U.S. Of\n7.8 billion. Textile exports are expected to remain the same\nthis year, Chen said.\n REUTER\n\u0003",
"date": "24-APR-1987 08:36:19.96",
"topics": [
"trade"
],
"places": [
"taiwan",
"usa",
"hong-kong",
"south-korea"
],
"id": "17074"
},
{
"title": "JAPAN RULING PARTY PREPARES FINAL ECONOMIC PACKAGE",
"body": "Japan's ruling Liberal Democratic Party\n(LDP) drew up a final plan to expand domestic demand and boost\nimports in time for Prime Minister Yasuhiro Nakasone's visit to\nWashington next week, LDP officials said.\n The plan calls for additional fiscal measures worth more\nthan 5,000 billion yen, a large-scale supplementary budget for\nthe current fiscal year started April 1, and concentration of\nmore than 80 pct of the annual public works budget in the first\nhalf of the year, they said.\n Nakasone will explain the measures to U.S. Officials during\nhis visit to Washington starting April 29.\n\n The LDP plan will be the basis for a government package of\npump-priming measures expected to be unveiled in late May.\n The LDP said Japan should do more to reduce its trade\nsurplus. Its plan is expected to help increase economic growth\nled by domestic demand, officials said.\n The government was also urged to review the ceiling on\nbudgetary requests for investment purposes in 1988/89. The\ngovernment has imposed a five pct cut in investment outlays in\nthe past five years in line with Nakasone's avowed policy of\nfiscal reforms.\n\n The plan called on Japan to promote government purchases of\nforeign goods and private sector imports of manufactured goods\nby improving import financing, and to make clear official\nprocurement procedures for foreign supercomputers.\n The LDP also said Japan should contribute further to\nsociety at large through measures such as doubling its official\ndevelopment assistance to 7.6 billion dlrs in five years or so\ninstead of seven years as the government had originally\npromised.\n The government was urged to work out a program to recycle\nfunds from Japan's trade surpluses to debt-ridden countries.\n\n The officials said the funds to be recycled would include\nthose from the private sector and others provided through the\ngovernment Export-Import Bank of Japan and Japan's Overseas\nEconomic Cooperation Fund.\n The plan also calls for the government to take steps to\nhelp the development of African and other less developed\nnations.\n The LDP called for adequate and flexible management of\nmonetary policy, such as a cut in interest rates on deposits\nwith the Finance Ministry's Trust Fund, and a tax cut to\npromote plant and equipment investment.\n\n REUTER\n\u0003",
"date": "24-APR-1987 08:37:06.39",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "17075"
},
{
"title": "FRIEDMAN INDUSTRIES <FRD> MERGER NOT APPROVED",
"body": "Friedman Industries Inc said\nshareholders at a special meeting held for a vote on its\nproposed merger into companies controlled by Venezuelan\nbusinessman John Castellvi failed to provide a high enough\naffirmative vote for approval.\n It said about 75 pct of the shares entitled to vote at the\nmeeting were voted in favor, but an 80 pct vote was needed.\n The company said a significant number of shares held in\nstreet name were not voted. As a result, it said it adjourned\nthe meeting until April 28 and, if the merger is approved,\nclosing is expected late next week.\n Reuter\n\u0003",
"date": "24-APR-1987 08:39:45.06",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17076"
},
{
"title": "BANKERS CONFIRM JAPAN LONG-TERM PRIME UNCHANGED",
"body": "Long-term bank sources confirmed their\nbanks have decided to leave the current 5.2 pct long-term prime\nrate unchanged.\n The current rate has been in effect since March 28.\n The bankers said the rate was unchanged because the falling\ndollar and the bond market rally made it difficult to clarify\nthe current level of yen interest rates.\n There had earlier this week been expectations of a 0.2\npoint cut from today in response to the fall in the secondary\nmarket yield in five-year long-term bank debentures, but\nbankers said last night the rate would be unchanged.\n REUTER\n\u0003",
"date": "24-APR-1987 08:44:46.92",
"topics": [
"interest"
],
"places": [
"japan"
],
"id": "17077"
},
{
"title": "DEALERS SEE MODERATE DUTCH CENTRAL BANK YEN SALES",
"body": "The Dutch central bank has intervened\nin the currency markets today, in apparent concerted action\nwith other central banks, foreign exchange dealers said.\n They detected selling of the yen for dollars, which some\nestimated would run to a moderate 200 mln guilders, comparable\nto token Dutch intervention reported last week.\n Other dealers, however, said they believed today's moderate\nintervention had been in guilders against dollar.\n The dealers agreed the intervention was minimal and more a\npolitical gesture than a market moving force.\n REUTER\n\u0003",
"date": "24-APR-1987 08:45:02.17",
"topics": [
"money-fx",
"yen"
],
"places": [
"netherlands"
],
"id": "17078"
},
{
"title": "SHELL CANADA <SHC.TO> SEES BETTER YEAR",
"body": "Shell Canada Ltd said\nperformance in all business segments in the first quarter\nshowed improvement over last year and it expects \"significantly\nenhanced performance\" in 1987.\n Shell Canada reported first quarter earnings of 103 mln\ndlrs, or 90 cts per share, up from 40 mln dlrs, or 32 cts per\nshare.\n Oil products earnings were 38 mln dlrs, up 19 mln dlrs from\nlast year, when margins were impaired by lower oil prices.\n Shell Canada said chemical earnings were 17 mln dlrs in the\nquarter, compared with a loss of five mln dlrs in 1986. The\nstyrene business saw significant improvement, stemming from an\nincrease in international demand.\n Resources earnings increased by six mln dlrs to 46 mln\ndlrs. Lower prices for all commodities were offset by the\nremoval of the Petroleum and Gas Revenue Tax, the impact of\nlower royalty rates and higher volumes.\n Gross production of crude oil and natural gas liquids\nincreased seven pct from the first quarter of last year to\n11,200 cubic meters a day, Shell said.\n Shell Canada also said natural gas sales volumes of 19.6\nmln cubic meters a day was up five pct from last year.\n Sulphur sales of 4,143 tonnes a day were up 70 pct.\n The company also recorded benefits of 10 mln dlrs from the\nacquisition of Shell Explorer Ltd. Interest expense for the\nquarter was lower than in the previous year, due to the early\nretirement of a 200 mln U.S. dlr debenture and the impact of a\nstronger Canadian dollar on U.S. dollar-denominated debt.\n Reuter\n\u0003",
"date": "24-APR-1987 08:47:39.31",
"topics": [
"crude",
"nat-gas",
"pet-chem",
"acq"
],
"places": [
"canada"
],
"id": "17079"
},
{
"title": "VALERO PARTNERS <VLP> WINS TAKE OR PAY CASE",
"body": "Valero Natural Gas Partners\nLP, 49 pct owned by Valero Energy Corp <VLO>, said a jury in\nSutton County, Texas, district court has found that it had no\nliability for 21 mln dlrs in take-or-pay claims that had been\nalleged by Lively Exploration Co.\n Take-or-pay claims involve allegations that natural gas\nsupply contracts require volume of natural gas to be paid for\neven if not taken. As a result of declining markets, most\npipelines, like Valero, do not have customers for all the gas\nthat could be delivered by producers, such as Lively.\n Valero said it used as its primary defense the Texas\nRailroad Commission's rules that require intrastate pipelines\nto take ratably from their producers and in times of surplus\ntake gas in accordance with priority categories set by the\ncommission.\n Reuter\n\u0003",
"date": "24-APR-1987 08:48:51.41",
"topics": [
"nat-gas"
],
"places": [
"usa"
],
"id": "17080"
},
{
"title": "SERVICE RESOURCES <SRC> OFFERS SORG <SRG> STAKE",
"body": "Service Resources Corp said its Chas.\nP. Young Co subsidiary, which has offered to acquire Sorg Inc\nin a friendly merger at 22 dlrs per share, is willing to\nexplore the possibility that members of the Sorg family and\nother Sorg shareholders could continue to hold an equity\nposition in the combined company.\n The company also said it has received a commitment for up\nto 66 mln dlrs in financing from Security Pacific Corp <SPC>\nfor the merger, the repayment of Sorg's bank debt and working\ncapital of the combined company.\n Reuter\n\u0003",
"date": "24-APR-1987 08:52:42.34",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17081"
},
{
"title": "HUDSON'S BAY <HBC.TO> SELLS ROXY <CNR.TO> STAKE",
"body": "Hudson's Bay Co said it agreed to sell\nits entire 54.5 pct interest in Canadian Roxy Petroleum Ltd, a\ntotal of about 7.5 mln shares, to Westcoast Transmission Co Ltd\n<WTC> for 11 dlrs a share.\n Hudson's Bay said proceeds of about 82 mln dlrs will be\nused to reduce corporate debt. It said the sale was part of a\nprogram of concentrating on its core business of department\nstores and real estate.\n The sale is subject to regulatory approvals.\n Reuter\n\u0003",
"date": "24-APR-1987 09:00:36.72",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "17082"
},
{
"title": "U.S., JAPAN TRADE TIES REMAIN HOSTILE",
"body": "The visit this week by a special\nJapanese envoy has done little to defuse Japan's trade\nfrictions with the United States, U.S. and congressional\nleaders say.\n White House and congressional leaders took a wait-and-see\nstance, after a series of meetings with former Japanese Foreign\nMinister Shintaro Abe, who was here paving the way for the\nApril 29-May 2 visit of Prime Minister Yasuhiro Nakasone.\n\n They are withholding judgment until Nakasone's visit, with\none senator saying Japan had promised to stimulate its economy\nand open its markets to foreign goods in the past, but it was\ntime now for action.\n The U.S. trade deficit last year was a record 169.8 billion\ndlrs, with more than one-third of it in trade with Japan.\n Congress is ready to approve tough trade legislation to try\nto turn around the deficit, which has cost millions of U.S.\njobs and closed thousands of factories.\n Much of the anger has been directed at Japan.\n U.S.-Japan trade friction was further fueled by President\nReagan's April 17 decision to impose 100 pct tariffs on 300 mln\ndlrs worth of Japanese goods in retaliation for unfair\npractices in semiconductor trade.\n Reagan said he imposed the tariffs on personal computers,\ntelevision sets and hand tools because Japan failed to keep an\nagreement to end dumping semiconductors in world markets at\nless than cost and to open its home market to U.S. products.\n \n Abe had asked Reagan to end the tariffs quickly, but U.S.\nofficials said the curbs would not be dropped until Japan had\nshown it was honoring the pact, which could take several\nmonths.\n White House spokesman Marlin Fitzwater, asked if Nakasone's\nvisit might help to defuse trade tensions, said \"whether\nprogress can be made depends on how you want to measure it.\"\n He added, \"I would expect progress to be made. If you want\nto measure that in terms of lifting the sanctions, that's more\ndoubtful.\"\n Congressmen were equally skeptical.\n Abe met Senate and Democratic leaders active in trade\nlegislation, telling them of Japan's plan to spur domestic\nspending by 34 billion dlrs and open its markets to a wide\nrange of goods, including supercomputers and farm products.\n Sen. John Danforth, a Missouri Republican, said after the\nmeeting, \"We have heard promises in the past, but the question\nnow is whether there will be real action.\"\n Abe also met House leaders pressing for a tough trade bill,\nincluding Congressman Richard Gephardt, a Missouri Democrat.\n Gephardt is sponsoring legislation to penalize nations with\nlarge deficits and which are guilty of unfair trade practices.\n Gephardt's legislation would hit Japan, as well as Taiwan,\nSouth Korea, and West Germany. The bill is expected to pass the\nHouse next week - coinciding with Nakasone's visit - but its\nfate in the more moderate Senate is uncertain. A bipartisan\ngroup of senators, however, told Nakasone in a letter released\nas Abe was holding Senate meetings, that fresh Japanese-U.S.\ntrade strife would erupt if Japan's markets were not soon\nopened to American goods.\n The signers included Democratic leader Robert Byrd of West\nVirginia, Republican leader Robert Dole of Kansas and others\nranging from moderate to hardline on trade issues.\n They said in the letter there was growing U.S. sentiment\nthat Japan was fighting opening its markets and \"evidence to the\ncontrary is necessary to combat this perception, or it is\nlikley that additional efforts will be attempted to close off\nthe American market to Japanese goods.\n \n Reuter\n\u0003",
"date": "24-APR-1987 09:05:21.63",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "17083"
},
{
"title": "CHINA TEXTILE EXPORTS RECORD HIGH IN 1ST QUARTER",
"body": "China's textile exports in the first\nquarter reached a record 2.2 billion dlrs, an increase of 49\npct on the year-earlier period, the People's Daily said.\n Its overseas edition gave no country breakdown. The U.S. Is\none of China's largest markets for textiles.\n U.S. Commerce Secretary Malcolm Baldrige told a press\nconference that Chinese textile and apparel exports to the U.S.\nIn 1986 rose 65 pct in value from the 1985 level, a rate of\ngrowth that \"is not sustainable nor equitable to our other major\nforeign suppliers.\" China is now the United States' largest\ntextile supplier, he said.\n Baldrige declined to say what would be an acceptable growth\nrate for Chinese textile exports. Negotiations on the next\nChina-U.S. Textile agreement are due to begin in May, he said.\n \"There clearly has to be a limit,\" he said. \"Our economy can\nonly absorb so much textiles. It is in both of our interests to\nreach a satisfactory conclusion. Without an agreement, we would\nhave a chaotic situation.\"\n Reuter\n\u0003",
"date": "24-APR-1987 09:11:48.08",
"topics": [
"trade"
],
"places": [
"china",
"usa"
],
"id": "17084"
},
{
"title": "SWISS GROWTH SEEN SLOWING THIS YEAR AND NEXT",
"body": "The growth of the Swiss\neconomy will likely slow to 2.2 pct this year and 1.9 pct in\n1988 after reaching 2.8 pct last year, according to a study by\na group at Basle University's Institute of Applied Economics.\n It blamed the expected slowdown partly on a disappointing\noutlook for exports caused by the weaker dollar. Exports would\nlikely grow by 2.8 pct this year and by 3.0 pct in 1988, after\n3.0 pct in 1986, the group predicted.\n Final domestic demand will also fall back, to a likely 3.0\npct this year and 2.3 pct next, after 4.1 pct in 1986. However,\nthe domestic picture will likely be mixed.\n The study said investment in plant and equipment would\ncontinue to be the main motor for the growth in domestic\ndemand, although it was unlikely to grow as fast as last year's\n7.4 pct, rising this year by 4.5 pct and by 2.8 pct in 1988.\n While the growth in private consumption is expected to fall\nback to 2.5 pct this year and 2.1 pct in 1988 from last year's\n3.1 pct, public consumption spending will likely grow by 1.9\npct in 1987 and 2.0 pct next year, after 1.5 pct in 1986.\n Consumer prices were seen rising by 1.7 pct this year and\n2.4 pct in 1988, after just 0.8 pct in 1986. Unemployment\nshould fall back to 0.7 pct from last year's 0.8 pct.\n REUTER\n\u0003",
"date": "24-APR-1987 09:16:58.52",
"topics": [
"gnp",
"trade",
"cpi",
"jobs"
],
"places": [
"switzerland"
],
"id": "17085"
},
{
"title": "CHRYSLER <C> SETS NEW AMC <AMO> TARGET DATE",
"body": "Chrysler Corp said it and Regie\nNationale des Usines Renault <RENA.PA> agreed to set May 5 as\nthe new target date when Chrysler aimed at reaching a\ndefinitive agreement for Chrysler for acquire American Motors\nCorp.\n AMC is 46.1 pct owned by Renault.\n The two companies originally had targeted April 23 as\ncompletion date for reaching a definitive agreement.\n Chrysler, which signed a letter of intent on March 9 to\nacquire AMC, said \"considerable progress has been made, but a\nnumber of issues remain to be resolved.\"\n Reuter\n\u0003",
"date": "24-APR-1987 09:18:30.33",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17086"
},
{
"title": "MOODY'S RATES ADB'S SENIOR SAMURAI BONDS AAA",
"body": "Moody's Investors Service Inc said it\nassigned a top-flight Aaa rating to African Development Bank's\n15 billion yen senior Samurai bond due 2002 issued in Tokyo.\n The rating reflects the support provided by the callable\ncapital of non-borrowing member countries, which include the\nU.S., Japan, Canada, West Germany and several other European\nnations.\n Moody's said that African Development Bank's sound lending,\nborrowing and liquidity policies also support the top rating\ngrade.\n Reuter\n\u0003",
"date": "24-APR-1987 09:18:44.31",
"organisations": [
"adb-africa"
],
"places": [
"usa"
],
"id": "17087"
},
{
"title": "SWISS SAY THEY INTERVENED WITH BUNDESBANK AND FED",
"body": "The Swiss National Bank bought dollars\nand sold yen in concerted action along with the Bundesbank and\nthe U.S. Federal Reserve Board, a bank spokesman told Reuters.\n \"We intervened in dollar-yen with the Bundesbank and the\nFed,\" he said. He declined to specify the extent of the\nintervention, which took place at around 1200 GMT, after\nreports by Frankfurt dealers the Bundesbank was in the market.\n The intervention failed to prevent the dollar dipping to\n1.4548 Swiss francs at around 1320 GMT, close to its all-time\nlow of 1.4510 francs set on September 26, 1978. It then\nsteadied to 1.4560/75 francs.\n REUTER\n\u0003",
"date": "24-APR-1987 09:29:16.99",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"switzerland"
],
"id": "17088"
},
{
"title": "U.K. MONEY MARKET GIVEN FURTHER 518 MLN STG HELP",
"body": "The Bank of England said it provided the\nmoney market with further assistance worth 518 mln stg this\nafternoon.\n It bought 349 mln stg of band one bank bills at 9-7/8 pct\nand 169 mln stg of band two bank bills at 9-13/16 pct.\n This brings its total assistance on the day to 543 mln stg\ncompared with a liquidity shortage it has estimated at around\n850 mln stg.\n REUTER\n\u0003",
"date": "24-APR-1987 09:34:21.09",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "17089"
},
{
"title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES",
"body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 280,000 to 287,000 head versus\n257,000 week ago and 311,000 a year ago.\n Saturday's hog slaughter is guesstimated at about 40,000 to\n55,000 head.\n Cattle slaughter is guesstimated at about 121,000 to\n126,000 head versus 128,000 week ago and 136,000 a year ago.\n Saturday's cattle slaughter is guesstimated at about 19,000\nto 35,000 head.\n Reuter\n\u0003",
"date": "24-APR-1987 09:43:24.20",
"topics": [
"hog",
"livestock"
],
"places": [
"usa"
],
"id": "17090"
},
{
"title": "U.S. PERSONAL INCOME ROSE 0.2 PCT IN MARCH",
"body": "U.S. personal income rose 0.2 pct,\nor 5.4 billion dlrs, in March to a seasonally adjusted annual\nrate of 3,603.9 billion dlrs, the Commerce Department said.\n The increase followed an upwardly revised 1.3 pct rise in\nFebruary. Earlier, the department said income rose 0.9 pct in\nFebruary.\n Personal consumption expenditures rose 0.3 pct, or 8.9\nbillion dlrs, to 2,882.6 billion dlrs in March after rising a\nrevised 2.4 pct in February instead of the previously reported\n1.7 pct rise, the department said.\n Last month's income gain matched a 0.2 pct rise in November\nand was the lowest since June when income was unchanged. The\nspending rise was the weakest since January's 2.0 pct decline.\n The department said the slowdown in income was mainly due\nto a drop in subsidies to farmers. Excluding that factor,\npersonal income rose 0.4 pct in March and 0.7 pct in February.\n Wages and salaries rose 7.4 billion dlrs last month after\ngaining 16.6 billion dlrs in February, while manufacturing\npayrolls declined 1.3 billion dlrs after rising 2.5 billion\ndlrs in February.\n Reuter\n\u0003",
"date": "24-APR-1987 10:02:29.91",
"topics": [
"income"
],
"places": [
"usa"
],
"id": "17091"
},
{
"title": "EC TO OFFER ARGENTINA GRAIN SALE COMPENSATION",
"body": "The European Community is to offer\nArgentina compensation for its loss of maize and sorghum\nexports to Spain following Spain's accession to the EC, EC\nsources said.\n They said the offer will be made next week in Geneva,\nheadquarters of the General Agreement on Tariffs and Trade\n(GATT), and will also involve products other than cereals. They\ngave no further details.\n Argentine exports of sorghum to Spain fell to zero last\nyear from 300,000 tonnes in 1985, while maize sales fell to\n15,000 tonnes from 994,000, official EC statistics show.\n The sources noted that an agreement between the EC and the\nU.S. guarantees special access to the Spanish market for two\nmln tonnes of non-EC maize and 300,000 tonnes of sorghum each\nyear for the next four years.\n But they said various details of this accord will tend to\ninhibit imports from Argentina.\n These include a provision for reduction of the amounts if\nSpain imports cereals substitutes, and the EC's plan to import\nthe special maize and sorghum on a regular monthly basis.\nArgentina tends to have exportable quantities only three or\nfour times a year.\n Reuter\n\u0003",
"date": "24-APR-1987 10:10:11.37",
"topics": [
"grain",
"corn",
"sorghum"
],
"organisations": [
"ec",
"gatt"
],
"places": [
"belgium",
"argentina",
"spain"
],
"id": "17092"
},
{
"title": "CONSOLIDATED GAS <CNG>HIGH BIDDER ON GULF TRACTS",
"body": "Consolidated Natural Gas Co said its\nCNG Producing Co subsidiary, bidding alone or with partners,\nwas the apparent high bidder on six of seven tracts it south at\nWednesday's sale of federal oil and gas leases in the Gulf of\nMexico.\n The company said it share of the six bids totaled 6.2 mln\ndlrs. Its 100 pct interest bids were on three offshore tracts\n-- West Cameron 209, 302 and 303. Consolidated has a 50 pct\ninterest in the bid for Eugene Island 375 and Ship Shoal 128\nand 129.\n \n The remaining interest in 139 is held by Sun Energy\nPartners <SLP>, which is 96.3 pct owned by Sun Co Inc <SUN>.\n<Union Texas Petroleum Corp>, which is 49.7 pct owned by\nAllied-Signal Inc <ALD>, is Consolidated's partner on the other\ntwo tracts.\n Reuter\n\u0003",
"date": "24-APR-1987 10:11:40.65",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17093"
},
{
"title": "GM, ISUZU IN U.K. TRUCK JOINT VENTURE",
"body": "General Motors Corp's <GM> Bedford\nTrucks subsidiary has signed a memorandum of understanding with\nits affiliate Isuzu Motors Ltd <ISUM.T> to negotiate a van\nmanufacturing joint venture in the U.K.\n The proposals would involve doubling output at the loss\nmaking plant at Luton in southern England to around 40,000 vans\na year by 1990.\n Bedford, faced with reduced demand for heavy trucks in the\nlast few years, stopped most of its heavy truck production at\nthe end of 1986. GM would have a 60 pct stake in the venture\nand Izuzu 40 pct\n GM holds a 38.6 pct stake in Isuzu.\n Bedford already has a link with Izuzu under which it\nassembles some smaller Japanese vehicles in Britain.\n A Bedford spokesman said financial details of the deal had\nnot yet been finalised although it was anticipated that the\nventure would start without debt.\n Currently the Luton van plant was estimated to be losing\nsome 500,000 stg a week, he added.\n Bedford's other truck plant, which manufactures military\nvehicles and trucks in kit form for export, was not involved in\nthe venture.\n Analysts said the deal was another attempt by U.K. Truck\nmanufacturers to restructure operations and cope with heavy\nlosses and low demand that have hit the market over the past\nfew years.\n In February, state-owned Rover Group Plc <BLLL.L> formed a\njoint venture with <Van Doorne's Bedrijswagenfabriek Daf BV>\nfor truck manufacture, with Daf owning 60 pct.\n Last year, Ford Motor Co's <F.N> U.K. Subsidiary formed a\njoint venture with Fiat SpA's <FIAT.MI> 's <Iveco BV> for the\nsupply and marketing of small commercial vehicles in Britain.\n Reuter\n\u0003",
"date": "24-APR-1987 10:12:31.76",
"places": [
"uk"
],
"id": "17094"
},
{
"title": "BETHLEHEM STEEL CORP <BS> INCREASES PRICES",
"body": "Bethlehem Steel Corp said it was\nraising the prices by 30 dlrs per ton on section extras on\ncertain wide planned structural shapes.\n The increase will affect seven wide planned section groups\nand will increase the price to 500 dlrs per ton from 470 dlrs\nper ton, effective May 3, the company said.\n Reuter\n\u0003",
"date": "24-APR-1987 10:22:39.00",
"topics": [
"iron-steel"
],
"places": [
"usa"
],
"id": "17095"
},
{
"title": "EXXON <XON> NET DROPS ON LOWER OIL, GAS PRICES",
"body": "Exxon Corp reported a 37 pct drop in\nfirst quarter profits to 1.07 billion dlrs citing lower oil and\ngas prices.\n The company said profits in the lastest quarter included a\n26 mln drl restructuring gain from divestment of certain gold\noperations overseas, while last year's first quarter profit of\n1.71 billion dlrs included the initial charge of 235 mln dlrs\nfor its 1986 corporate reorganization.\n First quarter revenues were down 13 pct to 19.44 billion\ndlrs.\n \n One time items aside, Exxon said, its first quarter results\nwere stronger than 1986's final quarter which included several\nlarge asset sales and positive inventory adjustments.\n It said earnings per share declined 36 pct reflecting the\ncompany's continued purchases of its own common for the\ntreasury. During the first quarter, 5,085,000 shares were\nacquired at a cost of 416 mln dlrs compared with 3,132,000 in\n1986's fourth quarter.\n Commenting on the first quarter, Exxon said crude oil\nprices strengthened moderately within the quarter and were\nhigher than a year ago at the end of the quarter.\n \n However, average crude prices for the quarter were below\nthe year ago period, leading to lower earnings for exploration\nand production operations, Exxon said.\n Also contributing to reduced earnings were lower natural\ngas prices, primarily overseas, representing contract\nadjustments representing contract adjustments tied to falling\nproduct prices in 1986, the company said.\n During the first quarter, the company said, intense\ncompetition in both domestic and international markets served\nto depress margins for refined products.\n \n Exxon said the lower product margins resulted in\nsignificantly reduced earnings for refining and marketing\noperations, contrasting sharply with the unusually strong\nmargins prevailing in the first qtr of 1986.\n It said savings from efforts to control costs and improve\nefficiency helped soften the negative impact of lower oil and\nnatural gas prices.\n Exxon said earnings from chemicals and power generation\nactivities showed consideratble improvement, remaining strong\nthroughout the period.\n Reuter\n\u0003",
"date": "24-APR-1987 10:31:44.23",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17096"
},
{
"title": "DANISH SUGAR BEET PLANTING BEHIND SCHEDULE",
"body": "Sugar beet planting in Denmark is\nabout two weeks behind normal due to a severe winter and a wet\nspring, a spokesman for the country's largest sugar beet\nconcern, De Danske Sukkerfabrikker A/S, said.\n The weather has improved recently but very little beet has\nbeen drilled so far.\n \"If good weather conditions continue, I think we will be\nsowing next week or the following week,\" the spokesman said.\n Reuter\n\u0003",
"date": "24-APR-1987 10:43:35.83",
"topics": [
"sugar"
],
"places": [
"denmark"
],
"id": "17097"
},
{
"title": "FED SPOKESMAN SAYS NO NEWS CONFERENCE PLANNED",
"body": "The Federal Reserve Board has no\nnews conference or announcement planned for today, a Fed\nspokesman said, dispelling market rumors that a statement was\npending.\n \"No such event is scheduled or planned,\" said spokesman Bob\nMoore.\n Rumors of a pending Fed announcement or news conference\ncirculated in financial markets, following a government report\nthat consumer prices advanced by 0.4 pct in March, suggesting a\nrapid rise of inflation.\n Reuter\n\u0003",
"date": "24-APR-1987 10:48:51.00",
"topics": [
"cpi"
],
"places": [
"usa"
],
"id": "17098"
},
{
"title": "TEXAS COMMERCE <TCB> HOLDERS APPROVE MERGER",
"body": "Texas Commerce Bancshares Inc said its\nshareholders approved the merger of the bank with Chemical New\nYork Corp <CHL>, moving a step closer towards creating the\nnation's fourth largest bank.\n The company said each holder will receive 31.19 dlrs a\nshare in cash and securities, somewhat less than the 35 dlrs to\n36 dlrs a share estimated when the deal was announced on\nDecember 15, 1986. The deal is now worth 1.16 billion dlrs.\n The merger is still subject to approval by Chemical's\nshareholders, who will vote on the deal at the company's annual\nmeeting on April 28.\n The company said 98.7 pct of the shareholders voting on the\nmerger cast an affirmative vote.\n Chairman and chief executive officer Ben Love said all\nregulatory hurdles to the merger have been cleared, including\nlast week's final approval of the transaction by the U.S.\ncomptroller of the currency. Pending approval of Chemical's\nshareholders, the merger should be closed by May one, he added.\n The bank said the combined company will have assets of\nabout 80 billion dlrs.\n Reuter\n\u0003",
"date": "24-APR-1987 10:50:18.12",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17099"
},
{
"title": "PHILLIPS <P> CITES LOWER OIL PRICES IN DECLINE",
"body": "Phillips Petroleum Co cited\nlower oil and gas prices in its first quarter loss of 32 mln\ndlrs or 16 cts a shares compared with net income of 96 mln dlrs\nor 39 cts a share in the year-ago period.\n It also said there was a decline in crude oil production\ndue to its recently completed asset sales program.\n Phillips also said it expects crude prices will continue to\nbe soft in the second and third quarters, but will improve\ntoward the end of the year.\n \n Phillips also said that foreign currency transaction losses\nin the first quarter were 10 mln dlrs compared with a gain of\n46 mln dlrs in the fourth quarter of 1986 and a loss of one mln\ndlrs in the first quarter of 1986.\n Reuter\n\u0003",
"date": "24-APR-1987 10:51:04.17",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17100"
},
{
"title": "VENEZUELA RE-ESTABLISHES POSTED PRODUCT PRICES",
"body": "Petroleos de Venezuela, PDVSA, the\nstate owned oil company, has re-established posted prices for\nsome light products and heavy fuel oil, industry sources in New\nYork said.\n The return to posted prices is a sign that the market is\nreturning to a more stable and orderly condition after a year\nof volatile price movements in which Venezuela ceased posting\nprices and moved to negotiating prices with companies.\n \"We are in more stable market now and PDVSA has probably\ndecided to return to postings for some products,\" one industry\ntrade source said.\n \n But there was no talk of Venezuela posting prices for crude\noil which were also dropped in 1986.\n Posted prices were dropped in the first quarter of 1986 \nwhen prices for crude oil and products tumbled in response to\nOPEC's market share strategy and netback arrangements.\n PDVSA has set out posted prices for several groups of light\nproducts including gasoline, naphtha, jet kerosene and\ndistillates effective April 15 as follows.\n Unleaded gasoline was posted at 19.74 dlrs a barrel (47 cts\na gallon) with leaded gasoline at 20.16 dlrs a barrel (48 cts a\ngallon).\n \n Light naphtha was posted at 17.85 dlrs a barrel (42.5 cts a\ngallon), full range naphtha at 19.11 dlrs a barrel (45.50 cts a\ngallon), and heavy naphtha at 19.53 cts a gallon (46.5 cts a\ngallon).\n Jet kerosene was posted at 18.90 dlrs a barrel, also\neffective April 15, or (45 cts a gallon) with dual purpose\nkerosene at 18.06 dlrs a barrel (43 cts a gallon).\n Distillates of 0.2 pct sulphur and 0.3 pct sulphur grades\nwere posted at 18.48 dlrs a barrel (44 cts a gallon), each with\n0.5 pct sulphur 18.08 dlrs a barrel (43.05 cts a gallon).\n LPG postings, also effective from April 15, were made as \nfollows, propane 175 dlrs a tonne (33.33 cts a gallon), butane\n210 dlrs a tonne (46.26 cts a gallon) and isobutane at 240 dlrs\na tonne.\n Heavy fuel products were given a posted price effective\nApril 10 and ranged from 0.3 pct sulphur at 19.35 dlrs a barrel\nto 17.21 dlrs a barrel for 2.8 pct sulphur.\n Heavy fuel postings are also referred to as minimum export\nprices.\n Reuter\n\u0003",
"date": "24-APR-1987 10:57:23.61",
"topics": [
"crude",
"fuel",
"gas",
"naphtha",
"jet",
"nat-gas"
],
"places": [
"usa",
"venezuela"
],
"id": "17101"
},
{
"title": "EXXON <XON> RAISES HEATING OIL PRICE, TRADERS SAID",
"body": "Oil traders in the New York area said\nExxon Corp's Exxon U.S.A. subsidiary raised the price it\ncharges contract barge customers for heating oil in the New\nYork harbor by 0.50 cent a gallon, effective today.\n They said the 0.50 cent a gallon increase brings Exxon's\ncontract barge price to 49.25 cts a gallon.\n Reuter\n\u0003",
"date": "24-APR-1987 11:09:38.67",
"topics": [
"heat"
],
"places": [
"usa"
],
"id": "17102"
},
{
"title": "PHILIPS PLANS MEDICAL JOINT VENTURE WITH GEC",
"body": "NV Philips\nGloeilampenfabrieken <PGLO.AS> and General Electric Co Plc\n<GEC.L> are planning a 50-50 joint venture in the medical\nequipment field, Philips announced.\n The venture will group all the medical systems of the two\ncompanies, combining GEC's Ohio-based medical division Picker\nInternational with Philips' medical division in a new\nU.S.-based subsidiary.\n Picker employs 6,000 people worldwide and has production\nand distribution facilities in North America, Britain, West\nGermany, the Caribbean and Japan.\n Picker's turnover in the year ending March 31, 1986\ntotalled 612 mln dlrs, according to Philips.\n Philips' own medical systems activities, currently part of\nits Professional Products and Systems division, with\nheadquarters in the Dutch town of Brest near Eindhoven, has\nproduction facilities in the U.S., West Germany, France, Italy\nand Britain as well as in the Netherlands.\n Its 1986 turnover was 2.82 billion guilders.\n Philips said GEC was planning substantial additional\ninvestment in the project to bring its share to 50 pct.\n \"The new company will be a vigorous competitor in all the\nimportant areas in the world, with matching distribution\nnetworks and other facilities capable of meeting the needs of\nrapidly advancing technology in medical systems,\" Philips said.\n Dutch corporate analysts said the merger will create the\nworld's second biggest company specialised in medical\ntechnology after U.S. General Electric Co <GE.N>.\n The new company should start operations in the second half\nof this year, a Philips spokesman said.\n Reuter\n\u0003",
"date": "24-APR-1987 11:10:16.57",
"topics": [
"acq"
],
"places": [
"netherlands",
"usa"
],
"id": "17103"
},
{
"title": "HYUNDAI AUTO CANADA TO RECALL 126,524 CARS",
"body": "Hyundai Auto Canada Inc, wholly owned\nby the South Korean concern, said it recalled 126,524 cars for\ninspection of a mechanism that may cause the hood to open\nwithout warning while the vehicle is in motion.\n The company said the voluntary recall affects Hyundai Pony\ncars sold in Canada and produced before Dec 4, 1986.\n Hyundai models sold in the United States and other\ncountries are not affected by the recall.\n Reuter\n\u0003",
"date": "24-APR-1987 11:10:37.74",
"places": [
"canada",
"south-korea"
],
"id": "17104"
},
{
"title": "TRADERS CONFIRM SOME INDIAN PALM OLEIN PURCHASES",
"body": "Traders said the Indian State Trading\nCorporation (STC) bought three 6,000 tonne cargoes of refined\nbleached deodorised palm olein at its import tender today. They\nalso said the STC is still in the market and additional\nbusiness may be concluded over the weekend.\n The confirmed business comprised two cargoes of rbd olein\nfor June shipment at 351.50 dlrs per tonne and one July at 352\ndlrs cif, all on 30 pct counter trade.\n Reuter\n\u0003",
"date": "24-APR-1987 11:19:05.03",
"topics": [
"palm-oil",
"veg-oil"
],
"places": [
"uk",
"india"
],
"id": "17105"
},
{
"title": "ZIMBABWE BANKING CORP URGES POLICY REFORM",
"body": "A range of substantial policy\ninitiatives need to be implemented to shift resources from\nconsumption to production in the Zimbabwe economy, says the\nZimbabwe Banking Corporation (ZBC) in its quarterly economic\nreview.\n The state owned banking group says although Zimbabwe's\nbalance of payments improved significantly last year the\nunderlying position deteriorated. Last year's improved trade\nsurplus was partly the result of sales of stockpiled gold and\ncontinued import restraint.\n It says debt service charges are projected to exceed 35 pct\nof exports in 1987 and warns against squeezing imports further.\n ZBC says mining industry import quotas for the first six\nmonths of 1987 have been halved and those for manufacturing\nindustry cut by a third.\n It contrasts the performance of manufacturing industry in\n1967 to 1974, with that since independence in 1980. Industrial\nproduction almost doubled between 1967 and 1974, when foreign\ncurrency allocations almost trebled in real terms.\n Since 1980, import allocations have been cut 45 pct and the\nZimbabwe dollar has depreciated by more than 60 pct. As a\nresult the bank says the external purchasing power of foreign\ncurrency allocations is currently only 20 pct of its 1980\nlevels.\n REUTER\n\u0003",
"date": "24-APR-1987 11:20:56.30",
"topics": [
"bop",
"ipi",
"trade"
],
"places": [
"zimbabwe"
],
"id": "17106"
},
{
"title": "CANADA STOCK PURCHASES BY FOREIGNERS SOAR",
"body": "Foreign investors purchased, on a net\nbasis, a record one billion dlrs of Canadian stocks in\nFebruary, more than the total for all of 1986, Statistics\nCanada said.\n U.S. residents continued to be the largest investor, with\npurchases doubling from the previous month to more than 800 mln\ndlrs.\n Net sales of outstanding Canadian bonds to Japan, however,\namounted to 679 mln dlrs in February, which, on average, was\nabout 500 mln less than in each of the four previous months.\n Reuter\n\u0003",
"date": "24-APR-1987 11:22:35.11",
"places": [
"canada"
],
"id": "17107"
},
{
"title": "NOBLE <NBL> SUBMITS HIGH BID FOR TRACT",
"body": "Noble Affiliates Inc said it\nsubmitted the high bid for six tracts at the Central Gulf of\nMexico sale on April 22.\n It said its exploration and production subsidiary, Samedan\nOil Corp, participated in the high bid for the following\ntracts, West Cameron 296, East Cameron 296, Vermilion 266, Ship\nShoal 350, Main Pass 90 and Main Pass 100.\n Reuter\n\u0003",
"date": "24-APR-1987 11:31:18.91",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17108"
},
{
"title": "COMINCO <CLT> B.C. WORKERS AUTHORIZE STRIKE",
"body": "Cominco Ltd's 3,200\nunionized workers at its Trail and Kimberley, British Columbia\nlead-zinc operations voted 94 pct in favor of authorizing a\npossible strike, the union said in reply to an inquiry.\n Their two-year contracts expire on April 30.\n A spokesman for the United Steelworkers of America, which\nrepresents the workers, reiterated that private mediation talks\nare set for Monday and that no strike date had been set.\n \n The union has said it is asking for a three pct wage hike\nin each year of a proposed two-year contract, while Cominco has\noffered a 40 ct an hour increase in the third year of a\nproposed contract if workers agree to loosen rules on job\nclassifications.\n The average unionized worker's wage is now about 14.78 dlrs\nan hour.\n Cominco's Trail operations produced 240,000 long tons of\nzinc and 110,000 long tons of lead in 1986. The Sullivan mine\nat Kimberley produced 2.2 mln long tons of ore last year, most\nfor processing at the Trail smelter.\n Reuter\n\u0003",
"date": "24-APR-1987 11:39:16.40",
"topics": [
"lead",
"zinc"
],
"places": [
"canada"
],
"id": "17109"
},
{
"title": "PETRANOL IN TAKEOVER TALKS WITH PERRODO GROUP",
"body": "<Petranol Plc> said it was discussing\nthe takeover of an unnamed company owned by Frenchman Hubert\nPerrodo in exchange for Perrodo taking a 51 pct stake in\nPetranol.\n It said in a statement the assets of the company to be\nacquired included a \"substantial interest\" in an unspecified oil\nfield in Torrance, California, and five mln dlrs in cash.\n Funding commitments for Petranol, both in respect of the\nCalifornian oil field and Petranol's existing U.S. Assets,\nwould be included in the agreement. Petranol said the deal\nwould enhance its presence in the U.S., Increase its capital\nand secure the availability of development cash.\n Reuter\n\u0003",
"date": "24-APR-1987 11:40:48.73",
"topics": [
"acq",
"crude"
],
"places": [
"uk",
"usa"
],
"id": "17110"
},
{
"title": "HAGENSBORG RESOURCES <HGS.V> RAISES SEVEN MLN",
"body": "Hagensborg\nResources Ltd said it will receive a seven mln dlrs Canadian\nline of credit from the Bank of Novia Scotia to develop a\nsalmon farming operation.\n The company said the funds will be used to complete\nconstruction of the land-based operation at Nanaimo in British\nColumbia.\n Details of the credit line are being finalized with the\nBank of Novia Scotia with the financing to be fully guaranteed\nby Norway-based Den Norske Creditbank and the Norwegian\nGuarantee Institute for Export Credit, it added.\n Reuter\n\u0003",
"date": "24-APR-1987 11:41:34.25",
"places": [
"canada"
],
"id": "17111"
},
{
"title": "WORLD BANK LOANS MOROCCO 125 MLN DLRS",
"body": "The World Bank said it will provide\nMorocco a 125 mln dlr loan for a project intended to improve,\nexpand and modernize its telecommunications network.\n The Bank said the project expects to satisfy about 80 pct\nof the demand for telephone service and the 100 pct of the\ndemand for telex service by 1994.\n The total cost of the project is 647.5 mln dlrs, with the\nOffice National des Postes et Telecommunications du Maroc\nproviding 359.6 mln dlrs and bilateral sources expected to\nprovide 189.9 mln dlrs, the Bank said.\n REUTER\n\u0003",
"date": "24-APR-1987 11:46:50.46",
"organisations": [
"worldbank"
],
"places": [
"usa",
"morocco"
],
"id": "17112"
},
{
"title": "JIM WALTER <JWC> APROVES STOCK SPLIT",
"body": "Jim Walter Corp said its board\napproved a 5-for-4 stock split in the form of a 25 pct stock\ndividend to be distributed July 12 to stockholders of record\nJune 15.\n It also said its board approved a regular quarterly cash\ndividend of 35 cts a share on its pre-split common, payable\nJuly one to holders of record June 15. The current dividend is\nequal to 28 cts on the common outstanding after the split.\n The company said it plans to increase the quarterly cash\ndividend on the post-split shares by seven pct to 30 cts\nbeginning with the October one payment.\n Reuter\n\u0003",
"date": "24-APR-1987 11:48:52.59",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17113"
},
{
"title": "BANK BOARD CHAIRMAN SAYS MORE FSLIC FUNDS NEEDED",
"body": "Federal Home Loan Bank Board\nchairman Edwin Gray said pending bills do not provide enough\nmoney for the Federal Savings and Loan Insurance Corp to deal\nwith insolvent thrift associations.\n The Senate has passed a bill to provide 7.5 billion dlrs in\nFSLIC recapitalization, while the House Banking Committee has\napproved five billion dlrs in new funds.\n \"We are operating right now on net operating losses of four\nbillion dlrs a year. That's double last year. We think it's\ngoing to increase,\" Gray told a Senate Appropriations\nsubcommittee hearing.\n \"The FSLIC is insolvent under generally accepted accounting\nprocedures and it lacks the financial resources to\ncost-effectively resolve its caseload of insolvent\ninstitutions,\" Gray said.\n Gray said FSLIC now had 191 cases and the number was\nexpected to increase.\n He said the gap between the 80 pct of healthy savings\nassociations and the other 20 pct of thrifts grew in 1986.\n Banking committee chairman William Proxmire, D-Wis, told\nGray he supported more recapitalization, but other members did\nnot want to impose a greater burden on healthy thrifts.\n Reuter\n\u0003",
"date": "24-APR-1987 11:50:02.02",
"places": [
"usa"
],
"id": "17114"
},
{
"title": "INVESTOR HAS 5.1 PCT OF SIERRA HEALTH <SIE>",
"body": "Peter Lin, a Montebello, Calif.,\nphysician, told the Securities and Exchange Commission he has\nacquired 285,000 shares of Sierra Health Services Inc, or 5.1\npct of the total outstanding common stock.\n Lin said he bought the stock for about 1.7 mln dlrs solely\nfor investment purposes.\n Although he said he may buy more stock in Sierra Health\nServices, Lin said he has no intention of seeking control of\nthe company.\n Reuter\n\u0003",
"date": "24-APR-1987 11:56:05.90",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17115"
},
{
"title": "GM <GM>, TOYOTA JOINT VENTURE CUTS PRODUCTION",
"body": "New United Motor Manufacturing\nInc, a joint venture formed by General Motors Corp and Toyota\nMotor Corp, said it plans to cut production at its automaking\nfacility here because of lower than anticipated sales.\n The company said production will be reduced to about 750\nvehicles per day from the current rate of 800 per day,\neffective May 18.\n It said there will be no layoffs because of the cutbacks,\nbut the lower production schedule will be in effect throughout\nthe 1987 model year.\n GM and Toyota produce the Chevrolet Nova at the\njoint-venture plant, which began production in December, 1984.\n Reuter\n\u0003",
"date": "24-APR-1987 11:57:12.23",
"places": [
"usa"
],
"id": "17116"
},
{
"title": "IRAQ SAYS IT HIT TWO SHIPS IN GULF, DOWNS IRAN F-4",
"body": "Iraq said its warplanes attacked two\nlarge naval targets -- Baghdad's usual term for oil tankers or\nmerchant ships -- in the Gulf today.\n A military spokesman said the planes scored accurate and\neffective hits in both attacks.\n There was no immediate confirmation of the raids from\nindependent shipping sources in the region.\n The spokesman said during one of the attacks, Iraqi planes\nintercepted an Iranian F-4 Phantom and shot it down. All Iraqi\nwarplanes returned safely to base, he added.\n REUTER\n\u0003",
"date": "24-APR-1987 12:02:57.56",
"topics": [
"ship"
],
"places": [
"iraq",
"iran"
],
"id": "17117"
},
{
"title": "U.S. MINT ANNOUNCES COPPER/NICKEL AWARDS",
"body": "The U.S. Mint said it awarded\ncontracts to Philipp Brothers, N.Y., and Sidney Danziger, a New\nYork metals merchant, to procure 3,701,000 lbs of\nelectrolytic copper and 629,000 lbs electrolytic cut nickel\ncathodes or briquettes.\n The Mint said Philipp Brothers will supply the entire\n3,701,000 lbs of copper at a cost of 0.66845 dlrs per lb.\n Sidney Danziger will furnish 338,000 lbs of the nickel at\n1.8344 dlrs per lb, while Phibro will provide 291,000 lbs at\n1.8369 dlrs per lb, the Mint said.\n Reuter\n\u0003",
"date": "24-APR-1987 12:04:49.88",
"topics": [
"copper",
"nickel"
],
"places": [
"usa"
],
"id": "17118"
},
{
"title": "GERMAN GROWTH WILL NOT CUT U.S. DEFICIT -BANGEMANN",
"body": "Economics Minister Martin Bangemann, who\nflies to Washington this weekend for high level talks, said\nboosting West German economic growth would not have any\nsignificant effect on the high U.S. Current account deficit.\n In a paper prepared ahead of his trip, Bangemann said\nBonn's trading partners had been asking whether West German\ngrowth was slowing and whether the Federal Republic should not\nin the future pursue more strongly expansionary policies.\n In the paper Bangemann wrote, \"It is not possible to reduce\nthe U.S. Current account deficit by any signficant amount just\nthrough more stimulation of the West German economy.\"\n One U.S. Administration policy maker said in Washington\nthis week that the United States government wanted West Germany\nand Japan to reduce their interest rates even further to\nstimulate their economies.\n Bangemann said it was clear the high mark, as well as\nuncertainty about further currency developments, was making\ncompanies here cautious about production plans and investments.\n While West Germany did not seek exchange rates which\nunilaterally favoured its exports, it favoured more stability\nand realistic rates, which corresponded to \"fundamentals.\"\n He welcomed the February \"Louvre Agreement\" of six industrial\nnations to stabilise currencies and said, \"(We) expect all\nparties to hold by the accords struck there.\" West Germany had\nfulfilled its pledge of boosting planned tax cuts, he noted.\n Despite calls for lower interest rates, Bundesbank\nVice-President Helmut Schlesinger has hinted that central bank\npolicy may even have to be tightened.\n He wrote in a newspaper article published yesterday that\nthe Bundesbank's current accommodative stance could not\ncontinue in the long term.\n During his trip to Washington, which runs from April 26 to\n29, Bangemann will meet Secretary of State George Shultz, trade\nenvoy Clayton Yeutter, World Bank President Barber Conable, IMF\nManaging Director Michel Camdessus and Paul Volcker, Chairman\nof the Federal Reserve Board.\n REUTER\n\u0003",
"date": "24-APR-1987 12:07:15.93",
"topics": [
"bop",
"gnp"
],
"places": [
"west-germany",
"usa"
],
"id": "17119"
},
{
"title": "PHIBRO ENERGY CHAIRMAN SAID TO HAVE RESIGNED",
"body": "Thomas O'Malley, Chairman of Phibro\nEnergy, a subsidiary of Salomon Bros Inc <SB>, has left the\ncompany to form his own oil trading firm because of unhappiness\nwith the current arrangement between Salomon Brothers and\nPhibro Energy, industry sources said.\n Earlier he resigned as a Director and Vice Chairman of\nSalomon Inc.\n A Salomon spokesman did not deny that O'Malley had left the\ncompany but offered no further comments at this time.\n Al Kaplan, another former Phibro Energy executive, will\njoin the new business, the sources said.\n The new company, Argus Energy, is located in Stamford,\nConn., and will begin active trading in June of this year.\n Reuter\n\u0003",
"date": "24-APR-1987 12:07:42.60",
"places": [
"usa"
],
"id": "17120"
},
{
"title": "FARM CREDIT SEEN NEEDING UP TO 4.5 BILLION DLRS",
"body": "The Farm Credit System will need\n3-4.5 billion dlrs in federal assistance to cover losses over\nthe next three years, a member of the board of the System's\nregulatory agency said.\n Jim Billington, member of the three-person board of\ndirectors of the Farm Credit Administration, said he intended\nto ask the board on May 5 to vote to certify that the ailing\nfarm lending network needs federal aid.\n Billington, the sole Democrat on the board, said the System\nwould need federal aid sooner than suggested by a FCA report,\nwhich said assistance would be required by the end of 1987.\n \"I would say the System will require outside financial\nassistance possibly by July 1 if System districts don't lend\nunsecured credit to one another to meet collateral problems,\" he\nsaid.\n FCA officials today disclosed that efforts by the System's\ndistricts to reach a collateral-sharing agreement has been\nsuspended.\n Reuter\n\u0003",
"date": "24-APR-1987 12:09:23.59",
"places": [
"usa"
],
"id": "17121"
},
{
"title": "ABM GOLD TO RAISE INTERESTS IN CANADA COMPANIES",
"body": "ABM Gold Corp will use the proceeds of\nan initial public offering of seven mln shares of stock at 10\ndlrs a share to increase its interest in three Canadian\ncompanies, said co-managing underwriters PaineWebber Inc and\nAdvest Inc.\n ABM Gold manages and develops properties of Sonora Gold\nCorp <SON.TO>, Goldenbell Resources Inc <GBL.TO>, United Gold\nCorp <UGC.V> and Inca Resources Inc <IRI.TO>.\n Proceeds will be used to raise its stake in Sonora, buy a\n15 pct interest in the net profits of Sonora's Jamestown mine,\nand buy capital stock of Goldenball and United, they said.\n ABM Gold explores, acquires and develops gold properties in\nCalifornia, and also processes gold-bearing ore into gold\nbullion.\n The co-managing underwriters said they are selling 3.5 mln\nshares in the U.S. and Canada, while an interational offering\nwill be managed by PaineWebber International. The underwriters\nhave been granted an option to buy up to an additional 105,000\nshares to cover over-allotments.\n Reuter\n\u0003",
"date": "24-APR-1987 12:18:34.57",
"topics": [
"acq",
"gold"
],
"places": [
"usa",
"canada"
],
"id": "17122"
},
{
"title": "EUROPEAN BEET SOWINGS CATCH UP, USSR DELAYED",
"body": "Fine weather throughout Europe\nallowed farmers to make good progress with sugar beet sowings\nduring the period April 16-21, but conditions in the Soviet\nUnion remained unfavourable, West German analyst F.O. Licht\nsaid.\n With daytime temperatures in parts of Europe exceeding 20\ndegrees centigrade Licht said sowings have been boosted and may\nbe completed in most countries by the end of the month.\n In France the beet growers' association said the entire\ncrop could be sown within a week if the good weather persists.\n Sowings this year will still be behind 1986 but Licht noted\nthat good results have often been produced from late-sown\ncrops.\n In the Soviet Union, however, most beet-growing regions\nstill had cool weather with night frosts. Only in the western\nUkraine was it warm enough to permit sowings, Licht said.\n Sowings in the USSR will consequently be much later than\nlast year when one mln hectares had already been drilled by\nmid-April.\n Reuter\n\u0003",
"date": "24-APR-1987 12:22:42.86",
"topics": [
"sugar"
],
"places": [
"west-germany",
"ussr",
"france"
],
"id": "17123"
},
{
"title": "FERRO <FOE> INCREASES SHARES",
"body": "Ferro Corp said shareholders\napproved increasing the number of authorized common shares to\n50 mln from 20 mln.\n Shareholders also approved amending the indemnification\nprovisions of the Code of Regulations of the company and\nre-elected three directors to three-year terms on the board of\ndirectors.\n \n Reuter\n\u0003",
"date": "24-APR-1987 12:25:23.51",
"places": [
"usa"
],
"id": "17124"
},
{
"title": "AMOCO <AN> TO SUPPLY LEADED GAS TO FARMERS",
"body": "Amoco Oil Co said it will continue to\nsell leaded gasoline to farmers in certain portions of the\nmidwest as long as there is sufficient demand for the product.\n \"It appears that the agricultural community will need\nlimited amounts of leaded gasoline for certain types of\nequipment until an acceptable alternative is found,\" the\ncompany said.\n Amoco previously announced it would sell all lead-free\ngasoline to motorists at its service stations.\n Reuter\n\u0003",
"date": "24-APR-1987 12:26:00.70",
"topics": [
"gas"
],
"places": [
"usa"
],
"id": "17125"
},
{
"title": "BAKER SAYS G-7 WANTS TO HALT DOLLAR FALL",
"body": "Treasury Secretary James Baker said\nthe Group of Seven leading industrial nations is fully\ncommitted to halting a further decline in the dollar.\n \"Let me emphasize that all seven major industrial nations\nremain fully committed to strengthening policy coordination,\npromoting growth and cooperating to foster stability of\nexchange rates,\" he told the American Enterprise Institute.\n \"We all believe a further decline of the dollar could be\ncounter productive to our efforts (to promote growth),\" he said.\n Baker also said that after meeting Japanese special envy\nShintaro Abe, \"it's clear that Japan intends to take strong\nsteps to stimulate its economy to meet its committments under\nthe Louvre Accord.\"\n Baker said in the past two years he has worked to promote\ngreater coordination of economic policies and important\nprogress has been made.\n \"Substantial exchange rate adjustments have also been\naccomplished over the past two years so that today we are\nbetter positioned to promote growth and reduce external\nimbalances,\" he said.\n Baker pointed out that in February the seven agreed to\nfoster stable exchange rates and those commitments were\nrenewed recently.\n In a speech largely devoted to discussing trade and\ncompetitiveness, Baker again warned of the dangers of\nprotectionist trade legislation, saying it would harm the U.S.\nstandard of living.\n Baker stressed adminstration trade policy sought to remove\nforeign barriers to trade and via forthcoming GATT talks will\nfocus on agriculture, services and intellectual property.\n The Treasury Secretary said that as well as trade issues he\nhad to focus on macroeconomic issues as well which encompass\nthe trade picture.\n \"The world economy today is really one constantly flowing\ncircle of capital and goods. Trade accounts catch and measure\nthat flow at only one spot on the circle,\" he said.\n Reuter\n\u0003",
"date": "24-APR-1987 12:28:16.49",
"topics": [
"money-fx",
"dlr",
"trade"
],
"places": [
"usa",
"japan"
],
"id": "17126"
},
{
"title": "ELDERS ACQUIRES 95 PCT OF CARLING <CKB>",
"body": "<Elders IXL Ltd>, of Australia, said it\nacquired 20.8 mln or 95 pct of Carling O'Keefe Ltd common\nshares under its previously announced tender offer that expired\nyesterday.\n Investment Canada said earlier this week it approved\nElders's takeover of Carling, Canada's third largest brewery.\n Reuter\n\u0003",
"date": "24-APR-1987 12:28:56.31",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "17127"
},
{
"title": "WHITE HOUSE SAYS MARCH CPI \"NO CAUSE FOR ALARM\"",
"body": "The White House said last month's\n0.4 per cent in increase in the CPI, the third sharp rise in\nthree months and one that brought the annual inflation rate to\n6.2 pct so far this year, was no cause for alarm.\n \"While this is something to watch, it's not something to be\nalarmed about,\" said spokesman Marlin Fitzwater.\n He said the three month increase in inflation was due\nalmost entirely to higher energy prices.\n Fitzwater said once an OPEC price hike is \"passed through\nthe system,\" the nation should see a slowing of the inflation\nrate to the administration's 3.8 pct 1987 forecast.\n REUTER\n\u0003",
"date": "24-APR-1987 12:30:46.85",
"topics": [
"cpi"
],
"places": [
"usa"
],
"id": "17128"
},
{
"title": "U.S. PRODUCTIVITY REPORT RESCHEDULED TO MAY 4",
"body": "The Labor Department said it\nrescheduled the release of the first-quarter nonfarm\nproductivity report to May 4 at 1000 EDT (1400 GMT) from April\n27.\n The delay was necessary because the Commerce Department\nmoved back release of national income and product data used by\nthe Labor Department to compute productivity.\n Reuter\n\u0003",
"date": "24-APR-1987 12:36:47.82",
"topics": [
"ipi"
],
"places": [
"usa"
],
"id": "17129"
},
{
"title": "SEARS <S> RESTRUCTURES BUSINESS SYSTEMS CENTERS",
"body": "Sears Roebuck and Co said it will\nrestructure its business systems centers, which sell computer\nsystems.\n The restructuring reflects the changing personal computer\nmarket, Sears said.\n Sears will consolidate 41 business systems center outlets\nin markets where it has more than one sales facility.\n Sales and support staffs will remain intact and will report\nto a single location in most metropolitan areas.\n When the consolidation is complete, Sears will operate 59\ncomputer centers in 51 markets nationwide.\n Some 31 markets with single sales offices will not be\naffected.\n \"We no longer need as many sales locations in each market\nbecause our sales organization will be calling directly upon\nour customers at their places of business,\" explained John H.\nRollins, national manager of Sears Business Systems Centers.\n Reuter\n\u0003",
"date": "24-APR-1987 12:41:07.11",
"places": [
"usa"
],
"id": "17130"
},
{
"title": "SPANISH SUNOIL EXPORTERS SEEK SEED CLEARANCE",
"body": "Spanish exporters are asking the\ngovernment to clear 33,200 tonnes of sunflower seed authorised\nfor export by the European Community (EC), a spokesman for one\nof Spain's major sunflower oil producers said.\n He told Reuters in a telephone interview the government was\nholding back on authorisation to hold prices low.\n \"They are deliberately keeping prices down to help meet this\nyear's inflation target despite the threat of a surplus on what\nlooks like a bigger harvest than we expected,\" he said.\n He said the policy of allowing stocks to accumulate had\ncaused a price drop, with raw oil prices falling to 147 pesetas\na kilo from 160 at the start of the 1986/87 marketing year\nending July 31.\n Sunflower oil output was expected to rise to 370,000 tonnes\nthis year from 340,000 last year, with seed output up at\n905,000 tonnes from 860,000 last year.\n He said domestic consumption was falling due to imports of\nother edible oils. \"We estimate demand at 296,000 tonnes this\nyear, leaving a 124,000 tonne surplus with the 50,000 tonnes\nnow stockpiled,\" he said. \"If we discount 24,000 tonnes held for\nstrategic purposes, this still leaves us with 100,000 tonnes.\"\n Reuter\n\u0003",
"date": "24-APR-1987 12:43:46.43",
"topics": [
"oilseed",
"sunseed",
"veg-oil",
"sun-oil"
],
"organisations": [
"ec"
],
"places": [
"spain"
],
"id": "17131"
},
{
"title": "JAPAN BUYS UP TO 8,000 TONNES CANADIAN RAPESEED",
"body": "Japanese crushers bought 5,000 to\n8,000 tonnes of Canadian rapeseed for last-half May/first-half\nJune shipment, trade sources said. Price details were not\navailable.\n Reuter\n\u0003",
"date": "24-APR-1987 12:43:50.14",
"topics": [
"oilseed",
"rapeseed"
],
"places": [
"japan",
"canada"
],
"id": "17132"
},
{
"date": "24-APR-1987 12:46:35.95",
"places": [
"usa"
],
"id": "17133"
},
{
"title": "CONTINENTAL <CONT.O> BOARD CONSIDERS SUIT",
"body": "Continental Medical Systems\nInc said its board met to consider the allegations in the\nderivative action filed by Continental Care Group and that\nofficers named as defendants believe it to be totally without\nmerit is likely to be dismissed in Maryland Federal court.\n Continental Medical has sued Continental Care Group for\nover 5 mln dlrs for breach of a contract calling for it to buy\n12 nursing homes from Continental Care.\n Yesterday, Continental Care filed a derivative action\nagainst Continental Medical charging it with fraud and\nmisrepresentation of fiduciary duties.\n\n Reuter\n\u0003",
"date": "24-APR-1987 12:49:58.10",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17134"
},
{
"title": "SHELL OIL FIRST QUARTER NET DROPS 61 PCT ",
"body": "Shell Oil Co said first quarter net\nincome dropped 61 pct over the prior-year quarter on revenues\nthat slipped four pct.\n \"Lower prices for crude oil and natural gas and reduced\nmargins in our oil and chemical products businesses were the\nmajor factor for the earings decline,\" John F. Bookout,\npresident, said in a statement.\n For the quarter, the company, a unit of Royal Dutch/Shell\nGroup <RD> <SC>, earned 108 mln dlrs on sales of 4.50 billion\ndlrs, compared with 276 mln dlrs on sales of 4.67 billion dlrs\na year ago.\n Bookout said the company is cautiously optimistic oil\nmarkets will be less volatile in coming months than they were\nin 1986.\n \"In coming months, oil products results should benefit from\nseasonally higher gasoline volumes,\" he said.\n \"However, so long as U.S. product inventories remain high,\nit may be difficult to fully recover from the depressed margins\nof recent periods,\" he added.\n Bookout said the company's chemical products earnings\nshould benefit from strong performances in chemical sales\nvolumes and continued high industry operating rates.\n Shell said its oil and gas exploration and product segment\nearned 110 mln dlrs for the quarter vs 91 mln dlrs in 1986.\n It said earnings were hurt by lower selling prices for\ncrude oil, natural gas and natural gas liquids. Domestic crude\noil prices averaged 14.24 dlrs a barrel, compared with 19.28\ndlrs last year, while natural gas prices dropped 24 pct, Shell\nsaid.\n Shell said earnings at its oil products segment plunged by\n53 mln dlrs, to eight mln dlrs. It said lower refined product\nselling prices were only partially offset by reduced raw\nmaterial costs.\n The company said earnings from chemical products also fell\nsharply, to 40 mln dlrs from 72 mln dlrs, due mainly to lower\nmargins, especially in commodity chemicals, coupled with its\npullout from the agricultural chemicals business in October\n1986.\n Shell said capital and exploratory outlays totaled 500 mln\ndlrs for the quarter, off from 645 mln dlrs.\n Reuter\n\u0003",
"date": "24-APR-1987 12:54:36.57",
"topics": [
"crude",
"nat-gas",
"gas",
"pet-chem"
],
"places": [
"usa"
],
"id": "17135"
},
{
"title": "AFRICAN GOVERNMENTS COMPLY ON RECOVERY PROGRAMMES",
"body": "A majority of 31 African countries\nreplying to a questionnaire had carried out economic reforms\nrecommended in United Nations and Organisation of African Unity\n(OAU) recovery programmes, Adebayo Adedji, Executive Secretary\nof the U.N.'s Economic Commission for Africa said.\n He told African planning and economy ministers that the\nquestionnaires, distributed by the Economic Commission to\nmonitor the programmes, showed that 25 of the 31 countries had\ntaken steps to increase foreign aid.\n The same number had improved the investment climate in\ntheir countries, he said.\n Twenty-two had made structural adjustments to their\neconomies, 22 had taken measures to promote exports and five\nhad carried out an \"overall economic rehabilitation,\" he added.\n The main thrust of the recovery programmes was to encourage\nagriculture by giving farmers greater incentives to produce.\n The OAU plan envisaged investment of 128 billion dlrs in\nall 50 African countries over the next five years. Foreign\ndonors were expected to contribute 46 billion dlrs.\n Nineteen out of 50 African governments have failed to\nanswer the questionnaire, he said.\n REUTER\n\u0003",
"date": "24-APR-1987 12:56:25.76",
"organisations": [
"un",
"eca"
],
"places": [
"ethiopia"
],
"id": "17136"
},
{
"title": "ASCS SEEKS 12.5 MLN POUNDS VEG OIL FOR EXPORT",
"body": "The Agricultural Stabilization and\nConservation Service (ASCS) is seeking 12.5 mln pounds of\nvegetable oil for export June 6-20 and June 21/July 5, an ASCS\nofficial said.\n Offers must be received at the Kansas City Commodity Office\nby 1430 CDT May 4, and successful offerors will be notified May\n5.\n reuter\n\u0003",
"date": "24-APR-1987 13:06:58.68",
"topics": [
"veg-oil"
],
"places": [
"usa"
],
"id": "17137"
},
{
"title": "TREASURY'S BAKER - G-7 OPPOSE FURTHER DLR DROP",
"body": "Treasury Secretary James Baker said\nthe Group of Seven countries, in seeking to foster stability in\nexchange markets, believe a further decline in the value of the\ndollar would be counterproductive.\n In answer to questions by a business group, Baker said\nthat for one thing further reductions could make it\neconomically difficult for the surplus countries to grow,\nthereby making it difficult for them to purchase overseas\ngoods. In addition, Baker said he was opposed to the U.S.\nselling a yen denominated bond arguing that such a move might\nsend the wrong signal to markets.\n Reuter\n\u0003",
"date": "24-APR-1987 13:07:35.68",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"usa"
],
"id": "17138"
},
{
"title": "GERMAN BANKS FACE DISRUPTION AFTER TALKS COLLAPSE",
"body": "West German banks face disruption\nfrom strike ballots and selective strikes after the breakdown\nof talks on wages and working hours, the German Employees\nUnion, DAG, and the Commerce, Banking and Insurance Union, HBV,\nsaid.\n But the chairman of the bank employers' federation, Horst\nBurgard, told reporters in Frankfurt he hoped the two sides\nwould reach agreement after a pause for thought.\n DAG chief negotiator Gerhard Renner said the employers'\noffer to resume talks was farcical as long as they refused to\nremove the issue of flexible working hours from the talks.\n Both sides agreed there was now little point in top level\nnegotiations similar to those held in the engineering industry\nwhich resolved a dispute on working hours.\n Renner and HBV chief negotiator Lorenz Schwegler said they\nwere prepared to compromise on the issue of flexible working\nhours, but this subject should not be included in the wage\nnegotiations for the 380,000 bank employees.\n Burgard, also management board member of Deutsche Bank AG,\nsaid the employers sought acceptance of more flexible hours on\nan unchanged 40 hour week in the negotiations.\n The employers have unilaterally imposed a 3.6 pct pay rise\nbackdated to March 1, with the collapse of the talks. The HBV\nis seeking a six pct rise and DAG a 6.5 pct increase.\n Schwegler said the unions would react to the collapse of\nthe talks with protest and warning strikes. Union officials\nwould resist overtime and attempts to introduce flexible hours.\n Next week the unions will set strike ballots aiming at\nstrikes in sensitive areas such as bank computer and bourse\ndata centres. The unions only account for some 25 pct of bank\nemployees. DAG will seek support from its members in the\nBundesbank who are not directly affected by the negotiations.\n REUTER\n\u0003",
"date": "24-APR-1987 13:08:14.57",
"places": [
"west-germany"
],
"id": "17139"
},
{
"title": "GERMAN INTERVENTION SUGAR FOR EXPORT - LDN TRADE",
"body": "The most likely reason for West German\nproducers withdrawing white sugar from intervention stores is\nthat they already have, or are reasonably certain of, obtaining\nEuropean Community (EC) export licences for it, traders said.\n They were responding to EC Commission sources in Brussels\nsaying West German producers have withdrawn most of the 79,250\ntonnes of the sugar they put into intervention on April 1.\n The traders said it is also likely that French producers,\nwho put over 700,000 tonnes into intervention, will withdraw a\nsignificant proportion of this for the same reason before they\nare due to accept payment for the sugar in early May.\n Earlier this week traders said the stepping up of the level\nof export licences being granted by the EC at recent tenders,\nwith generous subsidies, had been due to producer threats to\nleave the sugar in intervention and to a desire to move most of\nthe old crop sugar before the new crop tenders start in May.\n The EC has so far granted licences for 2,467,970 tonnes out\nof around 3.1 mln tonnes targetted for export in the 1986/87\nseries of tenders. This would indicate the likelihood of high\ntonnages continuing to be moved over the next few tenders and\nsubsidies also remaining high in order to attract producer bids\nfor the export licences, traders said.\n Reuter\n\u0003",
"date": "24-APR-1987 13:09:16.09",
"topics": [
"sugar"
],
"organisations": [
"ec"
],
"places": [
"uk",
"west-germany"
],
"id": "17140"
},
{
"title": "UGANDAN GOVERNMENT PROPOSES NEW TAXES",
"body": "The Ugandan government, in its four\nyear investment and development plan, proposed taxing land and\nfood crops in an attempt to broaden its revenue base away from\ndependence on coffee sales.\n The government also said in the plan, made available to\nReuters, that a devaluation of the Ugandan shilling would do\nlittle to redress a chronic balance of payments deficit.\n The plan, the first since President Yoweri Museveni took\npower 15 months ago, seeks to raise 2.4 billion dlrs in\ninvestment funds from abroad between 1987 and 1991.\n It says the government had already secured 1.4 billion dlrs\nin pledges before Islamic lenders promised a further 494 mln\ndlrs at a conference in Kampala last week.\n Uganda already had an external debt of 984 mln dlrs at the\nend of 1986 and in the nine months of the current budget debt\nservicing will cost 204 mln dlrs, almost 50 pct of export\nearnings of 431 mln, the plan said.\n The new fiscal measures include a proposed tax on large\nland holdings, regardless of whether the owners are exploiting\nthem, and taxes on maize, beans and other crops sold by the\nProduce Marketing Board.\n The plan says the aim is to spread the tax burden, which in\nUganda has traditionally fallen almost exclusively on coffee\nfarmers. Coffee provides over 90 pct of foreign exchange\nearnings and more than 70 pct of government revenue.\n On exchange rate policy, it repeats Museveni's argument\nthat any form of fotation would not help allocating resources.\n Western governments and multilateral funds say the Ugandan\nshilling is grossly overvalued and the government must change\nthe exchange rate if it wishes to encourage investment. The\nshilling sells on the black market at more than 15,000 to the\ndollar, compared with an official rate of 1,400.\n REUTER\n\u0003",
"date": "24-APR-1987 13:17:09.30",
"topics": [
"money-fx",
"bop",
"coffee"
],
"places": [
"uganda"
],
"id": "17141"
},
{
"title": "NO MEXICO REACTION TO PERU SILVER TALKS PROPOSAL",
"body": "mexico's minister of energy and\nmines, alfredo del mazo, has yet to reply to a peruvian\ninvitation for ministerial-level talks on bilateral cooperation\nin silver marketing, a ministry spokesman said.\n Peruvian officials said they extended the invitation\nearlier this week and that it was possible the talks could be\nheld within the next 15 days.\n Meanwhile, a banco de mexico spokesman confirmed that\nmexican central bank head miguel mancera aguayo held private\ntalks here yesterday with the president of the peruvian central\nbank leonel figueroa.\n Reuter\n\u0003",
"date": "24-APR-1987 13:17:50.07",
"topics": [
"silver"
],
"places": [
"mexico",
"peru"
],
"id": "17142"
},
{
"title": "SEAGA PRESENTS GROWTH BUDGET FOR 1987",
"body": "prime minister edward seaga\nlast night presented a budget of 6.9 billion jamaica dlrs, the\nlargest in the country's history, which projects increases in\ncapital spending and continued divestment of state companies.\n In a nationally televised speech to the parliament, the\nprime minister, who is also minister of finance, said jamaica's\ngdp grew by four pct, the highest level in 15 years, while\nunemployment stood at 23.6 pct, down from last year's 26 pct.\nInflation, meanwhile, was 9.4 pct, as compared to 19.7 pct two\nyears ago.\n Government revenues were up by 419 mln jamaica dlrs, to 4.3\nbillion, enough to finance the entire recurrent expenditure of\n3.7 billion dlrs, with a 666 mln dlr surplus.\n Seaga said that with financial accounts in order, the\ngovernment will proceed to reduce the country's debt service\nratio from the current level of 49 pct of gdp to 25 pct over\nthe next five years.\n During this period, he said, growth would be targetted at\nthree to four pct.\n The 6.9 billion dlr budget, which represents an increase of\n18 pct over last year's 5.8 billion, will be financed by\nborrowing of 8.868 billion dlrs and estmated revenue of 1.385\nbillion.\n Seaga said 1.835 billion of the budget will go to finance a\ngovernment capital investment program. The plan, which\nrepresents a 10.3 pct increase over last year, projects greater\nspending on health, education, housing and infrastructure. Some\n818 mln dlrs in revenue to finance the budget will come from\nthe government's divestment program, which seaga said will be\nstepped up in 1987.\n Reuter\n\u0003",
"date": "24-APR-1987 13:30:20.65",
"topics": [
"gnp",
"jobs",
"cpi"
],
"places": [
"jamaica"
],
"id": "17143"
},
{
"title": "FRANCE REVISES 1986 GDP GROWTH FROM TWO TO 1.9 PCT",
"body": "France's National Statistics Institute\n(INSEE) said French 1986 Gross Domestic Product (GDP) grew by\n1.9 pct, after Finance Minister Edouard Balladur reported a\n1986 rise of just two pct in February.\n France's balance of payments surplus in goods and services\nrose to 53 billion francs in 1986 against 28 billion in 1985.\n The annual average monthly rise in retail prices was 2.7\npct in 1986 from 1985, INSEE added.\n REUTER\n\u0003",
"date": "24-APR-1987 13:30:26.81",
"topics": [
"gnp",
"bop"
],
"places": [
"france"
],
"id": "17144"
},
{
"title": "SOVIET CORN CARGO REJECTED, RELOADING AT CHICAGO",
"body": "A cargo of U.S. corn for the Soviet\nUnion was rejected and forced to be unloaded at a Chicago\nexport elevator earlier this week after it failed to make\ngrade, with the British vessel Broompark now being reloaded, an\nelevator spokesman said.\n The first attempt to load the ship failed when the\npercentage of broken kernels proved to be higher than contract\nspecifications, he said.\n The Soviets traditionally refuse to take sub-grade grain at\na price discount, as is the practice with many other importing\nnations, he added.\n The official estimated the reloading of the vessel with\nabout 700,000 tonnes of corn may be completed by Tuesday, April\n28.\n Reuter\n\u0003",
"date": "24-APR-1987 13:34:27.87",
"topics": [
"ship",
"grain",
"corn"
],
"places": [
"usa",
"ussr"
],
"id": "17145"
},
{
"title": "HENLEY GROUP <HENG.O> DID NOT HIRE BEAR STEARNS",
"body": "Henley Group said it has not hired\nBear Stearns and Co in connection with Santa Fe Southern\nPacific Corp <SFX>, a Henley spokesman said.\n Traders have said in the past two sessions that it seems\nBear Stearns was restricted in both Santa Fe Southern and\nHenley, implying that Bear Stearns may be helping Henley\nexamine the possibility of taking over Santa Fe.\n \"We don't have them looking into anything, including Santa\nFe,\" a spokesman said, in response to questions from Reuters.\n Bear Stearns has declined comment.\n Traders said there was also speculation that Henley was a\nbuyer of Santa Fe stock in the last two days.\n Henley said it does not comment on whether it is buying or\nselling stock in a company.\n Separately, Wall Street sources said the reports of Henley\nacquiring Santa Fe stock in recent sessions are untrue. Henley\nhas told the securities and exchange commission that it bought\nabout five pct of Santa Fe stock last year.\n Santa Fe was up earlier by more than two points. It was\ntrading at 42, up 1/8.\n Reuter\n\u0003",
"date": "24-APR-1987 13:39:19.71",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17146"
},
{
"title": "BANK OF FINLAND EASES REFERENCE RATE RESTRICTIONS",
"body": "The Bank of Finland said it was\nreducing restrictions on the use of money market rates as\nreference rates for loans.\n The Bank would start quoting money market rates referred to\nas HELIBOR (Helsinki Interbank Offered Rate). Banks may\nhenceforth use these as reference rates in their lending, it\nsaid.\n From May 1 the banks would be allowed, without special\ncentral bank approval, to use as a reference rate not only its\nbase rate but also other Bank of Finland rates or the official\nmoney market rate used in market transactions.\n A derivative of these could also be used, the statement\nsaid. But housing loans would be excepted and their lending\nrate would, as formerly, be linked directly or indirectly to\nthe Bank of Finland's base rate.\n The new guidelines involve mainly two changes. Money market\nrates in future would be used as reference rates for loans with\na maturity of over five years and the introduction of a new\nreference rate would no longer require central bank approval.\n The decision was made as a continuation of the central\nbank's process of liberalisation, it said.\n REUTER\n\u0003",
"date": "24-APR-1987 13:44:27.47",
"topics": [
"interest",
"money-fx"
],
"places": [
"finland"
],
"id": "17147"
},
{
"title": "ROCKWELL SIGNS AGREEMENT ON VALEO SUBSIDIARY",
"body": "Rockwell International Corp <ROK.N> has\nsigned an agreement leading to the takeover of Valeo <VLOF.PA>\nsubsidiary <SO.M.A. Europe Transmissions>, Valeo said in a\nstatement.\n The company said Rockwell had agreed to handle Soma sales\naround the world and to help Valeo in restructuring its\nloss-making subsidiary.\n It also said Rockwell, an American high-technology\nengineering group with interests in aerospace and the car\nindustry, would take control of Soma at the beginning of 1988\nif it obtained approval from the French government.\n Soma, a fully owned subsidiary of Valeo, makes axles and\ngear boxes for heavy vehicles and machinery mostly used in the\nconstruction business. A Valeo spokesman said <S.E.S.M.>, a\nsubsidiary of Soma specialized in equipment for military\nvehicles, had been excluded from the agreement with Rockwell.\n He said no details were available on the eventual amount\nRockwell would pay for Soma.\n Vehicle components maker Valeo was the object of a takeover\nbid in 1986 by Italian group <Compagnie Industriali Riunite>\n(CIR), controlled by Olivetti chairman Carlo de Benedetti.\n The French government limited CIR's holding in Valeo to\nless than 30 pct in June 1986, after classifying Valeo as a\ndefence contractor. Today CIR has effective control of Valeo\nthrough its French holding company <Compagnies Europeenes\nReunies>, Cerus, which has a 18.24 pct stake in Valeo.\n Since CIR won control of the French group in June, Valeo\nhas pursued a policy of concentrating its activities on the car\nindustry. The company spokesman said Valeo had sold off all its\nconstruction interests in 1986 but declined to comment on the\namount of the sales.\n The spokesman said figures were not available on Soma's\nlosses in 1986 but said the company had registered a turnover\nof 546 mln francs. Valeo recorded a consolidated net loss of\n388 mln francs in 1986 on a turnover of 12.1 billion francs.\n REUTER\n\u0003",
"date": "24-APR-1987 13:45:44.12",
"topics": [
"acq"
],
"places": [
"france"
],
"id": "17148"
},
{
"title": "MEXICO YET TO REPLY TO PERU'S SILVER INVITATION",
"body": "Mexico's minister of energy and\nmines, Alfredo del Mazo, has yet to reply to a Peruvian\ninvitation for ministerial-level talks on bilateral cooperation\nin silver marketing, a ministry spokesman said.\n Peruvian officials said they extended the invitation\nearlier this week and that it was possible the talks could be\nheld within the next 15 days.\n Meanwhile, a Banco de Mexico spokesman confirmed that\nMexican central bank head Miguel Mancera Aguayo held private\ntalks here yesterday with the president of the Peruvian central\nbank.\n The spokesman said the talks were in line with mutual\nconsultation agreements made during Peruvian President Alan\nGarcia's visit to Mexico in march.\n Press reports citing diplomatic sources at the meeting said\nthe two central bank heads discussed means of coordinating\nactions in the silver market.\n Mexico is the world's leading silver produer. It produced\nabout 73.9 mln troy ounces in 1986, according to preliminary\ngovernment figures.\n Peru, the second biggest producer of the precious metal,\nearlier this week froze new silver sales in an effort to\nstabilize silver prices. It produced 57 mln troy ounces in\n1986.\n Reuter\n\u0003",
"date": "24-APR-1987 13:53:22.43",
"topics": [
"silver"
],
"places": [
"mexico",
"peru"
],
"id": "17149"
},
{
"title": "WURLITZER <WUR> ELECTS NEW TOP OFFICERS",
"body": "Wurlitzer Co said George Howell\nwas elected vice chairman, succeeding Sid Weiss who was named\nchief executive officer.\n Weiss became vice chairman in December 1986. Weiss and\nLeonard Friedman, Wurlitzer chairman, led Wurlitzer Investments\nLtd, a Texas partnership which purchased a controlling interest\nin Wurlitzer.\n In other action, Frank Rubury was elected president and\nchief operating officer of Wurlitzer, effective April 27.\nRubury was formerly president of Horsman Inc, a subsidiary of\nDrew Industries Inc <DRWI.O>.\n Reuter\n\u0003",
"date": "24-APR-1987 13:55:30.42",
"places": [
"usa"
],
"id": "17150"
},
{
"title": "GLENMEDE TRUST TO SELL PART OF SUN <SUN> STOCK",
"body": "<Glenmede Trust Co> and Sun Co said\nthat Glenmede plans to sell a portion of its charitable\nholdings of Sun common stock, of which it holds 28 pct of the\noutstanding shares.\n They said the sales, to be made in the market subject to\nprevailing market conditions, will not exceed 2.5 pct of Sun's\n107.7 mln outstanding common shares.\n Glenmede, a trustee for various trusts and estates, said\nthe sales are part of an ongoing plan to maintain its Sun\nholdings at levels roughly equal to those prior to the Sun\nstock buyback program that began in 1980.\n Reuter\n\u0003",
"date": "24-APR-1987 13:58:51.21",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17151"
},
{
"title": "ALGERIAN MINISTER RULES OUT DEBT RESCHEDULING",
"body": "Algeria's Finance Minister Abdelaziz\nKhelaf said no rescheduling of his country's foreign debt is\nenvisaged.\n Khelaf, who came to Geneva for a meeting organised by the\nWorld Economic Forum, told Reuters Algerian debt amounted to\nabout one third of the country's Gross National Product of 55\nbillion dlrs.\n France and Algeria yesterday finalised two agreements\ngiving Algeria a total 580 mln dlrs in credits to finance trade\nand projects.\n REUTER\n\u0003",
"date": "24-APR-1987 14:02:59.88",
"topics": [
"gnp"
],
"places": [
"algeria",
"switzerland"
],
"id": "17152"
},
{
"title": "VOLKSWAGEN TO IDLE U.S. PLANT, 1,650 WORKERS",
"body": "Volkswagen of America said it\nwill shut down its U.S. car assembly plant for two weeks and\nidle 1,650 workers.\n The wholly owned subsidiary of Volkswagen A.G. said the\nfacility will be closed for two weeks starting today to adjust\ninventories.\n The 1,650 hourly workers will be laid off until May 11.\n Volkswagen's sales of U.S.-made cars this year have dropped\nsharply below last year's figures, a spokeswoman said.\n So far this year, sales are down nearly 40 pct compared to\nlast year. The U.S. company has sold a total of 13,218\nU.S.-made cars so far this year, down from 21,943 during the\nsame period last year.\n In its most recent 10-day sales period, April 11-20, the\ncompany sold 30.7 pct fewer cars. It sold a total of 1,167 cars\nduring the period against 1,683 in the same 1986 period.\n The spokeswoman also said inventories of Volkswagen's cars\nare running as high as 335 day's supply as of April 20, well\nabove the inventory level of 50 to 60 days supply considered\nacceptable by the U.S. car industry. The highest inventories\nare on the company's new \"GT\" model.\n Stocks of Volkswagen's 16-valve \"GTI\" model are 164 days'\nsupply. Inventory levels for other Volkswagen models are as\nfollows--\"Golf\" gas-powered-87 days, \"Golf\" diesel-powered 20\ndays, regular \"GTI\"-83 days.\n Reuter\n\u0003",
"date": "24-APR-1987 14:10:37.53",
"places": [
"usa"
],
"id": "17153"
},
{
"title": "PERU SAYS IT HELD TALKS WITH MEXICO ON SILVER",
"body": "The heads of the central banks of Mexico\nand Peru have met in Mexico city to coordinate actions aimed at\nconsolidating the upward trend in the price of silver, the\nofficial newspaper El Peruano said.\n It said that Peruvian central bank president Leonel\nFigueroa met yesterday with the president of the bank of\nMexico, Miguel Mancera Aguayo.\n Peru, which froze new sales of refined silver and its\ngovernment-marketed silver ore on tuesday, is the world's\nsecond biggest producer of the precious metal. Mexico is the\nlargest producer.\n Together, the two nations account for nearly 40 pct of the\nworld's silver output, the official paper El Peruano said.\n Peru adopted the move on tuesday in an bid to stablilise\nthe price of silver bullion, which has climbed in a month from\nabout 5.70 dlrs an ounce to over 9.00 dlrs an ounce today.\n After the meeting of the Peruvian and Mexican central bank\nheads, it was understood that Mexico might diversify the use of\nsilver, El Peruano said.\n It said that Mexico and Peru did not want to speculate with\nthe price of silver. Instead, they aimed to see that the price\nof the precious metal recuperated to adequate levels.\n El peruano did not specify what these levels were.\n El peruano quoted energy and mines minister Wilfredo Huayta\nas saying that Peru did not want to participate in speculative\noperations with silver.\n He said the government's aim was to avoid a \"brutal fall\" in\nthe price of silver.\n Figueroa's office confirmed the Peruvian central bank\npresident had travelled to mexico city. It was not certain if\nhe had returned to Lima by midday today.\n Reuter\n\u0003",
"date": "24-APR-1987 14:12:13.79",
"topics": [
"silver"
],
"places": [
"peru",
"mexico"
],
"id": "17154"
},
{
"title": "SPAIN APPROVES AID FUNDS FOR STEEL INDUSTRY",
"body": "The Spanish cabinet agreed a 223.33\nbillion peseta aid package for the steel industry to restore\nthe sector to profitability by 1989, Industry Minister Luis\nCarlos Croissier said.\n He told reporters at a news conference the money would be\nshared among four state and privately-owned mills, which now\noperate at a loss.\n The funds will be used to help modernise the industry,\nincrease productivity and cut production to 17.5 mln tonnes a\nyear from a current capacity of 18.2 mln tonnes.\n Reuter\n\u0003",
"date": "24-APR-1987 14:15:16.65",
"topics": [
"iron-steel"
],
"places": [
"spain"
],
"id": "17155"
},
{
"title": "U.S. M-1 MONEY SUPPLY SURGE EXPECTED NEXT WEEK",
"body": "The U.S. M-1 money supply number to be\nannounced next Thursday is expected to show one of the largest\none-week increases in history, analysts said.\n The average forecast of economists polled by Reuters calls\nfor a 17.7 billion dlr M-1 jump for the week ended April 20.\nEstimates of the increase range from five billion dlrs to 26.3\nbillion dlrs.\n \"The M-1 surge will be very temporary. About two thirds of\nthe increase is likely to be washed out in the following week,\"\nsaid Kim Rupert, an economist at Money Market Services Inc.\n Rupert said a huge increase in M-1 for the April 20 week is\nimplied by very strong deposit survey data and by an\nunexpectedly sharp gain in required reserves in Federal Reserve\ndata released Thursday.\n Those numbers, covering the two-week bank statement period\nthat ended on April 22, show a 2.5 billion dlr jump in basic\nrequired reserves. Economists said this largely reflected the\nparking in checking accounts of the proceeds from stock market\nsales and mutual fund redemptions to pay annual income taxes.\nFed seasonal adjustments do not adequately compensate for these\nand other special factors.\n Analysts noted that income tax refunds from the Treasury\nalso appear to be coming earlier than usual.\n They also are not adequately compensated for by the Fed's\nseasonal adjustment factors to the money supply.\n The Federal Reserve is no longer targeting M-1 because the\nlink between M-1 and economic growth has largely been severed\nby financial market innovation and deregulation.\n As such, there is likely to be little financial market\nreaction to the huge M-1 increase that is expected to be\nannounced next week.\n Reuter\n\u0003",
"date": "24-APR-1987 14:18:29.22",
"topics": [
"money-supply"
],
"places": [
"usa"
],
"id": "17156"
},
{
"title": "ALGERIAN MINISTER RULES OUT DEBT RESCHEDULING",
"body": "Algeria's Finance Minister Abdelaziz\nKhelaf said no rescheduling of his country's foreign debt is\nenvisaged.\n Khelaf, who came to Geneva for a meeting organised by the\nWord Economic Forum, told Reuters Algerian debt amounted to\nabout one third of the country's Gross National Product of 55\nbillion dlrs.\n France and Algeria yesterday finalised two agreements\ngiving Algeria a total 580 mln dlrs in credits to finance trade\nand projects.\n Reuter\n\u0003",
"date": "24-APR-1987 14:20:24.06",
"topics": [
"gnp"
],
"places": [
"algeria",
"switzerland"
],
"id": "17157"
},
{
"title": "BOEING <BA> GETS ORDERS TOTALING 543 MLN DLRS",
"body": "Boeing Co said it confirmed orders\ntotaling 543 mln dlrs for 14 jet aircraft from four customers.\n The company said Delta Air Lines <DAL> has increased its\norders for the 767-300 jetliner by six, bringing its total\ncommitment for the longer-fuselage plane to 15, with a total\nvalue of more than 300 mln dlrs.\n \n Boeing said <Lufthansa German Airlines> will take delivery\nof five more 737-300 jetliners worth about 130 mln dlrs,\nbringing its orders for the twinjets to 15.\n <Quantas> of Australia has ordered its first 767-300 with\nextended range capability for about 75 mln dlrs, Boeing said.\n Boeing said <Air France> has placed firm orders for two\nadditional 737-200 twinjets valued at 38 mln dlrs.\n Reuter\n\u0003",
"date": "24-APR-1987 14:22:34.20",
"places": [
"usa"
],
"id": "17158"
},
{
"title": "COMINCO <CLT> TO CLOSE B.C. FERTILIZER PLANT",
"body": "Cominco Ltd said it\nwill permanently close its fertilizer plant at Kimberley,\nBritish Columbia, in the latter half of May and 140 employees\nwill lose their jobs.\n It said the operation has been losing money for several\nyears, and lost seven mln dlrs in 1986.\n Cominco said the decision to close the plant was based on\nhigh production costs, anticipated continued losses and excess\ncapacity for phosphate-based fertilizers. The plant produced\n98,500 metric tonnes of ammonium phosphate fertilizer and\n190,000 tonnes of sulphuric acid in 1986.\n \n Reuter\n\u0003",
"date": "24-APR-1987 14:24:06.66",
"places": [
"canada"
],
"id": "17159"
},
{
"title": "NIGERIA REVERSES POLICY, RESTORES MINIMUM WAGE",
"body": "Nigeria's military government retreated\nin the face of hostile public opinion and restored the minimum\nwage of 125 naira (about 32 dlrs) a month.\n It revoked an order made only last December which exempted\ncompanies with fewer than 500 employees -- the vast majority --\nfrom paying the minimum wage.\n Labour Minister Brigadier Ike Nwachukwu, announcing the\ndecision in Lagos today, said it was made out of respect for\npublic opinion and to maintain industrial harmony.\n Nwachukwu said the thinking behind the exemption was in\nline with Nigeria's far-reaching structural adjustment program\nand the measure was intended to promote small-scale industry\nand agriculture.\n Reuter\n\u0003",
"date": "24-APR-1987 14:30:44.71",
"places": [
"nigeria"
],
"id": "17160"
},
{
"title": "U.S. ENERGY COSTS ROSE IN MARCH BY 1.0 PCT",
"body": "Consumer energy costs rose 1.0 pct\nin March following a moderate rise last month, the Labor\nDepartment said.\n The March increase in the overall energy costs, including\npetroleum, coal and natural gas, followed a 3.0 pct rise in\nJanuary and a 1.9 pct rise in February, it said.\n However, energy prices were 5.6 pct below year-ago levels.\n The department's Consumer Price Index showed that the cost\nof gasoline rose in March by 2.3 pct, after a 4.2 pct rise in\nFebruary.\n Gasoline prices were nonetheless 5.9 pct below their levels\nas of March 1986.\n Also, the category including fuel oil, coal and bottled gas\nrose in March by 1.4 pct, putting it 9.0 pct under the year-ago\nfigure.\n The index also showed that natural gas and electricity were\nunchanged last month, but down 3.1 pct from the March 1986\nfigure, the department said.\n The index has been updated to reflect 1982-84 consumption\npatterns. Previously, the index was based on 1972-73 patterns.\n Reuter\n\u0003",
"date": "24-APR-1987 14:36:36.73",
"topics": [
"crude",
"nat-gas",
"gas",
"fuel",
"cpi"
],
"places": [
"usa"
],
"id": "17161"
},
{
"title": "INTERSTATE (I) CHIEF DOUBTFUL ON BRAZIL DEBT",
"body": "First Interstate Bank Corp Chairman\nJoseph Pinola said he was not optimistic about the prospects\nfor a resolution of the Brazilian debt situation during the\ncurrent year.\n \"I am not as optimistic personally on a resolution as some\nothers are,\" Pinola told reporters after the company's annual\nmeeting.\n He said it did not seem likely that the Brazilian\ngovernment has the will to take the steps necessary to resolve\ntheir domestic economic difficulties.\n \n In February, Brazil suspended interest payment on about 68\nbln dlrs of its commercial debt. Many U.S. banks have placed\ntheir Brazilian loans on non-accrual status as a result of this\naction, but they also expressed confidence that Brazil and U.S.\nlenders could resolve the situation before the end of the year.\n Reuter\n\u0003",
"date": "24-APR-1987 14:37:55.90",
"places": [
"usa",
"brazil"
],
"id": "17162"
},
{
"title": "FMC <FMC> TO SELL STAKE IN GOLD PROPERTIES",
"body": "FMC Corp said it will consider selling\nto the public a minority interest in a subsidiary that will\nhold the company's North American gold and precious metals\nproperties and operations.\n FMC said its board also authorized the transfer of the\nmetals properties to the newly formed unit.\n An unnamed investment advisor has been retained to help in\nevaluating alternatives on the properties, which consist of a\nwholly owned gold mine at Paradise Peak, Nev., a 30 pct\ninterest in a gold mine at Jerritt Canyon, Nev., and a 28 pct\ninterest in a gold mine near Austin, Nev.\n Reuter\n\u0003",
"date": "24-APR-1987 14:44:10.61",
"topics": [
"gold"
],
"places": [
"usa"
],
"id": "17163"
},
{
"title": "INTERSTATE (I) SPENT 3.5 MLN ON TAKEOVER BID",
"body": "First Interstate Bank Corp spent\nabout 3.5 mln dlrs on its attempted takeover of BankAmerica\nCorp, First Interstate Chairman Joseph Pinola said.\n In response to a shareholder's question following the\ncompany's annual meeting, Pinola also said that figure could\nultimately be lower depending on the outcome of negotiations\nwith the firm's insurers.\n Pinola explained that the company's insurance rates went up\n\"substantially\" after last year's attempt to acquire BankAmerica\nCorp.\n In February, First Interstate withdrew its 3.20 bln dlr bid\nfor BankAmerica and said it was no longer interested in the\nacquisition because of BankAmerica's divestitures.\n During the takeover battle, BankAmerica sold its Italian\nbanking operations and its profitable Charles Schwab and Co\ndiscount brokerage firm.\n Reuter\n\u0003",
"date": "24-APR-1987 15:00:00.68",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17164"
},
{
"title": "CATTLE ON FEED REPORT CALLED NEGATIVE",
"body": "Chicago Mercantile Exchange floor\ntraders' immediate comments on the 13-state USDA quarterly\ncattle on feed report were negative.\n Traders said that placements on feed and total on-feed\nnumbers were at the high end of expectations and will likely\nweigh on futures tomorrow.\n Reuter\n\u0003",
"date": "24-APR-1987 15:09:10.69",
"topics": [
"f-cattle",
"livestock"
],
"places": [
"usa"
],
"id": "17165"
},
{
"title": "WALL STREET STOCKS/PAPER AND LUMBER PRODUCERS",
"body": "Stocks of paper and lumber producers\ntumbled as a rumor spread that the Japanese may impose tariffs\non wood and paper products, analysts and industry officials\nsaid. But, they said, logic and their own research do not\nsupport the rumors.\n \"Apparently a rumor is floating around trading circles\nabout the Japanese doing something about tariffs on wood and\npaper products,\" Lowell Moholt, director of investor relations\nat Weyerhaeuser Co said. \"And we can only assume that this\nrumor is one of the factors hurting the stocks.\"\n \"I have talked to many people, some with government\ncontacts, and most of them have been mystified by the rumor,\"\nsaid Moholt.\n Nevertheless, International Paper <IP> fell 4-3/8 to\n95-1/2, Weyerhaeuser Co <WY> two to 51-1/2, Potlatch Corp <PCH>\n3-1/2 to 69, Great Northern Nekoosa <GNN> 3-1/8 to 85-1/2,\nTemple Inland Inc <TIN> 2-3/4 to 57-1/4, Boise Cascade 2-3/8 to\n74-3/8, Georgia Pacific Corp <GP> 1-1/2 to 43-3/4, Champion\nInternational Corp <CHA> 1-3/8 to 36-1/2 and Pope and Talbot\nInc <POP> 1/2 to 36.\n \"My sources told me there is no grain of truth to the\nJapanese imposing tariffs,\" Sherman Chao, analyst with Salomon\nInc said. \"The realities and the logic do not support these\nrumors,\" he said.\n \"The Japanese have a lot more to lose by imposing tariffs.\nThey are running a trade surplus,\" he said, \"and if they\nstarted a trade war it would hurt them more than the U.S.\"\n Chao said that U.S. producers annually export about two\nbillion dlrs of forest products to Japan. \"Three quarters of\nthat is in the form of wood products, meaning logs, wood chips\nand lumber, and the balance is paper products.\"\n \"They (the Japanese) don't have any domestic sources to\nmake up for the restrictions,\" Chao said, \"so it's not like\nthey would put a tariff to protect their own industry.\"\n \"The rumors do no make economic sense, and I am skeptical,\"\nanalyst Mark Rogers of Prudential Bache Securities said, \"but\npolitics has been known to override economic concerns.\"\n Speculation has surfaced on Wall Street recently that the\nJapanese would take action to retaliate against tariffs the\nReagan Administration imposed last Friday on Japanese\nelectronics products.\n Rogers said the rumor fueled the profit taking that was\nalready occuring in these stocks. \"In a nervous market, people\ntend to take profits, and they tend to take profits that have\nbeen the biggest gainers lately.\"\n Reuter\n\u0003",
"date": "24-APR-1987 15:14:39.20",
"topics": [
"lumber"
],
"places": [
"usa",
"japan"
],
"id": "17166"
},
{
"title": "USDA ANNOUNCES EXPORT BONUS WHEAT TO ALGERIA",
"body": "The U.S. Agriculture Department\nannounced it accepted three bids from two exporters for export\nbonuses to cover sales of 54,000 tonnes of durum wheat to\nAlgeria.\n USDA said the bonuses awarded were 42.45 dlrs per tonne, to\nbe paid in the form of commodities from CCC inventory.\n The bonus awards were made to Cam USA Inc (36,000 tonnes)\nand Corprostate Inc (18,000 tonnes).\n Shipment is scheduled for June 1-30, 1987.\n An additional 64,000 tonnes of durum wheat are still\navailable to Algeria under the export enhancement program.\n Reuter\n\u0003",
"date": "24-APR-1987 15:16:07.27",
"topics": [
"grain",
"wheat"
],
"places": [
"usa",
"algeria"
],
"id": "17167"
},
{
"title": "MOLECULAR GENETICS <MOGN.O> IN MERGER TALKS",
"body": "Molecular Genetics Inc said\nit has held preliminary discussions with a privately-held\ncompany convening a possible acquisition.\n \"No agreement in principle has been reached, and serious\nnegotiations on material terms have not begun,\" said Robert\nAuritt, acting co-chief executive officer and co-president.\n Molecular said it would have no further comment on the\nmatter until an agreement in principle is reached or\ndiscussions are terminated.\n Reuter\n\u0003",
"date": "24-APR-1987 15:56:02.48",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17168"
},
{
"title": "TREASURY BALANCES AT FED FELL ON APRIL 23",
"body": "Treasury balances at the Federal\nReserve fell on April 23 to 6.211 billion dlrs from 9.431\nbillion dlrs on the previous business day, the Treasury said in\nits latest budget statement.\n Balances in tax and loan note accounts rose to 25.154\nbillion dlrs from 24.953 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 31.366\nbillion dlrs on April 23 compared with 34.385 billion dlrs on\nApril 22.\n Reuter\n\u0003",
"date": "24-APR-1987 16:00:35.93",
"topics": [
"money-supply"
],
"places": [
"usa"
],
"id": "17169"
},
{
"title": "SOVIETS SAY 1987 ECONOMIC RESULTS UNSATISFACTORY",
"body": "The Soviet government said economic\nresults achieved in the first three months of the year were\nunsatisfactory, the official news agency Tass said.\n Soviet industrial production from January to March grew by\n2.5 per cent compared with the same period last year, but fell\nshort of its target by 0.8 percent, official statistics showed.\n \"The Council of Ministers (government) emphasised that the\nresults did not meet the Communist Party's exacting demands for\nthe radical reconstruction of the economy,\" Tass said. \"The first\nquarter economic results were deemed unsatisfactory.\"\n The government said poor economic results last January,\nwhen industrial production was 0.1 lower than in January 1986,\nhad been overcome to a considerable extent in March, but the\nnegative effects had not been completely eliminated.\n It singled out failings in the engineering, chemical and\ntimber industries, as well as light industry.\n Growth in the machine-building sector, a priority in\nKremlin plans for economic renewal, also fell short of target\nby 4.2 per cent, with below-level output in nearly all branches\nat a cost of 723 million roubles (1.08 billion dollars) in\nundelivered products.\n The sales volume of consumer goods fell 2.7 per cent short\nof planned growth, with a resulting decline in income to the\nstate, the figures showed.\n Foreign trade turnover totalled 27.5 billion roubles (41.25\nbillion dollars), or 4.8 billion roubles (7.2 billion dollars)\nless than in the same period last year.\n The power industry, however, performed well. Output of oil,\nelectricity, gas and coal were all above plan.\n Reuter\n\u0003",
"date": "24-APR-1987 16:02:11.01",
"topics": [
"ipi",
"trade"
],
"places": [
"ussr"
],
"id": "17170"
},
{
"title": "CARMEL <KML> HOLDER SELLS SHARES",
"body": "Carmel Container Systems Ltd said\nMikhal Industrial and Development Management Ltd sold 202,500\nshares to a group of private investors.\n After the sale, Mikhal retains a 49 pct ownership of Carmel\nPlaro Holding Ltd, which owns 51 pct of Carmel Container\nSYstems' outstanding stock.\n Reuter\n\u0003",
"date": "24-APR-1987 16:17:09.32",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17171"
},
{
"title": "BARCLAYS SAYS PROSPECTS BRIGHT FOR UK ECONOMY",
"body": "Britain can look forward to fairly\nstrong economic growth, falling interest rates and firm\nSterling, Barclays Bank Plc chairman-elect John Quinton said.\n \"We should see a reasonable decline in interest rates in\nthe next few months, but not a great one and not a rapid one,\"\nQuinton told a press luncheon.\n He said that whereas the British economy is growing at\nabout three pct, he expects only \"minor\" growth for the western\nindustrialized world as a whole. But, unless there is a major\nmove toward protectionism, there should be no need to worry\nabout a recession in the next two or three years.\n Quinton said much will depend on the resolution of trade\ndisputed between the United States and Japan.\n He said Tokyo, in resisting the appreciation of the yen,\nhad been \"holding back the laws of economics.\" But if the\ndollar has to fall further to reduce Japan's trade surplus, he\nsaid he hoped the fall would be slow rather than rapid.\n Quinton said it will be difficult for the City of London to\nstave off the creation of a powerful securities industry\nregulatory body along the lines of the Securities and Exchange\nCommission in the U.S., especially if there are more insider\ntrading scandals and if the Labour Party wins the next U.K.\nelection.\n Reuter\n\u0003",
"date": "24-APR-1987 16:18:20.46",
"topics": [
"gnp",
"interest"
],
"places": [
"usa",
"uk",
"japan"
],
"id": "17172"
},
{
"title": "U.S. GASOLINE SURPLUS SEEN OVER NEAR TERM",
"body": "Unless U.S. refiners reduce the amount\nof gasoline they now produce, the oil industry will enter the\ncoming summer driving season with the largest surplus of motor\nfuel since 1984, oil analysts and traders said.\n \"They key question is how much gasoline refiners produce in\nthe coming weeks,\" said Larry Goldstein of Petroleum Industry\nResearch Inc. \"If refiners cut output and demand turns upward,\ngasoline stocks could begin to draw, and the surplus could\npotentially turn around in four to eight weeks,\" said\nGoldstein.\n The American Petroleum Institute said U.S. gasoline stocks\nfor the week ended April 17 are 37.6 mln barrels above last\nyear's levels, and analysts said they don't believe the\nexpected one to two pct rise in demand will take care of the\nsurplus before the start of the summer driving season, which\nbegins Memorial Day weekend.\n The API said the last time stocks were this high was in\n1984, when there was a 27 mln barrel excess. Oil traders said\nthat the surplus held throughout the summer of 1984, depressing\nprices for the motor fuel.\n Over the past several weeks, analysts said they expected\nrefiners to reduce production because there was no profit in\ncontinued production of gasoline due to the surplus. However,\nrefineries continued to operate at higher levels, they said.\n U.S. refineries have been running at about 78.8 pct of\ncapacity during March and April this year, compared to 77.5 at\nthis time last year, API statistics show.\n Because of the current excess in stocks, one planner for a\nmajor oil company said he believed that most companies are\ncontemplating cutting refinery throughput over the near term.\n He said some refiners appear to be selling less\naggressively in order to have product on hand to meet the\nexpected rise in demand this summer.\n Goldstein said that other factors, such as higher speed\nlimits, the gasoline lead phasedown, and possible new\nrestrictions on gasoline vapor pressure could tighten the\nsupply situation this summer.\n However, a planner at another major oil company said that\nalthough large inventories are dampening the price outlook for\ngasoline this season, he does not expect refiners to cut output\nsoon.\n That oil company planner said high crude oil runs reduce\nthe refiner's average costs, making the incremental barrel of\ngasoline cheaper to produce.\n Most analysts expect a slight upturn this summer over the\nsummer of 1986. Bo Poates, an analyst at the Energy Futures\nGroup Inc said he foresees demand up about one pct in the\nsecond and third quarters of 1987.\n Chase Econometrics' Scott Jones sees gasoline demand rising\n1.9 to 2.2 pct for the year, due mainly to continued low\nprices.\n Reuter\n\u0003",
"date": "24-APR-1987 16:22:19.48",
"topics": [
"gas"
],
"places": [
"usa"
],
"id": "17173"
},
{
"title": "BECOR WESTERN <BCW> SETS SPECIAL MEETING DATE",
"body": "Becor Western Inc said it set June 4\nas the date for a special meeting at which stockholders will\nvote on two proposals involving the sale of its subsidiary and\nthe acquisition of the company.\n The previously-announced proposals call for the sale of its\naerospace operations subsidiary to <Lucas Industries Inc> and\nthe related leveraged buyout of the company by <BCW Acquisition\nCo>, the company said.\n Becord said May 4 has been set as the record date for the\nspecial meeting.\n Reuter\n\u0003",
"date": "24-APR-1987 16:27:06.81",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17174"
},
{
"title": "ATCOR INC <ATCO.O> TO CONTEST ANTITRUST RULING",
"body": "Atcor Inc said a Federal Court has\nreinstated a 1986 jury verdict against it and in favor of\nIndian Head Inc for antitrust damages of 3.8 mln dlrs before\ntrebling and attorneys' fees.\n The company said it will challenge the ruling by the United\nStates Court of Appeals for the Second Circuit which reversed a\ndecision of the District Court in its favor.\n The case involved charges that Atcor acted improperly in\nopposing Indian Head's attempt to have its plastic electrical\nconduit sanctioned by the National Fire Protection Association\nunder the 1981 National Electrical Code, it said.\n Atcor said the ruling by the three-judge panel of the Court\nof Appeal was incorrect and \"seriously questionable in light of\nestablished Supreme Court doctrine\".\n The legal avenues to be examined in an attempt to have the\nruling reversed could include filing a petition for Supreme\nCourt review, the company added.\n Reuter\n\u0003",
"date": "24-APR-1987 16:28:06.65",
"places": [
"usa"
],
"id": "17175"
},
{
"title": "USDA REPORTS SEEN NEGATIVE TO LIVESTOCK FUTURES",
"body": "Commission house livestock analysts\nagreed with Chicago Mercantile Exchange floor traders in\ncalling today's USDA 13-state quarterly cattle on feed report\nand cold storage report for pork bellies negative.\n June live cattle futures are called 0.20 to 0.50 cent lower\non Monday and back months of cattle are expected 0.50 to 1.00\ncent lower. Pork bellies are expected 0.50 to 1.00 cent or more\nlower, the analysts said.\n Disappointment was voiced over the placement and total on\nfeed figures in the cattle report. Both the quarterly section\nand monthly 7-state part showed the amount placed on feed and\non feed numbers at the high end of expectations.\n The other disappearance figure of only three pct above a\nyear ago in the 7-state section was also vieved as negative.\nMost of the early guesses predicted a much larger number for\ndeath loss following the two winter snow storms that struck the\nwest in late March, they said.\n However, weight groupings were friendly to the nearby\nfutures and should prompt some bull spreading on the decline,\nthey said.\n William Arndt from Dean Witter noted that the 900 to 1,100\nlb steers and 700 to 900 lb heifers were at 94 pct of a year\nago and should lend some support to June futures. However, 700\nto 900 lb steers at 119 pct will weigh on August, he said.\n \"The big reduction in cattle weighing over 900 lbs should\nbe friendly to the market for at least the next 30 to 60 days,\"\nAGE Clearing analyst Jerry Abbenhaus said.\n Movement of bellies into frozen storage was at the high end\nof expectations and should weigh on futures tomorrow,\nespecially as futures prices ended weak today, they said.\n Other parts of the cold storage report were also viewed as\nnegative to livestock and meat futures.\n \"We have a lot of poultry in storage. Even though we have\nsmaller pork supplies, the decline is not enough to offset the\nincreases in poultry,\" Shearson Lehman analyst Chuck Levitt\nsaid. Also, there is more beef in storage than last year and\nthis was achieved on smaller production.\n Reuter\n\u0003",
"date": "24-APR-1987 16:58:05.41",
"topics": [
"livestock",
"f-cattle",
"pork-belly",
"l-cattle",
"carcass"
],
"places": [
"usa"
],
"id": "17176"
},
{
"title": "PERU TO MAINTAIN SILVER SALES FREEZE",
"body": "Energy and mines minister, Wilfredo\nHuayta, said Peru would maintain its freeze on new sales of\nsilver until the price of the precious metal reaches \"the true\nvalue this raw material should have.\"\n He spoke to reporters at the presidential palace after\nmeeting president Alan Garcia, whom he said recently spoke by\ntelephone with Mexican president Miguel de la Madrid. Mexico\nand Peru are the world's two largest silver producers.\n Huayta, asked what the true price level of silver should\nbe, repled: \"well, this cannot be predicted.\"\n He said Minero Peru Comercial (Minpeco), the government's\nminerals marketing arm, would closely study the price of silver\nin the world market.\n Last Tuesday, the government instructed Minpeco, which\nhandles all Peru's exports of refined silver and state-\nproduced ore, to immediately freeze all new silver sales until\nthe metal's price reached equilibrium in the world market.\n Peru plans to produce 63 mln ounces of silver this year, and\nis the largest producer of the precious metal after Mexico.\n Huayta said both nations' central banks would coordinate\ntheir work, but did not elaborate how they would do this.\n Peruvian central bank president Leonel Figueroa and the head\nof Bank of Mexico, Miguel Mancera Aguayo, met in Mexico City\nyesterday to coordinate actions aimed at consolidating the\nupward trend in the price of silver, the official newspaper El\nPeruano said today.\n Huayta said his Mexican counterpart, minister of oil, mines\nand parastatal industry, Alfredo del Mazo, should be in Lima on\na visit at a nearby date.\n Huayta added Peru did not want to see great fluctuations in\nthe price of silver, but declined to comment on what Peru would\nlike to see as a ceiling for the precious metal's price.\n Silver bullion climbed to nearly 10.00 dlrs an ounce today\nfrom about 5.70 dlrs an ounce a month ago.\n Reuter\n\u0003",
"date": "24-APR-1987 16:59:14.29",
"topics": [
"silver"
],
"places": [
"peru",
"mexico"
],
"id": "17177"
},
{
"title": "GABELLI GROUP LIFTS ALLEGHENY INT'L <AG> STAKE",
"body": "An investor group led by New York\nmoney manager Mario Gabelli said it raised its stake in\nAllegheny International to the equivalent of 1,026,261 shares,\nor 9.4 pct of the total, from 884,061 shares, or 8.2 pct.\n In a filing with the Securities and Exchange Commission,\nGabelli and companies he controls said they bought a total of\n142,200 Allegheny common shares between March 30 and April 22\nat prices ranging from 24.125 to 24.875 dlrs a share.\n The stake, which includes some 11.25 dlr cumulative\npreferred stock, was bought solely for investment purposes and\nnot to seek control of the company, the group said.\n Reuter\n\u0003",
"date": "24-APR-1987 17:05:54.55",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17178"
},
{
"title": "USDA SEEKING COMMENTS ON 1988 FARM PROGRAMS",
"body": "The U.S. Agriculture Department is\nseeking comments on common provisions of the 1988 wheat,\nfeedgrains, cotton and rice programs.\n It said many program provisions are common to all the\ncommodity programs and decisions made in regard to one will\nlikely apply to other program crops.\n It asked for specific comments on the percentage reduction\nfor acreage limitation requirements under the wheat program,\nthe loan and purchase level, and whether a marketing loan, the\ninventory reduction program and related provisions\nshould be implemented.\n The percentage acreage reduction of between 20 and 30 pct\nmust be announced no later than June 1, 1987 for wheat, it\nsaid.\n Reuter\n\u0003",
"date": "24-APR-1987 17:06:04.79",
"topics": [
"grain",
"wheat",
"rice",
"cotton"
],
"places": [
"usa"
],
"id": "17179"
},
{
"title": "BRAZIL TRADE SURPLUS FALLS SHARPLY IN MARCH",
"body": "Brazil's trade surplus in March\ntotalled 136 mln dlrs, down from 1.13 billion dlrs in the same\nmonth last year, the official Banco do Brasil announced.\n In a news conference, the director of the bank's Foreign\nTrade Department (Cacex), Roberto Fendt, attributed March's \nweak performance to labour strikes.\n March exports totalled 1.43 billion dlrs, against 1.53\nbillion dlrs in February, and 2.16 billion dlrs in March 1986.\n March imports amounted to 1.29 billion dlrs compared to\n1.27 billion dlrs in February and 1.02 billion dlrs in March\n1986.\n Fendt said coffee earnings were up to 220 mln dlrs in March\nfrom 110 mln dlrs in February, while oil derivatives were down\nto 54 mln dlrs from 58 mln dlrs in February.\n He said that although the March results were considerably\nlower than the same month last year, the government's target of\nan eight billion dlr surplus for 1987 should be achieved. The\nJanuary-March trade surplus totalled 526 mln dlrs, below the\nsame period last year, which reached 2.46 billion dlrs.\n Asked to explain the reason for his optimism, Fendt said\nthe trade surplus should reach one billion dlrs in each of the\nlast six months of the year.\n Even though results in the exports of steel, shoes and\nfrozen concentrated orange juice were weaker compared to\nFebruary, Fendt said this was not an indication that the United\nStates was retaliating on account of its dispute with Brazil in\nthe issue of informatics.\n For the next three months, Fendt estimated a monthly trade\nsurplus of 400 mln dlrs, for an overall surplus of 1.2 billion\ndlrs in the April-May-June period.\n Reuter\n\u0003",
"date": "24-APR-1987 17:06:40.68",
"topics": [
"trade"
],
"places": [
"brazil"
],
"id": "17180"
},
{
"title": "ANALYST UPGRADES OPINION ON U.S. BANK STOCKS",
"body": "Analyst George Salem of Donaldson,\nLufkin and Jenrette Securities Corp upgraded his recommendation\non most U.S. money center banks following comments from a\nJapanese official that Japan plans to provide developing\nnations with up to 30 billion dlrs in loans.\n Salem said he changed his trading recommendation from\nnegative to a buy. He is still neutral to negative long term.\nBut the Japanese assistance is a psychological boost for the\nstocks. He said his report focused on Citicorp <CCI> , J.P.\nMorgan and Co <JPM>, Chase Manhattan Corp <CMB> and Bankers\nTrust Co <BT>.\n Yesterday, a U.S. state department spokesman said the loans\nwill help the countries import goods needed to increase\ndomestic production. The countries could then boost exports and\nearn foreign exchange, making it easier to repay loans to U.S.\nbanks.\n \"This is a group of stocks that was starving for good\nnews,\" Salem said. \"I\"m not declaring an end to the debt\ncrisis, or that problems of all the countries are now under\ncontrol.\"\n Stocks in the money center bank group were generally higher\ntoday, adding to yesterday's gains.\n Reuter\n\u0003",
"date": "24-APR-1987 17:10:11.47",
"places": [
"usa"
],
"id": "17181"
},
{
"title": "ENTWISTLE <ENTW.O> HAS 5.1 PCT OF ESPEY <ESP>",
"body": "Entwistle Co told the Securities and\nExchange Commission it has acquired 62,500 shares of Espey\nManufacturing and Electronics Corp, or 5.1 pct of the total\noutstanding common stock.\n Entwistle, a Hudson, Mass., machinery maker and military\ncontractor, said it bought the stake for investment purposes\nand has no plans to seek control of the company or to seek\nrepresentation on its board of directors.\n But Entwistle said it has indicated its interest to Espey\nmanagement in acquiring a family-held 19 pct stake in the\ncompany in addition to its current stake.\n Reuter\n\u0003",
"date": "24-APR-1987 17:15:26.18",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17182"
},
{
"title": "USDA ADJUSTS LOUISIANA GULF PRICE DIFFERENTIALS",
"body": "The U.S. Agriculture Department has\nnarrowed by three cents the price differential between the\nLouisiana Gulf price of corn and posted country prices pegged\nto the gulf price, USDA officials said.\n The change, effective April 27, means posted county prices\nwill be three cents higher in the region, Robert Sindt,\nassistant deputy administrator of USDA's Agricultural\nStabilization and Conservation Service, said.\n Trade sources said USDA adjusted the differentials because\ngulf prices had shown some weakness in recent days compared\nwith the rest of the country.\n Sindt said Louisiana Gulf corn price differentials that had\nbeen between four and eight cents would, effective Monday,\nrange between one and five cents.\n Trade sources said cash bids at the Louisiana Gulf have\nbeen between three and 4.5 cents weaker than in the rest of the\ncountry in recent days, and that USDA's move would strengthen\nthe front end of the corn market.\n Reuter\n\u0003",
"date": "24-APR-1987 17:39:02.68",
"topics": [
"grain",
"corn"
],
"places": [
"usa"
],
"id": "17183"
},
{
"title": "ALEXANDER'S <ALX> SERVED WITH COMPLAINTS",
"body": "Alexander's Inc said that although no\nproposal has been received, the company has been served with\nseveral shareholder complaints challenging the 47-dlr-a-share\nacquisition price under consideration by Donald Trump and\nInterstate Properties.\n Alexander's chairman Robin Farks said that an announcement\nmade earlier this month indicated that no assurance could be\ngiven that Trump and Interstate would reach any agreement\nregarding an acquisition of the company, or what price might be\noffered.\n Reuter\n\u0003",
"date": "24-APR-1987 17:50:19.03",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17184"
},
{
"title": "OECD WARNS SWEDEN ON LABOUR COSTS",
"body": "High labour costs and slower corporate\ninvestment could hinder Sweden's economic growth after 1987,\nthe Organisation for Economic Cooperation and Development,\nOECD, said.\n The Swedish economy grew at a slower rate in 1986 than in\nprevious years. GDP rose about 1.7 pct in 1986 compared with\n2.2 pct in 1985. But this growth depended largely on external\nfactors, particularly lower oil prices, the OECD secretariat\nsaid in its latest annual report on Sweden.\n It warned that labour costs had risen more rapidly in\nSweden than in other OECD countries.\n Because of high labour costs Swedish industry, which\nlargely relies upon export markets, was losing market share.\nWages in the manufacturing sector grew by seven pct in 1986, in\nline with 1985 increases, while public sector wages rose an\nestimated 9.2 pct in 1986, up from six pct in 1985.\n This was significantly higher than average wage increases\nof 3.75 pct for the seven largest members of the OECD in 1986.\n The report said wage moderation was central to maintaining\neconomic growth in Sweden. It suggested that wage negotiations\nshould be at least partly centralised to control the total\nwages bill and hold down inflation and unemployment levels.\n Helped by low oil prices and the government's tight fiscal\npolicy, inflation fell to just over three pct in 1986 from\nalmost six pct in 1985 but remained higher than in most other\nOECD countries, the report said.\n Unemployment, a principal policy target, was at 2.7 pct in\n1986, in line with 1985's 2.8 pct and well below the OECD\naverage of 8.6 pct. The report said Sweden's employment\npolicies accounted for the high levels of wage inflation.\n It also said that economic growth in 1986 relied\nincreasingly on private consumption because corporate\ninvestment in machinery and equipment had shrunk.\n The total volume of industrial investments dropped by two\npct in 1986, with sharp declines in spending by the wood, pulp\nand paper industries. This compared to a 19 pct rise in 1985\nwhen there was heavy investment in these industries.\n The OECD said Sweden should now make an effort to boost\ncorporate investments and reduce its dependence on domestic\nconsumption for economic growth. It suggested there was room\nfor reform in the tax system.\n Sweden should continue to cut public sector spending,\nespecially in local government, to keep in line with its\ntighter fiscal policy, the report said.\n REUTER\n\u0003",
"date": "24-APR-1987 18:01:23.05",
"topics": [
"gnp",
"cpi",
"jobs"
],
"organisations": [
"oecd"
],
"places": [
"sweden",
"france"
],
"id": "17185"
},
{
"title": "BRAZIL TRADE SURPLUS FALLS SHARPLY IN MARCH",
"body": "Brazil's trade surplus in March\ntotalled only 136 mln dlrs compared to 1.13 billion dlrs in the\nsame month last year, director of the Banco do Brasil's Foreign\nTrade Department (Cacex) Roberto Fendt said.\n In a news conference, Fendt attributed the weak performance\nin the March trade balance to labour strikes in the country.\nMarch exports totalled 1.43 billion dlrs, against 1.53 billion\ndlrs in February, and 2.16 billion dlrs in March 1986.\n March imports amounted to 1.29 billion dlrs compared to\n1.27 billion dlrs in February and 1.02 billion dlrs in March\n1986.\n Fendt said that coffee earnings rose to 220 mln dlrs in\nMarch from 110 mln dlrs in February while oil derivatives were\ndown to 54 mln dlrs from 58 mln dlrs in February.\n He said that although the March results were considerably\nlower than the same month last year, the government's target of\nan eight billion dlr surplus for 1987 should be achieved. The\nJanuary-March trade surplus totalled 526 mln dlrs, well below a\nsimilar period last year, which reached 2.46 billion dlrs.\n Asked to explain the reason for his optimism, Fendt said\nthey were estimating that in each of the last six months of the\nyear the trade surplus would amount one billion dlrs.\n Reuter\n\u0003",
"date": "24-APR-1987 18:42:49.05",
"topics": [
"trade"
],
"places": [
"brazil"
],
"id": "17186"
},
{
"title": "PERU PRESIDENT WARNS OF RETALIATION ON SILVER",
"body": "The Peruvian government's freeze on silver\nsales, which has contributed to a sharp boost in the metal's\nprice, could draw retaliation by rich nations and big traders\nseeking lower prices, President Alan Garcia said.\n Peru, the world's second biggest silver producer, stopped\nselling its refined silver and state-marketed ore on tuesday.\nSince then, the metal's price has risen to its highest level in\nnearly three years. It closed today at over nine dlrs an ounce\non world markets.\n Garcia said the move showed that a small nation like Peru\ncould move international markets and did not have to accept\ncheap prices for silver, traditionally one of the top revenue\nearners of the country.\n Peru exported its refined silver last year at an average\nprice of 5.40 dlrs a troy ounce. As recently as one month ago,\nsilver bullion was trading for about 5.70 dlrs an ounce on\nworld markets.\n \"One thing is that Peru, which produces silver, sells it\nsilently and in a submissive manner at the price world markets\nwant,\" he told reporters at the presidential palace.\n \"The other is that a nationalist government says, 'wait a\nmoment I can't sell silver at these prices,'\" he added.\n The peruvian energy and mines minister, Wilfredo Huayta,\nsaid the government would maintain its freeze on new sales of\nsilver until the price of the metal reaches \"the true value this\nraw material should have.\" He did not specify this level.\n Garcia said rich nations and big traders, faced with Peru's\nstance, could try to defend themselves.\n \"They have some stocks, they have silver deposits, they can\nmake fictitious sales and that way try to make the price of our\nmineral fall in the world market,\" Garcia said.\n \"Whatever manoeuvre they take will be answered by Peru,\" he\nsaid. \"Peru is in a position of action.\"\n President Garcia had recently spoken by telephone with\nMexican President Miguel de la Madrid, Huayta said. Mexico is\nthe world's biggest producer of silver.\n Mexico and Peru together produce nearly nearly 40 pct of\nthe world's silver, the official newspaper El Peruano said.\n The newspaper added that Peruvian central bank president\nLeonel Figueroa and the head of the central bank of Mexico,\nMiguel Mancera Aguayo, met in Mexico City yesterday to\ncoordinate actions aimed at consolidating the upward trend of\nthe price of the metal.\n Analysts in Zurich, a major silver trading centre, said\ntoday the rally in silver prices was also fuelled by investors\nbuying the metal to protect themselves against inflation, which\nthey fear could be rekindled by the dollar's weakness.\n On an historical basis, silver is still relatively cheap\ncompared to gold, which some investors believe could set the\nstage for further rises, they said.\n Reuter\n\u0003",
"date": "24-APR-1987 18:57:55.76",
"topics": [
"silver"
],
"places": [
"peru",
"mexico"
],
"id": "17187"
},
{
"title": "SOVIET GOVT SAYS ECONOMIC RESULTS UNSATISFACTORY",
"body": "The Soviet government said economic\nresults achieved in the first three months of the year were\nunsatisfactory, the official news agency Tass said.\n Soviet industrial production from January to March grew by\n2.5 pct compared with the same period last year, but fell short\nof its target by 0.8 pct, official statistics showed.\n \"The Council of Ministers (government) emphasised that the\nresults did not meet the Communist Party's exacting demands for\nthe radical reconstruction of the economy,\" Tass said. \"The first\nquarter economic results were deemed unsatisfactory.\"\n It singled out failings in the engineering, chemical and\ntimber industriess, as well as light industry.\n Reuter\n\u0003",
"date": "24-APR-1987 19:03:13.49",
"topics": [
"ipi"
],
"places": [
"ussr"
],
"id": "17188"
},
{
"title": "AM INT'L <AM> SAYS 3RD QTR MAY NOT TOP BREAKEVEN",
"body": "AM International Inc said its third\nquarter net income may not exceed the breakeven level.\n However, the company said its fourth quarter operating\nprofits are expected to be the largest of this year, and added\nits operating profits for the full year should be more than\ntwice the fiscal 1986 year.\n AM International earned 8.5 mln dlrs, or 17 cts a share in\nthe third period last year. Its operating profit for the fourth\nquarter last year was 6.7 mln dlrs. For the full year last year\nAM International had an operating profit of 29.1 mln dlrs.\n Reuter\n\u0003",
"date": "24-APR-1987 19:04:56.28",
"places": [
"usa"
],
"id": "17189"
},
{
"title": "ECUADOR ECONOMY SEEN CONTRACTING IN 1987",
"body": "The Ecuadorean economy, struck by an\nearthquake last month, will contract an estimated four pct in\n1987 and its crude oil output will drop by 42 pct, the\ngovernment's national development council (Conade) said.\n A Conade report, dated April 21 and obtained, said that the\ncountry's gross domestic product (gdp) would fall by an\nestimated four pct compared to 1.5 pct growth last year. Conade\nfunctions as the country's main planning institution.\n Crude output will fall to 61.2 mln barrels in 1987 from\n105.6 mln in 1986, Conade said. It forecast exports of 22.9 mln\nof crude and derivatives against 63.3 mln last year.\n The March five earthquake killed up to 1,000 people and\ncaused an estimated one billion dlrs in damage. It paralyzed\nEcuador's crude output because it ruptured the country's main\npipeline from Lago Agrio, at the heart of jungle oilfields, to\nthe Pacific Ocean port of Balao.\n It will take until at least end-July to repair the line and\nreturn output to normal levels, oil officials said. Ecuador\noutput was about 250,000 barrels per day before the tremor.\n Conade forecast total 1987 exports of 1.77 billion dlrs,\n572 mln dlrs of which would be oil and derivatives.\n Imports were forecast at 1.70 billion dlrs. Total 1986\nexports were 2.18 billion dlrs, of which 979 mln dlrs were\ncrude and derivatives, with total imports 1.66 billion dlrs.\n Conade predicted that payments on Ecuador's 8.16 billion\ndlrs foreign debt will be limited to 947 mln dlrs this year\nagainst 1.489 billion dlrs last year. Conade's projected\nceiling on payments is not legally binding.\n The current account balance of payments deficit was seen at\n934 mln dlrs in 1987. It was 696 mln dlrs in 1986.\n Reuter\n\u0003",
"date": "24-APR-1987 19:57:55.16",
"topics": [
"gnp",
"crude",
"trade",
"bop"
],
"places": [
"ecuador"
],
"id": "17190"
},
{
"title": "HONG KONG BANKS LEAVE INTEREST RATES UNCHANGED",
"body": "The Hong Kong Association of Banks\nsaid it decided to leave interest rates unchanged at today's\nregular weekly meeting.\n Current rates are savings accounts and 24-hours two pct,\nseven-day call, one and two-weeks 2-1/4 pct, one and two months\n2-3/4 pct, three and six months 3-1/4 pct, nine months 3-1/2\npct and 12 months four pct.\n Prime rate is 6-1/2 pct.\n REUTER\n\u0003",
"date": "24-APR-1987 23:25:29.64",
"topics": [
"interest"
],
"places": [
"hong-kong"
],
"id": "17191"
},
{
"title": "KUMAGAI GUMI'S UNIT SEEKS LISTING IN HONG KONG",
"body": "A subsidiary of the Japanese\nconstruction group Kumagai Gumi Co Ltd <KUMT.TOK> is seeking to\nfloat its shares on the Hong Kong Stock Exchange, merchant\nbanking sources said.\n They said <Kumagai Gumi (Hong Kong) Ltd> has appointed\n<Canadian Eastern Finance Ltd>, <Sun Hung Kai International\nLtd> and <Wardley Ltd> as arrangers for the flotation. But they\ndeclined disclosure of any further details.\n A spokesman of Cheung Kong (Holdings) Ltd <CKGH.HKG> told\nReuters the group's chairman Li Ka-shing also will take a 10-15\npct stake in Kumagai Gumi (Hong Kong).\n He said the privately held <Li Ka-shing Foundations Ltd>\nwill receive a certain number of shares in Kumagai Gumi (Hong\nKong) for injection into the company and up to 50 pct interest\nin a 520 mln H.K. Dlr worth property project at Hong Kong's New\nTerritories.\n But he added the Cheung Kong group will have no interest in\nthe construction firm.\n REUTER\n\u0003",
"date": "31-MAR-1987 605:12:19.12",
"places": [
"hong-kong"
],
"id": "17192"
},
{
"title": "BUNDESBANK AIMS FOR TIGHT MONEY POLICY - SCHLESINGER",
"body": "The Bundesbank is trying to keep\nmonetary policy tight in order to counter inflationary\ntendencies, Bundesbank Vice-President Helmut Schlesinger was\nquoted as saying.\n \"We are trying to keep the monetary framework tight, so that\ninflationary pressures cannot develop,\" he told the Frankfurter\nNeue Presse daily in an interview.\n \"Central bank money stock does not have to be reduced\nbecause of this, but it must continue to grow modestly,\" he\nsaid.\n Bundesbank spokesmen were not available for comment.\n On Thursday Schlesinger said in a contribution to the\nHandelsblatt daily that the accommodative monetary stance in\nWest Germany caused by outside pressures could not determine\npolicy in the long term.\n The improvement in West German terms of trade, providing\nroom for non-inflationary expansion of domestic demand in\nexcess of output growth, put the overshoot of central bank\nmoney stock in a more positive light, he said on Thursday.\n Central bank money stock, the Bundesbank's main monetary\nmeasure, was growing at an annual rate of 7.3 pct in March,\nabove the 1987 three-six pct target range.\n Money stock overshot the 3.5-5.5 pct 1986 growth target.\n Schlesinger told the Frankfurter Neue Presse that the phase\nof falling prices was over in West Germany.\n Prices might still be lower on a comparison with their\nlevel one year earlier. But the cost of living index has risen\nto 120.7 in March from its November 1986 low of 120.0,\nexpressing a slight rise in prices, Schlesinger said.\n In March the cost of living was steady against February but\n0.2 pct below March 1986.\n Schlesinger said a rise of between one and 1.5 pct during\n1987 would be acceptable, and effectively mean price stability.\n Agreements so far in the current West German wage round are\nneutral as far as inflation is concerned because of the\nstrength of the mark, Schlesinger said.\n Wage agreements in the public service and engineering\nindustry were relatively high in view of the stable cost of\nliving. But the higher costs would be compensated for, he said.\n \"I am thinking above all of the fact that in the course of\nthis year we will in all probability have a stronger mark\nagainst other currencies than last year,\" he said, adding\n\"Without this mark revaluation effect, we would have had to say\nthat the wage rise agreements were not neutral for prices.\"\n Schlesinger said exchange rate movements had increased the\nscope for redistributing wealth this year, but this development\nwas unlikely to continue in 1988.\n \"For this reason I cannot comment on that part of the\nengineering agreement which covers the coming years,\" he said.\n Some 2.3 mln workers for the public services received a 3.4\npct pay rise from January 1. An agreement for four mln\nengineering workers raised pay by 3.7 pct from April 1, and\nthen raises pay by another two pct from April 1, 1988 and by\n2.5 pct from April 1, 1989. The engineering agreement also cuts\nthe working week by 1-1/2 hours to 37 hours in two stages.\n REUTER\n\u0003",
"date": "26-APR-1987 00:13:33.63",
"topics": [
"money-supply",
"cpi"
],
"places": [
"west-germany"
],
"id": "17193"
},
{
"title": "NAKASONE ADVISED TO EXPAND PURCHASES ABROAD",
"body": "Prime Minister Yasuhiro Nakasone was\nadvised to work out a plan for his government to buy more than\none billion dlrs worth of foreign industrial products as part\nof efforts to defuse Japan's trade frictions with the United\nStates, officials said.\n Former Foreign Minister Shintaro Abe made the\nrecommendation at a meeting with Nakasone soon after returning\nfrom a U.S. Visit designed to pave the way for the prime\nminister's visit to Washington starting next Wednesday.\n Abe met President Ronald Reagan and U.S. Congressional\nleaders during his visit.\n It was not known how Nakasone responded to the suggestion.\n It also included increasing the nation's untied loans to\ndeveloping countries to between 25 billion and 30 billion dlrs\nover the next three years and giving foreign firms greater\naccess to a six billion dlr international airport project in\nwestern Japan, officials said.\n Abe called for tax cuts and government funds to be funneled\ninto public works projects to stimulate domestic demand. Abe\nspoke of the possibility that Nakasone's visit could coincide\nwith the passage of a protectionist trade bill by the U.S.\nHouse of Representatives.\n REUTER\n\u0003",
"date": "26-APR-1987 00:24:03.40",
"topics": [
"trade"
],
"places": [
"japan"
],
"id": "17194"
},
{
"title": "EC SAYS JAPAN CAR EXPORT RESTRAINT NOT ENOUGH",
"body": "Japan\"s 1987 car export\nrestraint to the European Community (EC) is not enough, EC\nexternal trade chief Willy de Clercq said.\n There are also strong signs Japanese exporters are\ndiverting cars to the EC after the dollar\"s fall against the yen\nmade their U.S. Market unprofitable, he told reporters after\nmeeting U.S., Japanese, and Canadian trade ministers.\n The EC has agreed that if it detects an abnormal diversion\nin Japanese exports from the U.S. To the EC market due to\ncurrency movements over the past two years, it will move to\nprevent it, he said.\n Over the period, the yen has risen against the dollar\nalmost eight times as fast as against the European Currency\nUnit, he said.\n Japan has set an unofficial, voluntary 10 pct rise in car\nexports to the EC this year as part of its efforts to stop its\nrising trade surplus with the Community, which hit a record 18\nbillion dlrs last year.\n But Japanese car exports to the EC so far this year jumped\nover 30 pct compared to a drop of 17 pct in U.S. Sales, and a\nseven per cent fall globally. \"We think there is some diversion\nthere,\" said de Clercq.\n Japanese officials say the overall annual rise will be only\n10 pct.\n \"But even 10 pct is 100,000 cars, whereas we sell only\n40,000 cars to Japan (per year) in total,\" he said.\n The EC is also demanding that Japan ease its strict checks\nand requirements for imported cars, which Brussels says is a\nnon-tariff barrier.\n The EC is also worried because EC demand for cars is\nfalling this year, making any rise in Japanese imports even\nmore serious for EC auto manufacturers.\n De Clercq, who has taken a hard line on world trade\nproblems at this weekend meeting in central Japan, said the EC\nappreciated Japan\"s plans to cut exports and lift domestic\ngrowth instead.\n \"But even if all these measures are implemented, it will\ntake time. But there is not time,\" he said.\n \"There are burning issues on the table which cannot wait. It\nwere better that the fire were put out immediately and not to\nwait till the house burns down,\" he said.\n REUTER\n\u0003",
"date": "26-APR-1987 01:21:08.89",
"organisations": [
"ec"
],
"places": [
"japan"
],
"id": "17195"
},
{
"title": "UAE TO COORDINATE EXCHANGE RATES WITH GCC",
"body": "United Arab Emirates (UAE) Central\nBank Governor Abdel Malik al-Hamar said any changes in the UAE\"s\nexchange rate policy would be carried out in conjunction with\nother Gulf Cooperation Council (GCC) countries.\n In a speech opening a seminar on Arab exchange rate\npolicies, he noted the UAE had not changed the value of the\ndirham against the U.S. Dollar since 1980 despite wide\nfluctuations in the latter\"s value against other currencies.\n \"The exchange rate policy of the dirham has realised its\ngoals in the past and changes in this policy depend on\ncoordination and cooperation with other GCC countries,\" he said.\n The GCC states -- the UAE, Saudi Arabia, Bahrain, Qatar,\nOman and Kuwait -- have agreed in principle to link their\ncurrencies to a common grid.\n Their currencies are now linked either to the dollar, IMF\nspecial drawing right (SDR) or, in the case of Kuwait, a\ntrade-weighted basket of international currencies.\n The UAE dirham can fluctuate within a band of 7.25 pct\nhigher or lower than 4.7619 to the SDR but has been fixed at\n3.671 to the dollar since November 1980.\n REUTER\n\u0003",
"date": "26-APR-1987 01:32:34.09",
"topics": [
"money-fx"
],
"organisations": [
"gcc"
],
"places": [
"uae"
],
"id": "17196"
},
{
"title": "WORLD BANK AGREES 2.4 BILLION DLR PAKISTAN AID",
"body": "The World Bank, citing Pakistan\"s progress\nin its economic performance and fiscal policy reforms, said it\nhad agreed a 2.4 billion dlr aid programme for 1988.\n The bank said in a statement \"substantial increases\" had been\napproved to help fund support for refugees from neighbouring\nAfghanistan.\n But the bank said it had expressed serious concern at\nPakistan\"s budget. \"This year\"s overall budget deficit is expected\nto be larger than either either last year\"s outcome or the\namount originally budgeted (for 1987),\" it added.\n REUTER\n\u0003",
"date": "26-APR-1987 01:41:57.71",
"organisations": [
"worldbank"
],
"places": [
"france",
"pakistan"
],
"id": "17197"
},
{
"title": "TOP NATIONS AGREE OVER FARM TRADE ISSUE",
"body": "Ministers from the major\ntrading nations have for the first time made a concerted\ncommitment to review the whole distorted structure of world\nfarm trade, Canadian Trade Minister Patricia Carney said.\n \"We think we can get some movement on this,\" she told\nreporters at a briefing following informal talks with the U.S.,\nJapanese and European Community (EC) trade ministers here.\n Canada, strongly supported by Australia, has championed the\ncause of both developed and developing nations which have seen\ntheir farm trade suffer largely due to a farm subsidy war\nbetween the United States and the EC.\n Japan\"s protected agricultural markets have also attracted\ncriticism.\n The issue is of extreme importance to many indebted,\ndeveloping nations which often rely totally on one or two farm\nsector exports to sustain their economies but which cannot\ncompete with the subsidised U.S. And EC products.\n \"Canada can afford so many billions of dollars (to do so),\nbut many countries cannot,\" said Carney.\n She said the EC had changed its previous unhelpful attitude\nand had raised proposals similar to those of Canada under which\nto discuss the issue.\n Talks will now continue at the Organisation of Economic\nCooperation and Development (OECD), which meets next month, and\nat the series of discussions on a new world trading framework,\nbegun at Punta del Este, Uruguay, last year.\n Carney said Japan had also agreed to take a positive role\nin the farm talks, and that the United States was willing to\nsee short-term progress, as long as long-term solutions were\nnot affected.\n Canada\"s five point programme demands that farm product\nprices must reflect open world market prices, that any support\nfor farmers incomes should not be linked to production\nincentives, that there should be no new farm subsidies, no new\nfarm import barriers, and that any decisions should be\nimplemented collectively.\n The farm trade problem was almost completely ignored by the\nindustrialised world until Canada raised it last year at the\nTokyo summit of seven leading industrial powers.\n The distortions created by subsidies and protectionism have\ncreated some absurd situations.\n For example, to protect its farmers the Japanese government\nbuys Canadian wheat and sells it at 10 times the purchase price\nto Japanese consumers.\n \"So we end up borrowing in the Japanese (financial) market\nto help pay subsidies to keep our farmers while they make a\nprofit on our wheat to help pay the price support for their\nfarmers,\" said Carney.\n The problem causes pain for many nations and increases the\nalready dangerously high debts that they owe mainly to U.S.,\nJapanese and EC banks.\n REUTER\n\u0003",
"date": "26-APR-1987 01:54:30.41",
"topics": [
"trade",
"grain",
"wheat"
],
"organisations": [
"ec",
"oecd"
],
"places": [
"japan",
"canada",
"usa",
"australia"
],
"id": "17198"
},
{
"title": "QATAR\"S BANKS SET FOR FURTHER LEAN SPELL",
"body": "Bank profits in the Gulf oil state of\nQatar are coming under renewed pressure and foreign banks are\nretrenching further in one of the region\"s most overbanked\nmarkets.\n Results for 1986 show a year of declining profit for\nseveral foreign banks, although locally-owned operations were\nin some cases able to cushion the drop by increasing market\nshare.\n <Qatar National Bank SAQ>\"s (QNB) General Manager, Abdulla\nKhalid al-Attiya, said: \"The economy is not improving as we\nhoped... 1987 will be another difficult year for the banks.\"\n Oil-dependent Qatar, with a tiny indigenous population of\n60,000 to 80,000 and an expatriate workforce estimated at about\n280,000, boasts five local banks and 10 foreign bank\noperations.\n Local and foreign bankers in the capital said the Gulf-wide\nrecession, aggravated this year by Qatar\"s severe difficulty\nmarketing its crude oil at official OPEC prices, has taken a\nheavy toll on the economy and bank profitability.\n As a result, the only U.S. Bank, <Citibank NA>, is thought\nto be negotiating to sell its operation to the fast growing\nlocally based <Al Ahli Bank of Qatar QSC> which only started\noperations in 1984, bankers said. Citibank would not comment.\n Other foreign banks have retrenched, with <Standard\nChartered Bank> cutting staff and others expected to follow.\n<Banque Paribas> is examining a change in its status to admit\n51 pct Qatari ownership in a bid to improve its access to local\nbusiness, bankers said.\n One banker added: \"Weak profits are here to stay for the\ntime being. There is no cause for optimism at the moment.\"\n Sentiment had picked up briefly at the end of last year\nwhen OPEC reached its accord to curb oil output and return to\nfixed prices. However, it soon became apparent that Qatar was\nhaving difficulty selling oil at OPEC prices.\n The soft spot oil market has left official Qatari crude\nprices 20 to 40 cents more expensive and sales have been\nrunning in recent weeks at 100,000 and 120,000 barrels per day,\nwell down on the nation\"s OPEC quota of 285,000, oil sources\nsaid.\n Bankers said this serious shortfall in Qatar\"s revenue has\nled to a new spate of payments delays from the public sector to\nprivate contractors after a marginal improvement in January.\n Loan loss provisions continued to eat into bank profits\nlast year, as did the introduction of minimum reserve\nrequirements by the Qatar Monetary Agency. Trade financing has\nalmost dried up as a traditional source of bank income.\n Of the local banks, QNB conducts the bulk of the\ngovernment\"s business and subsequently enjoys a huge advantage\nits rivals cannot expect to match, bankers said.\n The bank reported a 2.9 pct rise in net 1986 profit to 93.1\nmln Qatari riyals, while its balance sheet grew by 10.8 pct to\n9.0 billion, making it by far the largest bank in Qatar.\n But the strong assets growth partly reflected bridging\nloans for the public and private sector to tide government\ndepartments and local business over the lean economic spell,\nAttiya said. \"Generally speaking, we are overbanked in Qatar,\" he\nsaid, echoing a widespread feeling in the banking community.\n Other local banks fared less strongly. The second largest,\n<Doha Bank Ltd QSC>, reported a 13 pct drop in net profit to\n27.5 mln riyals, while <Commercial Bank of Qatar Ltd QSC>,\nregistered a decline to 18.5 mln riyals from 19.4 mln in 1985.\n The newcomer Al Ahli Bank, continued to expand rapidly and\nreported net profit of 5.2 mln compared with 3.3 mln during the\nstart-up period from August 4, 1984 to end-1985.\n Bankers said the local banks had clearly begun to win\ncommercial deposits previously held by foreign banks,\nincreasing already strong pressure on non-Qatari banks to\nreexamine their staffing levels and overheads.\n <Grindlays Bank PLC> recorded a net loss at its Doha branch\nlast year of 4.7 mln riyals after registering a nominal profit\nin 1985 of 12,000 riyals.\n Two other long-established banks in the Gulf, the <British\nBank of the Middle East> (BBME) and Standard Chartered, also\nfound last year a difficult climate to make strong profits.\n BBME\"s net profit fell to 3.2 mln riyals from 10.4 mln in\n1985, but Assistant Manager John Farquharson said 1985\"s result\nhad been artificially inflated by tax rebates on provisions.\n \"Foreign banks are seeing their assets decline, while local\nbanks are increasing their market share,\" Farquharson said.\n BBME\"s operating profit was steady in 1986, edging up to\n12.3 mln riyals from 11.5 mln in 1985. \"We are expecting the\nsame level of operating profit in 1987,\" Farquharson said.\n Standard Chartered\"s net profit last year recovered slightly\nto 1.6 mln riyals after a loss of 161,000 in 1985. Staff\nnumbers were cut last year to reduce overheads.\n Bankers said the lack of new construction projects in Qatar\nmeans business is unlikely to pick up this year although hopes\nare rising that the start of Qatari gas exploitation could\nprovide a boost. But the threat of higher U.S. Interest rates\nmay erode bank deposits as savings are moved offshore.\n REUTER\n\u0003",
"date": "26-APR-1987 02:25:43.49",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"qatar"
],
"id": "17199"
},
{
"title": "U.S. CENTRAL BANKER OPPOSES FURTHER DOLLAR FALL",
"body": "New York Federal Reserve Bank\nPresident Gerald Corrigan opposed a further fall in the value\nof the dollar but refused to say whether U.S. Interest rates\nwould be raised to protect the currency.\n \"A further decline in the dollar or appreciation of the yen\nat this juncture I would regard as counterproductive,\" he told a\nnews conference.\n His comments echoed those made last week by U.S. Treasury\nSecretary James Baker, who also warned against a further dollar\nfall. The U.S. Currency plunged to a post-war low below 140 yen\nlast week, despite dollar-buying by a number of central banks.\n Currency speculators and investors are convinced that a\nfurther dollar fall is needed to help reduce the huge U.S.\nTrade deficit, dealers said. The only thing likely to help the\ndollar is seen as a rise in U.S. Interest rates.\n Corrigan refused to say whether the U.S. Was ready to risk\ndamaging its economic recovery by raising interest rates.\n The dollar\"s sharp drop this month has also raised questions\nabout the usefulness of recent meetings of the Group of Seven.\nBut Corrigan said: \"They have played a constructive role in so\nfar as the broad objective of facilitating a higher degree of\neconomic policy coordination.\"\n REUTER\n\u0003",
"date": "26-APR-1987 04:21:41.57",
"topics": [
"money-fx",
"dlr",
"interest"
],
"places": [
"japan",
"usa"
],
"id": "17200"
},
{
"title": "REAGAN WARNS CONGRESS ON PROTECTIONISM",
"body": "President Reagan warned the U.S.\nCongress in his weekly radio address against passing what he\ncalled dangerous, protectionist trade legislation that would\ntie his hands in trade negotiations with Japan and other\ncountries.\n Reagan, who will hold talks with Japanese Prime Minister\nYasuhiro Nakasone here this week, said he would lift tariffs\nimposed last week against some Japanese products as soon as\nTokyo complied with a U.S.-Japanese pact on semiconductors.\n U.S. Officials gave the same message to former Japanese\nForeign Minister Shintaro Abe in meetings in Washington last\nweek.\n In his weekly radio address on Saturday, Reagan said he\nwould tell Nakasone: \"We want to continue to work cooperatively\non trade problems and want very much to lift these trade\nrestrictions as soon as evidence permits.\n Reagan said the 100 pct tariffs he imposed on some 300 mln\ndlrs worth of Japanese goods was a special case of trade\nretaliation and did not signal a shift in what he called his\nstaunch anti-protectionist policies.\n \"In imposing these tariffs we were just trying to deal with\na particular problem, not begin a trade war,\" he said.\n But Congress is ready to approve tough trade legislation to\ntry to turn round the record U.S. Trade deficit, which has cost\nmillions of U.S. Jobs and closed thousands of factories.\n A vote on a trade bill sponsored by Congressman Richard\nGephardt is expected to come during Nakasone\"s visit. It would\npenalise nations with large trade surpluses and which are\nalleged to use unfair trade practices.\n Reagan warned Congress that such action would undercut his\nability to negotiate on trade issues with Nakasone and others.\n \"With my meeting with Prime Minister Nakasone and the Venice\neconomic summit coming up, it\"s terribly important not to\nrestrict a president\"s options in such trade dealings with\nforeign governments,\" he said.\n \"Unfortunately, some in the Congress are trying to do\nexactly that,\" he said.\n Reagan said he would keep the American people \"informed on\nthis dangerous legislation because it\"s just another form of\nprotectionism and I may need your help to stop it.\"\n REUTER\n\u0003",
"date": "26-APR-1987 04:35:07.82",
"topics": [
"trade"
],
"places": [
"usa"
],
"id": "17201"
},
{
"title": "TRADE MINISTERS SAY GOVERNMENTS NEED CREDIBILITY",
"body": "Four trade ministers ended a\nweekend meeting with a frank confession that their governments\nare losing credibility in world financial markets and will not\nregain it until they back their promises over trade and\ncurrencies with action.\n \"Until today we have anounced policies, but when it came to\naction required it was done in a way that satisfied nobody,\"\nJapanese Trade Minister Hajime Tamura told a news conference.\n \"From now on, if a government comes up with a certain\npolicy, it must be followed by action,\" he said following two\ndays of informal talks with the trade ministers of the United\nStates, the European Community and Canada in central Japan.\n Last week, the dollar fell to a new record low below 140\nyen, despite statements from the Group of Seven (G-7) leading\nindustrial powers that currencies should be stabilised to\nunderpin world trade.\n \"We need credibility to gain confidence. When we have\nconfidence, then we can have an impact,\" said Tamura.\n His colleagues agreed that when major trade nations fought\nover trade issues while calling for each other to honour free\ntrade rules in general, it was not a sight which inspired\nconfidence in the markets.\n \"The time has come now to act in step with the talk. If you\nbelong to a club, you have to act in concord with the rules, if\nyou want to be credible,\" said EC external trade chief Willy de\nClercq. Canadian Trade Minister Patricia Carney also agreed: \"We\nare meeting in a time of great trade tension. What the world\nneeds to see is that we have the political will to deal with\nthese problems we face.\"\n She said that next month\"s meeting of the Organisation of\nEconomic Cooperation and Development and the meeting of leaders\nof the G-7 nations in Venice in the summer would be a forum to\nshow this will existed.\n U.S. Trade Representative Clayton Yeutter reminded the news\nconference that the results of such high level meetings could\nlead to action which would only have an effect on smoothing out\nworld trade imbalances perhaps years later.\n \"The media typically has a tendency to evaluate meetings\nlike this in terms of tangible results. That is not the way it\nshould be pursued,\" he said.\n \"What is achieved in an intangible way almost always exceeds\nwhat is achieved in a tangible way,\" he said.\n Progress in personal contacts and understanding each others\"\npositions and policies was just as important toward reducing\ntrade tensions, he said.\n Tamura read out an agreed summary of the joint talks:\n Currency stability was now essential, but currency\nmovements alone would not correct a U.S. Trade deficit with\nJapan which hit 58 billion dlrs last year, an 18 billion dlr EC\ndeficit with Japan in 1986, and a Japanese global trade surplus\nof almost 90 billion, he said.\n Trade retaliation, protectionism, and forcible export\nrestraints which lead to a shrinkage in world trade flows were\nmost dangerous, he said.\n The imbalances can only be solved by coordinated policies\nover a whole range of fiscal, monetary, trade and industrial\nmeasures, and in line with a body of internationally agreed\nrules, he said.\n In this regard, the policing role of the Geneva-based\nGeneral Agreement on Tariffs and Trade world trade body must be\nstrengthened, he said.\n The ministers reconfirmed their individual promises to\nsolve the problem. The United States will try to reduce its\nlarge budget deficit and restore competitiveness within its\nindustries.\n Japan will introduce early and effective measures to expand\nits domestic growth and rely less on exports.\n The EC must continue efforts for balanced growth and\nreduced unemployment. All felt satisfied at the new progress in\nthe Canadian economy.\n REUTER\n\u0003",
"date": "26-APR-1987 04:56:51.37",
"topics": [
"trade",
"money-fx",
"dlr"
],
"organisations": [
"ec"
],
"places": [
"japan",
"usa",
"canada"
],
"id": "17202"
},
{
"title": "EC FARM MINISTERS TO RESUME PRICE TALKS",
"body": "European Community (EC) agriculture\nministers resume discussions in Luxembourg tomorrow on tough\n1987/88 farm price proposals from the bloc\"s executive\nCommission with only thin hopes of reaching a quick agreement.\n Their current chairman, Belgium\"s Paul de Keersmaeker,\npromised at the end of the group\"s last meeting that if\nagreement appeared in sight this week, he would keep his\ncolleagues at the negotiating table for long days and nights.\n But one diplomat told journalists: \"I don\"t think you need to\nworry about that. We are a long way from the crunch yet.\"\n The commission has tabled a series of proposals which farm\nexperts say would together amount to the most swingeing attack\non overspending on the bloc\"s Common Agricultural Policy, and\nthe biggest blow to farmers\" incomes, in years.\n As well as cuts in common farm prices of 2.5 pct in the key\ncereals sector, quality standards for farm goods sold into EC\nsurplus stores would be raised and the period of the year when\nsuch sales were allowed restricted.\n The experts say prices received by farmers would be cut by\nover 10 pct for many crops if such measures were agreed.\n The effects, however, would be mitigated by Commission\nproposals unveiled on April 14 for generous cash grants to\nfarmers worst hit by the struggle to curb EC food surpluses.\n When ministers met on March 30 and 31 in Brussels for\ninitial discussions on the farm price package, several, notably\nFrance\"s Francois Guillaume and West Germany\"s Ignaz Kiechle,\nsaid the proposals were unacceptably tough.\n Only the Dutch and British delegations gave general support\nto the Commission line that such drastic measures were\nnecessary to curb surplus food production in the EC and to\nreduce the massive cost of the CAP.\n But even then, the British are among several delegations\nwhich oppose the Commission\"s controversial plan to raise two\nbillion European Currency Units through a tax on imported and\nEC-produced oilseeds and fats.\n In order to seek common ground, de Keersmaeker plans to\nspend the whole of tomorrow in bilateral meetings with each of\nhis colleagues in turn.\n Diplomats said although the ministers will meet together on\nTuesday, de Keersmaeker is likely to conclude that further\ntalks at the level of officials are necessary and that the hard\nbargaining will have to wait until May.\n REUTER\n\u0003",
"date": "26-APR-1987 05:35:00.34",
"organisations": [
"ec"
],
"places": [
"belgium",
"luxembourg"
],
"id": "17203"
},
{
"title": "SAUDI RIYAL DEPOSITS STEADY IN DULL MARKET",
"body": "Saudi riyal interbank deposits were\nmainly steady at yesterday\"s higher levels in a market which saw\nlittle activity due to the European weekend, dealers said.\n They said banks in the kingdom offered two and three month\ndeposits 1/16 of a percentage point lower, but there were few\ntakers.\n Rates for short-dated and other fixed period funds were\nlittle changed following their sharp rise on Saturday brought\non by higher eurodollar deposit rates.\n Spot-next and one-week deposits were relatively unchanged\nat 6-3/4, 1/2 pct.\n One-month deposits were steady at 6-3/4, 1/2 pct while\nthree-month funds eased to 6-7/8, 5/8 pct from 6-15/16, 11/16.\n Six-month deposits also declined marginally to 7-5/16,\n7-1/8 pct from quotes of 7-3/8, 1/8 at the close of trade on\nSaturday.\n The spot riyal was steady at 3.7499/7504 to the dollar.\n REUTER\n\u0003",
"date": "26-APR-1987 05:36:58.42",
"topics": [
"money-fx",
"interest"
],
"places": [
"bahrain",
"saudi-arabia"
],
"id": "17204"
},
{
"title": "G-7 OFFICIALS TO DECIDE ON SUMMIT AGENDA",
"body": "Senior officials from the Group of\nSeven (G-7) countries will meet next week to decide an agenda\nfor the body\"s June summit scheduled to be held in Venice,\nJapanese officials said.\n The meeting will provide senior government officials with\ntheir first chance to discuss the recent sharp drop of the\ndollar, although the main focus of the gathering is longer\nterm, they said.\n Deputy Finance Ministers, including Japanese Vice-Finance\nMinister Toyoo Gyohten, will attend. The meeting will be held\nin Italy, they said, but gave no other details.\n The leaders of the G-7, the United States, Britain, Canada,\nFrance, Italy, Japan and West Germany, are expected to discuss\nways of improving economic policy coordination in Venice.\n The hope is that increased coordination will help reduce\nthe huge imbalances in world trade and calm volatile currency\nmarkets. But economists say the strategy has so far not worked.\n Japanese officials admitted there is little more they can\ndo on their own to stem the dollar decline, which last week saw\nthe currency plunge to a post-war low below 140 yen.\n The officials said they expected sentiment against the\ndollar to change soon, once the U.S. Trade deficit starts to\nfall and the Japanese surplus begins to shrink.\n \"We have already seen some signs of improvement (in the\ntrade picture), but the market does not appreciate it yet,\" one\nsaid.\n Last week\"s passage of the Japanese government budget by\nparliament\"s Lower House also paves the way for Tokyo to take\nadditional action to stimulate its sagging economy and boost\nimports, the officials said.\n REUTER\n\u0003",
"date": "26-APR-1987 06:24:19.96",
"topics": [
"trade",
"money-fx",
"dlr"
],
"places": [
"japan",
"usa",
"uk",
"canada",
"france",
"italy",
"west-germany"
],
"id": "17205"
},
{
"title": "EC MINISTERS LIKELY TO CRITICISE FINANCE IDEAS",
"body": "Plans for a new-style European\nCommunity (EC) free of damaging budget wrangles receive their\nfirst full review from EC foreign ministers today, but are\nunlikely to gather much support.\n Diplomats said key EC capitals would voice strong criticism\nof proposals that would lead to a sharp increase in EC budget\npayments by bringing member states\" contributions more into line\nwith national wealth.\n They said the EC\"s current paymasters, Britain, France, and\nWest Germany, would lead the opposition to the plans, designed\nto enable the community meet the challenges of the 1990s.\n Faced with a budget deficit this year of at least five\nbillion dlrs, EC Commission President Jacques Delors called in\nFebruary for a radical overhaul of the EC financing system.\n Such action was necessary, he argued, to end a damaging\ncycle of annual budget crises and ensure cash for technological\nresearch programs and regional and social spending projects.\n Ironically, diplomats said, the move could spark exactly\nthe type of row it was intended to avoid with industrially\ndeveloped northern states demanding assurances the new cash\nwould not be swallowed up by the poorer southern members.\n Delors\" plans, by linking a country\"s contributions to its\nGross National Product (GNP), would over the next five years\nadd some 18 billion dlrs to the present budget of 34 billion.\n Currently, contributions are calculated on a percentage of\nValue Added Tax (VAT) returns.\n Under the new scheme, all countries would pay one pct of\ntheir VAT receipts to Brussels. Extra cash would then be raised\nin line with needs by a levy on the difference between a\ncountry\"s total VAT receipts and its GNP.\n London is one of the most resolutely opposed countries to\nthe scheme, arguing instead that money should be made available\nfrom deep cutbacks in the EC\"s heavily-subsidised farm sector.\n Unofficially many EC capitals secretly support the\nwearisome budget wrangling, taking the line that the highly\ndiverse 12-nation Community can only take tough decisions when\nforced to do so.\n The issue is further complicated by a possible general\nelection in Britain and acceptance that the EC problems cannot\nseriously be addressed by London until those polls are out of\nthe way.\n REUTER\n\u0003",
"date": "26-APR-1987 06:44:58.79",
"topics": [
"gnp"
],
"organisations": [
"ec"
],
"places": [
"luxembourg",
"uk",
"france",
"west-germany"
],
"id": "17206"
},
{
"title": "ADB DELEGATES GATHER IN JAPAN AMID CONTROVERSY",
"body": "Delegates from 46 countries are\ngathering for the 20th meeting of the Asian Development Bank\n(ADB) amid concern over the bank\"s role in aiding regional\ndevelopment.\n The three-day meeting, the first to be held in Japan since\nthe bank\"s inaugural meeting in Tokyo in 1966, will open\ntomorrow with political controversy dogging its heels.\n Taiwan, one of the ADB\"s founders, will boycott the meeting\nfor the second year in succession in protest against China\"s\nadmission last year.\n Taiwan, which borrowed only 100 mln dlrs or 0.51 pct of the\nADB\"s total lending of 19.4 billion dlrs over the past 20 years,\nis staying away because its name was changed by the bank to\n\"Taipei, China.\"\n But the boycott is likely to be overshadowed by the\npresence of communist giants China and the Soviet Union.\n Moscow is attending an ADB meeting for the first time in\nwhat is widely seen as a first step to eventual full\nmembership.\n China is expected to obtain its first loans from the bank\nin 1987.\n A senior ADB official said Peking, now the bank\"s third\nlargest shareholder after the United States and Japan, would\nalso take one of the 12 seats on the bank\"s board of governors.\n The official, who declined to be identified, expected\nsparks to fly when governors met in formal session on Tuesday.\n He said calls for expanded bank lending were expected from\npoorer countries in the Asia-Pacific region, hit by plunging\ncommodity prices, tariff barriers in export markets, a growing\nresources crunch and balance of payments crises.\n But the U.S. Delegation was likely to repeat warnings ADB\nlending should stress quality over quantity, the official said.\n The debate over ADB lending is fuelled by the bank\"s highly\nsuccessful money management.\n With liquid reserves of about four billion dlrs, profits\nhave been rising steadily and touched 287 mln dlrs last year.\n The key indicator of the ADB\"s reduced role in regional\ndevelopment is its net transfer of resources -- loan\ndisbursements less repayments made by borrowers -- which fell\nsharply to 237 mln dlrs in 1986 from 421 mln in 1985.\n In 1986, the bank approved loans totalling two billion\ndlrs, but only to 19 of its 29 developing members.\n ADB chief economist Kedar Nath Kohli told Reuters the bank\"s\nordinary lending had declined each year since 1984.\n \"I\"m afraid if you exclude India and China, it\"s going to go\ndown even further in 1987,\" Kohli said.\n Kohli said developing countries in the region were entering\na period of painful adjustments.\n He said one country that seemed to be on the right track\nwas South Korea, which had bucked the regional trend of rising\nindebtedness by cutting its foreign debt by about two billion\ndlrs last year.\n One country that has complained about the ADB's lending\npolicies is Vietnam, which charged at last year's meeting that\nthe bank had cut off its aid on political grounds.\n The bank abruptly halted loans to Hanoi after the fall of\nthe Saigon government in 1975. Despite Moscow's presence,\nhowever, the bank is not expected to change its Vietnam policy.\n The Philippines, the ABD's second-largest borrower in 1986\nwith loans totalling 316 mln dlrs, is happy with the bank's\nrole.\n Finance Minister Jaime Ongpin told Reuters he expected the\nfigure would reach roughly the same level this year.\n REUTER\n\u0003",
"date": "26-APR-1987 07:50:48.05",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"china",
"taiwan",
"ussr",
"usa",
"vietnam",
"south-korea",
"philippines"
],
"id": "17207"
},
{
"title": "BANK OF JAPAN INTERVENES IN TOKYO BUYING DOLLARS",
"body": "The Bank of Japan intervened buying\ndollars shortly after the opening of 137.70 yen, dealers said.\n Strong selling from life insurance companies and investment\ntrusts pressured the dollar downward, but the U.S. Unit\nsteadied on profit-taking buying by petroleum companies and\nintervention by the central bank.\n The dollar's upward potential looks limited as forward\ndollar selling by exporters for commercial purposes is expected\nabove 137.80, dealers said.\n REUTER\n\u0003",
"date": "26-APR-1987 20:39:56.64",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17208"
},
{
"title": "SUMITA SAYS FURTHER YEN RISE UNLIKELY - JIJI PRESS",
"body": "Japan's Jiji Press quoted Bank of Japan\nGovernor Satoshi Sumita as telling Japanese reporters the\ncentral bank will continue determined market intervention to\nprevent a further rise in the value of the yen.\n Sumita, who is attending an annual meeting of the Asian\nDevelopment Bank, also said he does not think the yen will\ncontinue to rise, Jiji reported. He said the Bank of Japan is\nkeeping close contact with other major industrial nations on\nconcerted market intervention, Jiji said. He said coordinated\nintervention is the only way to stop the dollar from dropping\ntoo fast, Jiji said. The dollar fell below 138 yen today.\n REUTER\n\u0003",
"date": "26-APR-1987 22:02:13.59",
"topics": [
"money-fx",
"dlr",
"yen"
],
"places": [
"japan"
],
"id": "17209"
},
{
"title": "BUNDESBANK INTERVENES IN TOKYO VIA BANK OF JAPAN",
"body": "The Bundesbank intervened in the Tokyo\nforeign exchange market to buy a small amount of dollars\nagainst marks through the Bank of Japan, dealers said.\n The West German central bank bought dollars when the dollar\nwas at about 1.7770-80 marks. Dealers' estimates of the\nintervention amount varied from 100 mln to one billion dlrs.\n Some dealers said the Bank of Japan appeared to have\nundertaken small-lot mark-selling intervention on its own\naccount.\n REUTER\n\u0003",
"date": "26-APR-1987 22:41:44.69",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan",
"west-germany"
],
"id": "17210"
},
{
"title": "MIYAZAWA SAYS POLICY COORDINATION KEY TO CURRENCY",
"body": "Japanese Finance Minister Kiichi Miyazawa\ntold a press conference the basic solution to currency\ninstability among major nations is economic policy\ncoordination.\n He said that is a time-consuming process as coordination\ndoes not always proceed in a way policy makers envisage. \"That\nis democracy,\" he said. Upon that foundation, Miyazawa said,\nthere must be coordinated intervention. Major nations have\nsufficient funds to continue concerted intervention, he added.\n \"Without doubt this set-up of coordinated intervention will\ncontinue to operate,\" Miyazawa said.\n Miyazawa said Prime Minister Yasuhiro Nakasone and U.S.\nPresident Ronald Reagan are likely to reaffirm the Louvre and\nWashington Group of Seven (G-7) agreements on currency\nstability when they meet later this week.\n Asked whether the dollar is declining against all major\ncurrencies, not only the yen, Miyazawa declined to make any\ncomments.\n He reiterated that many major nations have undertaken\ncoordinated intervention in recent weeks to prop up the dollar,\nincluding countries who are not members of the G-7.\n REUTER\n\u0003",
"date": "26-APR-1987 22:49:27.79",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17211"
},
{
"title": "CSR PLANS TAKEOVER BID FOR MONIER",
"body": "CSR Ltd <CSRA.S> said it plans to offer\n3.50 dlrs a share cum-bonus for all the issued capital of\nbuilding products group Monier Ltd <MNRA.S>.\n The offer values Monier's current issued capital of 156.28\nmln shares at 547 mln dlrs and compares with the latest share\nmarket price of 2.80 dlrs, equal to last Friday's close.\n Monier recently said it proposes to make a one-for-two\nbonus issue before June 30.\n CSR will shortly announce further details of the offer\nincluding a CSR share alternative, it said in a statement.\n CSR said it currently holds 323,000 Monier shares or only\n0.21 pct of the company's issued capital.\n Redland Plc <RDLD.L>, the holder of 49.87 pct of Monier,\nhas agreed with CSR that Redland will not accept the offer for\nits stake initially, CSR said.\n Instead, CSR has granted Redland two alternative options,\nthe first giving Redland the right to accept the CSR offer at\nthe same price within six months of the closing date of the\nbid, the company said.\n The second grants Redland the option to increase its Monier\nholding to 50.1 pct in the same period.\n The second option is exercisable by Redland at 3.50 dlrs a\nshare, CSR said.\n Both option deals are subject to the approval of Monier\nshareholders except CSR and Redland.\n As previously reported, Redland and Monier had been\ndiscussing a possible Redland bid for Monier but the talks\nbroke off two weeks ago.\n CSR said Redland supports the CSR offer as a means of\nestablishing a fruitful joint venture in building materials in\nwhich they both have interests. At the end of the offer, they\nwill discuss how these interests may be developed.\n Redland has indicated that it would be prepared to consider\nat a later stage an increase in CSR's Monier stake to enable it\nto become a CSR subsidiary, assuming Redland exercises the\nsecond option, CSR said.\n It said the offer is generous because it will give Monier\nshareholders a price equivalent to 16.8 times after-tax\nearnings in 1985/86 ended June 30, a 25 pct premium over\nFriday's market price and a 125 pct premium over last reported\nnet tangible asset backing per share of 1.57 dlrs.\n The offer is beneficial for both CSR and Monier\nshareholders, CSR's chief executive officer Bryan Kelman said.\n \"The acquisition will broaden CSR interests in building\nmaterials by the addition of complementary domestic and\noverseas businesses in concrete and clay tiles, metal roofing\nmaterials and concrete blocks and piping,\" Kelman said in the\nstatement.\n \"Importantly, the acquisition will provide CSR with new\ngrowth opportunities in building materials both in Australia\nand overseas,\" he added.\n Monier, which earned a net 32.49 mln dlrs in 1985/86, has\noperations in a number of countries, including the U.S., Japan,\nBritain and New Zealand, as well as Australia.\n REUTER\n\u0003",
"date": "26-APR-1987 22:57:22.08",
"topics": [
"acq"
],
"places": [
"australia"
],
"id": "17212"
},
{
"date": "26-APR-1987 23:26:24.51",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17213"
},
{
"title": "USSR ATTENDS ADB MEET, UNCERTAIN ON MEMBERSHIP",
"body": "The Soviet Union is attending an\nAsian Development Bank (ADB) annual general meeting for the\nfirst time, but has not decided whether to apply for\nmembership, a senior Soviet State Bank official said.\n \"No specific plans exist for applying for membership,\" Yurij\nPonomarev, international managing director of the State Bank,\ntold Reuters. \"It's too early to draw up any plans.\"\n The USSR is attending the 20th meeting as an observer.\n \"The sole purpose is to observe and collect information\nfirst hand,\" Ponomarev said.\n He said the Soviet Union was responding to a long-standing\nADB invitation to attend the meetings.\n \"This is one of the fastest growing regions in the world,\"\nthe State Bank official said. \"It is in our interest to have\ngood contacts.\"\n But those strengthened contacts will not be made at the\nexpense of the Soviet Union's other relationships, he said.\n Delegates here said the USSR move was connected to recent\nefforts to develop closer ties with Asia. The policy was\nannounced last year by Soviet leader Mikhail Gorbachev in a\nspeech at Vladivostok.\n Moscow's decision to attend the meetings follows its\napplication last year for membership of the General Agreement\non Tariffs and Trade (GATT).\n Delegates said the USSR faces lacklustre growth and is\nsearching for ways to boost its economy.\n Although the ADB said political ideology is not a critiera\nfor membership, several delegates said politics would play a\nlarge role in any decision to allow Moscow to join.\n Moscow's application would have to be approved by\ntwo-thirds of the board of governors representing\nthree-quarters of the total voting power of member countries.\n The basic votes of the 47 members are all equal and total\none-fifth of all votes. The remainder are proportional to the\nnumber of shares held by each member.\n Japan is the largest shareholder, at 15.1 pct, followed by\nthe U.S. With 14.9 pct and China with 7.2 pct.\n The U.S. Has more than 12 pct of the total votes,\ninsufficient to block a Moscow membership bid.\n Japanese officials said Tokyo has not decided its position\nregarding the possibility of Soviet membership and said they\nnoted the Soviets had not yet made any move to join.\n REUTER\n\u0003",
"date": "26-APR-1987 23:32:09.99",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"ussr"
],
"id": "17214"
},
{
"title": "RAINFALL EASES DROUGHT IN NORTH CHINA",
"body": "Spring rain in the last few days has\nhelped ease a serious drought in most of north China, the New\nChina News Agency said.\n It said rain fell in Peking, Shandong, Hebei, Henan,\nShanxi, Shaanxi, Qinghai, Sichuan and parts of Inner Mongolia.\nIt said the drought in Shanxi, north Hebei, north Shaanxi and\nPeking has basically ended.\n But snowfalls of 10 mm have affected spring sowing in\nLiaoning, struck by abnormally cold and warm weather since\nJanuary, including rainfall 10 times more than normal in some\nplaces, it said, but gave no more details.\n REUTER\n\u0003",
"date": "26-APR-1987 23:42:23.02",
"places": [
"china"
],
"id": "17215"
},
{
"title": "U.S. MAY TELL JAPAN SANCTIONS CAN END - NY TIMES",
"body": "President Reagan is expected to tell\nPrime Minister Yasuhiro Nakasone this week that the U.S. May be\nable to lift trade sanctions against Japan by the end of June,\nthe New York Times said.\n The newspaper, quoting administration officials, said that\nunder such a scenario the President would announce just before\nthe June 8-10 economic summit meeting in Venice that he hoped\nto lift the restrictions on electronics imports by the end of\nthe month. Japan, for its part, would have to show that it had\nstopped underpricing semiconductors and had widened access in\nJapan for U.S. Chip producers.\n The U.S. Administration imposed 100 pct tariffs on 300 mln\ndlrs worth of Japanese color television sets, motorised tools\nand personal computers on April 17.\n Japanese officials have said Nakasone's main demand when he\narrives for talks with Reagan on Wednesday would be the\nimmediate lifting of the tariffs.\n But with Congress planning further trade reprisals against\nJapanese trade policies, the end-of-June timeframe is seen as\nthe best Reagan can offer, the Times said. It said some verbal\nformulation was expected to be found in a communique that would\nallow Nakasone to claim at least a modest victory.\n REUTER\n\u0003",
"date": "27-APR-1987 00:44:20.00",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "17216"
},
{
"title": "PHILIPPINES TO GET 300 MLN DLR JAPANESE LOAN",
"body": "The Philippines has received a 300\nmln dlr loan from the Japanese Export-Import Bank, Philippine\nFinance Minister Jaime Ongpin told Reuters.\n Ongpin said the loan, carrying interest of 5.5 pct a year,\nmatches a 300 mln dlr economic recovery loan approved by the\nWorld Bank in March.\n Ongpin said Japanese Finance Minister Kiichi Miyazawa\nexpressed satisfaction at the recent rescheduling of the\nPhilippines' 10.3 billion dlr foreign debt during a meeting\nhere yesterday. The 14th yen aid package from Japan's Overseas\nEconomic Cooperation Fund was also discussed.\n Ongpin said the Japan is expected to respond favourably to\na Philippine request to raise the aid level to between 75 and\n80 billion yen.\n The aid package, originally scheduled for Japan's 1986/87\nfiscal year ended March, was delayed because of the\nPhilippines' change of government last year.\n \"The Japanese have indicated we may not get as much as we\nare asking for in one big jump from the 13th yen package of 49\nbillion yen,\" he said. \"But they are likely to bring it up to\nthat level for the 15th package.\"\n Ongpin said Manila had 14 projects in the pipeline for the\n14th yen package.\n \"We are trying get the 15th package mainly in the form of\nuntied commodity loans,\" he said.\n Discussion on a Philippine request for 500 mln dlrs in soft\nloans to finance a land reform program, for which Japan is\nexpected to supply most of the financing, had been put off\nuntil next month because of delays in preparatory work.\n Ongpin said he will make a strong pitch for the land reform\nprogram in his speech on Tuesday at the 20th annual meeting of\nthe Asian Development Bank (ADB) here.\n Ongpin said the Philippines is very happy about the ADB's\nsupport after President Corazon Aquino took over from deposed\nleader Ferdinand Marcos.\n \"But I would like to see them push more aggressively in the\nfield of lending to the private sector,\" he said.\n The Philippines was the bank's second-biggest borrower\nafter Pakistan in 1986, with loans totalling 316 mln dlrs.\n Ongpin said he expects ADB lending to the Philippines in\n1987 to reach the same level.\n \"They have told us they can lend us two billion dlrs if we\nwant. But we have to come up with the projects,\" he said.\n REUTER\n\u0003",
"date": "27-APR-1987 00:48:57.77",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"philippines"
],
"id": "17217"
},
{
"title": "U.S. TREASURY SECRETARY CANCELS TRIP TO AUSTRALIA",
"body": "U.S. Treasury Secretary James Baker\nhas cancelled a trip to Australia because of pressing business\nat home, including the visit this week by Japanese Prime\nMinister Yasuhiro Nakasone, a Treasury spokesman said.\n The spokesman, who asked not to be identified, said, \"I\nwould not draw any conclusion from the cancellation ... I would\njust say it's the press of business.\"\n He said Nakasone's visit was \"part of the press of business\"\nbut denied the cancellation was linked to the current turmoil\nin the financial markets.\n REUTER \n\u0003",
"date": "27-APR-1987 00:53:25.17",
"places": [
"usa",
"australia"
],
"id": "17218"
},
{
"title": "STRONG INDONESIAN EARTHQUAKE LEADS TO FLOOD FEARS",
"body": "Fresh tremors hit the northern area of\nthe Indonesian island of Sumatra after an earthquake measuring\n6.6 on the Richter scale yesterday and local officials told\nReuters they fear flooding after a dam was cracked.\n Contacted by telephone, they said the area around the town\nof Tarutung, south of the city of Medan and about 560 km west\nof Singapore, was shaken by more tremors this morning.\n The dam on the Sigeon river is leaking and there is a\npossibility of flooding if it rains in the next few days before\nrepairs can be made, they said.\n REUTER\n\u0003",
"date": "27-APR-1987 01:08:32.41",
"places": [
"indonesia"
],
"id": "17219"
},
{
"title": "EGYPT SEEKS ARAB FUNDS TO BUY ITS MILITARY DEBTS",
"body": "Egypt is trying to persuade Arab states\nand banks to buy its military debts to the United States and\nother Western countries so it can repay them on better terms,\nan Egyptian official said.\n \"We want the Arabs to buy the debt and reschedule it at a\nmore reasonable interest rate of up to seven pct,\" the official,\nwho asked not to be named, told Reuters.\n Egypt owes the U.S. 4.5 billion dlrs in military debt and\nhas failed to persuade Washington to reduce interest rates on\nit averaging about 14 pct.\n Eqypt also owes France an undisclosed amount, estimated by\nArab diplomats at over two billion dlrs, and has not serviced\nthe debt for over a year. Other military debts are owed to\nSpain, West Germany and Britain.\n The official said negotiations on the possibility of buying\nthe debt have started, with approaches made to Kuwait and Saudi\nArabia, but no firm decisions have been reached.\n The official also said the International Monetary Fund\n(IMF) and Egypt have agreed on certain economic reforms in\nreturn for emergency funds. An accord with the IMF would open\nthe way for Cairo to reschedule its 40 billion dlr debt.\n The official said the IMF agreement requires Egypt to raise\nenergy prices to international levels, unify its multi-tiered\nforeign exchange system and raise interest rates.\n \"Egypt will seek loans from various countries immediately\nafter the agreement with the IMF is signed,\" he said.\n \"If an Arab country buys part of the military debt or gives\nus guarantees, it will encourage banks to step in,\" he added.\n REUTER\n\u0003",
"date": "27-APR-1987 01:11:59.67",
"organisations": [
"imf"
],
"places": [
"egypt",
"usa"
],
"id": "17220"
},
{
"title": "FIRE DAMAGES PAKISTAN SUGAR STOCK",
"body": "A fire damaged a large stock of\nimported sugar stored in a customs warehouse at Karachi on\nSaturday night, customs officials said.\n They said the warehouse contained about 15,000 tonnes of\nsugar in 150,000 bags but they did not know how much had been\ndestroyed or damaged. They said the cause of the fire was\nunknown.\n REUTER\n\u0003",
"date": "27-APR-1987 01:16:14.62",
"topics": [
"sugar"
],
"places": [
"pakistan"
],
"id": "17221"
},
{
"title": "MALAYSIA MAY CUT BASE LENDING RATE IN JUNE",
"body": "Malaysia may cut its base lending\nrate by 0.75 to one percentage point from a current 8.5 pct in\nJune to stimulate economic growth, Finance Minister Daim\nZainuddin said.\n The last cut, of 0.5 pct, was effected by banks and finance\ncompanies on April 1 following a Central Bank directive.\n The lending rate has been declining in recent months\nbecause the Central Bank has injected more funds into the\neconomy, Daim told an assembly of the dominant Malay-based\nUnited Malays National Organisation party.\n Daim, who is also the party's Treasurer General, said\nMalaysia's gross domestic product growth in 1987 is likely to\nexceed the one pct forecast in his 1987 budget presented last\nyear. He gave no details of the expected rise.\n GDP growth in 1986 was 0.5 pct.\n REUTER\n\u0003",
"date": "27-APR-1987 01:18:54.86",
"topics": [
"interest",
"gnp"
],
"places": [
"malaysia"
],
"id": "17222"
},
{
"title": "TAIWAN UNEMPLOYMENT FALLS IN MARCH",
"body": "Taiwan's unemployment rate fell to 2.03\npct of the labour force in March from 2.37 pct in February and\n2.79 pct in March 1986, the government statistics department\nsaid.\n A department official said the decline was due to rising\nemployment in the manufacturing sector, including textiles and\nfootwear.\n The unemployed totalled 163,000 in March against 193,000 in\nFebruary and 216,000 in March 1986.\n The labour force fell to 8.03 mln in March from 8.14 mln in\nFebruary and 7.74 mln in March 1986, it said.\n REUTER\n\u0003",
"date": "27-APR-1987 01:28:05.50",
"topics": [
"jobs"
],
"places": [
"taiwan"
],
"id": "17223"
},
{
"title": "JAPANESE FIRMS TO SELL AUSTRALIAN GOLD COINS",
"body": "Three Japanese trading companies and one\ncoin retailer will start selling Australia's Nugget gold coins\nin Japan from May 12 after actively buying at the first\ninternational trading of the coins last Thursday, officials\ninvolved in the sale said.\n They estimated Japanese companies bought 30 pct of 155,000\nounces sold on Thursday.\n The coins are likely to be sold in Japan at prices similar\nto the South African krugerrand.\n REUTER\n\u0003",
"date": "27-APR-1987 01:29:37.16",
"topics": [
"gold"
],
"places": [
"japan",
"australia"
],
"id": "17224"
},
{
"title": "ALGERIA SIGNS MAJOR LNG DEAL WITH U.S. GROUP",
"body": "Algeria's national petroleum agency\nSonatrach and the U.S. Panhandle-Trunkline <PEL.N> group signed\na 20-year accord for the delivery of liquefied natural gas\n(LNG), the official APS news agency said.\n Deliveries will start next winter and rise over three years\nto reach 4.5 billion cubic metres annually, with 60 pct of the\ngas carried in Algerian ships to a terminal at Lake Charles,\nLa., APS said.\n APS said the pricing formula will \"preserve the purchasing\npower of LNG and the interests of Sonatrach, and take into\naccount ... The world (and) the American market.\"\n The agreement follows months of negotiations between\nPanhandle Eastern Petroleum Corp and Sonatrach over the new LNG\ncontract.\n The talks followed an accord in July 1986 which resolved a\nlong-standing dispute between Sonatrach and Panhandle\nsubsidiary <Trunkline Gas Co> after the U.S. Group unilaterally\nsuspended purchases of Algerian LNG.\n REUTER\n\u0003",
"date": "27-APR-1987 01:31:05.62",
"topics": [
"nat-gas"
],
"places": [
"algeria",
"usa"
],
"id": "17225"
},
{
"title": "FOREIGN INVESTORS NET SELLERS OF JAPANESE STOCKS",
"body": "Foreigners were net sellers of Japanese\nstocks in the week ended April 17 for the seventh consecutive\nweek, the Tokyo Stock Exchange said.\n Net sales were 112.15 billion yen against 105.80 billion\nthe previous week.\n Overseas investors sold shares worth 727.08 billion yen on\nthe Tokyo, Osaka and Nagoya Exchanges, down 5.3 pct from the\nprevious week. They bought stock worth 614.93 billion yen, down\n5.2 pct.\n REUTER\n\u0003",
"date": "27-APR-1987 01:33:55.58",
"places": [
"japan"
],
"id": "17226"
},
{
"title": "LATIN AMERICAN, SPANISH BANK GOVERNORS TO MEET",
"body": "Central bank governors\nfrom Spain, Latin America and the Caribbean will meet here this\nweek for two separate conferences on finance and monetary\nproblems, the Central Bank of Barbados said.\n The 24th session of Central Bank governors of the American\ncontinent opens today for two days and the central bank\ngovernors of Latin America and Spain will hold a separate\nconference from April 29-30.\n Representatives of the Inter-American Development Bank, the\nInternational Monetary Fund and other international financial\norganisations will attend both conferences.\n REUTER\n\u0003",
"date": "27-APR-1987 01:42:06.31",
"places": [
"barbados",
"spain"
],
"id": "17227"
},
{
"title": "VENEZUELA FINANCE MINISTER TO SEEK JAPANESE CREDIT",
"body": "Finance minister Manuel Azpurua said he\nwill visit Japan in mid-May to seek new credits for planned\nexpansion in Venezuela's state-owned aluminum, steel and\npetrochemical industries.\n Azpurua told reporters he will be accompanied by central\nbank president Hernan Anzola and director of public finance\nJorge Marcano.\n \"The idea is to hold meetings with Japanese economic and\nfinancial authorities, with the banks which have business and\ncredits in Venezuela and with some of the Japanese companies\nalready active here,\" Azpurua said.\n Azpurua said he was optimistic about the trip, in light of\nJapan's recent announcement it will disburse 30 billion dlrs in\nnew credit to Latin American countries.\n \"I think this trip is being taken at an opportune time and\nwill allow us to reveal the potencial which this country holds\nfor the Japanese economic community,\" Azpurua said.\n He would not say how much Venezuela will seek in credits\nfrom Japan.\n REUTER\n\u0003",
"date": "27-APR-1987 02:00:12.82",
"topics": [
"alum",
"iron-steel",
"pet-chem"
],
"places": [
"venezuela",
"japan"
],
"id": "17228"
},
{
"title": "JAPAN INDUSTRIAL PRODUCTION RISES IN MARCH",
"body": "Japan's preliminary industrial production\nindex (base 1980) rose 0.7 pct to a seasonally adjusted 122.8\nin March from the previous month, the Ministry of International\nTrade and Industry said.\n Production had fallen 0.2 in Feburary from a month earlier.\n The preliminary, unadjusted March index fell 0.2 pct from a\nyear earlier after remaining flat in Feburary.\n The adjusted March producers' shipment index (same base)\nfell 0.6 to 117.3 from February. The unadjusted index rose 0.3\npct from a year earlier.\n The adjusted March index of producers' inventories of\nfinished goods (same base) rose 0.7 pct to 105.4 from Feburary.\nThe unadjusted index fell 1.1 pct from a year earlier.\n REUTER\n\u0003",
"date": "27-APR-1987 02:21:13.19",
"topics": [
"ipi",
"inventories"
],
"places": [
"japan"
],
"id": "17229"
},
{
"title": "BANK OF JAPAN INTERVENES IN TOKYO",
"body": "The Bank of Japan intervened in the\nmarket, buying a moderate amount of dollars around 137.80-85\nyen, dealers said.\n Some dealers noted talk that the Bundesbank intervened here\ndirectly buying dollars against marks, after reports that it\nintervened through the Bank of Japan in the morning.\n The dollar moved up on short-covering aided by the central\nbank intervention, they said.\n REUTER\n\u0003",
"date": "27-APR-1987 02:30:57.13",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17230"
},
{
"title": "BALDRIGE SAYS FURTHER DOLLAR FALL NOT PRODUCTIVE",
"body": "The U.S. Secretary of Commerce\nMalcolm Baldrige said a further decline of the dollar would not\nbe productive.\n He told reporters here that Treasury Secretary James Baker\n\"feels, and I feel the same way, that a further dollar fall\nwould be counterproductive.\"\n Baldrige also said governments cannot determine long-term\ncurrency exchange rates and that currencies would eventually\nreflect underlying economic fundamentals.\n The U.S. Commerce Secretary is in Hong Kong after stops in\nPeking and Seoul on an Asian trade tour.\n REUTER\n\u0003",
"date": "27-APR-1987 02:37:14.92",
"topics": [
"money-fx",
"dlr"
],
"places": [
"hong-kong",
"usa"
],
"id": "17231"
},
{
"title": "C. ITOH TO BUY CRAY SUPERCOMPUTER",
"body": "C. Itoh and Co Ltd <CITT.T> said in a\nstatement it has agreed in principle to buy a Cray Research Inc\n<CYR> X-MP supercomputer worth 8.3 mln dlrs.\n The computer will be paid for and used by the Century\nResearch Center (CRC), a research body specialising in civil\nengineering, in which C. Itoh has a 36.2 pct stake, a company\nspokesman said. The final contract will be signed on May 15 and\ndelivery is scheduled for December this year.\n The U.S. Administration has been urging Japan to buy more\nU.S. Supercomputers to help relieve trade friction and reduce\nJapan's trade surplus with the U.S.\n The supercomputer will the eighth such machine sold to a\nJapanese concern, the spokesman said.\n He said Cray has about 70 pct of the world supercomputer\nmarket but under 10 pct in Japan.\n Fujitsu Ltd dominates the Japanese market for such\nmachines, industry sources said.\n Nippon Telegraph and Telephone Corp, which bought a Cray\nsupercomputer in 1984 when it was publicly-owned, is the only\ngovernment-owned entity to have done so. Trade Minister Hajime\nTamura was quoted as saying last week that the government is\nconsidering buying U.S. Supercomputers.\n REUTER\n\u0003",
"date": "27-APR-1987 02:42:56.63",
"places": [
"japan",
"usa"
],
"id": "17232"
},
{
"title": "CHINA CALLS FOR CAUTION ON NEW CREDIT INSTRUMENTS",
"body": "A Chinese newspaper said the country\nmust be careful about introducing credit instruments to avoid\nthe risk of an uncontrolled credit expansion.\n It said: \"The introduction of credit, while undoubtedly\nfacilitating business, could result in unhealthy expansion of\nthe volume of money in circulation...\" adding that the ordinary\nconsumer must learn how to use credit wisely.\n The paper said in an editorial that \"a sound approach and\none that will not entail the risks of introducing uncontrolled\nexpansion of credit into the monetary system is the present one\nof issuing renminbi in larger denomications.\"\n Today, the first two of nine new bank notes, including\nnotes for 50- and 100-yuan were introduced. The largest\ndenomination had been 10 yuan.\n The paper said the new notes are necessary because of the\nrapid development of the economy, which has made it\ninconvenient to carry large amounts of cash in small\ndenominations.\n Economists have been urging that personal cheques, buying\non instalment, letters of credit and credit cards be introduced\nmore widely, it added.\n REUTER\n\u0003",
"date": "27-APR-1987 02:44:18.17",
"topics": [
"money-supply"
],
"places": [
"china"
],
"id": "17233"
},
{
"title": "INDIAN BORROWING FROM ADB SEEN RISING",
"body": "India, which received its first\nloans from the Asian Development Bank (ADB) in 1986, expects to\nincrease borrowing this year, an Indian official said.\n The official, a member of the Indian delegation at the\nADB's annual meeting here, told Reuters the bank is likely to\napprove three loans totalling between 350 and 400 mln dlrs in\n1987, up from the 250 mln in two loans in 1986.\n The official said negotiations on a 100 mln dlr loan for\nthe modernisation of the Haldia and Madras ports had been\ncompleted and only need approval by the bank's board.\n The official said an ADB team is now in India for a survey\nof the second project involving imports of railway locomotives.\nHe said the bank was also likely to extend a credit line to the\nIndustrial Development Bank of India.\n The ADB in 1986 extended a 100 mln dlr line of credit to\nstate-owned Industrial Finance Corp of India.\n The official said the ADB wants to gradually expand lending\nto India. \"They (the bank) do not want their traditional\nborrowers from smaller countries in the region to get\noverwhelmed by (India and China),\" he said. China is expected to\nreceive its first ADB loan this year.\n \"We are quite satisfied at having opened this new window in\nborrowing,\" the official said. \"Our projects are being vetted\nquickly. We have no complaints.\"\n He said the ADB in any case would not be able to match\nIndian borrowing needs.\n \"In fiscal 1986/87 ending June India will borrow two billion\ndlrs from the World Bank alone,\" he said.\n \"That represents the total ADB lending to all its borrowers\nin 1986.\"\n The official said total Indian development assistance from\nmultilateral and bilateral creditors is likely to total four\nbillion dlrs in 1986/87.\n Asked to comment on U.S. Criticism of the quality of ADB\nlending, the official said: \"The ADB is a regional bank and\nought to have a better understanding of realities in Asia.\"\n \"You cannot apply World Bank conditionalities everywhere,\" he\nsaid. \"The U.S. Cannot impose one yardstick for every country.\"\n REUTER\n\u0003",
"date": "27-APR-1987 03:06:12.08",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"india"
],
"id": "17234"
},
{
"title": "TAIWAN ACCUSES CHINA OF UNDERMINING ITS ADB STATUS",
"body": "Taiwan accused China of trying to\ndowngrade its international status by forcing the Asian\nDevelopment Bank (ADB) to change its name in the organisation.\n Taiwan is boycotting the annual meeting of the ADB, which\nopened in Tokyo today, in protest at the Bank's decision to\nchange its name to \"Taipei, China\" from \"Republic of China\" after\nadmitting China as a member.\n \"It is a plot by China to downgrade Taiwan's status in the\norganisation,\" Foreign Ministry spokesman Cheyne Chiu told a\nnews conference.\n REUTER\n\u0003",
"date": "27-APR-1987 03:15:44.58",
"organisations": [
"adb-asia"
],
"places": [
"taiwan",
"china"
],
"id": "17235"
},
{
"title": "U.S. CONSIDERING OIL INDUSTRY TAX INCENTIVES",
"body": "The Reagan Administration is\nconsidering tax incentives to boost oil output and restore\n100,000 jobs, U.S. Energy Secretary John Herrington said.\n A tax credit for new exploration would be part of a package\nto bring 1,000 idle drilling rigs back into operation and raise\ndomestic production by one mln barrels a day, he said.\n The tax status of exploration might also be changed,\nHerrington told reporters at the World Petroleum Congress.\n He said the oil industry was experiencing difficult times\ninternationally and had been devastated in the United States.\n Consumer demand and a significant decline in domestic\nproduction has resulted in a rise in oil imports of one mln\nbarrels a day in over the last 16 months, Herrington said.\n \"Steps must be taken...To reverse the downturn in our\ndomestic energy industry and to safeguard and increase our\nenergy security,\" he said.\n The administration is committed to improving marketplace\nconditions and incentives to spur exploration and development.\n \"This commitment includes rejecting quick fix solutions,\nlike an oil import fee, which are bad for the United States and\nbad for the world,\" he added.\n REUTER\n\u0003",
"date": "27-APR-1987 03:28:31.23",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17236"
},
{
"title": "BANGLADESH PAYMENTS DEFICIT NARROWS IN NOVEMBER",
"body": "Bangladesh's overall balance of payments\ndeficit narrowed to 3.03 mln U.S. Dlrs in November from 8.3 mln\nin October and 22.63 mln in November 1985, Central Bank\nofficials said.\n The current account deficit increased to 28.68 mln dlrs in\nNovember against 10.69 mln in October and 55.19 mln in November\n1985.\n The trade deficit rose to 88 mln dlrs from 36.36 mln in\nOctober and 86.2 mln in November 1985.\n REUTER\n\u0003",
"date": "27-APR-1987 03:37:56.22",
"topics": [
"bop",
"trade"
],
"places": [
"bangladesh"
],
"id": "17237"
},
{
"title": "WORLD MARCH ZINC SMELTER STOCKS FALL 31,800 TONNES",
"body": "Total world closing stocks of primary\nzinc at smelters, excluding Eastern Bloc countries, fell 31,800\ntonnes to 432,800 tonnes in March from a corrected February\nfigure of 464,600 tonnes, provisional European Zinc Institute\nfigures show.\n This compares with 403,300 tonnes in March last year.\n Total European stocks of primary zinc, excluding\nYugoslavia, fell 10,100 tonnes to 149,900 tonnes in March from\n160,000 tonnes in February, against 131,300 tonnes in March\nlast year.\n REUTER\n\u0003",
"date": "27-APR-1987 03:47:51.53",
"topics": [
"zinc"
],
"places": [
"netherlands"
],
"id": "17238"
},
{
"title": "VENEZUELA PREPARING NEW WAGE, INFLATION PLAN",
"body": "President Jaime Lusinchi is preparing\nan economic package in response to demands from organised\nlabour in Venezuela for a general wage increase and controls on\ninflation, the state news agency Venpres reported.\n Venpres said the plan includes pay hikes and a \"strategy\nagainst indiscriminate increases in prices or speculation.\"\n The Venezuelan Workers Confederation (CTV), the country's\nlargest labour group, last week proposed a general wage\nincrease of between 10 and 30 pct and a six-month freeze on\nconsumer prices and on layoffs.\n The CTV asked Lusinchi to respond to its proposal before\nthe May 1 Workers' Day holiday.\n Labour's demands comes as private economists forecast\ninflation will reach between 25 and 30 pct in 1987 as the\ncountry begins to feel the effects of the December devaluation\nof the bolivar by 100 pct against the dollar.\n Inflation increased 4.2 pct in the first two months of\n1987, almost double the rate in the same 1986 period.\n Venpres said Lusinchi is prepared to approve some price\nincreases, but intends to protect the public against\nspeculation and indiscriminate hikes in the cost of living.\n REUTER\n\u0003",
"date": "27-APR-1987 03:51:50.46",
"topics": [
"cpi"
],
"places": [
"venezuela"
],
"id": "17239"
},
{
"title": "MIYAZAWA DOES NOT THINK DOLLAR IN FREEFALL",
"body": "Japanese Finance Minister Kiichi Miyazawa\ntold a parliamentary Upper House budget committee that he does\nnot think the dollar is in a freefall.\n He said concerted intervention is only a supplementary\nmeasure to moderate volatility in exchange rates and repeated\nthat policy coordination among major industrial nations is\nnecessary. \"We cannot expect currency stability only through\ncoordinated market intervention,\" he said.\n Miyazawa also told the committee the U.S. Has not called on\nJapan to cut its 2.5 pct discount rate.\n Miyazawa said the government is not considering investing\nin U.S. Government bonds to help stabilize exchange rates. This\nmatter has to be dealt with carefully because it involves the\npublic's money and exchange rates are moving widely, he added.\n The ministry will consider where to invest its funds when\nexchange rates become stable, he said.\n Asked if Japan is considering a request to the U.S. For it\nto raise its discount rate to stabilize exchange rates,\nMiyazawa said the U.S. Has not been able to take action now\nbecause it has to maintain its economic growth.\n REUTER\n\u0003",
"date": "27-APR-1987 03:55:26.22",
"topics": [
"money-fx",
"dlr",
"interest"
],
"places": [
"japan",
"usa"
],
"id": "17240"
},
{
"title": "SOAKING RAINS BOOST DRY AUSTRALIAN SUGAR CANE AREA",
"body": "Good soaking rain is boosting the sugar\ncane crop in the key Mackay region of Queensland following a\nprolonged dry spell relieved only by intermittent falls, an\nAustralian Sugar Producers Association spokesman told Reuters.\n The rains began late last week, developed into heavy\ndownpours over the weekend and are continuing today, he said\nfrom Brisbane.\n The Mackay and Burdekin regions, which together grow about\nhalf the Australian cane crop, have been the Queensland cane\nareas hardest hit by unseasonal dry weather since December.\n The spokesman said the rain missed the Burdekin area, just\nto the north of the Mackay region on the central Queensland\ncoastal fringe, although recent light showers have freshened\nthe crop there.\n Owing to the dry spell in the Mackay and Burdekin areas,\nthe overall 1987 Australian cane crop is likely to be below the\n25.4 mln tonnes crushed in 1986 for a 94 net titre raws outturn\nof 3.37 mln tonnes, he said.\n But any decline will not be as great as seemed likely a\ncouple of months ago when it appeared the Mackay-Burdekin crops\nwere going to suffer badly, he said.\n Preliminary crop estimates are expected to be available\nearly next month, the spokesman said.\n The crush in the Mackay-Burdekin is likely to start later\nthis year, in late June or early July against mid-June last\nyear, to allow the cane to grow and sweeten further, he said.\n The crush normally runs to around the end of December.\n Elsewhere in the sugar belt, the cane is doing well, with\nsome mill areas expecting record crops, he said.\n Industry records show variations in the crop are not always\nmirrored in raws output. In 1985, 24.4 mln tonnes of sweeter\ncane than in 1986 produced 3.38 mln tonnes of raws.\n REUTER\n\u0003",
"date": "27-APR-1987 03:59:25.25",
"topics": [
"sugar"
],
"places": [
"australia"
],
"id": "17241"
},
{
"title": "BUNDESBANK CALL TO BONN ON OVER-SPENDING RISKS",
"body": "The Bundesbank urged the West German\ngovernment not to relax efforts to rein in spending when taxes\nare cut in a 1990 fiscal reform package, saying that higher\nexpenditure could lead to a dangerous rise in interest rates.\n The Bundesbank's 1986 annual report said the government's\nchoice of measures to compensate for any cut in tax income was\na key political task. \"There will also be consequences for the\nstate's attitude on spending,\" it said.\n It added that, while tax cuts should have a stimulatory\neffect on the economy, the government should not expect any\nsignificant increase in tax income in the short-term.\n The reform will cut taxes by a gross 44 billion marks, of\nwhich 19 billion marks will be financed through as yet\nunspecified measures.\n The Bundesbank noted that reducing tax preferences and\nfinancial grants as well as raising some indirect taxes were\nbeing considered.\n \"As experience shows that a tax cut is not self-financing\n... The question remains of how the rest of the tax cuts will\nbe financed,\" the Bundesbank said.\n The Bundesbank noted that in 1986, spending had increased\nby more than the three pct annual average rise for 1982 to\n1986. If this three pct limit were exceeded over a long period,\nthere would be a danger that increased new borrowing would be\nnecessary to finance deficits.\n It added that interest rates in West Germany were now low,\npartly because of a high influx of foreign funds. But the\nsituation would become more difficult if the government's\ncredit requirements increased massively. \"The anticipated\nstimulatory effects on the economy from the tax cuts could be\nthrown into jeopardy by higher interest rates,\" it said.\n REUTER\n\u0003",
"date": "27-APR-1987 04:00:37.90",
"places": [
"west-germany"
],
"id": "17242"
},
{
"title": "GERMAN TRADE SURPLUS SHOULD NARROW, BUNDESBANK SAYS",
"body": "Germany's current account and trade\nsurpluses should narrow sharply in 1987 but they will take a\nlong time to get back to normal levels, the Bundesbank said in\nits 1986 yearly report.\n The procedure would be slow as an abrupt turnaround in\nexternal factors such as oil prices and exchange rates was not\nexpected. It did not specify what levels it considered normal.\n West Germany posted a record trade surplus of 124 billion\nmarks in 1986, after 86 billion in 1985 and its current account\nsurplus widened to 76.50 billion from 44.6 billion.\n Signs imports would continue to rise, a factor already\nnoted at the start of 1986, while exports rose only slightly,\nwould lead to a smaller trade surplus, the Bundesbank said.\n In real terms, West German imports rose 5.7 pct in 1986\nwhile exports only increased by 0.8 pct.\n Germany's current account surplus widened to a provisional\n6.6 billion in February from 4.8 billion in January but was\ndown from 6.85 billion posted in February 1986.\n The trade surplus in February widened to a provisional 10.4\nbillion marks from 7.2 billion in January and was still above\nthe 6.84 billion reached in the same month the year before.\n REUTER\n\u0003",
"date": "27-APR-1987 04:02:40.00",
"topics": [
"bop",
"trade"
],
"places": [
"west-germany"
],
"id": "17243"
},
{
"title": "BANK OF JAPAN DEPUTY SAYS NO NEW MEASURES PLANNED",
"body": "The Bank of Japan's deputy governor\nYasushi Mieno told a parliamentary Upper House budget committee\nthat the central bank has no monetary measures other than\nintervention planned to stabilize currency rates.\n He also said the Bank of Japan is not considering a cut in\nits 2.5 pct discount rate.\n Mieno said the central bank is determined to restore\ncurrency stability through intervention by the major industrial\nnations as recent exchange rate volatility stems from\nspeculation. Economic fundamentals have not changed, he added.\n REUTER\n\u0003",
"date": "27-APR-1987 04:24:43.50",
"topics": [
"money-fx",
"interest"
],
"places": [
"japan"
],
"id": "17244"
},
{
"title": "BALDRIGE SAYS U.S. WANTS JAPAN TRADE PROPOSALS",
"body": "U.S. Secretary of Commerce Malcolm\nBaldrige said he hopes Japanese Prime Minister Yasuhiro\nNakasone will make specific proposals to ease U.S.-Japan trade\nfriction at a meeting with President Reagan this week.\n He also told reporters he hopes the U.S. Will soon be able\nto lift sanctions imposed against Japan for alleged violations\nof an accord on semiconductors.\n \"We have been very specific about our trade problems,\" he\ntold a news conference during a stopover in Hong Kong. \"I hope\n(Nakasone) brings some specific answers to the trade problems.\"\n \"We want to lift the sanctions as soon as possible,\" Baldrige\nsaid.\n He said that once the U.S. Determines that Japan is selling\nsemiconductors at cost it will be able to lift the 300 mln U.S.\nDlrs of duties it imposed on Japanese electronics goods on\nApril 17.\n \"We have not seen that yet,\" he said, adding that it would\ntake about one month to determine whether the alleged\nviolations of a bilateral semiconductor pact had been\ndiscontinued.\n Baldrige did not say what specific solutions he wanted for\nU.S.-Japan trade problems.\n But the New York Times today quoted administration sources\nas saying that the U.S. May be able to lift trade sanctions\nagainst Japan by the end of June.\n Japan would have to show that it had stopped underpricing\nsemiconductors and had widened access in Japan top U.S. Chip\nproducers.\n Baldrige also said that despite the current trade rift, the\nU.S. And Japan have long had friendly ties that neither side\nwants to change.\n \"We have a very special relationship with Japan. Japan is a\nfriend and our ally,\" Baldrige said. \"Neither one of us wants\nthat to change.\"\n He also repeated statements that he did not foresee a trade\nwar with Japan but that the U.S. Had no choice but to impose\nthe trade sanctions.\n REUTER\n\u0003",
"date": "27-APR-1987 04:28:43.31",
"topics": [
"trade"
],
"places": [
"hong-kong",
"usa",
"japan"
],
"id": "17245"
},
{
"title": "SIGN OF SLOWING IN GERMAN MONEY GROWTH -BUNDESBANK",
"body": "Central bank money stock was growing\nat about seven pct in the first quarter of 1987, down from\n9-1/2 pct in the second half of 1986, so there are signs that\nthe pace of growth is slowing even though it is still above\ntarget, the Bundesbank said in its 1986 annual report.\n The Bundesbank set a target range of three to six pct\ngrowth from fourth quarter 1986 to fourth quarter 1987 for\ncentral bank money stock. In the previous year it grew 7.7 pct,\noutside the 3-1/2 to 5-1/2 pct target range.\n The Bundesbank noted that monetary policy in 1986 was\nlimited by a series of external factors.\n These included the revaluation of the mark, growing foreign\npayments surpluses of non-banks, and currency inflows.\n The Bundesbank therefore tolerated the monetary overshoot\nin 1986, as an attempt to counter monetary expansion with\ninterest rate and liquidity moves would have increased upward\npressure on the mark, it said.\n The lower end of the 1987 target range would be realistic\nif a large part of funds currently held in a liquid form were\ninvested in long-term bank accounts or bonds, public bonds or\nforeign securities, the Bundesbank said.\n But if companies and private households continue to hold\ntheir funds in liquid forms, or if there are further currency\ninflows, growth will be closer to the upper end of the range.\n \"The more the conflict between external constraints and\ndomestic objectives relaxes -- and many things point to this at\nthe time of writing this report -- the more possible it will be\nto do justice again to the medium-term concept of money supply\ncontrol,\" the Bundesbank said.\n It noted that prices were beginning to tend upwards again\nat the start of 1987.\n There would be virtually no easing of other production\ncosts in 1987 to compensate for the rise in unit-wage costs.\n \"Nevertheless, no inflationary trends are likely to set in\nthis year,\" the Bundesbank said.\n A link between excessive monetary growth and intensifying\nprice rises can only be observed in the long term, it added.\n The continuing trend for non-banks to switch into long-term\nborrowing to take advantage of low interest rates, while for\nthe same reason shunning long-term investments, increases the\nrisks in changing interest rates for banks refinancing\nthemselves with variable-interest deposits, it added.\n REUTER\n\u0003",
"date": "27-APR-1987 04:52:43.21",
"topics": [
"money-supply"
],
"places": [
"west-germany"
],
"id": "17246"
},
{
"title": "UAE TO RECOGNISE CONTRACTUAL INTEREST RATES",
"body": "A top United Arab Emirates (UAE)\nbanker said a new law would be introduced soon obliging courts\nto recognise interest rates contracted between bank and\nborrower.\n Sheikh Suroor bin Sultan al-Dhahiri, Chairman of Abu Dhabi\nCommercial Bank, told reporters after the shareholders' meeting\nlast night the decree would make interest in debt cases payable\nat the contracted rate up to the day a case is filed in court.\n Subsequently, interest would be charged at a maximum nine\npct for personal and 12 pct for corporate loans, he said.\n The law, if passed, would mark a breakthrough in solving\nwhat UAE bankers say is one of their biggest problems,\ncollecting bad debts in court.\n Under current UAE law in all emirates, except Dubai, courts\nrecognise only simple interest at a maximum nine and 12 pct\neven if a loan was contracted at higher compounded rates.\n The Central Bank said last year that roughly a quarter of\ntotal loans in the UAE banking system were non-performing.\nSheikh Suroor also said a judicial committee set up to consider\ndebt cases would begin functioning within a month.\n REUTER\n\u0003",
"date": "27-APR-1987 04:55:17.67",
"topics": [
"interest"
],
"places": [
"uae"
],
"id": "17247"
},
{
"title": "EMS INTERVENTION SAID SOMETIMES COUNTERPRODUCTIVE",
"body": "Attempts to hold currency rates\nrigidly within tight ranges through European Monetary System\nintramarginal intervention can be counterproductive, bringing\nfunds into the stronger currency from the weaker at rates still\nconsidered fairly favourable, the Bundesbank said.\n \"The movements thus sparked can actually promote the weaker\ntendency of a currency, requiring still larger obligatory\nintervention when rates hit band limits,\" it said in its 1986\nannual report. The other danger was that money supply expansion\ncould be caused in the stronger currency nation without its\ncentral bank being involved in the activity.\n \"For this reason, currency levels should be allowed as much\nroom for manoeuvre as possible inside the band limits when a\ncurrency is in a phase of weakness,\" the Bundesbank said.\n \"In addition, speculative positions are made more expensive\nto hold when interest differentials are increased.\"\n In the report, the Bundesbank gave a rare glimpse of the\nextent of intramarginal and obligatory EMS intervention that\nhas taken place since the foundation of the eight-currency\nsystem on March 13, 1979.\n Obligatory intervention is that required by EMS central\nbanks when a currency reaches its agreed limit against another\nparticipating unit.\n Intramarginal intervention is undertaken on agreement\nbetween central banks when speculative pressure moves a\ncurrency in an unwanted direction, although it may not yet be\nnear any allowed EMS limits.\n At the start of this year, central banks were very actively\nselling marks and supporting weaker currencies, primarily the\nFrench franc, as speculative EMS pressure grew.\n But the announcement by the Bank of France that it was\nceasing intramarginal intervention sent the franc straight to\nits then-permitted floor of 31.8850 marks per 100.\n Data in the Bundesbank report showed the EMS central banks\nbought a net total 29.9 billion marks after the April 6, 1986\nrealignment until the selling petered out on July 7.\n But this was far outweighed by net purchases between July\n8, 1986, and the realignment on January 12 this year totalling\n63.0 billion marks - 44.1 billion of which was intramarginal\nand 18.9 billion was obligatory intervention.\n The data showed that 17.4 billion marks of the total\neventually filtered into the West German monetary system.\n Since the latest realignment, central banks have bought\n16.1 billion marks in intramarginal intervention, the\nBundesbank said, without naming the banks involved.\n Only very high activity after the March 21, 1983\nrealignment came close to matching moves up to last January.\nThen, central banks bought a massive 61.6 billion marks in the\nperiod up to July 1985, mainly to stabilise the EMS as the\ndollar surged.\n This then turned into mark sales of a net 34.0 billion from\nJuly 11, 1985 in the run-up to the April 1986 realignment.\n REUTER\n\u0003",
"date": "27-APR-1987 05:19:15.02",
"topics": [
"money-fx"
],
"places": [
"west-germany"
],
"id": "17248"
},
{
"title": "POEHL TO REMAIN BUNDESBANK CHIEF, MAGAZINE SAYS",
"body": "Chancellor Helmut Kohl has decided to\nkeep Bundesbank President Karl Otto Poehl in office for a\nfurther eight years, the news magazine Der Spiegel said.\n Government officials were not immediately available to\ncomment on the report, which said that because Poehl is a\nmember of the Social Democratic Party (SPD), Kohl had not taken\nthe decision lightly.\n Poehl has been Bundesbank chief since January 1, 1980,\nwhile Kohl's conservative/liberal coalition has held power\nsince 1982.\n Der Spiegel said Kohl would have preferred to offer the\npost to a member of his Christian Democratic Union (CDU).\n But the magazine noted Poehl enjoyed a good international\nreputation. Officials have often said Poehl and CDU Finance\nMinister Gerhard Stoltenberg hold each other in high regard.\n Poehl's current term expires at the end of this year.\nOfficials have said no date has been set for an announcement on\nwhether his tenure will be extended.\n Poehl was made an economic adviser to SPD Chancellor Willy\nBrandt in 1971. A year later he was appointed State Secretary\nat the Finance Ministry when former SPD Chancellor Helmut\nSchmidt was Finance Minister.\n There has recently been press speculation that the\nBundesbank presidency may be offered to Poehl's deputy, Helmut\nSchlesinger, a conservative monetarist.\n According to these reports, Schlesinger would be replaced\ntwo years later by CDU member Hans Tietmeyer, the current\nFinance Ministry State Secretary.\n Also under discussion as president was Johann Wilhelm\nGaddum, a member of the Bundesbank board and a CDU member who\nis known to be close to Kohl.\n REUTER\n\u0003",
"date": "27-APR-1987 05:46:13.54",
"places": [
"west-germany"
],
"id": "17249"
},
{
"title": "COATS VIYELLA MAKES AGREED BID FOR YOUGHAL",
"body": "Coats Viyella Plc <CPAT.L> and <Youghal\nCarpets (Holdings) Plc> have agreed to merge on the basis of an\noffer from Coats, a joint statement said.\n Coats is offering one Irish penny in cash per Youghal\nordinary share. The offer also covers shares arising on\nconversion of Youghal convertible preference shares.\n As an alternative, Coats is offering a convertible\nredeemable note of 10 pence sterling per Youghal ordinary\nshare.\n The notes being offered will have the right to conversion\ninto Coats Viyella ordinary shares or redemption at 10 pence\nstg in 10 years time, the statement said.\n For 1986, Coats Vieylla had pre-tax profits of 182 mln stg\non turnover of 1.75 billion stg. Youghal in 1986 had a pre-tax\nprofit of 205,000 Irish pounds on turnover of 44.5 mln Irish\npounds.\n Foir Teoranta, which holds four mln Youghal ordinary shares\nplus preference shares which are convertible into 27.6 mln\nordinary shares, has irrevocably undertaken to accept the\noffer.\n The cash terms value Youghal at 538,000 Irish pounds.\n REUTER\n\u0003",
"date": "27-APR-1987 05:47:32.88",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "17250"
},
{
"title": "SOUTH AFRICAN TRADE SURPLUS FALLS SHARPLY IN MARCH",
"body": "South Africa's trade surplus fell\nsharply to 940.8 mln rand in March after rising to 1.62 billion\nin February, Customs and Excise figures show.\n In February last year the surplus stood at 752.8 mln rand.\n Exports fell to 3.24 mln rand in March from 3.36 billion in\nFebruary while imports rose to 2.30 billion rand from 1.74\nbillion.\n This brought total exports for the first quarter of this\nyear to 9.92 billion rand and imports to 6.45 billion rand for\na surplus of 3.47 billion versus 2.47 billion rand in the same\nin 1986 period.\n REUTER\n\u0003",
"date": "27-APR-1987 06:03:23.49",
"topics": [
"trade"
],
"places": [
"south-africa"
],
"id": "17251"
},
{
"title": "FUNARO'S DEPARTURE COULD LEAD TO BRAZIL DEBT DEAL",
"body": "The resignation of Finance Minister\nDilson Funaro is bound to focus attention on whether Brazil\nwill now adopt a more flexible debt stance and move towards an\naccord with creditors, bankers and political analysts said.\n With Funaro in charge, Brazil's relations with creditors\nsank to a low ebb, they said.\n Bankers told anti-Funaro jokes from Sao Paulo to New York\nand economic analysts said the personal animosity between the\nminister and U.S. Bankers was a real obstacle to reaching\nagreement on rescheduling Brazil's 111 billion dlr debt.\n Commenting on Funaro, a foreign banker here recently told\nReuters, \"They (banks) see his removal pretty much as a\nprecondition for getting serious negotiations under way.\"\n Funaro angered the banks in February by suspending interest\npayment on Brazil's 68 billion dlr bank debt.\n There was also a question of personal style. Bankers\ndisliked Funaro's aloof demeanor and in private heatedly\naccused him of arrogance and inflexibility.\n However, Funaro did not fall because he upset foreign\nbankers but rather because his Cruzado Plan price freeze last\nyear was a massive flop, economically and politically.\n However, it is in the domain of the debt and Brazil's\nrelation with creditors that his departure will have the most\nclosely-watched international repercussion, bankers said.\n It became part of Funaro's trademark that he would have no\ntruck with the International Monetary Fund (IMF), thus\neffectively blocking a debt agreement.\n He argued that if Brazil sought the help of the IMF, the\nFund would lay down conditions which would lead to recession.\n Funaro and others who supported this position had memories\nof the IMF austerity program in Brazil in the early 1980s, a\nperiod when hungry crowds stormed supermarkets.\n The foreign banker in Sao Paulo said, \"I think Brazil could\nhave an agreement with the IMF which would allow (it)\nacceptable growth.\"\n Argentina, working with the IMF, won excellent terms for a\nmajor portion of its 50 billion dlr debt earlier this month.\n Given the IMF role in the Argentine accord, a U.S. Diplomat\nhere said the agreement had been extremely damaging for Funaro\nbecause it showed that cooperation with the IMF bore fruit.\n Mexico has also taken the IMF path and, earlier than\nArgentina, clinched a favourable pioneering agreement with\ncreditors on its 100 billion dlr debt.\n Brazil is now the only one of the three biggest Latin\nAmerican debtors not to have a debt agreement.\n Some Brazilian opinion, particularly in the business\ncommunity, is favourable to an IMF accord.\n A leading newspaper, Jornal do Brazil, carried a report\nfrom Washington over the weekend saying it was a myth the IMF\nbrought recession and the best moment for an accord was now. As\nit happens, a routine IMF mission is visiting Brasilia.\n The government has repeatedly dismissed speculation it is\nconsidering any major change in debt policy and political\nanalysts caution against expecting changes on the IMF issue.\n The government of President Jose Sarney has gained a\nreputation for chronic indecisiveness and some analysts believe\nthe government will turn to the IMF only if it comes to the\nconclusion there really is no option.\n But such a policy shift looks more and more likely before\ntoo long in the eyes of many analysts.\n One major political obstacle, Funaro, is no longer in the\npicture and the economic pressures on Brazil are growing.\n The sharp drop in the trade surplus, which triggered\nBrazil's present debt crisis, shows no sign of being reversed.\nIn the first quarter of 1987 Brazil chalked up a surplus of\nonly 526 mln dlrs, just a fraction of the 2.47 billion dlr\nsurplus it had in the same period last year.\n Brazilian officials concede that time is not on their side\nin the debt crisis.\n \"Brazil has an interest in resolving this problem as rapidly\nas possible,\" Central Bank President Francisco Gros said on\nFriday.\n REUTER\n\u0003",
"date": "27-APR-1987 06:05:46.79",
"organisations": [
"imf"
],
"places": [
"brazil"
],
"id": "17252"
},
{
"title": "KLOECKNER-WERKE SHARES SUSPENDED IN FRANKFURT",
"body": "Shares in Kloeckner-Werke AG <KLKG.F>\nwere suspended from stock exchange trading pending an\nannouncement expected by the company today or tomorrow, a\nbourse spokesman said, without giving further details.\n Kloeckner shares closed Friday at 67.20 marks. They had\ncome under pressure in recent sessions on reports the company\nmay be exposed to as much as 300 mln marks in debts as a result\nof the bankruptcy of steelmaker Eisenwerk-Gesellschaft\nMaximilanshuette mbH (Maxhuette).\n Kloeckner owns just over 49 pct of the share capital in the\nBavarian-based Maxhuette.\n REUTER\n\u0003",
"date": "27-APR-1987 06:07:02.53",
"places": [
"west-germany"
],
"id": "17253"
},
{
"title": "WORLD OIL DEMAND LIKELY TO INCREASE, SUBROTO SAYS",
"body": "Oil prices have stabilized in world\nmarkets and demand is likely to increase in the second half of\nthe year, Indonesia's Mines and Energy Minister Subroto said.\n He told a meeting of oil industry executives that oil\nprices had stabilized at 18 dlrs a barrel -- the average fixed\nprice OPEC put into effect in February -- and supply and demand\nhave been in equilibrium since March.\n If OPEC does not increase overall output in the second half\nof the year, prices will tend to increase, because non-OPEC\nproducers have not been able to produce more oil at current\nprices, he said.\n But he declined to predict, when asked after the meeting,\nwhether OPEC would raise its production ceiling of 15.8 mln\nbarrels at its next meeting in June.\n He said in his speech that world oil production over the\nlast two months was estimated at 45.6 mln barrels a day, or two\nmln barrels a day less than world oil demand.\n Oil production by industrialized countries, particularly\nthe U.S. And Canada, is expected to decrease this year, but\nsome of that slack will be taken up by increased production in\nCameroon, India and other developing countries, he said.\n This year is a battle between OPEC and non-OPEC oil\nproducers and consumers in the industrialized world for the\nupper hand in world oil markets, Subroto said in an earlier\nspeech to management trainees at Pertamina Oil Company.\n \"If OPEC emerges the winner, than it can gradually resume\nits former role in world oil markets,\" he said.\n \"But don't expect oil prices to return to the level of 28-30\ndlrs a barrel, at least not in the next three or four years,\"\nSubroto said.\n REUTER\n\u0003",
"date": "27-APR-1987 06:27:25.47",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"indonesia"
],
"id": "17254"
},
{
"title": "TOSHIBA TO SET UP MICROCHIP PARTNERSHIP IN U.S.",
"body": "Toshiba Corp <TSBA.T> will set up a\nfive-year technology partnership with California-based SDA\nSystems Inc with the intention of designing and producing\ncomputer microchips, a company spokesman said.\n Toshiba's investment in the project is likely to total less\nthan 10 mln dlrs over the five years, he said.\n REUTER\n\u0003",
"date": "27-APR-1987 06:31:40.95",
"places": [
"japan",
"usa"
],
"id": "17255"
},
{
"title": "NAKASONE HOPES U.S. VISIT WILL HELP END TRADE ROW",
"body": "Prime Minister Yasuhiro Nakasone said he\nhopes his visit to Washington later this week will help resolve\nJapan's severe trade problems with the United States.\n Nakasone leaves on his sixth official visit to the United\nStates on Wednesday, only weeks after President Reagan imposed\npunitive tariffs of 300 mln dlrs a year on Japanese electronic\ngoods for alleged violation of a semiconductor pact.\n Japan also faces more possible sanctions amid calls in the\nU.S. Congress for further action to help improve trade\nimbalances.\n Japan's trade surplus with the United States reached a\nrecord 58.6 billion dlrs in 1986.\n Nakasone told reporters that special envoy Shintaro Abe,\nwho has just returned from Washington, told him protectionist\nsentiment in the United States is severe.\n \"We are well aware of a movement in the United States to\nenact legislation,\" Nakasone said.\n He said friends at home and abroad have advised him not to\ngo to the United States but it is now more important than ever\nthat he express Japan's view and carefully listens to the views\nof the United States.\n \"My visit to the United States at this time will be the most\nimportant visit of all,\" Nakasone said.\n While in Washington, he said he hopes to have candid and\nfrank discussions with President Reagan and Congressionl\nleaders. He said he plans to discuss exchange rate stability,\neconomic cooperation to developing countries and U.S.-Soviet\ndisarmament and arms control.\n On the recently imposed trade sactions, Nakasone said he\nwould present evidence that Japanese semiconductor imports are\nincreasing and that Japan is monitoring exports to third\ncountries.\n \"We have full confidence we can present clear evidence,\" he\nsaid. \"(Therefore), we will request that the sanctions be lifted\nat the earliest possible time.\"\n On the trade imbalance, Nakasone said Japan has already\ntaken action. The volume of exports to the United States has\nbeen cut, while U.S. Imports have increased.\n But Japanese imports from Europe and other Asian nations\nhave recently surged, those from the United States remain weak,\nindicating a lack of U.S. Competitiveness, he said.\n Nakasone said Japan will continue to strive to improve the\ntrade imbalance but the United States will have to become more\ncompetitive and improve its huge budget deficit.\n He said he will also discuss the forthcoming Venice summit\nof the seven major industrial nations in June.\n \"We can further enhance the efforts for improving peace,\ndisarmament and the world economies as a whole through\nsolidarity,\" Nakasone said.\n REUTER\n\u0003",
"date": "27-APR-1987 06:39:34.03",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "17256"
},
{
"title": "NORTHERN VIETNAMESE RICE CROP THREATENED",
"body": "Insects are threatening to destroy\n367,000 hectares or about one-third of the spring rice crop in\nnorthern Vietnam, Hanoi radio reported.\n Drought has hit another 189,000 hectares, with 40,000\nhectares very badly affected, it said.\n Insecticides are in short supply so only the most\nendangered rice fields should be sprayed, the radio added.\n The affected areas -- the Red River delta and other coastal\nareas in northern Vietnam -- produce between 30 to 40 per cent\nof the country's rice.\n The radio report, monitored in Bangkok on April 20 but only\ntranslated here over the weekend, said the threatened damage\nwas spread over twice as large an area as last year.\n Vietnam has not been able to grow enough food for its\nexpanding population, with the Soviet Union buying rice in\nThailand and Burma in recent years for supply to Vietnam.\n Vietnam produced 18.2 million tonnes of food, most of it\nrice, last year and hopes to boost that to 23-24 million tonnes\nby 1990.\n REUTER\n\u0003",
"date": "27-APR-1987 06:41:27.14",
"topics": [
"grain",
"rice"
],
"places": [
"thailand",
"vietnam"
],
"id": "17257"
},
{
"title": "BANK OF JAPAN TO SELL 600 BILLION YEN IN BILLS",
"body": "The Bank of Japan will sell 600 billion\nyen in 60-day financing bills tomorrow through 36-day\nrepurchase agreements maturing June 3 to roll over a previously\nissued 400 billion yen of such bills maturing tomorrow, money\ntraders said.\n The yield on the bills for sale to banks and securities\nhouses by money houses will be 3.8498 pct compared with the\none-month commercial bill discount rate today of 3.8125 pct and\nthe one-month certificate of deposit rate of 4.18/07 pct.\n The traders estimate the surplus tomorrow at about 700\nbillion yen. The remaining 300 billion yen is mainly due to\nincreased cash holdings by the banking system because of\ncentral bank dollar purchases.\n The operation will put the outstanding supply of such bills\nto 3,500 billion yen.\n REUTER\n\u0003",
"date": "27-APR-1987 06:41:45.29",
"topics": [
"money-fx"
],
"places": [
"japan"
],
"id": "17258"
},
{
"title": "FURTHER TERM FOR POEHL LIKELY, BONN SOURCES SAY",
"body": "Karl Otto Poehl is likely to be re-elected\nPresident of the Bundesbank when his current term in office\nexpires at the end of this year, government sources said.\n They were commenting on a report in Der Spiegel news\nmagazine which said Chancellor Helmut Kohl had decided to keep\nPoehl in office for another eight years.\n Government spokesman Friedhelm Ost had no comment on the\nreport, other than to say that the subject of the Bundesbank\npresidency was not currently under discussion. Der Spiegel said\nthat, because Poehl is a member of the Social Democratic Party\n(SPD), Kohl had not taken the decision lightly.\n Poehl has been Bundesbank chief since January 1, 1980,\nwhile Kohl's conservative/liberal coalition has held power\nsince 1982. Der Spiegel said Kohl would have preferred to offer\nthe post to a member of his Christian Democratic Union (CDU).\n REUTER\n\u0003",
"date": "27-APR-1987 06:46:39.05",
"places": [
"west-germany"
],
"id": "17259"
},
{
"title": "TAIWAN ISSUES MORE CDS TO CURB MONEY SUPPLY GROWTH",
"body": "The central bank issued 7.53 billion\nTaiwan dlrs worth of certificates of deposits (CDs), bringing\nissues so far this year to 174.48 billion against 40 billion a\nyear ago, a bank spokesman said.\n The new CDs, with maturities of six months, one and two\nyears, carry interest ranging from 4.03 to 5.12 pct.\n The issues are designed to help curb the growth of M-1b\nmoney supply.\n REUTER\n\u0003",
"date": "27-APR-1987 06:47:51.48",
"topics": [
"money-supply"
],
"places": [
"taiwan"
],
"id": "17260"
},
{
"title": "JAPAN HOLDS OUT PROMISE OF FUNDS FOR ASIAN BANK",
"body": "Japanese Finance Minister Kiichi\nMiyazawa opened the 20th annual meeting of the Asian\nDevelopment Bank by holding out the promise of more Japanese\nmoney for the organisation.\n \"We are ... Striving to enhance the flow of capital from\nJapan to the developing countries,\" he said.\n \"The Asia-Pacific region is an area of special concern for\nus in our bilateral and multilateral assistance.\"\n He said Tokyo was ready to study setting up a special\nJapanese fund at the ADB, like the one at the World Bank.\n The World Bank fund is earmarked for use by developing\ncountries.\n Developing countries and the United States have criticised\nJapan for failing to use its trade surplus to help poor\ncountries.\n Later this week, Prime Minister Yasuhiro Nakasone is\nexpected to tell President Reagan that Japan plans to extend as\nmuch as 30 billion dlrs to developing countries over the next\nthree years, Japanese officials said. The exta ADB funding\nwould be part of that amount.\n \"Our cooperation is intended to contibute to ... Alleviating\nthe burden on (developing countries),\" said Miyazawa, who is\nalso chairman of the ADB board of governors.\n \"The developing countries today find themselves in a very\ndifficult situation,\" he said. \"With a few notable exceptions,\nthose countries that are highly dependent upon commodity\nexports face a rough road ahead.\"\n While the developing countries can help themselves by\nstriving to become internationally competitive and seeking to\nattract foreign investment, the ADB also has a role to play, he\nsaid.\n Miyazawa told the meeting the bank must beef up its\neconomic advice program to developing nations and must work\nvigorously to identify development projects for loans.\n He also called for more use of loans that were not tied to\ndevelopment projects, but provided more overall help to the\nborrower.\n ADB President Masao Fujioka supported Miyazawa's view.\n \"The bank has been fondly described as the family doctor,\"\nFujioka said. \"The bank will now have to equip itself to meet a\nrange of services required to attend to varied needs of its\ndeveloping members.\"\n Miyazawa told the meeting Tokyo was ready to allow its\nExport-Import Bank to co-finance ADB loans. These would not\nhave to be used for the purchase of Japanese equipment.\n Tokyo was also prepared to let the Asian Development Bank\nraise more funds in Tokyo and financial markets should it need\nto do so, he said.\n REUTER\n\u0003",
"date": "27-APR-1987 06:48:30.38",
"organisations": [
"adb-asia"
],
"places": [
"japan"
],
"id": "17261"
},
{
"title": "NIPPON STEEL NOMINATES NEW PRESIDENT",
"body": "Nippon Steel Corp <NSTC.T> nominated\nHiroshi Saito as president, to replace Yutaka Takeda, subject\nto shareholders' approval at a meeting on June 26, company\nofficials told a press conference.\n Takeda will become chairman, and vice president Akira Miki\nwill be vice chairman, they said. Current chairman Eishiro\nSaito, who is also chairman of the Federation of Economic\nOrganisations (Keidanren), a leading Japanese business\norganisation, will act as honorary chairman and advisor, they\nadded. Nippon Steel is now undergoing a strict rationalisation\nprogram to meet declining demand for steel products.\n REUTER\n\u0003",
"date": "27-APR-1987 06:51:49.00",
"places": [
"japan"
],
"id": "17262"
},
{
"title": "U.S., JAPAN AT ODDS AT ADB MEETING",
"body": "The United States and Japan are waging a\nbehind the scenes battle at this week's Asian Development Bank\nmeeting over Tokyo's attempts to win a greater say in the\norganization, U.S. And Japanese delegates said.\n Washington is opposing the Japanese efforts because it\nwould mean the end of the long-standing parity between the two\nnations in the Bank, U.S. Officials said.\n Right now, the two countries' voting shares are about\nequal, Japan having 12.53 pct and the United States 12.36 pct.\nThe slight difference is due to a temporary delay in the U.S.\nSubscription to the Bank.\n \"It's quite a delicate matter,\" Japanese Finance Ministry\ndeputy director general Fumiya Iwasaki told Reuters. \"I don't\nsee the discussion ending soon.\"\n The issue is further complicated because other member\nnations would have to give up some of their power in the Bank\nif Japan were to increase its influence, he said.\n Tokyo raised the issue at last year's annual meeting in\nManila, arguing that the 3.7 billion dlrs it has contributed to\nthe Bank's soft loans fund entitled it to a greater say in the\noverall organization. The United States has given 1.2 billion\ndlrs to the Asian Development Fund.\n REUTER\n\u0003",
"date": "27-APR-1987 06:52:19.33",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"usa"
],
"id": "17263"
},
{
"title": "GMK SAYS THREE KMA PARTNERS MULLING RECONSTRUCTION",
"body": "The three Australian participants in\nthe <Kalgoorlie Mining Associates> (KMA) gold mining venture\nare discussing a possible restructuring of their interests in\n<Gold Mines of Kalgoorlie Ltd> (GMK), KMA said.\n The other participants are Western Mining Corp Holdings Ltd\n<WMNG.S> (WMC) and Poseidon Ltd <POSA.S>, GMK said in a brief\nstatement. It gave no further details.\n KMA is owned 52 pct by <Kalgoorlie Lake Pty Ltd> (KLV) and\n48 pct by a local unit of Homestake Mining Co <HM>.\n KLV in turn is owned 47 pct each by Poseidon and GMK and\nsix pct by WMC.\n The KMA joint venture was formed in 1976 and operates the\nMount Charlotte and Fimiston gold mines in Western Australia.\n The two mines produced a total of 222,000 ounces of gold in\n1985/86 ended June 17.\n KMA is the sole source of GMK's revenue and profits and the\nmajor contributor to Poseidon's earnings, their annual reports\nshow. GMK is owned 31.8 pct by WMC.\n REUTER\n\u0003",
"date": "27-APR-1987 06:57:39.48",
"topics": [
"gold"
],
"places": [
"australia"
],
"id": "17264"
},
{
"title": "BANK OF JAPAN INTERVENES IN TOKYO",
"body": "The Bank of Japan intervened in the\nmarket, buying a moderate amount of dollars around 137.80-85\nyen, dealers said.\n Some dealers noted talk that the Bundesbank intervened here\ndirectly buying dollars against marks, after reports that it\nintervened through the Bank of Japan in the morning.\n The dollar moved up on short-covering aided by the central\nbank intervention, they said.\n REUTER\n\u0003",
"date": "27-APR-1987 07:07:53.68",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17265"
},
{
"title": "MIYAZAWA DOES NOT THINK DOLLAR IN FREEFALL",
"body": "Japanese Finance Minister Kiichi Miyazawa\ntold a parliamentary Upper House budget committee that he does\nnot think the dollar is in a freefall.\n He said concerted intervention is only a supplementary\nmeasure to moderate volatility in exchange rates and repeated\nthat policy coordination among major industrial nations is\nnecessary. \"We cannot expect currency stability only through\ncoordinated market intervention,\" he said.\n Miyazawa also told the committee the U.S. Has not called on\nJapan to cut its 2.5 pct discount rate.\n Miyazawa said the government is not considering investing\nin U.S. Government bonds to help stabilize exchange rates. This\nmatter has to be dealt with carefully because it involves the\npublic's money and exchange rates are moving widely, he added.\n The ministry will consider where to invest its funds when\nexchange rates become stable, he said.\n Asked if Japan is considering a request to the U.S. For it\nto raise its discount rate to stabilize exchange rates,\nMiyazawa said the U.S. Has not been able to take action now\nbecause it has to maintain its economic growth.\n REUTER\n\u0003",
"date": "27-APR-1987 07:08:34.59",
"topics": [
"money-fx",
"dlr",
"interest"
],
"places": [
"japan",
"usa"
],
"id": "17266"
},
{
"title": "BANK OF JAPAN DEPUTY SAYS NO NEW MEASURES PLANNED",
"body": "The Bank of Japan's deputy governor\nYasushi Mieno told a parliamentary Upper House budget committee\nthat the central bank has no monetary measures other than\nintervention planned to stabilize currency rates.\n He also said the Bank of Japan is not considering a cut in\nits 2.5 pct discount rate.\n Mieno said the central bank is determined to restore\ncurrency stability through intervention by the major industrial\nnations as recent exchange rate volatility stems from\nspeculation. Economic fundamentals have not changed, he added.\n REUTER\n\u0003",
"date": "27-APR-1987 07:10:09.39",
"topics": [
"money-fx",
"interest"
],
"places": [
"japan"
],
"id": "17267"
},
{
"title": "FED'S CORRIGAN OPPOSES FURTHER DOLLAR FALL",
"body": "New York Federal Reserve Bank\nPresident Gerald Corrigan opposed a further fall in the value\nof the dollar but refused to say whether U.S. interest rates\nwould be raised to protect the currency.\n \"A further decline in the dollar or appreciation of the yen\nat this juncture I would regard as counterproductive,\" he told a\nnews conference.\n His comments echoed those made last week by U.S. Treasury\nSecretary James Baker, who also warned against a further dollar\nfall.\n Currency speculators and investors are convinced that a\nfurther dollar fall is needed to help reduce the huge U.S.\ntrade deficit, dealers said, adding the only thing likely to\nhelp the dollar is seen as a rise in U.S. Interest rates.\n Corrigan refused to say whether the U.S. was ready to risk\ndamaging its economic recovery by raising interest rates.\n The dollar's sharp drop this month has also raised\nquestions about the usefulness of recent meetings of the Group\nof Seven. But Corrigan said: \"They have played a constructive\nrole in so far as the broad objective of facilitating a higher\ndegree of economic policy coordination.\"\n Reuter\n\u0003",
"date": "27-APR-1987 07:11:40.68",
"topics": [
"money-fx",
"dlr",
"interest"
],
"places": [
"japan",
"usa"
],
"id": "17268"
},
{
"title": "REAGAN WARNS CONGRESS ON PROTECTIONISM",
"body": "President Reagan warned the U.S.\nCongress in his weekly radio address against passing what he\ncalled dangerous, protectionist trade legislation that would\ntie his hands in trade negotiations with Japan and other\ncountries.\n Reagan, who will hold talks with Japanese Prime Minister\nYasuhiro Nakasone here this week, said he would lift tariffs\nimposed last week against some Japanese products as soon as\nTokyo complied with a U.S.-Japanese pact on semiconductors.\n U.S. officials gave the same message to former Japanese\nForeign Minister Shintaro Abe in talks here last week.\n In his weekly radio address on Saturday, Reagan said he\nwould tell Nakasone: \"We want to continue to work cooperatively\non trade problems and want very much to lift these trade\nrestrictions as soon as evidence permits.\n Reagan said the 100 pct tariffs he imposed on some 300 mln\ndlrs worth of Japanese goods was a special case of trade\nretaliation and did not signal a shift in what he called his\nstaunch anti-protectionist policies.\n \"In imposing these tariffs we were just trying to deal with\na particular problem, not begin a trade war,\" he said.\n Reuter\n\u0003",
"date": "27-APR-1987 07:12:03.05",
"topics": [
"trade"
],
"places": [
"usa"
],
"id": "17269"
},
{
"title": "MIYAZAWA SAYS POLICY COORDINATION KEY TO CURRENCY",
"body": "Japanese Finance Minister Kiichi Miyazawa\ntold a press conference the basic solution to currency\ninstability among major nations is economic policy\ncoordination.\n He said that is a time-consuming process as coordination\ndoes not always proceed in a way policy makers envisage. \"That\nis democracy,\" he said. Upon that foundation, Miyazawa said,\nthere must be coordinated intervention. Major nations have\nsufficient funds to continue concerted intervention, he added.\n \"Without doubt this set-up of coordinated intervention will\ncontinue to operate,\" Miyazawa said.\n Miyazawa said Prime Minister Yasuhiro Nakasone and U.S.\nPresident Ronald Reagan are likely to reaffirm the Louvre and\nWashington Group of Seven (G-7) agreements on currency\nstability when they meet later this week.\n Asked whether the dollar is declining against all major\ncurrencies, not only the yen, Miyazawa declined to make any\ncomments.\n He reiterated that many major nations have undertaken\ncoordinated intervention in recent weeks to prop up the dollar,\nincluding countries who are not members of the G-7.\n Reuter\n\u0003",
"date": "27-APR-1987 07:13:16.65",
"topics": [
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17270"
},
{
"title": "PHILIPPINES TO GET 300 MLN DLR JAPANESE LOAN",
"body": "The Philippines has received a 300\nmln dlr loan from the Japanese Export-Import Bank, Philippine\nFinance Minister Jaime Ongpin told Reuters.\n Ongpin said the loan, carrying interest of 5.5 pct a year,\nmatches a 300 mln dlr economic recovery loan approved by the\nWorld Bank in March.\n Ongpin said Japanese Finance Minister Kiichi Miyazawa\nexpressed satisfaction at the recent rescheduling of the\nPhilippines' 10.3 billion dlr foreign debt during a meeting\nhere yesterday. The 14th yen aid package from Japan's Overseas\nEconomic Cooperation Fund was also discussed.\n Ongpin said the Japan is expected to respond favourably to\na Philippine request to raise the aid level to between 75 and\n80 billion yen.\n The aid package, originally scheduled for Japan's 1986/87\nfiscal year ended March, was delayed because of the\nPhilippines' change of government last year.\n \"The Japanese have indicated we may not get as much as we\nare asking for in one big jump from the 13th yen package of 49\nbillion yen,\" he said. \"But they are likely to bring it up to\nthat level for the 15th package.\"\n Ongpin said Manila had 14 projects in the pipeline for the\n14th yen package.\n \"We are trying get the 15th package mainly in the form of\nuntied commodity loans,\" he said.\n Discussion on a Philippine request for 500 mln dlrs in soft\nloans to finance a land reform program, for which Japan is\nexpected to supply most of the financing, had been put off\nuntil next month because of delays in preparatory work.\n Ongpin said he will make a strong pitch for the land reform\nprogram in his speech on Tuesday at the 20th annual meeting of\nthe Asian Development Bank (ADB) here.\n Ongpin said the Philippines is very happy about the ADB's\nsupport after President Corazon Aquino took over from deposed\nleader Ferdinand Marcos.\n \"But I would like to see them push more aggressively in the\nfield of lending to the private sector,\" he said.\n The Philippines was the bank's second-biggest borrower\nafter Pakistan in 1986, with loans totalling 316 mln dlrs.\n Ongpin said he expects ADB lending to the Philippines in\n1987 to reach the same level.\n \"They have told us they can lend us two billion dlrs if we\nwant. But we have to come up with the projects,\" he said.\n REUTER\n\u0003",
"date": "27-APR-1987 07:14:00.45",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"philippines"
],
"id": "17271"
},
{
"title": "POEHL TO REMAIN BUNDESBANK CHIEF, MAGAZINE SAYS",
"body": "Chancellor Helmut Kohl has decided to\nkeep Bundesbank President Karl Otto Poehl in office for a\nfurther eight years, the news magazine Der Spiegel said.\n Government officials were not immediately available to\ncomment on the report, which said that because Poehl is a\nmember of the Social Democratic Party (SPD), Kohl had not taken\nthe decision lightly.\n Poehl has been Bundesbank chief since January 1, 1980,\nwhile Kohl's conservative/liberal coalition has held power\nsince 1982.\n Der Spiegel said Kohl would have preferred to offer the\npost to a member of his Christian Democratic Union (CDU).\n But the magazine noted Poehl enjoyed a good international\nreputation. Officials have often said Poehl and CDU Finance\nMinister Gerhard Stoltenberg hold each other in high regard.\n Poehl's current term expires at the end of this year.\nOfficials have said no date has been set for an announcement on\nwhether his tenure will be extended.\n Poehl was made an economic adviser to SPD Chancellor Willy\nBrandt in 1971. A year later he was appointed State Secretary\nat the Finance Ministry when former SPD Chancellor Helmut\nSchmidt was Finance Minister.\n There has recently been press speculation that the\nBundesbank presidency may be offered to Poehl's deputy, Helmut\nSchlesinger, a conservative monetarist.\n According to these reports, Schlesinger would be replaced\ntwo years later by CDU member Hans Tietmeyer, the current\nFinance Ministry State Secretary.\n Also under discussion as president was Johann Wilhelm\nGaddum, a member of the Bundesbank board and a CDU member who\nis known to be close to Kohl.\n REUTER\n\u0003",
"date": "27-APR-1987 07:16:46.51",
"places": [
"west-germany"
],
"id": "17272"
},
{
"title": "U.S. OFFICIAL SAYS EAGLE GOLD COIN HAS MAJOR SHARE",
"body": "A visiting U.S. Mint official told\nreporters that American Eagle gold coins took the largest share\nof the world bullion coin market in 1986 despite the fact sales\nonly began in October last year.\n She said the U.S. Coins accounted for 37 pct of the world\nmarket share, against 31.9 pct for Canadian coins and 18.6 pct\nfor South African. She gave no sales volume figures for 1986.\n Sales of the U.S. Coins in the first six months of issue\ntotalled 2.32 mln ounces, exceeding the target of 2.2 mln in\nthe first year, she said.\n Japan alone has imported 140,000 ounces of the coins since\nNovember, the official said, adding that the U.S. Mint sees\nJapan as a major market.\n Sumitomo Corp and Tanaka Kikinzoku KK already distribute\nthe coins in Japan, she said. Nissho Iwai Corp has just been\nappointed a distributor, she added.\n The U.S. Started issuing gold bullion coins, following the\nban on imports of South African Krugerrands to the U.S., In a\nbid to offer investment grade coins to investors, the Mint said\nin a statement.\n REUTER\n\u0003",
"date": "27-APR-1987 07:18:39.06",
"topics": [
"gold"
],
"places": [
"japan",
"usa"
],
"id": "17273"
},
{
"title": "BALDRIGE SAYS U.S. WANTS JAPAN TRADE PROPOSALS",
"body": "U.S. Secretary of Commerce Malcolm\nBaldrige said he hopes Japanese Prime Minister Yasuhiro\nNakasone will make specific proposals to ease U.S.-Japan trade\nfriction at a meeting with President Reagan this week.\n He also told reporters he hopes the U.S. Will soon be able\nto lift sanctions imposed against Japan for alleged violations\nof an accord on semiconductors.\n \"We have been very specific about our trade problems,\" he\ntold a news conference during a stopover in Hong Kong. \"I hope\n(Nakasone) brings some specific answers to the trade problems.\"\n \"We want to lift the sanctions as soon as possible,\" Baldrige\nsaid.\n He said that once the U.S. Determines that Japan is selling\nsemiconductors at cost it will be able to lift the 300 mln U.S.\nDlrs of duties it imposed on Japanese electronics goods on\nApril 17.\n \"We have not seen that yet,\" he said, adding that it would\ntake about one month to determine whether the alleged\nviolations of a bilateral semiconductor pact had been\ndiscontinued.\n Baldrige did not say what specific solutions he wanted for\nU.S.-Japan trade problems.\n But the New York Times today quoted administration sources\nas saying that the U.S. May be able to lift trade sanctions\nagainst Japan by the end of June.\n Japan would have to show that it had stopped underpricing\nsemiconductors and had widened access in Japan top U.S. Chip\nproducers.\n Baldrige also said that despite the current trade rift, the\nU.S. And Japan have long had friendly ties that neither side\nwants to change.\n \"We have a very special relationship with Japan. Japan is a\nfriend and our ally,\" Baldrige said. \"Neither one of us wants\nthat to change.\"\n He also repeated statements that he did not foresee a trade\nwar with Japan but that the U.S. Had no choice but to impose\nthe trade sanctions.\n REUTER\n\u0003",
"date": "27-APR-1987 07:24:22.56",
"topics": [
"trade"
],
"places": [
"hong-kong",
"usa",
"japan"
],
"id": "17274"
},
{
"title": "GERMAN SUGAR BEET PLANTINGS MOST ADVANCED IN SOUTH",
"body": "Sugar beet plantings are almost\ncomplete in southern West Germany but are lagging behind in\nother regions, trade sources said.\n In the west of the country, about 60 pct of the plantings\nwere completed, while in the north only 40 pct of the sugar\nbeet area has been sown, they said.\n The weather is forecast to stay mild in northern West\nGermany in the coming days and more planting progress is\nexpected there, they said.\n This year's area sown to sugar beets is likely to fall to\n38,500 hectares from around 40,000 last year.\n REUTER\n\u0003",
"date": "27-APR-1987 07:24:51.19",
"topics": [
"sugar"
],
"places": [
"west-germany"
],
"id": "17275"
},
{
"title": "FRENCH HOUSEHOLD CONSUMPTION DOWN 3.6 PCT IN MARCH",
"body": "French household consumption of\nmanufactured goods fell 3.6 pct in March, the National\nStatistics Institute (INSEE) said.\n It said the figure fell to 46.35 billion francs seasonally\nadjusted and in real terms from February's 48.07 billion, where\nit had held steady for three months.\n It said sales of most durable goods had fallen 3.5 pct\nwhile household electricals, clothing and textiles were down by\nabout eight pct from February.\n REUTER\n\u0003",
"date": "27-APR-1987 07:25:11.26",
"places": [
"france"
],
"id": "17276"
},
{
"title": "U.S. MAY TELL JAPAN SANCTIONS CAN END - NY TIMES",
"body": "President Reagan is expected to tell\nPrime Minister Yasuhiro Nakasone this week that the U.S. May be\nable to lift trade sanctions against Japan by the end of June,\nthe New York Times said.\n The newspaper, quoting administration officials, said that\nunder such a scenario the President would announce just before\nthe June 8-10 economic summit meeting in Venice that he hoped\nto lift the restrictions on electronics imports by the end of\nthe month. Japan, for its part, would have to show that it had\nstopped underpricing semiconductors and had widened access in\nJapan for U.S. Chip producers.\n The U.S. Administration imposed 100 pct tariffs on 300 mln\ndlrs worth of Japanese color television sets, motorised tools\nand personal computers on April 17.\n Japanese officials have said Nakasone's main demand when he\narrives for talks with Reagan on Wednesday would be the\nimmediate lifting of the tariffs.\n But with Congress planning further trade reprisals against\nJapanese trade policies, the end-of-June timeframe is seen as\nthe best Reagan can offer, the Times said. It said some verbal\nformulation was expected to be found in a communique that would\nallow Nakasone to claim at least a modest victory.\n REUTER\n\u0003",
"date": "27-APR-1987 07:25:24.81",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "17277"
},
{
"title": "INTEGRATED RESOURCES SETS UP BRANCHES IN HONG KONG",
"body": "U.S.-based insurance and investment\nbroker <Integrated Resources Inc> has set up two subsidiaries\nin Hong Kong, a company statement said.\n <Integrated Resources Insurance and Investment Services\nLtd> will focus on insurance marketing and <Integrated\nResources (HK) Ltd> on stock broking.\n The statement gave no financial details for the local\nfirms.\n REUTER\n\u0003",
"date": "27-APR-1987 07:26:48.48",
"places": [
"hong-kong",
"usa"
],
"id": "17278"
},
{
"title": "U.S. WARNS OF TRADE BILL, EC ATTACKS JAPAN",
"body": "The U.S. warned its major\ntrade partners that its trade deficit must fall by September or\na protectionist trade bill from Congress would be highly\nlikely.\n Meanwhile, European Community (EC) external trade chief\nWilly de Clercq said that if Japan's trade surplus, which hit\nalmost 90 billion dlrs last year, continued so high, there\nwould be stormy weather ahead.\n U.S. Trade representative Clayton Yeutter told trade\nleaders from Japan, the EC and Canada that there was at least a\n50-50 chance that a protectionist bill reaching the House of\nRepresentatives this week would pass the Senate in September.\n The U.S. economy badly needed better trade figures by then,\nor President Ronald Reagan would have a difficult time vetoing\nsuch a bill, he said, according to a series of briefings to\nreporters by official delegates at the weekend meeting.\n A 15 billion dlr U.S. Trade deficit in March had only\nincensed Congress further, he said.\n Reuter\n\u0003",
"date": "27-APR-1987 07:27:50.15",
"topics": [
"trade"
],
"organisations": [
"ec"
],
"places": [
"japan",
"usa"
],
"id": "17279"
},
{
"title": "THAILAND TO SEEK CLARIFICATION ON U.S. RICE PRICES",
"body": "Thailand will this week seek\nclarification from the U.S. About its decision to freeze rice\nexport prices from January to early April, Commerce Minister\nMontri Pongpanich said.\n Montri told reporters he will seek a meeting with U.S.\nAmbassador William Brown to determine why the U.S. Failed to\nset its weekly rice prices in accordance with rising world\nprices during the period.\n He said the U.S. Has followed a policy of weakening world\nrice prices by announcing highly subsidised export prices lower\nthan those quoted by Thai traders.\n Thai officials said weekly rice prices as announced by the\nU.S. Agriculture Department were unchanged for 11 weeks up to\nApril 8.\n Thailand, a major rice exporter, has criticised the U.S.\nFarm Act which provides heavy subsidies to U.S. Exporters\nenabling them to compete with Thai exporters.\n Thai officials said average export prices of Thai rice fell\n19 pct last year and another 5.8 pct during the first quarter\nthis year.\n The Board of Trade said Thailand exported 1.23 mln tonnes\nin January/March, down from 1.29 mln a year ago.\n It said the export decline was partly due to the reluctance\nof Thai traders to accept all foreign orders as world prices\ndid not rise in line with firming domestic prices.\n The board said, however, that Thailand may export more rice\nlater this year, especially to Africa, the Middle East and\nAsia, due to lower production in many drought affected African\ncountries and to expected small exportable surpluses in Burma\nand Pakistan.\n It said Thai rice exports to nine major African buyers rose\nto 351,889 tonnes during the first quarter from 93,038 a year\nearlier.\n REUTER\n\u0003",
"date": "27-APR-1987 07:28:06.01",
"topics": [
"grain",
"rice"
],
"places": [
"thailand",
"usa"
],
"id": "17280"
},
{
"title": "NEW POLL PUTS BRITISH CONSERVATIVES WELL AHEAD",
"body": "Britain's ruling Conservatives\nmaintained a commanding lead in a new opinion poll, reinforcing\nviews that Prime Minister Margaret Thatcher is poised to call a\ngeneral election in June.\n The Harris poll published in the Observer newspaper gave\nthe Conservatives the support of 42 pct of those questioned,\nLabour 31 pct, and the Liberal-Social Democratic Alliance\ntrailing with 25 pct.\n This would give the Conservatives a 94-seat overall\nmajority in the House of Commons.\n Reuter\n\u0003",
"date": "27-APR-1987 07:28:29.65",
"places": [
"uk"
],
"id": "17281"
},
{
"title": "EC SAYS JAPAN CAR EXPORT RESTRAINT NOT ENOUGH",
"body": "Japan's 1987 car export\nrestraint to the European Community (EC) is not enough, EC\nexternal trade chief Willy de Clercq said.\n There are also strong signs Japanese exporters are\ndiverting cars to the EC after the dollar's fall against the\nyen made their U.S. market unprofitable, he told reporters\nafter meeting U.S., Japanese, and Canadian trade ministers.\n The EC has agreed that if it detects an abnormal diversion\nin Japanese exports from the U.S. To the EC market due to\ncurrency movements over the past two years, it will move to\nprevent it, he said.\n Over the period, the yen has risen against the dollar\nalmost eight times as fast as against the European Currency\nUnit, he said.\n Japan has set an unofficial, voluntary 10 pct rise in car\nexports to the EC this year as part of its efforts to stop its\nrising trade surplus with the Community, which hit a record 18\nbillion dlrs last year.\n But Japanese car exports to the EC so far this year jumped\nover 30 pct compared to a drop of 17 pct in U.S. Sales, and a\nseven per cent fall globally. \"We think there is some diversion\nthere,\" said de Clercq.\n Reuter\n\u0003",
"date": "27-APR-1987 07:28:38.38",
"topics": [
"trade"
],
"organisations": [
"ec"
],
"places": [
"japan"
],
"id": "17282"
},
{
"title": "G-7 OFFICIALS TO DECIDE ON SUMMIT AGENDA",
"body": "Senior officials from the Group of\nSeven (G-7) countries will meet next week to decide an agenda\nfor the body's June summit scheduled to be held in Venice,\nJapanese officials said.\n The meeting will provide senior government officials with\ntheir first chance to discuss the recent sharp drop of the\ndollar, although the main focus of the gathering is longer\nterm, they said.\n Deputy Finance Ministers, including Japanese Vice-Finance\nMinister Toyoo Gyohten, will attend. The meeting will be held\nin Italy, they said, but gave no other details.\n The leaders of the G-7, the United States, Britain, Canada,\nFrance, Italy, Japan and West Germany, are expected to discuss\nways of improving economic policy coordination in Venice.\n The hope is that increased coordination will help reduce\nthe huge imbalances in world trade and calm volatile currency\nmarkets. But economists say the strategy has so far not worked.\n Japanese officials admitted there is little more they can\ndo on their own to stem the dollar decline, which last week saw\nthe currency plunge to a post-war low below 140 yen.\n The officials said they expected sentiment against the\ndollar to change soon, once the U.S. Trade deficit starts to\nfall and the Japanese surplus begins to shrink.\n \"We have already seen some signs of improvement (in the\ntrade picture), but the market does not appreciate it yet,\" one\nsaid.\n Last week's passage of the Japanese government budget by\nparliament's Lower House also paves the way for Tokyo to take\nadditional action to stimulate its sagging economy and boost\nimports, the officials said.\n Reuter\n\u0003",
"date": "27-APR-1987 07:28:53.17",
"topics": [
"trade",
"money-fx",
"dlr"
],
"places": [
"japan"
],
"id": "17283"
},
{
"title": "BANK OF ENGLAND DOES NOT INTERVENE IN MONEY MARKET",
"body": "The Bank of England said it did not\nintervene in the money market during the morning.\n It also said that it had raised its estimate of the\nliquidity shortage in the market to 450 mln stg from 400 mln.\n REUTER\n\u0003",
"date": "27-APR-1987 07:31:11.28",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "17284"
},
{
"title": "JAPANESE FIRMS TO SELL AUSTRALIAN GOLD COINS",
"body": "Three Japanese trading companies and one\ncoin retailer will start selling Australia's Nugget gold coins\nin Japan from May 12 after actively buying at the first\ninternational trading of the coins last Thursday, officials\ninvolved in the sale said.\n They estimated Japanese companies bought 30 pct of 155,000\nounces sold on Thursday.\n The coins are likely to be sold in Japan at prices similar\nto the South African krugerrand.\n REUTER\n\u0003",
"date": "27-APR-1987 07:31:38.46",
"topics": [
"gold"
],
"places": [
"japan",
"australia"
],
"id": "17285"
},
{
"title": "WORKERS VOTE TO LEAVE CATERPILLAR <CAT> PLANT",
"body": "Strikers at the Caterpillar Inc tractor\nplant near Glasgow, due to be closed by the U.S.-owned firm,\nvoted to end their occupation of the factory after more than\nthree months.\n A meeting attended by 700 of the plant's 1,200 workers\napproved an agreement reached with management on Thursday after\nfour days of talks. Production will resume today.\n The agreement calls for the establishment of a working\ngroup of representatives from both sides, which has been given\nuntil October 16 to find a new buyer for the factory.\n The company has promised that there will be no job losses\nbefore that date. Workers began their occupation on January 14\nafter Caterpillar said it planned to close the plant and lay\noff the entire work force.\n Reuter\n\u0003",
"date": "27-APR-1987 07:31:47.80",
"places": [
"uk"
],
"id": "17286"
},
{
"title": "VENEZUELA FINANCE MINISTER TO JAPAN IN MID-MAY",
"body": "Finance Minister Manuel Azpurua said\ntoday he will travel to Japan in mid-May to seek new credits\nfor planned expansions in Venezuela's state aluminum, steel and\npetrochemical industries.\n Azpurua told reporters he will be accompanied by Central\nBank President Hernan Anzola and Director of Public Finance\nJorge Marcano.\n 'The idea is to hold meetings with Japanese economic and\nfinancial authorities, with the banks which have business and\ncredits in Venezuela and with some of the Japanese companies\nalready active here,' Azpurua said.\n Reuter\n\u0003",
"date": "27-APR-1987 07:31:54.89",
"topics": [
"alum",
"iron-steel",
"pet-chem"
],
"places": [
"venezuela",
"japan"
],
"id": "17287"
},
{
"title": "CENTRAL BANK GOVERNORS TO MEET IN BARBADOS",
"body": "Central bank governors\nfrom Spain, Latin America and the Caribbean will meet here this\nweek at two separate conmferences to discuss finance and\nmonetary problems, the Central Bank of Barbados said.\n The 24th session of central bank governors of the american\ncontinent opens today for two days. Central bank governors of\nLatin America and Spain will hold a separate conference from\napril 29-30.\n Representatives of the Inter American Development Bank, the\nInternational Monetary Fund and other international financial\norganizations will attend both conferences.\n The Central Bank of Barbados gave no agenda for the\nmeetings\n Reuter\n\u0003",
"date": "27-APR-1987 07:32:04.63",
"places": [
"barbados",
"spain"
],
"id": "17288"
},
{
"title": "WORLD OIL DEMAND LIKELY TO INCREASE, SUBROTO SAYS",
"body": "Oil prices have stabilized in world\nmarkets and demand is likely to increase in the second half of\nthe year, Indonesia's Mines and Energy Minister Subroto said.\n He told a meeting of oil industry executives that oil\nprices had stabilized at 18 dlrs a barrel -- the average fixed\nprice OPEC put into effect in February -- and supply and demand\nhave been in equilibrium since March.\n If OPEC does not increase overall output in the second half\nof the year, prices will tend to increase, because non-OPEC\nproducers have not been able to produce more oil at current\nprices, he said.\n But he declined to predict, when asked after the meeting,\nwhether OPEC would raise its production ceiling of 15.8 mln\nbarrels at its next meeting in June.\n He said in his speech that world oil production over the\nlast two months was estimated at 45.6 mln barrels a day, or two\nmln barrels a day less than world oil demand.\n Oil production by industrialized countries, particularly\nthe U.S. And Canada, is expected to decrease this year, but\nsome of that slack will be taken up by increased production in\nCameroon, India and other developing countries, he said.\n This year is a battle between OPEC and non-OPEC oil\nproducers and consumers in the industrialized world for the\nupper hand in world oil markets, Subroto said in an earlier\nspeech to management trainees at Pertamina Oil Company.\n \"If OPEC emerges the winner, than it can gradually resume\nits former role in world oil markets,\" he said.\n \"But don't expect oil prices to return to the level of 28-30\ndlrs a barrel, at least not in the next three or four years,\"\nSubroto said.\n REUTER\n\u0003",
"date": "27-APR-1987 07:32:15.73",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"indonesia"
],
"id": "17289"
},
{
"title": "SOVIETS TO PRESENT TREATY ON MISSILES - SOURCES",
"body": "The Soviet Union will present a draft\ntreaty today calling for elimination of all U.S.-Soviet\nmedium-range missiles in Europe, an official source in the\nSoviet arms negotiating team told Reuters.\n The draft treaty will be handed over to the American team\nnegotiating on medium-range missiles during talks at the U.S.\nDiplomatic mission in Geneva this afternoon, the source said.\n The United States presented its draft treaty, which would\nalso scrap the so-called \"Euromissiles,\" during a previous round\nof negotiations in early March.\n REUTER\n\u0003",
"date": "27-APR-1987 07:33:56.13",
"places": [
"switzerland",
"usa",
"ussr"
],
"id": "17290"
},
{
"title": "SAUDIS NOT SEEKING OIL PRICE ABOVE 18 DLRS - MEES",
"body": "Saudi Arabia will not seek to push OPEC\noil prices above the current benchmark of 18 dlrs per barrel\nunless oil demand grows strongly, the Middle East Economic\nSurvey (MEES) said.\n The Cyprus-based weekly newsletter quoted authoritative\nSaudi sources as saying the Kingdom's oil price policy would\nnot change \"unless and until there is a strong revival in the\ngrowth of demand for oil.\"\n MEES said this contradicted recent hints of new Saudi price\nhawkishness from U.S. Congressional and oil industry sources.\n The Saudi sources said their policy was firmly based on the\nlong-term need to restore the competitive position of oil in\ngeneral and OPEC oil in particular against other energy\nsources.\n \"Saudi Arabia is certainly committed to cooperating with its\nOPEC partners to exercise the necessary production restraint to\nmaintain the 18 dlr per barrel reference price level,\" MEES\nsaid.\n The newsletter said Saudi output in the first three weeks\nof April averaged slightly above its OPEC quota of 4.133 mln\nbarrels per day (bpd). Output would fall in the last week,\ncausing the month's average to be below quota, MEES said.\n MEES estimated overall OPEC production for April at around\n16.8-16.9 mln bpd -- two mln bpd more than both its figures for\nMarch and Reuter estimates for March.\n It said Iranian production had risen by 500,000 bpd this\nmonth to 2.2-2.3 mln bpd, around its quota level. In Iraq, with\nan OPEC-assigned quota of 1.466 mln bpd, output rose this month\nto two mln bpd, not including \"war relief\" supplies from Kuwait\nand Saudi Arabia, the newsletter said.\n Nigeria, which has had problems selling its full 1.238 mln\nbpd entitlement, increased its output to 1.2 mln bpd, it added.\n REUTER\n\u0003",
"date": "27-APR-1987 07:40:04.43",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"cyprus",
"saudi-arabia",
"iran",
"iraq",
"kuwait",
"nigeria"
],
"id": "17291"
},
{
"title": "INDIAN BANKER SAYS RATES CUT AFFECTS PROFITABILITY",
"body": "The cut in the lending rates and other\nchanges made in the interest rates will hit the profitability\nof many commercial banks in India, Indian Banks' Association\nchairman M. N. Goiporia told a bankers' conference.\n The changes were announced by the Reserve Bank of India on\nMarch 31 and became effective on April 1.\n \"Some of the latest credit policy measures such as reduced\nlending rates, raising the statutory liquidity ratio and\nrestructuring of deposit rates will pose a potential threat to\ncommercial banks' continuing higher profitability levels,\" he\nsaid.\n Goiporia said most foreign and Indian commercial banks\nincluding those owned by the government have been making\nprofits over the years, mainly due to better fund management\nand the enlargement of the banks' capital base. He did not\nelaborate.\n The Reserve Bank's new credit policy for commercial banks\ncut the maximum lending rate by one pct to 16.5 pct, raised\nrates on deposits of two years by a half pct to nine pct and by\none pct to 10 pct on deposits of more than two years. To cut\nexcess liquidity in the industry, the Reserve Bank raised the\nbanks' liquidity ratio by a half pct to 37.5 pct, immobilising\nnearly five billion rupees of deposits, bankers said.\n REUTER\n\u0003",
"date": "27-APR-1987 07:40:49.36",
"topics": [
"interest"
],
"places": [
"india"
],
"id": "17292"
},
{
"title": "BALLADUR URGES ADHERENCE TO G-7 CURRENCY ACCORDS",
"body": "French Finance Minister Edouard Balladur\nsaid the Group of Seven major industrial nations, G-7, can\nachieve stable currency values by adhering to accords reached\nthis year in Paris and Washington.\n Balladur, asked at a news conference if coordinated market\nintervention by central banks was sufficient to halt the\ndollar's recent slide, said \"each country has to fulfill\ncommitments\" outlined in the G-7 accords.\n Earlier this month in Washington, finance ministers of the\nU.S., Japan, West Germany, France, Italy, Britain and Canada\nreaffirmed an earlier Paris accord to arrest the dollar's fall.\n Balladur said the current nervousness in foreign exchange\nmarkets can be partly attributed to \"some operators in the\nmarket only watching short term economic indicators. You have\nto keep a cool head,\" he said, declining to elaborate further.\n In an earlier speech before the Milan Chamber of Commerce,\nthe minister said European countries have to seek \"a better\nconsensus of economic and monetary policies.\"\n On the European Monetary System, he said, \"The persistent\nvulnerability of the foreign currency mechanism, particularly\nto the movements of the dollar, can be explained by the absence\nof a common policy for currencies of other countries.\"\n Balladur said, \"I am profoundly convinced that the European\ncountries have to define together this position with respect to\nthe dollar and the yen.\"\n He said Italy eventually would have to abandon its higher\nmargin of fluctuation within the European Montetary System. \"I\nhope that the spectacular improvement of the economic situation\nand of the balance of payments will permit (Italy) to do it\nsoon.\"\n The lira is currently allowed a fluctuation margin either\nside of its agreed midpoints with other EMS currencies of six\npct, against 2.25 pct permitted for the other members.\n REUTER\n\u0003",
"date": "27-APR-1987 07:46:34.04",
"topics": [
"money-fx",
"dlr",
"lit"
],
"places": [
"italy",
"france",
"usa"
],
"id": "17293"
},
{
"title": "NORWAY BOURSE PRICE BOOM WILL NOT LAST - ANALYSTS",
"body": "Norway's stock exchange has touched record\nlevels, propelled by higher oil prices and foreign buying\ninterest. But analysts say the bullish trend probably will not\nlast. Tight restrictions on foreign ownership of shares have\nheld back development on the market, they say. While some of\nthese rules could soon be eased, Norway's unresolved economic\nwoes mean the prices boom is likely to be short-lived.\n Last Thursday, the all-share index reached 325.48 points to\nbeat the previous record of 325.31 set in mid-November, 1985.\n Brokers say the new record, spurred by firmer oil prices\nabove 18 dlrs a barrel which are crucial to Norway's economy,\nhas for now set the Oslo bourse apart from the current\nfluctuations on other world stock markets.\n \"It's an underdeveloped market...Virgin territory ,\" Jenny\nTora, a Scandinavian securities analyst with London-based\nstockbrokers James Capel, told Reuters.\n But the attraction for foreign investors of the stock\nmarket, where price/earnings ratios average around a relatively\nlow 11, is tempered by restrictions and some nervousness about\nthe future of Norway's economy, analysts say.\n Foreign ownerhsip is limited in all sectors and varies\nbetween 10 and 40 pct of the shares of any company - and the\nclass of shares rarely carry voting rights.\n \"It's often hard to get stocks as the quotas are full,\" Tora\nsaid. \"There can be problems of liquidity in the market. You can\nget into the market, but perhaps not get out.\"\n Analysts said this meant that foreign interest had been\nrestricted mostly to professional trading rather than client\nbuying, and that the market missed some speculative impetus.\n There are also no stock options, and bonds cannot be held\nby foreigners in Norwegian securities trading.\n Thor Bang, chief economist at Den Norske Creditbank A/S,\nNorway's biggest bank, said he thought the stocks boom had\nlittle foundation in Norway's economic situation.\n \"One of the factors (in the rise) is a belief in...Political\nstability,\" he told Oslo's business daily, Dagens Naeringsliv.\n The minority Labour government has looked increasingly\nstable since it came to power in May, 1986, with the former\nright-centrist coalition in disarray.\n But stock market analysts say continued economic problems\ncould soon jeopardise the bourse's bull trend, in spite of the\nappreciation of the crown against the dollar.\n Although firming oil prices mean better news for Norway,\nWestern Europe's biggest oil producer after Britain, analysts\npoint to high interest rates, uncertainty over the future price\nof oil and a weighty current account balance of payments\ndeficit as threats to the bourse.\n Interest rates stand at around 14 pct, while annual\ninflation is 10 pct. The current account balance of payments\ndeficit stood at 32.8 billion crowns last year, against a\nsurplus of 26.8 billion crowns in 1985.\n \"I'd be very cautious about present stock levels,\" Chris\nHonnor of London-based brokers Grieveson Grant said.\n The record-breaking performance last Thursday meant that\nthe all-share index had increased by 16 pct from the start of\n1987.\n On Friday the index leapt another 7.78 points to 333.26.\nBut analysts noted this was largely due to much better than\nexpected profits in the first quarter from Norsk Hydro,\nNorway's largest diversified corporation.\n Foreign investors, spurred by the appreciating crown and\nthe rise in oil prices, have been more prominent in the market\nthis year, although they still trade selectively mainly in\nNorsk Hydro, Norsk Data and a few other top-traded industrials.\n Earlier this month the government proposed allowing the\nshare of foreign ownerhsip permitted in financial institutions\nto rise in a bid to boost competition. Depending on the\ncircumstances, the share foreign owners can have will rise from\n10 pct to between 15 and 25 pct.\n Saga Petroleum, Norway's largest fully private oil company,\nhas also said it will seek government permission to boost\npermitted foreign share ownerhsip to 40 pct from the present 20\npct. Saga shares have registered some of the strongest gains on\nthe bourse because of the move, adding more than 60 pct to\ntheir value so far this year.\n REUTER\n\u0003",
"date": "27-APR-1987 07:57:49.23",
"places": [
"norway"
],
"id": "17294"
},
{
"title": "G-7 OFFICIALS TO MEET IN SARDINIA THIS WEEK",
"body": "Representatives of the Group of Seven will\nmeet in the Sardinian resort of Porto Cervo from April 30 to\nMay 2 to discuss the agenda for the group's Venice summit in\nJune, sources close to the Italian Foreign Ministry said.\n The sources said the meeting would be informal and attended\nby the personal representatives of G-7 leaders.\n The sources did not comment on reports from Osaka that\ndeputy finance ministers would attend the Porto Cervo meeting,\nand said there would be a complete information blackout on the\ngathering.\n The sources had no comment on statements by Japanese\nofficials in Osaka yesterday that the falling dollar would be\namong topics discussed.\n The Japanese officials had said the meeting, while focusing\non longer-term issues, would provide senior government\nofficials with their first chance to discuss the recent sharp\ndrop of the dollar.\n REUTER\n\u0003",
"date": "27-APR-1987 08:02:36.89",
"places": [
"italy"
],
"id": "17295"
},
{
"title": "U.S. TREASURY'S BAKER CANCELS TRIP TO AUSTRALIA",
"body": "Treasury Secretary James Baker has\ncancelled a trip to Australia because of pressing business at\nhome, including the visit this week by Japanese Prime Minister\nYasuhiro Nakasone, a Treasury spokesman said.\n The spokesman, who asked not to be identified, said: \"I\nwould not draw any conclusion from the cancellation...I would\njust say it's the press of business.\"\n But he added that the visit by the Japanese leader was \"part\nof the press of business.\"\n The spokesman denied the cancellation was linked to the\ncurrent turmoil in the financial markets.\n \n Nakasone's visit is expected to be crucial for the currency\nmarkets. Unless the Japanese prime minister brings with him\nmeasures to stimulate the Japanese economy by fiscal expansion\nor lower interest rates, the visit is likely to be considered\nby currency markets as an outright failure.\n In addition, it is thought highly unlikely that Nakasone\nand Reagan will agree on the removal of U.S. trade sanctions\nimposed earlier this month on certain electronic goods.\n But the participation in the talks by Baker, the\nadministration's top policy maker on international economic\naffairs, suggests that hard bargaining between the two sides\nmay be in prospect.\n \n Asked if the trip by Baker, who was to have left April 30\nand returned May 6, had been dropped in the last couple of\ndays, the Treasury spokesman replied: \"I would think so.\"\n He described the trip as \"purely ceremonial.\"\n Both Japan and the United States have a lot to lose from an\nunsuccessful outcome to the this week's talks.\n Tokyo and Washington are aware that nervous currency \nmarkets stand ready to bail out of dollars and buy yen, which\neconomists fear could send world interest rates soaring and\neven lead to global recession.\n Baker has been the driving force behind the\nadministration's efforts to coordinate international economic\npolicies and reduce global trade imbalances.\n \n Reuter\n\u0003",
"date": "27-APR-1987 08:15:16.13",
"topics": [
"money-fx",
"trade"
],
"places": [
"usa",
"australia",
"japan"
],
"id": "17296"
},
{
"title": "CHINA TO HOST 1989 ADB ANNUAL MEETING",
"body": "The 22nd annual meeting of the Asian\nDevelopment Bank will be held in Peking in 1989, a senior bank\nofficial told Reuters.\n China, which was admitted as the bank's 47th member in\nMarch 1986, will take a place on the ADB board at the current\nmeeting here, he said.\n Peking's representatives have been attending board meetings\nover the past year as observers with no voting rights, he\nadded.\n He said China, the bank's third-largest shareholder after\nJapan and the United States, will take the seat on the\n12-member board currently occupied by a grouping of Sri Lanka,\nVietnam, the Maldives, Laos and Afghanistan.\n He also said the U.S., Whose nominee on the board, Joe O.\nRogers, resigned in September 1986, has named Victor Frank as\nhis replacement.\n Frank, a private-sector appointee, is awaiting Senate\napproval and will take up his post later this year, he added.\n REUTER\n\u0003",
"date": "27-APR-1987 08:16:35.20",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"china"
],
"id": "17297"
},
{
"title": "U.S. CONSIDERING OIL INDUSTRY TAX INCENTIVES",
"body": "The Reagan Administration is\nconsidering tax incentives to boost oil output and restore\n100,000 jobs, U.S. Energy Secretary John Herrington said.\n A tax credit for new exploration would be part of a package\nto bring 1,000 idle drilling rigs back into operation and raise\ndomestic production by one mln barrels a day, he said.\n The tax status of exploration might also be changed,\nHerrington told reporters at the World Petroleum Congress.\n He said the oil industry was experiencing difficult times\ninternationally and had been devastated in the United States.\n Consumer demand and a significant decline in domestic\nproduction has resulted in a rise in oil imports of one mln\nbarrels a day in over the last 16 months, Herrington said.\n \"Steps must be taken...To reverse the downturn in our\ndomestic energy industry and to safeguard and increase our\nenergy security,\" he said.\n The administration is committed to improving marketplace\nconditions and incentives to spur exploration and development.\n \"This commitment includes rejecting quick fix solutions,\nlike an oil import fee, which are bad for the United States and\nbad for the world,\" he added.\n REUTER\n\u0003",
"date": "27-APR-1987 08:17:09.02",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17298"
},
{
"title": "G-7 OFFICIALS TO MEET IN SARDINIA THIS WEEK",
"body": "Representatives of the Group of Seven will\nmeet in the Sardinian resort of Porto Cervo from April 30 to\nMay 2 to discuss the agenda for the group's Venice summit in\nJune, sources close to the Italian Foreign Ministry said.\n The sources said the meeting would be informal and attended\nby the personal representatives of G-7 leaders.\n The sources did not comment on reports from Osaka that\ndeputy finance ministers would attend the Porto Cervo meeting,\nand said there would be a complete information blackout on the\ngathering.\n\n The sources had no comment on statements by Japanese\nofficials in Osaka yesterday that the falling dollar would be\namong topics discussed.\n The Japanese officials had said the meeting, while focusing\non longer-term issues, would provide senior government\nofficials with their first chance to discuss the recent sharp\ndrop of the dollar.\n\n REUTER\n\u0003",
"date": "27-APR-1987 08:18:43.76",
"places": [
"italy"
],
"id": "17299"
},
{
"title": "BALLADUR URGES ADHERENCE TO G-7 CURRENCY ACCORDS",
"body": "French Finance Minister Edouard Balladur\nsaid the Group of Seven major industrial nations, G-7, can\nachieve stable currency values by adhering to accords reached\nthis year in Paris and Washington.\n Balladur, asked at a news conference if coordinated market\nintervention by central banks was sufficient to halt the\ndollar's recent slide, said \"each country has to fulfill\ncommitments\" outlined in the G-7 accords.\n Earlier this month in Washington, finance ministers of the\nU.S., Japan, West Germany, France, Italy, Britain and Canada\nreaffirmed an earlier Paris accord to arrest the dollar's fall.\n\n Balladur said the current nervousness in foreign exchange\nmarkets can be partly attributed to \"some operators in the\nmarket only watching short term economic indicators. You have\nto keep a cool head,\" he said, declining to elaborate further.\n In an earlier speech before the Milan Chamber of Commerce,\nthe minister said European countries have to seek \"a better\nconsensus of economic and monetary policies.\"\n On the European Monetary System, he said, \"The persistent\nvulnerability of the foreign currency mechanism, particularly\nto the movements of the dollar, can be explained by the absence\nof a common policy for currencies of other countries.\"\n\n Balladur said, \"I am profoundly convinced that the European\ncountries have to define together this position with respect to\nthe dollar and the yen.\"\n He said Italy eventually would have to abandon its higher\nmargin of fluctuation within the European Montetary System. \"I\nhope that the spectacular improvement of the economic situation\nand of the balance of payments will permit (Italy) to do it\nsoon.\"\n The lira is currently allowed a fluctuation margin either\nside of its agreed midpoints with other EMS currencies of six\npct, against 2.25 pct permitted for the other members.\n \n REUTER\n\u0003",
"date": "27-APR-1987 08:19:58.38",
"topics": [
"money-fx",
"dlr",
"lit"
],
"places": [
"italy",
"france"
],
"id": "17300"
},
{
"title": "JAPAN STEELMAKERS, CANADA MINE DISCUSS COAL PRICE",
"body": "<Quintette Coals Ltd> of Canada and\nJapanese steelmakers failed to agree on the Canadian coal base\nprice over four years from April 1, but agreed to have another\nround of talks in late May, officials involved said.\n Japanese firms have asked for the base price to be set at\n44 U.S. Dlrs per tonne (FOB), sharply lower than the 75 to 76\ndlrs of the past four years, they told Reuters. The base price\nis reviewed every four years under the long-term accord.\n The Canadian mine insisted on maintaining the present\nprice, they said.\n Japanese firms bought 4.75 mln tonnes of Quintette coal in\n1986/87, and plan to buy the same volume in 1987/88 depending\non the result of the talks, the officials said. They added\nJapan has no plans to withdraw its price cutback request due to\nrecent falls in coking coal prices on the world market.\n Meanwhile <Gregg River Co> of Canada has agreed on a\nJapanese proposal to set a temporary price of 75.80 Canadian\ndlrs on and after May shipment following the failure of the\n1987/88 price talks, they said. Japanese firms plan to buy\n150,000 tonnes of Gregg River coal for May shipment and hold\nanother round of talks with Gregg in late May, they added.\n REUTER\n\u0003",
"date": "27-APR-1987 08:20:24.50",
"topics": [
"iron-steel"
],
"places": [
"japan",
"canada"
],
"id": "17301"
},
{
"title": "TOP EXECUTIVE OF PAN OCEAN SHIPPING CHARGED",
"body": "South Korean prosecutors formally charged\nthe chief executive of Pan Ocean Shipping Company, the\ncountry's largest shipping firm, with alleged financial\noffences.\n A statement from the prosecutors' office said charges of\nillegal capital movement, violation of foreign exchange laws\nand tax evasion were laid against Hahn Sang-yon, president of\nthe hugely indebted company whose chairman, Park Ken-sek, fell\nto his death a week ago.\n Prosecutors said that over the past six years Hahn and Park\nillegally sent abroad more than 15 mln dlrs.\n The prosecutors said that the two executives used more than\n2.7 mln dlrs of the diverted funds to acquire U.S. Real estate.\nThe Office of National Tax Administration has sent banking\nexperts to the United States to investigate.\n Park plunged to his death from his 10th floor office window\non April 19.\n Finance Minister Chung In-young last week ordered the\nstate-owned Korea Exchange Bank to take over Pan Ocean,\nburdened by debts of more than 1,000 billion won.\n REUTER\n\u0003",
"date": "27-APR-1987 08:27:25.36",
"topics": [
"ship"
],
"places": [
"south-korea"
],
"id": "17302"
},
{
"title": "JAPAN INDUSTRIAL PRODUCTION RISES IN MARCH",
"body": "Japan's preliminary industrial production\nindex (base 1980) rose 0.7 pct to a seasonally adjusted 122.8\nin March from the previous month, the Ministry of International\nTrade and Industry said.\n Production had fallen 0.2 in Feburary from a month earlier.\n The preliminary, unadjusted March index fell 0.2 pct from a\nyear earlier after remaining flat in Feburary.\n\n The adjusted March producers' shipment index (same base)\nfell 0.6 to 117.3 from February. The unadjusted index rose 0.3\npct from a year earlier.\n The adjusted March index of producers' inventories of\nfinished goods (same base) rose 0.7 pct to 105.4 from Feburary.\nThe unadjusted index fell 1.1 pct from a year earlier.\n\n REUTER\n\u0003",
"date": "27-APR-1987 08:39:29.16",
"topics": [
"ipi",
"inventories"
],
"places": [
"japan"
],
"id": "17303"
},
{
"title": "NAKASONE ADVISED TO EXPAND PURCHASES ABROAD",
"body": "Prime Minister Yasuhiro Nakasone was\nadvised to work out a plan for his government to buy more than\none billion dlrs worth of foreign industrial products as part\nof efforts to defuse Japan's trade frictions with the United\nStates, officials said.\n Former Foreign Minister Shintaro Abe made the\nrecommendation at a meeting with Nakasone soon after returning\nfrom a U.S. Visit designed to pave the way for the prime\nminister's visit to Washington starting next Wednesday.\n Abe met President Ronald Reagan and U.S. Congressional\nleaders during his visit.\n It was not known how Nakasone responded to the suggestion.\n It also included increasing the nation's untied loans to\ndeveloping countries to between 25 billion and 30 billion dlrs\nover the next three years and giving foreign firms greater\naccess to a six billion dlr international airport project in\nwestern Japan, officials said.\n Abe called for tax cuts and government funds to be funneled\ninto public works projects to stimulate domestic demand. Abe\nspoke of the possibility that Nakasone's visit could coincide\nwith the passage of a protectionist trade bill by the U.S.\nHouse of Representatives.\n Reuter\n\u0003",
"date": "27-APR-1987 08:40:20.43",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "17304"
},
{
"title": "NAKASONE TO MEET REAGAN AMID TRADE TENSIONS",
"body": "Prime Minister Yasuhiro Nakasone,\nbeleaguered by political turmoil at home, sets out Wednesday on\na tough mission to Washington aimed at defusing the most\nserious U.S.-Japanese trade tension in recent memory.\n Two rounds of talks between President Reagan and Nakasone,\nscheduled for Thursday and Friday, come on the heels of the\nimposition by the United States of punitive tariffs on Japanese\ngoods for the first time since World War Two.\n In the past, bilateral trade friction involving cotton\ngoods, steel, television sets, textiles and cars have ended\nwith Japan taking on voluntary export curbs.\n Nakasone's visit could coincide with the passage of a\nprotectionist trade bill by the U.S. House of Representatives.\n A proposed amendment to the bill, drafted by Representative\nRichard Gephardt of Missouri, will mandate a 10 pct annual\nreduction in the trade surpluses of Japan and other nations\nwhich have large trade gaps with the United States.\n The United States last year had a record trade deficit of\n169.8 billion dlrs and Japan accounted for about one-third.\n Foreign Ministry spokesman Yoshifumi Matsuda said recently\nhe was reasonably optimistic about the results of talks between\nthe two leaders.\n Top U.S. and Japanese officials have shuttled back and\nforth across the Pacific to lay the groundwork for Nakasone's\nvisit. The last of the talks leading up to the main event will\nbe in Washington next Wednesday between U.S. Secretary of State\nGeorge Shultz and Foreign Minister Tadashi Kuranari.\n Nakasone will have an economic package worked out by the\nruling Liberal Democratic Party (LDP) and by an advisory body\nled by former Bank of Japan Governor Haruo Maekawa.\n Japan plans to spend over 5,000 billion yen to boost\ndomestic demand, increase imports of U.S. products including\nsupercomputers and give more help to developing countries,\ngovernment officials said.\n The government has been making last ditch efforts in time\nfor Nakasone's trip to address outstanding bilateral issues,\nofficials said.\n The issues include foreign access to a new Japanese\noverseas telecommunications venture and a six billion dlr\ninternational airport project in western Japan.\n Nakasone and his party last week reached a compromise\naccord with opposition parties over a controversial sales tax\nplan in exchange for parliamentary passage by the Lower House\nof a government draft budget for 1987/88.\n The accord, offered by House Speaker Kenzaburo Hara,\nvirtually killed the Nakasone-sponsored plan, but left room for\nfuture tax reform plans, political analysts said.\n Nakasone, who led his party to a resounding electoral\ntriumph last July, saw his popularity drop because of the sales\ntax.\n His party suffered setbacks in an Upper House by-election\nand nationwide local elections in the past two months.\n Mitsuru Uchida, professor of political science at Waseda\nUniversity, told Reuters: \"I doubt that whatever Nakasone does\nin Washington -- no matter how good it might be -- would help\nrestore his weakened power-base at home.\"\n Many analysts said Nakasone might step down after the\nVenice summit of industrialized nations in June.\n Reuter\n\u0003",
"date": "27-APR-1987 08:43:28.47",
"topics": [
"trade"
],
"places": [
"japan",
"usa"
],
"id": "17305"
},
{
"title": "EMS INTERVENTION SAID SOMETIMES COUNTERPRODUCTIVE",
"body": "Attempts to hold currency rates\nrigidly within tight ranges through European Monetary System\nintramarginal intervention can be counterproductive, bringing\nfunds into the stronger currency from the weaker at rates still\nconsidered fairly favourable, the Bundesbank said.\n \"The movements thus sparked can actually promote the weaker\ntendency of a currency, requiring still larger obligatory\nintervention when rates hit band limits,\" it said in its 1986\nannual report. The other danger was that money supply expansion\ncould be caused in the stronger currency nation without its\ncentral bank being involved in the activity.\n\n \"For this reason, currency levels should be allowed as much\nroom for manoeuvre as possible inside the band limits when a\ncurrency is in a phase of weakness,\" the Bundesbank said.\n \"In addition, speculative positions are made more expensive\nto hold when interest differentials are increased.\"\n In the report, the Bundesbank gave a rare glimpse of the\nextent of intramarginal and obligatory EMS intervention that\nhas taken place since the foundation of the eight-currency\nsystem on March 13, 1979.\n\n Obligatory intervention is that required by EMS central\nbanks when a currency reaches its agreed limit against another\nparticipating unit.\n Intramarginal intervention is undertaken on agreement\nbetween central banks when speculative pressure moves a\ncurrency in an unwanted direction, although it may not yet be\nnear any allowed EMS limits.\n At the start of this year, central banks were very actively\nselling marks and supporting weaker currencies, primarily the\nFrench franc, as speculative EMS pressure grew.\n\n But the announcement by the Bank of France that it was\nceasing intramarginal intervention sent the franc straight to\nits then-permitted floor of 31.8850 marks per 100.\n Data in the Bundesbank report showed the EMS central banks\nbought a net total 29.9 billion marks after the April 6, 1986\nrealignment until the selling petered out on July 7.\n But this was far outweighed by net purchases between July\n8, 1986, and the realignment on January 12 this year totalling\n63.0 billion marks - 44.1 billion of which was intramarginal\nand 18.9 billion was obligatory intervention.\n\n The data showed that 17.4 billion marks of the total\neventually filtered into the West German monetary system.\n Since the latest realignment, central banks have bought\n16.1 billion marks in intramarginal intervention, the\nBundesbank said, without naming the banks involved.\n Only very high activity after the March 21, 1983\nrealignment came close to matching moves up to last January.\nThen, central banks bought a massive 61.6 billion marks in the\nperiod up to July 1985, mainly to stabilise the EMS as the\ndollar surged.\n This then turned into mark sales of a net 34.0 billion from\nJuly 11, 1985 in the run-up to the April 1986 realignment.\n\n REUTER\n\u0003",
"date": "27-APR-1987 08:46:08.86",
"topics": [
"money-fx"
],
"places": [
"west-germany"
],
"id": "17306"
},
{
"title": "TRADE MINISTERS SAY GOVERNMENTS NEED CREDIBILITY",
"body": "Four trade ministers ended a\nweekend meeting with a frank confession that their governments\nare losing credibility in world financial markets and will not\nregain it until they back their promises over trade and\ncurrencies with action.\n \"Until today we have anounced policies, but when it came to\naction required it was done in a way that satisfied nobody,\"\nJapanese Trade Minister Hajime Tamura told a news conference.\n \"From now on, if a government comes up with a certain\npolicy, it must be followed by action,\" he said following two\ndays of informal talks with the trade ministers of the United\nStates, the European Community and Canada in central Japan.\n Last week, the dollar fell to a new record low below 140\nyen, despite statements from the Group of Seven (G-7) leading\nindustrial powers that currencies should be stabilised to\nunderpin world trade.\n \"We need credibility to gain confidence. When we have\nconfidence, then we can have an impact,\" said Tamura.\n His colleagues agreed that when major trade nations fought\nover trade issues while calling for each other to honour free\ntrade rules in general, it was not a sight which inspired\nconfidence in the markets.\n \"The time has come now to act in step with the talk. If you\nbelong to a club, you have to act in concord with the rules, if\nyou want to be credible,\" said EC external trade chief Willy de\nClercq.\n Pat Carney of Canada said \"We are meeting in a time of great\ntrade tension. What the world needs to see is that we have the\npolitical will to deal with these problems we face.\"\n She said that next month's meeting of the Organisation of\nEconomic Cooperation and Development and the meeting of leaders\nof the G-7 nations in Venice in the summer would be a forum to\nshow this will existed.\n U.S. Trade Representative Clayton Yeutter reminded the news\nconference that the results of such high level meetings could\nlead to action which would only have an effect on smoothing out\nworld trade imbalances perhaps years later.\n \"The media typically has a tendency to evaluate meetings\nlike this in terms of tangible results. That is not the way it\nshould be pursued,\" he said.\n \"What is achieved in an intangible way almost always exceeds\nwhat is achieved in a tangible way,\" he said.\n Progress in personal contacts and understanding each\nothers' positions and policies was just as important toward\nreducing trade tensions, he said.\n Tamura read out an agreed summary of the joint talks:\n Currency stability was now essential, but currency\nmovements alone would not correct a U.S. trade deficit with\nJapan which hit 58 billion dlrs last year, an 18 billion dlr EC\ndeficit with Japan in 1986, and a Japanese global trade surplus\nof almost 90 billion, he said.\n Trade retaliation, protectionism, and forcible export\nrestraints which lead to a shrinkage in world trade flows were\nmost dangerous, he said.\n The imbalances can only be solved by coordinated policies\nover a whole range of fiscal, monetary, trade and industrial\nmeasures, and in line with a body of internationally agreed\nrules, he said.\n In this regard, the policing role of the Geneva-based\nGeneral Agreement on Tariffs and Trade world trade body must be\nstrengthened, he said.\n The ministers reconfirmed their individual promises to\nsolve the problem. The United States will try to reduce its\nlarge budget deficit and restore competitiveness within its\nindustries.\n Japan will introduce early and effective measures to expand\nits domestic growth and rely less on exports.\n The EC must continue efforts for balanced growth and\nreduced unemployment. All felt satisfied at the new progress in\nthe Canadian economy.\n Reuter\n\u0003",
"date": "27-APR-1987 08:47:37.96",
"topics": [
"trade",
"money-fx"
],
"organisations": [
"ec"
],
"places": [
"japan"
],
"id": "17307"
},
{
"title": "DUTCH CENTRAL BANK INTERVENES TO SUPPORT DOLLAR",
"body": "The Dutch Central Bank intervened\nmodestly to support the dollar with spot market transactions,\ndealers said.\n They said the bank bought dollars against guilders as the\nU.S. Currency dipped to a low of 2.0013 guilders from 2.0130-40\non opening, the lowest since the end of January.\n There was no intervention at the fix, however, which put\nthe dollar at 2.0045 guilders after 2.0280 last Friday, and\ndealers said the Bank's buying was limited.\n \"I'd be surprised if the Bank had bought as much as 100 mln\ndlrs,\" one dealer said.\n Reuter\n\u0003",
"date": "27-APR-1987 08:50:10.56",
"topics": [
"money-fx",
"dlr"
],
"places": [
"netherlands"
],
"id": "17308"
},
{
"title": "BLAST ROCKS U.S. MILITARY BUILDING IN MANILA",
"body": "An explosion rocked a building at the\nU.S. military office in Manila but there were no immediate\nreports of casualties, a police spokesman said tonight.\n He said investigators were still looking into the explosion\ninside the motor pool building of the Joint United States\nMilitary Assistance Group (JUSMAG) in a Manila suburb.\n Home-made bombs were thrown into the JUSMAG compound last\nJuly causing minor damage.\n Reuter\n\u0003",
"date": "27-APR-1987 08:53:01.80",
"places": [
"philippines",
"usa"
],
"id": "17309"
},
{
"title": "INVESTCORP SIGNS FOR 75 MLN DLR CREDIT FACILITY",
"body": "<Arabian Investment Banking Corp EC>\n(Investcorp) signed for a 75 mln dlr revolving credit facility,\none of the lead managers <Arab Banking Corp>, ABC, said.\n The facility was first mandated for 50 mln dlrs but was\nincreased before syndication to 60 mln when a lead group of six\nbanks was formed. Strong demand during syndication led to\nanother increase in the final amount to 75 mln dlrs.\n ABC said the facility, with a final lending syndicate of 32\nbanks from 13 countries, is part of Investcorp's strategy to\ndevelop and diversify its source of funds and reduce its\nborrowing costs.\n ABC as overall arranger said the facility will be used to\nfinance Bahrain-based Investcorp's general corporate funding\nrequirements. It can be exercised in three different ways.\n These are through the issue of euronotes or advances by\ntender, the extension of committed advances by underwriting\nbanks, or the issue of contingent obligations from a panel of\nselected banks.\n The facility has a maturity of three years, with interest\non committed advances based on utilisation from 17.5 basis\npoints over London Interbank Offered Rates for one third to 20\nbasis points for two thirds and 22.5 for an amount above that\nlevel.\n REUTER\n\u0003",
"date": "27-APR-1987 08:53:52.96",
"places": [
"bahrain"
],
"id": "17310"
},
{
"title": "TIN PACT EXTENDED FOR TWO YEARS",
"body": "The Sixth International Tin Agreement,\nITA, has been extended for two years from July 1, 1987, the\nInternational Tin Council, ITC, said.\n The extension was formally agreed at a resumed special\nsession of the council held here this morning and follows a\nsession early this month when the council agreed in principle\nto extend the pact but had to await the formal approval of some\nmember governments.\n The extension will enable the council to continue with its\nstatistical work and studies of the tin industry.\n Reuter\n\u0003",
"date": "27-APR-1987 08:54:37.14",
"topics": [
"tin"
],
"organisations": [
"itc"
],
"places": [
"uk"
],
"id": "17311"
},
{
"title": "SEOUL UNVEILS SHOPPING LIST OF U.S. GOODS",
"body": "South Korea unveiled a shopping list of\n2.6 billion dlrs of U.S. Goods in line with its new policy of\nseeking to limiting its trade surplus to ease trade friction\nwith Washington.\n The government said this would help freeze this year's\ntrade surplus with the United States at the 1986 level.\n \"The surplus, which rose to 7.4 billion dollars last year\nfrom 4.3 billion in 1985, was projected to top 10 billion this\nyear but the government has taken steps to constrain it to the\nseven billion dollar level,\" one Trade Ministry official told\nReuters.\n A government statement said the 2.6 billion dlrs was in\naddition to about two billion dlrs of purchases made last month\nby a South Korean trade mission to the United States.\n The announcement follows a visit here this week by U.S.\nCommerce Secretary Malcolm Baldrige, who said that if South\nKorea wanted to avoid protectionist retaliation it should not\nfalter in its policies to open its market and cut its surplus.\n The statement said the government, state agencies and other\npublic institutions would buy 480 mln dlrs worth of U.S. Cars,\ncomputers, helicopters, ambulances, motorcycles, medical and\nlaboratory equipment and other products. \"This amounts includes\n89 mln dlrs worth of purchases which were not originally\nreflected in their budgets,\" it added.\n The list includes 1.13 billion dlrs of capital goods, 700\nmln of farm products, 50 mln of aluminium, zinc, polyethylene\nand other raw materials, and 250 mln of steel, electronics and\nshipbuilding parts which would be shifted from other nations.\n Agriculture Ministry officials said South Korea had already\nbought 310 mln dlrs worth of U.S. Wheat, raw cotton, corn and\nsoybeans.\n This meant the country would buy from the United States\nnearly all of the 1.27 billion dlrs of its planned imports of\nsuch commodities this year, they said.\n The government will also take steps to reduce tariffs,\naccelerate the opening of its markets, voluntarily restrain\nexports and cut export financing, the statement said.\n South Korea will also reorganise the country's 3,600 trade\nagents to deliver better after-sales services for imported\nproducts and hold a trade show in November for U.S. Products.\n Reuter\n\u0003",
"date": "27-APR-1987 09:06:52.84",
"topics": [
"trade",
"alum",
"zinc",
"pet-chem",
"iron-steel",
"grain",
"wheat",
"corn",
"cotton",
"oilseed",
"soybean"
],
"places": [
"south-korea",
"usa"
],
"id": "17312"
},
{
"title": "STOLTENBERG REAFFIRMS COMMITMENT TO LOUVRE ACCORD",
"body": "Finance Minister Gerhard Stoltenberg\nreaffirmed his commitment to the Louvre accord struck in Paris\nwhere leading industrialised countries agreed to stabilise the\ndollar around then current levels.\n He told a congress of West German tax advisers in Hamburg\nthe policy agreed in Paris has so far been successful in the\nmark/dollar relationship.\n \"We want to continue it (the policy),\" Stoltenberg said.\nAccording to a text of his remarks released in Bonn, he also\nsaid trade tensions in specific branches had to be overcome and\nhe warned against any return to protectionism.\n REUTER\n\u0003",
"date": "27-APR-1987 09:09:20.32",
"topics": [
"money-fx",
"dlr"
],
"places": [
"west-germany"
],
"id": "17313"
},
{
"title": "BALLADUR DEFENDS CGCT DECISION ON ERICSSON",
"body": "French Finance Minister Edouard Balladur\nsaid the government awarded control of <Compagnie Generale de\nConstructions Telephonques> (CGCT) to a consortium headed by\nSweden's AB LM Ericsson <ERIC.ST> last week because its\nproposal was \"judged technically sound and valid.\"\n Balladur, responding to a question following a speech\nbefore the Milan Chamber of Commerce, said the successful bid\nby Ericsson and French partners Matra <MATR.PA> and <Banque\nIndosuez> was \"well organised and equipment will be readily\navailable.\" He did not comment further.\n CGCT has 16 pct of France's telephone switching market.\n Reuter\n\u0003",
"date": "27-APR-1987 09:09:40.27",
"topics": [
"acq"
],
"places": [
"italy",
"france",
"sweden"
],
"id": "17314"
},
{
"title": "STELCO <STEA.TO>, USWA REACH CONTRACT SETTLEMENT",
"body": "Stelco Inc said contract negotiations\nwith United Steelworkers of America concluded in a memorandum\nof settlement for a new three-year collective agreement\ncovering about 12,000 workers at 15 of Stelco's plants.\n Further terms of the new agreement were not immediately\ndisclosed.\n The company said early negotiations began March 2, 1987 in\norder to reach a new contract well before the July 31, 1987\nexpiry of the existing contract.\n It said the new contract was endorsed by negotiating\ncommittees of all union locals representing Stelco workers.\n Reuter\n\u0003",
"date": "27-APR-1987 09:22:45.97",
"topics": [
"iron-steel"
],
"places": [
"canada"
],
"id": "17315"
},
{
"title": "TAIWAN CRITICISED FOR AMOUNT OF DOLLAR HOLDINGS",
"body": "About 20 members of the Taiwan\nparliament criticised the government for holding too much of\nforeign exchange reserves in U.S. Dollars and asked the cabinet\nto diversify these holdings into other major currencies.\n A parliament statement said the criticism came from 18\nKuomintang (nationalist) legislators and several opposition\nmembers, who asked the government to diversify reserves into\nmark, yen, Swiss franc, other currencies or gold.\n It said that from September 1985 to September 1986 the\ncentral bank's exchange rate loss was about 144 billion Taiwan\ndlrs.\n Fourteen local banks lost 12.6 billion Taiwan dlrs during\nthe period, it said.\n In the same time span the Taiwan dollar rose to 36.77 to\nthe U.S. Currency from 40.45. It closed at 33.17 today.\n The statement said the central bank's loss this year would\nmore than double because of the rising Taiwan dollar and\nreserves, which had reached 54 billion U.S. Dlrs last week.\n Government legislators said they expected the reserves to\nincrease to more than 60 billion U.S. Dlrs this year and the\ntrade surplus to increase by about 15 billion U.S. Dlrs,\ncompared with 15.6 billion last year.\n REUTER\n\u0003",
"date": "27-APR-1987 09:32:02.19",
"topics": [
"reserves"
],
"places": [
"taiwan"
],
"id": "17316"
},
{
"title": "HUNTINGDON <HRCLY.O> IN ACQUISITION TALKS",
"body": "Huntingdon International Holdings plc\nsaid it has entered into discussions with a view to acquiring\nNorthern Engineering and Testing Inc, a company based mainly in\nthe northwestern United States.\n The company said Northern Engineering had sales of\napproximately 6.5 mln dlrs in the year ended March 31.\n Reuter\n\u0003",
"date": "27-APR-1987 09:34:23.40",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17317"
},
{
"title": "TOWNSEND FERRY INQUIRY TOLD BOW DOORS TO BLAME",
"body": "The Zeebrugge ferry disaster, in which\naround 200 people drowned seven weeks ago, was almost certainly\ncaused by the ship leaving port with its bow doors wide open, a\nBritish government inquiry was told.\n Lawyer David Steel, representing the government, told the\nopening session of a public inquiry into the March 6 tragedy\nthat this was \"the only tenable explanation.\"\n The ferry, the Herald of Free Enterprise, is owned by\nTownsend Thoresen, part of P and O's <PORL.L> subsidiary\nEuropean Ferries Group.\n Steel, commissioner of wrecks for England and Wales, said\nthe inquiry would probably conclude that the ferry capsized in\ncalm seas and fair weather a mile outside the Belgian port when\nwater poured into the car deck.\n \"We think you will also conclude that the immediate cause of\nthat was that the doors were open, he said.\n Steel told the tribunal it appeared no attempt was made to\nclose either the inner or outer bow doors prior to what should\nhave been a routine voyage to the English port of Dover,\ndespite a provision in the ship's \"Stability Booklet\" that the\ndoors were to be closed and kept closed.\n Reuter\n\u0003",
"date": "27-APR-1987 09:44:52.36",
"topics": [
"ship"
],
"places": [
"uk"
],
"id": "17318"
},
{
"title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES",
"body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 275,000 to 285,000 head versus\n157,000 week ago and 305,000 a year ago.\n Cattle slaughter is guesstimated at about 120,000 to\n126,000 head versus 109,000 week ago and 133,000 a year ago.\n Reuter\n\u0003",
"date": "27-APR-1987 09:47:10.87",
"topics": [
"hog",
"livestock"
],
"places": [
"usa"
],
"id": "17319"
},
{
"title": "WHITE HOUSE DECLINES COMMENT ON DOLLAR'S SLIDE",
"body": "White House spokesman Marlin\nFitzwater declined to comment on the continuing slide of the\ndollar against the Japanese yen, but said Treasury Secretary\nJames Baker was watching developments.\n \"Jim Baker is monitoring that at the Treasury Department,\nbut at this point we don't have any comment to make on the\ndollar,\" Fitzwater told reporters.\n He was asked at a briefing whether the White House was\nconcerned about the continuing decline in the dollar's value.\n Reuter\n\u0003",
"date": "27-APR-1987 09:50:27.58",
"topics": [
"dlr",
"money-fx"
],
"places": [
"usa"
],
"id": "17320"
},
{
"title": "TREASURY'S BAKER ASKS FAST ACTION ON DEBT BILL",
"body": "Treasury Secretary James Baker is\nurging Congress to pass legislation promptly to raise the\nceiling on U.S. debt the United States can borrow, Senate\nmajority leader Robert Byrd said.\n Byrd told reporters Baker visited him late Friday to urge\nCongress not to add time-delaying amendments to the debt\nceiling bill that Congress must pass before May 15. Byrd, a\nDemocrat, said he agrees but said others may want amendments.\n The current ceiling of 2.3 trillion (2,300 billion) dlrs\ndrops on May 15 to 2.1 trillion dlrs, a level considered too\nlow for U.S. borrowing.\n Reuter\n\u0003",
"date": "27-APR-1987 09:52:08.27",
"places": [
"usa"
],
"id": "17321"
},
{
"title": "BANKER SEES CURRENCY FALLING TO BALANCE TRADE",
"body": "A leading regional banker said\nthat it was axiomatic that despite market intervention, a\ncountry's currency will eventually fall to an exchange rate\nwhich balances its international trade and payments accounts.\n John Medlin, president and chief executive officer for the\nFirst Wachovia Corp, said that \"substantial and rapid currency\ndevaluations usually are followed in time by surging price\ninflation, spiralling interest rates and painful economic\nausterity.\"\n Speaking to a banking trade group, he also said the peak of\ndebt writeoff has not yet been reached.\n Medlin told the Bankers Association for Foreign Trade that\nultimately \"our nation's budget and trade deficits will be\nbalanced either through voluntary restraints in spending and\nconsumption or through forced austerity imposed by a\ndispassionate and unmerciful international market place.\"\n He said the continuing weakness of the dollar and the\nrecent increase in inflation and interest rates \"provide early\nwarning that the classic laws of international economics still\nare in effect.\"\n He also told the association that trying to reduce the\ntrade deficit by erecting protectionist barriers to imports\nwould not give lasting relief.\n \"However, the imposition and enforcement of fair trade\nrules could help improve imbalances with nations which practice\nprotectionism and deception on us.\"\n Medlin noted that the U.S. economy was likely to continue\n\"at best being a sluggish mixture of depressed segments and\ngrowth areas.\"\n But he said that the business cycle was still alive and\nthat the next downturn \"could be deeper and harder to reverse\nthan the last one.\"\n Reuter\n\u0003",
"date": "27-APR-1987 09:59:44.27",
"topics": [
"money-fx",
"trade"
],
"places": [
"usa"
],
"id": "17322"
},
{
"title": "CONAGRA TAKES OVER WEST GERMAN TRADE HOUSE",
"body": "One of West Germany's major feedstuff\nand grain traders, Kurt A. Becher GmbH and Co KG, said ConAgra\nInc of the U.S. Was taking it over, effective June 1.\n Becher said ConAgra, which already owns 50 pct of the trade\nhouse, would take over the remaining 50 pct from the Becher\nfamily. Further details were not immediately available.\n ConAgra, based in Omaha, Nebraska, is a foodstuff company\nand has access to world markets through its agricultural trade\nsubsidiary, ConAgra International.\n Reuter\n\u0003",
"date": "27-APR-1987 10:07:30.73",
"topics": [
"grain",
"acq"
],
"places": [
"west-germany",
"usa"
],
"id": "17323"
},
{
"title": "NORTHERN TELECOM <NT> U.S. UNIT SETS NEW GROUP",
"body": "Northern Telecom Ltd's U.S. unit will\nannounce a reorganization today to form a new division focusing\non sales and servicing of data communications equipment,\nspokesman Richard Lowe said.\n The new division, called data communications and networks,\nwill be formed effective May 1 and will market, sell and\nservice data communications equipment, Lowe said from Northern\nTelecom Inc's Nashville, Tenn. headquarters.\n The group will include the company's sales to the U.S.\nfederal government and U.S. military, he said.\n The U.S. unit's new division will also concentrate on sales\nto large end user customers who have a variety of equipment\ncombined in one network, as well as data packet switching\nbusiness for either public or private networks, Northern\nTelecom spokesman Lowe said.\n Lowe said the company anticipates revenues from the new\noperating group will be about 350 mln dlrs in 1987, increasing\nto about one billion dlrs in five years.\n \"Raising this to a group level within the company\ndemonstrates the importance we see in this marketplace and the\nrapid growth that could occur there,\" Lowe said.\n Lowe said the business of the new group was previously part\nof Northern Telecom Inc's Dallas-based private branch exchange\ndivision.\n Northern Telecom Inc accounted for about 65 pct of parent\ncompany Northern Telecom Ltd's 1986 revenues of 4.38 billion\ndlrs.\n Northern Telecom, North America's second largest\ntelecommunications equipment designer and manufacturer, is 52\npct owned by Bell Canada Enterprises Inc <BCE>.\n Reuter\n\u0003",
"date": "27-APR-1987 10:15:31.74",
"places": [
"canada",
"usa"
],
"id": "17324"
},
{
"title": "PRESSURE GROWS FOR U.S. ACTION TO AID DOLLAR",
"body": "Pressure is growing in the financial\nmarkets for the U.S. to take overt action to stabilize the\ndollar even though doubts linger that it has fallen far enough\nto help redress world trade imbalances, economists and dealers\nsaid.\n Some experts believe that a half-point increase in the U.S.\ndiscount rate, preferably in conjunction with rate cuts in\nTokyo and Bonn, would be enough to discourage sellers.\n But many fear that more drastic action, such as a U.S.\nissue of yen-denominated Treasury bonds, may be needed.\n Despite official warnings about the dangers of a further\ndollar decline and concerted central bank intervention, the\ndollar extended its recent sharp depreciation, touching a\n40-year low of 137.25 yen in Tokyo earlier today after closing\nhere on Friday at 139.30/40.\n The impact on other financial markets was devastating.\n In Tokyo, the stock market suffered its largest single day\ndecline; in London, gold bullion prices rose to four-year highs\nand in the U.S., long Treasury bond yields surged above 8.80\npct and the Dow Jones Industrial Average fell more than 40\npoints in hectic early trading.\n \"The problem now is linkage. This is not just a currency\nproblem. It is affecting all the markets,\" said one senior\ntrader at a major U.S. bank.\n Up until September of last year, international efforts to\nredress world trade imbalances appeared to working like a\ndream; the dollar was falling in an orderly manner, world\ninterest rates were tumbling and inflation was kept in check.\n In recent months, however, this strategy has begun to show\nsigns of severe stress, with the U.S. imposition of punitive\ntariffs on Japan threatening to unravel this spirit of\ncooperating and condemn the world to a damaging trade war.\n \"The markets fear that we have built up a momentum that is\nreally difficult to stop. A U.S. rate hike has become an\ninevitability,\" one currency dealer said.\n \"At this point, nothing short of a Fed discount rate\nincrease, ideally combined with further discount rate cuts by\nJapan and Germany, would seem capable of stabilizing the\ndollar,\" said David Jones of Aubrey G. Lanston and Co Inc.\n Allen Sinai of Shearson Lehman Brothers Inc predicted a 1/4\nto 1/2 point U.S. rate increase before May 19 and a rise in\nU.S. bank prime lending rates to eight pct from 7-3/4 pct in\nthe near future.\n But many economists feared that any moderate U.S. rate\nincreases, which appear unlikely to be matched by rate cuts\noverseas, would be too little, too late.\n \"They should have done this 10 days ago. It would have done\nthe trick then,\" said one currency analyst.\n \"If they do it now, it would be seen as a defensive measure\nnot an offensive one. It would show policy weakness not\nstrength,\" added one trader.\n In addition, economists fear that a discount rate rise\nmight place additional strain on a sluggish U.S. economy and\ntempt embattled debtor nations to retaliate.\n A U.S. discount rate increase would also fuel the\nprotectionist fires in Washington, where the House is expected\nto pass a protectionist trade bill, whatever compromises\nPresident Reagan and Prime Minister Nakasone can come up with\nduring their summit later in the week.\n \"Politically, they can't really do it this week,\" said one\ncurrency analyst, pointing out that if it failed to stabilize\nthe dollar, it would only weaken the U.S. negotiating stance.\n Even if the U.S. retains the upper hand, economists and\ntraders do not hold out high hopes for any major new\ninitiatives from this week's talks.\n At best, the experts see some sort of accord whereby Japan\nwill agree to stimulate growth and open its domestic markets to\noutsiders while the U.S. promises to lift its tariffs and\nsupport the Group of Seven dollar stabilization agreement.\n But many fear that this may not be enough to assuage the\nmarket's speculative selling fervor, which has now raised fears\nof weak overseas interest at next week's quarterly U.S.\nTreasury refunding program.\n Japanese and European investors have traditionally played\nan active role in these auctions, which are expected to total\n28 to 29 billion dlrs.\n Consequently, thoughts are turning to the possibility that\nPresident Reagan may try to remove foreign investors' worries\nabout currency risk by financing part of the U.S. budget\ndeficit in yen or mark bonds, rather than dollars.\n While similar action by former President Carter helped to\nstabilize the dollar in 1978, the White House is clearly\nreluctant to take such a step, economists said.\n This hesitance was amply shown last Friday when U.S.\nTreasury Secretary James Baker said, \"there might well be some\nwho would view (yen-denominated bonds) as a lack of confidence\nby the U.S. in its own currency.\"\n Baker added, \"therefore we don't think it's an appropriate\nthing to do.\"\n A foreign exchange analyst at a major Japanese bank here\nshared Baker's doubts. \"Dollar defending measures are very\nunlikely. They will confirm the dollar's weak undertone and\nlead to further speculative dollar selling,\" he said.\n Thus, it may be less destabilizing for the authorities to\nstop trying to fight the market's bearish sentiment.\n In a recent lengthy report, economists at Morgan Guaranty\nTrust Co concluded, \"the dollar should be left free to trade at\nwhatever level market forces produce.\"\n Reuter\n\u0003",
"date": "27-APR-1987 10:18:34.80",
"topics": [
"dlr",
"money-fx",
"interest"
],
"places": [
"usa"
],
"id": "17325"
},
{
"title": "ITT CORP <ITT> CONFIDENT ABOUT FISCAL 1987",
"body": "ITT Corp said first quarter results,\nreported earlier, were substantially ahead of budget and added\nit is confident of a continued improvement by all divisions in\nthe remainder of the year.\n The company said the natural resources division more than\ndoubled its contribution from the year ago quarter while the\ndiversified services business reported strong operating results\ndue to continued improvement in the domestic casualty business\nat The Hartford.\n It said the operationg performance of the industrial and\ndefense technology business was above expectations but below\nthe year ago result.\n Reuter\n\u0003",
"date": "27-APR-1987 10:20:08.53",
"places": [
"usa"
],
"id": "17326"
},
{
"title": "DU PONT <DD> NET DOWN ON OIL EARNINGS DECLINE",
"body": "Du Pont Co, reporting lower\nfirst quarter profits, said a drop in energy earnings was only\npartially offset by surging chemical and specialty products.\n Du Pont earned 391 mln dlrs, or 1.62 dlrs a share, in the\nlatest quarter, down from 404 mln, or 1.67 dlrs a share, in\n1986's initial quarter.\n It had sales of 7.13 billion dlrs, down from 7.17 billion\nlast year and total revenues of 7.20 billion dlrs down from\n7.29 billion dlrs.\n Du Pont said after-tax operating income for its chemical\nand specialty products businesses totaled 393 mln dlrs in the\nlatest quarter, rising 55 pct from last year's first quarter\ndue to improved results from most businesses, notably fibers,\nwhite pigments and specialty polymers.\n Results benefited from improved worldwide demand and lower\ncosts attributable to lower energy feedstock prices, earlier\nrestructurings, and efforts to improve productivity.\n It said sales of these businesses were up eight pct to 4.2\nbillion dlrs on a sales volume increase of five pct and three\npct higher average prices, reflecting a weaker dollar.\n Du Pont said after-tax operating income from the petroleum\nsegments dropped 64 pct from a year ago to 55 mln dlrs in the\nlatest quarter.\n These results reflect lower refined petroleum product\nmargins and lower worldwide crude oil and domestic natural gas\nprices. Coal earnings were down 27 pct on lower prices.\n The company said it anticipates continued strong results\nfrom chemicals and specialty products as worldwide demand\nremains high. Improvement in petroleum will require flat or\nimproved crude oil prices and improved refined product margins.\n Reuter\n\u0003",
"date": "27-APR-1987 10:22:14.05",
"places": [
"usa"
],
"id": "17327"
},
{
"title": "FRENCH MARCH UNEMPLOYMENT RISES TO RECORD 11.1 PCT",
"body": "France's seasonally adjusted unemployment\nrate rose to a record 11.1 pct of the workforce at end-March\ncompared with 11 pct at end-February, the National Statistics\nInstitute (INSEE) said.\n The total number of unemployed edged up to 2.67 mln at\nend-March from 2.65 mln at end-February, an INSEE spokeswoman\nsaid.\n REUTER\n\u0003",
"date": "27-APR-1987 10:28:14.37",
"topics": [
"jobs"
],
"places": [
"france"
],
"id": "17328"
},
{
"title": "EXXON <XON> SEES DROP IN NEW OIL DISCOVERIES",
"body": "Exxon Corp chairman Lawrence Rawl said\ntotal world energy consumption will continue to grow, but added\nnew oil discoveries worldwide are slowing down and can not\noffset annual production.\n In a speech at the World Petroleum Congress here, Rawl said\noil companies would increasingly be forced to turn to enhanced\nrecovery techniques, very heavy oil and synthetics to\ncompensate for substantial declines in conventional oil\nproduction.\n \"What our current outlook suggests is that total world\nenergy consumption will continue to grow steadily in an ever\nmore energy efficient world,\" Rawl said. But, he added, Exxon\nprojects that \"despite today's ample supplies, the world will\nalso be facing up to inherent limitations on the availability\nof oil and gas, which currently supplies more than half of the\nworld's energy needs.\"\n The Exxon chairman told some 1,500 oil executives from\naround the world that some synthetics projects could become\npractical when oil reaches 30 dlrs to 40 dlrs a barrel range in\nreal terms.\n \"The question is when and how this will happen,\" he said.\n\"I believe that synthetic projects will not only re-emerge but\nwill become commercial well below those we were thinking about\nthe last time oil prices moved substantially higher.\"\n Rawl said synthetic fuel would become economic at lower\nprices because companies are investigating \"a new generation of\nideas that promise substantially lower costs\" and projects\nbegun in the late 1970s, which have since been suspended.\n Rawl also said companies must find new and more effective\nways of enhanced recovery from existing oil fields.\n \"It would be my view that new oil discoveries, even with\nadvanced technology, are likely to slow down - not reverse -\nthe decline in worldwide oil discoveries,\" he said. \"So it is\nessential to find a better way to recover more of the\ndiscovered oil from producing fields using chemicals, solvents,\nheat, and other techniques.\"\n Rawl emphasized that private oil companies need some\nassistance from government in developing synfuels technology.\n\"More importantly, they need to provide a political and\neconomic environment that is stable enough to allow the\ndevelopmental process to function effectively, he said.\n Rawl also said stable energy markets serve the best\ninterest of producing and consuming nations by allowing both\ngroups to plan for steady economic growth.\n He did not make any oil price prediction, saying only that\nthe economic goals of the U.S. and other nations can only be\nachieved if world oil prices \"stabilize within a reasonable\nrange.\"\n \"Prices must be high enough to meet realistic aspirations\nfor income and encourage resource development in the producing\ncountries, but not so high as to inhibit economic growth in\nconsuming nations,\" he said.\n The Exxon chairman also criticized \"the occasional attempt\nof consuming nations to try to control domestic oil prices,\ncalling such protectionist measures disruptive to the world oil\nmarket.\n Reuter\n\u0003",
"date": "27-APR-1987 10:35:02.45",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17329"
},
{
"title": "FRENCH PRODUCERS WITHDRAW SUGAR FROM INTERVENTION",
"body": "French producers have withdrawn all\noffers to sell more than 700,000 tonnes of sugar into European\nCommunity intervention stocks, EC Commission sources said.\n They also said West German producers had now withdrawn the\nlast 3,000 of the 79,250 tonnes they sold into EC stores on\nApril 1.\n The sales were made to protest against the level of export\nrestitutions being granted for sugar at weekly EC tenders.\n Last Friday, commission sources said the West German\nproducers had withdrawn all but 3,000 tonnes of their sales.\n The protest by European producers involved sales of 854,000\ntonnes of sugar into intervention, of which 785,000 tonnes were\naccepted by the commission.\n Under EC regulations, operators had five weeks before\nreceiving payment to withdraw the sugar.\n Their decision to withdraw the sugar follows what\ncommission sources have said is a slight shift in the\nauthority's stance in recent weeks. The commission last week\nincreased the maximum restitutions to within about 0.5 Ecus per\nkilo of the prices which traders claim are needed to match\nintervention prices.\n Reuter\n\u0003",
"date": "27-APR-1987 10:36:12.75",
"topics": [
"sugar"
],
"organisations": [
"ec"
],
"places": [
"france",
"west-germany"
],
"id": "17330"
},
{
"title": "BRUNSWICK <BC> NET GAINS DESPITE CHARGE",
"body": "Brunswick Corp said its first-quarter\nsales and profits hit records despite an after-tax charge of\nabout 10 mln dlrs from its new boat-building units.\n The 10 mln dlrs charge, or 22 cts a share, was for\namortization of intangible assets at Bayliner and Sea Ray, two\nboatmakers acquired in December, a spokesman told Reuters.\n Earlier it said net profits for the period were 34.7 mln or\n78 cts a share versus 23.8 mln or 57 cts a share a year ago.\nIts Mercury unit's first-quarter sales increased 26 pct and\noperating earnings rose 19 pct, while its industrial products\nunit operated at a slight loss, it said.\n Reuter\n\u0003",
"date": "27-APR-1987 10:36:51.27",
"places": [
"usa"
],
"id": "17331"
},
{
"title": "CCC ADJUSTS PIK DIFFERENTIALS FOR GULF CORN",
"body": "The Commodity Credit Corporation late\nFriday readjusted county price differentials for PIK corn\nredemptions traded off the Louisiana Gulf, according to a CCC\nspokesman at the Kansas City Agricultural Stabilization and\nConservation Service, ASCS, office.\n He said the adjusted differentials supersede the\nadjustments made March 30. They represent an increase over the\noriginal differentials but are lower than the differential\nadjustments recently made.\n For differentials of five to 15 cents, CCC added one cent.\nFor 16-25 cents add two cents, for 26-35 cts add three cts, for\n36-45 cts add four cts and for 46-55 cts add five cts.\n The recent drop in barge freight rates prompted the\nadjustments, the source said.\n Reuter\n\u0003",
"date": "27-APR-1987 10:40:56.39",
"topics": [
"grain",
"corn"
],
"places": [
"usa"
],
"id": "17332"
},
{
"title": "CHEVRON SELLS THREE NORTH SEA INTERESTS",
"body": "Chevron Corp's <CHV> <Chevron Petroleum\n(U.K.) Ltd> said it sold interests in two North Sea blocks and\npart of a third block to <Midland and Scottish Resources Ltd>.\n The two firms said they have signed an agreement which\ntransfers Chevron's interests, comprising 29.41 pct in block\n2/10b under licence p326, 29.41 pct in block 2/15a under\nlicence p327 and part of block 2/10a under licence p234.\n The part of block 2/10a which is being sold covers\nChevron's interest in the Emerald accumulation, discovered by\nthe company in 1978. Chevron is retaining its 25 pct interest\nin the remainder of block 2/10a and in block 3/28a under\nlicence p234.\n Reuter\n\u0003",
"date": "27-APR-1987 10:41:33.85",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "17333"
},
{
"title": "U.S. COURT REFUSES TO DISMISS ADM-NABISCO SUIT",
"body": "The Supreme Court refused to dismiss\na Justice Department civil suit charging Archer Daniels Midland\nCo, ADM, and Nabisco Brands Inc with violating the antitrust\nlaws.\n The high court let stand lower court rulings that rejected\nthe motion by the two companies seeking dismissal of the suit.\n The suit challenged the 1982 agreement by Nabisco to lease\nboth of its high fructose corn syrup, HFCS, plants to ADM.\n The department said that before 1982 ADM was the second\nlargest U.S. producer of HFCS while Nabisco ranked third. The\ndeal made ADM the nation's largest producer.\n Reuter\n\u0003",
"date": "27-APR-1987 10:42:25.35",
"topics": [
"sugar"
],
"places": [
"usa"
],
"id": "17334"
},
{
"title": "REAGAN HOPES TO LIFT JAPAN SANCTIONS SOON",
"body": "President Reagan said he hoped the\nUnited States could lift trade sanctions against Japan soon.\n But he said the United States would do what is necessary to\nsee that other nations lived up to their trade agreements.\n In a speech prepared for delivery to the U.S. Chamber of\nCommerce, he said, \"I hope that, before long, we can lift these\n(Japanese trade sanctions) and that this episode will be\nrecorded as a small incident in the building of our\nrelationship.\"\n But, Reagan added, \"we will do what is necessary to see that\nother nations live up to their obligations and trading\nagreements with us. Trade must be free. It must also be fair.\"\n Reagan said the decision to impose 100 pct tariffs on 300\nmln dlrs worth of electronic exports to the United States sent\na message it was time to complete a U.S.-Japan \"trade bridge.\"\n \"The final answer to the trade problems between America and\nJapan is not more hemming and hawing, not more trade sanctions,\nnot more voluntary restraint agreements - though these may be\nneeded as steps along the way - and certainly not more\nunfulfilled agreements,\" he said.\n Reagan said the answer was genuinely fair and open markets\non both sides of the Pacific - \"and the sooner, the better.\"\n Reagan said the administration's tools for dealing with\nunfair trade practices met the need for both firmness and\nfinesse.\n He said trade legislation pending in Congress would be\ndangerous because it would force the administration to use \"a\nsteamroller against unfair practices every time, no matter\nwhether the steamroller would open the trade doors or flatten\nthe entire house,\" he said.\n Reagan said that ending every unfair trade practice in\nJapan would cut the U.S. trade deficit by only about 10 pct.\n \"If our trade deficit is to come down, more must be done --\nand is being done,\" he said.\n \"The change in the dollar's value is part of it, and since\nthe middle of last year, the actual volume of our exports had\nbeen on the rise,\" he said.\n He also said he believed America's trading partners should\ncut taxes and regulations, as the United States had done, so\nthat they could create jobs and buy more goods.\n Reuter\n\u0003",
"date": "27-APR-1987 10:43:31.44",
"topics": [
"trade"
],
"places": [
"usa",
"japan"
],
"id": "17335"
},
{
"title": "NCR <NCR> SLASHES PRICES ON PERSONAL COMPUTERS",
"body": "NCR Corp said it cut prices on its\npersonal computers, the 80286-based PC8 and 8088-based PC6\nmodels, by 10 pct to 21 pct effective immediately, to maintain\na competitive position on pricing.\n NCR said prices of its high-end PC8 models have been cut by\n10 pct to 13 pct and by 10 pct in its PC8 model designed to\ncompete with 286-based XT-level PCs. It also reduced the list\nprice of its PC6 model configured with 256 RAM and 360 K flex\ndrive, along with other products in the line.\n NCR also said it reduced the price of its 64MB fixed disk\ndrive to 2,995 dlrs from 3,595 dlrs.\n Reuter\n\u0003",
"date": "27-APR-1987 10:45:47.53",
"places": [
"usa"
],
"id": "17336"
},
{
"title": "SOY PLANTS MIGHT BE USED TO DRAW CADMIUM FROM SOIL",
"body": "Effective extraction of the toxic\nmetal cadmium from soil may at last be feasible using soybean\nplants, research in the Netherlands by a Belgian-based\nenvironment group shows.\n Cadmium, naturally drawn up by plants and passed on to\nconsumers, has been shown to produce kidney damage and\nresulting calcium loss as well as causing high blood pressure\nand cancers, a spokesman for the Ecological Life and\nCultivation (VELT) said.\n Three years of experiments by the organization showed\nsoybean plants extracted up to 16 pct of soil-borne cadmium,\nwhich went into the leaves and not into the beans themselves.\n Cadmium is present in the soil because of emissions in the\npast by factories producing non-ferrous metals, the spokesman\nsaid.\n \"Although many of these factories are now using far safer\nmethods of manufacture, the cadmium is already in the soil and\nuntil now there has been no way to get rid of it,\" he said.\n Reuter\n\u0003",
"date": "27-APR-1987 10:49:30.03",
"topics": [
"oilseed",
"soybean",
"strategic-metal"
],
"places": [
"netherlands"
],
"id": "17337"
},
{
"title": "EC TO BEGIN TALKS ON ECONOMIC PACT WITH HUNGARY",
"body": "European Community foreign ministers\nagreed to formal talks on signing an economic pact with\nHungary, in a move which could clear the way towards\nestablishing EC diplomatic ties with Budapest, EC officials\nsaid.\n They said Community foreign ministers agreed to mandate the\nEC executive Commission to open talks on a cooperation pact\nwhich would boost trade and economic ties with Hungary.\n Earlier this year, Hungarian Deputy Prime Minister Jozsef\nMarjai said Hungary might be willing to normalise relations\nwith the Community in exchange for such a deal, according to EC\nofficials. No date has been fixed for opening the talks.\n REUTER\n\u0003",
"date": "27-APR-1987 10:56:15.68",
"topics": [
"trade"
],
"organisations": [
"ec"
],
"places": [
"hungary"
],
"id": "17338"
},
{
"title": "CRANE <CR> SHAREHOLDERS APPROVE 3-FOR-2 SPLIT",
"body": "Crane Co said shareholders at its\nannual meeting approved a three-for-two stock split of its\ncommon to shareholders of record May seven. Crane said the\nadditional shares will be issued on or about May 21.\n It said the number of common shares outstanding will\nincrease to 23.7 mln from 15.8 mln.\n Crane also said shareholder's approved an increase in the\ncompany's common to 80 mln from 40 mln and authorized five mln\nshares of preferred stock with a par value of one ct.\n Reuter\n\u0003",
"date": "27-APR-1987 10:59:16.05",
"places": [
"usa"
],
"id": "17339"
},
{
"title": "NATL BUSINESS <NBSIF> SUBSIDIARY IN BUYOUT",
"body": "National Business Systems Inc said its\nTransact Data Services Inc subsidiary agreed to acquire Access\nATM Network Inc <ATM.TO>'s 1.6 mln outstanding shares for 1.6\nmln dlrs cash.\n The company said the deal was conditional on Access\ncompleting the previously announced sale of its automated\nteller machine assets to unidentified buyers and approval by\nAccess shareholders. Closing is expected in May, it said.\n National Business said Transact Data planned to amalgamate\nAccess's software and switching capability operations.\n Reuter\n\u0003",
"date": "27-APR-1987 10:59:47.11",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "17340"
},
{
"title": "PERU FAILS TO BUY SUGAR AT WEEKEND TENDER",
"body": "Peru failed to conclude any purchases at\nits weekend buying tender for two cargoes June shipment white\nsugar owing to the sharp price rise that day, traders said.\n However, the country had bought whites last week at 202.90\ndlrs a tonne cost and freight for May/June, they said.\n Meanwhile there was no news of the recent tender quest by\nAlgeria for 30,000 whites, the traders said.\n Reuter\n\u0003",
"date": "27-APR-1987 11:01:32.42",
"topics": [
"sugar"
],
"places": [
"uk",
"peru"
],
"id": "17341"
},
{
"title": "SYRIA SEEKING WHITE SUGAR NEXT MONTH - TRADE",
"body": "Syria is holding a buying tender on May\n6, for reply the next day, for 24,000 tonnes white sugar for\nshipment in two equal parts in June and July, traders said.\n Reuter\n\u0003",
"date": "27-APR-1987 11:02:46.90",
"topics": [
"sugar"
],
"places": [
"uk",
"syria"
],
"id": "17342"
},
{
"title": "FED EXPECTED TO SET MULTI-DAY REPURCHASE PACTS",
"body": "The Federal Reserve is expected to\ndirectly supply temporary reserves by arranging three or\nfour-day System repurchase agreements, economists said.\n They said there is less chance that it will add reserves\nindirectly instead. If the Fed fails to supply reserves,\nhowever, economists said this will be a strong indication that\nit is firming policy, perhaps in preparation for a near term\ndiscount rate increase from 5-1/2 pct.\n Federal funds, which averaged 6.29 pct on Friday, opened at\n6-7/16 pct and remained there in early trading.\n Reuter\n\u0003",
"date": "27-APR-1987 11:07:13.72",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "17343"
},
{
"title": "BANQUE NATIONALE DE PARIS TO RAISE CAPITAL",
"body": "French state-owned Banque Nationale de\nParis is planning a one-for-10 capital increase in the next few\nmonths, the bank announced at its annual press conference.\n BNP is planning to distribute one new share or investment\ncertificate for every 10 held.\n The French state is a 99.97 pct shareholder in the bank,\nwhich is due for privatisation during the next five years under\nthe government's plan to return 65 state-owned banks, insurance\ncompanies and industrial groups to the private sector.\n REUTER\n\u0003",
"date": "27-APR-1987 11:07:40.39",
"places": [
"france"
],
"id": "17344"
},
{
"title": "STANLEY WORKS <SWK> SEES RECORD 1987 NET",
"body": "Stanley Works said it\nexpects record sales and earnings in 1987 against earnings of\n78.7 mln dlrs on sales of 1.37 billion dlrs in 1986.\n \"We feel confident that, with our present momentum, the\nStanley Works is positioned for strong performance with record\nsales and earnings expected for 1987,\" chairman Donald W. Davis\nsaid.\n The company said its first quarter earnings from operations\nrose to 19.2 mln dlrs from 14.8 mln dlrs a year ago.\n Reuter\n\u0003",
"date": "27-APR-1987 11:08:48.24",
"places": [
"usa"
],
"id": "17345"
},
{
"title": "EC SUGAR STANCE LED TO GERMAN INTERVENTION MOVE",
"body": "A shift in the European Community's\nattitude to exports led to West German producers withdrawing\nsugar sold into intervention, industry sources said.\n The sources noted the withdrawal followed a rise in maximum\nCommission restitutions to within 0.5 European currency units,\nEcus, per 100 kilos of the level traders claim is needed to\nmatch intervention prices.\n One source said, \"This was taken as a sign that the\nCommunity was taking a more favourable stance towards exports.\"\nHe added producers still expected more from the Commission.\n German producers had sold 79,250 tonnes into intervention.\n Reuter\n\u0003",
"date": "27-APR-1987 11:09:07.13",
"topics": [
"sugar"
],
"organisations": [
"ec"
],
"places": [
"west-germany"
],
"id": "17346"
},
{
"title": "FEDERATED <FDS> TO BUY <ALLIED STORES CORP> UNIT",
"body": "Federated Department Stores\nInc and Allied Stores, currently wholly owned by Robert\nCampeau, said they have entered into a definitive stock\npurchase agreement for the sale of Allied's Blocks Inc unit to\nFederated for 55 mln dlrs cash.\n The price is subject to certain cloising adjustments, the\ncompanies said.\n Allied said it is selling Blocks, which operates 10\ndepartment stores under that name in Indiana and Ohio, and two\nMichigan stores under the Herpolsheimer's name, under its\npreviously announced restructuring program.\n The transaction is expected to close in June of this year\nwhen the twelve Blocks stores will be operated as an entity of\nFederated's Cincinnati-based Lazarus Department store division,\nthe companies said.\n The companies added that the deal is subject to customary\nclosing conditions, including expiration of the waiting period\nunder the Hart-Scott-Rodino Antitrust Improvement Act.\n Reuter\n\u0003",
"date": "27-APR-1987 11:10:08.59",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17347"
},
{
"title": "IBM <IBM> SEES INCREASINGLY POSITIVE 1987",
"body": "International Business Machines\nCorp expects its new products and cost-cutting measures to have\nan increasingly positive impact as 1987 proceeds, chairman John\nAkers told the annual meeting.\n Akers repeated his assessment of the company's outlook when\nfirst quarter results were announced last week that \"although\nthe worldwide economic situation remains unsettled, we see some\nencouraging signs.\"\n He said IBM shipments in the first quarter exceeded the\n1986 level, \"the first time that has happened since 1985.\"\n Akers said that IBM will increase its emphasis on service\nand support of customers this year and that by the end of 1987\nit will have 20 pct more sales representatives and systems\nengineers than two years ago.\n He said the company is accomplishing this by both moving as\nmany existing employees as possible into marketing and through\nnew hires.\n Akers said IBM will increase its U.S. software programming\nworkforce, both through retraining and hiring, by nearly six\nthousands people over early 1985, to a yearend total of 26,000.\n Last year IBM announced that it would try to reduce its\nworkforce without violating its historical no-layoff policy\nthrough early-retirement offers and retraining.\n Earlier this month, the company introduced a new line of\npersonal computers and this summer it will begin shipping a new\ngeneration of minicomputers it hopes will compete successfully\nagainst offerings from Digital Equipment Corp <DEC>.\n Akers said, \"We expect our product announcements and\nresource-balancing measures to have an increasingly positive\nimpact as 1987 proceeds.\"\n Akers said that since last April the company's worldwide\nworkforce has been reduced by 11,000.\n He said some 14,000 people have been moved from one IBM\nlocation to another, headquarters staff positions were cut by\n7,000 and the number of U.S. managers has been cut by 1,500.\n Akers said IBM is \"working hard to reduce our product\ncycle,\" which is the time between the cenception of a new\nproduct and its first shipment.\n \"We want to make this as short as possible and we are\nmaking progress,\" he said.\n Reuter\n\u0003",
"date": "27-APR-1987 11:10:56.19",
"places": [
"usa"
],
"id": "17348"
},
{
"title": "GENCORP <GY> UNIT CONSIDERING SALE OF STORES",
"body": "General Tire, a subsidiary of\nGenCorp, said it was evaluating the sale of its company-owned\nstores as part of its ongoing restructuring program.\n General Tire said it received inquiries from tire dealers\nand other interest parties. The company said the stores would\nonly be sold as a complete package, not individually.\n General Tire said it has 84 commerical and retail outlets\nacross the country.\n Reuter\n\u0003",
"date": "27-APR-1987 11:11:23.01",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17349"
},
{
"title": "U.S. SENATE LEADER WANTS BUDGET PASSED THIS WEEK",
"body": "Senate majority leader Robert Byrd\nsaid he wants the Senate to pass by late Friday a fiscal 1988\nbudget that starts reducing the flow of U.S. debt.\n The Democratic leader told a news conference and later the\nSenate itself that the Senate would debate the measure today\neven though technically the first procedural vote --on formally\nbringing up the vital measure for action--would not take place\nuntil tomorrow afternoon.\n The pending budget would cut some 38 billion dlrs from an\nanticipated deficit that would occur without any action.\n Senate Republican Leader Bob Dole also said he wanted quick\naction on the budget measure this week, before Friday afternoon\nwhen some Republicans want to leave town.\n Dole said a Republican substitute probably would be offered\nto the Democratic-written budget which would reduce the\nestimated 1988 deficit of about 171 billion dlrs to about 134\nbillion dlrs, through cuts in defence and social spending and\nsome 18.5 billion dlrs in unspecified tax hikes in 1988.\n The House, also controlled by Democrats, has passed a\nsimilar budget which would have to be reconciled with a Senate\nplan. President Reagan's budget was defeated in the House.\n Reuter\n\u0003",
"date": "27-APR-1987 11:12:04.71",
"places": [
"usa"
],
"id": "17350"
},
{
"title": "MANITOBA SEEDINGS PROGRESS WELL IN DRY WEATHER",
"body": "The Manitoba Agriculture Department\nweekly crop report said no measurable precipitation was\nreported across the province in the past week, allowing small\ngrain seedings to progress rapidly across the south, with field\npreparation under way in the northern growing regions.\n Small grains should be seeded across the Province in one to\ntwo weeks, assuming weather remains dry.\n Planting progress was most advanced in the southeast, with\n30 pct of the spring wheat acres and 40 pct of the barley acres\nseeded. Cereals plantings were well under way in the south\ncentral part of the province, with seedings spotty so far in\nthe southwest.\n Summer fallow acres should be in line with the latest\nStatistics Canada projections, the report said.\n Reuter\n\u0003",
"date": "28-APR-1987 16:26:42.44",
"topics": [
"grain",
"wheat",
"barley"
],
"places": [
"canada"
],
"id": "17351"
},
{
"title": "ROYAL BANK SEES CANADIAN ECONOMY EASING",
"body": "Canadian gross domestic product should\ngrow at a real rate of 3.3 pct this year before easing to a 3.0\npct growth rate next year when U.S. economic growth is expected\nto decline, Royal Bank of Canada, Canada's largest bank, said\nin its monthly economic forecast.\n The forecast is from fourth quarter to fourth quarter. The\nbank did not give Canada's real rate of growth for 1986. The\nbank said it expects the Canadian dollar to remain at the 75\nU.S. ct level for the next few months as major economic\nfundamentals have not improved enough to return the currency to\na higher level in the absence of a wider interest rate spread.\n Reuter\n\u0003",
"date": "28-APR-1987 16:33:11.11",
"topics": [
"gnp"
],
"places": [
"canada"
],
"id": "17352"
},
{
"title": "UK NOT CONSIDERING RESTRICTING OIL OUTPUT",
"body": "Britain is not considering any\nrestriction of its present oil production, UK Energy Minister\nAlick Buchanan-Smith said.\n Speaking to reporters at the Offshore Technology\nConference, Buchanan-Smith said, \"No, we've made that\nabsolutely clear, we see no reason for changing (the production\nlevel).\"\n Earlier today, Buchanan-Smith gave the go-ahead to Mobil\nCorp for two new North Sea developments -- the Ness oil field\nand Beryl B subsea water injection project -- totalling 96 mln\ndlrs (60 mln British pounds).\n Unlike Norway, which has restricted its production of\nNorth Sea oil by 80,000 barrels a day in an effort to stabilize\nworld oil prices, Britain has consistently refused to intervene\nin the market place.\n Buchanan-Smith also said there may be a demand-supply gap\nin the 1990s for natural gas in Britain, but added that it\nwould probably be less than had been previously estimated.\n Norway is a major producer of natural gas and this morning\nNorway's Energy Minister Arne Oien said he was hoping Britain\nwill take more Norwegian gas in the 1990s.\n Buchanan-Smith also said he expects to announce the\nresults of the 10th licensing round of North Sea tracts next\nmonth.\n He said there had been 75 applications for 127 tracts by\n84 companies, and added that he expects about 50 blocks will be\nlicensed.\n He said the results would be in line with rounds prior to\nbut not equal to the ninth two years ago, which was one of the\nmost successful ever.\n Reuter\n\u0003",
"date": "28-APR-1987 16:42:54.32",
"topics": [
"crude",
"nat-gas"
],
"places": [
"uk"
],
"id": "17353"
},
{
"title": "POGO <PPP> SEES INCREASING OIL PRODUCTION",
"body": "Pogo Producing Co said it should gain\nsome 700 to 800 barrels per day of additional oil production\nwhen new onshore wells start production in June.\n The company said work on offshore properties appears to be\non schedule to complete the addition before year end of about\n10 mln cubic feet of gas and 400 barrels of liquids to Pogo's\ndaily producing capabilities.\n In the first quarter, liquids production averaged 8,525\nbarrels daily, down from 11,233 barrels a day in the year\nearlier quarter.\n Reuter\n\u0003",
"date": "28-APR-1987 16:47:13.28",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17354"
},
{
"title": "OCCIDENTAL <OXY> HAS STAKE IN NORWAY OIL FIND",
"body": "Occidental Petroleum Corp said a\ngroup in which it is a participant discovered oil in the\noffshore Norwegian North Sea Block 9/2-1 exploratory well.\n The well tested at a maximum rate of 6,800 barrels of 39\ndegree API gravity oil and 918 thousand cubic feet of gas\nthrough a 3/4 inch choke. The well, the first to be drilled on\nthe block, was drilled in about 320 feet of water to a total\ndepth of 12,228 feet subsea.\n Occidental has a 10-pct stake in the 136,067-acre block\noperated by Statoil, the Norwegian state oil company, which\nholds a 50 pct interest.\n Reuter\n\u0003",
"date": "28-APR-1987 16:47:51.50",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa",
"norway"
],
"id": "17355"
},
{
"title": "SHULTZ SAYS U.S. WHEAT BONUS OFFER UP TO USDA",
"body": "U.S. Secretary of State George\nShultz said it was up to the Agriculture Department to decide\nwhether to offer subsidized wheat to the Soviet Union.\n Shultz told the Newspaper Farm Editors of America that a \nwheat bonus offer to the Soviet Union \"is something that I\nbasically leave to the Agriculture Department to figure out.\"\n Last year, Shultz spoke out against President Reagan's\ndecision to offer subsidized U.S. wheat to the Soviet Union --\nan offer Moscow spurned.\n \"I've always been a little put off by the idea that we would\narrange our food supplies so as to price them in such a way\nthat the Soviet housewife could buy American-produced food for\nless than the American housewife could buy it,\" Shultz said.\n \"It also seems to me that if we are going to sell in world\nmarkets, we have to meet the price,\" he added.\n Shultz called proposals to broaden the eligibility criteria\nof USDA's export enhancement program (EEP) to include all U.S.\ncustomers \"questionable.\"\n An across-the-board EEP would mark a \"considerable change\" in\nthe current program, which Shultz said is designed \"to say to\nother countries that subsidize, particularly the European\nCommon Market, that we're not going to give up our markets to\nthose subsidized sales and we'll have a little kit bag that\nwill meet that competition and hold our markets for our\nfarmers.\"\n \"If you just go across-the-board and subsidize everything,\nthat's a different order of program and seems to me quite\nquestionable,\" he said.\n Reuter\n\u0003",
"date": "28-APR-1987 16:51:58.73",
"topics": [
"grain",
"wheat"
],
"places": [
"usa",
"ussr"
],
"id": "17356"
},
{
"title": "NORTH AMERICAN GAS MARKET SOUGHT BY FERC",
"body": "Blocking Canadian gas imports\nwould not serve the long-term interests of the United States,\nsaid Martha Hesse, chairman of the Federal Energy Regulatory\nCommission, adding that the development of a freely open North\nAmerican energy market should be encouraged.\n \"I firmly believe that the long-term interest of U.S.\nconsumers would not be served by any attempt to promote a 'Made\nin America' label for gas,\" she said at an oil and gas\nconference.\n She said the commission recognizes the important role\nCanadian gas plays in the American market, despite grumblings\namong U.S. domestic producers of the competition from north of\nthe border.\n Recent figures show Canada shipped 2.48 billion Canadian\ndlrs worth of gas to the U.S. in 1986, down sharply from the\n3.91 billion dlr total in 1985.\n \"But we do seriously recognize the importance in the years\nto come of the supplies of Canadian gas to U.S. markets,\" she\nsaid. \"And even in the short term, competition is generally a\ngood thing,\" she added.\n She said the commission is concentrating on improving the\naccess to U.S. pipelines, something that would be of great\nbenefit to Canadian producers.\n Hesse said transportation of Canadian gas is already\nimproving, gas imports rising more than 21 pct in the first two\nmonths of the year. But Hesse declined to comment in detail on\nthe controversial December order, known as the \"as billed issue\",\nbecause it is the subject of a new hearing.\n The order, which is being fought by Canada, involves\nbarring U.S. pipeline companies and consumers from paying\ncertain Canadian shipping expenses.\n Hesse said the order was never intended \"as an attempt to\nextend the arm of U.S. regulations across the border.\"\n However, a senior Canadian government energy official\nwarned delegates the ruling could severely weaken Canadian gas\nproducers. \"Besides the extra territorial effect, there is the\npotential that Canadian consumers and producers may end up\nsubsidizing the cost of transportation services originally\nincurred on behalf of U.S. customers,\" said Robert Skinner, an\nassistant deputy minister in Canada's energy department.\n Reuter\n\u0003",
"date": "28-APR-1987 17:07:17.14",
"topics": [
"nat-gas"
],
"places": [
"canada",
"usa"
],
"id": "17357"
},
{
"title": "U.S. BEEF, CITRUS TALKS WITH JAPAN SEEN TOUGH",
"body": "The Reagan administration is expected to\nface tough resistance from Japan and from some entrenched U.S.\ninterests, if it hopes to succeed in forcing Japan to end beef\nand citrus import controls by April, 1988, U.S. and Japanese\nofficials said.\n Agriculture Secretary Richard Lyng and Trade Representative\nClayton Yeutter took a hardline stance on beef and citrus in\ntalks here last week, insisting that the quotas be abandoned by\nApril, 1988.\n But that stance will be difficult to maintain because Japan\nwill resist the pressure fiercely and because some U.S.\nsuppliers of those commodities have an interest in maintaining\nthe quotas, U.S. and Japanese officials told Reuters.\n Twice in the past, the United States has negotiated with\nJapan on beef and citrus import quotas -- during the Tokyo\nround of multilateral trade negotiations in 1978, and in\nbilateral talks in 1984.\n Each time the U.S. demanded an end to the quotas at the\noutset but ultimately accepted substantial increases instead.\nThe current agreement calls for an increase in high quality\nbeef imports to 58,400 tonnes in fiscal 1987, oranges to\n126,000 tonnes and orange juice to 8,500 tonnes.\n Lyng has said repeatedly that this time the United States\nwill not settle for simple increases in the quotas. Japan has\nbeen given plenty of time to reform its agricultural support\nsystem and the quotas must be scrapped, Lyng said.\n Japanese officials want to begin informal talks on beef and\ncitrus in August or September in Hawaii, sources said.\n If the U.S. intends to press its tough stance, and Japan,\nas expected rejects the demands, the issue may then be put to\nthe General Agreement on Tariffs and Trade for settlement,\nwhich would mean prolonging the friction beyond the April, 1988\ndeadline set by the U.S., officials said.\n In interviews here, Japanese officials insist that on beef\nthey will not liberalize imports, regardless of the U.S.\npressure, because the Japanese beef industry is not competitive\nand would be damaged by freer trade.\n Most Japanese beef production still tends to be on small\nfarms which Japanese officials said must be protected from\ncheap imports by use of the quota system.\n Furthermore, while the U.S. National Cattlemen's\nAssociation is strongly supporting the tough administration\nposition, some U.S. meat exporters and packers are ambivalent.\n This is because to some U.S. exporters and packers beef\nexports to Japan under the quota system are a steady, reliable\nbusiness managed by a quasi-government Japan Livestock Industry\nPromotion Corporation. Under quotas the U.S. share of Japan's\nbeef market has expanded at the expense of Australia.\n In the absence of quotas, some U.S. suppliers are concerned\nthe U.S. share might decline and exporting to Japan would\nbecome a riskier business, meat industry sources said.\n Major U.S meat industry leaders will meet in Washington\nnext week, including cattlemen, processors and exporters, in an\neffort to reach an industry-wide consensus toward Japan.\n The citrus industry also appears split on the quota issue.\nCalifornia's Sunkist, the largest U.S. supplier of oranges to\nJapan, has expressed reservations about eliminating quotas.\n A representative of Sunkist said the cooperative is\nconcerned that in the absence of quotas, lower quality oranges\nfrom Israel and South Africa might be competitive in Japan.\n Ironically, some Japanese officials hinted that fresh\noranges may be a product on which imports could be freed with a\nminimum of impact on Japanese mandarin orange production.\n This is because U.S. oranges do not directly compete with\nsmaller Japanese mandarins, officials said. But Japan wants to\nmaintain quotas on orange juice because it fears imported juice\ntastes better and would displace Japanese mandarin orange\njuice, they said.\n One scenario mentioned by both U.S. and Japanese officials\nis that Tokyo may try to blunt the tough administration stance\nby offering to scrap the quota on fresh oranges in return for\nU.S. acceptance of increases in beef and juice quotas.\n Lyng has acknowledged that liberalization of beef and\ncitrus imports is a difficult objective, but he insisted during\nthe week-long tour here that it is a high priority on the\nU.S./Japan agriculture agenda-- more important than the rice\nissue which received most of the attention.\n Asked about the ambivalence of some in U.S. agribusiness,\nLyng noted some interests on both the U.S. and Japanese side\nhave benefited from quotas but this will not stop the\nadministration from pressing for liberalization.\n And Lyng said the administration believes it can marshall\nmore support for eliminating the quotas now than ever before,\nbecause of concern about Japan's rising trade surplus.\n \"We're coming at this one (beef and citrus negotiation)\nwith a much stronger view coming out of Washington. The times\nhave changed. The trade balance is much worse,\" Lyng said.\n Reuter\n\u0003",
"date": "28-APR-1987 17:18:43.51",
"topics": [
"carcass",
"livestock",
"orange"
],
"places": [
"japan",
"usa"
],
"id": "17358"
},
{
"title": "DECLINE IN U.S. DOLLAR MAY BOOST OPEC OIL PRICE",
"body": "The sliding value of the U.S. dollar\nmay soon force the Organization of Petroleum Exporting\nCountries to raise its oil benchmark price, setting the stage\nfor prices as high as 22 dlrs a barrel by yearend, top\nexecutives with U.S. oil companies said.\n The current benchmark price of 18 dlrs a barrel was\nestablished by the Organization of Petroleum Exporting\nCountries (OPEC) at its December meeting when the cartel set a\n15.8 mln barrel per day production ceiling.\n But the continuing weakness of the U.S. dollar, the\ncurrency used by OPEC for its oil sales, is making the 18 dlr\nprice difficult to sustain, said Fred Hartley, chairman of\nUnocal Corp <UCL>.\n The U.S. dollar has fallen in value by about 10 pct since\nDecember and has fallen by a total of about 40 pct during the\npast two years.\n Hartley told Reuters he expected significantly higher oil\nprices this winter and would not rule out the potential for 25\ndlrs a barrel by the spring of 1988.\n \"I think June will be the critical month to see what they\ndo,\" said Hartley, who was in Houston to attend the World\nPetroleum Congress. OPEC has scheduled a regular meeting in\nJune which some experts believe is likely to revive suggestions\nthat oil should be priced according to a basket of world\ncurrencies instead of the U.S. dollar.\n E.H. Clark, chairman of <Baker Hughes Inc>, said the Saudi\nkingdom's need to generate revenues -- rather than greater\nworld demand -- would drive any price increases.\n \"The Saudis have made committments and have a balance of\ntrade based on receiving 18 dlrs a barrel for this oil. But the\nU.S. dollar won't buy as much as it did five or six months\nago,\" Clark said in an interview. \"I'm betting on the Saudi\nking's need to sustain revenues.\"\n Clark predicted that world oil prices would top 22 dlrs a\nbarrel by January one.\n However, the authoritative Middle East Economic Survey\nreported yesterday that Saudi Arabia would not seek to increase\nOPEC oil prices unless oil demand showed strong growth.\n Saudi sources told the newsletter that the policy was based\non the longterm need to restore the competitive position of\nOPEC oil against other energy sources.\n Many oil industry experts are forecasting a modest increase\nin world oil demand averaging one pct annually during the next\nfew years.\n Michel Moreau, a director of the <Elf Aquitaine Group>,\nsaid he believed the worldwide oil industry had reached a\nconsensus that prices of at least 20 dlrs a barrel were\nnecessary to cover exploration costs, royalties and taxes on\nnew production.\n The 20 dlr level will be reached this year only if the\ncash-strapped nations of Nigeria, Egypt and Gabon refrain from\ndiscounting oil prices or increasing production levels, Moreau\nsaid.\n \"I think if more than two (OPEC nations) defect, the\nproduction agreement will fall apart,\" he said. \"But this\nthreat is the Saudis' big stick to keep producers in line.\nNobody wants a repeat of the collapse that occurred in 1986.\"\n Lawrence Rawl, chairman of Exxon Corp <XON>, told Reuters\nhe expected prices would remain at 18 dlrs through the end of\n1987, adding that 20 dlrs a barrel was a possibility.\n Other major companies are taking a more cautious view of\nprices, fearing that some OPEC members may yet upset the\ncartel's production agreement.\n \"This is a year of testing,\" said Alfred Munk, manager of\nforeign affairs at Amoco Corp. (AN). \"If they fail, there may\nbe a price decline to about 14 dlrs a barrel.\"\n French-owned Total CFP's vice president Pierre Vaillaud\nsaid, \"Demand is not going up very quickly, at best maybe one\npercent a year. You can't change the price with just one pct,\"\nVaillaud said.\n Reuter\n\u0003",
"date": "28-APR-1987 17:20:01.49",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"usa"
],
"id": "17359"
},
{
"title": "NYSE SAYS ADVEST <ADV> DECLINES COMMENT",
"body": "Advest Group Inc said it is against\ncompany policy to comment on unusual market activity or rumors\nin response to inquiries on the unusual activity of its stock,\naccording to the New York Stock Exchange.\n The stock closed up 1-1/2 to 15. The exchange said it had\ncontacted the company and requested a public statement\nindicating whether there are any corporate developments which\nmay explain the activity.\n Reuter\n\u0003",
"date": "28-APR-1987 17:23:28.70",
"places": [
"usa"
],
"id": "17360"
},
{
"title": "MORGAN STANLEY GROUP <MS> UNIT IN GAS DEAL",
"body": "Morgan Stanley Group Inc unit Natural\nGas Clearinghouse Inc said it has reached agreement with\n(Pan-Alberta Gas Ltd) of Canada to import substantial\nquantities of natural gas for its U.S. customers.\n The company said potentially 500 mln cubic feet a day of\nCanadian natural gas could be imported under the agreement.\n It said the natural gas would be competitively priced but\ndid not refer to specific prices.\n Pan-Alberta is owned by Nova <NVA.A.T> and Alberta Energy\nCo, the company added.\n Reuter\n\u0003",
"date": "28-APR-1987 17:26:50.23",
"topics": [
"nat-gas"
],
"places": [
"usa",
"canada"
],
"id": "17361"
},
{
"title": "AMERICUS TRUST/KODAK <KDUWI> BEGINS TRADING",
"body": "The American Stock Exchange said an\ninvestment trust which issues units in exchange for Eastman\nKodak Co <EK> shares began trading today on a \"when issued\"\nbasis.\n AMEX said the trust, known as the Americus Trust for Kodak\nshares, trades under the ticker symbol KDUWI and will accept a\nmaximum of 7,500,000 shares.\n The trust included two categories which traded separately\nfrom the units, known as prime and score components, which\nrespectively allowed investors to receive current income or\ncapital appreciation potential, it said.\n Reuter\n\u0003",
"date": "28-APR-1987 17:35:02.42",
"places": [
"usa"
],
"id": "17362"
},
{
"title": "U.S. MAY HAVE TO ACT TO SUPPORT DOLLAR",
"body": "The prospect of renewed assaults on\nthe dollar might force the United States eventually to unveil\ndistasteful measures to bolster support for its currency,\nmonetary analysts and economists said.\n Treasury Secretary James Baker has acknowledged that the\nReagan administration discussed the possibility of issuing\nyen-denominated U.S. government bonds to support the dollar.\n But he has also dismissed speculation that he was ready to\ntake such an unusual step. Nonetheless, monetary sources say\nthe issue has been seriously discussed by the administration.\n \"It is unlikely that we would undertake to do that now,\"\nBaker said last week. \"In our view there might well be some who\nwould view (issuing U.S. yen bonds) as, in fact, a lack of\nconfidence by the U.S. in its own currency. And therefore we\ndon't think it's an appropriate thing to do.\"\n But if the Reagan administration did announce measures,\nthey could be a part of an internationally-coordinated effort\nto end the instability in financial markets with genuine action\nto reduce massive economic imbalances, monetary analysts\nbelieve.\n And, like a currency defense package unveiled by the Carter\nadministration, issuing yen bonds could be accompanied by a\nrise in the discount rate, now 5.5 pct.\n The Federal Reserve has resisted pressure to raise this key\nrate so far, chiefly, some Fed officials say, because it could\nhurt economic growth. Another concern is the fragile\ninternational debt situation.\n Analysts who expect a currency support package are divided\nover its possible timing. Some even believe an announcement\ncould come this week during a visit to Washington by Japanese\nPrime Minister Yasuhiro Nakasone.\n \"It would give some real focus to the visit, and it might\nsteady the dollar and prevent it from going down,\" said Charles\nTaylor, an analyst with Prudential-Bache Securities.\n But monetary sources said they thought it unlikely that the\nReagan administration would resort to measures which would\nbring to mind the troubles of President Carter.\n Until very recently, the current administration has urged a\nlower dollar to help redress its huge trade deficit while\nCarter faced a weak dollar as confidence in his economic\npolicies collapsed. But today, Washington's policies are\nincreasingly in question.\n The Carter plan was unleashed on Nov. 1, 1978. And it was a\nresounding success. \"This package really gave credibility to the\nadministration to get the dollar up,\" said Robert Hormats,\nvice-president of Goldman Sachs Inc and a former senior U.S.\neconomic in the Carter and Reagan Administrations.\n The dollar then stood at just under 1.87 marks and around\n188 yen. Today it stands around 1.79 marks and 139 yen.\n \"The problem is now that the administration in rhetoric is\nevidencing concern about the dollar but in practice is really\ndoing very little,\" Hormats said of statements to support the\ndollar by U.S. officials.\n Several currency traders and foreign central bank officials\nthink these statements still fall short of unequivocally saying\nthe dollar has declined far enough.\n Carter issued 6.4 billion dlrs of mark and swiss franc\nbonds aimed essentially at buttressing pyschological support\nfor the dollar but also at attracting foreign investors, who\nhad lost confidence in the dollar, to U.S. government notes.\n The package was supported by a one pct rise in the discount\nrate, to 9.5 pct, drawings on U.S. monetary reserves at the\nInternational Monetary Fund and sales of U.S.-held SDRS to\nother IMF members. \n It was also supported by increased Fed currency swap lines\nwith other central banks and stepped up official U.S. gold\nsales.\n Stephen Axilrod, a former Fed official who is now\nvice-chairman of Nikko Securities, said, \"I think it's very\nunlikely they would do that now.\"\n He argued that it was politically difficult to take action\nto support the dollar while Japan and West Germany have still\nto fulfill pledges to stimulate their economies.\n But most analysts believe a currency support package would\nonly work if genuine economic measures to redress world trade\nimbalances are undertaken by the leading industrial powers.\n It could coincide with the June Venice summit of leaders of\nthe seven major industrial democracies -- the United States,\nJapan, West Germany, Britain, France, Italy and Canada.\n Hormats said he believed the currency has to decline\nslightly further for a package to have impact. He said the\nseven nations' Paris Accord to stabilize currencies was forged\ntoo soon to fundamentally change market sentiment.\n \"I think we're nearing a point when they would feel\n(politically) comfortable doing this,\" Hormats said.\n Many analysts think the administration's reluctance to act\nfirmly on the dollar has been due to its desire to keep up the\npressure on its allies to bolster their economies and for fear\nof fanning protectionist sentiment in Congress.\n But Hormats said \"there will be a point at which the\ngovernment of the United States shows it does give a damn for\nthe dollar.\"\n Reuter\n\u0003",
"date": "28-APR-1987 17:58:50.31",
"topics": [
"dlr",
"money-fx"
],
"places": [
"usa"
],
"id": "17363"
},
{
"title": "GENERAL DYNAMICS <GD> NAMED AS DEFENDANT",
"body": "General Dynamics Corp was named as a\ndefendant in a multimillion dlr fraud suit brought by the U.S.\ngovernment in 1985 stemming from government subsidized\nshipbuilding contracts, according to court documents.\n The government originally filed the suit against two of\nDynamic's officers and two officers of its subcontractor,\nFrigitemp Corp. The suit, filed in federal court in New York,\nseeks to reclaim funds from kickbacks, overpayments and\nsubsidies that were allegedly overexpended on two shipbuilding\nprojects. The government paid 70 mln dlrs in subsidies between\n1978 and 1982, court papers said.\n Reuter\n\u0003",
"date": "28-APR-1987 18:10:47.47",
"topics": [
"ship"
],
"places": [
"usa"
],
"id": "17364"
},
{
"title": "GOVERNMENTS SEEN MORE INVOLVED IN OIL DRILLING",
"body": "The offshore oil drilling industry\nwill attract increasing numbers of government connected firms\nin the 1990s, according to Ronald Tappmeyer, Vice Chairman of\nReading and Bates Drilling Co.\n Tappmeyer told the Offshore Technology Conference that\ncontract drilling was reaching the same kind of situation that\noil producing companies reached when their oilfields were\nnationalized in nations as Venezuela, Iran and Saudi Arabia.\n He said local connections to the nation whose waters are\nbeing drilled was an increasingly important factor in the\nmarket.\n \"We have seen contractors put at competitive disadvantages\nin nations in which they had worked successfully for years\nessentially moved aside to make room for locally-owned firms or\na locally-built rig,\" he said.\n Tappmeyer, who is president of the International\nAssociation of Drilling Contractors, said how far the trend\nwould spread depends on the growth of trade protectionism.\n He added that international contractors will increasingly\nfind their role restricted to regions that require special\nexpertise and experience, such as wildcat areas and severe\nenvironments such as in the Arctic and extremely deep waters.\n Tappmeyer also said he expects producing companies to\nprovide the main financing for offshore drilling in the coming\ndecade as banks will be unwilling to repeat overexposing\nthemselves and drilling contractors will have difficulty\nproviding financing out of cash flow.\n At the same time, he said he saw the financing as indirect\nas he does not see producers getting back in the rig-owning\nbusiness.\n He also said projectfinancing will have to be backed up\nby work commitments to guarantee the payoff of construction\ncosts.\n For the time being, he said there was a superabundance of\nrigs. But he said there will be a need for new, technologically\nadvanced rigs within a few years.\n He said the floating-drilling rigs were most likely to\nbenefit from new developments in technology, adding that by\n2,000 there should not be an ocean left that is too deep, too\ncold, too stormy or too remote to be explored.\n Reuter\n\u0003",
"date": "28-APR-1987 18:35:40.10",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17365"
},
{
"title": "EC OFFICIALS PLAN NEW EFFORT ON FARM PRICE TALKS",
"body": "European Community (EC) leaders hope\nto make a new attempt to inject fresh urgency into talks on\nreforming the bloc's controversial farm policy when EC\nagriculture ministers meet for a third day of discussions here\nthis morning.\n Community officials said farm commissioner Frans Andriessen\nmet Belgian minister Paul de Keersmaeker late last night to\nplan a new initiative.\n Both Andriessen and de Keersmaeker, who currently chairs EC\nfarm ministers' meetings, were said to be disappointed by the\nlack of progress in the talks so far this week.\n The bloc's executive Commission has proposed a tough\npackage involving effective cuts of upwards of 10 pct in\nfarmers' returns for many crops this year.\n Ministers were due to have adopted a package by April 1 but\nare only this week getting down to serious negotiations.\n Yesterday, they discussed plans to cut cereals prices by\n2.5 pct, and reduce farmers' rights to sell surpluses to EC\nstores, to cut prices for fruit and vegetables by larger\nmargins, and to impose a tax on EC-produced and imported\noilseeds, a proposal which would be likely to sour EC trade\nrelations with the United States.\n Diplomatic sources said ministers, all of whom are opposed\nto at least one of these propositions, maintained entrenched\npositions yesterday, making the task of de Keersmaeker in\nsteering his colleagues towards a compromise a daunting one.\n They said he could also be treading a minefield if he\nsought to breach the divide between his fellow ministers over\nplans to change the system by which EC farm prices, expressed\nin a notional common currency, are translated into the\ncurrencies of member states.\n West German minister Ignaz Kiechle indicated yesterday he\nwould veto the adoption of Commission proposals in this area,\nsaying they would unfairly affect farmers in strong currency\nnations.\n The Belgian sources said de Keersmaeker may today present a\npaper to his colleagues which, while not having the status of a\ncompromise proposal, would attempt to narrow their options.\n But diplomats said the philosophical gap between ministers\nlike Kiechle, with his commitment to maintaining traditional\nrural patterns, and others who see runaway farm spending as\nunacceptable economically, is likely to prove extremely\ndifficult to bridge.\n They agreed with EC farmers' union association president\nHans Kjeldsen who said yesterday that an agreement in June\nappeared to be the best that could be hoped for.\n Reuter\n\u0003",
"date": "28-APR-1987 18:47:31.82",
"topics": [
"grain",
"oilseed"
],
"organisations": [
"ec"
],
"id": "17366"
},
{
"title": "NERVOUS CONSOLIDATION SEEN IN CURRENCY FUTURES",
"body": "Currency futures at the International\nMonetary Market (IMM) are likely to consolidate near current\nlevels in nervous trading conditions over the next few days,\nalthough underlying sentiment remains positive, currency\nanalysts said.\n \"Currencies are likely to muddle around these levels,\" said\nShearson Lehman Brothers analyst Anne Parker Mills.\n Traders are unwilling to establish either long or short\npositions in futures because of uncertainty over upcoming trade\ntalks and U.S. trade legislation, they said.\n Japanese prime minister Yasuhiro Nakasone and President\nReagan will meet Thursday and Friday to discuss trade tensions\nbetween their two countries, while at the same time the\nDemocratic-led U.S. House of Representatives will be voting on\na controversial trade bill.\n \"Unless something really surprising comes out of the\nNakasone/Reagan talks, I don't see the dollar getting above 142\n(yen) and 1.83 (marks),\" Mills said.\n The equivalent in futures of those interbank levels are\nabout 0.007050 to 0.007025 in the June yen contract and about\n0.5500 in June marks, she said.\n June yen closed at 0.007191 on Tuesday while June marks\nfinished the day at 0.5602.\n Mills said, however, that \"the chances of them (Reagan and\nNakasone) coming up with something new are limited.\" One\npossibility might be a Japanese discount rate cut, but \"they\nprobably won't do that unless we raise our discount rate.\"\n Recent firmness in the federal funds rate and the Federal\nReserve's slowness in adding reserves to the banking system has\nheightened sentiment that the money-policy making body has\nalready tightened credit and a discount rate hike is possible,\nanalysts said.\n Recent weakness in currencies and strength in the dollar\nhas been more the result of nervous shortcovering ahead of the\nmeeting rather than reaction to the White House statement\nMonday supporting a stable dollar, said Harris bank currency\nanalyst Earl Johnson.\n Traders \"are worried about the outcome of the talks between\nReagan and Nakasone,\" and as the talks are late in the week,\nthe market may not get a chance to react to any developments\nuntil Monday, Johnson said.\n Until then, Johnson expects the dollar to remain in a broad\nrange between 1.77 and 1.85 marks and 137 to 140.50 yen.\n Chicago Corp analyst John Bilson, however, expects a rally\nin the European currencies over the near-term, while the yen,\nat this point is overbought.\n \"The Japanese are moving away from the U.S. market,\" and\ninvestment funds formerly directed to the U.S. are likely to\nflow into Europe, Bilson said.\n The chief beneficiary of such a flow of funds will be\nsterling, Bilson said.\n \"Sterling rates are about four pct above Japanese rates,\ndespite the half point rate cut,\" Bilson said. Major U.K. banks\nlowered their base lending rates today to 9.5 pct.\n In addition to a favorable interest rate spread which\nshould attract funds, Bilson said the firm oil market and the\nstrong political situation of Prime Minister Thatcher also make\nBritish investments attractive.\n Passage of the trade bill, which includes an amendment by\nMissouri Democrat Richard Gephardt that would force a 10 pct\nannual cut in imports from countries with an excessive trade\nsurplus with the U.S. if they fail to remove unfair trade\nbarriers to the U.S. after six months of negatiations, would\nlikely pressure the yen, Bilson said.\n Bilson, however, said the legislation is unlikely to pass,\nbut that Nakasone is likely to bring a promise to open Japanese\nmarkets to U.S. goods and back it up with government contracts\nwith U.S. manufacturers.\n Reuter\n\u0003",
"date": "28-APR-1987 18:54:47.76",
"topics": [
"money-fx",
"dlr",
"stg"
],
"places": [
"usa"
],
"id": "17367"
},
{
"title": "GLOBAL ECONOMIC ILLS MAY TAKE YEARS TO RESOLVE",
"body": "A study by the Organization\nfor Economic Cooperation and Development says it may take years\nto resolve the huge economic imbalances now plaguing the world\neconomy, U.S. and western officials said.\n The paper was expected to stimulate policy debate among\nsenior officials of leading industrial nations preparing for\nnext month's annual meeting of finance ministers in Paris.\n The May 11-13 ministerial meeting of the 24-nation OECD, a\nforum for coordinating economic policies, has taken on added\nsignificance in view of the difficulties dogging the attempts\nof major nations to achieve joint goals.\n Despite two meetings of the seven leading industrial powers\n-- the United States, Japan, West Germany, France, Britain,\nItaly and Canada -- pledges to change policy have still to be\nturned into action.\n As a result, financial markets have been unusually unstable\nand have focussed their attention on every international\nmeeting for clues that change is in the air.\n The study concludes that there needs to be much greater\nfiscal action by the United States, West Germany and Japan to\nreduce their massive trade imbalances, a U.S. official said.\n \"We looked at what we could do to get from here to there.\nWe've got to continue cutting the deficit, and there needs to\nbe domestic expansion (in West Germany and Japan),\" the official\nsaid, noting that significant actions are called for.\n Officials noted the study strongly underscores the need for\naction by West Germany and Japan.\n Seperately, western officials said they understood that\nU.S. overtures to Japan and West Germany to cut their\nshort-term interest rates have been rebuffed for now.\n Such rate reductions would have helped stabilize the steep\ndecline of the dollar, by widening the difference between bond\nyields in the United States, on the one hand, and in Japan and\nWest Germany on the other.\n One official said that while the policy actions called for\nwere similar to those urged by the seven, the study shows \"it's\ngoing to take several years to resolve (the trade\nimbalances).\"\n The OECD has set three pct as the necessary target for\naverage annual growth in the industrial world if trade\nimbalances are to be corrected and the Third World debt crisis\nkept under control.\n The study strongly implies these targets will not be met\nwithout major action by the three leading nations, officials\nsaid.\n Equally, it suggests that without major fiscal expansion by\nBonn and Tokyo, and a corresponding deep reduction in the U.S.\nbudget deficit, the current trend of an upturn in U.S. interest\nrates and a weakening dollar will go uncorrected.\n U.S. Treasury Secretary James Baker says the dollar's deep\ndecline alone will shave only 15 billion dlrs off the roughly\n140 billion dlrs U.S. deficit in goods and services this year.\n But the study group also found that progress has been made\nand the seven main nations are moving in the right direction.\n In Paris this February, the seven agreed that fiscal\nactions by the three major powers would help them stabilize\ncurrencies around levels ruling then.\n The Reagan administration, this week facing the prospect of\na tough trade bill aimed at curbing foreign trade surpluses,\nalso promised to fight protectionism.\n The officials said Washington must move ahead with budget\ndeficit cuts of around 36 billion dlrs, a figure set as a goal\nby the Democratic leadership of the House of Representatives.\n They also called for significant increases in the budget\ndeficits of Japan and West Germany. Since the study group met,\nJapan has announced a roughly 35 billion dlr supplementary\nbudget which was warmly welcomed by Washington.\n Nonetheless there is caution over both the timing and the\ncontent of the proposed Japanese budget.\n Financial markets, unconvinced by yet another Japanese\npromise of action, have pushed the yen sharply higher against\nthe dollar.\n While no West German fiscal action is promised before\nJanuary 1988, U.S. officials would welcome such a move. \"We'd\nlove them to accelerate their tax cuts,\" one official said.\n West German economic growth fell steeply in the first\nquarter this year, but the official said Bonn has reassured\nU.S. officials they expect growth to pick up again.\n If faster German growth fails to emerge, Bonn could find\nitself under pressure to speed up tax cuts planned for early\n1988 when leaders of the seven meet in Venice this June.\n reuter\n\u0003",
"date": "28-APR-1987 19:44:20.97",
"organisations": [
"oecd"
],
"places": [
"usa"
],
"id": "17368"
},
{
"title": "SOVIET SAYS DATA SHARING WILL HELP FIND OIL",
"body": "A Soviet geologist said scientists need\nto coordinate data about onshore and offshore oil deposits to\nhelp identify global formations that would indicate other\npotential discoveries of oil and gas reserves.\n Vladmir Vladiminovich Semenovich, the head of petroleum\ngeology at Moscow State University, told delegates at the World\nPetroleum Congress that exploration efficiency could also be\nimproved through new and more sophisticated technology.\n \"We should emphasize that when having the data about\npetroleum distribution onshore and offshore, it is possible to\nclarify the idea of global regularities in oil and gas\nprospects,\" Semenovich said. \"However, much work should be done\nto coordinate data concerning the structure and oil and gas\nprospects in adjoining onshore and offshore basins.\"\n Sharing the information could help geologists better\npredict regional trends and underground formations that\nindicate the presence of oil or gas, he said.\n Semenovich also said that existing estimates of the\npotential oil and natural gas resources of the world may need\nto be revised upward as oil companies continue to examine\nunexplored regions.\n The world, which has already produced 476 billion barrels\nof oil and gas, has a current total of about 733 billion\nbarrels in proved reserves. Undiscovered resources are\nestimated at about 1.4 trillion barrels, or about half of the\ntotal ultimate reserves, Semenovich said.\n \"There are a lot of unstudied regions all over the world\nand, as far as the already known basins, one continues to find\nadditional reserves,\" he said, noting that Antarctica has been\nvirtually ignored. \"The existing estimate of potential\nresources of the world may need to be enlarged.\"\n To find deeper and more expensive reserves, scientists will\nneed to use 3-D mapping of underground formations and laser\nspectrometry to measure bitumen in soils and plants among other\ntechniques, he said.\n He estimated that continental slopes contain about 10 to 13\npct of all offshore reserves.\n Semenovich also said that virtually all of the total oil\nand gas resources now estimated to exist in the world would be\ndiscovered and placed in production during the next 50 years.\n After his speech, Semenovich told Reuters that Soviet oil\nproduction was increasing. \"The difficulties of 1985 have been\novercome and we're now back to normal production,\" he said.\n The Soviet Union, the world's largest producer of oil, had\nexperienced drilling and technical problems that cut total\nliquids production from 12.45 mln barrels a day in 1984 to 12.1\nmln barrels a day in 1985. Last year, the Soviets produced an\nestimated 12.3 mln barrels.\n When asked about the recent reopening and testing of a coal\ngasification project in Soviet Central Asia, Semenovich said\nthe project was important because of the lack of oil reserves\nin the region.\n Semenovich declined to identify at what level of world oil\nprices the coal gasification process would become economic\nagain. \"It's too expensive for the time being,\" Semenovich\nsaid.\n \"Theoretical development is underway and tests are being\nrun. For the moment, coal gasification is a very small part of\nthe energy industry,\" he said.\n Reuter\n\u0003",
"date": "28-APR-1987 19:45:10.95",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa",
"ussr"
],
"id": "17369"
},
{
"title": "HONG KONG DEFENDS CURRENCY LINK WITH U.S. DOLLAR",
"body": "Hong Kong has not taken unfair\nadvantage of its currency's link with the U.S. Dollar, Hong\nKong monetary affairs secretary David Nendick told the annual\nmeeting of the Asian Development Bank here.\n He said: \"We have taken the rough with the smooth, having to\naccept a downward adjustment of our economy in 1985 following a\nperiod when the U.S. Dollar was clearly overvalued in world\nterms, but benefiting as that currency subsequently declined.\"\nHe said that since the establishment of the link in 1983, Hong\nKong's trade had been broadly in balance. This year a modest\ndeficit was expected.\n \"Under the link, Hong Kong's entirely free and open economy\ncontinues to adjust quickly to any external imbalances, but the\nburden of adjustment now falls almost entirely on our domestic\ninterest rates, money supply and price levels,\" Nendick said.\n \"The relative volatility in these domestic variables is the\nprice we pay for the stability of our currency against the U.S.\nDollar,\" he said.\n REUTER\n\u0003",
"date": "28-APR-1987 22:59:31.46",
"topics": [
"hk",
"dlr",
"money-fx"
],
"organisations": [
"adb-asia"
],
"places": [
"japan",
"hong-kong"
],
"id": "17370"
},
{
"title": "ADB MEETING ENDS, MARKED BY CRITICISM",
"body": "The Asian Development Bank (ADB)\ntoday wound up a three-day meeting which was marked by\ncriticism of the ADB from both rich and poor member nations.\n In speech after speech, the 20-year-old ADB was charged\neither with not doing enough to help countries in the region,\nor with funding projects which were not worthwhile.\n The attacks often, but not always, broke down along\ndeveloped and developing country lines.\n The former, which provide the ADB with money, generally\nemphasized the need for quality projects.\n The ADB was not even spared criticism from its host country\nand largest shareholder, Japan.\n \"I am not 100 pct satisfied with the performance of the ADB,\"\nJapanese finance ministry deputy director-general Fumiya\nIwasaki told Reuters.\n He said the Bank had only approved five pct more new loans\nin 1986 than in 1985. He hoped for a return to the more rapid\ngrowth rates of earlier years.\n \"The Asian economy is now changing. The ADB should adapt\nitself to those changes,\" he said.\n But supporters of the ADB said it already was changing, and\nIwasaki made it clear Japan welcomed the steps being taken by\nthe ADB's president Masao Fujioka.\n \"So far, we have confidence in Mr Fujioka's leadership,\"\nIwasaki said.\n To spur demand for loans, the ADB has restructured its\ncountry and agricultural departments to enable it to identify\nthe needs of developing member countries more quickly.\n But some delegates said the ADB was putting too much\nemphasis on the need to give out more money, and not enough on\nchecking the quality of the projects involved.\n \"The success of the Bank should not be measured by the\nvolume of its lending but by its contribution to the\ndevelopment process,\" chief U.S. Delegate Charles H. Dallara\ntold the meeting.\n He said: \"Project quality is an area which has attracted\nattention recently and on which the United States has expressed\nstrong views. Although over the years the majority of ADB loans\nhave been sound, we have had problems with some of the projects\nbrought before the board of directors lately.\"\n Australia voiced similar concerns.\n Australian delegate C. J. Hurford said: \"Bad projects\nbenefit neither the Bank nor its borrowers. They damage the\nBank's reputation and ultimately lessen support from donor\ncountries and capital markets.\"\n There were also criticisms of proposals from developing\ncountries that the ADB make more of its loans dependent on\neconomic reforms in Third World nations.\n \"We are concerned with the Bank's increasing preoccupation\nwith dialogue,\" said India's delegate, S. Venkitaramanan.\n \"We have expressed our unhappiness with the insistence of\nmulti-lateral agencies on global prescriptions,\" he said.\n REUTER\n\u0003",
"date": "29-APR-1987 00:05:46.87",
"organisations": [
"adb-asia"
],
"places": [
"japan"
],
"id": "17371"
},
{
"title": "SRI LANKAN MINISTER SEES SLOWEST GROWTH IN DECADE",
"body": "Civil strife in Sri Lanka will\nmake the economy's growth rate in 1987 its slowest in a decade,\nSri Lankan finance minister Ronnie de Mel said here.\n He told Reuters in an interview that he expected gross\ndomestic product to expand by only four pct in 1987. He said it\naveraged five pct over the past three years.\n For the first two years after the present troubles began in\n1983, production of key commodities like tea, rubber, coconuts\nand rice kept up, he said.\n Tamils on the island are fighting for a seperate state.\n De Mel said: \"Private sector production in fact grew by 25\npct in 1984 and 20 pct in 1985. But last year things took a\nturn for the worse.\"\n He said prices of tea, the main export, fell to half their\n1984 levels. World prices of rubber and copra also fell.\n \"There was also a decline in income from tourism and\nremittances from Sri Lankans working in the Middle East.\"\n He said any savings from the worldwide drop in crude oil\nprices were wiped out by the cut in commodity earnings.\n \"To add to all this we have had, between January and March\nthis year, the worst drought I have seen in my life,\" he said.\n De Mel said the drought would seriously affect agricultural\nproduction.\n He said because of the fighting in the country, defence\nexpenditure was now about 20 pct of the national 1987 budget of\n70 billion rupees.\n Sri Lanka planned to borrow about 600 mln dlrs in 1987 from\nthe World Bank and the Sri Lanka Aid Consortium which comprises\nmembers of the Organisation for Economic Cooperation and\nDevelopment (OECD), he said.\n \"We also plan to ask the International Monetary Fund for\nanother 200 mln dlrs through a structural adjustment facility\nand a compensatory financing facility to balance our export\nrevenue cuts,\" de Mel said.\n He said despite the unrest, Sri Lanka had succeeded in\nkeeping its total foreign debt to three billion dlrs by\navoiding borrowing from commercial banks.\n \"Commercial bank debt accounts for only 15 pct of our total\nforeign debt,\" he said.\n He said the Mahaweli hydro-electric project was nearing\ncompletion. It was likely to cut dependence on oil imports.\n \"The project will more than treble our hydro-electric power\nfrom 300 megawatts to nearly 1,000 megawatts,\" de Mel said.\n He said 20 new townships would rise around the project,\nwhich is in the north-central part of the island. It was\nexpected to irrigate 1.2 mln acres of land and indirectly\nprovide employment for 500,000 landless families.\n De Mel said Tamil guerrillas were waging a war of attrition\nin the island's north and east.\n REUTER\n\u0003",
"date": "29-APR-1987 01:20:46.89",
"topics": [
"gnp"
],
"places": [
"sri-lanka"
],
"id": "17372"
},
{
"title": "ADB CHIEF SAYS CHINA LIKELY TO BORROW 300 MLN DLRS",
"body": "China is likely to borrow up to\n300 mln dlrs this year from the Asian Development Bank (ADB),\npresident Masao Fujioka said.\n The loans would be China's first from the ADB.\n \"I think there will be at least one loan to China this year,\nand possibly a second,\" Fujioka told a news conference at the\nend of the ADB's annual meeting here.\n Asked how large the loans were likely to be, Fujioka said\nhe thought they would range from 100 mln to 150 mln dlrs each.\n China is the ADB's newest member, joining in March 1986.\n China is the third-largest shareholder after Japan and the\nU.S.. It was elected to the ADB's 12-member board yesterday.\n Fujioka announced that the ADB's 1989 meeting would be held\nin Peking. The 1988 meeting will be held in Manila.\n Fujioka said the ADB would consider delegates' suggestions\nthat it set up a task force of experts to define its future\nrole. The ADB's performance was criticised by both its rich and\npoor members at the three-day meeting just finished.\n External experts had carried out a study on ADB policy for\nthe 1980s, Fujioka said. He said a similar study for the 1990s\nwould be useful, but the ADB had no fixed ideas yet.\n He said the ADB had already responded to members like the\nU.S., Which urged it to improve analysis of funded projects.\n \"We had already decided that the ADB should strengthen its\nresearch capability,\" Fujioka said.\n He said ADB lending had declined, but \"the amount is not the\nonly thing that counts. We also want to be a catalyst by taking\ninnovative measures like the promotion of the private sector.\"\n Fujioka also talked of the struggle between the U.S. And\nJapan over their voting power in the ADB.\n Total Japanese contributions to the ADB are higher than\nthose of the U.S., So Japanese delegates asked for their voting\npower to reflect this. The U.S. Opposed the move.\n \"It is advisable and wise, for institutions like the ADB to\nbe viable, that there be a reasonable relationship between\nfinancial contributions and voting power,\" Fujioka said.\n But he indicated the problem remained unresolved.\n Asked if the ADB would respond to a plea by Vietnam to\nresume lending which was cut off in 1974, Fujioka re-iterated\nhis view that conditions there were not conducive to banking.\n Fujioka declined to elaborate on Vietnam, but said there\nhad been no pressure from the U.S. Or any other country on the\nissue.\n He also spoke about demands by the bank's financiers that\nit take a more active role in prodding borrowers into making\neconomic policy changes.\n \"The initiative must come from the borrowing country. We\ndon't accept that we impose policy conditions. There must be a\ntwo-way consultation,\" he said.\n REUTER\n\u0003",
"date": "29-APR-1987 04:19:41.23",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"china",
"vietnam"
],
"id": "17373"
},
{
"title": "TAIWAN RESERVES RISE ON TRADE SURPLUS, SPECULATION",
"body": "Taiwan's foreign exchange reserves have\nrisen to a new high of 56 billion U.S. Dlrs, and officials\nattribute the increase to a surging trade surplus and the\ninflux of speculative funds.\n The reserves, up from 54 billion dlrs on April 19, compare\nwith 27.3 billion a year ago, the Central Bank said.\n Vice economic minister Wang Chien-shien told Reuters: \"The\nrising reserves will certainly intensify our trade friction\nwith the U.S.\"\n A central bank official, who declined to be named, said\nTaiwan's trade surplus is expected to exceed 5.5 billion U.S.\nDlrs in the first four months of 1987, against 4.25 billion a\nyear ago.\n The influx of speculative funds, mainly from Hong Kong,\nJapan and the U.S., Also played a major role behind the rise of\nthe reserves, he said, but declined to give figures.\n Banking sources said almost 10 billion U.S. Dlrs had\nentered Taiwan since early 1986. About three billion of the\nfunds were remitted through different channels, including the\nblack market, since the start of this year, they said.\n Wang Chao-ming, vice chairman of the government's Council\nfor Economic Planning and Development, said he expects the\nreserves to rise in the next few months because of the\ncontinuing high level of Taiwan's exports and the steady\nappreciation of the local dollar against the U.S. Currency.\n \"The latest government moves to open (the domestic) market,\ncut import tariffs and lift foreign exchange controls have\nachieved little success,\" he said.\n Vice economic minister Li Mo said tariffs were cut on some\n1,700 products in January and a further 862 this month in a bid\nto encourage more imports, especially the U.S.\n More tariff cuts on about 300 imported products, including\ntelevisions, video tape recorders, cosmetics and refrigerators\nwill be announced in a month or two, Li said.\n Li's colleague, Wang Chien-shien, said the government will\nsend several trade missions to the U.S. This year to buy about\none billion U.S. Dlrs of products, including machinery, power\nequipment, grains and precision tools.\n \"We earnestly hope to reduce our trade surplus with the\nU.S.,\" he said.\n Taiwan's trade surplus rose to a record 13.6 billion U.S.\nDlrs last year from 10.2 billion in 1985, and it widened to\n3.61 billion in the first quarter of 1987 against 2.78 billion\na year ago, official statistics show.\n The surplus has increased U.S. Pressure on Taiwan for a\nfaster appreciation of its currency, which has risen by about\n18 pct since September 1985.\n It opened at 33.10 to the U.S. Dollar today.\n REUTER\n\u0003",
"date": "29-APR-1987 04:39:06.29",
"topics": [
"reserves",
"trade"
],
"places": [
"taiwan"
],
"id": "17374"
},
{
"title": "GERMAN CURRENT ACCOUNT SURPLUS WIDENS IN MARCH",
"body": "West Germany's current account\nsurplus widened to a provisional 8.8 billion marks in March\nfrom a slightly downwards revised 6.5 billion in February, a\nspokesman for the Federal Statistics Office said.\n The trade surplus fell to a provisional 10.1 billion marks\nfrom 10.4 billion in February.\n The Statistics Office had earlier put the February current\naccount surplus at a provisional 6.6 billion marks. The\nprovisional February trade surplus was confirmed.\n The Office said the March trade surplus had also risen\nstrongly from the year-ago month total of 8.5 billion marks,\nwhile the March current account surplus compared with only 4.3\nbillion marks a year earlier.\n The figures given by the office show nominal trade flows,\nbut an office statement said that the current account surplus\nhad also risen in real terms from February.\n However, it attributed this partly to the fact that\npayments to the European Community had been brought forward in\nFebruary, with the result that transfers abroad in March were\nunusually low.\n The Statistics Office said March imports totalled 36.93\nbillion marks, a rise of 15 pct from February and of 4.7 pct\ncompared with March 1986.\n March exports of 47.06 billion marks were 11 pct higher\nthan in February and 7.6 pct higher than in March last year.\n Other data reported in the current account balance showed\nthere was a 400 mln mark deficit in supplementary trade items,\na 500 mln mark deficit in the services account and a 400 mln\nmark deficit in transfer payments.\n The Statistics Office said that in the first three months\nof this year the trade surplus had risen to 27.8 billion marks\nfrom 22.6 billion marks in the same period last year.\n The current account surplus had risen to 20.0 billion marks\nfrom 15.6 billion.\n REUTER\n\u0003",
"date": "29-APR-1987 04:57:56.71",
"topics": [
"bop",
"trade"
],
"places": [
"west-germany"
],
"id": "17375"
},
{
"title": "SOVIET UNION UNDECIDED ON ADB MEMBERSHIP",
"body": "The Soviet Union's first official\nobserver at the Asian Development Bank (ADB) said he came away\nfrom this week's ADB annual meeting with a favourable\nimpression but that no decision has been made on whether the\nSoviet Union should join as a full member.\n Yurij V. Ponomarev, international managing director of the\nState Bank, said he will file a formal report when he returns\nto Moscow, but it will not contain any recommendation on\nmembership. \"We haven't started any process with a view toward\nmembership,\" he said.\n Ponomarev downplayed the significance of his attendance,\nsaying it only signalled a slight change in attitude by Moscow.\nAlthough this is the first time Moscow has attended the ADB's\nannual meeting as an observer, Soviet bankers have come to\nmeetings in the past as guests, he said.\n Delegates here saw the Soviet move as part of an overall\nstrategy to strengthen ties with Asia and improve the\nfunctioning of the Soviet economy.\n Ponomarev declined to comment on remarks yesterday by a\nsenior U.S. Official, who warned that Soviet membership in the\nADB would cause serious operational problems.\n \"How would the ADB, for instance, use the (Soviet) rouble as\na basis for expanding its capital?\" asked the U.S. Official, who\ndeclined to be identified.\n Ponomarev said: \"It is far too premature to speculate on the\npotential difficulties that might be involved if we applied for\nmembership.\"\n In order to become a member, Moscow would have to gain the\nbacking of two-thirds of the board of governors representing\nthree-quarters of the voting power of member countries.\nWashington has just over a 12 pct voting share.\n REUTER\n\u0003",
"date": "29-APR-1987 05:09:58.42",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"ussr"
],
"id": "17376"
},
{
"title": "TAIWAN ISSUES MORE CD'S AS RESERVES HIT RECORD",
"body": "The Central Bank issued 5.68 billion\nTaiwan dlrs' worth of certificates of deposit (cd's), bringing\nissues so far this year to 180.16 billion dlrs against 40\nbillion issued a year earlier, a bank spokesman said.\n The new cd's, with maturities of six months, one and two\nyears, bear interest of 4.03 to 5.12 pct.\n The issues are intended to help curb the growth of m-1b\nmoney supply resulting from large foreign exchange reserves\nwhich the bank said today had reached a record 56 billion U.S.\nDlrs.\n REUTER\n\u0003",
"date": "29-APR-1987 05:30:06.64",
"topics": [
"money-supply",
"reserves"
],
"places": [
"taiwan"
],
"id": "17377"
},
{
"title": "TAIWAN BUYS 81,000 TONNES OF U.S. MAIZE",
"body": "The joint committee of Taiwan's maize\nimporters awarded contracts to two U.S. Firms to supply two\nshipments totalling 81,000 tonnes, a committee spokesman said.\n Continental Grain Co of New York won a contract for the\nsupply of 54,000 tonnes, priced at 96.17 U.S. Dlrs a tonne c\nand f Taiwan for delivery between May 21 and June 5.\n Gulf Coast Grain Inc of Memphis, Tennessee, won a contract\nfor 27,000 tonnes at 100.75 dlrs a tonne also c and f Taiwan,\nfor May 21-June 5 delivery.\n REUTER\n\u0003",
"date": "29-APR-1987 05:43:34.88",
"topics": [
"grain",
"corn"
],
"places": [
"taiwan",
"usa"
],
"id": "17378"
},
{
"title": "CHINA'S WAGE BILL GREW TOO FAST IN FIRST QUARTER",
"body": "China's total wage bill for state\nemployees grew too fast in the first quarter, because of\nexcessive bonuses, allowances and overtime pay, the official\nEconomic Information newspaper said.\n It said the total wage bill in the period was 38.7 billion\nyuan, an increase of 16.7 pct over the first quarter of 1986,\nwhen the bill grew a year-on-year 16.3 pct. The increase\naccounted for 39.6 pct of planned wage rises in all of 1987.\n It said bonus payments rose a 42.6 pct, far in excess of\ngrowth in productivity. Industrial output grew a 14.1 pct in\nthe period.\n The newspaper said state allowances rose in the period by\n20 pct over the corresponding 1986 quarter, with some areas and\nwork units increasing coal and electricity allowances on their\nown without proper authorisation.\n It said overtime pay rose a year-on-year 32 pct, with some\nenterprises ignoring official regulations in their payments.\n REUTER\n\u0003",
"date": "29-APR-1987 05:47:25.94",
"topics": [
"income",
"ipi"
],
"places": [
"china"
],
"id": "17379"
},
{
"title": "WEST GERMAN TAPIOCA USE SEEN DECLINING",
"body": "West German use of tapioca is likely to\ndecline further despite favourable prices and import licences\nfor only 420,000 tonnes have been registered since the start of\nthe current agricultural year, compared with 640,000 tonnes\nduring August/April the previous year, trade sources said.\n The 12 European Community (EC) countries have licensed a\ntotal of 4.22 mln tonnes, while at the same year-earlier period\nthe EC contracted for 3.17 mln tonnes, they said.\n The Netherlands is registering an increase in licences to\naround 2.9 mln tonnes, up 400,000 tonnes from last year, they\nsaid.\n Total EC tapioca imports during the current agricultural\nyear are expected to stagnate at last year's level of around\n6.0 mln tonnes, the sources said.\n They reported a rise in consumption and in import licences\nfor France, Spain and Belgium but said the West German compound\nfeed industry was increasingly using grain in feed mixtures.\n Sellers quoted tapioca for nearby delivery at around 27\nmarks per 100 kilos against 37 marks in March and 34 marks in\nApril last year.\n Feed barley was quoted at about 42 marks per 100 kilos,\nresulting in higher West German feed stuff prices, but demand\nwas seen as slack.\n The sources said the West German feed industry was trying\nto help cut the grain surplus through increased use of grain in\nfeed mixtures.\n Other EC member countries are likely to take advantage of\nthe lower tapioca prices, they said.\n REUTER\n\u0003",
"date": "29-APR-1987 05:49:58.85",
"topics": [
"meal-feed",
"tapioca",
"grain",
"barley"
],
"places": [
"west-germany"
],
"id": "17380"
},
{
"title": "U.S. CONCERNED ABOUT INCREASED JAPAN VOTES AT ADB",
"body": "Washington views with concern a\nplan to increase Japan's voting power at the Asian Development\nBank (ADB), a U.S. Delegate at the bank's annual meeting said.\n Japan, which holds 15.1 pct of the ADB's capital stock, and\nthe U.S. Which holds 14.9 pct, currently have near-parity in\nvoting power.\n \"The ADB was set up in 1966 as a partnership between the\nU.S. And Japan,\" the official said. \"Any change in that\nrelationship would transmit a psychological message to this\nregion's countries that there is a slackening of interest on\nthe part of the U.S.\"\n \"We do not want any dilution of our influence in the\norganisation,\" the U.S. Official added.\n He said an imbalance in procurement contracts awarded for\nADB-funded projects was however improving slowly.\n The U.S. Share of the contracts had grown from about seven\npct to about 12 pct in 1986, the official said, while Japan's\nshare had dropped from 25 pct to 20 pct.\n \"We will urge more U.S. Businessmen to join in the bidding\nfor these projects,\" he said.\n The official said Washington was concerned about the ADB's\nfuture role in the region.\n \"The U.S. Believes the ADB should act as a catalyst both for\npolicy changes that will lead to sustainable, long-term\neconomic growth and for other financial flows,\" chief U.S.\nDelegate Charles Dallara told the meeting earlier.\n \"Economic reform should be a theme of the ADB's lending,\" the\nunidentified U.S. Official said.\n \"The bank is doing its borrowers a disservice by not\nentering into policy dialogue,\" he added.\n \"We are looking for the bank to take up the cudgel when its\nborrowers are at a critical stage in their development. We are\nlooking at a 15 or 20 year horizon.\"\n REUTER\n\u0003",
"date": "29-APR-1987 05:50:05.89",
"organisations": [
"adb-asia"
],
"places": [
"japan",
"usa"
],
"id": "17381"
},
{
"title": "TAIWAN CENTRAL BANK DEFENDS DOLLAR RESERVES POLICY",
"body": "Central Bank governor Chang Chi-cheng\ndefended Taiwan's policy of holding a large amount of its\nforeign exchange reserves in U.S. Dollars, citing similar\npolicies followed by countries such as West Germany and Japan.\n The reserves, now a record 56 billion U.S. Dlrs, are the\nworld's largest after those of West Germany and Japan. About 90\npct is held in U.S. Dollars and the rest in yen and marks.\n Chang's remarks to parliament were in response to a call on\nMonday by about 20 members of the parliament who asked the\ngovernment to diversify into other currencies, including yen,\nmarks and Swiss francs because of exchange rate losses.\n The legislators said the bank lost about 3.8 billion U.S.\nDlrs between September 1985 and September 1986 as the Taiwan\ndollar rose to 36.77 to the U.S. Dollar from 40.45.\n They said they expected the losses to continue because of\nthe rising Taiwan dollar against the U.S. Currency.\n Chang said the central bank could not sell the U.S. Dollars\nlike other private banks or enterprises because such trading\nwould be speculative and risky.\n \"The U.S. Dollar is an international currency and is widely\nused among trading nations,\" he added.\n Chang said the Central Bank has further revised foreign\nexchange rules, which would relax most controls or even suspend\nthem.\n The revised rules have been submitted to the cabinet for\napproval, he said. He declined to give details.\n REUTER\n\u0003",
"date": "29-APR-1987 06:01:22.34",
"topics": [
"reserves",
"dlr",
"money-fx"
],
"places": [
"taiwan"
],
"id": "17382"
},
{
"title": "U.K. TO SUPPLY WHEAT TO CHINA UNDER AID PROGRAM",
"body": "The U.K. Will ship 39,250 tonnes of feed\nwheat to China this month as food aid at a cost to the British\naid program of 3.4 mln stg, the Overseas Development\nAdministration (ODA) said.\n The wheat will be supplied by grain exporter Ceres UK Ltd.\n As part of the European Community's obligation under the\nFood Aid Convention, the U.K. Is pledged to supply 110,700\ntonnes of cereals each year. From this commitment the U.K.\nMakes allocations to the World Food Programme.\n REUTER\n\u0003",
"date": "29-APR-1987 06:25:08.30",
"topics": [
"grain",
"wheat"
],
"places": [
"uk",
"china"
],
"id": "17383"
},
{
"title": "EC UNEMPLOYMENT FALLS BELOW 17 MLN IN MARCH",
"body": "Unemployment in the European\nCommunity fell in March to 16.8 mln from 17 mln in February\nthanks to an improvement in the weather, the EC's statistics\nagency Eurostat said.\n It said the number of jobless fell in all 12 Community\nmember states as weather conditions improved, though France,\nItaly and Spain saw declines of less than one pct.\n There was also a particularly large drop in the number of\njobless under-25s in all states except Italy, where 19,300 more\nyoung people were unemployed in March than in the month before.\n REUTER\n\u0003",
"date": "29-APR-1987 07:46:16.86",
"topics": [
"jobs"
],
"organisations": [
"ec"
],
"id": "17384"
},
{
"title": "THAI ECONOMY TO ACHIEVE FIVE PCT GROWTH THIS YEAR",
"body": "Thailand's gross domestic product will\nexpand five pct this calendar year, up from 3.8 pct in 1986,\ndespite a projected slight decline in agricultural output due\nto drought, the Bank of Thailand said.\n Central bank spokesman Siri Karncharoendi told reporters\nthe Thai economy clearly recovered in the first quarter from\nthe lingering effects of the 1984-85 recession.\n He said the industrial sector is expected to expand 5.5 pct\nthis year, up from five pct in 1986. Agricultural output is\nprojected to grow 2.8 pct after 1.5 pct contraction in 1986.\n He said January/March imports grew 19.2 pct to 70.7 billion\nbaht, in response to an improving domestic market, compared\nwith a nine pct decline to 59.3 billion a year ago. Non-oil\nimports grew 24.8 pct to 60.2 billion baht while oil imports\ndeclined 5.6 pct to 10.5 billion.\n First quarter exports increased 12.7 pct to 63.2 billion\nbaht compared with 14.4 pct and 56.1 billion a year ago.\n Siri said he expects the trade deficit to widen to about 30\nbillion baht this year from 17.4 billion in 1986. The current\naccount, which last year posted a surplus of 3.5 billion baht,\nis projected to return to a 7.4 billion deficit in 1987.\n He said overall January/March lending by the Thai banking\nsystem grew a strong nine pct to 577.9 billion baht, up from\n4.7 pct growth in the previous quarter and 5.8 pct for the\nwhole of 1986.\n He said the Thai consumer price index rose 1.8 pct in the\nfirst quarter, down from 2.3 pct a year ago, but added that\nwith the economy picking up, inflation is expected to rise to\n2.5 pct this year from 1.9 pct for the whole 1986.\n REUTER\n\u0003",
"date": "29-APR-1987 07:47:06.88",
"topics": [
"gnp",
"trade",
"cpi"
],
"places": [
"thailand"
],
"id": "17385"
},
{
"title": "EC FARM MINISTERS END PRICES MEETING STILL DIVIDED",
"body": "European Community (EC) agriculture\nministers ended a three-day meeting in Luxembourg still deeply\ndivided over plans by the EC Commission to curb the cost of the\nEC's farm policy through sharp cuts in farm returns.\n Their chairman, Belgium's Paul de Keersmaeker, told a news\nconference after the meeting he would work on a paper setting\nout possible compromise solutions in the next two weeks, with\nthe hope that the ministers can get down to detailed\nnegotiations at a meeting in Brussels on May 18.\n But diplomats said the talks this week had served little\nmore than to clarify member states' positions on the complex\npackage of measures proposed by the commission.\n The executive body has proposed measures which would result\nin price cuts this year for many crops of upwards of 10 pct.\n Other controversial plans include a tax on EC-produced and\nimported oilseeds and fats to bring in two billion European\ncurrency units, to help the EC's cash crisis, and changes in\nthe conversion of EC common farm prices into national\ncurrencies which would inflict extra burdens on West German and\nDutch farmers.\n De Keersmaeker attempted yesterday to narrow differences\nbetween EC states on the oils tax proposal, the currency\nmeasures and the key question of cereals prices and associated\nmeasures.\n But he told journalists, \"We have used this meeting to reach\nthe point at which real negotiations can start at the next\nmeeting. Ideally they should have started now but our\nprocedures took much longer than planned.\"\n Ministers are in theory supposed to agree a price package\nby April 1 each year, although this target is seldom reached in\npractice.\n Diplomats said on all the points there were widely\ndiverging views, with Britain and the Netherlands, the\ncountries most supportive of commission proposals for cereals\nprice cuts, strongly opposed to the oils tax.\n However, de Keersmaeker said West German objections to the\nmonetary proposals could prove the most difficult issue to\nresolve. \"This is a very tough political nut, and because of the\nvery nature of the problem there is no technical solution,\" he\nsaid. Commission sources said farm commissioner Frans\nAndriessen was prepared to alter some technical aspects of his\nproposals to make an agreement easier.\n However, because of the EC's budgetary crisis, he had\nlittle room for concessions to pleas for a cut in the impact of\nhis proposals on farmers' incomes as several ministers, led by\nGermany's Ignaz Kiechle, are demanding.\n EC Commission president Jacques Delors has warned that the\nEC will have an accumulated budgetary deficit of over five\nbillion Ecus by the end of this year, even if the commission\nfarm price package is adopted in its entirety.\n REUTER\n\u0003",
"date": "29-APR-1987 08:01:47.21",
"topics": [
"oilseed",
"grain",
"veg-oil"
],
"organisations": [
"ec"
],
"id": "17386"
},
{
"title": "GREEK BULK ORE CARRIER AGROUND IN ORINOCO RIVER",
"body": "A Greek bulk carrier loaded with iron\nore has run aground in Venezuela's Orinoco river, Lloyd's\nshipping services reports.\n The 74,596-dwt Andromachi is reported to have run aground\nnear mile 149 on Monday and attempts to refloat the vessel\nusing tugs has so far been unsuccessful, Lloyd's said.\n The Andromachi is managed by Theodore and Angelos\nEfstathiou of Piraeus.\n Reuter\n\u0003",
"date": "29-APR-1987 08:08:04.59",
"topics": [
"ship",
"iron-steel"
],
"places": [
"uk",
"venezuela"
],
"id": "17387"
},
{
"title": "PECHINEY TO SELL PART OF STAKE IN CANADA PLANT",
"body": "French state-owned aluminium and special\nmetals group Pechiney <PUKG.PA> is planning to sell 25 pct of a\nCanadian aluminium plant at Becancour to the U.S.'s Reynolds\nMetals Co <RLM.N> over the coming weeks, the company said.\n Pechiney currently holds a majority 50.1 pct stake in the\nplant. The company also said it planned an agreement soon with\nItaly's <La Metalli Industriale>, a 57 pct owned subsidiary of\n<Societa Metallurgica Italiana> related to cupreous products.\nNo further details were available.\n REUTER\n\u0003",
"date": "29-APR-1987 08:36:16.68",
"topics": [
"acq",
"alum"
],
"places": [
"france",
"canada"
],
"id": "17388"
},
{
"title": "BELGIAN MINISTER TO REVIEW EC OILS/FATS TAX PLAN",
"body": "Belgian Agriculture Minister Paul de\nKeersmaeker said he would review EC Commission proposals for a\ntax on imported and EC produced vegetable oils and fats in the\nlight of objections made by certain EC member states.\n De Keersmaeker, current chairman of the EC farm ministers'\ncouncil, was speaking after a three-day meeting of ministers at\nwhich the tax proposal was one of the key themes.\n He said he would review the position as part of plans to\npresent compromise proposals for the 1987/88 farm price package\nto the next meeting, starting in Brussels on May 18.\n De Keersmaeker, who said there was \"a great deal of\nresistance in many delegations\" to the tax, declined to say what\naspects of the proposals he would review.\n However, EC Commission sources said they are expected to\ninclude the question of whether it should apply to marine oils.\n They said Denmark and Portugal might agree to the tax, to\nbe set initially at 330 Ecus a tonne, if these oils, of which\nthey are major producers, were excluded.\n The sources said, however, that Britain, the Netherlands\nand West Germany continue to have strong objections to the tax,\npartly because of fears that its impact on U.S. Soybean exports\ncould provoke transatlantic trade friction.\n They said that, if these three countries held firm to this\nposition, they would be able to block the proposal under the\nEC's majority voting mechanism.\n Reuter\n\u0003",
"date": "29-APR-1987 09:07:37.92",
"topics": [
"veg-oil"
],
"organisations": [
"ec"
],
"id": "17389"
},
{
"title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES",
"body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 275,000 to 285,000 head versus\n283,000 week ago and 312,000 a year ago.\n Cattle slaughter is guesstimated at about 125,000 to\n128,000 head versus 124,000 week ago and 136,000 a year ago.\n Reuter\n\u0003",
"date": "29-APR-1987 09:39:27.58",
"topics": [
"hog",
"livestock"
],
"places": [
"usa"
],
"id": "17390"
},
{
"title": "U.S. INDEX SAID CONSISTENT WITH GROWTH FORECAST",
"body": "Robert Ortner, under secretary of\ncommerce, said last month's 0.4 pct rise in the Index of\nLeading Indicators was consistent with growth of 3.0 pct this\nyear.\n He said in a statement that stock prices accounted for a\nlarge share of the index's growth in the last six months.\n \"Excluding stock prices, the rate of increase was still a\nhealthy 6.2 pct and is consistent with 3.0 pct or more overall\neconomic growth during 1987,\" he said.\n Reuter\n\u0003",
"date": "29-APR-1987 09:45:10.87",
"topics": [
"lei",
"gnp"
],
"places": [
"usa"
],
"id": "17391"
},
{
"title": "KENYA'S TEA AND COFFEE AREAS CONTINUE DRY",
"body": "Kenya's coffee and tea growing areas\nremained generally dry for the second consecutive week, in the\nperiod to April 28, weather and farming sources said.\n All areas east and west of the Rift Valley recorded below\n25 mm of rain with western Kericho town having only 21 mm, they\nsaid. Kericho, which last year received 387 mm in April last\nyear, has so far recorded only 176 mm and little rain is\nforecast throughout the country in the next two days.\n Tea and coffee crops are doing well but farmers fear that\noutput will be low if the unusually dry spell continues. April\nis normally the wettest month in Kenya.\n Reuter\n\u0003",
"date": "29-APR-1987 10:21:28.80",
"topics": [
"tea",
"coffee"
],
"places": [
"kenya"
],
"id": "17392"
},
{
"title": "SOVIET SPRING CROPS SOWN ON ONLY 11 PCT OF LAND",
"body": "Soviet farmers had sown spring crops\non only 15.8 mln hectares or 11 pct of cultivated land by April\n27, compared with 26.2 mln ha by April 21, 1986, Izvestia said.\n Grains and pulses (except maize) were sown on 6.7 mln ha,\ncompared with 13.1 mln at the same time last year, it added.\n Spring sowing is off to a slow start, with planting two to\nfour weeks behind schedule in many areas of the Ukraine,\nByelorussia and Russia, because the winter was unusually cold.\n Western agricultural experts believe the crop could still\nbe good but heavy winterkill will make it difficult to reach\nthe 1987 grain target of 232 mln tonnes. The 1986 crop was 210\nmln.\n Reuter\n\u0003",
"date": "29-APR-1987 10:25:40.86",
"topics": [
"grain",
"corn"
],
"id": "17393"
},
{
"title": "WORLD ECONOMIC CONVERGENCE VITAL, OECD ENVOY SAYS",
"body": "It is vitally important that the\nindustrialised countries of the world work towards convergence\nof their economies and economic policies, U.S. Ambassador to\nthe Organisation for Economic Cooperation and Development\nEdward Streator said.\n He told an American Chamber of Commerce lunch the world was\nchanging rapidly and national attitudes had to alter\naccordingly if growth was not to falter and world depression\nset in.\n Liberalisation of world trade in money, goods and services\nand technology was an overriding goal, he added.\n World financial flows were now 12 times as large as\ntraditional trade flows, the importance of commodities was\ndeclining rapidly, countries such as those on the Pacific Rim\nwere becoming major growth areas, and the labour element in\nmanufacturing was declining sharply, Streator said.\n All these factors were creating major social and economic\npressures and demanding a rapid reassessment of traditional\nattitudes, he added.\n \"Agriculture is a prime target for change.One of the first\nthings we must do is disconnect farm subsidies from production,\"\nStreator said.\n At an OECD ministerial meeting in two weeks time there\nwould be an attempt to agree global principles to help reduce\nthis major agricultural problem, Streator said.\n \"However, of equal and vital importance in reducing the\nworld's dangerous slide towards protectionism will be the\noutcome of the new round of talks under the General Agreement\non Tariffs and Trade (GATT),\" Streator added.\n Dutch finance minister Onno Ruding, who also spoke briefly\nat the lunch, stressed the importance of coordinating national\npolicies and of the GATT talks in preventing a rapid decline\ninto bilateralism and global protectionism.\n REUTER\n\u0003",
"date": "29-APR-1987 10:54:30.74",
"organisations": [
"oecd"
],
"places": [
"netherlands"
],
"id": "17394"
},
{
"title": "SWISS PREPARED TO INCREASE CURRENCY INTERVENTION",
"body": "The Swiss National Bank is\nprepared to increase its intervention on currency markets if\nthe action can be properly coordinated with other central\nbanks, Markus Lusser, a member of the Bank's three man\ndirectorate, said.\n He told a meeting of Swiss industrialists that intervention\nto support the dollar could not bring about lasting changes in\nexchange rates unless accompanied by fundamental changes in\neconomic policy.\n However, intervention could send signals that would\ncontribute to a short term smoothing of currency movements.\n The National Bank was prepared to intensify cooperation\nwith other central banks, especially where convincing\ncoordination and significant timing are guaranteed, Lusser\nsaid.\n He said currency developments could not simply be talked\ninto existence but needed to be matched by actions in the field\nof economic policy.\n \"Put simply, that means that in order to stabilise the\ndollar in a lasting way, a reduction of the budget deficit and\na slowdown in money supply growth in the United States are\nunavoidable,\" he said.\n The National Bank has intervened in dollar-yen repeatedly\nin the last few weeks and earlier this week it said it had\nintervened in dollar-Swiss franc for the first time since last\nOctober.\n Lusser said the key to increased exchange rate stability\nlay not in currency intervention by central banks but only in\nan improvement in international economic policy coordination.\n This meant that industrial countries must avoid abrupt\nswitches in economic policy and give priority to price\nstability.\n Lusser said the National Bank continued to take the view\nthat easing its strict monetary policies would be incompatible\nwith its primary goal of combatting inflation. The bank target\nis for growth of two pct in central bank money supply in 1987.\n He noted that in 1978, when the Swiss franc rose sharply\nagainst all currencies, the bank was forced to abandon its\nmoney supply targets in favour of an exchange rate target, with\nthe result that inflation surged.\n \"Current exchange rate developments have not, until today at\nany rate, made any such measures by the National Bank\nnecessary,\" he said.\n REUTER\n\u0003",
"date": "29-APR-1987 11:00:47.87",
"topics": [
"money-fx",
"sfr",
"money-supply"
],
"places": [
"switzerland"
],
"id": "17395"
},
{
"title": "LOWER MARK RATE SPECULATION NOT SHARED IN GERMANY",
"body": "Speculation abroad that the\nBundesbank will steer money market rates lower, opening the\nfor interest rate cuts around Europe, is not shared by many\neconomists and money market dealers within Germany.\n Speculation has developed that the Bundesbank would\nengineer lower rates to take pressure off the dollar/mark.\n A strong rise in U.S. Market rates this month, prompting\nspeculation the Fed would raise its 5-1/2 pct discount rate,\nhas raised the question whether Germany and Japan would also\nbroaden interest rate differentials to support the dollar.\n The U.S.-Japanese trade dispute is the key to the interest\nrate outlook, money market dealers in Paris said.\n Talks this week between Japanese Prime Minister Yasuhiro\nNakasone and President Reagan, if successful, could take\npressure off the dollar, dealers and economists said.\n Short term interest rates would be likely to ease if the\ntrade dispute is solved and the dollar steadies, they said.\n But if no solution is found, the Paris dealers said, a\nrenewed dollar fall would put strains on the mark/French franc\nrate and force the Bank of France to raise short-term rates.\n The three-month U.S. Treasury bill rate rose to six pct\nthis week from 5.6 pct at the start of April, and the yield on\nthe 30-year benchmark treasury bonds rose this week in Tokyo to\na 14-month high of 8.86 pct from 7.66 pct in late March.\n The dollar stabilized today just below 1.80 marks and above\n140 yen, underpinned by higher U.S. Rates and the Fed discount\nrate speculation.\n But most dealers expect it to weaken further, which would\nput pressure on the Bundesbank to ease interest rates.\n Japanese Finance Minister Kiichi Miyazawa said yesterday\nthe U.S. Had requested Japan to cut short-term interest rates.\n The Bank of Japan was making efforts to do this, he said,\nadding the U.S. Had not asked for a cut in Japan's 2.5 pct\ndiscount rate, a move which Bank of Japan Governor Satoshi\nSumita said was not under consideration.\n A call for a German move came yesterday from Dutch central\nbank president Wim Duisenberg, who said the Dutch central bank\nfavoured a cut in West German interest rates and would follow\nsuit if it happened.\n Citibank AG said in its April report that another expected\nphase of dollar weakness would prompt the Bundesbank to cut key\nmoney market rates in the next three to six months.\n The Bundesbank has set a fixed rate of 3.80 pct on\nrepurchase pacts since February, with call money trading around\n3.70 pct for much of April.\n Phillips and Drew senior European economist Richard Reid\nsaid the Bundesbank would allow interest rates to ease further,\neither with a lower fixed rate tender, or a tender by interest\nrate, allowing the market to set the rate.\n \"I'm fairly confident we'll see lower rates,\" he said.\n Reid said taking 30 basis points off the repurchase rate\nwould have little impact on the German economy or fundamental\nexchange rates, but could change market currency perceptions.\n \"A cut in German rates wouldn't be bad for the dollar, but I\nthink its effect would be limited in duration unless it was\naccompanied by other measures elsewhere,\" he said.\n Money market dealers here noted the speculation abroad that\nthe Bundesbank would push down repurchase rates, but said the\nBundesbank had little reason to cut rates further at the\nmoment, despite the liquid market seen for most of this month.\n The dealers said the Bundesbank was likely to move to an\ninterest rate tender for its repurchase pacts next month. That\nshould not be seen as a sign of easing monetary policy however,\nthey said.\n The Bundesbank would merely be experimenting with interest\nrate tenders, following the introduction of a new system to\nspeed up the tender process at the start of April, they said.\n Reinhard Pohl, head of the monetary policy section at the\nDIW economic research institute in West Berlin, said the\nBundesbank would probably not cut rates on repurchase pacts.\n \"I don't think that if they cut the repurchase rate a little\nit would stop a wave of (currency) speculation,\" he said. But a\nsharp and sudden deterioration in the dollar could force the\nBundesbank to take some action, he said.\n Pohl said the Bundesbank was concerned that a cut in\ninterest rates would accelerate excessive monetary growth.\n Some Bundesbank officials have argued recently that the\nmonetary overshoot was due to strong currency inflows rather\nthan credit growth, and therefore a more appropriate response\nto excessive money supply growth would be to cut rates, to make\nthe mark and mark investments less attractive.\n Pohl said the Bundesbank was hoping that domestic investors\nwould switch funds parked in liquid short-term accounts, which\nhave swollen central bank money stock, into securities, which\nwould take them out of the Bundesbank's key monetary measure.\n A cut in interest rates at this stage however would lead\ninvestors to assume that rates had bottomed out and the next\nmove would be upwards. They would therefore hold off buying\nbonds, leaving central bank money stock swollen.\n There are so far no signs that German investors are\nswitching funds into long term securities as the Bundesbank\nhopes they will, Berliner Handels- und Frankfurter Bank\neconomist Hermann Remsperger said.\n But Phillips and Drew's Reid said prospects of lower rates\nand a strong currency would attract foreign investors into\nGerman bonds, which would in turn attract domestic investors.\n Werner Rein, chief economist at Union Bank of Switzerland\nin Zurich, said he thought it likely that interest rates would\ncontinue to drift lower in many European countries.\n \"The scope for lower rates is probably greatest in Britain\nbut more limited in West Germany, where we could see some\nconsolidation,\" he said. Switzerland could be forced to match\nany cut in German rates to prevent the franc rising further\nagainst the mark, he said.\n Currency dealers in London said another half-point cut in\nU.K. Bank base rates was likely in the next few weeks as the\npound had shrugged off yesterday's cuts and was still rising.\n REUTER\n\u0003",
"date": "29-APR-1987 11:05:19.31",
"topics": [
"money-fx",
"dmk",
"interest"
],
"places": [
"west-germany"
],
"id": "17396"
},
{
"title": "SWISS PREPARED TO INCREASE CURRENCY INTERVENTION",
"body": "The Swiss National Bank is\nprepared to increase its intervention on currency markets if\nthe action can be properly coordinated with other central\nbanks, Markus Lusser, a member of the Bank's three man\ndirectorate, said.\n He told a meeting of Swiss industrialists that intervention\nto support the dollar could not bring about lasting changes in\nexchange rates unless accompanied by fundamental changes in\neconomic policy.\n However, intervention could send signals that would\ncontribute to a short term smoothing of currency movements.\n The National Bank was prepared to intensify cooperation\nwith other central banks, especially where convincing\ncoordination and significant timing are guaranteed, Lusser\nsaid.\n He said currency developments could not simply be talked\ninto existence but needed to be matched by actions in the field\nof economic policy.\n \"Put simply, that means that in order to stabilise the\ndollar in a lasting way, a reduction of the budget deficit and\na slowdown in money supply growth in the United States are\nunavoidable,\" he said.\n The National Bank has intervened in dollar-yen repeatedly\nin the last few weeks and earlier this week it said it had\nintervened in dollar-Swiss franc for the first time since last\nOctober.\n Lusser said the key to increased exchange rate stability\nlay not in currency intervention by central banks but only in\nan improvement in international economic policy coordination.\n This meant that industrial countries must avoid abrupt\nswitches in economic policy and give priority to price\nstability.\n Lusser said the National Bank continued to take the view\nthat easing its strict monetary policies would be incompatible\nwith its primary goal of combatting inflation. The bank target\nis for growth of two pct in central bank money supply in 1987.\n He noted that in 1978, when the Swiss franc rose sharply\nagainst all currencies, the bank was forced to abandon its\nmoney supply targets in favour of an exchange rate target, with\nthe result that inflation surged.\n \"Current exchange rate developments have not, until today at\nany rate, made any such measures by the National Bank\nnecessary,\" he said.\n REUTER\n\u0003",
"date": "29-APR-1987 11:13:25.08",
"topics": [
"money-fx",
"sfr",
"money-supply"
],
"places": [
"switzerland"
],
"id": "17397"
},
{
"title": "CCC ACEPTS BONUS BID ON WHEAT TO ZAIRE - USDA",
"body": "The Commodity Credit Crporation has\naccepted a bid for an export bonus to cover the sale of 8,000\ntonnes of hard red winter wheat to Zaire, the U.S. Agriculture\nDepartment said.\n The wheat is scheduled for shipment May 11-June 11, 1987,\nthe department said.\n The bonus, to Continental Grain Co, was 32.55 dlrs per\ntonne and will be paid in the form of commodities from CCC\nstocks.\n An additional 7,000 tonnes of wheat are still available to\nZaire under the Export Enhancement program initiative announced\non October 17, 1986, it said.\n Reuter\n\u0003",
"date": "29-APR-1987 11:15:53.85",
"topics": [
"grain",
"wheat"
],
"places": [
"usa",
"zaire"
],
"id": "17398"
},
{
"title": "USDA PROGRAM TO FIGHT SCREWWORMS IN LIVESTOCK",
"body": "Sterile screwworm flies will be\nreleased this weekend in Miami, Florida, and Albuquerque, New\nMexico, to combat a potential outbreak of screwworms, a serious\npest of livestock, the Agriculture Department said.\n The action follows identification April 21 of screwworm\nlarvae in a hunting dog which passed through airports in Miami\nand Albuquerque while being returned to the United States from\nVenezuela, it said.\n Sexually sterilized screwworm flies will be released twice\na week for six weeks in an effort to eradicate any breeding\npopulations of the flies.\n Adult femals usually mate only once in their lifetime and\neggs resulting from matings between sterile and fertile flies\nwill not hatch, thus ending the life cycle, it said.\n Reuter\n\u0003",
"date": "29-APR-1987 11:30:03.51",
"topics": [
"livestock"
],
"places": [
"usa"
],
"id": "17399"
},
{
"title": "DUTCH PRODUCER PRICES RISE 0.3 IN JANUARY",
"body": "The index of Dutch producer prices of\nfinished and intermediate goods rose 0.3 pct in January to a\nprovisional 112.1, base 1980, against 111.8 in December 1986,\nCentral Bureau of Statistics figures show.\n The January figure was 4.7 pct below the January 1986\nfigure of 117.6. In December 1986, the index showed a 5.7 pct\nyear-on-year decline.\n The Bureau said earlier this week it had run into delays in\nprocessing producer price statistics for recent months.\n REUTER\n\u0003",
"date": "29-APR-1987 11:33:50.14",
"topics": [
"wpi"
],
"places": [
"netherlands"
],
"id": "17400"
},
{
"title": "U.S. MARCH LEADING INDEX SIGNALS MODEST GROWTH",
"body": "A 0.4 pct rise in the March U.S. index\nof leading indicators points to continued moderate U.S. real\neconomic growth, economists said.\n \"The report is consistent with a modestly growing economy,\"\nsaid Steve Slifer of Lehman Government Securities Inc. \"The\neconomy is not robust, but we're not heading into a recession\neither.\"\n \"The report suggests more of the same: continued moderate\ngrowth,\" said Ward McCarthy of Merrill Lynch Government and Co\nInc. \"The gain was mostly in stock prices. There was no change\nin the fundamental movement of the economy.\"\n The Commerce Department said that higher stock prices led\nthe March gain. Unemployment claims, vendor performance,\ncontracts and orders for plant and equipment, manufacturers'\norders, and building permits also were positive.\n The average workweek, raw materials prices, and money\nsupply detracted from the index.\n Economists noted that the index signals the direction but\nnot the magnitude of changes in gross national product.\n \"You can't derive profound conclusions on the economy from\nthe report,\" McCarthy said. \"The link between leading\nindicators and the economy is not strong.\"\n Reuter\n\u0003",
"date": "29-APR-1987 12:11:41.17",
"topics": [
"lei",
"gnp"
],
"places": [
"usa"
],
"id": "17401"
},
{
"title": "U.K. ECONOMY STRONGER THAN AT BUDGET, LAWSON SAYS",
"body": "The U.K. Economy looks stronger than it\ndid only last month, when the government unveiled its budget\nfor fiscal 1987/88, Chancellor of the Exchequer Nigel Lawson\nsaid.\n He told Parliament that \"all the indicators that have been\npublished since the budget confirm that, if anything, we are\ndoing even better than I suggested then.\" The budget was\nunveiled on March 17.\n \"The PSBR (Public Sector Borrowing Requirement) has come out\nlower than I forecast in the Budget. Inflation, too, is lower\nthan I suggested ... (and) the current account of the balance\nof payments is also performing better, so far, than I\npredicted.\"\n The budget foresaw inflation easing to 4.0 pct at the end\nof this year after peaking at around 4.5 pct. Lawson said at\nthe time that the overall 1986/87 PSBR would be around 4.0\nbillion stg. It was in fact lower, at 3.3 billion stg.\n He had also projected average GDP growth in calendar 1987\nof 3.0 pct after 2.5 pct in 1986. Lawson today said \"output\nappears to be rising, if anything, rather faster.\"\n Speaking during a House of Commons debate, he said, \"by the\nend of this year we will have registered the longest period of\nsteady growth, at close to 3.0 pct a year, that the British\neconomy has known since the (Second World) War.\"\n The 1987/88 budget contained a proposal to cut the basic\nrate of taxation by two pence, to 27 pence in the pound.\n Lawson today reaffirmed that the government aimed to\nfurther cut the standard rate to \"no more than 25p.\" He said that\nthat objective \"should not take too long to achieve.\"\n Turning to policies proposed by political opposition\nparties, Lawson said those advocated by the Labour Party would\nentail extra public expenditure of some 34 billion stg.\n That, he said, \"would require either a doubling of the basic\nrates of income tax or more than trebling the standard rate of\n(valued added tax) VAT,\" which is currently 15 pct.\n On value added tax, Lawson noted that the Conservative\ngovernment promised back in 1984 not to extend VAT to food.\n \"Beyond that, the incidence of taxation has to be determined\nin the light of the budgetary needs at the time, and no\nresponsible government could conceivably take any other\nposition,\" he said. Labour MPs have accused the Conservatives of\nplanning VAT increases for some essential consumer goods.\n Lawson reiterated his belief that reductions in taxation\ncan often produce higher, not lower, revenues \"thus leading to\nthe scope for still further reductions in taxation.\"\n Lawson said \"inheritance tax is expected this year to yield\nalmost 50 pct more in real terms than Capital Transfer Tax did\nin 1978-79. The yield of Capital Gains Tax is forecast to be 80\npct higher in real terms, and Stamp Duty up by 140 pct.\"\n He said that \"the greatly increased yield of Corporation\nTax, reflecting greatly increased company profitability, is\nclearly connected with the reform of Corporation Taxation I\nintroduced in 1984, which brought the rate of tax on company\nprofits in this country to the lowest in the industrialised\nworld.\"\n REUTER\n\u0003",
"date": "29-APR-1987 12:13:25.22",
"topics": [
"gnp",
"cpi",
"bop"
],
"places": [
"uk"
],
"id": "17402"
},
{
"title": "IRAQ REPORTS MERCHANT SHIP HIT IN THE GULF",
"body": "Iraqi warplanes attacked and hit a\nlarge \"naval target\" -- Baghdad's term for a tanker or merchant\nvessel -- in the Gulf today, an Iraqi military spokesman said.\n He said the raid took place off the Iranian coast at 0600\ngmt and all aircraft returned safely to base.\n Lloyds Shipping Intelligence earlier today said the Greek\nbulk carrier Pamit, 84,137 tonnes dw, was attacked and hit in\nthe engine room this morning in the northern Gulf.\n It said all the crew were safe and tugs were heading to aid\nthe ship.\n Reuter\n\u0003",
"date": "29-APR-1987 12:54:50.57",
"topics": [
"ship"
],
"places": [
"iraq"
],
"id": "17403"
},
{
"title": "AMEX STARTS TRADING AMERICAN LAND CRUISERS <RVR>",
"body": "The <American Stock Exchange> said it\nhas started trading the common stock of American Land Cruisers\nInc, which had traded on the NASDAQ system.\n Reuter\n\u0003",
"date": "29-APR-1987 12:56:39.43",
"places": [
"usa"
],
"id": "17404"
},
{
"title": "ENERGY/HEAVY OILS",
"body": "The oil price collapse of 1986 put\ndevelopment of a vast petroleum resource -- heavy and extra\nheavy oils -- on hold. But as oil prices increase the long-term\neconomic outlook is favorable, oil industry experts said.\n \"Estimated potential world reserves of extra heavy oils\nexceed 500 billion barrels, of which more than half are located\nin Venezuela,\" Juan Chacin Guzman, President of Petroleos de\nVenezuela told the World Petroleum Congress.\n \"And this virtually unused resource represents a prime\nexample of the need to invest in technology to ensure\ntomorrow's energy future,\" he added.\n Venezuela had to reduce heavy crude oil output in favor of\nlight oils because of economics and a very limited market. Not\nmany refineries have been upgraded to process the heavy oils.\n \"Improved technology has the potential for reducing the\ncapital investment and operating costs of typical heavy oil\ndevelopment projects by 30 pct or more,\" Gordon Willmon, VP and\ngeneral manager, oil sands and coal department, Esso Resources\nCanada Ltd said at the World Petroleum Congress.\n Crude oil prices fell under 10 dlrs dlrs a barrel last\nsummer as OPEC members increased production to gain market\nshare, but have since risen to around 18 dlrs because the OPEC\nproduction/pricing agreement is basically in tact.\n Willmon said light and medium crude oils currently supply\n90 pct of world oil demand yet they account for less than 25\npct of remaining petroleum resources.\n \"So future demand increasingly will be met from the various\nforms of heavy oil,\" Willmon said. Heavy crude oil resources\ninclude extra-heavy oil/tar sand, natural bituminous sands and\noil shales (in sedimentary rock).\n Willmon cited major factors that will make heavy oil\ndevelopment economical, including real and stable growth in\ncrude oil prices, favorable fiscal terms, and improved\ntechnology.\n He said he expects \"all pieces of the puzzle to fit\ntogether.\" But he cautioned that the short-term outlook is very\nsensitive to crude oil prices. And he said the most important\nfactor in development of heavy oils is the recovery of the\nprice of crude.\n Willmon said the price of light crude must be about eight\ndlrs higher than heavy crude before there is an incentive for\nan oil company to upgrade its refinery to process heavy oil.\n He said the current price differential is only about five\ndlrs a barrel.\n Willmon indicated that a benchmark crude oil price above 20\ndlrs would be ideal. But he said currently under study are a\nbroad range of high potential cost-effective technologies for\nresources recovery, transportation and upgrading of heavy oils,\nwhich would permit commercial development despite a lower crude\noil price outlook.\n Willmon said these technologies included enhanced recovery\nby steam injection and oil-and-water emulsion to reduce the\nviscocity of the heavy oils so they can flow easily through a\npipeline. He said such technologies may substantially reduce\ncurrent captial investment and operating costs.\n But he emphasized that innovative technology alone may not\nencourage new investment, that oil prices need to show a\nmeaningful and sustained recovery.\n Most of the expenses associated with heavy oils production\nis fixed operating costs as in an oil sands project, rather\nthan in exploration, according to Robert Smith, Senior VP\nOperations <Syncrude Canada Ltd>.\n While exploration costs for conventional crude oil range\nfrom four to nine dlrs a barrel, discovery costs for synthetic\ncrude from oil sands are nearly zero because the location and\nnature of the deposit are known, according to Smith.\n But the remote location of oil sands deposits mean that\neverything required to build and operate the plant must come\nfrom outside the area.\n Willmon also said, \"Public policy could best help by\nproviding financial support to offset the high cost of\ntechnology developmemt which would help generate projects that\ncould survive even at low oil prices for extended periods of\ntime.\"\n U.S. Energy Secretary John Herrington said, \"The Reagan\nAdministration is firmly committed, without equivocation, to\ncontinuing our efforts to improve conditions and incentives in\nthe marketplace that will spur oil and gas exploration and\ndevelopment.\"\n Reuter\n\u0003",
"date": "29-APR-1987 13:00:37.03",
"topics": [
"crude"
],
"places": [
"usa",
"venezuela"
],
"id": "17405"
},
{
"title": "ECONOMIST SEES SLOWDOWN IN U.S. ECONOMIC GROWTH",
"body": "The U.S. Economy has peaked and will slow\nto a growth rate of between 2.5 pct and three pct for the\nremainder of 1987, First Boston Corp Managing Director Albert\nWojnilower said.\n He told an investment conference the U.S. Economy will not\nbe able to sustain the 4.3 pct growth rate recorded in first\nquarter gross national product.\n He said continued intermittent attacks on the U.S. Currency\ncould lead to a substantial rise in long term interest rates.\nHowever, he predicted that rates will eventually decline either\nin anticipation of a recession or because of one.\n REUTER\n\u0003",
"date": "29-APR-1987 13:01:29.10",
"topics": [
"gnp"
],
"places": [
"france",
"usa"
],
"id": "17406"
},
{
"title": "SEC OKAYS MIDWEST STOCK TRADING OF OTC ISSUES",
"body": "The Securities Exchange Commission\ndecided to allow the Midwest Stock exchange to trade 25 stocks\ncurrently listed on the National Securities Dealers Association\nAutomated Quotation, NASDAQ, system.\n The SEC's unanimous decision granting so-called unlisted\ntrading privileges to the 25 NASDAQ securities will allow the\nMidwest Exchange to begin trading the issues by May 18 under a\none-year pilot program.\n Unlisted trading privileges allow trading of stocks on an\nexchange other than the one on which the stocks are listed.\n Before it would approve the Midwest Exchange request for\nthe unlisted trading privileges, the SEC had insisted that it\nand the National Association of Securities Dealers, NASD, come\nup with a way of reporting and combining information on stock\nprices and transactions.\n SEC officials said they needed to be assured that \ninformation on the trading in and price of the securities would\nbe in one place, for accuracy and consistency.\n But since the exchanges still have not come with a master\nplan, the SEC approved an interim plan under which NASDAQ\nterminals would be put on the Midwest Exchange floor.\n All trades in the 25 over the counter securities done on\nthe Midewest Exchange will be quoted in the NASDAQ system as\nwell as on the Midwest Exchange under the interim plan.\n The NASD, Midwest Exchange and several other exchanges have\nsaid they are working on a master plan for consolidating the\nreporting of price quotes and other information on stocks now\ntraded on NASDAQ and listed on one or more exchanges.\n But an SEC official said such a new master reporting system\nis not expected to be in place until early next year. The\nMidwest Exchange proposed the interim reporting plan so that it\ncan begin unlisted trading immediately, he said.\n The 25 securities to be traded on the Midwest Exchange are\nthe first over the counter securities to be traded on any\nexchange besides the NASDAQ. Some issues listed on exchanges,\nhowever, are traded on the NASDAQ.\n The 25 securities had an average dollar volume last year of\n2.4 billion dlrs and made up 18 pct of the dollar volume of all\nthe securities quoted on the NASD's National Market System.\n SEC officials said they would review the pilot program in\nabout a year. It was intended to spur more competition in the\nsecurities industry.\n Reuter\n\u0003",
"date": "29-APR-1987 13:18:04.43",
"places": [
"usa"
],
"id": "17407"
},
{
"title": "OIL IMPORT FEE BILL INTRODUCED IN U.S. HOUSE",
"body": "A bill that would impose an oil\nimport fee to support a world floor price for oil of 25 dlrs a\nbarrel was introduced in the U.S. House of Representatives by\n12 Congressmen from oil-producing states.\n The variable import fee would be dropped if oil prices rise\nabove 25 dlrs a barrel, sponsors of the bill said.\n Revenues from the fee would be used to buy domestic oil\nfrom stripper wells - those that produce 10 barrels a day or\nless - at a fixed price of 25 dlrs a barrel. Purchases would\nstop when prices rose above that level.\n \"Time is running out on the domestic oil and gas industry,\"\nRep. Joe Barton, R-Texas, said in a statement. \"An oil import\nfee is really just the premium for a national insurance\npolicy.\"\n President Reagan opposes an oil import fee, but supporters\nof the bill said they hoped for action on it before the end of\nthe year.\n Reuter\n\u0003",
"date": "29-APR-1987 13:34:29.62",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17408"
},
{
"title": "EGYPT FUEL PRICE INCREASES PART OF REFORM PACKAGE",
"body": "Egypt has embarked on reforms sought by\nthe International Monetary Fund (IMF) and the World Bank by\nraising the price of diesel oil and other types of transport\nfuels.\n The energy price increases were the first visible measures\ntaken in return for IMF standby credits and World Bank loans.\n Effective today, fuel oil prices were trebled and prices of\ngas oil, diesel and kerosene went up by over 50 pct, an\nEgyptian General Petroleum Corp (EGPC) official said. He said\nfuel oil will sell for 28 Egyptian pounds a ton, instead of 7.5\npounds.\n Kerosene and gas oil were raised by 66 pct to sell for five\npiasters a litre, while diesel rose 50 pct to 4.5 piasters.\n The government is expected also to act soon, possibly as\nearly as next weekend, to simplify the country's complex\nexchange rate system, bankers said.\n Moving towards a more realistic exchange rate for the pound\nwas part of a package of reforms sought by the IMF and creditor\ngovernments. In return, Egypt stands to receive up to one\nbillion dlrs in IMF standby credits phased over three years to\nhelp it repay its 38.6 billion dlr foreign debt and guarantee\nrescheduling by western governments, the main creditors.\n Energy price increases were also a condition of progress on\nWorld Bank project loans of up to 800 mln dlrs in energy,\ncommunications and other sectors which have been under\nnegotiation for several months, western diplomats said.\n The U.S. And Western Europe have pledged political backing\nfor President Hosni Mubarak's government, committed to a\nmulti-party political system and peace with Israel and\nstrategically poised in control of the Suez Canal.\n Fuel price rises, postponed at least once and likely to\nlead to higher retail prices of basic goods, were a test of the\ngovernment's resolve to pursue economic reform, diplomats said.\n But the new prices are still below world market levels.\n There was no announcement of increases in more politically\nsensitive products such as gasoline or natural gas, used for\ncooking, and the mass-circulation Al-Akhbar newspaper said they\nwould stay the same.\n Official comment was not available on speculation among\nbankers and diplomats that the Central Bank would soon tinker\nwith the pound's exchange rates to try to channel more dollars\ninto the banking system away from the illegal but tolerated\nfree market.\n The Central Bank was expected to set up a committee in\nwhich 10 commercial banks, including the four state-owned\nbanks, would decide the pound's value every day.\n The official \"incentive rate,\" currently set by the Central\nBank daily, is around 1.36 pounds to the dollar, against 2.15\non the free market.\n Bankers predicted that the banks' committee might set rates\naround 1.80 or 1.90. But some doubted this would serve the aim\nof curbing the free market.\n REUTER\n\u0003",
"date": "29-APR-1987 13:42:34.64",
"topics": [
"fuel",
"heat",
"jet",
"gas",
"money-fx"
],
"organisations": [
"imf",
"worldbank"
],
"places": [
"egypt"
],
"id": "17409"
},
{
"title": "NORTH AMERICAN GAS MARKET RECOVERY YEARS AWAY",
"body": "Better times for the hard hit\nnatural gas industry remains two to three years away as a\nseemingly intractable supply bubble continues to depress sales\nand prices, industry officials said.\n An uncertain regulatory environment, disputes over Canadian\npricing policies and unusually warm winters are working against\na quick recovery in the sector, a number of corporate and\ngovernment speakers told an energy conference here.\n \"We see a tough, tough short-term market, both as to price\nand volume,\" said Michael Phelps, vice president of <Westcoast\nTransmission Co Ltd>, a major Canadian natural gas carrier.\n But Phelps predicted a fall in U.S. supply -- caused by a\nsharp drop in exploration -- and a slight demand increase\nshould help to burn off the excess supply by 1990.\n As a result, Canadian gas exports to the U.S. market should\nrise to up to 1.5 trillion cubic feet a year by the end of the\ndecade, nearly double 1986's total.\n The health of the Canadian industry is heavily dependent on\nthe U.S. market where nearly one third of Canada's gas\nproduction is sent.\n Cuba Wadlington, a vice president at Northwest Pipeline\nCorp of Salt Lake City, shared the view that markets could be\nin balance by 1990.\n He said while North American demand for natural gas has\nflattened at about 18 trillion cubic feet a year, a return to\nmore colder winters in the next few years could quickly tighten\nsupplies.\n \"Things are clearly working towards a shrinking of the\nbubble,\" Wadlington told Reuters in an interview.\n However, recent decisions by the U.S. Federal Energy\nRegulatory Commission (FERC) were sharply criticized by\nCanadian delegates who suggested the moves could prevent the\ncountry from participating in the market's recovery.\n The key dispute, known as the as billed issue, involves a\nruling last December by FERC which effectively bars U.S.\npipeline companies and consumers from paying certain Canadian\nshipping expenses.\n The Canadian government believes the ruling could severely\nweaken the country's gas producers. \"Besides the\nextra-territorial effect, there is the potential that Conadian\nproducers and consumers may end up subsidizing the cost of\ntransportation services originally incurred on behalf of U.S.\ncustomers,\" said Robert Skinner, an assistant deputy minister in\nCanada's energy department.\n But FERC Chairman Martha Hesse told the conference the\nruling was really intended \"to assure equal, fair and open\ncompetition in the pricing of natural gas sold within our\ncountry -- whatever the source of the gas.\"\n Hesse maintained Canadian gas was crucial to the emergence\nof a freely competitive, continent-wide, energy market.\n Speaking to concerns in Canada that the U.S. is seeking to\nlimit Canadian gas shipments, Hesse said such a move would work\nagainst the long-term interest of American consumers. \"We truly\nconstitute a North American market,\" she said. \"Natural gas\nmoving through pipelines recognizes no boundries.\"\n Reuter\n\u0003",
"date": "29-APR-1987 13:56:12.87",
"topics": [
"nat-gas"
],
"places": [
"canada"
],
"id": "17410"
},
{
"title": "SPANISH PORT STRIKE BY 60 PCT OF WORKERS",
"body": "Some 60 pct of 6,300 employees at\nSpain's 27 major ports have supported a strike since Monday in\nsupport of wage negotiations, a spokesman for the Public Works\nMinistry said.\n He said, however, that the stoppage has had no effect in\nBarcelona, Bilbao, Las Palmas and Pasajes and that mandatory\nminimum services in other ports allowed perishable goods to be\nhandled.\n The strike is due to continue tomorrow with work resuming\non Friday.\n Reuter\n\u0003",
"date": "29-APR-1987 14:06:53.79",
"topics": [
"ship"
],
"places": [
"spain"
],
"id": "17411"
},
{
"title": "DEVCON INTERNATIONAL <DEVC.O> GETS CONTRACT",
"body": "Devcon International Corp\nsaid it has received a 13.5 mln dlr contract from the\ngovernment of Antigua for harbor dredging and construction of a\ndeepwater pier at St. John's, with completion expected within\ntwo years.\n It said work will start immediately.\n Reuter\n\u0003",
"date": "29-APR-1987 14:23:25.09",
"topics": [
"ship"
],
"places": [
"usa",
"antigua"
],
"id": "17412"
},
{
"title": "DAIWA SECURITIES BUYS TORONTO EXCHANGE SEAT",
"body": "Daiwa Securities America Inc, wholly\nowned by Daiwa Securities Co Ltd, of Tokyo, received approval\nto acquire a seat on the Toronto Stock Exchange for 361,000\nCanadian dlrs, the exchange said.\n Approval was granted by the exchange's board of governors\nand is the first acquisition of an exchange seat by a Japanese\ncompany, it said.\n The purchase price is the highest ever paid for an exchange\nseat, it added.\n Daiwa acquired the exchange seat from Andras Research\nCapital Inc, the Toronto Stock Exchange said.\n Daiwa now intends to apply for exchange membership, which\nwill be subject to approval by other exchange members and the\nOntario Securities Commission, it said.\n Reuter\n\u0003",
"date": "29-APR-1987 14:28:50.78",
"places": [
"canada"
],
"id": "17413"
},
{
"title": "REUTERS <RTRSY.O> SHAREHOLDERS APPROVE CHANGES",
"body": "Reuters Holdings PLC said shareholders\napproved changes in the company's articles of association to\nallow it to seek a listing on the Tokyo Stock Exchange.\n The shareholders also approved a stock option plan tied to\nperformance. The plan allows grants of options up to eight\ntimes earnings to a small group of executives, the company\nsaid.\n The shareholders approved the measures at a special meeting\nfollowing the company's annual meeting.\n The amendment allowing the Tokyo listing exempts the <Japan\nSecurities Clearing Corp> from a 15 pct shareholding limit\ncontained in the articles of association.\n Under rules of the Tokyo exchange, shares in foreign\ncompanies owned by Japanese must be registered in the name of\nJapan Securities Clearing or its nominee, the company said.\n Reuters, based in London, supplies a wide range of\ninformation services to business and news media subscribers.\n Reuter\n\u0003",
"date": "29-APR-1987 14:29:39.33",
"places": [
"usa"
],
"id": "17414"
},
{
"title": "OFFSHORE OIL DRILLING MOVING INTO DEEPER WATERS",
"body": "Offshore drilling for oil and gas will\nbe moving into deeper and deeper waters, according to Ronald L.\nGeer, a consultant with Shell Oil Co. and president of the\nMarine Technology Society.\n Geer told a press conference at the Offshore Technology\nConference that the technology existed to drill exploratory\nwells in up to 10,000 feet of water.\n But he added that as the industry moves more and more to\nfloating systems as opposed to fixed bottom supported\nstructures, the financial risks involved were greater.\n He said such projects involved six to nine year time\nframes, and there was a \"reluctance for people to stick their\nnecks too far out.\"\n Shell holds the world record for the deepest exploratory\nwell, at 6,900 feet, in the Wilmington Canyon in the Atlantic\noffshore New Jersey in 1984.\n The company is currently drilling a 6,700 foot well in the\nAtwater Valley in the Gulf of Mexico offshore Louisiana.\n Meanwhile, Brazil's Petrobras set a world record for\nunderwater production when they brought a well in 1,350 feet of\nwater offshore Rio de Janeiro state into production in January.\n Geer said the industry was particularly interested in the\nGreen Canyon field offshore Louisiana where a number of\ncompanies, including Shell, a unit of Royal Dutch/Shell <RD>,\nDupont Co's <DD> Conoco Inc, USX Corp's <X> Marathon Oil Co,\nStandard Oil Co <SRD> and <Placid Oil Co>, are working, many of\nthem testing new deep-water technologies.\n Of particular interest is the controversial Penrod-72\nsystem being operated by the Dallas-based Hunt brothers who\nlast year placed Placid Oil under bankruptcy court protection\nin order to avoid foreclosures on its valuable oil properties.\n They have been seeking the right to use assets to drill\noil wells in the Green Canyon through Penrod, arguing that\ncontinued development of the project is essential to their\nability to get out of their financial crisis.\n Earlier this month, the Hunts were granted permission by a\nbankruptcy court to pursue the Green Canyon project.\n The Penrod system involves a controversial floating\nproduction platform with well heads sitting 1,350 feet down on\nthe ocean floor. Some 24 wells will be attached to the\nwellhead, with one satellite well sitting in a record 1,700\nfeet of water.\n Geer said he could not comment on the Penrod project,\nother than to note that it involves so many new technologies,\nit might have a problem fitting all the pieces together within\na specific time frame.\n He also said he believed the potential production from the\nproject could be in line with what the Hunt Brothers have\nprojected\n.\n The Hunts' creditor banks have contended the Hunts have\nexaggerated the potential of the project.\n \"They're in the ballpark,\" he said, of the numbers, adding\nthat he did not have enough information to comment further.\n Reuter\n\u0003",
"date": "29-APR-1987 14:30:41.34",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17415"
},
{
"title": "GAS GROWTH SEEN HURT BY REGULATORY UNCERTAINTY",
"body": "Demand for natural gas has failed to\ngrow in proportion to the decline in oil deliveries because of\nconcerns over unresolved regulatory issues in the United\nStates, said industry analysts and gas utility company sources.\n \"Natural gas is not free to compete,\" said Larry Makovich,\ndirector of utilities service at Data Resources Inc, \"problems\non pipeline open access and take-or-pay liabilities still weigh\nheavily on end-users' decision to switch to natural gas.\"\n A manager with an East Coast gas distribution company,\nagreed that reluctance among end-users often stemmed from fear\nof unresolved regulatory issues.\n \"The fact that at the federal level open access is not yet\nfirmly in place threatens to impede free flow of natural gas\nfrom producers to consumers,\" he said.\n Michael German, an economist with the American Gas\nAssociation, said while a significant amount of gas was now\nreplacing oil in dual-fuel boilers, the progress of expanding\nthe marketshare of gas was slow. First quarter natural gas\nconsumption data is not available until June.\n In the first three months of 1987, residual fuel demand\nfell by an average of 55,000 barrels per day, according to the\nAmerican Petroleum Institute. Natural gas, however, was not\nable to take full advantage of the decline in oil consumption.\n AGA's German said that while industrial consumers were\nconcerned with regulatory issues in their long-range capital\ninvestment decisions, in the dual-fuel boiler market relied on\nspot purchases.\n \"With all the capability of switching (from oil to natural\ngas) already there, price of the fuel is the only concern,\" he\nsaid, adding that compared with the same period last year,\nJanuary natural gas price at burner tip is 16 pct lower for\nindustrial users and 32 pct lower for utilities.\n German attributed the sluggish performance of natural gas\nto lower demand in the utility sector as a whole.\n \"March was warmer than normal, which cut down gas\nconsumption not only in home heating but also in electricity\ngeneration,\" he said.\n In March, according to API monthly statistics, residual\nfuel deliveries fell by 13.6 pct to 1.2 mln barrels per day\nfrom the same period a year ago.\n While API specifically mentioned lower natural gas prices\nhad put residual fuel at a price disadvantage among electric\nutilities and industrial users, industry analysts believed the\nrole of natural gas was over-stated.\n Makovich of DRI noted much of the decline in oil in the\nfuel mix was taken up by new nuclear capacity coming on stream\nin the last few years.\n Nuclear capacity rose nine pct in 1986, and he projected\nthe same rate of growth for 1987 and 11 pct growth in 1988. \n In contrast, oil and gas together represented only 15 pct\nof the fuel mix in 1986 and should decline to 13 pct by 1989,\nhe said. Within this sector, gas share fell to 66 pct in 1986\nfrom 76 pct a year ago due to competition from falling oil\nprices, he added. But this year, gas was expected to recapture\nonly two pct of the share, Makovich said.\n Michael German of AGA agreed and said, \"Nevertheless,\noutlet for several hundred billion cubic feet of gas a year is\nsignificant in a glutted market.\"\n Reuter\n\u0003",
"date": "29-APR-1987 14:49:22.86",
"topics": [
"nat-gas"
],
"places": [
"usa"
],
"id": "17416"
},
{
"title": "IRAN'S NAVY CHIEF THREATENS GULF CLOSURE",
"body": "Iran's navy commander warned that Iran\nwould close off the Strait of Hormuz, entrance to the Gulf, if\nthere was any disruption to its shipping or sea-bound trade,\nTehran radio said.\n Commodore Mohammed Hoseyn Malekzadegan told a news\nconference Iran was ready to maintain security in the Gulf.\n But he added \"If there is any disruption in the movement of\nour ships and our imports and exports, this waterway would not\nbe left open for any country.\"\n The radio, monitored by the British Broadcasting\nCorporation, quoted Malekzadegan as saying Iran's navy now had\nthe most advanced defensive equipment, including long-range\nshore- to-sea missiles and a range of sea-to-sea missiles.\n He said it had also expanded operations to cover the whole\nregion \"from the most northerly point in the Persian Gulf to the\nmost southerly part of the Sea of Oman.\"\n Referring to U.S. fleet movements in and near the Gulf,\nMalekzadegan said they had so far not been directed against\nIran's interests.\n \"Their movements have been on the basis of international\nregulations and in the open seas,\" the radio quoted him as\nsaying. \"However, if any movement or action is carried out\nagainst the interests of the Islamic Republic of Iran in\nwhatever context, we shall decisively confront that move.\"\n Reuter\n\u0003",
"date": "29-APR-1987 14:50:18.29",
"topics": [
"ship"
],
"places": [
"uk",
"iran"
],
"id": "17417"
},
{
"title": "DAIWA SECURITIES TO OPEN CANADIAN HOUSE",
"body": "Daiwa Securities Co Ltd, of Tokyo,\nplans to open a new Canadian company after a June 30\nderegulation of the Ontario equity market is implemented, Daiwa\nSecurities general manager for Canada Hajimu Watanabe told\nReuters in reply to query.\n The Toronto Stock Exchange earlier announced Daiwa became\nthe first Japanese company to acquire an exchange seat, paying\n361,000 Canadian dlrs, the highest price ever paid.\n \"This is a prelude of our establishment of a new Canadian\ncompany,\" Watanabe said.\n Watanabe said Daiwa's new Canadian brokerage house will\nconcentrate on investment in Canadian stocks by Japanese\ninvestors, Canadians acquiring Japanese equity, and government\nand corporate financing, mainly in the Canadian bond market.\n \"We have now a huge amount of demand on the part of Japanese\ninvestors for Canadian stocks,\" Watanabe said.\n \"So if we can get membership of the Toronto Stock Exchange,\nthat should support our business very much,\" he added. Daiwa's\napplication for exchange membership is subject to approval by\nother members and the Ontario Securities Commission.\n When asked, Watanabe declined to specify how much capital\nDaiwa, the world's second largest investment dealer, would\ninvest in its Canadian subsidiary.\n \"It is quite confidential at this moment, but say our main\nintention is not to create any friction with the Canadian\nhouses,\" Watanabe said.\n He said Daiwa could easily set up its new unit with one\nbillion Canadian dlrs of capital, \"but we are starting at quite\na moderate figure.\"\n \"But small means quite big in Canadian terms,\" he added.\n Daiwa, which established a representative office in Canada\nin 1980, is ready to open its Canadian house as soon as Ontario\nsecurity deregulation is implemented on June 30, Watanabe said,\nadding Daiwa is very pleased with its reception by Canadian\nregulatory authorities.\n Watanabe said about 10 pct of Japanese investment in\nforeign securities goes to Canada, ranking second to the United\nStates which receives about 50 pct.\n \"The Japanese institutional investors feel that it is rather\nrisky to concentrate around the 50 pct\" in one country, he said.\n Japanese institutional investors are trying to diversify to\nother non-American vehicles, and there are very few candidates\nthat remain safe investment objects, Daiwa's Watanabe added.\n Investors in Japan are also feeling it is risky to\nconcentrate in fixed income paper, and are looking more towards\ninvestment in paper equity and real estate.\n \"So, investment in Canadian paper, especially Canadian\nequity, should have a great future,\" Watanabe said.\n Reuter\n\u0003",
"date": "29-APR-1987 15:04:02.18",
"places": [
"canada",
"japan"
],
"id": "17418"
},
{
"title": "NIPPON MINING PLANS MORE U.S. JOINT VENTURES",
"body": "Nippon Mining Co Ltd president Yukio\nKasahara said the state-owned Japanese firm hoped to find\nadditional joint venture partners to explore for U.S. oil\nreserves.\n \"We have to secure the stability of oil for Japan,\"\nKasahara told reporters at the World Petroleum Congress. \"In\nthe exploration area I think Japanese companies are interested\nin joint ventures.\"\n Nippon Mining, for example, last September signed an\nagreement with Dupont Co's <DD> Conoco Inc to participate in a\n135 mln dlr exploration venture that includes six wells on land\nand 14 offshore Louisiana. The first joint well drilled is in\nthe Gulf of Mexico's Green Canyon Block 182, a deepwater lease\nthat Conoco was almost forced to return to the federal\ngovernment undrilled because of low oil prices.\n \"At this moment we have no success but we will proceed with\nConoco. Maybe by the end of the year we will find oil there,\"\nKasahara said. He said that similar kinds of joint ventures\n\"would be best\" for Nippon Mining's oil exploration efforts in\nthe future.\n Kasahara also said Nippon Mining was not planning to\nacquire any U.S. refining or marketing outlets. \"Retail sales\nin general do not interest the Japanese oil companies,\" he\nsaid.\n When asked whether he believed world oil prices might\nstrengthen later this year, Kasahara said he expected prices to\nhold steady at today's level.\n \"Within this year I think the 18 dlrs a barrel will\ncontinue. But next year I don't know,\" he said. \"For the\nrefining business, stability is important. Whether the price is\n18 dlrs or 20 dlrs, we don't care.\"\n But encouraging additional upstream efforts may require\nmodestly higher oil prices, Kasahara added. \"For exploration I\nthink 20 dlrs a barrel or 22 dlrs a barrel would be\nreasonable,\" he said.\n The key factor in determining whether the Organization of\nPetroleum Exporting Countries (OPEC) would raise its 18 dlr a\nbarrel benchmark price is the ongoing war between Iran and\nIraq, Kasahara said. Saudi Arabia, he added, was an uncertain\nelement in the OPEC equation because of its need to maintain\nrevenues at the same time the weakened U.S. dollar has reduced\noil profits.\n Nippon Mining, which like all Japanese crude buyers is\nbenefitting from the drop in the value of the dollar, favors\ncontinuing to price OPEC crude oil according to U.S. currency\nregardless of the dollar-yen relationship, Kasahara said.\n \"I hope the dollar would strengthen eventually and continue\nto improve. I would prefer to see the (OPEC) pricing remain in\ndollars,\" he said.\n Reuter\n\u0003",
"date": "29-APR-1987 15:08:51.63",
"topics": [
"crude"
],
"places": [
"usa",
"japan"
],
"id": "17419"
},
{
"title": "REAGAN WARNS ON FURTHER DOLLAR FALL",
"body": "President Reagan said a further\ndecline in the value of the dollar could be counterproductive.\n In written answers to questions put by Japan's Asahi\nShimbun newspaper, he noted Treasury Secretary James Baker had\nsaid all seven major industrial nations were committed to\ncooperating in fostering stability of exchange rates.\n \"We all believe a further decline of the dollar could be\ncounterproductive,\" Reagan said.\n Reagan said the best way for the United States to reduce\nits trade deficit was to export more.\n He said Japan could make a major contribution to reducing\nexternal imbalances and sustaining world economic growth by\nadopting policies to promote stronger domestic demand in the\nshort-run and, in the long-run, implementing structural reforms\nto ease Japanese dependence on exports as a source of growth.\n Reuter\n\u0003",
"date": "29-APR-1987 15:26:09.50",
"topics": [
"dlr",
"money-fx"
],
"places": [
"usa"
],
"id": "17420"
},
{
"title": "BANGLADESH AUTHORIZED TO BUY PL 480 COTTON-USDA",
"body": "Bangladesh has been authorized to\npurchase about 32,000 bales (480 lbs) of U.S. cotton under an\nexisting PL 480 agreement, the U.S. Agriculture Department\nsaid.\n It may buy the cotton, valued at 10.0 mln dlrs, between May\n6 and August 15, 1987 and ship it by September 15, the\ndepartment said.\n Reuter\n\u0003",
"date": "29-APR-1987 15:46:11.10",
"topics": [
"cotton"
],
"places": [
"usa",
"bangladesh"
],
"id": "17421"
},
{
"title": "COASTAL <CGP>, TRANSAMERICAN SETTLE GAS DISPUTE",
"body": "Coastal Corp and TransAmerican Natural\nGas Corp have proposed settling more than four billion dlrs in\nlawsuits with an agreement for natural gas sales and\ntransportation between the two Texas firms, a lawyer for\nCoastal said.\n The proposed settlement also provided for Coastal to\nwithdraw its reorganization plan in TransAmerican's bankruptcy\nproceedings.\n Thomas McDade, a lawyer for Coastal, said the settlement\nincluded a five-year agreement for TransAmerican to transport\nup to 100 mln cubic feet of natural gas daily from south Texas\nfields to major pipeline interchanges. TransAmerican will also\nsell Coastal up to 125 mln cubic feet of gas at spot market\nprices during the next 10 years.\n McDade said Coastal would agree to support TransAmerican's\nplan of reorganization pending in federal bankruptcy court.\n TransAmerican, a Houston-based natural gas production and\npipeline company, had sued Coastal for 4.1 billion dlrs\nalleging that Coastal chairman Oscar Wyatt wrongly interfered\nwith TransAmerican's reorganization efforts. Coastal is one of\nTransAmerican's unsecured creditors.\n Reuter\n\u0003",
"date": "29-APR-1987 15:56:24.90",
"topics": [
"nat-gas"
],
"places": [
"usa"
],
"id": "17422"
},
{
"title": "MEXICO SILVER POLICIES UNCHANGED, OFFICIALS SAY",
"body": "Mexico's policies for silver\nproduction and sales have not changed despite Peru's decision\nlast week to freeze its silver sales, government mining and\ncentral bank officials said.\n The officials also expressed doubt that such a policy\nchange was in the works.\n Mexico is the world's leading silver producer and had an\noutput of about 73.9 mln troy ounces last year, according to\npreliminary government figures.\n Peru, the world's second leading silver producer, last week\nsuspended sales of the precious metal in what authorities in\nLima said was an effort to protect its price in an unstable\nmarket.\n Since the decision, Peruvian officials have said they will\ndiscuss cooperation in the silver market with Mexican officials\nin scheduled meetings.\n Last week, Peruvian central bank president Leonel Figueroa\nand the head of the central bank of Mexico, Miguel Mancera\nAguayo met in Mexico City in private talks said aimed at\nconsolidating the upward trend of silver prices.\n Mexican minister of energy and mines, Alfredo del Mazo, is\nalso expected to meet soon with his Peruvian counterpart,\nWilfredo Huayta.\n However, no Mexican decision has been made to follow the\nPeruvian example of suspending new silver sales, Mexican\nofficials said.\n One Mexican mining sector official working closely with the\ngovernment's production and sales policy told Reuters there\nhave been no changes in policy handed down by the central bank.\n \"The same policy that has been followed will be continued,\"\nsaid the official, who asked not to be further identified.\n A spokesman for the central bank said the bank had no\ninformation on any silver policy changes.\n An energy and mines ministry spokesman and an official in\nthe ministry's metallurgy department also said no government\nsilver policy change had been made.\n The mining sector official also said he doubted Mexico\nwould follow Peru's policy, reasoning that if the two\ngovernments had intended to coordinate silver policies, Mexico\nwould have announced a sales suspension along with Peru last\nweek.\n \"It's very probable a change won't be made,\" the official\nsaid.\n Reuter\n\u0003",
"date": "29-APR-1987 16:17:56.64",
"topics": [
"silver"
],
"places": [
"mexico",
"peru"
],
"id": "17423"
},
{
"title": "NY MEAT CUTTERS UNION REJECTS LATEST OFFER",
"body": "Members of local 174 of the United Food\nand Commercial Workers (UFCW) union, representing 1,900 meat\ncutters in New York city, yesterday rejected the latest\nmanagement offer on a new contract.\n \"Members rejected the latest offer by a 2 to 1 margin,\" Bob\nWilson, executive officer of local 174 said. But workers have\nbeen asked to remain on the job while negotiations continue.\n The union has been in negotiations with the Greater New\nYork Association of Meat and Poultry Dealers, a group of meat\nwholesalers and distributors. The contract expired April 26 and\nthe latest management offer sought \"give backs\" in holiday and\nsick leave which the membership rejected, Wilson said.\n Reuter\n\u0003",
"date": "29-APR-1987 16:19:24.00",
"topics": [
"carcass",
"livestock"
],
"places": [
"usa"
],
"id": "17424"
},
{
"title": "GENRAD <GEN> DECLINES COMMENT ON ACTIVITY - NYSE",
"body": "The New York Stock Exchange said Genrad Inc\ndeclined to comment on what the exchange called unusual\nactivity in its stock today.\n The exchange said that in view of the unusual market\nactivity of Genrad stock it requested the company issue a\npublic statement indicating whether there are any corporate\ndevelopments.\n The company said its policy is not to comment on unusual\nmarket activity or rumors, the Exchange said.\n Genrad stock closed at 12-1/2, up 1-1/4.\n Reuter\n\u0003",
"date": "29-APR-1987 16:29:16.98",
"places": [
"usa"
],
"id": "17425"
},
{
"title": "BANGLADESH KEEPS OPTIONS OPEN ON GRAIN PENALTY",
"body": "Bangladesh is keeping its options open on\nwhether to seek a penalty from Continental Grain Co of the\nUnited States for alleged breach of a wheat shipment contract,\nbut is also asking the company to expedite shipment of the\ncargo, a senior Food Ministry official said.\n The official, who declined to be named, said the company\nunder a deal agreed to ship 100,000 tonnes of wheat by April 7\nand another 100,000 tonnes by April 16. But it shipped only\n126,000 tonnes altogether.\n The supplier will have to pay penalty at a rate of two dlrs\nper tonne for every delayed day according to a document signed\nby both the Food Ministry and the suppliers' agent in Dhaka, he\ntold Reuters.\n \"If they arrange quick shipment, we may take a lenient view,\"\nthe official said. The issue is expected to be decided at a\ncabinet meeting scheduled for next Sunday, he added.\n A pro-government Bengali daily \"Dainik Janata\" reported today\nthat Continental Grain could face a penalty of 200 mln taka\n(6.49 mln dlrs) for alleged failure to maintain shipment\nschedule.\n The local agent of Continental Grain, Shafi Ahmed\nChoudhury, told Reuters he applied to the Bangladesh government\nfor an extension of the shipment period because loading of\nwheat at London was being delayed due to bad weather and a\nfaulty elevator at a grain silo. But the government has not yet\ngranted the extension, he said.\n Choudhury said the freight rate and price of wheat had gone\nup after the deal was signed, which resulted in a financial\nloss to the company.\n He said he was not \"officially informed\" of the move to\nimpose a penalty, although he was \"not totally unaware of it.\"\n Continental Grain officials in New York declined to\ncomment.\n Reuter\n\u0003",
"date": "29-APR-1987 17:29:50.25",
"topics": [
"grain",
"wheat"
],
"places": [
"bangladesh"
],
"id": "17426"
},
{
"title": "RECENT U.S. OIL DEMAND UP 0.6 PCT FROM YEAR AGO",
"body": "U.S. oil demand as measured by\nproducts supplied rose 0.6 pct in the four weeks ended April 17\nto 15.91 mln barrels per day (bpd) from 15.82 mln in the same\nperiod a year ago, the Energy Information Administration (EIA)\nsaid.\n In its weekly petroleum status report, the Energy\nDepartment agency said distillate demand was off 10.2 pct in\nthe period to 2.67 mln bpd from 2.98 mln a year earlier.\n Gasoline demand averaged 6.94 mln bpd, off 1.8 pct from\n7.06 mln last year, while residual fuel demand was 1.17 mln\nbpd, off 12.9 pct from 1.34 mln, the EIA said.\n Domestic crude oil production was estimated at 8.36 mln\nbpd, down 5.9 pct from 8.88 mln a year ago, and gross daily\ncrude imports (excluding those for the SPR) averaged 3.70 mln\nbpd, up 5.2 pct from 3.52 mln, the EIA said.\n Refinery crude runs in the four weeks were 12.58 mln bpd,\nup 2.0 pct from 12.33 mln a year earlier, it said.\n In the first 113 days of the year, refinery runs were up\n2.3 pct to an average 12.36 mln bpd from 12.09 mln in the\nyear-ago period, the EIA said.\n Year-to-date demand for all petroleum products averaged\n16.26 mln bpd, up 1.6 pct from 15.99 mln in 1986, it said.\n So far this year, distillate demand fell 3.1 pct to 3.11\nmln bpd from 3.21 mln in 1986, gasoline demand was 6.71 mln\nbpd, off 0.3 pct from 6.73 mln, and residual fuel demand fell\n6.2 pct to 1.32 mln bpd from 1.40 mln, the EIA said.\n Year-to-date domestic crude output was estimated at 8.38\nmln bpd, off 7.4 pct from 9.05 mln a year ago, while gross\ncrude imports averaged 3.86 mln bpd, up 21.1 pct from 3.19 mln,\nit said.\n Reuter\n\u0003",
"date": "29-APR-1987 17:36:38.99",
"topics": [
"crude",
"gas",
"fuel"
],
"places": [
"usa"
],
"id": "17427"
},
{
"title": "SENIOR ECONOMIST PREDICTS 30 PCT FALL IN DOLLAR",
"body": "a senior economist predicted the\nu.s. dollar would decline another 30 pct by year-end, but said\nhe foresees no significant change in u.s. interest rates.\n \"the market recognizes another 30 pct dollar depreciation is\nnecessary,\" said rudiger dornbush of the massachusetts institute\nof technology.\n he said the only thing preventing the dollar from dropping\nfar below current levels was intervention by central banks in\ndefinace of market forces.\n he said artifical support of the dollar had put the world's\nfinancial markets in an \"excessively volatile\" position, however,\nand predicted that within about four months \"it is going to be\nvery difficult to keep the dollar in place.\"\n the forecasts, dornbush added, are for \"a steady\ndeterioration from now on.\"\n dornbush, a university of chicago-educated economist, works\nwith the national bureau of economic research as well as mit.\nhe spoke here at the invitation of panama's national banking\nassociation, sponsor of a three-day international banking\nconvention that got under way yesterday.\n dornbush discarded fears of soaring u.s. interest rates\nbecause of the declining dollar.\n \"the u.s. cannot raise interest rates. if it raises interest\nrates all the debts will bounce in the foreign sector ... and\nall over latin america,\" he said.\n Reuter\n\u0003",
"date": "29-APR-1987 17:43:41.84",
"topics": [
"dlr",
"money-fx"
],
"places": [
"panama",
"usa"
],
"id": "17428"
},
{
"title": "CHINESE OFFICIALS SAY DRILLING OUTLOOK BRIGHT",
"body": "China's oil drilling industry is one of\nthe few bright spots in the international oilpatch with about\n1,000 rigs currently working and annual increases of 80-100\nexpected through the end of the century, a Chinese petroleum\nofficial said.\n \"In China, production concentrates on the domestic market,\nand does not depend on the international price of oil,\" Zhai\nGuang Ming, a director of the Chinese Ministry of Petroleum,\ntold Reuters.\n Chinese oil sold within the nation's borders is priced at\nabout one-third the 18 dlr a barrel benchmark price established\nby the Organization of Petroleum Exporting Countries, Zhai said\nin an interview at the World Petroleum Congress.\n The optimism in China is in sharp contrast to the United\nStates where weak oil prices have prompted a steep fall in the\nnumber of active rigs from a 1981 peak of 4,500 to only 765\nlast week according to the latest Baker Hughes Co rig count.\n At this time, China actually has more rigs in operation\nthan any other country in the world, said Xianglin Hou, another\nmember of the 20-man Chinese delegation at the Houston meeting.\n But this does not mean good news for the sagging oilfield\nequipment industry in the rest of the world, said Bryan Walman,\ninternational sales manager for Reed Tool Co in Houston.\n Walman said more than 90 pct of China's drilling activity\nis on land and under the control of the Chinese government\nwhich requires local manufacture of drilling equipment.\n But U.S. and other western nations do provide equipment for\nChina's fledgling offshore projects as well as participate in\nthe actual drilling, he said.\n Amoco Corp <AN>, for example, has reported a discovery in\n1,000 feet of water in the South China Sea.\n \"We're encouraged,\" said Alfred Munk, manager of Amoco's\nforeign affairs, \"but we need substantial reserves before we\ncan do commercial production in a remote area like that.\"\n Zhai estimated that current Chinese oil production of 130\nmln tonnes a year should rise to total 200 mln tonnes annually\nby the year 2,000.\n Chinese crude reserves total 23.6 billion barrels, with\nultimate resources estimated at 69.3 billion barrels.\n Reuter\n\u0003",
"date": "29-APR-1987 17:49:13.50",
"topics": [
"crude"
],
"places": [
"usa",
"china"
],
"id": "17429"
},
{
"title": "U.S. INTERIOR SECRETARY OPPOSES OIL IMPORT FEE",
"body": "U.S. Interior Secretary Donald\nHodel said he does not support an oil import fee as a means to\nstimulate domestic oil and gas production.\n \"I am an advocate for incentives for exploration,\" Hodel\nsaid, but added, \"I do not favor an oil import fee.\"\n \"It would inject the federal government so deeply back in\nto the process, we would never get the government out again,\nand I think that would be in the long term disinterest of the\nnation,\" Hodel said in an address to a group of local business\nexecutives.\n Earlier today, Congressmen from oil producing states\nintroduced a bill that would impose a fee on oil imports.\n Hodel said he supports drilling incentives, such as repeal\nof the Windfall Profits Tax and Fuel Use Act and deregulation\nof natural gas.\n The secretary also said oil and gas exploration offshore\nCalifornia and in the Artic National Wildlife Refuge is\nnecessary to prevent the U.S. from becoming too dependent on\nforeign supplies of oil for its energy needs.\n Failure to approve such exploration, Hodel said, would lead\nto greater U.S. dependence on foreign sources of oil.\n \"In the next two to five years, no matter what we do today,\nwe are very likely to find the U.S becoming 50 pct or more\ndependent on imports for its oil requirements,\" Hodel said.\n If OPEC were to raise oil prices sharply, Congress would\nlikely act to have the federal government fix gasoline prices\nand allocate supplies, Hodel said.\n \"If they allocate supplies you and I, in the same\ntwo-to-five year time frame, could well find ourselves sitting\nback in gas lines,\" Hodel said.\n Exploration for oil and gas in offshore areas and in the\nArctic National Wildlife Refuge would not jeopardize\nenvironmentally sensitive areas, Hodel said.\n \"We are convinced we can meet and resolve every\nenvironmental concern that is raised,\" Hodel said.\n Reuter\n\u0003",
"date": "29-APR-1987 18:20:24.43",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa"
],
"id": "17430"
},
{
"title": "FTC FINDS 17 BILLION DLR COST IN OIL IMPORT FEE",
"body": "An oil import fee could cost\nconsumers nearly 17 billion dlrs a year and undermine long-term\nU.S. energy security by leading to a quicker depletion of \ndomestic reserves, a Federal Trade Commission study said.\n The study by the FTC's bureau of economics found that a\nfive dlr a barrel tariff on crude oil and gasoline oil imports\nwould increase costs to consumers by 14 to 16.7 billion dlrs a\nyear.\n After weighing the benefits of such a tariff against the\ncosts, the study found a five dlr a barrel import fee would\nhave a net cost to the economy of 3.6 billion dlrs a year.\n Several oil import fee proposals ranging from two to 10\ndlrs a barrel have been made in Congress in an effort to cut\nthe federal budget deficit and maintain the momentum for energy\nconservation programs, which have been hurt by cheaper oil.\n But by making foreign oil more expensive, the tariffs would\nreduce oil imports and force greater consumption of domestic\noil, which would deplete U.S. reserves faster, the study found.\n \"Any attempt to increase our energy security by limiting\nimports will actually reduce our long-run energy security by\nspeeding the depletion of domestic reserves,\" the study said.\n The five dlr a barrel tariff would also cut domestic\npetroleum refiners' profits by 7.5 to 10 billion dlrs a year,\nincrease domestic crude oil producers' profits by about 13\nbillion dlrs a year and raise government revenues by 6.7 to \n8.2 billion dlrs a year, the FTC said.\n Under the Reagan administration, the FTC has consistently\nopposed government regulation of the oil industry at the state\nand federal levels.\n \"This study backs up my belief that government regulation\nand interference with competition hurt both the market and\nconsumers,\" FTC Chairman Daniel Oliver said in a statement.\n Reuter\n\u0003",
"date": "29-APR-1987 18:26:40.54",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17431"
},
{
"title": "GONZALEZ PLEDGES FIRM ANTI-INFLATION BATTLE",
"body": "Prime Minister Felipe Gonzalez, facing\nan increasingly violent wave of labour unrest, has told\nSpaniards he is determined to bring down inflation even if it\nmeans slower growth and fewer votes for his Socialist Party.\n In a 50-minute television interview broadcast live,\nGonzalez criticized widespread protests which have blown up\nless than a year after he won a resounding general election\nvictory.\n \"It seems so important to us that sometimes I ask myself\n'Why don't they understand when I explain this?'\" Gonzalez said\nof the anti-inflation strategy designed to modernise Spain and\nmake its economy competitive within the European Community.\n Gonzalez said the illegal work-to-rule at the airline was\ngrounding more and more planes and producing a backlog of\nmaintenance work which would not be cleared until the summer.\n \"The comfortable thing to do would be to give in and have no\nproblems,\" the 44-year-old prime minister said, adding that\nnothing could justify the use of violence in a democracy.\n Gonzalez said he still believed it was possible to reduce\ninflation to five pct this year from the current rate of 6.3\npct, even though other government officials have admitted the\ntarget may now be beyond reach.\n Reuter\n\u0003",
"date": "29-APR-1987 19:02:59.88",
"topics": [
"cpi"
],
"places": [
"spain"
],
"id": "17432"
},
{
"title": "OFFSHORE OIL INDUSTRY WAITING FOR TURNAROUND",
"body": "The depressed offshore oil industry is\nstill waiting for a turnaround despite increasing optimisim\nthat world oil prices have stabilized around 18 dlrs a barrel.\n \"The perception of a turnaround comes from the change in\nprices,\" Charles Siess Jr, vice chairman of Marathon\nManufacturing Co, a subsidiary of USX Corp <X>, and chairman of\nthe National Ocean Industries Association, said in a press\nbriefing at the Offshore Technology Conference.\n \"From the level of industry activity, there is no\nturnaround,\" he added.\n John Huff, president of Oceaneering International Inc\n<OCER>, was slightly more optimistic. \"We are through the low\npart of the cycle -- there's an increase in interest for\nprojects,\" he said, adding, \"whether it comes to orders, who\nknows?\"\n The oil industry is recovering from last year's dramatic\nfall in oil prices, from 30 dlrs a barrel in late 1985 to under\n10 dlrs in mid-1986. Particularly hard hit were the service\ncompanies that provide the oil rigs with keys products, such as\npipe and tools.\n Earlier in the week, Secretary the Interior Donald Hodel\nannounced -- at the Conference -- the government's new\nfive-year offshore oil and gas leasing program, proposing 38\nsales, including tracts in the Gulf Coast, offshore California\nand in the Arctic National Wildlife Refuge in Alaska.\n For the most part, the industry was disappointed with the\nplan, with most arguing that additional areas should have been\nincluded. At the same time, most were supportive of Hodel.\n Environmental concerns, particularly in California, had\nlobbied strenuously against offshore oil development.\n \"The (Outer Continental Shelf) leasing program fails to\ntake into account the environmental performance of the oil\nindustry,\" said Bill Bradford, executive vice president of\nDresser Industries <DI> and president of the Petroleum\nEquipment Suppliers Association.\n Huff quoted National Academy of Science figures showing\noffshore rigs contributed only two pct of petroleum pollution\nin the oceans, while tankers were responsible for 47 pct and\nmuniciple dumping 31 pct.\n \"The OCS is the keystone of the domestic reserve\ndevelopment program,\" said Siess, adding that with oil imports\nrising to 50 pct of U.S. oil consumption, the issue was one of\nnational security.\n Looking ahead, Constantine S. Nicandros, president of\nDupont's <DD> Conoco Inc subsidiary, said, \"We are more likely\nto see a five pct increase in spending this year than the\nwidely-forecast five pct decrease.\"\n Other optimistic signs include the recent sale in New\nOrleans of offshore tracts in the Gulf of Mexico which raised\n290 mln dlrs against an expected 90 mln.\n However, Ronald Tappmeyer, vice chairman of Reading and\nBates Drilling Co <RB>, said the oversupply of rigs would\ncontinue for the near-term, but added demand for\ntechnologically advanced rigs would increase in the 1990s.\n Much of that demand is seen coming from the move into\nicreasingly deeper waters, with the projects becoming ever more\nexpensive and needing five to ten years to develop.\n Over 50 pct of the sales in New Orleans were for deep\nwater tracts.\n Ronald L. Geer, a consultant with Shell Oil Co, a\nsubsidiary of Royal Dutch/Shell <RD>, and president of the\nMarine Technology Society, said the technology existed to drill\nexploratory wells in up to 10,000 feet of water.\n Geer said the industry was particularly interested in the\nGreen Canyon field offshore Louisiana where a number of\ncompanies, including Shell, Conoco, USX Corp's Marathon Oil Co,\nStandard Oil Co <SRD> and Placid Oil Co, are working, many of\nthem testing new deep-water technologies involving floating\nplatforms.\n Reuter\n\u0003",
"date": "29-APR-1987 19:22:52.24",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17433"
},
{
"title": "VENEZUELA APPROVES WAGE INCREASES, PRICE CONTROLS",
"body": "Venezuelan president Jaime Lusinchi\napproved a general wage increase in the form of bonuses ranging\nfrom 20 to 30 pct and a 120-day price freeze on a basket of\nbasic consumer goods.\n Both measures, which take effect on May 1, were approved by\nthe cabinet. They will be announced to the nation by Lusinchi\nin a televised address tonight but the text of the decrees was\nreleased this afternoon.\n Businessmen, who met Lusinchi, opposed the pay rise, saying\nit will fuel inflation. The inflation rate was 11.5 pct in 1986\nand private economists say it will be 25 to 30 pct in 1987.\n The central bank said first quarter inflation was 6.3 pct.\n The wage increase for public and private sector employees\nwill be 30 pct on salaries of up to 2,100 bolivars a month. For\nsalaries of from 2,101 to 6,100 bolivars 25 pct and for those\nof 6,101 to 20,000 bolivars 20 pct.\n The measures were taken in response to a request from the\nVenezuelan confederation CTV for an increase to offset the loss\nin the purchasing power of workers' salaries. It estimated the\nloss at 40 pct.\n The general wage rise is the third granted by Lusinchi\nsince his government took office in February 1984.\n The wage increases are a bonus and will not be considered\nin calculating benefits or severance pay, the decree said.\n At the same time, Lusinchi declared a freeze on lay-offs\nand firings for the next 120 days.\n The price freeze applies to a group of 120 foods and other\nconsumer goods declared to be \"of primary necessity.\"\n It does not apply to prices charged by agricultural\nproducers or to goods for which the price is falling.\n The decree establishes fines of between 1,000 and 500,000\nbolivars for merchants who violate the price control measure.\n REUTER\n\u0003",
"date": "29-APR-1987 22:38:50.43",
"topics": [
"cpi"
],
"places": [
"venezuela"
],
"id": "17434"
},
{
"title": "HOSPITAL CORP <HCA> GETS FUNDS FOR RESTRUCTURING",
"body": "Hospital Corp of America said it\nreceived financing commitments of about 1.9 billion dlrs to pay\nfor its previously announced reorganization, which was approved\nby the company's board of directors today.\n Under the reorganization, Hospital Corp will spin off over\n100 hospitals to a new, independent firm for 1.8 billion dlrs\nin cash and preferred stock and warrants in the new company,\nwhich will be owned by an employee stock ownership plan, ESOP.\n Hospital Corp said that Drexel Burnham Lambert Inc has\nagreed to provide bridge financing, or to find buyers for debt\nof the new company, for an amount of up to 956 mln dlrs.\n This financing will comprise 270 mln dlrs of senior\nunsecured ESOP debt and 686 mln dlrs of unsecured subordinated\nfinancing for the new company, Hospital Corp said.\n Wells Fargo Bank NA has agreed to syndicate up to 940 mln\ndlrs of secured bank financing, comprising a 400 mln dlr\nrevolving credit a separate 540 mln dlr term loan. Wells Fargo\nhas committed itself to fund an aggregate 400 mln dlrs of these\nloans. Hospital Corp said it will not guarantee any of the\ndebt. The transaction will cut the number of hospitals the\ncompany owns to about 125 from more than 230. It is expected to\nbe completed in the third quarter of the year.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:08:28.39",
"places": [
"usa"
],
"id": "17435"
},
{
"title": "IRAN SAYS IT WILL COMBAT GULF INTERVENTION",
"body": "Iranian foreign minister Ali Akbar\nVelayati warned that Iran would combat any superpower\nintervention in the Gulf.\n \"Iran, which is the most powerful (country) in the Gulf...\nWill not allow the superpowers or any other foreign forces to\ninterfere in the region,\" he said.\n Velayati, visiting the United Arab Emirates on the first\nleg of a Gulf tour, told reporters Iran had the \"capabilities\nand means\" to prevent any interference. President Reagan has\npledged to keep the Gulf sealanes open and to protect Kuwaiti\ntankers from possible Iranian attack.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:24:47.47",
"topics": [
"ship"
],
"places": [
"uae",
"iran"
],
"id": "17436"
},
{
"title": "SRI LANKA OFFERS 250 MLN RUPEES IN T-BILLS",
"body": "The Central Bank said it will offer offer\n250 mln rupees worth of three-month treasury bills in a tender\nclosing on June 4.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:26:05.57",
"places": [
"sri-lanka"
],
"id": "17437"
},
{
"title": "JAPAN VARIABLE LIFE INSURANCE EARNS HIGH RETURNS",
"body": "Companies offering variable life insurance\npolicies, introduced in Japan in October, look set to report\nsparkling results when they report on fund performance later\nthis month, fund managers at major insurance companies said.\n The managers told Reuters some insurers showed variable\nlife returns topping 50 pct on an annual basis in the five\nmonths to March 31. Industry sources said all 17 Japanese and\nU.S. Insurers offering variable life policies here have earned\nreturns of more than 10 pct on their investments.\n Returns on variable life policies, which are paid when\npolicies are surrendered, depend on the performance of funds\nrun by insurers.\n Managers said strong results are due to the loading of\nfunds into the buoyant Tokyo stock market and into convertible\nbonds and attractive short-term instruments such as large yen\ntime deposits.\n Japanese share prices rose 30 pct in absolute terms between\nNovember 1 and March 31. Key bond yields fell to around four\npct from five pct in the same period.\n \"Variable life avails itself of the times and clients are\nlikely to be attracted after the impressive results to be made\npublic in early June,\" Ichirou Hayashi, general manager of\nNippon Life Insurance Co Ltd's fund management office said.\n The Finance Ministry does not allow disclosure of insurance\ncompany figures for the year ended March 31 until early June.\n Nippon Life, the largest Japanese insurer, had about 50,000\ninvestors in variable life by end-March while the three U.S.\nFirms which offer variable life here have a total of some 7,550\ninvestors, fund managers said.\n Equitable Life Insurance Co Ltd, American Life Insurance Co\nLtd and Sony Prudential Life Insurance Co, which is a joint\nventure between Sony Corp and Prudential Life Assurance of the\nU.S., Are the three U.S. Insurers offering variable life here.\n \"Although (variable life) appears to be a short-term\nfinancial instrument with death benefit, its first priority is\nto raise as much cash value as it can over the long period,\"\nsaid Ichiro Kono, managing director and chief actuary of Sony\nPrudential. Variable life guarantees a fixed death benefit.\n \"Variables are also attractive to executives of companies\nwho wish to receive them as retirement funds with options for\nsettlement in annuities,\" Kono said.\n Nippon Life's Hayashi said sales of variable life were\nshaping up well as interest rate consciousness grows.\n Insurance managers said they expect variables to survive\nany credit market collapse since the funds should be able to\nreact to interest rate fluctuations more quickly than huge\ngeneral insurance accounts, assuming fund managers grow more\nsophisticated in global fund and risk management.\n Japanese life insurers have cut dividends paid to holders\nof regular insurance by as much as 0.45 of a percentage point\nsince April 1 due to declining domestic interest rates.\n Fund managers said regular insurance funds are invested\nmore conservatively with decisions based on long-term\nstrategies. Major life insurers are expected to report huge\nexchange losses, estimated at over 2,000 billion yen, on\nforeign investment for 1986/87, they said.\n \"Asset mix is more of a concept for larger funds, not for\nour variables, especially after the huge currency losses made\nin the last fiscal year,\" Hayashi of Nippon Life said.\n Industry analysts said shifts of funds ahead of tax changes\ndue in October are helping boost the demand for variable life.\n The government is expected to impose a 20 pct withholding\ntax on interest from certain instruments including single\npremium endowment insurance, much of which is maturing now, but\nvariable life will be free of such a tax.\n But Sony Prudential's Kono said, \"A large shift of funds\nfrom single premium endowment to variable life is unlikely,\nbecause investors in the former are more short-term\nreturn-minded, while the latter doesn't guarantee short-term\ncash value.\"\n Sony Prudential and Equitable Life each have three separate\nvariable life accounts. Equitable's funds specialise in\nJapanese stocks, U.S. Stocks and money market instruments while\nSony's covers bonds, stocks and general investment.\n Japanese insurers have only one variable account each.\n The Finance Ministry allowed sales of variable life\nendowment with terms over 10-years and whole life insurance\nfrom October 1 last year but allowed single premiums only on\nthe latter.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:28:04.91",
"places": [
"japan"
],
"id": "17438"
},
{
"title": "Toshiba group net 34.18 billion yen (59.44 billion) year to March 31\n",
"date": " 1-JUN-1987 00:30:09.25",
"id": "17439"
},
{
"title": "TOSHIBA CORP <TSBA.T> YEAR ENDED MARCH 31",
"body": "Group shr 11.86 yen vs 19.24\n Net 34.18 billion vs 59.44 billion\n Pretax 78.02 billion vs 130.52 billion\n Operating 51.58 billion vs 121.50 billion\n Sales 3,308 billion vs 3,373 billion\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:30:28.91",
"topics": [
"earn"
],
"places": [
"japan"
],
"id": "17440"
},
{
"title": "SINGAPORE OIL COMPANIES TO SET OWN PUMP PRICES",
"body": "Singapore oil companies can set their\nown petrol and diesel prices at the pump from today subject to\nceilings determined by their individual wholesale prices, The\nMinistry of Trade and Industry said.\n The ministry previously revised pump prices and announced\nthe changes for the oil companies.\n Lead content of petrol is further cut to 0.15 gm/litre from\n0.4 gm from today. Pump prices of the lower lead petrol grades\nare expected to be announced soon by the oil companies which\nhave said wholesale prices are between 1.3 cents/litre to 3.2\ncents higher than previous grades.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:32:25.42",
"topics": [
"gas",
"fuel"
],
"places": [
"singapore"
],
"id": "17441"
},
{
"title": "PERU CONSUMER PRICES RISE 5.9 PCT IN MAY",
"body": "Peru's consumer price index rose 5.9 pct in\nMay to 15,706.5 (base 1979) compared to 6.6 pct in April and\n3.3 pct in May 1986, the National Statistics Institute said.\n It said accumulated inflation for the first five months of\nthis year was 33.8 pct against 24.1 pct for the same period in\n1986.\n Inflation for the year ending May 1987 was 75.7 pct\ncompared to 76.8 pct for the year ending May 1986.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:35:44.06",
"topics": [
"cpi"
],
"places": [
"peru"
],
"id": "17442"
},
{
"title": "CHINA PROVINCE BECOMES GRAIN IMPORTER",
"body": "The south China province of Guangdong is\nimporting millions of tonnes of grain a year from overseas and\nother parts of China because farmers have switched from grain\nto more profitable crops, the Peking Review magazine said.\n The official magazine said the province's grain area fell\nto 4.33 mln hectares in 1985 from 5.7 mln in 1978 out of a\ntotal farmland area of 7.4 mln hectares.\n Farmers have switched to cash crops such as sugarcane,\nbananas, oranges, papaya and freshwater fish-farming, in part\nto supply major consumer markets in Hong Kong and Macao, the\nmagazine said. It gave no 1986 area figures.\n The magazine said China aims to keep 80 pct of national\nfarmland under grain, 10 pct under cash crops and 10 pct under\nother crops, although the ratio will vary from place to place.\n It said primitive cultivation methods, labour-intensity and\nlow productivity make grain the least profitable farm\ncommodity. Farmers in one central region of China can from 0.1\nhectare earn 2,250 yuan a year from vegetables, 375-450 yuan\nfrom cotton or 225 yuan from grain, it added.\n It said consumer prices for foodgrain can be adjusted only\ngradually as part of a reform of the entire pricing system.\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:36:14.37",
"topics": [
"grain",
"orange",
"sugar"
],
"places": [
"china"
],
"id": "17443"
},
{
"title": "EC URGED TO ACT QUICKLY ON EUROPEAN AIRFARE CUTS",
"body": "The European Commission should make urgent\nand concrete proposals to break the deadlock over moves to cut\nsky-high European airfares, an independent report said.\n The report by the Institute of Economic Affairs (IEA) said\ncosts, fares and profits on international services within\nEurope are the highest in the world although European airlines\nare less efficient and not perceptibly safer than their cheaper\nU.S. Equivalents.\n \"The European airlines protect their position through the\nsecrecy they maintain over the costs and profits of any group\nof services,\" the report said.\n The airlines also protect themselves through \"the ferocity\nwith which (they) resist any relaxation of the monopolistic\npractices which protect their profits,\" the report said.\n Britain, a strong advocate of deregulation, has been trying\nto push measures to introduce greater competition among\nEurope's airlines but negotiations foundered at the end of 1986\nover discount and deep discount fares.\n The IEA report said European governments and the\nCommission, the EC executive authority, had been\nextraordinarily lax about the airlines' secretiveness, showing\n\"a lack of concern for the interests of the traveller.\"\n REUTER\n\u0003",
"date": " 1-JUN-1987 00:52:31.57",
"organisations": [
"ec"
],
"places": [
"uk"
],
"id": "17444"
},
{
"title": "Bundesbank's Schlesinger says no plan to cut discount rate-Nihon Keizai newspaper\n",
"date": " 1-JUN-1987 01:17:35.61",
"topics": [
"interest"
],
"id": "17445"
},
{
"title": "SINGAPORE PETROLEUM CO REVISES PETROL PUMP PRICES",
"body": "Singapore Petroleum Co Pte Ltd will\nrevise pump prices of petrol from June 2, an official said.\n Grade 97 octane with 0.15 gm/lead will be 96.8 cents/litre\nagainst 94 cents previously for 0.4 gm lead. Grade 92 octane\nwill be 90.6 cents against 87.6 previously.\n SPC's price revision follows the Ministry of Trade and\nIndustry's move to liberalise petrol pricing by allowing oil\ncompanies to set their own pump prices.\n New grades of petrol with lower lead content are sold in\nSingapore from today in line with the Ministry of Environment's\nregulations.\n REUTER\n\u0003",
"date": " 1-JUN-1987 01:19:26.93",
"topics": [
"gas"
],
"places": [
"singapore"
],
"id": "17446"
},
{
"title": "KOREA ELECTRIC POWER PLANS FIRST EUROYEN BOND",
"body": "Korea Electric Power Corp plans to issue\nits first euroyen bond, a 7.5 billion yen issue with six-year\nmaturity carrying a coupon of less than five pct, company\nofficials said.\n They said the bond would be launched in London later this\nmonth with Daiwa Securities Co Ltd as lead manager.\n The officials gave no further details.\n REUTER\n\u0003",
"date": " 1-JUN-1987 01:19:37.19",
"id": "17447"
},
{
"title": "BUNDESBANK REPORTED TO HAVE NO PLAN FOR RATE CUT",
"body": "Bundesbank Deputy President Helmut\nSchlesinger said the West German central bank had no plan to\ncut its three pct discount rate, Nihon Keizai newspaper\nreported.\n The financial daily quoted Schlesinger as saying in an\ninterview that the bank would try to maintain current interest\nrate levels for the time being.\n He also told the newspaper he saw no need for large-scale\nintervention in the foreign exchange market because exchange\nrates are stable.\n Earlier, Schlesinger told a press conference that the\nBundesbank would continue its policy of maintaining short-term\ninterest rates at a low level for currency stability.\n He also said he was satisfied with the current dollar/mark\nexchange rate but added that he was not certain if it was ideal\nfor the West German economy.\n REUTER\n\u0003",
"date": " 1-JUN-1987 01:25:56.05",
"topics": [
"interest"
],
"places": [
"japan"
],
"id": "17448"
},
{
"title": "SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.",
"body": "South Korea will cut import taxes on 50\nitems, including construction equipment, photographic film,\ncigarettes and pipe tobacco, to help reduce its trade surplus\nwith the United States, the finance ministry said.\n The tariff cuts, of between five and 30 percentage points,\ntake effect on July 1.\n This brings to 157 the number of goods on which import\ntaxes have been cut this year, a ministry official said.\n The 157 are among about 290 items on which Washington has\nasked Seoul to lower tariffs, he added.\n Today's announcement follows Saturday's removal of import\ncurbs on 170 products. For 46 of those products, the U.S. Had\nhad sought free access to the South Korean market.\n \"This is in line with the government's policy to limit our\ntrade surplus with the United States to help reduce trade\nfriction between the two countries,\" the official said.\n South Korea's trade surplus with the U.S. Rose to 7.3\nbillion dlrs in 1986 from 4.3 billion in 1985. Officials said\nthe surplus was expected to widen further in 1987 but Seoul\nwould try to hold it below eight billion dlrs.\n The finance ministry said tariffs would be cut later this\nmonth on a further 53 items, including acrylic yarn and\nethylene, by an average 7.7 percentage points in order to check\ninflation.\n The officials said the tariff cuts would contribute to\nholding wholesale and consumer price rises at less than three\npct this year.\n REUTER\n\u0003",
"date": " 1-JUN-1987 01:33:45.10",
"topics": [
"trade"
],
"places": [
"south-korea",
"usa"
],
"id": "17449"
},
{
"title": "LATIN DEBTORS MAKE NEW PUSH FOR DEBT RELIEF",
"body": "Rising interest rates and\nprotectionist trade policies had prompted a new push by Latin\nAmerican nations to win debt relief, regional foreign and\nfinance ministry officials said here.\n Officials of the Cartagena group of 11 debtor nations met\nhere this week to draw up new proposals in reaction to what\nthey called a deteriorating world panorama, and Citicorp's\ndecision to create reserves against third world loans.\n (SEE ECRA FOR SPOTLIGHT HEADLINES)\n \"We are looking at trade, interest rates and financial\nflows.....In order to put forward a basis for some permanent\nsolutions,\" Mexico's public credit director Angel Gurria said.\n Recent developments have led to moves for a summit of Latin\nAmerican presidents and debate on new solutions.\n Ideas include schemes to link debt payments to trade, and\nproposals for stable interest rates. The latter was proposed in\na letter this week from Cartagena to G-7 leaders who are due to\nattend a summit in Venice this month.\n Another idea is to include debt under Gatt negotiations,\nbut Cartegena ministers have yet to endorse any proposals.\n Speaking earlier in New York, Uruguay's Foreign Minister\nand Cartagena group chairman Enrique Iglesias said Citicorp's\ndecision could discourage new lending. But it might help\nCartagena's bid to have old and new debt treated separately.\n The Cartagena group, which has not met at ministerial level\nfor over a year, wants to repay debt contracted before the debt\ncrisis at the low interest rates prevailing in the 1970s. It\nwould pay new loans at current market rates.\n \"Many countries fear that what they have gained in months of\narduous debt negotiations they can lose at a stroke with a one\npoint rise in interest rates,\" one official here said.\n \"The new increase in interest rates has come precisely when\nwe thought they had still not come down enough,\" Iglesias said.\n Latin American officials are also concerned that varying\ninterest spreads granted to different debtor nations could\ngenerate discord, as with the Philippines' recent protest at\nbeing given less favourable terms than Argentina.\n There has been speculation Venezuela would demand a cut in\nits 7/8 pct spread, but public finances director Jorge Marcano\nsaid here there were no plans to renegotiate terms.\n This week's meeting came after three Latin American\npresidents meeting in Montevideo called for stable interest\nrates on the region's 380 billion dlr foreign debt. It was\ncalled to review developments since the last ministerial\nmeeting in February 1986 and to think up new ideas.\n Since the last ministerial meeting there have been some\nadvances, such as Mexico's growth-oriented 77 billion dlr loan\nand refinancing package agreed last September. But there have\nalso been setbacks, like Brazil's payments moratorium.\n The loans expected in the Baker plan have not materialized\nand debtors have been forced to browbeat reluctant banks.\n \"We have clearly stretched the restructuring process to its\nlimits and and the question is now where do we go from here?\" a\nsenior Mexican foreign ministry official said.\n Existing debt strategy has been based on nursing debtor\neconomies back to a position where they can again service their\ndebts and qualify for new loans.\n But after five years of economic adjustment, Latin American\ndebtors are currently unable to raise voluntary credits, with\nthe exception of Colombia. Only Venezuela is paying back\nprincipal. Most countries have no prospect of paying their\ndebts in the foreseeable future.\n Citicorp has made clear its decision to move three billion\ndlrs to reserves does not mean it is writing-off the loans.\n Latin American officials here said Citicorp's move would\nprobably boost trading of discounted third world debt in the\nsecondary market, implicitly downvaluing the amount owed. But\nthey said it might make new lending even more remote.\n Discounted debt can be bought by foreign investors through\ndebt-equity schemes that generate new resources for debtor\neconomies. Chile and Mexico are currently front-runners in this\nfield, but most Latin American officials see these schemes as\nlimited and no panacea for the overall problem.\n Most Latin officials set greater store on building up\nexport income than on debt-equity schemes.\n Exports hit 97.7 billion dlrs in 1984, cutting the region's\ndebt service ratio to 36 pct, but they fell to 78.3 billion\nlast year. So, even though interest rates had dropped the ratio\nhardly changed.\n The Cartagena group has called for the debt-trade link to\nbe recognized before, but has not made detailed proposals.\n Officials said initiatives discussed here would be\nsubmitted to foreign and finance ministers of the 11 nations,\nbefore IMF and World Bank annual meetings later this year.\n REUTER\n\u0003",
"date": " 1-JUN-1987 02:05:45.88",
"places": [
"mexico"
],
"id": "17450"
},
{
"title": "TOKYO STOCK INDEX RISES 91.19 POINTS TO RECORD CLOSING 24,992.78 - BROKERS\n",
"date": " 1-JUN-1987 02:13:20.80",
"id": "17451"
},
{
"title": "U.S. STUDY SAYS TARIFFS AND QUOTAS COULD BACKFIRE",
"body": "The use of tariffs and quotas to\nreduce the flow of foreign goods into the United States will do\nlittle to cut the nation's swelling trade deficit, a government\nstudy said.\n In fact, the Federal Trade Commission (FTC) report said,\nsuch protectionist policies could make U.S. Products less\ncompetitive in the world marketplace by raising the cost of\nimported products that are re-exported in different forms.\n \"Such policies are much more likely to hurt, rather than\nhelp, the productive capabilities of the U.S. Economy,\" it said.\n The 218-page report, written by FTC economists John Hilke\nand Philip Nelson, blamed the rising trade shortfall, which\nclimbed to a record 166.3 billion dlrs last year, on shifting\ncurrency exchange rates and growing U.S consumer demand.\n Other factors commonly blamed for the deficit, such as\nforeign trade practices, deteriorating U.S. Industrial\ncompetitiveness, high labour costs and government restrictions\non mergers, added little to the problem, it said.\n \"Although each industry's competitiveness affects the level\nof imports and exports in that industry, in general we find\nthat there have been no significant industry-specific changes\naffecting competitiveness that would explain the increase in\nthe overall trade deficit,\" the study said.\n \"To the extent any government action is needed to deal with\nthe trade deficits, policies should focus on economy-wide\nphenomena such as exchange rates and relative economic growth,\"\nthe FTC study said.\n Supporting its conclusion that broad-based economic shifts\nwere the cause of the increase in the trade deficit, the report\nsaid it found that nearly all U.S. Industries lost some\ndomestic market share to foreign competitors in the 1980s.\n It also said it found a \"fairly direct relationship\" between\nthe increased trade deficit and the influence of shifting\ncurrency exchange rates, U.S. Economic growth and domestic\ndemand for goods and services, which has outpaced foreign\nconsumer demand.\n The study examined seven factors which have been commonly\nblamed for the trade deficit: foreign government subsidies and\ntrade barriers to protect foreign industries, a lack of\ninvestment in U.S. Industry, declining research and development\nin U.S. Industry, high labour costs, union work rules, the oil\nprices rises of the 1970s and U.S. Antitrust regulations.\n In each case, the study found little or no evidence that\nthe factor had any impact on the trade deficit.\n REUTER\n\u0003",
"date": " 1-JUN-1987 02:19:36.44",
"topics": [
"trade"
],
"places": [
"usa"
],
"id": "17452"
},
{
"title": "TOSHIBA HOPES EXPORTS TO U.S. NOT HURT",
"body": "A senior Toshiba Corp <TSBA.T> executive\nsaid he hoped the alleged illegal export of high technology\nequipment to the Soviet Union by a Toshiba subsidiary would not\nhurt the parent company's exports to the U.S.\n Toshiba's 50-pct subsidiary <Toshiba Machine Co Ltd> \"is a\ncompletely independent company with independent management,\"\nToshiba Corp senior vice-president Osamu Iemura told a press\nconference.\n \"We want to have that fact understood overseas,\" he said.\n Iemura said he had no information to suggest the U.S.\nDefence Department had broken off talks with Toshiba on the\npossible procurement of lap top computers because of the\nillegal exports by Toshiba Machine.\n Kyodo News Agency, quoting the weekly magazine U.S. News\nand World Report, said on Saturday the U.S. Air Force had\ndecided to cancel an agreement to buy 100 mln dlrs worth of\ncomputers because of Toshiba Machine's illegal exports.\n \"We have no contract. The U.S. Defence Department has been\nnegotiating for procurement with several companies including\nToshiba,\" Iemura said.\n Last week, police said they had arrested two Toshiba\nMachine employees on suspicion of illegally exporting high\ntechnology equipment to the Soviet Union.\n The Japanese government has already banned further\nshipments of goods to Communist states by Toshiba Machine for\none year and by its export agency C. Itoh and Co Ltd <CITT.T>\nfor three months.\n REUTER\n\u0003",
"date": " 1-JUN-1987 02:26:26.39",
"places": [
"japan",
"usa",
"ussr"
],
"id": "17453"
},
{
"title": "ISRAELI BANK SAYS ELECTION COULD HARM ECONOMY",
"body": "Israel's central bank said in its\nannual report the country made striking gains in 1986 under an\nausterity program, but warned a national election campaign\ncould harm the economy.\n Elections are due by November 1988, but tension within the\ngovernment over a Middle East peace conference has led many\npolitical analysts to predict the government may fall earlier.\n Bank of Israel governor Michael Bruno told a news\nconference the austerity since July 1985 had balanced the\nnational budget for the first time in 15 years, and pushed\ninflation from 400 pct a year to just below 20 pct in 1986.\n But Bruno warned that if politicians followed their past\npractice of lifting customs duties and increasing government\nsubsidies on basic goods in order to curry public favour during\nelections, the gains of the program could be lost.\n \"The great success of the national unity government in\nexecuting the economic programme ... Depends on its ability to\nshow proper judgement towards economic issues also when\nelections are on the horizon,\" Bruno said.\n He blamed a 12 pct rise in real wages in 1986 for a sharp\nincrease in private consumption, and said higher pay was\nharming attempts to push inflation to under 10 pct a year.\n \"The lowering of inflation was one of the striking successes\nof 1986,\" Bruno said.\n \"It is important to note that in this area of economic\nstability we still have to tread a delicate path to reach an\nannualised inflation rate of 10 pct in the second half of this\nyear,\" he said. He added that this was achievable.\n The Bank's report said Israel's gross domestic product grew\nby 2.2 pct in 1986. The business GDP, which most economists\nview as a better indicator of economic growth, rose by 3.7 pct.\n REUTER\n\u0003",
"date": " 1-JUN-1987 02:33:01.00",
"places": [
"israel"
],
"id": "17454"
},
{
"title": "TOKYO EXCHANGE ALLOWS MORE GOLD AND RUBBER BROKERS",
"body": "The Tokyo Commodity Exchange for Industry\n(TOCOM) said it will allow five more members to become precious\nmetal brokers, taking the total to 54, and four more members to\nbroke rubber, for a total of 39.\n An exchange official told Reuters the Ministry of\nInternational Trade and Industry is expected to approve the the\nnew brokers by mid-June.\n The move has been under study since early May in response\nto requests by non-broker members of the exchange.\n REUTER\n\u0003",
"date": " 1-JUN-1987 02:40:44.56",
"topics": [
"rubber"
],
"places": [
"japan"
],
"id": "17455"
},
{
"title": "GERMAN PRIMARY BOND MARKET SEEN REVIVING IN JUNE",
"body": "West Germany's eurobond market may\nrevive in June, after two month's relative dormancy, before\ndozing off for the summer, bond market sources said.\n Syndicate managers said many borrowers, anticipating lower\nWest German interest rates, cancelled mandates during the last\ntwo-week calendar, hoping borrowing costs would decline.\n Borrowers are likely to return as domestic interest rates\nlose downward momentum, syndicate managers said. A\nsupranational issue via Westdeutsche Landesbank Girozcentrale\nis likely today and Dresdner Bank AG could lead a new bond.\n New issue volume is likely to be helped by a recent\ndomestic legal change which indirectly lowered costs for\nEuropean Community state-backed borrowers, the sources said.\n A statutory change to the West German Exchange Admissions\nAct, which went into effect on May 1, allows such borrowers to\nfile for bourse listing without a prospectus and without an\nunderwriting group. This saves them the 1/2 point listing fee\nformerly paid to banks.\n The two most recent issues for Electricite de France, led\nby Deutsche Bank AG, and Bank of Greece, led by Commerzbank AG,\nwere brought to market under the new law, managers said.\n Deutsche Bank confirmed that its bond was brought out in\nconformance with the new law. Commerzbank had no comment.\n The success of Commerzbank's Bank of Greece deal,\nespecially for the shorter of the two tranches of five and\neight years, has also encouraged syndicate managers to bring\nout new issues during the new calendar period.\n Many borrowers might also seek to get their bonds in before\nthe market enters its quiet summer phase, referred to by German\nbond dealers as the \"summer hole.\"\n But syndicate managers said there are also some factors\nstanding in the way of new issues.\n One negative factor is that current swap conditions for\nmarks into dollars are not favourable.\n Syndicate managers said the yield spread between domestic\nSchuldschein notes and mark eurobonds is now too low to make\nswaps profitable for eurobond borrowers.\n Low yields on domestic notes comparable to mark eurobonds\nmean German banks can now borrow cheaply at domestic rates.\n They would charge a high premium to borrowers taking up\neuromarks for swaps as banks have little incentive to take on\nmore expensive euromark liabilities at present.\n However, some foreign borrowers might anyway borrow in\nmarks out of a genuine need for the currency, managers said.\n Another factor which might dampen the primary market is\nuncertainty about the dollar. Its rise last week over 1.80\nmarks helped send West German government bonds lower by nearly\none pfennig over the week.\n If the dollar looks poised to stabilize or rise further,\nforeign investors in mark eurobonds could switch out of them on\nthe belief that gains from the mark's appreciation were ending,\ndealers said.\n The dollar is expected to remain stable this week before\nthe seven leading nations begin their economic summit in Venice\non June 8.\n In May, a total of 1.1 billion marks of new mark eurobonds\nwere launched, compared with 1.0 billion in April.\n This compared with a relatively active March, when 2.3\nbillion marks of eurobonds were launched, and a very strong\nFebruary, when issues totalled nearly 5.0 billion.\n REUTER\n\u0003",
"date": " 1-JUN-1987 03:01:20.73",
"places": [
"west-germany"
],
"id": "17456"
},
{
"title": "RENISON GC AND CITY RESOURCES SET PNG GOLD VENTURE",
"body": "Renison Goldfields Consolidated Ltd\n<RGFJ.S> (RGC) and explorer <City Resources Ltd> have agreed in\nprinciple on a joint venture to re-examine the Bulolo alluvial\ngold field in Papua New Guinea, City Resources said.\n City Resources would progressively earn up to 66.66 pct of\nRGC's Prospecting Authority 585, which covers all the field, by\nspending a total of 6.5 mln kina, it said in a statement.\n It said it believed Bulolo was not fully exploited in the\npast, noting the literature refers to heavy gold losses in\ntailings during dredging from 1931 to 1967 which produced a\ntotal of 2.1 mln ounces.\n City Resources also said previous dredging was only carried\nout to a depth of 36 metres and high grade gold values are\nreported to at least 60 metres in the central part of the\nBulolo Valley and possibly as deep as 90 metres.\n In its productive life, recovered average grade at Bulolo\nwas 0.3 rpt 0.3 grams a tonne from some 207 mln cubic metres of\ngravel, it said. City Resources will act as operator.\n The Bulolo field, in Morobe Province, was the first\nsuccessful gold mining operation of <Placer Development Ltd>\nafter it was floated in Canada in 1926. It operated the field\nuntil dredging ceased in 1967.\n REUTER\n\u0003",
"date": " 1-JUN-1987 03:17:14.53",
"topics": [
"gold"
],
"places": [
"australia"
],
"id": "17457"
},
{
"title": "VENEZUELA HAS NO PLANS TO SEEK REVISED DEBT ACCORD",
"body": "Venezuela has no plans to try\nto renegotiate the debt rescheduling agreement it worked out\nwith creditor banks in February, public finance director Jorge\nMarcano told Reuters.\n Speaking here after a meeting of the 11-nation Cartagena\ngroup, Marcano said he was aware of political pressure at home\nto reduce debt payments but did not think such a move would\nbenefit Venezuela.\n \"We have no intention of revising the terms of the accord,\"\nhe said. \"There would be little to gain and in fact it would\nprobably be detrimental.\"\n Venezuela agreed with its bank advisory committee on a 14.5\nyear rescheduling of 20.3 billion dlrs in public sector foreign\ndebt, with an interest rate 7/8 pct over Libor. The previous\nagreement, reached a year before but never implemented, was for\n12-1/2 years with a 1-1/8 pct spread.\n In Caracas there have recently been calls to invoke the\nagreement's contingency clause which the government used last\nyear to amend the original terms after a 40 pct drop in oil\nincome.\n But Marcano said the bulk of payments to be made this year\nare on private debts and non-rescheduled public debts.\n Marcano said Venezuela, which has reduced its debt by six\nbillion dlrs since 1983, should have no problems in repaying\nrestructured debt this year or next.\n Asked whether the government felt badly treated with its\n7/8 pct spread when Mexico and Argentina have won a 13/16 pct\nmargin, Marcano said he still felt Venezuela had a good deal.\n \"Venezuela has restructured its debt so that most of it is\nbeing repaid at 7/8 pct, which I think is better than the other\ncountries,\" he said. The rescheduling accord covers some 90 pct\nof Venezuela's commercial bank debt, which accounts for more\nthan 90 pct of the total public sector external debt.\n Venezuela has almost no debt outstanding to multilateral\nagencies.\n Marcano said attempting to revise the rescheduling accord a\nsecond time would probably hurt Venezuela's bid to restore it\ncredit rating and raise new loans.\n He said Venezuela now obtains trade credit lines without a\ngovernment guarantee, something that Argentina and others are\njust starting to try to negotiate in their restructuring\npackages.\n Venezuela is currently seeking loans in Japan and West\nGermany to finance steel and aluminium expansion.\n According to finance minister Manuel Azpurua, a 100 mln\nmark credit has been lined up for the Venalum aluminium plant.\n Marcano said no mandate has yet been given for a planned\n100 mln dlr bond issue, although he confirmed that talks were\ncontinuing with Morgan Guaranty and other banks.\n Banking sources said one option was to privately place the\nbonds through the Caracas-based Banco de Venezuela, which would\nunderwrite the issue, but Marcano said no decision has yet been\nmade.\n REUTER\n\u0003",
"date": " 1-JUN-1987 03:32:40.20",
"places": [
"mexico",
"venezuela"
],
"id": "17458"
},
{
"title": "Japan May external reserves hit record 68.94 billion dlrs (April 68.62 billion)\n",
"date": " 1-JUN-1987 03:45:53.98",
"id": "17459"
},
{
"title": "TOSHIBA FORECASTS 11 PCT RISE IN 1987/88 GROUP NET",
"body": "Toshiba Corp <TSBA.T> expects to report a\ngroup net profit of 38 billion yen for the year ending March\n31, 1988, up 11.2 pct from a year earlier, assuming an exchange\nrate of 140 yen to the dollar, a company official said.\n Osamu Iemura, a senior vice president, told a news\nconference sales are forecast at 3,500 billion yen, up 5.8 pct.\nThe forecasts are based on expectations of improved sales of\noffice automation equipment, a recovery in semiconductor market\nprices and an increase in plant exports.\n Toshiba said earlier that 1986/87 group net profit fell\n42.5 pct from a year earlier to 34.18 billion yen, the second\nconsecutive year-on-year drop. Sales fell 1.9 pct to 3,308\nbillion yen, the first year-on-year sales drop in 21 years.\n Iemura said the results reflected trade friction over\nsemiconductor exports to the U.S., The yen's sharp rise against\nthe dollar and a drop in exports to China.\n The 1986/87 foreign exchange loss totalled 145 billion yen,\nincluding parent company losses of 120 billion.\n The average value of the yen against the dollar rose to 161\nfrom 221 a year earlier, he added.\n Weaker prices for semiconductors and office automation\nequipment cut total sales 245 billion yen, Iemura said.\n Group sales of telecommunication and electronic devices,\naccounting for 36 pct of the total, rose five pct to 1,183\nbillion yen in 1987/88 from a year earlier, helped by good\nsales of word processors, workstations, medical equipment,\npoint-of-sales systems and exports of personal computers.\n Semiconductor sales rose to 410 billion yen from 360\nbillion a year earlier but fell short of an expected 430\nbillion. Sales are expected to be 460 billion in 1987/88.\n Office automation equipment sales rose to 650 billion yen\nin 1986/87 from 600 billion a year earlier, Iemura said. Sales\nin 1987/88 are expected to be 695 billion yen, mainly due to\ngood sales of computers in Europe and to expectations the U.S.\nWill remove its 100 pct import duty on computers.\n Sales of heavy electric goods, accounting for 26 pct of\nsales, rose 0.2 pct from a year earlier to 868.14 billion yen.\n Home electronics sales fell 10 pct to 940.64 billion yen,\nmainly due to the yen's appreciation against the dollar and a\ndrop in colour television exports to China, Iemura said.\n Overall 1986/87 overseas sales totalled 1,021 billion yen,\ndown three pct from a year earlier, Iemura said.\n Overseas sales of telecommunication and electronic devices\nrose nine pct from a year earlier to 493.90 billion yen, helped\nby a 80 pct year-on-year rise in computer and computer-related\nequipment sales.\n Home appliance sales abroad fell 24 pct to 312.10 billion,\nmainly due to the yen's appreciation, lower sales to China, and\nincreased competition with newly-industrialised countries.\n Toshiba reduced the number of divisions to three from four\nin reaction to market changes, effective April 1.\n Group sales of telecommunication and electronic devices are\nestimated at 1,520 billion yen in 1987/88, Iemura said.\n Home appliance sales are estimated at 1,260 billion yen and\nheavy electric goods sales at 720 billion.\n Iemura said group exports to China are expected to rise to\n90 billion yen in 1987/88 from 30 billion in 1986/87 due to an\nincrease in sales of generators.\n Sales to China were down from 70 billion yen in 1985/86 due\nto a sharp drop in home appliance exports, he said.\n Group capital spending in 1987/88 will fall to 197 billion\nyen from 213.30 billion in 1986/87, Iemura said.\n Of total capital spending, investment in semiconductors\nwill fall to 65 billion from 68 billion.\n Research and development spending will rise to 217 billion\nyen from 201.10 billion, he said.\n REUTER\n\u0003",
"date": " 1-JUN-1987 03:52:51.55",
"places": [
"japan"
],
"id": "17460"
},
{
"title": "TORIES MAINTAIN LEAD 10 DAYS BEFORE U.K. ELECTION",
"body": "A public opinion poll showed Prime\nMinister Margaret Thatcher's Conservatives maintaining their\nlead over the opposition Labour party as Britain's June 11\ngeneral election campaign entered its third week. The poll,\nconducted for TV-AM breakfast television by the Harris\norganisation, put the Tories on 43 pct, Labour on 35 and the\ncentrist Social Democrat-Liberal Alliance on 20 pct.\n If translated into parliamentary seats in a general\nelection, Thatcher would enjoy an overall majority of 50.\n Since the general elections were announced on May 11,\nThatcher's Tories have maintained the lead.\n A survey of marginal seats for The Times of London, carried\nout by the MORI organisation, showed that Thatcher would sweep\nback in with an overall majority of l40 seats, the same margin\nshe enjoyed in the 1983 general elections.\n The Times poll of marginal seats where Labour is\nchallenging a Conservative incumbent -- and which it must win\nin order to dislodge the Tories -- showed the Conservatives\nwith 42 pct, Labour with 34 and the Alliance on 23.\n If the result were repeated on polling day, Labour would\nwin only a handful of the marginal seats, giving Thatcher a\nlandslide.\n REUTER\n\u0003",
"date": " 1-JUN-1987 03:56:52.77",
"places": [
"uk"
],
"id": "17461"
},
{
"title": "MOSCOW SAYS WILL RETALIATE AGAINST GULF ATTACKS",
"body": "Any Iranian attack on Soviet ships in the\nGulf will bring a forceful and violent response, a Soviet\nforeign ministry official said in an interview published here.\n Alexander Ivanov, head of the Gulf desk at the Soviet\nForeign Ministry, told Al-Rai al-Aam newspaper Moscow \"will\nanswer back with force and violence if Iran attempts to attack\nany Soviet ship or tanker in the Gulf.\" A Soviet tanker hit a\nmine in the Gulf last month.\n Ivanov also accused the United States of stepping up the\nregional crisis and of failing to exert genuine efforts to end\nthe Iran-Iraq war.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:28:10.10",
"topics": [
"ship"
],
"places": [
"kuwait",
"ussr"
],
"id": "17462"
},
{
"title": "MOBIL RAISES SINGAPORE PETROL PUMP PRICES",
"body": "Mobil Oil Singapore Pte Lte will raise\npump prices of petrol from June 2, a spokeswoman said.\n Grade 97 octane with 0.15 gm lead will be 96.8 cents/litre\nagainst 94 cents previously for 0.4 gm lead. Grade 92 octane\nwill be 90.2 cents against 87.6 previously.\n SPC earlier announced its pump prices of 96.8 cents and\n90.6 cents for 97 and 92 octane, respectively, for 0.15 gm lead\npetrol which is being sold in Singapore from today in line with\nthe Ministry of Environment's regulations.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:35:29.58",
"topics": [
"gas"
],
"places": [
"singapore"
],
"id": "17463"
},
{
"title": " Lebanon Prime Minister Karami dies of injuries, after helicopter attacked -official sources\n",
"date": " 1-JUN-1987 04:35:44.48",
"id": "17464"
},
{
"title": "IBJ AMORTIZES LOANS TO JAPAN LINE",
"body": "The Industrial Bank of Japan <IBJT.T> (IBJ)\namortized 68 billion yen worth of loans, including the\nwrite-off of an unspecified amount of loans, to the <Japan Line\nLtd> group in the year ended March 31, an IBJ spokesman said.\n He declined to comment on a report in the economic daily\nNihon Keizai Shimbun that it had written off loans worth 15\nbillion yen to Japan Line, one of the world's largest tanker\noperators.\n Japan Line's current liabilities amounted to 68.98 billion\nyen at the end of September.\n In December, Japan Line asked its creditor banks to shelve\nrepayment of 124 billion yen of outstanding loans and about 153\nbillion in loans to its subsidiaries following the yen's steep\nrise and the world recession in shipping.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:38:49.95",
"places": [
"japan"
],
"id": "17465"
},
{
"title": "RBC FINANCE RAISING 300 MLN LUXEMBOURG FRANCS",
"body": "RBC Finance BV, a wholly-owned\nsubsidiary of the Royal Bank of Canada, is to raise 300 mln\nLuxembourg francs through a six-year, 7-3/8 pct private\nplacement, lead manager Banque Paribas (Luxembourg) SA said.\n The non-callable bullet issue is priced at par. Payment\ndate is June 16 and coupon date is June 17.\n The issue is co-managed by Banque Generale du Luxembourg\nSA, Banque Internationale a Luxembourg SA, Kredietbank SA\nLuxembourgeoise and Credit Europeen SA.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:42:02.76",
"places": [
"luxembourg"
],
"id": "17466"
},
{
"title": "LEBANESE PRIME MINISTER KILLED BY HELICOPTER BOMB",
"body": "Lebanon's Prime Minister Rashid Karami\ndied from injuries after a bomb exploded in a helicopter flying\nhim to Beirut to the northern port of Tripoli, official sources\nsaid.\n They said Karami, 66, died at a hospital in the Christian\ntown of Byblos north of Beirut.\n The bomb, which exploded under Karami's seat, also injured\nInterior Minister Abdallah al-Rassi and the pilot, who made a\nforced landing.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:43:50.83",
"places": [
"lebanon"
],
"id": "17467"
},
{
"title": "JAPAN EXTENDS 24 BILLION YEN LOAN TO BANGLADESH",
"body": "Japan has extended a 24 billion yen loan to\nBangladesh, Finance Ministry officials said.\n The loan, to be disbursed over two years from next July, is\nfor chemicals, cement, steel and machinery imports and for\nsetting up a power plant in eastern Sylhet district, they said.\nTerms were not disclosed.\n The credit brings total Japanese loans and grants to\nBangladesh to 441.25 billion yen since 1972, they said.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:44:00.47",
"places": [
"japan",
"bangladesh"
],
"id": "17468"
},
{
"title": "POORER CURRENT PROFITS SEEN FOR JAPAN FIRMS",
"body": "Poor returns by oil refiners and utilities\nwill drag down average current profits of major Japanese firms\nin the year ending March 31, Wako Research Institute said.\n Current profits will drop an average 13.5 pct after a 7.3\npct drop in 1986/87, it said.\n Oil refiners and utilities face a sharp profit fall after\ntwo years of high profits due to the yen's strength, lower\nworld oil prices and reduced interest rates, it said.\n Sales of all firms are expected to rise 2.3 pct from the\nprevious year when they fell 11.9 pct from a year earlier.\n The independent institute surveyed 436 firms listed in the\nfirst section of the Tokyo Stock Exchange, excluding banks and\ninsurance firms. Excluding the oil refiners and utilities, Wako\nforecasts that current profits will rise 3.7 pct after a 22.3\npct drop in 1986/87 and a 19.5 pct drop in 1985/86.\n Electric power firms and gas companies are likely to see\n42.5 and 31.6 pct falls in current profits respectively in\n1987/88 due to cuts in utility prices to recycle windfall\nprofits made during the yen's rise against the dollar, and due\nto the recent recovery in world oil prices, the institute said.\n Current profits of manufacturing industries will rise an\naverage seven pct after a 29.7 pct drop in 1986/87 and a 25.0\npct drop in 1985/86, Wako said.\n An increase in overseas production and an expected increase\nin domestic demand will cause the recovery in manufacturing\nsector profits, it said.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:48:03.41",
"places": [
"japan"
],
"id": "17469"
},
{
"title": "WINDOW FOR BANK AID IN KUWAIT REMAINS SHUT",
"body": "The Kuwait Central Bank kept its window\nfor funds to the domestic interbank deposit market shut as\nbanks returned from a four day holiday, dealers said.\n The move drove short-term interest rates sharply higher,\nwith overnight and tomorrow-next funds more than doubling from\nlast Wednesday and hitting 20 pct.\n There were few offers in a tight market and traders\nscrambled for any available funds. One-month to one-year\ndeposits were indicated one point higher at eight, seven pct\nbut there was little activity at the longer end of the market.\n Bankers see the suspension of central bank aid as a\ndeliberate move to drive up Kuwaiti dinar interest rates and\nstem a flow of funds out of the country, where market\nnervousness is increasing over the growing tension in the Gulf.\n The central bank's move has been combined with a steady cut\nin the dinar exchange rate.\n Today's rate was reduced to 0.27939/73 to the dollar from\n0.27758/92 on Wednesday before the four day bank holiday that\ncelebrated the end of the fasting month of Ramadan.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:48:27.24",
"topics": [
"interest"
],
"places": [
"kuwait"
],
"id": "17470"
},
{
"title": "SKYLARK TO ISSUE 20 BILLION YEN CONVERTIBLE BOND",
"body": "Skylark Co Ltd <SKLK.T> said it will issue\na 20 billion yen nine-year unsecured convertible bond in the\ndomestic capital market through public placement with Nomura\nSecurities Co Ltd as lead manager.\n Coupon and conversion price for par-priced bond maturing\nJune 28, 1996, will be set at its board meeting to be held in\nmid-June and payment is due on July 1, the company said in a\nstatement. Skylark's share price fell 10 yen to 2,880 on the\nTokyo Stock Exchange today.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:51:29.57",
"places": [
"japan"
],
"id": "17471"
},
{
"title": "SHELL, CALTEX, BP REVISE SINGAPORE PETROL PRICES",
"body": "Shell Eastern Pte Ltd will revise pump\nprices of petrol from 2300 hours local while Caltex Asia Ltd\nand BP Singapore Pte Ltd will revise theirs at midnight\ntonight, company officials said.\n Caltex and Shell will set prices of 0.15 gm lead at 96.8\ncents/litre for 97 octane and 90.2 cents for 92 octane. BP will\nset prices at 96.8 cents/litre and 90.6 cents, respectively.\nPrevious industry pump prices for 0.4 gm lead were 94 cents for\n97 octane and 87.6 cents for 92 octane.\n REUTER\n\u0003",
"date": " 1-JUN-1987 04:58:41.89",
"topics": [
"gas"
],
"places": [
"singapore"
],
"id": "17472"
},
{
"title": "BANGLADESH TO IMPORT 60,000 TONS OF DIESEL FROM USSR",
"body": "Bangladesh will import 60,000 tons of high\nspeed diesel oil from the Soviet Union under a barter agreement\nsigned here last week, Bangladesh petroleum Corporation\nofficials said.\n The oil worth about 10 mln U.S. Dlrs will be shipped by\nDecember this year, they added but did not say what Bangladesh\nwould sell in return to the Soviet Union.\n REUTER\n\u0003",
"date": " 1-JUN-1987 05:00:15.68",
"topics": [
"fuel"
],
"places": [
"bangladesh"
],
"id": "17473"
},
{
"title": "GERMAN CAR FIRMS SEEN PRODUCING SOLID 1987 RESULTS",
"body": "The West German car industry celebrated its\n100th birthday with a record-breaking 1986 performance at home\nand is due to turn in another set of solid results in 1987.\n But share market analysts warn it faces continued problems\nfrom the strong German mark and predict increasingly aggressive\ncompetition in Europe from the Japanese.\n On the plus side for the industry, which is West Germany's\nbiggest foreign exchange earner, the analysts are confident the\ntechnical superiority and innovative qualities of the luxury\nproducers will help them maintain a strong market profile.\n Most analysts thought Daimler-Benz AG <DAIG.F> would do\nbest this year but expected Dr. Ing. H.C.F. Porsche AG <PSHG.F>\nto continue its slide because of the weak U.S. Dollar.\n They were generally optimistic for Bayerische Motoren Werke\nAG <BMWG.F> (BMW) but some were sceptical it could match record\n1986 profits. Views were mixed on Volkswagen AG <VOWG.F>, but\nsome analysts took comfort from the fact that Europe's leading\ncar maker had apparently put a major currency scandal behind\nit.\n VW could be vulnerable as Japanese exporters, suffering\nfrom the strength of the yen against the dollar, switched their\nsales offensive from the U.S. To Europe, they said.\n Analyst Joseph Rooney with brokers James Capel in London,\nnoted the Japanese drive was coming at a time when the whole\nEuropean market was expected to contract slightly.\n But analysts saw most German manufacturers meeting the\nchallenge, even though the Japanese were now starting to focus\non the up-market sector.\n BMW's chairman Eberhard von Kuenheim shrugged off the\nJapanese drive in an interview with Wirtschaftswoche magazine.\"I\nview the move by the Japanese into the top class with a certain\nequanimity. Not only are we playing on home turf, we also have\ntechnical superiority,\" he said.\n The car industry benefitted last year from clarification of\ndomestic rules on low-pollution cars, which meant orders put\noff in 1985 were carried out the following year. Tax cuts\ngenerally boosted domestic demand, especially for cars.\n Domestic registrations leapt by nearly 19 pct to a record\n2.8 mln cars. The VDA industry association says this might ease\nto 2.7 mln in 1987, but predicts another good year.\n Looking to the future, Daimler has designated 16 billion\nmarks for car sector spending in the next five years. Chairman\nWerner Breitschwerdt says spending is not aimed at quantity but\nimproving high quality technology and accessories.\n Analyst Stephen Reitman with Phillips and Drew in London,\nsaid Daimler had the best earnings profile of West German\nproducers, with group profits per share rising to 80 marks from\n78.8 in 1986.\n Analysts were more cautious about VW. Reinhard Fischer with\nBank in Liechtenstein (BiL) in Frankfurt saw VW's group\nearnings per share falling to 35 marks in 1987 from 42 in 1986.\nA recent report from his bank said last year's currency losses\nwere a sign of mismanagement.\n It stressed heavy losses from VW's Brazilian operations and\nits Spanish unit, SEAT.\n VW's first quarter figures also highlighted problems in\nboth the U.S. And Brazil, analysts said.\n VW reported flat first quarter earnings, except for a 39.2\npct fall in U.S. Sales and Brazilian sales which dived 46.5\npct.\n Reitman was more optimistic than BiL about VW's 1987 group\nearnings and, predicting an improvement in both Spain and\nBrazil, he saw an unchanged 42 marks per share, ,\n He also said that VW now stood to benefit from not hedging\nagainst foreign exchange fluctuations.\n In a May 1 study, he wrote: \"One point in VW's favour is\nthat its extraordinary policy of not hedging forward has meant\nthat it will have less far to go in adjusting to current\nDM/Dollar rates than the other German manufacturers who were to\na lesser or greater extent protected up to 1986.\"\n Reitman was also reassured by the apparent end of the\ncurrency scandal, where allegedly faked forward contracts were\nnot acknowledged by VW's banks. VW fixed final losses from the\nfraud at 473 mln marks for which provisions were made in 1986.\n VW's new Audi 80, a sporty model which German media reports\nsay was designed to jazz up Audi's staid \"Grandpa\" image,\ncontributed significantly to VW's first quarter performance.\nThe 80 doubled its sales against the year-ago level.\n But the Audi range as a whole has suffered a huge setback\nin the U.S. Because of an image problem linked to claims of\n\"unintentional acceleration.\"\n Von Kuenheim won't be pinned down on BMW's 1987 profits,\nbut at a news conference he emphasised 1986 earnings were a\nrecord high. Without referring to 1987, he added: \"If profits\nare less in one year or the other they will still be good.\"\n Rooney said group profits per share, which BMW does not\npublish, would rise to 62.5 marks this year. Some analysts put\nthe 1986 group profit at 60 marks, a figure BMW does not deny.\n But Reitman was more pessimistic, predicting 50 marks per\nshare in 1987, and a return to 60 next year. He said: \"BMW will\nbe the story of 1988,\" when it plans to launch an updated\nversion of its Five series.\n BMW also has a big investment programme under way and Bil's\nFischer said depreciations could affect earnings. Other\nanalysts pointed to possible hedging problems and Reitman noted\na 2.10 marks to the dollar hedge expired this September.\n Reitman said the outlook for Porsche was bearish for the\nyear to end-July, 1987. Porsche's 1985/86 group profits at 84\nmarks per share fell 30 pct from the record 120 marks in\n1984/85 and Reitman saw 60 marks in 1986/87.\n \"With the U.S. Currently accounting for 63 pct of unit sales\n(this is expected to fall to 60 pct in the full year 1986/87)\nPorsche's earnings remain uncomfortably exposed to the\nDM/dollar relationship,\" he said.\n REUTER\n\u0003",
"date": " 1-JUN-1987 05:02:05.63",
"places": [
"west-germany",
"japan"
],
"id": "17474"
},
{
"title": "BAA PLC UNIT WINS KANSAI AIRPORT CONTRACT",
"body": "<British Airport Services Ltd> (BAS) has\nconcluded an 18 mln yen contract with the <Kansai International\nAirport Co Ltd> for consulting work on the terminal at a new\nairport to be built in western Japan, the airport company said\nin a statement.\n The contract is the first to be awarded to a British\ncompany and follows the award of a 200,000 dlr consultancy\ncontract to a division of the U.S-based <Bechtel International\nCorp> in consortium with six Japanese companies, a company\nspokesman told Reuters. BAS is a subsidiary of <BAA Plc>, the\nformer British Airports Authority.\n The six-billion dlr project to build the airport has been a\nmajor source of friction with the U.S. And the European\nCommunity who have put pressure on Japan to allow foreign\ncompanies to compete with domestic firms in building it.\n REUTER\n\u0003",
"date": " 1-JUN-1987 05:07:55.27",
"places": [
"japan"
],
"id": "17475"
},
{
"title": "GOODMAN FIELDER UNIT ISSUES 75 MLN STG CONVERTIBLE",
"body": "Goodman Fielder U.K. Plc is issuing a 75\nmln stg convertible eurobond due July 4, 1997 with an indicated\ncoupon of five to 5-1/4 pct and par pricing, lead manager\nCredit Suisse First Boston Ltd said.\n The issue is guaranteed by Goodman Fielder Ltd and final\nterms will be set on, or before, June 5. The issue is callable\nat 106 pct declining by one pct per annum to par thereafter but\nis not callable until 1992 unless the share price exceeds 130\npct of the conversion price.\n The selling concession is 1-1/2 pct while management and\nunderwriting each pay 1/2 pct.\n The issue has an investor put option in 1992 which will be\npriced to give a yield of approximately 8-3/4 pct. The expected\nconversion premium is 20 to 24 pct.\n The issue is available in denominations of 1,000 stg and\nwill be listed in London. The payment date is June 24 and there\nwill be a long first coupon period. The conversion period is\nfrom July 4, 1987 until June 26, 1997.\n Over the weekend, Goodman Fielder announced in Sydney that\nit had signed for a 100 mln U.S. Dollar composite revolving\neuronote issuance facility to be launched in Hong Kong.\n REUTER\n\u0003",
"date": " 1-JUN-1987 05:11:16.43",
"places": [
"uk"
],
"id": "17476"
},
{
"title": "PHILIPPINE COCONUT CHIEF TO LOBBY AGAINST EC TAX",
"body": "Philippine Coconut Authority (PCA)\nchairman Jose Romero said he would visit Brussels later this\nmonth to lobby against a proposed 100 pct European Community\n(EC) levy on vegetable oil imports.\n \"I intend to visit Brussels and talk to whoever is putting\nup this devilish scheme to impoverish third world countries\nlike the Philippines,\" Romero said in an interview.\n He said he did not know how much support the levy had\nwithin the EC but he said he believed those originally opposed\nto the tax were under pressure to change their position.\n Romero said a group of EC members led by West Germany, the\nNetherlands, Denmark and Norway were opposed to the tax. But\nthere was a danger some of them would be persuaded to change\nsides, and if that happened opposition could crumble.\n Romero said another threat to exports lay in an EC warning\nthat copra meal cake used in livestock feeds contained\ndangerous levels of aflatoxin, a carcinogenic chemical.\n He said the EC standard of 0.02 parts of aflatoxin per\nmillion parts of meal, which EC countries had been asked to\napply by October 1988, was too rigid. He said Philippine copra\ncake contained much higher levels of aflatoxin.\n Aflatoxin comes from moulds which develop in copra when it\nis not properly dried or ground.\n Romero said he would tell big buyers of copra meal in\nLondon that the Philippines was doing its best to meet EC\nstandards. It was also trying to eliminate aflatoxin totally,\nbut this was likely to take several years of research.\n Copra meal exports were 817,641 tonnes or 35 pct of total\ncoconut exports in 1986. The meal was worth 73.5 mln dlrs.\n Romero said he would also visit Oxford University's\ndepartment of agricultural economics to discuss ways of\navoiding the copra process altogether.\n \"There are ways of producing coconut products outside of\ncopra,\" Romero said. \"We can process fresh coconut without drying\nthe meat in the sun. Through the wet process we can process\ncoconuts into other food or non-food products, or we can go to\nthe chemical root.\"\n He said there was a tendency for agricultural countries to\nbecome more protectionist and he expected export prices of\ncoconut products to drop.\n \"In the long term we will be getting less and less for more\nand more production, and I'm not comfortable with that,\" he\nsaid.\n With countries like Indonesia and Malaysia stepping up\nproduction of palm oil, a coconut oil substitute, palm oil\noutput had risen nearly 70 pct since 1971, Romero said.\n \"To add to that the U.S. Soybean Association is spending\nbillions of dollars to discredit palm oil and coconut oil by\nsaying that they are polysaturated fats and bad for the heart,\"\nhe said.\n Romero said he expected coconut product export prices to\nstay up for the rest of the year. They would probably touch a\nhigh of 20 cents/pound from the current level of 18.59 cents,\nand a sharp rise from year-ago levels of 10.50 cents.\n Romero said the Philippines was at the end of a five-year\ncoconut production cycle which showed production tended to fall\nafter two successive years of good harvests.\n He said 1985 and 1986 were good harvests and this year, to\nadd to the production fall, drought had affected output.\n \"Traders are stocking up and when they have overbought the\nprices will start declining again. The only sure way to keep\nprices stable is by processing, adding more value,\" he said.\n Coconut farmers were being encouraged to intercrop by\nplanting other cash crops between coconut trees, he said.\n \"A typical farm may have from 100 to 150 trees sitting on\n10,000 square metres of land. That's a lot of space,\" Romero\nsaid. He said the government's proposed land reform program\nwould exclude about 75 pct of the coconut farmers because they\nhad less than the proposed seven-hectares of land.\n \"If the idea of land reform is to increase income levels,\nproduction and employment then it won't happen,\" he said.\n PCA figures show about one-third of the country's\npopulation is dependent on the coconut industry.\n Coconuts are planted on about 3.2 mln hectares or\none-fourth of total agricultural land.\n REUTER\n\u0003",
"date": " 1-JUN-1987 05:18:59.85",
"topics": [
"veg-oil",
"coconut",
"copra-cake",
"meal-feed",
"palm-oil",
"coconut-oil"
],
"organisations": [
"ec"
],
"places": [
"philippines"
],
"id": "17477"
},
{
"title": "PEMEX OFFICIAL SAYS OPEC OUTPUT CRITICAL TO PRICE",
"body": "Crude oil prices could remain around 18\ndlrs a barrel until the end of the year, but OPEC's decision on\noutput at its next meeting would be the critical factor, an\nofficial of Mexico's state oil company, Petroleos Mexicanos\n(Pemex), told a group of Japanese businessmen.\n Adrian Lajous, Pemex' executive vice president of\ninternational trade, said current OPEC output already appeared\nto be very near the 16.6 mln barrel per day level it set itself\nfor the third quarter. \"Production is surging ahead of what was\noriginally planned, while demand is growing more slowly than\nenvisaged a few months ago,\" he said.\n He said OPEC had to look very carefully at what level of\nproduction in the third quarter would effectively sustain the\n18 dlrs price, and that an increase to what had originally been\nenvisaged might soften price levels.\n The 13-member cartel is scheduled to meet on June 25 in\nVienna to review its December accord on prices and output.\n \"I hope OPEC will follow a very conservative attitude in\nterms of volume decisions,\" Lajous said.\n A repetition of what happened last year, when OPEC boosted\noutput and sent oil prices tumbling down below 10 dlrs, is\nalways there as a possibility, he said.\n \"I hope never again to go through the trauma of 1986. I\nexpect other oil exporters have learned their lessons and\ndiscipline will be maintained,\" he said.\n Lajous said there was still excess supply and as long as\nthis remains there will be a tendency to instability in oil\nmarkets, but prices should remain around 18 to 19 dlrs during\n1987 if output remains under control.\n He said Saudi King Fahd's remarks last month, that\nincreased production was not so important as long as incomes\nwould not be affected by the output, were \"very relevant and\nwelcome from such a powerful producer.\"\n REUTER\n\u0003",
"date": " 1-JUN-1987 05:25:17.68",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"japan"
],
"id": "17478"
},
{
"title": "CONISTON GROUP TO CONTINUE BID FOR ALLEGIS <AEG>",
"body": "An investor group led by Coniston\nPartners said it plans to continue its effort to gain control\nof Allegis Corp despite the defensive maneuvers Allegis\nannounced last week.\n Allegis said then that it would borrow three billion dlrs\nand pay shareholders a dividend of 60 dlrs per share, lowering\nthe company's net worth. The Coniston group, which owns 13 pct\nof Allegis stock, has said that it would seek shareholder\nconsents to remove 13 of the 16 Allegis directors. The group\nhad said it would consider breaking up Allegis into its\nairline, hotel and vehicle rental components if it succeeded.\n The Coniston group said it expects to make a further\nannouncement today on its plans for Allegis.\n Wall Street analysts and traders had not expected Coniston\nto abandon its pursuit of Allegis as a result of the Allegis\ndefensive measures.\n Allegis officials were unavailable for comment.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:20:34.59",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17479"
},
{
"title": "COMINCO LEAD/ZINC UNION REJECTS CONTRACT",
"body": "Three United Steelworkers\nof America locals on strike at Cominco Ltd rejected a tentative\nthree-year contract, a union representative said.\n \"The vote was 1,229, or 54.5 pct, against, and 1,028, or\n45.5 pct, for the contract. Eighty-one pct of the membership\nvoted,\" he said.\n The union representative said that the pact offered cost of\nliving increases designed to keep pace with inflation, but\ncontained no wage increase.\n The locals' bargaining committees are expected to meet and\nprepare for the reopening of negotiations with Cominco, he\nsaid.\n The three locals cover about 2,600 production and\nmaintenance workers at Cominco's Trail smelter and Kimberley,\nB.C. lead-zinc mine.\n Output at both sites has been shut down since the\nproduction and maintenance workers, along with about 600 office\nand technical workers, went on strike May 9.\n The two Steelworkers locals representing the office and\ntechnical workers have not negotiated since May 21.\n The strike caused Cominco to declare force majeure, which\nmeans the company may not be able to honor contracts for\nproducts from the smelter and mine.\n Each of the five locals have separate contracts, all of\nwhich expired April 30, but the main issues are similar.\n The union had requested a three pct wage increase in each\nyear of a two-year contract. Cominco had pressed for a\nthree-year contract and some loosening of the rules on job\nclassifications.\n The Trail smelter, about 400 miles east of Vancouver,\nproduced 240,000 long tons of zinc and 110,000 long tons of\nlead last year. The Sullivan mine at Kimberley, about 450 miles\neast of Vancouver, produced 2.2 mln long tons of ore last year,\nmost for processing at the Trail smelter.\n The smelter also produced cadmium, bismuth and indium.\n Revenues from the Trail smelter totalled 356 mln Canadian\ndlrs in 1986.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:28:31.04",
"topics": [
"zinc",
"lead",
"strategic-metal"
],
"places": [
"canada"
],
"id": "17480"
},
{
"title": "SPECTRA-PHYSICS REJECTS CIBA-GEIGY TENDER OFFER\n",
"date": " 1-JUN-1987 08:30:25.79",
"topics": [
"acq"
],
"id": "17481"
},
{
"title": "COMPAQ COMPUTER <CPQ> CUTS PORTABLE II PRICES",
"body": "Compaq Computer Corp said it has cut\nprices on its PORTABLE II models 2 and 4 to 2,699 dlrs from\n2,999 dlrs and to 3,999 dlrs from 4,499 dlrs respectively.\n reuter\n\u0003",
"date": " 1-JUN-1987 08:30:40.70",
"places": [
"usa"
],
"id": "17482"
},
{
"title": "KAYPRO <KPRO.O> CUTS PRICES ON COMPUTERS",
"body": "Kaypro Corp said it has cut\nprices on its Kaypro 386 Models A and E supermicrocomputers and\nExtra! Extra! desktop pulbishing system by 500 dlrs.\n The Kaypro 386 Model A will retail for 4,495 dlrs, and the\nKaypro 386 Models E-40 and E-130 will sell for 5,795 dlrs and\n8,095 dlrs, respectively, the company said.\n The Kaypro 386, Model E is available with eithe a 40 or 130\nMB hard disk, the company said.\n In addition, the Kaypro Extra! Extra! will be reduced to\n7,995 dlrs, and the Kaypro 16E, a transportable, IBM\nPC-compatible computer, now retails for 1,595 dlrs, and the\ndual floppy Kaypro 162E is 1,395 dlrs, Kaypro said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:31:09.31",
"places": [
"usa"
],
"id": "17483"
},
{
"title": "FIRST CITY INDUSTRIES SELLS YALE AND NUTONE UNITS FOR 400 MLN DLRS AND SECURITIES\n",
"date": " 1-JUN-1987 08:35:41.08",
"topics": [
"acq"
],
"id": "17484"
},
{
"title": "NORWAY'S RS BANK ISSUES 40 MLN SWISS FRANC BOND",
"body": "RS Bank Sparebanken Rogaland of Stavanger,\nNorway is launching a 40 mln Swiss franc seven year bond with a\n4-7/8 pct coupon and par issue price, lead manager Banque\nGutzwiller, Kurz, Bungener Ltd said.\n Subscription is from June 11 until June 17 with closing and\npay-out on July 7.\n It can be called at 101 in 1992, and at 100-1/2 in 1993.\n REUTER\n\u0003",
"date": " 1-JUN-1987 08:38:27.91",
"places": [
"switzerland",
"norway"
],
"id": "17485"
},
{
"title": "COMINCO <CLT.TO> UNION REJECTS CONTRACT",
"body": "Three United\nSteelworkers of America locals on strike at Cominco Ltd\nrejected a tentative three-year contract, a union\nrepresentative said.\n \"The vote was 1,229, or 54.5 pct, against, and 1,028, or\n45.5 pct, for the contract. Eighty-one pct of the membership\nvoted,\" he said.\n The union representative said that the pact offered cost\nof living increases designed to keep pace with inflation, but\ncontained no wage increase. \n The locals' bargaining committees are expected to meet and\nprepare for the reopening of negotiations with Cominco, he\nsaid.\n The three locals cover about 2,600 production and\nmaintenance workers at Cominco's Trail smelter and Kimberley,\nB.C. lead-zinc mine.\n Output at both sites has been shut down since the\nproduction and maintenance workers, along with about 600 office\nand technical workers, went on strike May nine. \n The two Steelworkers locals representing the office and\ntechnical workers have not negotiated since May 21.\n The strike caused Cominco to declare force majeire, which\nmeans the company may not be able to honor contracts for\nproducts from the smelter and mine.\n Each of the five locals have separate contracts, all of\nwhich expired April 30, but the main issues are similar. \n\n The union had requested a three pct wage increase in each\nyear of a two-year contract. Cominco had pressed for a\nthree-year contract and some loosening of the rules on job\nclassifications.\n The Trail smelter, about 400 miles east of Vancouver,\nproduced 240,000 long tons of zinc and 110,000 long tons of\nlead last year. The Sullivan mine at Kimberley, about 450 miles\neast of Vancouver, produced 2.2 mln long tons of ore last year,\nmost for processing at the Trail smelter.\n The smelter also produced cadmium, bismuth and indium.\n Revenues from the Trail smelter totalled 356 mln Canadian\ndlrs in 1986. \n Reuter\n\u0003",
"date": " 1-JUN-1987 08:40:12.93",
"topics": [
"lead",
"zinc",
"strategic-metal"
],
"places": [
"canada"
],
"id": "17486"
},
{
"title": "BOEING CO TO ACQUIRE ARGOSYSTEMS FOR 37 DLRS A SHARE\n",
"date": " 1-JUN-1987 08:43:14.04",
"topics": [
"acq"
],
"id": "17487"
},
{
"title": "FIRST CITY <FCY> SELLS YALE, NUTONE UNITS",
"body": "First City Industries Inc\nsaid it has reached a definitive agreement to sell its Nuton\nand Yale security subsidiaries to Valor PLC for 400 mln dlrs\nand warrants to purchase two mln Valor ordinary shares.\n In addition, the company said it will recieve a special\ndividend of 60 mln dlrs from Nutone and Yale and it has agreed\nto buy 35 mln dlrs of Valor convertible preference shares.\n First City said it is seeking to increase shareholder\nvalues by improving and realizing the values inherent in its\noperating subsidiaries.\n The company said the transaction is subject to approval by\nshareholders of Valor and is expected to be completed within 40\ndays.\n It said Valor has arranged financing through an issue of\nordinary and convertible preference shares underwritten by\nHoare Govette Ltd and Barclays de Zoete Wedd Ltd.\n Nutone makes built-in electric products for the housing\nmarket and Yale makes door locks and electronic security\nproducts.\n Valor makes home products.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:47:35.27",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17488"
},
{
"title": "GENOVESE DRUG STORES INC <GDXA.O> 1ST QTR MAY 22",
"body": "Shr 23 cts vs seven cts\n Net 911,000 vs 293,000\n Sales 88.1 mln vs 74.8 mln\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:50:51.31",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17489"
},
{
"title": "U.S. CORPORATE FINANCE - FINANCING SURGE SEEN",
"body": "U.S. corporate treasurers are expected\nto race to market this week, propelled by hopes that the recent\nrecoveries of the Treasury market and the dollar will whet\ninvestors' appetities for new issues, underwriters said.\n Underwriters expect to price about 2.3 billion dlrs of new\ndebt issues this week, including an asset-backed debt deal.\n \"Treasurers have been sitting on the sidelines for weeks,\nwaiting to pounce,\" said an underwriter with a large Wall\nStreet house. \"They will hit the market at a fast pace as long\nas the dollar remains stable.\"\n \"The financing calendar is the heaviest it has been in\nweeks,\" said a trader with a small securities firm.\n \"And there are billions of dollars on the SEC shelf that\ncan come to market at any time,\" he said, referring to company\ndebt filings with the Securities and Exchange Commission.\n Investment bankers said last week signaled a surge in\nfinancings. New debt offerings rose to nearly 2.8 billion dlrs\nduring the holiday-shortened week from 2.09 billion dlrs in the\nprevious week, they calculated.\n \"And most of (last week's) issues were not even on the\ncalendar,\" an underwriter remarked.\n Analysts noted that in the past few months the fixed-income\nmarkets became virtually obsessed with the dollar. The\ncurrency's sharp drop ignited fears that foreign investors\nwould shun dollar-denominated debt vehicles.\n Also, many participants believed inflation would gather\nmomentum because of the dollar's fall. Inflation is the number\none enemy of fixed-rate investments, analysts explained.\n But the dollar's recovery last week calmed worries in the\nTreasury and corporate bond markets over foreign investor\ndemand and inflation. The resulting decline in yields should\nbring company treasurers to market, traders said.\n Underwriters are slated to bid competitively tomorrow for\n250 mln dlrs of first mortgage bonds due 2017 of Georgia Power\nCo, a unit of Southern Co <SO>. The issue is rated Baa-1 by\nMoody's Investors and BBB-plus by Standard and Poor's.\n This would be Georgia Power's first bond issue in the U.S.\nsince August 1986 when it sold 250 mln dlrs of same-rated,\nsame-maturity 10 pct bonds yielding 250 basis points more than\ncomparable Treasury securities.\n Tomorrow will see another competitive. Syndicates will bid\nfor 100 mln dlrs of 30-year bonds rated A-1/A-plus of Virginia\nElectric and Power Co, a unit of Dominion Resources Inc <D>.\n Virginia Electric last visited the domestic debt market in\nOctober 1986 when the utility issued 100 mln dlrs of\nsame-rated, same-maturity 9-1/4 pct bonds. The bonds were\npriced to yield 9.27 pct, or 141 basis points over Treasuries.\n The biggest investment grade deal tentatively scheduled for\npricing this week is 600 mln dlrs of securities due 1992 backed\nby the automobile loan receivables of Marine Midland Banks\n<MM>. Salomon Brothers Inc will head the syndicate.\n The Marine Midland issue follows last week's offering of\n230 mln dlrs of car loan backed debt by RepublicBank Dallas NA,\na unit of RepublicBank Corp <RPT>, underwriters noted.\n Goldman, Sachs and Co led the group for the RepublicBank\ndeal. First Boston Corp and Salomon Brothers, the most active\nunderwriters of asset-backed securities, were co-managers.\n First Boston has dominated the asset-backed market since\nintroducing the concept of selling these securities in March\n1985. It has a commanding 86.1 pct share of the 12.5 billion\ndlr market, according to figures tabluated by First Boston.\n Salomon Brothers is in second place with a market share of\n8.8 pct, followed by Drexel Burnham Lambert Inc's share of 3.5\npct of the market. Goldman Sachs is next with a 1.6 pct market\nshare that was calculated before the RepublicBank Dallas deal.\n Indeed, investment bankers say that banks will be the most\nfrequent issuers of asset-backed securities this year. The\nfinance arms of the U.S. automakers accounted for the bulk of\nlast year's offerings, with General Motors Corp's <GM> General\nMotors Acceptance Corp taking the lion's share of that.\n The Marine Midland cars deal is rated a top-flight AAA by\nboth Moody's and Standard and Poor's because it is backed by a\nletter of credit by Union Bank of Switzerland.\n Recently, Imperial Savings and Loan Association of San\nDiego filed a registration statement with the SEC covering 100\nmln dlrs of credit card backed debt, underwriters noted.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:51:41.01",
"places": [
"usa"
],
"id": "17490"
},
{
"title": "NATIONAL SECURITY <NSIC.O> STAKE ACQUIRED",
"body": "National Security Insurance Co said a\ngroup of investors has acquired 226,243 common shares, or a\n22.2 pct, interest, for 27.50 dlrs per share.\n The company said the acquisition of the portion of the\nshares over a five pct interest is subject to approval by the\nAlabama Department of Insurance.\n It said the sellers included Atlantic American Corp\n<AAME.O>, Bankers Fidelity Life Insurance Co and Georgia\nCasualty Insurance Co.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:51:47.38",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17491"
},
{
"title": "GAS CARRIER ESCAPED GULF ATTACK LAST WEEK - LLOYDS",
"body": "The Panamanian liquified gas carrier\nNyhammer, 48,772 dwt, was attacked by an Iranian gunboat on May\n24, Lloyds Shipping Intelligence said.\n One rocket was fired but missed.\n The vessel subsequently arrived at its destination of Ras\nTanura on May 25 and left this morning.\n REUTER\n\u0003",
"date": " 1-JUN-1987 08:52:15.20",
"topics": [
"nat-gas",
"ship"
],
"places": [
"uk"
],
"id": "17492"
},
{
"title": "COMPUTER ASSOCIATES TO ACQUIRE UCCEL CORP FOR ABOUT 800 MLN DLRS\n",
"date": " 1-JUN-1987 08:52:52.28",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17493"
},
{
"title": "SRI LANKAN TEA WORKERS LAUNCH ONE-DAY PROTEST",
"body": "Thousands of tea workers of Indian origin\nwent on strike today to press demands for citizenship and\nvoting rights in Sri Lanka, a union statement said.\n The Ceylon Workers Congress (CWC) said its 400,000 members\nlaunched a prayer campaign at temples and other places in a\nnon-violent protest to get the authorities to expedite\ncitizenship procedures.\n A CWC spokesman said a three-day campaign was suspended\nafter a Cabinet committee promised to speed up procedures under\na new set of regulations. Trade sources said the strike did not\naffect production or today's Colombo auction.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:53:56.02",
"topics": [
"tea"
],
"places": [
"sri-lanka"
],
"id": "17494"
},
{
"title": "GENETECH <GENE.O> SEES FDA APPROVAL OF DRUG",
"body": "Genetech Inc said it still\nremains confident that it will be able to work with the U.S.\nFood and Drug Adminstration to obtain approval of its tissue\nplasminogen activator Activase for use in treating heart attack\nvictims.\n On Friday an advisory committee of the FDA recommended that\nthe blood clot dissolving drug not be approved until additional\nmortality data be developed.\n Genetech said it will provide the additional data and\nbelieves that much if not all of it is already being developed.\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:55:45.31",
"places": [
"usa"
],
"id": "17495"
},
{
"title": "WHITTAKER CORP 2nd QTR SHR PROFIT 37 CTS VS LOSS 35 CTS\n",
"date": " 1-JUN-1987 08:57:20.25",
"id": "17496"
},
{
"title": "TECHNOLOGY/SUPERCOMPUTER MARKET GETTING CROWDED",
"body": "The supercomputer industry is getting\ncrowded as a handful of startup companies and some huge\nJapanese manufacturers compete for the right to apply the label\n\"world's fastest machine\" to their products.\n Currently there are only about 250 supercomputers installed\naround the world, but many believe that situation is about to\nchange dramatically as these highly specialized and extremely\nexpensive machines move out of the research laboratories where\nmost of them are found today and into commerical applications.\n \"It is commercial supercomputing... that holds the most\npromise for this young industry's handful of vendors,\" said\nGary Smaby, supercomputer analyst for Piper Jaffray and\nHopwood.\n These commercial applications, he said, could propel annual\nsales of supercomputers from 850 mln dlrs in 1986 to 2.4\nbillion by 1990.\n For years two companies, Cray Research Inc <CYR> and\nControl Data Corp <CDA> were virtually the only options for\ncustomers seeking to buy supercomputers.\n But in the last three years a number of new companies have\nannounced supercomputers using some innovative technologies,\nand the industry finally expanded enough to hold its first\nWorld Supercomputer Exhibition in Santa Clara last month.\n Also in the last month two small companies, ETA Systems Inc\n(a subsidiary of Control Data) and Thinking Machines Corp both\nlaid claim to having the world's fastest computer and a joint\nventure of Honeywell Inc <HON> and Japan's NEC Corp <NIPN.T>\nHoneywell-NEC Supercomputers Inc, announced its entrance into\nthe U.S. market.\n All three are aiming at industry leader Cray Research Inc,\nwhich holds more than 60 pct of the market.\n This week, Cray plans to make a joint announcement with\nDigital Equipment Corp, <DEC> already the world's largest\nminicomputer maker, of some products that will work on both\ncompanies' computers, expanding the market opportunities for\nboth supers and minis even further.\n Supercomputers were initially designed only for the most\ncomplex of applications, such as predicting worldwide weather\npatterns, fusion energy research or military defense and\nweapons design.\n They are built for speed, not for standard business\nfunctions such as payroll processing. The fastest\nsupercomputers can perform more than a billion calculations per\nsecond, greater than the combined power of 100,000 personal\ncomputers.\n They also carry stratospheric price tags of between one mln\nto 20 mln dlrs each, which is why Cray's revenues could reach\n600 mln dlrs last year even though it only shipped 36 new and\n10 used supercomputers, a level that would spell starvation for\nany standard computer company. \n But speakers at the supercomputer exhibition emphasized\nthat a host of new applications should increase total industry\nshipments to 150 systems a year by the end of the decade.\n Most commercial customers of supercomputers now use the\nmachines to simulate a physical process, such as the flow of\nair over an aircraft wing, in design and testing work.\n But financial institutions, particularly Wall Street\nbrokerage houses, are considered the next major buyers of\nsupercomputers as they try to recognize changes in stock\ntrading patterns faster than any of their competitors.\n Two firms, Goldman Sachs and Co and Morgan Stanley and Co,\nare now using superminicomputers, hybrid machines that are\nfaster than a minicomputer but cheaper than a super, to create\nfinancial models of the stock and bond markets.\n Analysts said it is only a matter of time before actual\nsupercomputers are found on Wall Street.\n One reason for the shift to commercial applications is that\nsupercomputers are coming down in price as new technologies\nprovide greater speed at lower costs than the Cray and Control\nData behemoths.\n Both the ETA and Thinking Machines Systems use a technology\ncalled parallel processing, in which a number of internal\nprocessors work together to solve a problem.\n With such systems a problem is broken up and different\nsegments are assigned to different processors. By contrast,\nstandard computers solve a problem one instruction at a time,\nor sequentially.\n The ETA system, the ETA 10, will eventually use as many as\neight parallel processors capable of processing up to 8.32\nbillion operations per second.\n However, the first ETA 10, installed at Florida State\nUniversity, has only two processors, later to be expanded to\nfour. ETA president Lloyd Thorndyke said the ETA 10 represents\na drastic change in architecture from parent company Control\nData's Cyber system.\n Priced from 5.5 mln to 22 mln dlrs, the ETA 10 contains\nabout 240 chips in each of its processing units, built onto a\nboard about the size of a standard newspaper section.\n Each of these boards contains the equivalent of 1.5 miles\nof embedded wiring.\n It took ETA about 3-1/2 years to develop its supercomputer\nbut Thorndyke said he expects much faster development time\nframes in the futre, from both ETA and its competitors.\n \"We're in a leapfrog business and we just took the last\nleap,\" he said.\n Thinking Machines also claims to have the world's fastest\ncomputer and in some ways this is true. Its Connection Machine\nModel CM-2 can process 2.5 billion instructions per second, but\nit is a very specialized architecture only meant for certain\nvery specific applications.\n The one mln to five mln dlr Connection Machine uses a\ntechnology called \"massive parallism.\" It contains 64,000\nprocessors crammed into a five foot cube. The processors all\nwork on a problem at once, breaking it down into minute bits.\n It is an ideal tool for applications with many\nunpredicatble variables, according to Brian Boyle, analyst for\nNovon Research Group. \"The more unpredictable things are, the\nmore the Thinking Machine will be appropriate,\" he said. \n\n Reuter\n\u0003",
"date": " 1-JUN-1987 08:58:28.17",
"places": [
"usa"
],
"id": "17497"
},
{
"title": "FLUOR RETAINS SHEARSON TO ASSESS VALUE OF GOLD OPERATIONS\n",
"date": " 1-JUN-1987 09:03:20.03",
"id": "17498"
},
{
"title": "DUTCH COCOA PROCESSORS UNHAPPY WITH ICCO BUFFER",
"body": "Dutch cocoa processors are unhappy with\nthe intermittent buying activities of the International Cocoa\nOrganization's buffer stock manager, industry sources told\nReuters.\n \"The way he is operating at the moment is doing almost\nnothing to support the market. In fact he could be said to be\nactively depressing it,\" one company spokesman said.\n Including the 3,000 tonnes he acquired on Friday, the total\namount of cocoa bought by the buffer stock manager since he\nrecently began support operations totals 21,000 tonnes.\n Despite this buying, the price of cocoa is well under the\n1,600 Special Drawing Rights, SDRs, a tonne level below which\nthe bsm is obliged to buy cocoa off the market.\n \"Even before he started operations, traders estimated the\nmanager would need to buy at least up to his 75,000 tonnes\nmaximum before prices moved up to or above the 1,600 SDR level,\nand yet he appears reluctant to do so,\" one manufacturer said.\n \"We all hoped the manager would move into the market to buy\nup to 75,000 tonnes in a fairly short period, and then simply\nstep back,\" he added.\n \"The way the manager is only nibbling at the edge of the\nmarket at the moment is actually depressing sentiment and the\nmarket because everyone is holding back from both buying and\nselling waiting to see what the manager will do next,\" one\nprocessor said.\n \"As long as his buying tactics remain the same the market is\nlikely to stay in the doldrums, and I see no indication he is\nabout to alter his methods,\" he added.\n Processors and chocolate manufacturers said consumer prices\nfor cocoa products were unlikely to be affected by buffer stock\nbuying for some time to come.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:03:49.51",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"netherlands"
],
"id": "17499"
},
{
"title": "JUDGEMENT ENTERED AGAINST ARISTECH <ARS>",
"body": "Aristech Chemical Corp said a judgment\nwas entered against it in Texas State Court for nine mln dlrs\nplus prejudgment interest of 6,500,000 dlrs and legals fees of\nthree mln dlrs.\n It said the judgment arose from a suit filed by Union\nPacific Corp <UNP> against USX Corp <X>, Aristech's former\nparent, in 1983, claiming damages for an alleged 1980 breach of\na cumene purchasing contract by Aristech's predecessor, the USS\nChemicals division of USX, which was then known as U.S. Steel\nCorp.\n The company said it considers the judgment unjustified and\nit will seek to have it overturned.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:04:17.30",
"places": [
"usa"
],
"id": "17500"
},
{
"title": "ENTERTAINMENT MARKETING SEEKS TO BUY CRAZY EDDIE FOR EIGHT DLRS A SHARE\n",
"date": " 1-JUN-1987 09:04:54.15",
"topics": [
"acq"
],
"id": "17501"
},
{
"title": "SPECTRA-PHYSICS <SPY> BOARD REJECTS TENDER OFFER",
"body": "Spectra-Physics Inc said its\nboard rejected a 32 dlrs per share unsolicited tender offer for\nthe company's stock from Ciba-Geigy Ltd <CIGZ.Z>, which already\nholds 18.8 pct of the stock.\n Spectra-Physics said it also filed a lawsuit in Delaware\nfederal court this morning seeking to enjoin the offer and\nalleging, among other things, that the offer vilates federal\nsecurities laws, certain agreements between Ciba-Geigy and\nSpectra-Physics, and Ciba-Geigy's fiduciary duties.\n Spectra-Physics said the two Ciba-Geigy designess to its\nboard were not present at yesterday's special meeting which\nvoted to reject the offer as financially inadequate, unfair and\nnot in the best interests of Spectra-Physics or its\nstockholders.\n The company said the board also authorized a special\ncommittee of outside directors to take whatever steps it deems\nnecessary to protect the interests of Spectra-Physics and its\nstockholders and to investigate all alternatives to maximize\nthe value of the stock, including talks with third parties.\n Spectra-Physics said a letter communicating the board's\nrecommendation and reasons therefore is being mailed to\nstockholders.\n It said Robert Bruce, Reliance Group Holdings Inc's <REL>\ndesignee on Spectra-Physics' board, resigned his position on\nMay 29. His letter of resignation said the action was to\nalleviate Ciba-Geigy's stated justification for making the\nunsolicited offer that it had not contemplated another\nsignificant investor having representation on the board when\nits Spectra-Physics' investment was made.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:09:43.36",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17502"
},
{
"title": "FRENCH SAY WHEAT STOCKS FORECAST NO SURPRISE",
"body": "The U.S. Department of Agriculture's\nforecast that French end-of-season soft wheat stocks will\nalmost double in 1987/88 is premature but would not be\nsurprising, according to French cereal organisation officials.\n The Cereals Intervention Board, ONIC, Wheat Producers'\nAssociation and the National Union of Agricultural and Cereal\nCooperatives have not yet forecast 1987/88 exports or\nend-of-season stocks.\n However, the officials said the USDA's figure of end\n1987/88 stocks at 5.03 mln tonnes against 1986/87's 2.87 mln\nwas not surprising given a record high yield forecast in April.\n The French Feed Cereals Research Institute, ITCF, forecast\nin mid-April an average yield of 6.58 tonnes per hectare for\nsoft wheat in 1987/88 compared with 5.6 tonnes in 1986/87 and\nthe record high yield of 6.5/6.6 tonnes in 1984.\n This would result in a French soft wheat harvest of around\n31 mln tonnes against 25.5 mln in 1986/87, given a Ministry of\nAgriculture estimate of area planted of 4.66 mln hectares\nagainst 4.61 mln in 1986/87.\n ONIC's first preliminary forecast of the 1987/88 campaign\nwill be released at the beginning of September, an ONIC\nofficial said.\n Soft wheat exports in 1987/88 were extremely difficult to\nestimate at this stage, both within the European Community and\nto non-EC countries, an ONIC official said.\n He said, however, that among countries to which France\ncould increase its wheat exports were Egypt and the Maghreb\ncountries (Morocco, Algeria and Tunisia), he said.\n The USDA's forecast of an 11.65 mln tonne maize crop in\n1987/88 against 11.48 mln in 1986/87, while again premature,\nwas not out of line with estimates of the French Maize\nProducers Association, AGPM, an AGPM official said.\n Maize plantings would be down in 1987/88 but yields were\nexpected to be higher, the AGPM official said.\n It estimated 1987/88 maize plantings of 1.73 mln hectares,\ndown seven pct from the 1.87 mln hectares planted in 1986/87.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:10:51.33",
"topics": [
"grain",
"wheat",
"corn"
],
"places": [
"france"
],
"id": "17503"
},
{
"date": " 1-JUN-1987 09:11:27.85",
"id": "17504"
},
{
"title": "ITALIAN TREASURY DETAILS BORROWING REQUIREMENT",
"body": "The Italian Treasury said the public sector\nborrowing requirement in the first four months totalled a\nprovisional 40,100 billion lire compared with 40,380 billion in\nthe comparable 1986 period.\n The Treasury said revenues in the first four months\ntotalled a provisional 64,151 billion lire, while spending was\na provisional 108,439 billion lire. Treasury management\noperations showed a positive balance of 4,188 billion lire.\n The borrowing requirement was financed through medium and\nlong term bond and loan issues on the domestic market totalling\n36,721 billion lire, through foreign borrowing of 60 billion\nlire, and through a 3,319 billion lire increase in other\ntreasury debts.\n REUTER\n\u0003",
"date": " 1-JUN-1987 09:17:04.26",
"places": [
"italy"
],
"id": "17505"
},
{
"title": "BOEING <BA> TO ACQUIRE DEFENSE ELECTRONICS FIRM",
"body": "Boeing Co and ARGOSystems Inc <ARGI.O>\nsaid they reached an agreement for Boeing to acquire the\nSunnyvale, Calif., defense electronics firm for about 275 mln\ndlrs.\n The boards of both companies have approved the merger,\nwhich will be accomplished through a tender offer by a Boeing\nsubsidiary of 37 dlrs a share cash for all of ARGOSystems'\nshares, the companies said.\n Under the agreement, the Boeing subsidiary, TBC Holdings\nCorp, will begin the tender offer promptly. If at least 90 pct\nof the shares are not tendered, the offer will be prorated to\n49 pct, the companies said.\n ARGOSystems has granted Boeing an option to buy 1,238,311\nshares or 18.5 pct of the outstanding stock for 37 dlrs a\nshare, they said.\n Also, Bill May, chairman of ARGOSystems, and three other\nofficers have granted Boeing an option to buy their shares,\nanother 8.9 pct of the outstanding stock, for 37 dlrs a share.\n ARGOSystems makes equipment to monitor and analyze military\ncommunications signals, electronic warfare equipment to monitor\nand jam radar signals and signal processing systems.\n For the nine months ended March 31, 1987, ARGOSystems\nreported earnings more than doubled to 6.3 mln dlrs or 95 cts a\nshare from 3.1 mln dlrs or 46 cts. The year-ago period included\na 2.2 mln dlr charge from a writedown of securities. Sales rose\n23.5 pct to 70.9 mln dlrs.\n Sales are expected to exceed 100 mln dlrs for the fiscal\nyear ending June 30, the companies said in a joint statement.\n The company's backlog is currently more than 180 mln dlrs,\nthey said. It has about 1,200 employees.\n About 30 pct of ARGOSystems' business comes from\ninternational customers.\n \"ARGOSystems is a clear leader in its field. This\nassociation will expand our overall activities and\nsignificantly enhance our ability to compete in the defense\nelectronics area,\" Boeing president Frank Shrontz said in a\nstatement.\n ARGOSystems will operate as a wholly owned subsidiary of\nBoeing Co.\n The merger following the tender offer will be subject to\napproval by ARGOSystems shareholders, the companies said.\n The tender offer and merger are subject to customary\nconditions and expiration of the Hart-Scott-Rodino notification\nwaiting period, they said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:18:33.15",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17506"
},
{
"title": "COMPUTER ASSOCIATES <CA>, UCCEL SET MERGER",
"body": "Computer Associates International Inc\nand UCCEL Corp <UCE> said they have signed a definitive merger\nagreement under which Computer Associates will pay about 800\nmln dlrs in stock for all outstanding UCCEL shares.\n The companies said under the terms of the agreement, all\nUCCEL shareholders will receive about 1.69 shares of Computer\ncommon stock for each of the approximately 17 mln UCCEL shares\noutstanding.\n \n According to the companies, this would amount to about\n47.50 dlrs per UCCEL share, based on May 29 New York Stock\nExchange closing prices.\n Closing of the transaction is anticipated in August, the\ncompanies said. The companies said the resulting company wil\nretain the name Computer Associates International Inc.\n Additionally, the companies said Charles Wang, currently\nComputer Associates chairman and chief executive, will continue\nas chairman of the new company.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:21:29.20",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17507"
},
{
"title": "U.S. BOUGHT 16.5 MLN USED CARS, STUDY SAYS",
"body": "American motorists bought 16,524,000 used\ncars last year at an average cost of 5,833 dlrs each for a\ntotal market of 96.4 billion dlrs, according to a yearly study\nby the Hertz Corp.\n The study also showed an increase in used car sales of\nabout 600,000 units over 1985 volumes while the average price\nrose about 400 dlrs.\n But the survey said the typical used car that changed hands\nin 1986 was slightly newer at 4.5 years old and 41,140 miles\nthan in the prior year, when such a car had run 45,270 miles\nand was 4.6 years old.\n \"The sample shows that retail sales volume for used cars\nturned up after two years of decline,\" said Leigh Smith, a\nHertz Corp. spokesman.\n \"And while costs of ownership went up to 25.5 cents a mile\nfor used cars from 25.05 cents in 1985, they remain 47 pct\nunder the estimated 48.5 cents a mile cost to own and operate a\nnew car.\"\n The increase in activity appeared to be linked to the\nrecord market for new cars, which passed 11.4 mln domestic and\nimported models last year because of the unprecedented cut-rate\nloan incentive packages offered by the Detroit-based automakers\nand changes in U.S. tax laws.\n The incentive campaigns were largely sparked by General\nMotors Corp <GM> in an attempt to reverse its slipping share of\nthe American car market.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:21:45.97",
"places": [
"usa"
],
"id": "17508"
},
{
"title": "ZAMBIA CUTS PRICES AS TROOPS PATROL COPPERBELT",
"body": "The Zambian government today announced\nminor price cuts for essential commodities as part of its new\neconomic strategy, while police and troops patrolled the\nnorthern Copperbelt to prevent any outbreaks of rioting.\n However, staple foods, such as bread, sugar and maize meal,\nwere not affected by the cuts and many people said this could\nprovoke trouble from disgruntled elements who had expected more\nsweeping reductions.\n Observers in the capital expressed disillusionment with the\nsmall extent of the price cuts, which ranged up to 10 pct on\nitems such as blankets, soap, detergents and baby food.\n Residents in the Copperbelt contacted by telephone said\ngovernment forces had set up roadblocks around the main towns.\n In Lusaka, business went on as usual and there was no sign\nof troops or police reinforcements on the streets.\n President Kaunda had ordered the price reductions to take\naccount of lower import costs following the revaluation of the\nkwacha to a fixed rate of eight per dlr from 21 on May 1.\n The revaluation formed part of a new go-it-alone economic\nstrategy which Kaunda adopted to replace Zambia's IMF austerity\nprogram.\n Labour leaders in the Copperbelt said last week gangs of\nunemployed youths were being formed in the politically volatile\nregion to take action against shops that did not reduce their\nprices after today's deadline. Fifteen people were killed in\nthe Copperbelt during food riots last December after the\ngovernment tried to lift maize subsidies.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:28:59.43",
"topics": [
"copper",
"sugar",
"grain",
"corn"
],
"places": [
"zambia"
],
"id": "17509"
},
{
"title": "CANADA SOUTHERN <CSW.TO> TO OFFER SHARES",
"body": "Canada Southern Petroleum Ltd said its\nboard has authorized an offering of about three mln shares of\nlimited voting stock to shareholders of record on June 23.\n The company said the rights offering will expire August\nThree. The rights are nontransferable.\n It said shareholders will be entitled to buy one new share\nfor every three held at one dlr U.S. or 1.34 dlrs Canadian.\nShareholders subscribing for their entire allotments will have\nthe option of subscribing for shares not bought by others on a\ncontingent allotment basis in any amount up to 100 pct of their\noriginal allotments.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:31:29.90",
"places": [
"canada"
],
"id": "17510"
},
{
"title": "SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.",
"body": "South Korea will cut import taxes on 50\ngoods, including construction equipment, cigarettes and\ntobacco, to help reduce its trade surplus with the United\nStates, the Finance Ministry said today. The tariff cuts of\nbetween five and 30 pct will take effect on July 1.\n South Korea ran a trade surplus of 7.3 billion dlrs with\nWashington in 1986, sharply up from 4.3 billion in 1985.\n Today's announcement brings to 157 the number of goods for\nwhich similar measures were taken this year, a ministry\nofficial said. The 157 are among about 290 items on which\nWashington has asked Seoul to lower tariffs.\n \"This is in line with the government's policy to limit our\ntrade surplus with the United States to help reduce trade\nfriction between the two countries,\" said the official.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:34:41.28",
"topics": [
"trade"
],
"places": [
"south-korea",
"usa"
],
"id": "17511"
},
{
"title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES",
"body": "Chicago Mercantile Exchange floor traders\nand commission house representatives are guesstimating today's\nhog slaughter at about 275,000 to 285,000 head versus 12,000\nweek ago and 276,000 a year ago.\n Cattle slaughter is guesstimated at about 126,000 to\n132,000 head versus 6,000 week ago and 133,000 a year ago.\n Note: week ago figures reduced by Memorial Day holiday.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:39:24.04",
"id": "17512"
},
{
"title": "ENTERTAINMENT MAKES BUYOUT OFFER TO CRAZY EDDIE",
"body": "Entertainment Marketing Inc <EM>\nsaid it has made an offer to the board of Crazy Eddie Inc to\nacquire all outstanding shares of Crazy Eddie Inc for eight\ndlrs a share in cash.\n Entertainment said the offer would be conducted through a\nnegotiated merger with a new corporation to be formed by\nEntertainment Marketing.\n Entertaiment said it has requested an early meeting with\nCrazy Eddie Inc's board and that it has committed 50 mln dlrs\ntoward the purchase of the shares including those already\npurchased.\n \n The company also said it has retained Dean Witter Reynolds\nInc to assist in raising the balance of the financing.\n According to Entertainment, its company and its chairman\nown about 4.3 pct of Crazy Eddie's currently outstanding\nshares.\n Additionally, the company said it is willing to negotiate\nall aspects of its offer and is willing to consider a\ntransaction which would be tax free to Crazy Eddie's\nshareholders.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:40:01.44",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17513"
},
{
"title": "SMITHKLINE <SKB>, BOEHRINGER FINALIZE PACT",
"body": "SmithKline Beckman Corp said it and\n<Boehringer Mannheim GmbH> signed a final agreement to develop\nand market new cardiovascular medicines discovered by\nBoehringer.\n Under the agreement, SmithKline said, it will have\nresponsibility for developing the products in the U.S. Both\npartners will market the products in the U.S. and abroad.\n Initially, SmithKline said, the companies will concentrate\non the clinical development and marketing of carvedilol which\nis a compound to treat mild to moderate hypertension and\nangina.\n \n An application for marketing approval of carvedilol was\nsubmitted in West Germany last December, SmithKline said.\nApplications expected in other European markets this year and\nsubmission to the U.S. Food and Drug Administration is\nprojected for 1990.\n It said work also underway on thromboxane receptor\nantagonists, compounds which could be useful in accelerating\ndisolution of blood clots and preventing blod clots from\noccuring in a heart attack as well as in other arterial\ndiseases. The company said two of these compounds are in\nclinical evaluation in Europe and the U.S.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:42:43.91",
"places": [
"usa"
],
"id": "17514"
},
{
"title": "OCCIDENTAL <OXY> SETS DEBT RETIREMENT DATE",
"body": "Occidental Petroleum Corp said the\npreviously reported retirement of nine series of Natural Gas\nPipeline Co of America debt will occur on July two.\n Retirement of the subsidiary's was announced by Occidental\nlast week.\n It said notices of redeemptions and pre-payments will be\nmailed shortly to all registered holders.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:43:45.49",
"places": [
"usa"
],
"id": "17515"
},
{
"title": "INDIA PLANS MORE BOMBAY OFFSHORE OIL WELLS",
"body": "India's state-owned Oil and Natural Gas\nCommission (ONGC) plans to drill more wells in the Bombay\noffshore area, where a well spudded in February this year gave\nboth oil and gas, an ONGC spokesman said.\n The exploratory well, spudded at a depth of 2,140 metres,\nyielded 2,000 barrels of oil and 180,000 cubic metres of gas\nper day, he said.\n \"The well, one of the four structures drilled in the area 80\nkm north-west of Bombay, indicates good prospects of both oil\nand gas. We've decided to drill at least three more wells in\nthere before starting production on a commercial scale.\"\n Production of Bombay High, part of the Bombay offshore\nfield, has stabilised at around 500,000 barrels per day for the\nlast two years.\n ONGC produced 27.85 mln tonnes of crude in 1986/87 ending\nMarch, up from 27.51 the previous year. Bombay High accounted\nfor 20.61 mln tonnes, marginally up from 20.10 the year before.\nIndia's total oil output is around 30 mln tonnes.\n ONGC has been exploring the Bombay offshore area, developed\nsince the late 1970s, for more oil as production from Bombay\nHigh has reached a plateau.\n REUTER\n\u0003",
"date": " 1-JUN-1987 09:44:12.12",
"topics": [
"crude",
"nat-gas"
],
"places": [
"india"
],
"id": "17516"
},
{
"title": "TOWN AND COUNTRY CHANGES NASDAQ SYMBOL",
"body": "Town and Country Jewelry\nManufacturing Corp said effective today its NASDAQ ticker\nsymbol has been changed to <TCJCA.O> from <TJCA.O>\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:44:29.16",
"places": [
"usa"
],
"id": "17517"
},
{
"title": "SOCIETY FOR SAVINGS <SOCS.O> FORMS PARENT",
"body": "Society for Savings Bancorp Inc\nsaid it has completed its previously announced plan of\nacquisition making a new Delaware-chartered bank holding\ncompany the parent of Conneticut chartered Society for Savings.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:45:25.82",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17518"
},
{
"title": "SAUDI RENEGOTIATION OF ARAMCO DEAL MOVING ALONG",
"body": "Saudi Arabia's renegotiation of its\ncollective agreement with Aramco to purchase oil for the\nlatter's ex-partners is moving along and should lead to a\nfundamental structural change in the contract, oil industry\nsources said.\n Petroleum Intelligence Weekly, in this Monday's edition,\nsaid negotiations are moving along for adjustment of the 1.34\nmln bpd joint long term agreement at official prices and\nvolumes and other terms may be rearranged.\n The agreement signed in January for the months from\nFebruary to June is up for renegotiation.\n Under the January contract Aramco was to purchase 1.34 mln\nbpd for the four partners allocated among them as Exxon Corp\n<XON> 440,000 bpd, Texaco Inc <TX> 350,000 bpd, Mobil Corp\n<MOB> and Chevron Corp <CHV> 550,000 bpd between them.\n But an overlifting by Texaco Inc in the first quarter\nallowed other companies like Exxon Corp to underlift its\nobligations under the contract\n PIW said that that one alternative under consideration is\nto revert to four individual contracts rather than a collective\nagrement.\n John Lichtblau, director of the Petroleum Industry Research\nFoundation Inc said that renegotiation of the pact was more of\na formality as the Saudis have each company on a separate\nschedule although separate agreements with the companies would\nfavor one on one negotiations and ensure that contracted\nliftings occur .\n \"The companies will probably follow the Saudi wants within\nlimits as they do not want to antagonize them for the long\nhaul,\" he said.\n Lichtblau said that the renegotiations would most likely\nconcentrate on volume rather than price.\n Saudi displeasure with the agreement has long been noted\nand in April industry publications said that renegotiation were\nbeing sought, a fact later confirmed by Reuters with Aramco.\n Aramco Corp was formerly owned by Chevron Corp <CHV>, Exxon\nCorp <XON>, Mobil Corp <MOB> and Texaco Inc <TX> but is now\nowned by Saudi Arabia which bought its assets although the\nex-partners have various agreements with Saudi Arabia.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:45:49.01",
"topics": [
"crude"
],
"places": [
"usa",
"saudi-arabia"
],
"id": "17519"
},
{
"title": "SCHERING-PLOUGH <SGP> GETS FDA APPROVAL",
"body": "Schering-Plough Corp said its\nElocon topical steroid for inflammatory skin disorders has been\napproved for marketing by the U.S. Food and Drug Administration\nin cream and ointment forms for once-daily applications.\n The company said overseas health agency registrations for\nElocon are scheduled to be submitted in a number of major\nmarkets this year and in other areas in 1988.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:46:27.25",
"places": [
"usa"
],
"id": "17520"
},
{
"title": "OKLAHOMA CLEANING UP AFTER WEEK OF FLOODS, RAINS",
"body": "Residents of central Oklahoma\nreturned to their homes over the weekend after a week of heavy\nrains and severe flooding that left two dead and caused more\nthan 20 mln dlrs in damage, officials said.\n Some 900 people were evacuated from their homes during the\nrains and flooding last week, civil defense officials said.\n Many of the shelters set up throughout the state in areas\nthreatened by flooding, except those near the Washita and Red\nRivers, closed as residents returned to their damaged homes.\n Farmers who had expected a near-record wheat crop now say\nthis year will see one of the largest losses in decades.\n Gov. Henry Bellmon, who on Thursday declared a flooding\nemergency for central Oklahoma, was expected to ask President\nReagan for federal disaster relief for the area.\n In northern Texas, officials reported several tornadoes on\nFriday. A twister in Lubbock yesterday damaged six mobile homes\nand two houses. No injuries were reported.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:46:52.56",
"topics": [
"grain",
"wheat"
],
"places": [
"usa"
],
"id": "17521"
},
{
"title": "CBT PROPOSES JAPANESE GOVERNMENT BOND FUTURES",
"body": "The Chicago Board of Trade (CBT) has\nasked federal regulators for authority to trade a futures\ncontract in long-term Japanese government bonds.\n The Commodity Futures Trading Commission (CFTC) said it has\nreceived an application from CBT for a contract comprised of\nyen bonds with a face value at maturity of 100 mln yen.\n The price of the proposed contract would be quoted in\npoints per 100 yen par value, with one point equal to one mln\nyen. The minimum price fluctuation would be 10,000 yen per\ncontract, and the contract would have no daily price limits.\n CFTC has requested public comment on the proposal.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:48:45.44",
"places": [
"usa",
"japan"
],
"id": "17522"
},
{
"title": "U.K. MONEY MARKET GIVEN 25 MLN STG LATE ASSISTANCE",
"body": "The Bank of England said it provided the\nmoney market with late assistance of around 25 mln stg.\n This takes the Bank's total help today to some 137 mln stg\nand compares with its latest forecast of a 150 mln stg\nshortage.\n REUTER\n\u0003",
"date": " 1-JUN-1987 09:57:19.95",
"topics": [
"money-fx"
],
"places": [
"uk"
],
"id": "17523"
},
{
"title": "PEGA TO BUY STAKE IN TAMPER-PROOF PACKAGING",
"body": "Pega Capital Resources Ltd <PGA.TO> said\nit agreed in principle to acquire a 50 pct undivided interest\nin all rights and patents to a tamper resistant and\ntamper-evident packaging process for 1,250,000 dlrs.\n The company said the purchase price is payable in 1,250,000\ncommon shares priced at one dlr each. The shares will be paid\nunder an escrow agreement where Pega may terminate the purchase\nagreement and cancel the shares up to October 31, 1987.\n It said the process results in readily visible breakage if\npackaging material is pierced by a sharp object.\n Reuter\n\u0003",
"date": " 1-JUN-1987 09:59:52.42",
"places": [
"canada"
],
"id": "17524"
},
{
"title": "U.S. APRIL CONSTRUCTION SPENDING ROSE 0.4 PCT AFTER REVISED 1.1 PCT MARCH DROP\n",
"date": " 1-JUN-1987 10:00:58.94",
"id": "17525"
},
{
"title": "BAUSCH AND LOMB <BOL> ANNOUNCES NEW PRODUCTS",
"body": "Bausch and Lomb said it plans to\nlaunch a new line of soft contact lens care products in the\nUnited States.\n The company said the line will be marketed under the ReNu\ntradename, and will involve fomulations which will\nenhance the convenience of contact lens cleaning and\ndisinfecting.\n Bausch and Lomb said the two products, which are scheduled\nfor shipment in late July, are ReNu Multi-Action Disinfecting\nSolution and ReNu Sterile Preserved Saline.\n \n According to the company, the ReNu disinfecting solution is\na single-step product for cold disinfection and the ReNu saline\nsolution contains a new preservative with very low potential\nfor eye irritation.\n The company said another product in this line, ReNu\nEnzymatic Tablets, was introduced in December.\n Additionally, the company said patents are currently\npending on all three ReNu products, and that other solutions\nwill be added to the ReNu line following Food and Drug\nAdministration approval.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:02:00.49",
"places": [
"usa"
],
"id": "17526"
},
{
"title": "U.S. CONSTRUCTION SPENDING ROSE 0.4 PCT IN APRIL",
"body": "U.S. construction spending rose 1.7\nbillion dlrs, or 0.4 pct, in April to a seasonally adjusted\nrate of 384.1 billion dlrs, the Commerce Department said.\n Spending in March fell a revised 4.4 billion dlrs, or 1.1\npct, to 382.4 billion dlrs, the department said.\n Previously it said spending fell 1.3 pct in March.\n April construction spending was 10.2 billion dlrs, or 2.7\npct, above the April, 1986, level of 373.9 billion dlrs.\n Private construction spending rose to 307.9 billion dlrs in\nApril from 306.0 billion dlrs the previous month and included a\ngain in single-family homes, the department said.\n Spending on one-unit home construction rose to 113.1\nbillion dlrs from 111.5 billion dlrs while multi-unit spending\nedged down to 28.3 billion dlrs from 28.6 billion dlrs.\n Spending on nonresidential construction rose to 88.0\nbillion dlrs from 87.1 billion dlrs, but outlays on office\nconstruction fell to 24.5 billion dlrs from 25.6 billion dlrs\nin March, the department said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:02:28.15",
"places": [
"usa"
],
"id": "17527"
},
{
"title": "TEXACO <QTX> SUPPOPTS BOND AND LIEN RULES STUDY",
"body": "Texaco Inc <QTX> said it will\nsupport the efforts of a Texas legislature joint committee,\nwhich will study and propose remedies for problems with the\nprocedural bond and lien rules of the Texas judiciary.\n The rules, which require a defendant in a civil case to\npost a bond in the full amount of the judgment plus interest in\norder to exercise its right to appeal the judgment, directly\nled to Texaco to file for protection under Chapter 11 of the\nFederal Bankruptcy Code, Texaco said.\n \n Texaco said it was unfortunate that it took its bankruptcy\nto illustrate the need for reform.\n Texaco also said Pennzoil Co's <PZL> obstructive tactics\nprevented similar legislation earlier in the legislature's\nsession, which would have provided the trial judge in Texas\nflexibility to set the bond at a level appropriate to secure\nthe interest of the judgment creditor based on the\ncircumstances of the case.\n Under current law, Texaco said it would have had to post\nthe full 11.1 billion dlrs to exercise its right to appeal the\njudgment.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:03:06.53",
"places": [
"usa"
],
"id": "17528"
},
{
"title": "CPC INTERNATIONAL <CPC> COMPLETES ASIAN SALE",
"body": "CPC International Inc said\nit has completed previously-announced transactions involving\nits grocery products businesses in four Asian countries with\nAjinomoto Co Inc <AJIN.T>, raising about 300 mln dlrs.\n It said it will receive about 40 mln dlrs more later,\nmostly this month, when closings are expected in three more\ncountries. Proceeds will be used mostly for debt reduction.\n CPC said Ajinomoto has purchased its equity in Knorr Foods\nCo Ltd, a joint venture in Japan between the two companies,\nwith CPC to get fees for trademark and technology use.\n CPC said Ajinomoto is also purchasing 50 pct interests in\nCPC's wholly-owned subsidiaries in Hong Kong, Malaysia, the\nPhilippines, Singapore, Taiwan and Thailand.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:03:56.29",
"topics": [
"acq"
],
"places": [
"usa",
"japan",
"hong-kong",
"malaysia",
"philippines",
"singapore",
"taiwan"
],
"id": "17529"
},
{
"title": "THOMPSON MEDICAL <TM> PLANS STATEMENT SHORTLY",
"body": "Thompson Medical Co Inc expects to\nrelease a statment in a few minutes, a company spokesman said.\n The New York Stock Exchange has delayed opening the stock\nsaying news is pending. The stock closed Friday at 19-3/4.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:04:42.04",
"places": [
"usa"
],
"id": "17530"
},
{
"title": "INNOVATIVE SOFTWARE <INSO> TO OFFER CONVERTIBLES",
"body": "Innovative Software Inc said it plans to\nsell later this month or in July about 25 mln dlrs of\nconvertible subordinated debentures due 2012.\n Proceeds will be used for general corporate purposes,\nincluding possible acquisitions of complementary products,\ntechnologies or companies, Innovative Software said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:05:15.87",
"places": [
"usa"
],
"id": "17531"
},
{
"title": "CULLINET <CUL> RELEASES NEW ANALYSIS SYSTEM",
"body": "Cullinet Software Inc said it has\nintroduced Release 10.1 of Performance Monitor, an on-line\nsystem that enables system programmers to analyze performance\ninformation quicky.\n Cullinet said the Release 10.1 provides program analysis\nfunctions for users of Cullinet's IDMS/R database software.\n The company said it also has enhanced the new system with a\n\"windowing\" function that allows people to view several\nresources concurrently.\n It added the new system is priced at 27,000 dlrs and will\nbe generally available later this month.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:05:55.63",
"places": [
"usa"
],
"id": "17532"
},
{
"title": "CBT PROPOSES JAPANESE GOVERNMENT BOND FUTURES",
"body": "The Chicago Board of Trade, CBT, has\nasked federal regulators for authority to trade a futures\ncontract in long-term Japanese government bonds.\n The Commodity Futures Trading Commission, CFTC, said it has\nreceived an application from CBT for a contract comprised of\nyen bonds with a face value at maturity of 100 mln yen.\n The price of the proposed contract would be quoted in\npoints per 100 yen par value, with one point equal to one mln\nyen. The minimum price fluctuation would be 10,000 yen per\ncontract, and the contract would have no daily price limits.\n CFTC has requested public comment on the proposal.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:10:35.10",
"places": [
"usa",
"japan"
],
"id": "17533"
},
{
"title": "BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS\n",
"date": " 1-JUN-1987 10:11:52.93",
"topics": [
"acq"
],
"id": "17534"
},
{
"title": "THOMPSON MEDICAL SAYS 1,290,000 SHARES TENDERED IN RESPONSE TO BID FOR ONE MLN\n",
"date": " 1-JUN-1987 10:12:17.80",
"id": "17535"
},
{
"title": "MERCEDES-BENZ CREDIT ISSUES 100 MLN DLR EUROBOND",
"body": "Mercedes-Benz Credit Corp is issuing a 100\nmln dlr eurobond due June 25, 1992 paying 8-1/4 pct and priced\nat 100-1/2 pct, lead manager Deutsche Bank Capital Markets\nsaid.\n The non-callable bond is available in denominations of\n1,000 and 10,000 dlrs and will be listed in Luxembourg. The\nselling concession is 1-1/4 pct while management and\nunderwriting combined pays 5/8 pct.\n The payment date is June 25.\n REUTER\n\u0003",
"date": " 1-JUN-1987 10:12:40.70",
"places": [
"uk"
],
"id": "17536"
},
{
"title": "FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.72 PCT FROM 7.75 PCT - OFFICIAL\n",
"date": " 1-JUN-1987 10:17:41.90",
"id": "17537"
},
{
"title": "POREX <PORX.O> TO MERGE WITH MEDCO <MCCS.O>",
"body": "Porex Technologies Corp said it\nhas agreed to merge with its partly-owned subsidiary Medco\nContainment Services Inc in a deal worth about 380 mln dlrs in\ncash and common stock to Porex shareholders.\n The company said under the agreement, Prex holders would\nreceive new Medco shares representing a pro rata share of the\n9,159,552 Medco shares now owned by Porex plus a pro rata\nshares of the cash value of other porex assets, which is\nestimated at 60 mln dlrs subject to adjustment.\n Medco now has 16.9 mln shares outstanding.\n While exact terms may not be determined until the\ntransaction becomes effective, Porex said each Porex share is\nexpected to be exchanged for 0.82 Medco share and 5.38 dlrs in\ncash, subject to approval by sharehoilders of both companies.\nAs part of the deal, Medco will split its stock five for two.\n The company said the merger will be accounted for as a\ncorporate reorganization and be recorded at historical book\nvalues.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:18:24.63",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17538"
},
{
"title": "WOODSTREAM <WOD> SEES SECOND QUARTER LOSS",
"body": "Woodstream Corp said it expects a\nsecond quarter loss on sales below those of a year earlier.\n In last year's second quarter, Woodstream earned 349,000\ndlrs on sales of 13.1 mln dlrs.\n The company said it is seeking to reduce expenses and boost\nsales. It said it is scaling back California fishing rod\noperations to cut overhead expenses anbd minimize losses.\n Woodstream said its fishing technologies group is\nexperieincing significantly higher selling, promotion and\nfactory expenses, while fishing product sales have fallen due\nto inventory corrections by several major customers.\n It said sales of its color liquid display fish/depth finder\nare expected to exceed three mln dlrs in the first half but\nwill be substantially less than expected.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:18:32.39",
"places": [
"usa"
],
"id": "17539"
},
{
"title": "COLT INDUSTRIES <COT> TO SELL BRITISH UNIT",
"body": "Colt Industries Inc said it signed a\nconditional agreement to sell its Woodville Polymer Engineering\nLtd subsidiary in Great Britain to the Dowty Group PLC of\nGloucestershire, England, for 35.9 mln stg.\n The deal is scheduled to close by the end of June, the\ncompany said.\n Woodville, which makes high technology precision products\nfor aerospace, automotive and other industries, had 1986 sales\nof about 24 mln stg, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:22:28.49",
"topics": [
"acq"
],
"places": [
"usa",
"uk"
],
"id": "17540"
},
{
"title": "FLUOR <FLR> TO ASSESS VALUE OF GOLD OPERATIONS",
"body": "Fluor Corp said it retained two\ninvestment bankers to assess the value of its gold operations\nin light of improved world gold market conditions.\n The engineering, construction and natural resources company\nsaid it retained Shearson Lehman Brothers Inc and S.G. Warburg\nand Co Inc to assist in the assessment.\n Fluor owns 90 pct of St. Joe Gold Corp <SJG>, a unit of\nFluor's St. Joe Minerals subsidiary.\n St. Joe Gold explores, develops, mines and produces\nprecious metals in the U.S., Canada and Chile. It produced\n281,000 ounces of gold in its most recent fiscal year.\n Fluor also has gold operations in Australia, Spain and\nUruguay.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:22:38.78",
"places": [
"usa",
"canada",
"chile",
"australia",
"spain",
"uruguay"
],
"id": "17541"
},
{
"title": "BRAMPTON BRICK <BBLA.TO> UPS EARNINGS FORECAST",
"body": "Brampton Brick Ltd said it\nincreased its 1987 earnings forecast to 94 cts a share from the\n83 cts a share predicted in its October 30, 1986 public share\noffering prospectus.\n It said increased earnings will result from continuing\nproduction at its Toronto Don Valley plant past the original\ntermination date of June 30, 1987, which will double 1987\noutput. In addition, annual capacity at unit Brique Citadelle\nwas increased by about 15 pct to 48 mln bricks.\n The revised earnings forecast is after a May, 1987\nagreement to issue 900,000 class A subordinate voting shares.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:24:04.91",
"places": [
"usa",
"canada"
],
"id": "17542"
},
{
"title": "ADVANCED SYSTEMS INC<ASY> 2ND QTR APRIL 30 NET",
"body": "Shr 32 cts vs 22 cts\n Net 2,022,000 vs 1,355,000\n Revs 16.0 mln vs 13.2 mln\n Avg shrs 6,237,000 vs 6,052,000\n Six mths\n Shr 58 cts vs 42 cts\n Net 3,561,000 vs 2,525,000\n Revs 30.0 mln vs 26.1 mln\n Avg shrs 6,180,000 vs 6,017,000\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:24:42.62",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17543"
},
{
"title": "MANNVILLE OIL AND GAS LTD <MOG.TO> 1ST QTR NET",
"body": "Shr two cts vs seven cts\n Net 164,000 vs 417,000\n Revs 1,345,000 vs 2,021,000\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:25:15.70",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17544"
},
{
"title": "HOUSE OF FABRICS INC <HF> 1ST QTR NET APRIL 30",
"body": "Shr 27 cts vs 18 cts\n Net 1,757,000 vs 1,201,000\n Revs 73.5 mln vs 71.2 mln\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:25:40.68",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17545"
},
{
"title": "HOUSE OF FABRICS PROJECTS GAINS IN FISCAL 1988",
"body": "House of Fabrics Inc <HF>\nsaid it expects further modest gains in revenues for fiscal\nyear ending January 31, 1988.\n In fiscal 1987, the company's revenues were 316.4 mln dlrs\ncompared to 286.7 mln dlrs the previous fiscal year ending\nJanuary 31.\n House of Fabrics President and Chief executive, Gary\nLarkins, said the company will be aggressively promoting sales\nwhile applying tighter inventory controls.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:26:23.22",
"places": [
"usa"
],
"id": "17546"
},
{
"title": "ORBIT OIL AND GAS LTD <ORB.TO> 1ST QTR NET",
"body": "Shr three cts vs three cts\n Net 421,000 vs 333,000\n Revs 2,103,000 vs 2,287,000\n Avg shrs 16,068,000 vs 12,041,000\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:26:40.57",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17547"
},
{
"title": "METRO AIRLINES TO BUY 16 SAAB COMMUTER PLANES",
"body": "The U.S. Regional carrier <Metro\nAirlines> has signed an agreement with Saab Scania AB <SABS ST>\nto buy 16 34-seater Saab SF340 aircraft worth a total 650 mln\ncrowns, the Swedish group's largest single order yet, Saab\nsaid.\n It said in a statement that Metro airlines was also taking\nan option on a further 15 SF340 commuter planes.\n The aircraft are to be delivered between now and next\nApril.\n \"The order from Metro airlines is a definite breakthrough\nfor the Saab SF340,\" said Tomy Hjort, the head of the SF340\nprogramme at Saab's air division.\n reuter\n\u0003",
"date": " 1-JUN-1987 10:27:12.52",
"places": [
"sweden"
],
"id": "17548"
},
{
"title": "HOLDERBANK EXPECTS 1987 RESULTS TO BE STEADY",
"body": "Holderbank Financiere Glarus AG <HOLZ.G>\nexpects its 1987 results to be at least steady, with increases\nin volume sales and negative currency factors roughly\ncancelling each other out, deputy chairman Max Amstutz said.\n He told a news conference that turnover was likely to rise\n20 pct in volume terms, partly through the consolidation of\nrecently acquired companies. Ideal Basic Industries Inc <IDL>\nof the U.S., Which Holderbank agreed last year to acquire,\nshould boost group sales by around 12 pct.\n But the weakness of the dollar -- the key currency for the\ngroup -- would remain a strong negative factor.\n Holderbank earlier reported consolidated 1986 net profit of\n239 mln Swiss francs compared with 126 mln in 1985 on sales\nwhich fell to 3.3 billion francs from 3.6 billion.\n Group president Thomas Schmidheiny said Holderbank was now\nin a consolidation phase after 15 years of enormous growth.\n Priority would be given to strengthening its existing\npositions and to integrating recent acquisitions but the group\nwould continue to take advantage of new opportunities for\nacquisitions.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:28:47.98",
"places": [
"switzerland"
],
"id": "17549"
},
{
"title": "ROBERT MAXWELL SAID HE SUING TO STOP HARCOURT BRACE PAYING SPECIAL DIVIDEND\n",
"date": " 1-JUN-1987 10:35:15.55",
"id": "17550"
},
{
"title": "VIDEO <JUKE.O> TO BUY PRESIDENT'S SHARES",
"body": "Video Jukebox Network inc said it signed a\nletter of intent to purchase up to 3.5 mln shares of the four\nmln shares of the company's common stock from its founder and\npresident, Steven Peters.\n Video said the shares are to be purchased by Louis Wolfson\nIII, senior vice president of <Venture W Inc>, <National Brands\nInc>, J. Patrick Michaels Jr and <CEA Investors Partnership\nII>.\n Video said it currently has 7,525,000 shares of common\nstock outstanding. The company said it went public earlier this\nyear and its current ask price was 1-7/8.\n \n CEA Investors Partnership II has planned the partnership to\nbe operated by Michaels, who is chairman and president of\n<Communications Equity Associates Inc>, a media brokerage firm,\nVideo said.\n The terms of the proposed transaction were not disclosed.\n Video said Peters will continue as chairman and president\nof the company.\n It said the parties have until June 29 to agree to all\nterms of the letter of intent.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:36:46.62",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17551"
},
{
"title": "CIRCUS CIRCUS <CIR> TO HAVE 2ND QTR CHARGE",
"body": "Circus Circus Enterprises Inc said it\nexpects to report a charge of about six mln dlrs or 16 cts per\nshare against results for the second quarter ending July 31 due\nto a tender for all 75 mln dlrs of its first mortgage bonds\nthat expires June Two.\n In last year's second quarter, the company took a 6,200,000\ndlr or 16 ct per share charge from the redemption of 80 mln\ndlrs principal amount of subordinated notes.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:37:16.59",
"places": [
"usa"
],
"id": "17552"
},
{
"title": "GERMAN APRIL WHOLESALE TURNOVER FALLS FOUR PCT",
"body": "West German wholesale turnover\nprovisionally totalled about 66 billion marks in April, a real\ndecline of four pct compared with the same month last year, the\nFederal Statistics Office said.\n In March wholesale turnover had risen by a real seven pct\non the year-ago period.\n The Statistics Office said that in the first four months of\nthis year wholesale turnover of about 244 billion marks was a\nreal one pct down from last year.\n REUTER\n\u0003",
"date": " 1-JUN-1987 10:40:08.38",
"places": [
"west-germany"
],
"id": "17553"
},
{
"title": "BERKSHIRE GAS CO <BGAS.O> RAISES PAYOUT",
"body": "Qtly div 30-1/2 cts vs 28-1/2 cts prior\n Pay July 15\n Record June 30\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:40:32.49",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17554"
},
{
"title": "FOOD LION <FDLNB.O> MAY SALES RISE",
"body": "Food Lion Inc said sales for the\nfour weeks ended May 23 were up 21.9 pct to 222.6 mln dlrs from\n182.6 mln dlrs a year earlier.\n The company said sales for the year to date were up 23.4\npct to 1.06 billion dlrs from 858.8 mln dlrs a year before.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:40:45.38",
"places": [
"usa"
],
"id": "17555"
},
{
"title": "MARCADE GROUP INC <MAR> 1ST QTR MAY 2 NET",
"body": "Shr four cts vs 10 cts\n Shr diluted two cts vs 10 cts\n Net 1,841,000 vs 978,000\n Revs 36.1 mln vs 20.5 mln\n Avg shrs 25,734,000 vs 9,200,000\n Avg shrs diluted 48,878,000 vs 9,200,000\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:40:53.26",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17556"
},
{
"title": "INTELLIGENT SYSTEMS<INP> UNIT UNVEILS NEW BOARDS",
"body": "Quadram, a unit of Intelligent\nSystems Corp, said it has introduced three new memory and\nmultifunction boards for the International Business Machines\nCorp <IBM> Personal System/2 Models 50 and 60.\n The company said the new products, scheduled for shipment\nin August and September, include QuadMEG PS/Q memory board,\nQuadPort PS/Q, an input/output board, and Quadboard PS/Q a\nmultifunction board.\n Quadram also said it has slashed prices effective\nimmediately for its QuadEGA+ and QuadEGA ProSync graphics\nboards by 10 pct and 15 pct, respectively.\n Quadram said QuadEGA+'s price is cut to 445 dlrs from 495\ndlrs, while QuadEGA ProSync's price is reduced to 495 dlrs from\n595 dlrs.\n The Intelligent Systems unit also has entered into an\nopen-ended joint technology and product development agreement\nwith <Genoa Systems Corp>, Genoa Systems said.\n Genoa, a maker of PC-compatible products, said the\nagreement allows Quadram to use Genoa's proprietary video\ncontroller chip sets in Quadram's new UltraVGA graphics board\nproducts and sets up a joint development project for a variety\nof future graphics products.\n Genoa Systems said the agreement extends a prior, two-year\ncommercial relationship under which Genoa has supplied Quadram\nwith technology and equipment based on its Galaxy line of tape\nbackup systems.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:41:09.23",
"places": [
"usa"
],
"id": "17557"
},
{
"title": "GREENMAN BROS INC <GMN> 1ST QTR MAY 2 LOSS",
"body": "Shr loss 52 cts vs loss 49 cts\n Net loss 3,142,000 vs loss 2,936,000\n Sales 40.9 mln vs 40.1 mln\n NOTE: Year ago share results adjusted for five-for-four\nstock split in August 1986\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:41:13.85",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17558"
},
{
"title": "MARCADE GROUP <MAR> PLANS ACQUISITION",
"body": "Marcade Group Inc said it has agreed in\nprinciple to acquire a prominent, privately-held maker of\nladies' sports wear for an cash, shares and options to purchase\nMarcade common valued at about 20 mln dlrs.\n In its fiscal year recently ended, Marcade said, the\ncompany to be acquired which owns five U.S. manufacturing\nfacilities and one offshore had revenues of over 60 mln dlrs\nand pretax earnings of about four mln dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:44:11.77",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17559"
},
{
"title": "AMERICAN HEALTHCARE AND 3M <MMM> SIGN ACCORD",
"body": "Minnesota Mining and\nManufacturing Co said it signed a five year agreement to become\na preferred supplier to San Diego, California-based (American\nHealthcare System).\n The agreement permits American Healthcare hospitals to buy\nat competitive prices from 3M's 14 business divisions, products\nin radiology, laboratory, food service, maintenence supplies\nand audio visuals, advertising services, office supplies,\ncomputer hardware and software, it said.\n American Healthcare is a health care network representing\nmore than 1,100 not-for-profit hospitals in 47 states.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:47:12.33",
"places": [
"usa"
],
"id": "17560"
},
{
"title": "THOMPSON MEDICAL <TM> OFFER OVERSUBSCRIBED",
"body": "Thompson Medical Co Inc said about\n1,290,000 shares of its common were tendered before the\nexpiration of the company's offer of 20 dlrs a share for up to\none mln common shares.\n Accordingly, the proration percentage is expected to be\nabout 77.5 pct, Thompson said.\n It said payment for the one mln shares being purchased is\nexpected to begin about June 12.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:47:24.24",
"places": [
"usa"
],
"id": "17561"
},
{
"title": "PENNSYLVANIA ENTERPRISES <PENT.O> BID STANDS",
"body": "Utilities Investment Inc said\nit still is offering to acquire Pennsylvania Enterprises Inc\nfor 55 dlrs per share.\n It said it is prepared to negotiate its offer.\n The Pennsylvania Enterprises board rejected the offer two\nweeks ago as being inadequate.\n Utilities said it has the financial commitments required to\nensure that Pennsylvania Enterprises' facilities would be\nupgraded to insure an adequate supply of safe drinking water.\n It said its representatives will be attending Pennsylvania\nEnterprises' annual meeting tomorrow in Wilkes-Barre, Pa.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:48:50.71",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17562"
},
{
"title": "DOW CHEMICAL <DOW> TO INCREASE PRICES",
"body": "Dow Chemical U.S.A. Midland Co\nsaid it will increase prices of its high performance thermal\nfluids, in bulk and drums, effective July One, for contract and\nspot customers.\n The bulk list prices for diphenyl oxide, in both technical\nand refined grades, will be raised five pct to 1.26 dlrs per\npound for technical and 1.36 dlrs per for refined, Dow said.\n Other increases include Dowtherm G to 21.92 dlrs per\ngallon; Dowtherm HT to 20.94 dlrs per gallon; Dowtherm J to\n14.96 dlrs per gallon, and Dowtherm LF to 18.68 dlrs per\ngallon.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:50:11.14",
"topics": [
"pet-chem"
],
"places": [
"usa"
],
"id": "17563"
},
{
"title": "SUFFOLK BANCORP <SUBK.O> RAISES QUARTERLY",
"body": "Qtly div 13 cts vs 12-1/2 cts prior\n Pay July One\n Record June 10\n NOTE: Dividend adjusted for recent two-for-one stock split.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:50:26.91",
"places": [
"usa"
],
"id": "17564"
},
{
"title": "THOMPSON MEDICAL <TM> TENDER OVERSUBSCRIBED",
"body": "Thompson Medical co Inc said it received\nabout 1,290,000 of its common shares in response to its tender\noffer for up to one mln at 20 dlrs each, and as a result the\nproration percentage is expected to be about 77.5 pct.\n The company said payment for the shares is expected to\nstart June 12.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:50:45.92",
"places": [
"usa"
],
"id": "17565"
},
{
"title": "CATO CORP <CACOA> SETS INITIAL DIVIDEND",
"body": "Cato Corp, which went public\nApril 30, said its board declared an initial quarterly dividend\nas a public company of two cts per share, payable June 26 to\nholders of record June 12.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:51:15.82",
"places": [
"usa"
],
"id": "17566"
},
{
"title": "MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT\n",
"date": " 1-JUN-1987 10:53:25.88",
"topics": [
"acq"
],
"id": "17567"
},
{
"title": "BRAZIL NOT SELLING TO COCOA BUFFER STOCK - TRADE",
"body": "Brazil is not selling cocoa beans\nto the International Cocoa Organization, ICCO, buffer stock, as\nspot prices for beans in the interior area are 20 to 25 pct\nhigher than levels which would be paid by the ICCO buffer stock\nmanager, trade sources in the major producing state Bahia said.\n The scarcity of beans because of the effects of drought on\nthe current temporao harvest has pushed prices well above\ninternational levels, the sources noted.\n The only buyers are bean exporters or local processors\ncovering previously contracted commitments, they added.\n If sales were made they would be executed by individual\nexporting companies which are members of the Brazilian Cocoa\nTrade Commission, they said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:54:08.95",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"brazil"
],
"id": "17568"
},
{
"title": "RAVEN INDUSTRIES <RAV> BUYS TRUCK BODY BUSINESS",
"body": "Raven Industries Inc said it\npurchased the utility truck body business of (Astoria\nFibra-Steel, Inc) for cash.\n Details of the transaction were not disclosed.\n The Astoria product line, which has annual sales of about\n2.5 mln dlrs, will be manufactured and sold by Raven's newly\nformed subsidiary, Astoria Industries Inc, Raven said. Its\nGlasstite Inc subsidiary also manufactures and sells utility\ntruck bodies.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:55:50.28",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17569"
},
{
"title": "GLEASON <GLE> UNIT ADDS EQUIPMENT TO AUDI MODEL",
"body": "Gleason Corp's subsidiary,\nGleason Power Systems, said its Torsen torque-sensing\ndifferential will be supplied as standard equipment in the new\nAudi 90 Quattro four-wheel drive vehicle.\n Initial Torsen differential production for the new Audi 90\nwill not affect earnings in 1987, Gleason said.\n The Audi Quattros 80 and 90 models will be introduced in\nthe U.S. in late 1987, the company said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:57:42.09",
"places": [
"usa"
],
"id": "17570"
},
{
"title": "HOSPITAL CORP <HCA> GETS FINANCING COMMITMENTS",
"body": "Hospital Corp of America said it\nreceived financing commitments of about 1.9 billion dlrs to pay\nfor its previously announced reorganization.\n Hospital Corp said under the reorganization, over 100\nhospitals will be spun off to a new, independent company owned\nby an employee stock ownership plan, ESOP, for 1.8 billion dlrs\nin cash.\n Hospital Corp said in addition to the cash payment, it will\nalso receive preferred stock and warrants to purchase up to 34\npct of the fully diluted stock of the new company.\n \n According to Hospital Corp, the transaction is expected to\nbe completed in the third quarter of the year, and proceeds\nwill be used to reduce Hospital Corp's debt and to repurchase\nHospital Corp common shares.\n Hospital Corp said the 100 hospitals to be acquired by the\nnew company had net revenues totaling about 1.5 mln dlrs in\n1986.\n Hospital Corp further said the ESOP would initially own\n99.5 pct of the outstanding common stock of the new company or\nabout 51 pct on a fully diluted basis.\n \n Hospital Corp said the new company's management would\ninitially purchase one-half of one pct of the common stock of\nthe new company, with incentive plans providing management the\nopportunity to earn up to 10 pct of the stock.\n According to Hospital Corp, institutions purchasing debt of\nthe new company will receive warrants for the remaining five\npct of the new company's fully diluted common stock.\n Hospital Corp said Drexel Burnham Lambert Inc has agreed to\nprovide bridge financing, or to find buyers for debt of the new\ncompany, for an amount of up to 956 mln dlrs.\n \n The financing will comprise 270 mln dlrs of senior\nunsecured ESOP debt and 686 mln dlrs of unsecured subordinated\nfinancing for the new company, Hospital Corp said.\n Additionally, Wells Fargo Bank NA has agreed to syndicate\nup to 940 mln dlrs of secured bank financing, comprising a 400\nmln dlr revolving credit loan and a 540 mln dlr separate ESOP\nterm loan, Hospital Corp said.\n Wells Fargo has committed itself to fund an aggregate 400\nmln dlrs of these loans, Hospital Corp said.\n Hospital Corp said it will not guarantee any of the debt.\n Reuter\n\u0003",
"date": " 1-JUN-1987 10:58:29.01",
"places": [
"usa"
],
"id": "17571"
},
{
"title": "EC EUROBOND ISSUE REMAINS UNRESOLVED - DIPLOMATS",
"body": "European Community diplomats said the\nquestion of whether Eurobonds will fall under proposed EC rules\nrequiring new securities issues in Community countries to be\npreceded by a prospectus has yet to be resolved.\n The U.K. Securities industry has been lobbying hard against\nan EC Commission proposal, aimed at protecting investors, that\nwould require publication and approval of a prospectus before\nall public offers of securities.\n The proposed directive currently includes Eurobonds,\nalthough it makes an exception to the prospectus rules for\nissues directed exclusively at professional investors.\n Diplomats said that with Britain tending towards backing\nWest Germany and Luxembourg in their opposition to the\ninclusion of Eurobonds, the question of whether they would\nremain within the scope of the directive or not was wide open.\n \"Everything is in the melting pot,\" said one diplomat who\ndeclined to be named.\n The diplomats said Belgium has now given up attempts to\nhave the directive adopted by EC ministers before it hands over\nthe presidency of the 12-nation Community to Denmark on July 1.\nIt was not immediately clear what priority the Danes would\nattach to getting the proposals through during their six month\ntenure.\n Meanwhile, discussions on the directive at working group\nlevel have halted, diplomats said.\n Officials of the EC Commission said it recognised that its\nproposals created a conflict between the need for greater\nprotection of investors, on the one hand, and for banks and\nother institutions to place Eurobonds quickly, on the other.\n \"It's a problem and we are still in the grips of internal\ndebate as to the right line to take,\" said one Commission\nofficial. Eurobonds were not included in the original draft\ndirective, first put forward in 1981, but were brought into its\nscope later at the request of a number of EC member states.\n Diplomats said countries that oppose the inclusion of\nEurobonds in the proposals are worried that the prospectus\nrequirements would prevent the thriving Eurobond market from\nfunctioning as well as it does now.\n \"With timing so essential to the market for placing and\ndistribution, there's just not time to deal with these\nbureaucratic hurdles,\" said one.\n He and others said the overriding concern was that the\nrequirements could drive the Eurobond market out of traditional\nEC centres like London and Luxembourg to Switzerland, the U.S.\nOr Japan.\n Diplomats said the Eurobond question is not the only issue\nthat needs to be resolved before the directive can be passed.\n They said West Germany's main objection to the directive in\nits present form is that it considers as too stringent proposed\nrules laying down how much information companies issuing\nnon-listed securities should disclose in their prospectuses.\n The proposed rules create problems for West Germany because\nits new second tier securities market has less demanding\nrequirements that would have to be tightened.\n REUTER\n\u0003",
"date": " 1-JUN-1987 11:03:27.17",
"organisations": [
"ec"
],
"places": [
"belgium",
"uk",
"west-germany",
"luxembourg",
"denmark",
"switzerland",
"usa",
"japan"
],
"id": "17572"
},
{
"title": "PAY N' PAK <PNP> GETS TWO OFFERS FOR COMPANY",
"body": "Pay N' Pak Stores Inc said it received\ntwo proposals in response to its previously announced\nsolicitation of potential buyers for the company.\n The company said it is evaluating the proposals from Paul\nBilzerian and from a third party which is active in the\nleveraged buyout field but which Pay N' Pak declined to\nidentify.\n It said the Bilzerian proposal calls for shareholders to\nreceive on a blended basis 16.67 dlrs in cash and 3.30 dlrs in\nliquidation value of cumulative exchangeable redeemable\npreferred stock for each common share.\n \n Pay N' Pak said the second proposal is structured as a\nmerger in which each holder would receive a combination of\n17.50 dlrs in cash and 2.50 dlrs in liquidation value of 13-1/2\npct cumulative preferred.\n The company said the dividend on the preferred offered by\nBilzerian would be set so that in the opinion his financial\nadvisor and the company's financial advisor the preferred would\ntrade in the public market at its liquidation value.\n Dividends on the preferred could be paid at the option of\nthe surviving corporation in cash or additional shares of\npreferred for the first five years, it added..\n \n Pay N' Pak said Bilzerian's proposal is subject to a\nphysical inventory of merchandise at June 30. Bilzerian did not\nprovide details with respect to financing of his proposal,\nwhich is not subject to a financing condition.\n The company said dividends on the preferred being offered\nin the second proposal would be paid in additional preferred in\nthe first three years and the preferred would be redeemed in\nyears 12 and 13.\n It said the second offer is contingent on the arrangement\nof financing, adding the party making the offer is confident of\nits ability to obtain the balance of the financing.\n \n Pay N' Pak said the second proposal is conditioned upon a\nsatisfactory agreement with the company's management regarding\nits equity participation in the new company.\n The second party anticipates executing a letter of intent\nwhen it delivers its financing commitment to the Pay N' Pak\nboard that would incorporate an expense reinbursement and\noption arrangement, the company said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:04:49.38",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17573"
},
{
"title": "MAXWELL FILES SUIT TO STOP HARCOURT <HBJ>",
"body": "Publisher Robert Maxwell's British\nPrinting and Communicaton Corp PLC said it filed a lawsuit in\nU.S. district court against Harcourt Brace Jovanovich Inc, its\ndirectors and advisers to stop, among other things, payment of\nthe special dividend Harcourt is paying as part of its\nrecapitalization.\n The suit, filed in Manhattan, also names First Boston Corp\n<FBC> and seeks to void the issue by Harcourt of 40,000 shares\nof super voting preferred stock to First Boston Securities Corp\nand the issue of convertible voting preferred stock with\n4,700,000 votes in the Harcourt employee stock ownership plan.\n The preferred shares to be issued to First Boston have\n8,160,000 votes. The suit, brought derivatively on behalf of\nHarcourt and individually in British Printing's capacity as a\nsubstantial holder of Harcourt common shares and 6-3/8 pct\nconvertible debentures.\n The suit alleges Harcourt's special dividend exceeds by\nmore than one billion dlrs Harcout's surplus available for\ndividends under New York law and contstitutes a fraudulent\nconveyance.\n The lawsuit also alleges that Harcourt failed to disclose\nthat one consequence of the payment of the dividend, which it\nterms illegal, will be that shareholders will be liable to\nrepay it.\n Harcourt last week said it would pay 40 dlrs per share to\nstockholders as a special dividend. Harcourt also announced an\nextensive recapitalization plan, which analysts said was aimed\nat thwarting a takeover effort by British Printing.\n British Printing last week withdrew its 44 dlr per share,\nor two billion dlr offer for Harcourt because of the\nrecapitalizaton plan. At the time, it said it was reviewing its\nalternatives.\n British Printing said it filed the suit after consultation\nwith its advisers. Its lawsuit also alleges that Harcourt\nfailed to disclose the effect of the special dividend on\nHarcourt 6-3/8 pct convertible debentures.\n British Printing alleges the effect will be an enormous\nincrease effective on the June eight record date for the\ndividend in the number of Harcourt common shares issuable upon\nconversion of the debentures. British Printing also charged \nHarcourt is unlawfully coercing debenture holders to convert\ndenbentures before the record date because Harcourt may not\nhave enough authorized common shares to honor conversion after\nthe date.\n British Printing holds 460,600 shares and 5.6 mln dlrs\nworth of debentures.\n The suit also alleges that management, the board of\ndirectors, and First Boston engaged in an illegal scheme of\nentrenchment through a combination of selling to First Boston\nSecurities Corp the super voting preferred at a bargain price,\nthe grant to the company employee stock plan of convertible\nvoting preferred, the six mln share open market repurchase\nprogram and the manner in which its financing has been\nstructured.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:06:11.10",
"topics": [
"acq"
],
"places": [
"usa",
"uk"
],
"id": "17574"
},
{
"title": "U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN",
"body": "Representatives of major U.K. Based banks\nare meeting here today to consider a new plan for reducing the\ncost of financing British exports guaranteed by the Export\nCredits Guarantee Department (ECGD), senior banking sources\nsaid.\n The plan is being developed in conjunction with the ECGD\nand the Bank of England.\n Neither the ECGD nor the Bank of England would comment on\nthe plan. However, bankers said one of the main points under\ndiscussion is a plan to refinance the bulk of the ECGD's medium\nterm credit portfolio in the international capital markets.\n The proposals involve introducing a set of interest margins\non ECGD backed debt of 5/16 to 7/8 pct, depending on the size\nand maturity of the credit and the currency.\n The banks are likely to push for a higher margin. Bankers\nsaid that while these rates would reduce a bank's return they\nwould still be more than those proposed about a year ago when\nthe government attempted unsuccessfully to initiate another\ncost reduction plan.\n At the same time, the banks would be expected to allow the\nECGD to realise additional savings by refinancing existing\ngovernment backed credit in the capital markets.\n On credits that are refinanced an original lender would\nreceive a residual margin of 7/16 pct for loans up to 10 mln\nstg and 3/16 pct on larger transactions.\n REUTER\n\u0003",
"date": " 1-JUN-1987 11:06:46.47",
"places": [
"uk"
],
"id": "17575"
},
{
"title": "STEINBERG GROUP HAS FIVE PCT OF PIZZA INN <PZA>",
"body": "A group controlled by New York\ninvestor Saul Steinberg told the Securities and Exchange\nCommission it has acquired 168,500 shares of Pizza Inn Inc, or\n5.02 pct of the total outstanding common stock.\n The group, which includes Reliance Financial Serivces Corp,\na subsidiary of Reliance Group Holdings Inc <REL>, said it\nbought the stock as an investment. It said it might add to its\nstake or sell some or all of it.\n The Steinberg group said it bought the stock for 1.75 mln\ndlrs in open market purchases between April 13 and May 19 at\nprices ranging from 13.625 to 14.2661 dlrs a share.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:08:28.72",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17576"
},
{
"title": "FED EXPECTED TO SET CUSTOMER REPURCHASES",
"body": "The Federal Reserve is expected to add\nreserves to the U.S. banking system by arranging a round of\ncustomer repurchase agreements during this morning's\nintervention period, several economists said.\n Some others, however, judged that the Fed has almost\ncompleted its reserve-adding requirement for the statement\nperiod ending on Wednesday and will not need to operate today.\n Fed funds were trading at 6-11/16 pct, compared with\nFriday's average of 6.63 pct.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:10:28.15",
"topics": [
"money-fx",
"interest"
],
"places": [
"usa"
],
"id": "17577"
},
{
"title": "AMERICANA HOTELS <AHR> TO REPURCHASE SHARES",
"body": "Americana Hotels and Realty corp said it\nintends to repurchase up to 400,000 of its common shares, or\nabout seven pct, in the open market or privately from time to\ntime.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:10:41.70",
"places": [
"usa"
],
"id": "17578"
},
{
"title": "SUPERMARKETS GENERAL <SGL> TENDER EXPIRES",
"body": "SMG Acquisition Corp, a subsidiary of\nMerrill Lynch Capital Partners Inc, said 38.3 mln shares of\nSupermarkets General Corp were validly tendered by the midnight\nFriday expiration, resulting in a preliminary proration factor\nof 85.66 pct.\n Merrill Lynch said it expects to announce the final\nproration factor within 10 business days and begin payment\nimmediately thereafter. Shares validly tendered represented\nabout 98.75 pct of the outstanding shares of Supermarkets\nGeneral, the announcement said. The cash tender offer was for\nup to 32.8 mln shares at 46.75 dlrs net per share.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:12:21.00",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17579"
},
{
"title": "MONSANTO TO BUY RHONE-POULENC POLYPHENYL BUSINESS",
"body": "Monsanto Chemical Company, a unit of\nMonsanto Co <MTC.N>, is to acquire the polyphenyls business of\nRhone-Poulenc Chimie, a unit of Rhone-Poulenc <RHON.PA>,\nMonsanto said in a statement issued from its European\nheadquarters.\n The statement did not disclose financial details.\n Gustaaf Francx, general manager of Monsanto Chemical Co\nEurope-Africa, said the acquisition would help Monsanto to\nexpand its customer base for polyphenyls, which are used as\ncomponents for high temperature heat transfer fluids.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:12:31.69",
"topics": [
"pet-chem",
"acq"
],
"places": [
"belgium"
],
"id": "17580"
},
{
"title": "PULITZER<PLTZ.O> RAISES PRICE OF POST-DISPATCH",
"body": "Pulitzer Publishing Co said it\nincreased the retail price of the Sunday St. Louis\nPost-Dispatch to 1.00 dlrs a copy from 75 cts, effective June\n14.\n The Post-Dispatch, which last increased the price of its\nSunday paper in 1980, said it will receive 19 cts as its share\nof the 25 cts increase.\n For the quarter ended March 31, the Post had an average\nSunday circulation of 556,620.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:12:37.28",
"places": [
"usa"
],
"id": "17581"
},
{
"title": "CHICAGO PACIFIC CORP <CPAC.O> REGULAR PAYOUT",
"body": "Qtly div five cts vs five cts previously\n Pay July One\n Record June 15\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:12:46.78",
"places": [
"usa"
],
"id": "17582"
},
{
"title": "GREEN TREE ACCEPTANCE INC <GNT> REGULAR PAYOUT",
"body": "Qtly div 12-1/2 cts vs 12-1/2 cts prior\n Pay June 30\n Record June 15\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:12:49.58",
"places": [
"usa"
],
"id": "17583"
},
{
"date": " 1-JUN-1987 11:14:25.82",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"uk",
"uae",
"ecuador",
"iraq",
"saudi-arabia"
],
"id": "17584"
},
{
"title": "BORDEN <BN> TO ACQUIRE MAJOR PASTA MAKER",
"body": "Borden Inc said it is acquiring <Prince\nCo Inc> and three companies producing grocery products for 180\nmln dlrs.\n Borden said the four companies are expected to have 1987\nsales totaling 230 mln dlrs.\n It said Prince, a Lowell, Mass., producer of pasta and\nItalian food sauces, is expected to account for 210 mln dlrs of\nthis total. This year's sales of Borden pasta -- by the 13\nregional brands and the premium Creamette brand distributed on\na nearly national basis -- are expected to toal 285 mln dlrs,\nit said.\n Borden said the other three companies being acquired are\nSteero Bouillon of Jersey City, N.J., Blue Channel Inc, a\nBeaufort, S.C., producer of canned crabmeat, and the canned\nshrimp products line of DeJean Packing Inc of Biloxi, Miss.\n Borden also said the divestment of three operations with\nabout 50 mln dlrs a year in sales is expected to produce nearly\n45 mln dlrs in cash for use toward the purchase of new\nbusinesses.\n It said the sale of Polyco of Cincinnati, Ohio, which makes\npolyvinyl acetate emulsions, to Rohm and Haas Co <ROH> was\nannounced by the buyer last month.\n \n Borden said the divestment of two producers of toy models\nand hobby items -- Heller in France and Humbrol in England --\nis in process.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:16:08.23",
"topics": [
"acq",
"pet-chem"
],
"places": [
"usa",
"france",
"uk"
],
"id": "17585"
},
{
"title": "KINCAID FURNITURE <KNCD.O> REPURCHASES SHARES",
"body": "Kincaid Furniture Co Inc said its\nboard has authorized the repurchase of up to 100,000 of its\ncommon shares, or a 2.9 pct interest, in the open market or\nprivately from time to time.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:16:17.04",
"places": [
"usa"
],
"id": "17586"
},
{
"title": "AMERICAN SAVINGS <AAA> NAMES NEW CHIEF EXECUTIVE",
"body": "American Savings and Loan Association of\nFlorida said its board has named president and chief operating\nofficer Edward P. Mahoney to the added post of chief executive\nofficer, succeeding Morris N. Broad, who remains chairman.\n The company said Broad will focus on merchant banking\ninvestments, real estate developments and mortgage lending\nactivities.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:17:10.89",
"places": [
"usa"
],
"id": "17587"
},
{
"title": "GENOVESE DRUG STORES INC <GDXA.O> RAISES PAYOUT",
"body": "Qtly div six cts vs five cts\n Pay June 30\n Record June 22\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:17:16.16",
"places": [
"usa"
],
"id": "17588"
},
{
"title": "(SUBURBAN BANCORP), (WOODSTOCK BANCORP) TO MERGE",
"body": "(Suburban Bancorp Inc) and\n(Woodstock State Bancorp Inc) said they agreed to a merger\nunder which Suburban will purchase Woodstock's shares for a\ntotal of more than 18 mln dlrs in cash and Suburban Bancorp\nshares.\n Woodstock is the holding company for the 110 mln dlr State\nBank of Woodstock. The merger will bring Suburban's assets to\n661 mln dlrs and its total banks to 13.\n The merger is subject to regulatory and shareholder\napproval.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:17:40.46",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17589"
},
{
"title": "NOVELL <NOVL.O> UNVEILS NETWORKING PRODUCTS",
"body": "Novell Inc said it introduced a\nseries of new networking products that extend its NetWare local\narea network (LAN) communications.\n One of the new products, an asynchronous bridge, connects\nmultiple remote NetWare LANs to a local to a local NetWare LAN\nover telephone lines using high-speed modems, Novell said.\n Novell also said it has introduced a new asynchronous\ngateway which provides NetWare LANS with access to resources on\nminicomputers from Digital Equipment Corp <DEC>, Data General\n<DGN>, Hewlett-Packard <HWP>, Prime Computer Inc <PRM> and\nTandem Computers <TDM>.\n Novell also said that its CXI Inc unit has introduced a\nseries of new International Business Machines Corp <IBM>\ngateway products including a 40-session coaxial gateway\nsoftware, a variety of LAN workstation gateway sofware and new\nsoftware for PCOX gateways.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:17:59.70",
"places": [
"usa"
],
"id": "17590"
},
{
"title": "PAINEWEBBER ANALYST SEES RECORD AIRLINE PROFITS",
"body": "PaineWebber Group Inc <PWJ> analyst John\nPincavage says most airline stocks are undervalued in relation\nto record industry earnings expected in 1987.\n Noting that the airlines as a group earned 85 mln dlrs in\nthe first quarter of 1987 compared with a loss of 625 mln dlrs\nin the first quarter of 1986, Pincavage sees an improvement of\nsimilar magnitude in the current quarter. He believes earnings\nfor the group will total about one billion dlrs in the second\nquarter of 1987 compared with 250 mln dlrs in earnings in the\nsecond quarter of 1986. \"We're shaping up for a record year in\n1987,\" Pincavage told Reuters.\n For the third quarter of 1987, Pincavage expects the group\nto earn about 1.5 billion dlrs compared with one billion dlrs\nin the same period of 1986.\n Noting that the summer quarter is always a peak period, he\nsays \"at this point it's too soon to tell\" about trends in the\nlatter months of 1987. But he says for the group as a whole,\nfare discounting practices are not pressuring earnings like\nthey were last year.\n Pincavage has not changed any recommendations recently,\nmaintaining buys on Texas Air Corp <TEX> NWA Inc <NWA> and AMR\nCorp <AMR> and rating most others attractive.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:23:36.78",
"places": [
"usa"
],
"id": "17591"
},
{
"title": "BENETTON SEES HIGHER PROFIT, SALES IN 1987",
"body": "Italian fashion conglomerate Benetton\nGroup Spa <BTOM.MI> expects its net profit to rise to around\n135 billion lire in 1987 from 113 billion the year before, Aldo\nPalmeri, managing director of Benetton Group, said.\n Palmeri told a presentation here that sales should increase\nto between 1,280 and 1,300 billion lire in 1987 from 1,079\nbillion in 1986, of which foreign sales were expected to take\nup 850 billion lire.\n Benetton finance director Carlo Gilardi said the company\nwas planning to diversify further into the financial services\nsector and would also expand into the shoe business.\n Benetton expanded into financial services mainly to speed\nup the development of its own systems, Gilardi said. Benetton\nhas 400 sub-contractors and 600 distributor companies which\ncreated a demand for such services. \"But we do not plan to\nabandon our traditional business,\" Gilardi said.\n Benetton plans to expand further outside Italy, especially\nin the Far East. Talks are under way over a possible joint\nventure with the Soviet Union and with South Korea.\n Palmeri said Benetton plans to list its shares in\nFrankfurt, London, New York and Tokyo as part of its global\nexpansion but gave no dates when the listings would take place.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:24:08.97",
"places": [
"west-germany"
],
"id": "17592"
},
{
"title": "U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN",
"body": "Representatives of major U.K. Based banks\nare meeting here today to consider a new plan for reducing the\ncost of financing British exports guaranteed by the Export\nCredits Guarantee Department (ECGD), senior banking sources\nsaid.\n The plan is being developed in conjunction with the ECGD\nand the Bank of England.\n Neither the ECGD nor the Bank of England would comment on\nthe plan. However, bankers said one of the main points under\ndiscussion is a plan to refinance the bulk of the ECGD's medium\nterm credit portfolio in the international capital markets.\n\n The proposals involve introducing a set of interest margins\non ECGD backed debt of 5/16 to 7/8 pct, depending on the size\nand maturity of the credit and the currency.\n The banks are likely to push for a higher margin. Bankers\nsaid that while these rates would reduce a bank's return they\nwould still be more than those proposed about a year ago when\nthe government attempted unsuccessfully to initiate another\ncost reduction plan.\n At the same time, the banks would be expected to allow the\nECGD to realise additional savings by refinancing existing\ngovernment backed credit in the capital markets.\n\n On credits that are refinanced an original lender would\nreceive a residual margin of 7/16 pct for loans up to 10 mln\nstg and 3/16 pct on larger transactions.\n\n REUTER\n\u0003",
"date": " 1-JUN-1987 11:31:42.62",
"topics": [
"interest"
],
"places": [
"uk"
],
"id": "17593"
},
{
"title": "COMMUNICATIONS SYSTEMS INC <CSII.O> UPS DIVIDEND",
"body": "Qtly div six cts vs five cts prior qtr\n Pay 1 July\n Record 19 June\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:35:07.78",
"places": [
"usa"
],
"id": "17594"
},
{
"title": "COKE CONSOLIDATED <COKE.O> TO SELL CANADA UNIT",
"body": "Coca-Cola Bottling Co\nConsolidated said it has agreed in principle to sell its\nVancouver-based Canadian bottling subsidiary to Coca-Cola Co\n<KO> for undisclosed terms, with closing expected within 60\ndays subject to regulatroy approvals.\n The company said the sale, a previously-announced agreement\nfor Coca-Cola to buy 1,600,000 Coke Consolidated common shares\nand operating cash flow should allow it to reduce its long-term\ndebvt to about 200 nmln dlrs from 325 mln dlrs at the end of\nthe first quarter.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:35:18.42",
"topics": [
"acq"
],
"places": [
"usa",
"canada"
],
"id": "17595"
},
{
"title": "CAMPEAU <CMP.T> UNIT TO SELL GARFINCKEL'S",
"body": "Campeau Corp said its Allied Stores Corp\nentered into a definitive agreement to sell its Garfinckel's\ndivision to <Raleigh Stories Corp> for 95 mln dlrs.\n The transaction is expected to close in July, the company\nsaid.\n Garfinckel's net sales for fiscal 1986 were 111.9 mln dlrs,\nthe company said.\n Campeau said it expects to sell its remaining Allied\ndivisions in the near future. Campeau announced its first\nagreement to sell an Allied unit in April, the company said.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 11:36:44.35",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17596"
},
{
"title": "WALLACE COMPUTER <WCS> BUY OFFICE PRODUCTS FIRM",
"body": "Wallace Computer Services Inc said\nit acquired for 12 mln dlrs in cash and industrial revenue\nbonds, certain assets of Rockwell-Barnes Inc, a Chicago-based\noffice products company.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:37:03.53",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17597"
},
{
"title": "BONN SEEN REJECTING NEW GROWTH MEASURES AT SUMMIT",
"body": "West Germany will stand firm at next week's\neconomic summit in Venice against foreign pressure to follow\nJapan's example of a multi-billion dlr package to stimulate the\neconomy, West German officials said.\n They conceded Japan's announcement last week of a 6,000\nbillion yen plan to bolster its economy would throw the\nspotlight back on West Germany, which would face redoubled\ncalls from its partners to stimulate sluggish growth.\n (See ECRA page for latest Economic Spotlights)\n This view has already been voiced in Washington, where\nofficials spoke at the weekend of behind-the-scenes\nconsultations with Chancellor Helmut Kohl with the aim of\nsecuring a quick pledge to take action on the economy.\n Italy's central bank governor Carlo Ciampi has also\ncriticized West Germany's reluctance \"to utilize its economic\npotential\" for expansionary policies.\n But West German officials said it was virtually\ninconceivable that Kohl would make any concessions in Venice\ndespite a sharp economic downswing at the start of this year.\n \"There is just no room for manoeuvre for any economic moves,\"\nsaid one official, echoing statements by both Kohl and Finance\nMinister Gerhard Stoltenberg.\n Stoltenberg already has problems finding the cash to\nfinance a series of tax cuts promised for 1990, and has said\nhis budget is now stretched to the limit.\n He is reluctantly letting government borrowing rise while\nfederal income falls as a result of the tax cuts, which he\nhopes will stimulate growth and satisfy foreign critics.\n \"West Germany is exhausting to the furthest possible limit\nits fiscal scope as far as growth and employment is concerned,\"\nStoltenberg said last month.\n But U.S. Treasury Assistant Secretary David Mulford said\nEuropeans and the U.S. Were worried by flagging German growth.\n \"We and others are concerned about the continued signs of\nweakness in the German economy,\" he said. Other U.S. Officials\nsaid France shared these worries.\n Kohl will go to Venice only days after the publication of\nfigures expected to show that the West German economy actually\ncontracted in the first three months of 1987.\n West Germany has pledged to review possible measures should\nfurther growth be endangered, but officials say they do not\nexpect such a review to be necessary.\n Bonn says the economy rebounded in the second quarter and\nit predicts growth of just under two pct for the year.\n West Germany's trading partners are also likely to wait in\nin vain for any further pump-priming from the Bundesbank.\n Bundesbank vice-president Helmut Schlesinger made clear\ntoday the bank would keep interest rates down, but said there\nwere no plans for a cut in the Bundesbank's key discount rate,\nwhich, at three pct, is near historical lows.\n Bundesbank President Karl Otto Poehl also spoke over the\nweekend of the need for all countries to play a role on the\ninternational economic scene.\n \"We have to recognise that there are also limits to economic\ngrowth in a country like Germany,\" he said.\n This stance was taken by Kohl when he outlined expectations\nfor the Venice summit in an interview last week.\n Referring to West Germany's program of tax cuts and its low\ninterest rates, he said, \"With these policies we have made a\nsignificant contribution to growth and to a balanced\ndevelopment of the world economy.\"\n Kohl expected no new initiatives from Venice, though he\nreckoned on confirmation of agreed policies, such as a pact\nmade in Paris in February which sought to stabilize the dollar.\n That pact involved a pledge from the United States and\nJapan, respectively to cut the massive American budget deficit\nand to stimulate Japanese demand.\n Kohl said he would remind both Washington and Tokyo of\nthose promises.\n REUTER\n\u0003",
"date": " 1-JUN-1987 11:37:13.23",
"places": [
"west-germany",
"japan",
"usa",
"france"
],
"id": "17598"
},
{
"title": "ALGER TO EXPAND DISTRIBUTION OF OPEN-ENDED FUND",
"body": "<Alger Inc> said it will sell the Alger\nFund through broker-dealers as a result of its agreement with\nDealer Network Services, a division of the newly-established\n<Rutland Securities L.P.>.\n The fund formerly was sold only directly to investors,\nAlger said.\n Dealer Network Services is organizing a countrywide group\nof established broker-dealers to sell the Alger Fund, Alger\nsaid.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:37:19.78",
"places": [
"usa"
],
"id": "17599"
},
{
"title": "TWO JOIN NASDAQ NATIONAL MARKET SYSTEM",
"body": "CSC Industries Inc <CPSL.O> and ENZON\nInc <ENZN.O> said their common stocks will be added to the\nNational Association of Securities Dealers' NASDAQ National\nMarket System tomorrow.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:37:31.88",
"places": [
"usa"
],
"id": "17600"
},
{
"title": "SUN <SUN> TO ACQUIRE MORE OF WYOMING FIELD",
"body": "<Wolverine Exploration Co> said\nsubstantially all the material aspects of the agreement to sell\nits 8.95 pct working interest in the Luckey Ditch unit in Unita\nCounty, Wyo., to Sun Co Inc have been satisfied.\n Closing of the transaction is scheduled for June eight,\nWolverine said. The company agreed to sell its interest for\n7,250,000 dlrs, subject to downward adjustment for certain\ntitle and state requirements. Sun already owns a 44 pct working\ninterest in the unit.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:38:43.17",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17601"
},
{
"title": "SECOM GENERAL TO LIST ON NASDAQ",
"body": "Secom General Corp said its\ncommon stock will be listed on the NASDAQ system tomorrow.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:39:11.58",
"places": [
"usa"
],
"id": "17602"
},
{
"title": "KROGER <KR> EMPLOYEES TO VOTE ON NEW CONTRACT",
"body": "Kroger Co said members of the United Food\nand Commercial Workers Union, which have been on strike against\nits King Soopers Supermarkets division for the past two weeks,\nwill vote tonight on a new contract proposal.\n It said the union has removed pickets from King Soopers\nstores pending the outcome of the vote.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:39:26.47",
"places": [
"usa"
],
"id": "17603"
},
{
"title": "CISTRON BIOTECHNOLOGY <CIST.O> IN MARKETING DEAL",
"body": "Cistron Biotechnology Inc said\nit has reached a marketing agreement for a \"major multinational\nconsumer products company\" it did not name to seek U.S. Food\nand Drug Administration approvals for over the counter sales of\nCistron's home test for detection of vaginal infections.\n The company said product commercialization could take place\nwithin 18 months. The new tests are expected to retail for 10\nto 20 dlrs each and take about 30 minutes for results to become\nknown. It said its agreement with the major company also\ncovers worldwide sales.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:40:04.98",
"places": [
"usa"
],
"id": "17604"
},
{
"title": "<REALM RESOURCES INC> SELLS SHARES PRIVATELY",
"body": "Realm Resources Inc said it has sold\nprivately 500,000 common shares and 500,000 shares of three dlr\nper share Series A preferred stock for total proceeds of\n1,500,000 dlrs.\n The company said proceedsd will be used to funds oil and\nnatural gas prospect generation efforts.\n Realm also said it has placed a large block of Canadian\nmetals mining company Getty Redsources Ltd with a group of\ninvestors and expects to earn a fee of up to one mln dlrs for\nits efforts, with proceeds to be used to fund investments in\nmining ventures, particularly precious metals ventures.\n Realm further said its Class A common stock has been\nconverted to common stock to simplify its capital structure.\n It said it is considering a filing for a NASDAQ listing.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:40:39.26",
"places": [
"usa"
],
"id": "17605"
},
{
"title": "STAR TECHNOLOGIES NAMES NEW PRESIDENT AND CEO",
"body": "Star Technologies Inc <STRR.O> said\nit has appointed Robert Mathis as president and chief executive\nofficer.\n Mathis, a retired four-star general with the U.S. Air\nForce, and formerly president of <Toomay, Mathis and Associates\nInc>, replaces Herbert Shaw, who is returning to his position\nat <Shaw Venture Partners>, Star said.\n Star said Shaw will continue as Star's chairman of the\nboard.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 11:41:11.84",
"places": [
"usa"
],
"id": "17606"
},
{
"title": "CONSOLIDATED PROFESSOR <CPF.TO> 1ST QTR NET",
"body": "Shr profit one ct vs nil\n Net profit 163,016 vs loss 23,527\n Revs 250,469 vs 48,473\n Note: Full name Consolidated Professor Mines Ltd.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:41:20.15",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17607"
},
{
"title": "WHITE HOUSE SAYS REAGAN HAS NOT DECIDED WHETHER TO RENAME VOLCKER AT FED\n",
"date": " 1-JUN-1987 11:41:32.70",
"id": "17608"
},
{
"title": "STAR TECHNOLOGIES <STRR.O> NAMES NEW PRESIDENT",
"body": "Star Technologies Inc said it has\nappointed Robert Mathis as president and chief executive\nofficer, effective June one.\n Mathis, a retired four-star general with the U.S. Air\nForce, and formerly president of <Toomay, Mathis and Associates\nInc>, replaces Herbert Shaw, who is returning to his position\nat <Shaw Venture Partners>, Star said.\n Star said Shaw will continue as Star's chairman of the\nboard.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 11:42:09.72",
"places": [
"usa"
],
"id": "17609"
},
{
"title": "EMERY <EAF> NAMES KILCULLEN HEAD OF PUROLATOR",
"body": "Emery Air Freight Corp, which\nacquired controlling interest in Purolator Courier Corp <PCC>,\nsaid it has named John Kilcullen executive vice president and\nchief operating officer of Purolator.\n Previously, Emery said Kilcullen was Purolator's executive\nvice president of operations.\n Emery said Kilcullen now heads the Purolator executive\nmanagement team and reports to Emery President Denis McCarthy.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:42:37.31",
"places": [
"usa"
],
"id": "17610"
},
{
"title": "OCCIDENTAL <OXY> UNIT DELAYS REDEMPTION DATE",
"body": "Occidental Petroleum Corp said its unit\nNatural Gas Pipeline will delay until July second its\nredemption of 202 mln dlrs of debt.\n Natural Gas previously announced a call date of June 29.\n The unit will redeem all five of its first mortgage\npipeline bonds including the 8-1/8s and 9-1/2s of 1989, the\n7.70s of 1991, the 8.35s of 1993 and the 9-1/4s of 1995.\n It will also retire its 15-3/8 pct debentures due 1992, the\n9-1/2 pct debentures due 1990 as well as all outstanding 9-7/8\npct notes due 1994 and 8-1/8 pct notes due 1988.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:49:47.52",
"places": [
"usa"
],
"id": "17611"
},
{
"title": "GEODYNE <GEOD.O> SETS WARRANTS, ACQUISITION",
"body": "Geodyne Resources Inc said iit filed a\nregistration with the Securities and Exchange Commission\ncovering a planned offering of 3.6 mln warrants to buy its\ncommon.\n The company also said its board is evaluating a proposal to\nacquire closely-held <Snyder Exploration Co> for one mln\nGeodyne shares. Members of Geodyne's senior management also\nserve as senior management at Snyder and PaineWebber Group Inc\n<PWJ>, which owns 40 pct of Geodyne's 12.6 mln outstanding\nshares, has a substantial equity interest in Snyder.\n The acquisition is being evaluated by Geodyne board members\nnot employed by the company, PaineWebber or any company\naffiliated with PaineWebber. It will be subject to approval by\nthe board and series C preferred shareholders.\n Geodyne Resources said a registration related to the stock\nto be exchanged for Snyder has been filed with the SEC but has\nnot yet become effective.\n The Snyder owners other than PainWebber are Geodyne's\npresident, Michael W. Tomasso, and its executive vice\npresident, James D. Snyder.\n The company said the warrants will be offered solely to\ninvestors in the PaineWebber/Geodyne Energy Income Program II.\nFor every 100 dlrs invested in the program, an investor will be\nentitled to buy one warrant to purchase one Geodyne common\nshare at a price equal to 120 pct of the average closing price\nof the stock for the 15 trading days prior to formation of the\npartnership to which the investor subscribes.\n In adddition, Geodyne said, PaineWebber investment\nexecutives who market the program will be entitled to receive\none warrant for every 500 dlrs in subcriptions generated after\na four-year vesting period. These warrants would have an\nexercise price equal to 150 pct of the 15-day average.\n The company said the warrants are currently priced at 25\ncts each, but this price is suject to further evaluation by an\nindependent underwriter.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:50:23.62",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17612"
},
{
"title": "CENTRAL HOLDING CO <CHOL.O> SETS QUARTERLY",
"body": "Qtly div five cts vs five cts prior\n Pay July 15\n Record June 30\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:50:30.06",
"places": [
"usa"
],
"id": "17613"
},
{
"title": "FIRST MISSISSIPPI CORP <FRM> SETS QUARTERLY",
"body": "Qtly div five cts vs five cts prior\n Pay July 28\n Record June 30\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:50:34.45",
"places": [
"usa"
],
"id": "17614"
},
{
"title": "NO DECISION YET ON RENAMING VOLCKER AT FED",
"body": "The White House said President Reagan\nhad made no decision on whether to reappoint Paul Volcker as\nchairman of the Federal Reserve Board when Volcker's term\nexpires in August.\n \"No decision has been made on chairman Volcker ... He has\nnot discussed this with the president, and no decision has been\nmade one way or another,\" White House spokesman Marlin Fitzwater\nsaid.\n Asked if Reagan would discuss the issue with Volcker before\nleaving for the Venice summit on Wednesday, Fitzwater said, \"I\nhave no idea.\"\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:51:05.67",
"places": [
"usa"
],
"id": "17615"
},
{
"title": "DETECTION SYSTEMS <DETC.O> YEAR END MARCH 31",
"body": "Shr 36 cts vs nil\n Net 713,000 vs 1,500\n Revs 13 mln vs 9,328,000\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:51:12.95",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17616"
},
{
"title": "J. BILDNER AND SONS INC <JBIL.O> 1ST QTR",
"body": "Shr one ct vs nil\n Net 32,345 vs 3,772\n Revs 9,946,578 vs 5,939,252\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:51:54.07",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17617"
},
{
"title": "COMPROMISE SEEN LIKELY OVER CONOCO-STATOIL DISPUTE",
"body": "Norway is expected to seek a compromise\nsolution to defuse a row between Den Norske Stats Oljeselskap\nA/S <STAT.OL> (Statoil) and Conoco Norge A/S over which firm\nwill operate the Heidrun oil field, government sources said.\n The sources, who asked not to be named, said the government\nwill likely recommend that Conoco be allowed to continue as the\nfield's operator through the development phase, with Statoil\ntaking over only after production starts in the early 1990s.\n Oil Minister Arne Oeien told Reuters the government had\ntoday discused the Heidrun matter but that no final decision\nhad been taken and several questions remained unresolved.\n It was unlikely the government would announce its decision\non Heidrun operatorship until after Thursday's cabinet meeting\nand after discussing a proposed solution with both companies,\nthe sources added.\n This spring Norway's state-owned oil company Statoil\nexercised an option in the Heidrun field exploration license\nthat, if approved by the government, would allow it to relieve\nConoco as Heidrun operator, a move sharply criticised by\nConoco.\n Heidrun is often cited by the government and industry as\nthe most likely candidate for the first field development\nproject on the Haltenbanken exploration tract off central\nNorway.\n Reuter\n\u0003",
"date": " 1-JUN-1987 11:59:02.47",
"topics": [
"crude"
],
"places": [
"norway"
],
"id": "17618"
},
{
"title": "FIAT UNIT FIDIS REPORTS SHARPLY HIGHER 1986 PROFIT",
"body": "Year 1986\n Net profit 132 billion lire vs 82 billion\n Ordinary share dividend 500 lire vs 400\n Note - <Finanziaria Di Sviluppo Spa>, a financial services\nsubsidiary of Fiat Spa <FIAT.MI>, said in a statement that\nshareholders approved a previously announced nominal share\ncapital increase from 125 billion lire to 250 billion.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:00:09.15",
"topics": [
"earn"
],
"places": [
"italy"
],
"id": "17619"
},
{
"title": "DUTCH OFFICIAL RATE CUT SEEN STILL LIKELY",
"body": "A cut of about half a percentage point\nin Dutch official interest rates is still in prospect, although\neconomists said the timing would depend on Bundesbank moves.\n Speculation has been rife that the Dutch Central Bank,\nencouraged by a strong guilder/mark relationship and wide\npremiums for Dutch money and capital market rates over German,\nmight lower rates without the Bundesbank moving first.\n Last month, the Central Bank lowered its special advances\nrate to 5.1 pct from 5.25 pct after the Bundesbank dropped its\nrepurchase tender rate to 3.55 pct from 3.8 pct.\n That rate has remained in force, just holding above the\nfive pct official secured loans rate which governs commercial\nbank borrowings.\n Given a strong guilder, a further fall in the West German\nrepo rate would trigger a lower special advances tariff,\nforcing an official Dutch rate cut, analysts said.\n In February, when the Bundesbank cut its discount rate to\nthree pct from 3.5 pct, the Central Bank only lowered money\nmarket rates and removed a surcharge over the secured loans\nrate on lending under its three month credit quota.\n Since then, however, both the Central Bank and Finance\nMinistry have made it clear they favour lower official rates.\n In April, Central Bank President Wim Duisenberg said he\nwould follow any Bundesbank cut, and last week the Finance\nMinistry expressed satisfaction when it raised 2.25 billion\nguilders with a six pct coupon state loan priced at 100.10 pct\nfor an effective yield of 5.98 pct, the lowest since 1965.\n Technically, analysts said, there has to be a difference\nbetween the secured loans rate which applies to lending under\nthe credit quota, and the tariff on special advances which add\nextra liquidity to the money market.\n Bank economists and dealers said a West German move to\nfurther lower the rate on securities repurchase pacts would\nresult in the Central Bank easing the special advance rate,\nprovided the guilder/mark relationship permitted.\n The Central Bank aims to keep the guilder stable around its\nparity value within the European Monetary System of 112.673\nguilders per 100 marks.\n Today, foreign exchange buying pushed the mark up 10\nguilder cents to 112.705 guilders per 100 at the fix, a level\nthat would not permit a change in the interest rate\ndifferential between West Germany and the Netherlands, dealers\nsaid.\n An economist at ABN Bank said he expected West German and\nDutch interest rates to ease in the short term. However, he\nsaid new wage agreements in West Germany had raised inflation\nexpectations which would put upward pressure on interest rates\nin the longer term.\n In the Netherlands, the inflation outlook for 1987 is nil,\nor even negative, while the latest official economic forecasts\npoint to a falling rate of economic growth.\n \"It will depend on the outcome of collective wage agreement\nnegotiations here whether there could be cost push inflation,\"\nthe ABN economist said.\n He said Dutch money supply growth, which ran at 3.4 pct in\nJanuary, could also contribute to some inflation.\n At Amro Bank, a leading analyst said inflation could run to\ntwo pct next year. The bank expects Dutch capital market rates,\ncurrently averaging around 6.1 pct, to stop easing in the\nsecond half of this year and stabilize around 5.6 pct.\n Analysts said an official rate cut could trigger a buying\nspree on the bond market which would bring yields down,\nprobably only temporarily, while money rates could fall below\nfive pct.\n Currently, all periods are traded at 5.12 to 5.25 pct in\nthe money market.\n REUTER\n\u0003",
"date": " 1-JUN-1987 12:01:07.70",
"topics": [
"interest",
"money-fx",
"dfl",
"dmk"
],
"places": [
"netherlands",
"west-germany"
],
"id": "17620"
},
{
"title": "GLOBAL EQUITY OFFERINGS RISING AT RECORD RATES",
"body": "Cross border stock market investment is\nrising at unprecedented rates, seeking a high return and\ndiversification, Charles Lillis, associate director of <Merrill\nLynch Europe Ltd>, a subsidiary of Merrill Lynch and Co Inc\n<MER.N>, said.\n He told an international equities seminar here that global\nequity offerings amounted to 3.7 billion dlrs in the first\nquarter, compared with 11.4 billion dlrs in all of last year\nand 4.1 billion dlrs in 1985.\n He said most new issues would come from countries with\nunderdeveloped potential, such as France and Italy.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:01:25.49",
"places": [
"uk",
"france",
"italy"
],
"id": "17621"
},
{
"title": "NORTHGATE QUEBEC GOLD WORKERS END STRIKE",
"body": "Northgate Exploration Ltd said\nhourly-paid workers at its two Chibougamau, Quebec mines voted\non the weekend to accept a new three-year contract offer and\nreturned to work today after a one-month strike.\n It said the workers, represented by United Steelworkers of\nAmerica, would receive a 1.21 dlr an hour pay raise over the\nlife of the new contract and improved benefits.\n Northgate, which produced 23,400 ounces of gold in first\nquarter, said that while the strike slowed production, \"We are\nstill looking forward to a very satisfactory performance.\"\n The Chibougamau mines produced 81,500 ounces of gold last\nyear.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:05:46.19",
"topics": [
"gold"
],
"places": [
"canada"
],
"id": "17622"
},
{
"title": "NATIONAL HOME LOANS LAUNCHES 100 MLN DLR EUROBOND",
"body": "National Home Loans Corp Plc of London\nis raising 100 mln dlrs through a five-year bullet eurobond\ncarrying an 8-3/4 pct coupon and priced at 100-5/8 pct to yield\n8.59 pct at issue, lead manager Commerzbank AG said.\n Payment date is July 7. The bond pays interest on that date\nannually, and matures on that date in 1992. Denominations are\n1,000 and 10,000 dlrs. The bond will be listed in London.\n Fees total 1-7/8 pct, comprising 5/8 pct for management and\nunderwriting combined and 1-1/4 pct for selling.\n REUTER\n\u0003",
"date": " 1-JUN-1987 12:08:40.30",
"places": [
"west-germany"
],
"id": "17623"
},
{
"title": "INT'L MINERALS/CHEMICAL GETS EPA APPROVAL FOR GENETICALLY ENGINEERED PRODUCT\n",
"date": " 1-JUN-1987 12:11:00.22",
"id": "17624"
},
{
"title": "ROYAL GOLD <RGLD.O> AGREES TO MAKE ACQUISITION",
"body": "Royal Gold Inc said it has signed two\nagreements in principle to acquire the stock of two\n<Transwestern Mining Co> units for 1.1 mln shares of Royal Gold\ncommon stock.\n Royal said the assets of the units it will acquire from\nTranswestern are mostly gold properties.\n It added it expects to close the deals on June 18 and 19,\nsubject to standard closing conditions, including title and\nenvironmental approval and closing of a definitive agreement.\n Royal said the shares issued in the deal will be subject to\nregistration rights.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:12:21.68",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17625"
},
{
"title": "INTEGRATED IN PACT WITH NYNEX <NYN> UNIT",
"body": "<Integrated Network Corp> said\nit entered into an agreement with Nynex Corp's Nynex\nEnterprises Corp which could enable New England Telephone and\nNew York Telephone to offer advanced data capability.\n Nynex Enterprises is testing Intergrated's data/voice and\nuniversal switched data capability system, the company said.\n Integrated said the system is capable of enabling New\nEngland and New York telephone companies to provide certain\ncircuit-switched data transmission and certain simultaneous\nvoice and data transmissions using the existing telephone\nnetwork, the company said.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 12:12:33.39",
"places": [
"usa"
],
"id": "17626"
},
{
"title": "TELEGLOBE HAS CANADA/FRANCE SATELLITE LINK",
"body": "Teleglobe Canada Inc, owned by Memotec\nData Inc (MDI.M), said it received an order from Credit\nLyonnais Canada for a direct satellite link between Canada and\nFrance that will be the first private satellite network between\nthe two countries.\n Value of the contract was undisclosed.\n Teleglobe said the connection will provide the bank with a\npermanent link to the digital phone switch at its parent\ncompany's Paris headquarters and connect it with Credit\nLyonnais' network in France and the rest of the world.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:12:59.09",
"places": [
"canada",
"france"
],
"id": "17627"
},
{
"title": "STG COMMERCIAL PAPER EXCEEDS ONE BILLION IN APRIL",
"body": "Total sterling commercial paper\noutstanding rose 251 mln stg to 1.19 billion in April, taking\nit above one billion stg for the first time since the market\nopened in May 1986, figures released today by the Bank of\nEngland show.\n Banks' holdings of commercial paper totalled 264 mln stg at\nend-April, down six mln from March.\n Of the total, 225 mln had been issued by U.K. Companies, up\nthree mln from March. Changes in these holdings are included in\nthe \"bank lending in sterling to the U.K. Non-bank private\nsector\" component of M3 money supply.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:13:39.02",
"places": [
"uk"
],
"id": "17628"
},
{
"title": "NIGERIA HOSTS TALKS ON AFRICAN ECONOMIES",
"body": "A conference to assess the economic\nrecovery of African states begins in the proposed Nigerian\ncapital Abuja on June 15, Foreign Ministry officials said\ntoday.\n Organised by Nigeria in collaboration with the Economic\nCommission for Africa, the June 15-19 conference would be\nattended by several African leaders as well as United Nations\nSecretary General Perez De Cuellar, they said.\n Huge debts, falling prices of their export commodities and\nin some cases drought have imposed severe hardships on the\neconomies of African states.\n REUTER\n\u0003",
"date": " 1-JUN-1987 12:14:30.77",
"places": [
"nigeria"
],
"id": "17629"
},
{
"title": "HAWKINS CHEMICAL INC<HWKN.O> 2ND QTR MAR 31 NET",
"body": "Shr 12 cts vs six cts\n Net 398,318 vs 211,801\n Sales 7,385,107 vs 7,275,162\n Six Mths\n Shr 22 cts vs 13 cts\n Net 736,219 vs 446,288\n Sales 14.3 mln vs 14.2 mln\n NOTE: Per share earnings adjusted for ten pct stock\ndividend paid February 1987.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:14:54.57",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17630"
},
{
"title": "EQUITABLE REAL ESTATE SHOPPING <EQM> PAYS DIVI",
"body": "Qtrly div 25 cts vs 25 cts\n Pay Aug 15\n Record June 30\n NOTE: Full name of company is equitable real estate\nshopping centers l.p.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:14:58.31",
"places": [
"usa"
],
"id": "17631"
},
{
"title": "NORTHGATE <NGX> QUEBEC WORKERS END STRIKE",
"body": "Northgate Exploration Ltd said\nhourly-paid workers at its two Chibougamau, Quebec, mines voted\non the weekend to accept a three-year contract offer and\nreturned to work today after a one-month strike.\n It said the workers, represented by United Steelworkers of\nAmerica, would receive a 1.21-dlr-an-hour pay raise over the\nlife of the new contract and improved benefits.\n Northgate, which produced 23,400 ounces of gold in first\nquarter, said that while the strike slowed production, \"We are\nstill looking forward to a very satisfactory performance.\" The\nChibougamau mines produced 81,500 ounces of gold last year.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:17:35.79",
"topics": [
"gold"
],
"places": [
"canada"
],
"id": "17632"
},
{
"title": "PORTUGUESE UNEMPLOYMENT STEADY IN FIRST QUARTER",
"body": "Unemployment in Portugal held steady at\n9.6 pct in the first quarter of 1987 after the same rate in the\nlast quarter of 1986, the National Statistics Institute said.\n This compared with 11.1 pct unemployment in the first\nquarter of 1986.\n The total number of registered unemployed in the first\nquarter of this year was 437,500.\n REUTER\n\u0003",
"date": " 1-JUN-1987 12:17:51.08",
"topics": [
"jobs"
],
"places": [
"portugal"
],
"id": "17633"
},
{
"title": "U.S. BUDGET ACCORD MAY BE REACHED THIS WEEK",
"body": "Congressional budget negotiators may \nreach an agreement this week on a 1988 budget plan, House and\nSenate Budget Committee sources said.\n They held out hope that an agreement can be hammered out,\nespecially over the thorny issues of taxes and defence spending\nlevels.\n \"It may come this week,\" a Senate source said. \"They are\nmaking progress,\" a House source said about back room\nnegotiations.\n Despite these new notes of optimism, earlier hopes for\nquick agreement had been dashed when negotiators stalled. \n\n House and Senate negotiators, working on different budgets,\nhave been stymied over proposals for new taxes and defence\nspending levels. Both measures seek 18 billion dlrs in new\ntaxes in 1988, but the Senate proposes nearly 119 billion dlrs\nin taxes over a four year span, while the House calls for only\n57 billion dlrs over three years.\n The Senate plan would allocate about seven billion dlrs a\nyear for defence, a proposal not in the House plan which calls\nfor 1988 defence spending levels nearly eight billion dlrs\nunder the Senate plan. \n The two sides have not had a formal negotiating meeting\nsince May 13. Both House and Senate would have to approve a\nfinal compromise budget, which would be the working U.S. budget\nfor fiscal 1988, starting Oct. 1.\n Although the congressional budget proposes tax levels, the\nactual approval of specific tax plans must be implemented\nthrough legislationd rafted by the House Ways and Means\nCommittee and Senate Finance Committee which have been cool to\nthe idea of higher taxes. \n Reuter\n\u0003",
"date": " 1-JUN-1987 12:18:59.46",
"places": [
"usa"
],
"id": "17634"
},
{
"title": "DAYTON HUDSON <DH> SELLS 9-7/8 PCT DEBENTURES",
"body": "Dayton Hudson Corp is raising 150 mln\ndlrs through an offering of sinking fund debentures due 2017\nwith a 9-7/8 pct coupon and par pricing, said lead manager\nGoldman, Sachs and Co.\n That is 129 basis points over the yield of comparable\nTreasury securities.\n The issue is non-refundable for 10 years. A sinking fund\nstarting in 1998 can be increased by 200 pct at the company's\noption, giving them an estimated minimum life of 13.85 years\nand maximum life of 20.5 years. Moody's rates the debt Aa-3 and\nStandard and Poor's rates it AA.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 12:26:10.59",
"places": [
"usa"
],
"id": "17635"
},
{
"title": "FLOODS AND HEAVY RAIN HIT IRAN",
"body": "Fifty people were killed or injured in\nflooding in southeastern Iran and three died after heavy rain\nelsewhere, Tehran Radio reported today.\n The radio, monitored by the British Broadcasting Corp, said\nflooding around Zahedan, near the Pakistan-Afghanistan border,\ncaused heavy damage.\n Rain in central Iran damaged houses, bridges, crops and\nirrigation systems.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:28:04.45",
"places": [
"uk",
"iran"
],
"id": "17636"
},
{
"title": "INT'L MINERALS <IGL> BIOTECH PRODUCT GETS NOD",
"body": "International Minerals and\nChemical Corp said the U.S. Environmental Protection Agency\ngranted permission to its subsidiary, IMCERA Bioproducts Inc,\nto make a genetically engineered microorganism for use as a\ngrowth factor in laboratories.\n The action marks the first time such a biotechnological\nproduct has undergone successful review by the EPA, it said.\n The EPA action clears the way for IMCERA to begin\ncommercial production of the microorganism, Escherichia Coli\nK-12, in the production of its IGF-I growth factor for use in\nlaboratories in cultivating tissues and cells, it said.\n Escherichia Coli K-12 is a non-pathogenic organism commonly\nused in laboratory operations for studies and commercial\nfermentations, and does not affect humans, it said.\n International Minerals said it plans to manufacture the\nmicroorganism at IMCERA's plant in Terre-Haute, Indiana and\nmarket it to research institutions and pharmaceutical companies\nin the U.S. and other countries.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:29:47.87",
"places": [
"usa"
],
"id": "17637"
},
{
"title": "NORTH AMERICAN <NAHL.O> COMPLETES PLACEMENT",
"body": "North American Holding Corp\nsaid it completed a three mln dlr private placement of\nrestricted Class A non-voting common stock to two private\ninvestors.\n The company said the stock was sold to real estate\ndevelopers Simon Konover of West Hartford, and Harry Gampel of\nBoca Raton, Fla.\n The transaction is for 375,000 shares of Class A stock, or\napproximately 2.75 pct of the total North American Holding\nvoting and non-voting common shares outstanding, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:30:21.95",
"places": [
"usa"
],
"id": "17638"
},
{
"title": "LITTON INDUSTRIES UNIT GETS 223.2 MLN DLR NAVY CONTRACT\n",
"date": " 1-JUN-1987 12:39:52.16",
"id": "17639"
},
{
"title": "PARTNERSHIP UPS HBO <HBOC.O> STAKE TO 8.7 PCT",
"body": "Andover Group, a Great Falls, Va.,\ninvestment partnership that is seeking control of HBO and Co,\nsaid it raised its stake in the company to 2,026,000 shares, or\n8.7 pct of the total, from 1,626,000 shares, or 7.0 pct.\n In a filing with the Securities and Exchange Commission,\nthe partnership said it bought 400,000 HBO common shares for\n5.4 mln dlrs on May 28.\n The group, which has a slate of candidates seeking board\nseats, said it would decide whether to submit an offer to\nacquire the company after the HBO annual shareholders meeting,\nwhich was to have been April 30, but was postponed.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:51:27.18",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17640"
},
{
"title": "INFINITE GRAPHICS <INFG.O> TO POST PROFIT",
"body": "Infinite Graphics Inc expects to report\nearnings for the fiscal year ended April 30 of about 360,000\ndlrs, or 20 cts a share, Chairman Cliff Stritch Jr told Reuters\nin an interview.\n In the prior fiscal year, the Minneapolis-based company\nreported a loss of 812,000 dlrs or 46 cts a share.\n Stritch cited strength in the company's electrical printed\ncircuit board software and CAD/CAM (computer aided\ndesign/computer aided manufacturing) business. He also said two\nnew products, using scanning and vectorization, are under\ndevelopment.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:54:00.11",
"places": [
"usa"
],
"id": "17641"
},
{
"title": "N.A. COMMUNICATIONS <NACS.O> LIMITS LIABILITY",
"body": "North American Communications Inc\nsaid its shareholders approved at the annual meeting an\namendment to limit the liability of its directors.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:54:09.87",
"places": [
"usa"
],
"id": "17642"
},
{
"title": "HUMANA <HUM> TO BUY INT'L MEDICAL ASSETS",
"body": "Humana Inc said a Florida Judge\napproved a previously announced proposal for the company to buy\ncertain assets of International Medical Centers, which had been\ndeclared insolvent and put into receivership in early May.\n Humana said it will pay 40 mln dlrs to the state's\nDepartment of Insurance to pay prior claims and 20 mln dlrs in\nworking capital.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:55:20.32",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17643"
},
{
"title": "DIVERSIFIED INDUSTRIES (DMC) TO SELL UNITS",
"body": "Diversified Industries Inc plans to\nrecover more than four mln dlrs from the sale of two marginal\nsubsidiaries, chairman Ben Fixman told the annual meeting.\n Fixman said Diversified Industries, as part of its effort\nto redeploy assets, wants to sell its Theodore Sall Inc and\nLiberty Smelting Works (1962) Ltd units. The two either lost\nmoney or had marginal profitability in recent years, he said.\n Diversified also said it is in the process of obtaining six\nmln dlrs in an industrial revenue bond financing from the State\nof Connecticut to modernize the company's Plume and Atwood\nBrass Mill plant in Thomaston, Conn.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:56:10.36",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17644"
},
{
"title": "LITTON <LIT> GETS 223.2 MLN DLR NAVY CONTRACT",
"body": "Litton Industries Inc said\nthe Navy awarded a 223.2 mln dlr contract to its Data Systems\ndivision to produce a certain comman and contraol systems for\nthe U.S. Marine Corps and the U.S. Air Force.\n Litton said the contract includes options for government's\n1988 and 1989 fiscal years and for additional systems which\ncould bring the total contract through fiscal 1989 to 750 mln\ndlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 12:58:20.82",
"places": [
"usa"
],
"id": "17645"
},
{
"title": "WHITTAKER <WKR> SEES HIGHER 1987 PROFITS",
"body": "Whittaker Corp chairman and chief\nexecutive officer Joseph Alibrandi said the company expects to\nreport operating profits in fiscal 1987 that exceed 1986\nresults of 41.5 mln dlrs.\n \"We continue to expect fiscal 1987 operating profits for\nthe chemicals and technology segments to exceed the results\nreported for 1986,\" Alibrandi said. Whittaker reported fiscal\n1986 operating earnings for its chemical segment of 18.0 mln\ndlrs, and for its technology segment of 23.4 mln dlrs.\n The company's fiscal year ends October 31.\n Earlier, Whittaker reported profits of 3.1 mln dlrs, or 37\ncts a share, for the second quarter ended April 30, versus a\nloss of 4.5 mln dlrs, or 35 cts a share in the same period last\nyear.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:04:05.62",
"places": [
"usa"
],
"id": "17646"
},
{
"title": "KENYAN PRESIDENT RESHUFFLES CABINET",
"body": "President Daniel arap Moi replaced his\nministers of foreign affairs and economic planning in a far\nreaching cabinet reshuffle, the official Kenya News Agency\n(KNA) said.\n Zachary Onyonka, former economic planning minister,\nreplaces as foreign minister Elijah Mwangale, who moves to\nagriculture. Anrew Omanga, former minister of tourism and\nwildlife, becomes minister of planning and national development\nafter Robert Ouko, who moves to the newly created ministry of\nindustry.\n Fourteen ministers retain their old jobs, including Finance\nMinister George Saitoti and Energy Minister Nicolas Biwott.\n Reuter4\n\u0003",
"date": " 1-JUN-1987 13:07:34.85",
"places": [
"kenya"
],
"id": "17647"
},
{
"title": "HARCOURT <HBJ> HAS NO COMMENT ON SUIT",
"body": "Harcourt Brace Jovanovich Inc said it\nhas no comment at this time on the lawsuit filed against it by\nBritish publisher Robert Maxwell.\n In the suit, Maxwell's British Printing and Communication\nCorp is attempting to stop Harcourt's payment of a 40 dlr per\nshare special dividend and other actions.\n Harcourt announced its recapitalization plan to escape a\nhostile bid by Maxwell. Maxwell last week withdrew his 44 dlr\nper share or two billion dlr bid because of the plan.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:07:48.62",
"places": [
"usa"
],
"id": "17648"
},
{
"title": "AMERICAN EXPRESS <AXP> UNIT IN FUNDING PROGRAM",
"body": "American Express Co's Shearson Lehman\nBrothers said it helped establish a national pooled capital\nprogram offering low-cost financing to small and medium-sized\nbusinesses.\n Shearson said that it and non-profit <American Development\nFinance Corp> will help organize the Enterprise Capital Fund,\nwhich will initially have a 100 mln dlr pool.\n The capital will be used primarily to make loans that\nfinance small business growth and other projects that\ncontribute to job creation and economic develpment, Shearson\nsaid.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:08:15.43",
"places": [
"usa"
],
"id": "17649"
},
{
"title": "GM <GM> UAW COUNCIL OPENS SESSION",
"body": "About 300 local representatives on the\nUnited Automobile Workers union's General Motors Corp\nbargaining council convened at a Detroit hotel this morning for\nprivate strategy sessions in the run-up to this summer's\nnational contract bargaining covering 380,000 UAW members at\nGM.\n AlThough the sessions were closed to the press, UAW\nvice-president Donald Ephlin urged delegates in a bargaining\ndocument obtained by Reuters to be \"willing to use creative and\nnon-traditional means in achieving our bargaining goals.\"\n The document calls outsourcing of GM's production work to\nforeign or non-GM operations \"perhaps the greatest single\nthreat to the job security of our members\" and urges bargainers\nto seek an expansion of limits on the giant automaker's ability\nto outsource.\n While saying that outsourcing pits \"worker against worker\"\nand the UAW \"will not tolerate this practice,\" the document\nfalls short of demanding an outright ban on the practice and\ninstead calls for improvements in \"current provisions and\nrestrictions on outsourcing.\"\n The union said its barginers must seek bans against plant\nand work place closings \"similar to those included in our 1982\nand 1984 contracts.\"\n In addition, the UAW said, \"full resumption of our\ntraditional wage formula is a top priority in this set of\nnegotiations.\"\n While the document does not specify a percentage wage\nincrease, the UAW's traditional standard before making\nconcessions in 1982 was a three pct annual wage increase with\nbenefits calculated from the base wage rate.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:08:27.48",
"places": [
"usa"
],
"id": "17650"
},
{
"title": "INSURANCE FIRM AS PIEZO <PEPI.O> PREFERRED STAKE",
"body": "Corporate Life Insurance Co, a West\nChester, Pa., insurance firm, told the Securities and Exchange\nCommission it has acquired 44,600 shares of preferred stock in\nPiezo Electric Products Inc, or 10.8 pct of the total.\n Corporate insurance said it bought the cumulative\nconvertible preferred stock stake for 199,690 dlrs for\ninvestment purposes.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:09:31.47",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17651"
},
{
"title": "CELLULAR INC <CELS.O> TO SELL UNIT, TAKE GAIN",
"body": "Cellular Inc said it reached a definitive\nagreement to sell assets of its wholly owned Michigan Cellular\nInc to Century Telephone Enterprises Inc <CTL> and add 28 cts a\nshare to the year's earnings as a result.\n It said the sale, subject to regulatory approval,\nrepresents a capital gain in excess of 800,000 dlrs over the\noriginal price paid by Cellular for its cellular interests in\nMichigan, acquired in December 1986.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:10:14.00",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17652"
},
{
"title": "JUDGE REDUCES JURY AWARD TO COASTAL <CGP>",
"body": "Coastal Corp said a federal\ndistrict court judge has upheld a trial jury's judgment against\na Occidental Petroleum Corp <OXY> subsidiary but reduced the\namount awarded a Coastal subsidiary to 412 mln dlrs from 549\nmln dlrs.\n The company said Judge Clarence A. Brimmer denied all\npost-trial motions by Occidental's Natural Gas Pipeline Co of\nAmerica but did eliminate the trebling of a portion of the\ndamages for future lost profits and part of the damages for\ninterference with a contract awarded by the jury in the\nantitrust case last October.\n \n An Occidental spokesman said the company has previously\nsaid it will take the case to the federal appeals court which\nhas previously upheld the Federal Energy Regulatory Commission\nregulations Natural Gas Pipeline was following in its dealings\nwith Coastal's Colorado Interstate pipeline subsidiary and\nUnion Pacific Corp <UNP> Champlin Petroleum Co subsidiary.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:12:30.58",
"places": [
"usa"
],
"id": "17653"
},
{
"title": "LITTLE REACTION TO COMEX PRICE LIMIT REMOVAL",
"body": "The elimination of price limits on\nprecious metals contracts trading at the Commodity Exchange in\nNew York appears to be having little effect on the market,\nanalysts said.\n \"There is nothing apparent from the change,\" said William\nO'Neill, director of futures research at Elders Futures Inc.\n\"The market has not approached the old price limits and trading\nis relative quiet, in narrow ranges,\" he added.\n Gold futures, which previously had a limit of 25 dlrs on\nmarket moves in most back months, were about 7.00 dlrs weaker\nin the nearby contracts amid thin conditions, traders said.\n On May 5, COMEX did away with price limits on the two\ncontracts following spot after a volatile market in silver\nfutures at the end of April caused severe disruptions.\n During the last week of April, silver futures traded up and\ndown the price limit in the back months, causing traders to\nrush into the spot contract to offset those moves, analysts\nsaid. As a result, Elders' O'Neill said, there was much\nconfusion, many unmatched trades, and large losses.\n The COMEX fined Elders Futures and three other large firms\na total of 100,000 dlrs for failure to resolve unmatched trades\nin a timely manner.\n Silver futures were trading about 30-40 cts weaker in the\nnearby contracts amid quiet trading today.\n O'Neill said the elimination of price limits on all COMEX\nmetals futures would add caution to trading since all contracts\ncould move any distance.\n \"This is amore realistic approach because the metals market\nis a 24 hours market and prices can move without limit,\"\nO'Neill said.\n Paul Cain, a vice president at Shearson Lehman Brothers,\nsaid the elimination of price limits will cut back on panic\nbuying or selling and contribute to more orderly markets.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 13:12:38.76",
"topics": [
"gold",
"silver"
],
"places": [
"usa"
],
"id": "17654"
},
{
"title": "COMPTEK RESEARCH INC <CMTK.O> 4TH QTR MARCH 31",
"body": "Shr 17 cts vs four cts\n Net 373,000 vs 82,000\n Sales 10.1 mln vs 7,825,000\n Year\n Shr 45 cts vs 27 cts\n Net 981,000 vs 595,000\n Sales 34.5 mln vs 28.5 mln\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:16:36.85",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17655"
},
{
"title": "CINCINNATI BELL <CSN> TO SELL 10-YEAR NOTES",
"body": "Cincinnati Bell Inc said it will sell up\nto 90 mln dlrs of 10-year notes to complete the financing of\nits acquisition of Auxton Computer Enterprises Inc.\n It said it plans to issue the notes within the next few\nmonths. Cincinnati Bell acquired Auxton on May six.\n Shearson Lehman Brothers Inc will lead the underwriting\ngroup, the company said.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 13:17:29.66",
"places": [
"usa"
],
"id": "17656"
},
{
"title": "U.S. PROBES RJR <RJR> TAINTED TOBACCO SHIPMENTS",
"body": "Federal law enforcement authorities\nsaid they began a criminal investigation of R.J. Reynolds\nTobacco Co after the company imported herbicide-tainted tobacco\nand then exported tainted cigarettes to Japan.\n \"We can confirm that the U.S. Customs Service has launched a\ncriminal investigation of Reynolds,\" a Customs spokesman told\nReuters.\n \"There is an investigation under way,\" said Bob Edmunds, the\nU.S. attorney in Greensboro, N.C.\n Reynolds is a subsidiary of RJR Nabisco Inc. of\nWinston-Salem, N.C.\n The investigation is particularly embarrassing--for Tokyo\nand Washington, as well as the company--because the Japanese\ngovernment, under pressure from the United States, agreed only\nlast year to open its markets to U.S.-made tobacco products.\n R.J. Reynolds spokesman David Fishel said in a telephone\ninterview that his company acknowledged importing into the\nUnited States large amounts of tobacco treated with a\nweedkiller called Dicamba, and then exporting cigarettes made\nwith the tobacco to Japan. He acknowledged the weed killer was\npresent in the tobacco at levels exceeding U.S. standards but\nsaid use of the tobacco did not pose a threat to human health.\n \"Dicamba is approved by the government for use on a variety\nof crops including food crops, and is widely used as a ripening\nagent on tobacco,\" Fishel said.\n Earlier today, Japanese Finance Ministry official Etsuzo\nKawade said in Tokyo that government authorities were holding a\nlarge shipment of Winston Lights manufactured by R.J. Reynolds\nafter tests showed some of them contained unacceptable amounts\nof the weedkiller.\n \"We do not believe the herbicide posed a serious threat to\npeople's health but the levels were unacceptable by law,\" Kawade\nsaid.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:19:46.26",
"places": [
"usa",
"japan"
],
"id": "17657"
},
{
"title": "U.S. GULF OF MEXICO RIG COUNT CLIMBS TO 38.9 PCT",
"body": "Utilization of offshore mobile rigs in\nthe Gulf of Mexico climbed by 2.1 pct last week to 38.9 pct,\nreflecting a total of 91 working rigs, Offshore Data Services\nsaid.\n One year ago, the Gulf of Mexico utilization rate was 32.5\npct. Offshore Data Services said some drilling contractors had\nreported recent increases of about 1,000 dlrs a day on large\njackup rigs, which now command rates of 11,000 to 12,000 dlrs a\nday.\n In the European/Mediterranean area the rig utilization rate\nrose 0.6 pct to 53.6 pct, against 67.3 pct one year ago.\n Worldwide rig utilization rose by 1.2 pct to 57.7 pct,\nreflecting a net increase of eight working rigs. Offshore Data\nServices said a total of 419 rigs were in use worldwide and 307\nwere idled last week.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:20:47.21",
"topics": [
"nat-gas",
"crude"
],
"places": [
"usa"
],
"id": "17658"
},
{
"title": "DOTRONIX <DOTX.O> COMPLETES ACQUISITION",
"body": "Dotronix Inc said it completed\nthe acquisition of Video Monitors Inc for 3.92 mln dlrs.\n Video Monitors is a privately-owned Wisconsin-based\nmanufacturer of video display and and video monitor devices.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:24:07.90",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17659"
},
{
"title": "DATAFLEX CORP <DFLX.O> 4TH QTR MARCH 31 NET",
"body": "Shr 11 cts vs eight cts\n Net 248,000 vs 155,000\n Revs 4,385,000 vs 2,487,000\n Year\n Shr 36 cts vs 12 cts\n Net 720,000 vs 220,000\n Revs 15.2 mln vs 9,253,000\n NOTE: Share adjusted for 10 pct stock dividend in April\n1987.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:25:07.36",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17660"
},
{
"title": "POLYDEX PHARMACEUTICALS LTD <POLXF.O> 1ST QTR",
"body": "April 30 end\n Shr loss one ct vs loss two cts\n Net loss 83,116 vs loss 266,037\n Sales 1,393,455 vs 1,035,500\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:25:38.48",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17661"
},
{
"title": "ONIC TENDERS WEDNESDAY FOR WHEAT FOR PAKISTAN",
"body": "The French Cereals Intervention Board\n(ONIC) will tender Wednesday for 20,000 tonnes soft wheat for\nPakistan under the French food aid programme, an ONIC official\nsaid.\n The grain will be shipped between June 15 and July 15.\n ONIC also will hold a tender June 9 for 65,000 tonnes soft\nwheat under the European Community food aid programme, for\nshipment in bulk during August, the official said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:25:49.21",
"topics": [
"grain",
"wheat"
],
"organisations": [
"ec"
],
"places": [
"france",
"pakistan"
],
"id": "17662"
},
{
"title": "MAY <MA> SELLS 9-7/8 PCT 30-YEAR DEBENTURES",
"body": "May Department Stores Co is raising 100\nmln dlrs through an offering of debentures due 2017 with a\n9-7/8 pct coupon and par pricing, said lead manager Morgan\nStanley and Co Inc.\n That is 129 basis points more than the yield of comparable\nTreasury securities.\n Non-refundable for 10 years, the issue is rated Aa-3 by\nMoody's and Aa-minus by Standard and Poor's. The gross spread\nis 8.75 dlrs, the selling concession is 5.50 dlrs and the\nreallowance is 2.50 dlrs. E.F. Hutton co-managed the deal.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:26:11.21",
"places": [
"usa"
],
"id": "17663"
},
{
"title": "FRENCH AID TO TOGO TO HELP COFFEE, COCOA TREES",
"body": "France is to provide Togo with 475 mln cfa\nfrancs of aid for a range of projects that include development\nof the coffee and cocoa industries and reafforestation in the\nsouth of the country, official sources said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:27:15.85",
"topics": [
"coffee",
"cocoa"
],
"places": [
"togo",
"france"
],
"id": "17664"
},
{
"title": "MIDDLE SOUTH SAYS U.S. SUPREME COURT STAYS RULING DENYING MISSISSIPPI RATES\n",
"date": " 1-JUN-1987 13:28:33.14",
"id": "17665"
},
{
"title": "(CLARK COPY) BUYS NORWEGIAN FIRM",
"body": "Clark Copy International\nCorp said it bought a Norwegian drafting machines company for\nthree mln U.S. dlrs.\n Clark Copy said its majority-owned Norwegian subsidiary,\nInteractive Computer Aids Co of Norway, purchased Kongsberg\nDrafting Systems, a division of Norwegian state-owned Kongsberg\nVappenfabrikk.\n Kongsberg Drafting's annual worldwide sales are about 15\nmln dlrs, Clark Copy said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:29:21.73",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17666"
},
{
"title": "CHI-CHI'S <CHIC> DEBT DOWNGRADED BY S/P",
"body": "Standard and Poor's Corp said it cut to\nB from B-plus 50 mln dlrs of convertible subordinated\ndebentures of Chi-Chi's Inc.\n The company's senior debt rating is BB-minus.\n S and P said the action reflected poor performance from\nChi-Chi's chain of 200 Mexican food restaurants. The agency\nalso said that a planned repurchase of three mln common shares\nwill result in reduced equity of 23 mln dlrs and a rise in debt\nleverage to 67 pct from about 60 pct in fiscal 1987.\n Chi-Chi's posted a 5.7 mln dlr loss for the nine months\nended January 31, S and P noted.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:31:13.21",
"places": [
"usa"
],
"id": "17667"
},
{
"title": "KOHL COALITION ACCEPTS DOUBLE-ZERO",
"body": "West Germany said it would accept a\nsuperpower plan to ban medium and shorter-range nuclear\nmissiles in Europe provided Bonn was allowed to retain its own\nshorter-range missiles.\n After six weeks of public wrangling over the so-called\n\"double-zero\" offer, Chancellor Helmut Kohl's coalition finally\nsaid it would agree to an East-West ban on shorter-range\nnuclear missiles.\n But in a statement issued after top-level talks, the\ngovernment said Bonn wanted the 72 West German Pershing-1a\nmissiles excluded from an East-West accord -- a demand\ndiplomats said could produce a snag in the Geneva arms talks.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:33:48.14",
"places": [
"west-germany"
],
"id": "17668"
},
{
"title": "BAKER HUGHES' <BHI> U.S. RIG COUNT FALLS TO 758",
"body": "The U.S. drilling rig count fell by four\nlast week to a total of 758, against 723 working rigs at this\ntime last year, Baker Hughes Inc said.\n In Canada, the weekly rig count rose 19 to 100, compared to\n46 working rigs last year.\n Among individual states, the steepest declines were in\nOklahoma and Louisiana which lost eight and seven,\nrespectively. Drilling increases were reported by Michigan, up\nby five rigs, and Ohio and Pennsylvania which each rose by\nthree. Baker Hughes said the total of 758 working rigs in the\nUnited States included 84 rigs working in offshore waters.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:34:02.62",
"topics": [
"crude",
"nat-gas"
],
"places": [
"usa",
"canada"
],
"id": "17669"
},
{
"title": "U.S. TRADE BILL VERY DANGEROUS FOR CANADA, LOBBY",
"body": "A trade bill before the United States\nHouse of Representatives \"is a very dangerous bill for Canadian\nindustry,\" Canadian Forest Industry Council chairman Adam\nZimmerman told reporters.\n By changing the definition of subsidy under U.S.\ncountervailing duty law, House of Representatives Bill 3\nremoves protection for companies that take advantage of widely\nused government programs, Zimmerman told a media briefing.\n \"Clearly, any industry to which Canadian governments grant\nrights to fish, mine, cut timber, or produce power could be\nvulnerable to a finding of a subsidy under this language,\" he\nsaid.\n The Canadian forest lobby's Zimmerman also said the House\nof Representative Bill would adopt a new way of measuring\nsubsidies that would greatly increase the size of any\ncountervailing duties that might be imposed on Canadian\nresource exports to the U.S.\n Under the bill, any difference between Canadian prices and\nU.S. or world market prices would constitute a subsidy, he\nsaid. Such a method would make Canadian resource industries\nvulnerable to similar penalties like a 15 pct export tax\nimposed last January on shipments of Canadian softwood lumber\nto the U.S., Zimmerman added.\n Canadian negotiators agreed to levy the new tax if a U.S.\nforest industry lobby would drop its request for a countervail\nduty on imports of Canadian softwood lumber.\n \"We represent the first victim of the move to price other\ncountries' natural resources according to the U.S. system,\"\nZimmerman said.\n \"If we're an example, than other resource industries had\nbetter watch out,\" he added.\n Zimmerman said the Canadian Forest Industry Council plans\nto discuss concerns about the U.S. trade bill with lobby groups\nfrom other Canadian resource industries.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:37:47.16",
"topics": [
"trade",
"lumber"
],
"places": [
"usa",
"canada"
],
"id": "17670"
},
{
"title": "SOCIETY/SAVINGS <SOCS.O> FORMS HOLDING COMPANY",
"body": "Society for Savings said it has\ncompleted a merger into newly formed holding company Society\nfor Savings Bancorp Inc on a share-for-share basis.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:37:51.94",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17671"
},
{
"title": "GEODYNE RESOURCES INC <GEOD.O> 4TH QTR FEB 28",
"body": "Shr profit three cts vs profit 31 cts\n Net profit 330,;575 vs profit 1,4;73,100\n Revs 1,501,996 vs 2,602,568\n Avg shrs 10,964,786 vs 4,446,958\n Year\n Shr loss eight cts vs profit six cts\n Net loss 91,523 vs profit 746,289\n Revs 3,854,821 vs 5,231,598\n Avg shrs 6,091,334 vs 4,446,958\n NOTE: Share results after preferred dividend requirements\nof 44,174 dlrs vs 99,901 dlrs in quarter and 377,111 dlrs vs\n480,851 dlrs in year\n Company 40 pct owned by PainWebber Group Inc <PWJ>\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:38:00.49",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17672"
},
{
"title": "LADD FURNITURE <LADF.O> COMPLETES ACQUISITION",
"body": "LADD Furniture Inc said it has\ncompleted the previously-announced acquisition of\nprivately-held Colony House Furniture Inc for an undisclosed\namount of cash and notes.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:38:05.01",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17673"
},
{
"title": "EC MINISTERS CONSIDER CUTBACKS IN STEEL SUPPORT",
"body": "A new steel quota system that would\nstrictly limit European Community (EC) support to the industry\ncould be forced on producers if they fail to find their own\nsolution quickly, officials said.\n EC industry ministers meeting here considered two key\nproposals aimed at cutting back surplus capacity by 30 mln\ntonnes by 1990.\n The first would limit the current quota system, which has\nprotected EC output for seven years, only to flat products and\nheavy sections, thereby forcing other types of steel products\ninto free market competition.\n The second proposal would link continuation of a quota\nsystem with progress toward plant closures, although less than\na month ago the EC steelmakers' lobby group Eurofer said they\nhad abandoned efforts to close plants voluntarily.\n The ministers stopped short of imposing their own solution\nimmediately, instead urging steel producers to try again to\nreach agreement on voluntary cutbacks.\n The EC Commission has said it will come up with detailed\nproposals in July on the future of the EC steel industry and EC\nindustry ministers meet again in September to reach a final\ndecision.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:38:53.68",
"topics": [
"iron-steel"
],
"organisations": [
"ec"
],
"places": [
"luxembourg"
],
"id": "17674"
},
{
"title": "PACIFIC GAS <PCG> TO BUY BACK BONDS",
"body": "Pacific Gas and Electric Co said it will\nbuy back on July one 93.9 mln dlrs of two mortgage bond issues,\nSeries 82A and 82B.\n The redemption will save the company about 2.8 mln dlrs in\nannual financing costs for the remaining lives of the two\nmortgage bond issues, Pacific Gas said.\n It will buy back the Series 82A bonds at 1,066.60 dlrs per\n1,000 dlr principal amount, plus one month's accrued interest\nof 12.81 dlrs. It will redeem the Series 82B at 1,105.20 dlrs\nper 1,000 dlr face amount, plus one month's accrued interest of\n11.14 dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:39:18.74",
"places": [
"usa"
],
"id": "17675"
},
{
"title": "TEXAS AIR'S <TEX> CONTINENTAL IN EXPANSION",
"body": "Texas Air Corp's Continental Airlines\nsaid it will begin creation of a Cleveland Hub July one,\ndoubling the number of cities it serves nonstop from Cleveland\nand increasing daily flights by 50 pct.\n Continental said it will spend about 14 mln dlrs for\nfacilities expansion in Cleveland and will increase its local\nemployment from 48 to 100 people by July one.\n Continental will begin four daily nonstop flights to\nWashington-National, two daily nonstops to Los Angeles, and one\ndaily nonstop each to San Francisco, Orlando and Tampa.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:39:27.01",
"places": [
"usa"
],
"id": "17676"
},
{
"title": "PHILIP CROSBY <PCRO.O> MAKES ACQUISITION",
"body": "Philip Crosby Associates Inc\nsaid it has agreed to acquire Process Integrity Inc of Dallas,\na computer software designer, for undisclosed terms.\n It said Process' software helps companies monitor\nindustrial processes, identifies problems and recommends\nsolutions.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:39:38.05",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17677"
},
{
"title": "INTl AMERICAN HOMES <HOME> TO SELL CONVERTIBLES",
"body": "International American Homes Inc said it\nfiled on May 29 with the Securities and Exchange Commission a\nregistration statement covering a 25 mln dlr issue of\nconvertible subordinated debentures due 2007.\n Proceeds will be used to finance the proposed acquisition\nof Diversified Shelter Group Ltd and affiliated entities and to\nretire acquisition indebtedness, International American said.\n The company said Moseley Securities Corp would underwrite\nthe offering.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:39:53.15",
"places": [
"usa"
],
"id": "17678"
},
{
"title": "QMS <AQM> GETS ZIYAD <ZIAD> PRODUCT RIGHTS",
"body": "QMS Inc said its Laser Connection\nsubsidiary has been awarded exclusive rights to distribute the\nentire line of Ziyad laser printer sheet feeders in the U.S.\nand Canada.\n The company said it expects the arrangement to add 15 to 20\nmln dlrs to its annual sales.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:39:59.26",
"places": [
"usa"
],
"id": "17679"
},
{
"title": "GENENTECH <GENE> SETBACK VIEWED AS TEMPORARY",
"body": "Genentech Inc is suffering only a\ntemporary setback following a U.S. agency decision to withhold\na recommendation on its genetically-produced drug which is used\nto treat heart attacks in progress, industry sources and\nanalysts said.\n \"When TPA (the drug) first came on the scene, the projected\ntime scale for approval was 1990,\" said Sam Milstein, a\nscientist and industry consultant.\n \"So even with the new delay that has arisen, in all\nlikelihood the drug will be approved prior to initial\nprojections,\" he added.\n Last Friday, an advisory committee at the Food and Drug\nAdministration, FDA, withheld a recommendation on Genentech's\ntissue plasminogen activator, a drug called Activase.\n Athough it supported Genentech's claim that the drug\ndissolves blood clots, the FDA said it wanted data that showed\nthe treatment benefits heart-attack victims.\n \"We will be talking to the FDA as soon as possible to ask\nspecifically what they are looking for,\" a Genentech\nspokeswoman said. She said the company had data that showed\nimprovement in the heart muscle after the drug was administered\nbut had not included it in the FDA filing.\n \n Industry analysts also said the 12 point drop in the\ncompany's stock to 37-1/4 was largely expected in light of the\nspeculative nature of the biotechnology companies whose\nfortunes often depend on the success of an important drug.\n \"In larger pharmaceutical companies each product does not\nhave as much overall significance. But this is very important\nto Genentech,\" said Robert Riley, a senior consultant at Arthur\nD. Little Inc.\n Some estimated that Genentech could see as much as 1.5\nbillion dlrs from the drug. But with each delay, others can\nenter the market and catch up to Genentech's lead.\n\n Industry sources pointed out that KabiVitrum, in an\nalliance with Hoechst AG <HFAG.F>, won a recommendation for its\nstreptokinase drug on the same day Genentech's application was\ndelayed. Streptokinase, an enzyme-based drug, is also used to\ntreat heart attack victims.\n In addition, Milstein said that Beecham Group Plc <BHAM.L>\nhas a drug called Eminase which is \"the most likely competitor\nto TPA,\" and from a clinical standpoint, nearly identical.\nBeecham's drug has been approved for use in Germany and is\nawaiting approval in the U.K., he added.\n Streptokinase was difficult to administer to heart attack\nvictims because it would dissolve before it reached the heart.\nAnother method, which involved pumping the drug directly into\nthe heart through a tube, proved difficult when a heart attack\nwas in progress. TPA was seen as a savior since it was easier\nto administer and worked quickly.\n But new developments have made streptokinase more effective\nand easier to administer, becoming a potential threat to\nGenentech's grasp on the TPA market. And if that wasn't enough,\nabout 30 other biotech companies are quickly developing TPA in\nGenentech's path.\n \n \"Genentech's advantage is being first in the market,\" said\nindustry consultant Scott King, formerly an analyst with\nMontgomery Securities in San Francisco. \"They'll be the first\napproved but then they'll face competition after one or two\nyears.\"\n The company may also face patent pressures for its drug. It\nis currently about to go to court with Beecham Group in the\nU.K. in a patent dispute. And while its patent is pending in\nthe U.S., many analysts expect the company to face some suits\nas soon as the patent is issued, a potentially more harmful\nsituation than any temporary setback in the FDA.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:44:01.43",
"places": [
"usa"
],
"id": "17680"
},
{
"title": "COURT ACTION SOUGHT ON SOUTHAM <STM.TO> DEAL",
"body": "Southam Inc said a Canadian government\nofficial asked the Ontario Supreme Court to order Southam to\nseek shareholder approval of a 1985 share swap between Southam\nand fellow newspaper publisher Torstar Corp <TSB.TO>.\n Frederick Sparling, an official in the Department of\nConsumer and Corporate Affairs, wants the share exchange\nnullified if shareholder approval is not obtained, Southam\nadded.\n Southam said it believed it had acted properly and would\nvigorously defend itself in what would probably be a lengthy\nprocess.\n Sparling's action came after a year-long investigation by\nthe federal corporations branch in response to minority\nshareholders' complaints about the share exchange, which gave\nTorstar a 22 pct stake in Southam.\n Southam said at the time of the Torstar deal that the share\nswap was necessary to avert a hostile takeover bid for Southam\nby a third party.\n The company declined further comment while the case is\nbefore the courts.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:45:10.75",
"places": [
"canada"
],
"id": "17681"
},
{
"title": "PEERLESS MANUFACTURING <PMFG.O> SELLS UNIT",
"body": "Peerless Manufacturing Co said it has sold\nits Industrial Sensors and Instruments Division and Panhandle\nEquipment Co subsidiaries for a total of 635,000 dlrs in cash.\n It said the transaction will result in a loss of about\n605,000 dlrs or 50 cts per share, which it will take in the\nfourth quarter ending June 30. Peerless said due to the sale it\nwill probably have a loss for the year.\n It said it sold the units, to buyers it did not name, due\nto increasing losses caused by the depressed petroleum\nequipment market.\n \n Peerless earned 576,000 dlrs or 63 cts per share in fiscal\n1986.\n It said the units being sold lost 28 cts per share in the\nfirst nine months of fiscal 1987 and 12 cts in all of fiscal\n1986.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:48:33.20",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17682"
},
{
"title": "HICKS AND HAAS GROUP GETS FINANCING FOR SPECTRADYNE ACQUISITION\n",
"date": " 1-JUN-1987 13:54:15.65",
"topics": [
"acq"
],
"id": "17683"
},
{
"title": "MIDDLE SOUTH <MSU> GRANTED MISSISSIPPI STAY",
"body": "Middle South Utilities Inc said the\nU.S. Supreme Court granted the company's Mississippi Power and\nLight Co's request for stay of a Mississippi Supreme Court\nruling blocking a portion of the utility's retail rates.\n In February, the state court had returned to state\nregulators a case involving the recovery of Grand Gulf one\nnuclear power plant costs at the rate of 28 mln dlrs per month.\nThese rates, some of which were deferred for future phase-in,\nwere granted by the state regulators in September 1985 based on\nFederal Energy Regulatory Commission allocation of the power\nplant's cost among Middle South's subsidiaries.\n Middle South said one condition of the stay is the posting\nof a bond that is suitable to the Mississippi Supreme Court. \n Middle South said the Supreme Court stay brings stability to\nMississippi Power and Light's situation and \"removes the\npossibility of MP and L's imminent insolvancy while the case is\nproceeding on the merits.\"\n The company said it expects its subsidiary's case to\nprevail on the merits, resolving for all Middle South System\ncompanies \"issues concerning the prudence and retail rate\nrecovery of costs associated with the Grand Gulf One nuclear\nunit.\"\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:56:13.11",
"places": [
"usa"
],
"id": "17684"
},
{
"title": "UNITED TOTE INC <TOTE.O> 2ND QTR APRIL 30",
"body": "Shr profit four cts vs profit three cts\n Net profit 64,197 vs profit 56,437\n Revs 4.9 mln vs 1.6 mln\n Six months\n Shr profit four vs loss seven cts\n Net profit 67,133 vs loss 114,427\n Revs 9.1 mln vs 2.8 mln\n NOTE:1987 first half includes revnues of new racetrack\noperation.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:56:59.91",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17685"
},
{
"title": "CANADA LUMBER EXPORTS MAY BECOME UNPROFITABLE",
"body": "Canada's softwood lumber will become\nunprofitable for some forest product producers if prices\ndecline to about 175 U.S. dlrs per thousand board feet of two\nby four inch lumber from current levels of about 195 U.S. dlrs,\nCanadian Forest Industry Council chairman Adam Zimmerman told\nreporters.\n Zimmerman reiterated profitability has been hurt by a move\nby Canadian negotiators to impose last January a 15 pct export\ntax on softwood lumber shipped to the U.S. in exchange for a\nU.S. lumbermen's lobby dropping its request for a countervail\nduty.\n \"I think that there has been a falling off in the market, so\nI think there is a moderate slow down in the price now,\"\nZimmerman said at a media briefing.\n Zimmerman said the adverse impact from lower U.S. lumber\nproduct prices would be felt by lumber mills in eastern Canada\nfirst, migrating westward.\n \"The country has swallowed a time bomb and it will go off\nwhen times get tough,\" Zimmerman said.\n He also said the federal government should maintain the\nexisting 15 pct export tax and not allow provinces to offset\nthe tax with increased provincial fees for cutting lumber.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:57:16.33",
"topics": [
"lumber"
],
"places": [
"canada"
],
"id": "17686"
},
{
"title": "<SEMICON TOOLS INC> MAKING ACQUISITION",
"body": "Semicon Tools Inc said it has\nsigned a letter of intent to acquire a majority interest in\nprivately held East Coast Sales, a distributor and fabricator\nof technical ceramic products and disposable clean room\nmaterials and supplies.\n Terms were not disclosed.\n It said it expects to acquisition to result in a\nsubstantial sales increase.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:57:30.03",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17687"
},
{
"title": "SAFETY-KLEEN <SK> COMPLETES ACQUISITION",
"body": "Safety-Kleen Corp said it completed\nthe acquisition of an 80 pct interest in BresLube Enterprises,\nfor about 12 mln dlrs in stock and cash.\n BresLube, based in Toronto, collects used lubricating oils\nfrom auto garages, car dealers and other businesses, and\nre-refines it for resale. Its annual revenues are about 18 mln\ndlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:57:48.33",
"topics": [
"acq"
],
"places": [
"usa",
"canada"
],
"id": "17688"
},
{
"title": "GENCORP <GY> STARTS BUILDING NEW PLANT",
"body": "GenCorp said it has started\nconstruction on a new 50 mln dlr 260,000 square foot plant for\nthe reinforced plastics division of its DiversiTech General\nunit.\n It said completion is expected in mid-1988.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:57:53.31",
"places": [
"usa"
],
"id": "17689"
},
{
"title": "NMS <NMSI> TO DEVELOP HOME AIDS TEST KIT",
"body": "NMS Pharmaceuticals Inc\nsaid it has begun developing a home test kit for detecting an\nantibody to the AIDS virus.\n The company said its Animial Biotech Corp subdiary, which\nwill develop the test, recently completed development of a\nsimlar technology for a home test kit for feline leukemia virus\nin cats that exhibits similar properties to the AIDS virus,\nHIV, or human immunodeficiency virus.\n \n NMS is the first firm to annouce the development of a home\ntest kit for AIDS. The company said it should have a working\nmodel ready in the first quarter of 1988.\n Abbott Laboratories <ABT>, based in Chicago, is the\nworldwide leader in the 60 mln dlrs AIDS test market with about\na 50 pct share. Abbott also recently applied to the Food and\nDrug Administration to market a new test that will be ablet to\ndetect early infection with the AIDS virus and help monitor the\nprogress of therapy.\n \n NMS said its home AIDS test would use proprietary\ntechnologies and advanced genetic engineering techniques for\nthe home test kitS. NMS said the test would use a drop of blood\nfrom a finger prick to detect the AIDS virus.\n The company stressed that there is no assurance it will\nsucceed in develop ths test, nor in obtaining government\napproval for marketing such as test.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 13:58:24.31",
"places": [
"usa"
],
"id": "17690"
},
{
"title": "FORD <F> IN VENTURE TO MAKE UNITS FOR MAZDA",
"body": "Ford Motor Co said it agreed with\nMazda Motor Corp <MAZT> and Matsushita Electric Industrial Co\nLtd <MC> to form a company that would make heating and cooling\nunits in Japan for Mazda cars.\n Equity in the new company will be shared equally, Ford\nsaid. Each of the three participants will be represented on the\nboard of directors of the new company.\n Ford said a manufacturing plant will be located in\nHigashi-Hiroshima City near Mazda's headquarters. Completion of\nthe factory, and production start-up, is scheduled for the fall\nof 1988.\n Reuter\n\u0003",
"date": " 1-JUN-1987 13:59:23.07",
"places": [
"usa"
],
"id": "17691"
},
{
"title": "ZENITH <ZEN> IN VOLUNTARY RECALL",
"body": "Zenith Laboratoreis Inc said it was\nvoluntarily recalling 20 lots of Digoxin, a cardiovascular\ndrug, because about seven of the lots made betweeen October\n1984 and Janauary 1986 failed to meet certain requirements.\n The lot number of Digoxin, in 0.25 mg tablets, are 112\nthrough 131. Zenith said the recalled lots were not likely to\ncause serious ill health effects, but said the recall is being\ndone because some of the lots failed to meet dissolutation\nrequirements upon retesting.\n Zenith said the other lots are not subject to the recall.\nIt said the recall will cost about 50,000 dlrs.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:00:01.77",
"places": [
"usa"
],
"id": "17692"
},
{
"title": "GE <GE>, ALSTHOM <ALSF.PA> DEVELOPING TURBINE",
"body": "General Electric Co said it and\nAlsthom of France are developing a 200 megawatt gas turbine\nthat will be the most powerful combustion turbine in the world,\nthe MS9001F.\n The company said when used in a combined cycle application,\nthe power plant efficiency will exceed 50 pct.\n The company said it will offer the turbine exclusively for\n50 hertz electrical system markets. Most of the world, except\nthe U.S. and several other countries, use the 50 hertz system,\nit said. It said Alsthom, its licensee in France, is\ncodeveloper and comanufacturer of the first unit.\n GE said the first of the turbines will be installed for\nElectricite de France's grid.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:00:56.90",
"places": [
"usa",
"france"
],
"id": "17693"
},
{
"title": "HICKS/HAAS GROUP HAS SPECTRADYNE <SPDY.O> FUNDS",
"body": "SPI Holding Inc, a group consisting of\nHicks and Haas and Acadia Partners LP, said it has received\ncommitments for the senior bank financing needed to complete\nits proposed acquisition of Spectradyne Inc for 46 dlrs a share\nin cash or securities, or a total of about 452 mln dlrs.\n The transaction was conditioned on the arrangement fo\nfinancing by today.\n It said it has also executed multi-year employment and\nnon-competition agreements with five Spectrayne senior managers.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:01:31.21",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17694"
},
{
"title": "ROONEY QUITS AS SERVICE RESOURCES <SRC>UNIT HEAD",
"body": "Service Resources Corp said Patrick J.\nRooney has resigned as chairman and chief executive officer of\nits Chas. P. Young subsidiary to devote more time to his posts\nas chairman and chief executive of the parent company.\n Young has recently offered to acquire Sorg Inc <SRG> for 23\ndlrs a share and take the combined company public.\n The company said James P. Alexis, president of Young's\nChicago operation, will succeed Rooney as chairman and chief\nexecutive of Young, with Jack R. Hubbs remaining president and\nchief operating officer.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:02:24.52",
"places": [
"usa"
],
"id": "17695"
},
{
"title": "FORD TO INVEST 23 MLN STG IN U.K. ENGINE PLANT",
"body": "Ford Motor Co <F> is to invest 23 mln stg\nin high technology equipment at its Bridgend engine plant in\nSouth Wales, the Press Association said.\n The move includes a new computerised engine test facility\nwhich the company says will make the factory one of the most\nefficient of its kind in the world.\n Bridgend currently supplies Escort, Orion and some Fiesta\nengines to Ford plants in Britain, West Germany and Spain.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:03:09.09",
"places": [
"uk"
],
"id": "17696"
},
{
"title": "U.S. HEALTHCARE <USHC.O> IN BLUE CROSS VENTURE",
"body": "U.S. Healthcare Inc said it has\nsigned an agreement with Blue Cross and Blue Shield of Missouri\nto jointly develop and operate a new health maintenance\norganization for the St. Louis area.\n The company said Blue Cross will wholly own HMO Missouri,\nwhich U.S. Healthcare will manage and market. It said it hopes\nto start offering the HMO by January.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:03:43.45",
"places": [
"usa"
],
"id": "17697"
},
{
"title": "ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT\n",
"date": " 1-JUN-1987 14:03:46.65",
"topics": [
"alum"
],
"id": "17698"
},
{
"title": "INVESTITECH <ITLD.O> GETS MORTGAGE LOAN",
"body": "Investitech Ltd said it has\nclosed on a 500,000 dlr long-term mortgage loan in connection\nwith its previous purchase of a Mulberry, Fla., plant,\nreplacing a short-term borrowing.\n The company said full production at the plant will start\nimmediately.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:04:15.25",
"places": [
"usa"
],
"id": "17699"
},
{
"title": "COMPUTER ASSOC. <CA> BOLSTERS HAND AGAINST IBM",
"body": "Computer Associates International Inc's\n800 mln dlr merger with Uccel Corp <UCE> will eliminate its\nstrongest rival, but the company still faces stiff competition\nfrom International Business Machines Corp <IBM>, Wall Street\nanalysts said.\n \"IBM is still the ruling force in mainframe systems\nsoftware,\" said Scott Smith, an analyst with Donaldson Lufkin\nand Jenrette.\n \"But the combination of the two companies will clearly\npresent a much stronger front,\" he said.\n Besides IBM, \"Computer Associates will be far and away the\nmost powerful company in the field,\" added E.F. Hutton analyst\nTerence Quinn.\n That field is a segment of the market known as system\nutilities, or software packages that boost the productivity of\na company's data processing facilities by increasing the speed,\npower and efficiency of large mainframe computers.\n The merger of Uccel and Computer Associates combines the\ntwo biggest systems utilities suppliers other than IBM.\nAnalysts said the remaining players are mostly small firms that\nwill find the competition much harder than in the past.\n For Computer Associates, the merger with Uccel caps a\nsix-year acquisition campaign that has vaulted the Garden City,\nN.Y.-based company to the top of the software industry.\n When the deal is completed sometime in August, the\ncompany's revenues will exceed 450 mln dlrs, pushing it past \nMicrosoft Corp <MFST> as the world's largest independent\nsoftware vendor.\n Computer Associates founder and chairman Charles B. Wang\ntook the company public in 1981, and since then he has bought\n15 companies and boosted annual sales from 18.5 mln to 309.3\nmln dlrs for the year ended March 31.\n Liemandt took charge of Wyly, sold off its non-computer\nbusinesses and decided that it would focus solely on mainframe\ncomputer software. In 1984, the company was renamed Uccel Corp.\n Liemandt, who said he will leave the company after the\nmerger is completed, also turned to acquisitions for growth.\n On the last day of 1986, Uccel completed the buyouts of six\ncompanies for a total of about 60 mln dlrs.\n For 1986, it earned 17.0 mln dlrs, or 1.01 dlrs a share, on\nsales of 141.5 mln dlrs.\n The agreement took industry analysts by surprise, largely\nbecause the companies had been such bitter rivals. Also,\nDallas-based Uccel had engineered a strong comeback from the\ndark days of 1982, when, as Wyly Corp, it lost 7.7 mln dlrs, or\n56 cts a share.\n At that time, Wyly owned a potpourri of 13 different\nbusinesses, only three of which were involved in computer\nsoftware. In 1983, Walter Haefner, a Swiss financier and a\nmajor Wyly investor, lured Gregory J. Liemandt away from his\njob as chairman of General Electric Co's <GE> computer services\nunit.\n Computer Associates' Wang and Uccel's Liemandt said at a\nnews conference that the merger would give computer users a\nsingle source for a wide range of software products.\n In addition to system utilities, Computer Associates also\nsell products for microcomputers, while Uccel has made inroads\nin the applications software market, where analysts said it has\nbeen successful with accounting and banking systems.\n Wang said Computer Associates would continue to support and\nenhance both companies' product lines, but noted that the\ncompany will eventually weed out duplicate offerings. He said\nabout 20 pct of the companies' products overlap.\n Analysts said the merger would dilute the holdings of\ncurrent Computer Associates shareholders by about 10 pct. But\nthey joined Wang in forecasting that the deal will not dilute\nComputer Associates' earnings for the current fiscal year.\n Quinn of E.F. Hutton said Wang has a proven track record of\ncompleting acquisitions without earnings dilution. Therefore,\nhe said he would not change his 1988 earnings estimate of 1.05\ndlrs a share.\n Wang said he would look closely at the combined operations\nof the two companies and cut duplication in sales, marketing\nand research and development.\n Analysts said Computer Associates paid a premium for Uccel.\nBased on Friday's closing price, the company will swap 47.50\ndlrs worth of its stock for each Uccel share, which is nearly\n33 times Uccel's 1987 estimated earnings of 1.45 dlrs a share.\n Stephen T. McClellan of Merrill Lynch Research said most\nsoftware companies are currently valued at about 20 times\nper-share earnings. But the analyst said Uccel was worth the\npremium because of its earnings potential and customer base.\n\n Wang said Haefner, the Swiss investor, would hold about 25\npct of Computer Associates stock after the merger. He currently\nowns 58 pct of Uccel.\n The executive said the merger would not alter his target of\nmaintaining sales and earnings growth of 30 pct to 35 pct.\n In addition, he said he expects no problems in having the\ndeal cleared by the antitrust division of the U.S. Justice\nDepartment.\n Uccel's Liemandt declined to say what he will do after the\nmerger, but he did not rule out working together with Wang.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:06:52.55",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17700"
},
{
"title": "MAXWELL WOULD NOT RENEW BID IF SUIT FAILS",
"body": "British press magnate Robert Maxwell said\nhis British Printing and Communication Corp Plc would not renew\nits bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit\nfiled against Harcourt in New York today fails.\n Speaking at a press conference, Maxwell denied market\nrumors that British Printing had approached British\ninstitutions to arrange a rights issue with a view to\nrelaunching its bid for the U.S. publishing concern.\n \"I don't believe in chasing mirages,\" maxwell said.\n British Printing filed suit in U.S. District Court in\nManhattan to block what Maxwell called a fraudulent\nrecapitalization announced by Harcourt last week.\n Harcourt, in response to a hostile two billion dlr takeover\nproposal from Maxwell, planned a recapitalization that would\npay shareholders 40 dlrs per share. Under the plan, it also\nsaid 40 pct of its shares will be controlled by its employees,\nmanagement, and its financial adviser, First Boston Corp <FBC>.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:14:19.18",
"topics": [
"acq"
],
"places": [
"uk",
"usa"
],
"id": "17701"
},
{
"title": "ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT\n",
"date": " 1-JUN-1987 14:14:55.58",
"topics": [
"alum"
],
"id": "17702"
},
{
"title": "<GRAND UNION CO> 4TH QTR MARCH 28 NET",
"body": "Net 7,237,000 vs 5,938,000\n Sales 630.8 mln vs 601.8 mln\n Year\n Net 34.1 mln vs 20.5 mln\n Sales 2.75 billion vs 2.61 billion\n NOTE: Twelve and 52-week periods.\n Generale Occidentale SA subsidiary.\n Prior year net both periods includes 7,580,000 dlr pretax\ncharge for store closings.\n Year net includes pension gain 3,455,000 dlrs vs charge\n5,502,000 dlrs due to change in pension accounting.\n Income tax rate for year 45.9 pct vs 34.1 pct due to\nabolition of investment tax credits. Elimination of investment\ntax credits approximately offset gain from change in pension\naccounting, company said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:17:04.97",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17703"
},
{
"title": "BELL CANADA <BCE> EXTENDS STOCK BUYBACK",
"body": "Bell Canada Enterprises Inc said it\nextended to June 30 from June 4 a short-term voluntary sale\nprogram for shareholders owning 10 or fewer Bell Canada common\nshares.\n The plan allows such shareholders of record at April 21 to\nsell their shares at market price without incurring brokerage\ncommissions or other charges.\n Bell Canada was quoted at 42 dlrs, up 1/4, in afternoon\ntrading on the Toronto Stock Exchange.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:22:28.05",
"places": [
"canada"
],
"id": "17704"
},
{
"title": "SYNERCOM <SYNR.O> NAMES NEW PRESIDENT",
"body": "Synercom Technology Inc said it has named\nRobert Forsyth president.\n The company said Forsyth is taking over the position from\nThomas Moore, who remains chairman and chief executive officer.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:22:43.92",
"places": [
"usa"
],
"id": "17705"
},
{
"title": "U.S. VIDEO <VVCO.O>, FIRST NATIONAL IN MERGER",
"body": "U.S. Video Vending Corp said it\ncompleted acquiring First National Telecommunications INc from\nFirst National Entertainment Corp for about 10 mln, or a\ncontrolling interest of U.S. Video Vending shares.\n Pursuant to the transaction, Harvey Seslowsky and William\nHodes resigned from U.S. Video's board and were replaced by\nfour members of First National.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:23:43.75",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17706"
},
{
"title": "COCOA ORIGINS DISMAYED BY BUFFER STOCK ACTION",
"body": "Traders recently returned from West Africa\nsay some producers there are dismayed by the ineffective action\nso far by the International Cocoa Organization (ICCO) buffer\nstock manager on buffer stock purchases.\n One trader said some West African producers are annoyed the\nBuffer Stock manager is not playing his part as required by the\nInternational Cocoa Pact to stabilise prices from current lows.\n So far, only 21,000 tonnes of second hand cocoa have been\ntaken up for buffer stock purposes and this, traders noted,\nonly on an intermittent basis.\n They noted the purchases, of 8,000 tonnes in the first week\nhe bought and 13,000 in the second, are well short of the\nlimitations of no more than 5,000 tonnes in one day and 20,000\nin one week which the cocoa agreement places on him.\n The traders recently returned from West Africa say\nproducers there are unhappy about the impact on cocoa prices so\nfar, noting producing countries are part of the international\ncocoa pact and deserve the same treatment as consumers.\n London traders say terminal market prices would have to\ngain around 300 stg a tonne to take the ICCO 10-day average\nindicator to its 1,935 sdr per tonne midway point (or reference\nprice).\n However, little progress has been made in that direction,\nand the 10-day average is still well below the 1,600 sdr lower\nintervention level at 1,562.87 from 1,569.46 previously.\n The buffer stock manager may announce today he will be\nmaking purchases tomorrow, although under the rules of the\nagreement such action is not automatic, traders said.\n Complaints about the inaction of the buffer stock manager\nare not confined to West African producers, they observed.\n A Reuter report from Rotterdam quoted industry sources\nthere saying Dutch cocoa processors also are unhappy with the\nintermittent buffer stock buying activities.\n In London, traders expressed surprise that no more than\n21,000 tonnes cocoa has been bought so far against total\npotential purchases under the new agreement of 150,000 tonnes.\nCarryover holdings from the previous International Cocoa\nAgreement in the stock total 100,000 tonnes.\n Terminal prices today rose by up to 10 stg a tonne from\nFriday's close, basis July at its high of 1,271.\n It seems that when the buffer stock manager is absent from\nthe market, prices go up, while when he declares his intention\nto buy, quite often the reverse applies, traders said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:24:37.28",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"places": [
"uk"
],
"id": "17707"
},
{
"title": "CANADA CORPORATE DEBT LOWEST IN FIVE YEARS",
"body": "Canada's corporate debt burden is at its\nlowest point in five years but still exceeds pre-1981 recession\nlevels, said a study by Canadian Imperial Bank of Commerce\n<CM.TO>.\n The bank said the debt-equity ratio for all Canadian\ncompanies, excluding financial corporations, now averages 1.50,\ndown from 1.70 in 1982, but higher than 1.47 in 1980.\n \"Five years of uninterrupted economic growth in Canada and\nthe strength of the Canadian bond and stock markets, despite\nrecent corrections, have led to a marked improvement in the\nfinancial health of most Canadian corporations,\" the bank said.\n \n The bank said that manufacturing, construction,\ntransportation, utility and service industries had improved\ntheir debt-equity ratios to 1977 levels. Mining, oil and gas\ncompanies were not performing as well due to low commodity\nprices, the bank added.\n Canadian corporate financial ratios are also stronger than\nthose in the U.S., the bank said. It said the 1981-82 recession\nled some Canadian companies to downsize and use resulting\nsavings to cut floating rate debt, and others to shift to\nequity from debt financing.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 14:25:22.01",
"places": [
"canada"
],
"id": "17708"
},
{
"title": "AMERICAN TRAVELLERS <ATVC.O> REPORTS PRODUCTION",
"body": "American Travellers Corp's\nAmerican Travellers Life Insurance Co unit said it wrote more\nthan 1.1 mln dlrs of new business in May\n Last year, the unit wrote 553,350 dlrs of new business for\nthe month of May.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:26:07.09",
"places": [
"usa"
],
"id": "17709"
},
{
"title": "RAPID-AMERICAN COMPLETES K MART <KM> STORE BUY",
"body": "Privately-held Rapid-American Corp said\nit has completed the previously-announced acquisition of 66\nKresge and Jupiter stores from K Mart Corp.\n The company said it plans to operate 57 of the stores as\nMcCrory Five and 10 variety stores and close the others by the\nend of July.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:28:10.91",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17710"
},
{
"title": "ZENITH ELECTRONICS <ZE> INTRODUCES COMPUTER",
"body": "Zenith Electronics Corp said it\nintroduced a one-piece computer with 512 kilobytes of memory\npriced starting at 999 dlrs.\n Zenith said the new computer, called the \"eaZy pc\", is\ncompatible with the PC/XT system and uses 3-1/2-inch disk\ndrives.\n The computer, Zenith's lowest priced unit, uses an Intel\n8088-compatible microprocessor. Its memory will be expandable\nto 640K through two options expected to be available in August.\nThe system uses an MS-DOS operating system developed by Zenith\nand Microsoft Corp <MSFT.O>.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:28:26.71",
"places": [
"usa"
],
"id": "17711"
},
{
"title": "HUGHES SUPPLY INC <HUG> 1ST QTR APRIL 30 NET",
"body": "Shr 58 cts vs 53 cts\n Shr diluted 54 cts vs 53 cts\n Net 1,957,745 vs 1,594,009\n Sales 95.8 mln vs 87.4 mln\n NOTE: Average shares up 11.7 pct on primary basis.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:28:31.12",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17712"
},
{
"title": "EXPEDITERS INTERNATIONAL <EXPD.O> SEES GOOD YEAR",
"body": "Expediters International of Washington\nInc president John Kaiser told securities analysts business in\nthe current quarter is good and he is looking for good results\nfor the year.\n Kaiser, however, declined to make specific earnings\nprojections. In 1986, the company reported earnings of 4.1 mln\ndlrs, or 73 cts a share, on sales 108.8 mln dlrs.\n \"The second quarter looks good and it looks like we're\ngoing to have a good year,\" he said, citing strength in imports\nand exports in the Pacific Rim.\n Kaiser also said a pickup in electronics and computer\nbusiness would help this year's results.\n The company is trying to get a license to operate directly\nin Korea before next year's Olympics, he said. It currently\nworks through an agent there.\n He said four countries in the Pacific - Hong Kong, Korea,\nTaiwan and Singapore, where the company does much if its\nbusiness - should have economic growth of more than 10 pct over\nthe next two to four years. \"The Pacific Rim will still be our\nstrongest market,\" he said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:28:42.83",
"places": [
"usa",
"hong-kong",
"south-korea",
"taiwan",
"singapore"
],
"id": "17713"
},
{
"title": "LITTLE REACTION TO REMOVAL COMEX DAILY LIMITS",
"body": "The elimination of limits on daily price\nfluctuations for metals futures contracts traded on the\nCommodity Exchange, COMEX, appears to be having little effect\non the market, analysts said.\n \"There is nothing apparent from the change,\" said William\nO'Neill, director of futures research at Elders Futures Inc.\n \"The market has not approached the old price limits and\ntrading is relative quiet, in narrow ranges,\" he said.\n On May 5, COMEX eliminated price limits on the two\ncontracts following each spot delivery in gold, silver, copper\nand aluminum futures after a review of its clearing operations,\nwhich were severely tested by a volatile market in silver\nfutures at the end of April. COMEX announced Friday the lifting\nof all daily limits, effective today.\n Gold futures, which previously had a limit of 25 dlrs per\nounce in most back months, were about 7.00 dlrs weaker in the\nnearby contracts amid thin volume conditions, traders said.\n Silver futures, previously limited at 50 cents in most back\nmonths, were trading about 30-40 cts weaker in the nearby\ncontracts amid quiet trading today.\n During the last week of April, silver futures often traded\nat the daily allowable limit amid concerns about inflation, the\ndollar, and other factors. Traders rushed into the spot, or\nunlimited, contract to offset those moves, analysts said.\n As a result, O'Neill said, there was much confusion, many\nunmatched trades, and large losses for some traders.\n The COMEX fined four large firms a total of 100,000 dlrs\nfor failure to resolve unmatched trades in a timely manner.\n Paul Cain, a vice president at Shearson Lehman Brothers,\nsaid the elimination of price limits will cut back on panic\nbuying or selling and contribute to more orderly markets.\n O'Neill added that the elimination of daily limits would\nadd caution to trading.\n \"This is a more realistic approach because the metals\nmarket is a 24 hours market and prices can move without limit,\"\nO'Neill said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:28:57.78",
"topics": [
"gold",
"silver",
"copper",
"alum"
],
"places": [
"usa"
],
"id": "17714"
},
{
"title": "<GRAND UNION CO> SEES HIGHER YEAR SPENDING",
"body": "Grand Union Co, a subsidiary\nof Generale Occidentale SA of France, said it plans capital\nspending of 111 mln dlrs this year mostly for new stores and\nexpansions of existing units, up from 76 mln dlrs for the year\nended March 28, 1987.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:29:25.72",
"places": [
"usa"
],
"id": "17715"
},
{
"title": "TOTAL HEALTH <TLHT.O> TO MAKE ACQUISITION",
"body": "Total Health Systems Inc said it\nhas agreed to acquire CoMED Inc of Denville, N.J., a health\nmaintenance organization with over 63,000 subscribers, for an\nundisclosed amount of cash, the assumption of liabilities and\nthe provision of up to 10 mln dlrs in equity and debt\nfinancing.\n The company said the acquisition is subject to regulatory\napprovals.\n It said CoMED had 1986 revenues of 30.0 mln dlrs and\nearnings of 650,383 dlrs and had revenues for the first four\nmonths of 1987 of 13.6 mln dlrs, up 60 pct from a year before.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:29:40.10",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17716"
},
{
"title": "MEDITRUST <MTRUS.O> RAISES QUARTERLY PAYOUT",
"body": "Qtly div 44 cts vs 39 cts prior\n Pay Aug 14\n Record July 31\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:29:44.26",
"places": [
"usa"
],
"id": "17717"
},
{
"title": "ALLTEL <AT> GETS PERMISSION FOR LICENSE TRANSFER",
"body": "ALLTEL Corp said it has received\npermission from the Federal Communications Commission for the\ntransfer of its Syracuse/Binghamton/Cortland, N.Y., radio\npaging licenses to Mobile Communications Corp of America\n<MCCABV.O> and the transfer takes effect today.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:30:05.21",
"places": [
"usa"
],
"id": "17718"
},
{
"title": "UNITED ASSET <UAM> COMPLETES ACQUISITION",
"body": "United Asset Management corp said it\nhas completed the acquisition of Rice, Hall, James and\nAssociates of San Diego for undisclosed terms.\n It said Rice Hall manages investments for institutions and\nindividuals and has about 690 mln dlrs in assets under\nmanagement currently.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:30:11.67",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17719"
},
{
"title": "KMS INDUSTRIES INC <KMSI.O> GETS CONTRACT",
"body": "KMS Industries Inc said its\nCovalent Technology Corp subsidiary won a one-year 60,000 dlr\ncontract for develpoing a rapid and simple method for detecting\nheaptitis B antigen and diarrheal disease toxins.\n It said the award was from the Program for Appropriate\nTechnology in Health, in collaboration with the United States\nAgency for International Development.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:30:17.68",
"places": [
"usa"
],
"id": "17720"
},
{
"title": "AIRLINE ANALYSTS STUDY BRITISH AIRWAYS <BAB>",
"body": "Since British Airways was sold to the\npublic by the British government, airline analysts have begun\ncovering the big carrier and giving it good reviews.\n \"Analysts are picking up British Airways because it's a\nmajor airline, and because they have fewer companies to work\nwith after all the mergers,\" said Merrill Lynch analyst Edmund\nGreenslet. \"Two years ago there were enough U.S. carriers, but\nnow more analysts are adding the international airlines.\"\n Merrill Lynch, for instance, will be covering it from its\ninternational offices, he said.\n British Airways was sold to the public by the Conservative\ngovernment in February.\n It has a fleet of 167 jetliners, making it the largest in\nEurope. A relatively small portion of revenue and traffic comes\nfrom intra-U.K. operations, and its predominantly long-haul\nroute network spans the globe.\n Julius Maldutis at Salomon Brothers said he likes British\nAirways because it can quickly redeploy jets to strong markets\nor away from weak ones, as it did last year in response to the\nsevere downturn in North Atlantic traffic after the Chernobyl\nnuclear disaster and terrorist actions.\n \"Because of its diverse network, it has the ability to\nhedge or mitigate adverse developments in one particular area,\"\nMaldutis said.\n He said British Airways should outperform the rest of the\nstock market. Salomon was an underwriter for the company's\npublic offering in February.\n About 6.3 mln British Airways' American depositary receipts\nare traded on the NYSE, and 2.8 mln ADRs on the Toronto\nexchange. Each ADR equals 10 ordinary shares.\n Louis Marckesano at Janney Montgomery Scott said British\nAirways near-term outlook is good. \"We're looking for good\ntraffic growth and improved revenues,\" he said.\n \"British Airways should be riding a good wave,\" he said.\n\"Its fiscal year began April one, so when you think of all the\ntroubles it experienced in the first half of last year,\nespecially in the North Atlantic market, you know all\ncamparisons should be nice.\"\n At March 31 the carrier had total debt of 279 mln stg for a\ndebt-to-equity ratio of 33 pct, which is very good for an\nairline, analysts said.\n \"Its balance sheet is very conservative - perhaps too\nconservative for an airline - but that means it can borrow to\nexpand its fleet,\" Marckesano said.\n British Airways has been a leading force of airline\nliberalization in Europe, which is being gradually implemented\nto avoid the problems of U.S. airline deregulation, which\nbrought years of unstable fares and losses.\n Analysts agree a phased-in deregulation will greatly\nbenefit British Airways over the long run because it is the\nlargest European carrier.\n Analysts caution that British Airways faces increasing\ncompetition for travelers to Europe from U.S. carriers as\nairline consolidation here expands route networks.\n In 1983, for instance, about 69 pct of U.K.-bound\npassengers transferred to European carriers after arriving at\nU.S. gateway airports onboard U.S. carriers.\n But U.S. carriers are retaining more of their passengers,\nand this year about 30 pct of U.K.-bound travelers are expected\nto switch to a European carrier to complete the trip, according\nto British Airways' chief executive officer, Colin Marshall.\n \"British Airways had a greater shot at picking up traffic\nwhen it was funneled to New York,\" said Marckesano \"Now,\ntraffic is being captured earlier by U.S. carriers as it leaves\nAtlanta, Dallas and other cities,\" said Marckesano.\n He also said that British Airways' first-half results might\nmislead an investor into gauging full-year results because its\nfiscal year begins April one.\n \"Profits build in the first half. But if an investor just\ndoubles that figure, he'll be making a big mistake,\" he said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:30:52.51",
"places": [
"usa",
"uk"
],
"id": "17721"
},
{
"title": "U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS, SOYBEANS 7,209, WHEAT 15,187 CORN 25,347\n",
"date": " 1-JUN-1987 14:32:03.53",
"topics": [
"soybean",
"grain",
"wheat",
"corn"
],
"id": "17722"
},
{
"title": "COMPUTERLAND TO BE ACQUIRED BY INVESTOR GROUP",
"body": "Computerland Corp said an\ninvestor group led by the financial services firm E.M. Warburg\nPincus and Co Inc has agreed to acquire Computerland's\nbusiness.\n Computerland, a privately-held company said to be the\nworld's largest retailer of personal computers, declined to\nprovide details of the arrangement.\n But the company said it expects to close the acquisition\nover the next 60 to 90 days.\n In announcing the transaction, Computerland said the\nacquisition will provide it with resources and support to\nmaintain and expand its leadership position in the computer\nretail industry.\n Computerland also said its network retail sales in 1986\ntotalled 1.45 billion dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:33:33.18",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17723"
},
{
"title": "WATCHDOG GROUP SEEKS U.S. RECALL OF SCHOOLBUSES",
"body": "The Center for Auto Safety, a private\nauto industry watchdog group, sought a government recall of\n50,000 schoolbuses, charging that a defect in their manufacture\ncauses the buses to split open in a crash.\n The center said it asked the National Highway Traffic\nSafety Administration (NHTSA) to recall all school buses built\nsince 1977 by Thomas Built Buses of High Point, N.C..\n \"In the past seven years, 45 children were injured and six\nkilled in crashes of Thomas schoolbuses where the panels of the\nbuses split open at the joints,\" Executive Director Clarence\nDitlow wrote Transportation Secretary Elizabeth Dole.\n NHTSA is a part of the U.S. Department of Transportation.\n Ditlow said Thomas had failed eight body and three floor\njoint tests since 1977. \"No Thomas schoolbus tested for joint\nstrength since (a federal standard) was adopted in 1978 has\never passed,\" he said.\n Officials of Thomas were unavailable for comment.\n NHTSA officials had no immediate comment on the recall\npetition.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:37:33.36",
"places": [
"usa"
],
"id": "17724"
},
{
"title": "ELECTROSPACE <ELE> GETS DEFENSE CONTRACT",
"body": "Electrospace Systems Inc said\nit has received the first 1,623,000 dlr increment of a possible\nfive mln dlr contract award from the U.S. Space and Naval\nWarfare Systems Command.\n It said the contract covers production and systems\nintegration of seven AN/WSC-6 SHF SATCOM systems for use on\ncombatant and survey ships.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:38:44.24",
"places": [
"usa"
],
"id": "17725"
},
{
"title": "SOONER DEFENSE <SOON.O> GETS CONTRACT",
"body": "Sooner Defense of Florida Inc said\nit won a 4.2 mln dlr contract from the U.S. Army Armament to\nbuild electronic proximity fuzes used in Navy five-inch gun\nsystems.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:39:13.46",
"places": [
"usa"
],
"id": "17726"
},
{
"title": "BILZERIAN SAYS IF PAY N'PAK SIGNS MERGER ACCORD HE WILL TENDER FOR 7.5 MLN SHARES\n",
"date": " 1-JUN-1987 14:39:30.94",
"topics": [
"acq"
],
"id": "17727"
},
{
"title": "PIOSEC <PIO.AL> ACQUIRES SEMICONDUCTOR STAKE",
"body": "Piosec Technology Ltd said it\nexchanged 4.5 mln common shares for 21 pct of privately owned\n<Alliance Semiconductor Corp> of Santa Clara, Calif.\n Followin the acquisition, a Piosec spokesman said, the\ncompany has 6.5 mln shares outstanding.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:39:41.22",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "17728"
},
{
"title": "AMERICAN CREDIT CARD <ACCT.O> TO MAKE PURCHASE",
"body": "American Credit Card\nTelephone Co said it has completed arrangements to purchase\n500,000 of its common shares and 500,000 of its warrants as\nwell as all payphone technology, software and rights from\nDigvitech Inc's <DGTC.O> Digitech Communications Inc affiliate.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:39:58.65",
"places": [
"usa"
],
"id": "17729"
},
{
"title": "FRENCH TREASURY DETAILS PLANNED TAP ISSUE",
"body": "The French Treasury will issue between\neight and 10 billion francs worth of tap stock, depending on\nmarket conditions, at its next monthly tender on Thursday, the\nFrench bond issuing committee said.\n The planned issue will be of two fixed-rate tranches of the\n8.50 pct May 1994 and the 8.50 pct December 2012 stock and one\ntranche of the 12-year variable rate 1999 stock.\n At its last tender on May 7, the Bank of France sold 8.2\nbillion francs of tap stock.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:41:56.05",
"places": [
"france"
],
"id": "17730"
},
{
"title": "TIN TRADERS' RESPONSE MUTED TO KL FUTURES MARKET",
"body": "European free market tin traders made a\nsomewhat muted response to plans for a Kuala Lumpur\ndollar-based tin futures market due to be launched in October.\n Traders said the new market would probably be a useful\ntrading medium for Japan and other South East Asian tin\ninterests although European traders generally appear to be\nreasonably satisfied with the current \"free market\" system\nwhich has been operating since London Metal Exchange, LME, tin\ntrading ceased in October 1985. Dealers here will also want to\nsee how acceptable foreign metal will be on the new market and\nwhat sort of demand develops for forward deliveries.\n There is also a view among European traders that, while the\nproposed Kuala Lumpur tin futures market would provide another\nuseful reference point, a market inaugurated by the Malaysian\ngovernment -- in the past viewed as a major player at times by\nthe trade -- would make participants uncomfortable.\n Some traders expressed a preference for a resumption of\ntrading on the London Metal Exchange, but they added that while\nthere has been some behind the scenes discussion on the subject\na definite move is unlikely until outstanding High Court\nlitigation actions have been resolved.\n Spot tin prices on the European free market are currently\naround 4,200 stg per tonne for high grade metal in warehouse\nRotterdam. Over the past 18 months the price moved to a ten\nyear low of 3,400 stg in March 1986 and rebounded to as high as\n4,680 stg in December 1986.\n This compares with 8,140 stg last paid when LME trading\nceased in October 1985 and a record high tin price of 10,350\nstg traded for Cash Standard Grade metal in June of that year.\n LME warehouse stocks are now near a two-year low at 28,065\ntonnes, having fallen steadily from a record high of 72,485\ntonnes reached in February 1986.\n Traders said the free market turned bullish during late\nlast year based on producer forecasts of a supply/demand\ndeficit of some 28,000/29,000 tonnes. Analysts were predicting\nprices of up to 5,000 stg per tonne during 1987.\n However, the trend was reversed following a strong upswing\nin sterling versus the dollar and values fell back briefly to\n4,100 stg last month after approaching 4,700 stg in December.\n The decline accelerated as producers who had sold very\nlittle metal at the higher levels became competitive sellers.\n There was also a lack of significant demand from major\nsteel mills who made large purchases prior to the new year.\n Traders say the 15 ITC creditor banks' original tin\nholdings of nearly 45,000 tonnes have now been almost halved,\nand the bulk of material still available is being held by\nMalaysian and Japanese firms which are reluctant to depress the\nmarket with unwanted metal.\n Some 80,000 tonnes were held by banks and brokers after the\nInternational Tin Council's, ITC, buffer stock manager halted\nsupport operations on the LME on behalf of the 22 members\nnations of the International Tin Agreement.\n The overhang of metal was reduced further by broker\nShearson Lehman Brothers, which earlier this year reported\nhaving sold its ITC-related holdings and halved its overall tin\nposition.\n Analysts see no immediate sign of a rally in European tin\nprices and movements are still expected to be largely related\nto currency fluctuations, unless significant consumer demand\nemerges for the third quarter.\n The Association of Tin Producing Countries, ATPC, has made\nefforts since the collapse of the ITA to achieve higher world\nprices by attempting to bring all major producers under an\nexport control umbrella, but to date Brazil and China, two\nmajor producers, remain unaffected by the ATPC argument and\napparently are continuing to offer material at discounts to\nconsumers in main European trading centres, dealers said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:46:10.74",
"topics": [
"tin"
],
"organisations": [
"itc"
],
"places": [
"uk",
"japan",
"malaysia",
"brazil",
"china"
],
"id": "17731"
},
{
"title": "LEISURE CONCEPTS <LCIC.O>, LORIMAR <LT> IN DEAL",
"body": "Leisure Concepts Inc said it has signed\na definitive agreement to be licensing agent for all\nLorimar-Telepictures Corp television and film properties,\nformalizing a preliminary agreement reached in January.\n It said undser the terms, Lorimar has received a five-year\nwarrant to buy up to 250,000 Leisure Concepts shares at 6.25\ndlrs each. Leisure Concepts now has about 3,100,000 shares\noutstanding.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:47:54.39",
"places": [
"usa"
],
"id": "17732"
},
{
"title": "ICCO buffer stock manager to buy 5,000 tonnes cocoa Tuesday, June 2 - official\n",
"date": " 1-JUN-1987 14:49:00.20",
"topics": [
"cocoa"
],
"organisations": [
"icco"
],
"id": "17733"
},
{
"title": "HAYES MICROCOMPUTER ANNOUNCES NEW MODEMS",
"body": "<Hayes Microcomputer Products Inc>\nsaid it has introduced five new V-series system products and a\nnew generation communication software package, Smartcom III.\n Hayes said the new V-series includes the V-Series\nSmartmodem 9600, V-Series Smartmodem 9600B, V-Series Smartmodem\n2400 and V-series Smartmodem 2400B.\n These products provide error control, adaptive data\ncompression and automatic feature negotiation, Hayes said.\n Hayes also said it has established a network of dealers and\ndistributors aurthorized to sell the new products.\n The company also said it has introduced a V-series Modem\nEnhancer and has reduced the estimated retail prices on its\ncurrent modem product line.\n Its other new product, the Smartcom III, is a\ncommunications program for the International Business Machines\nCorp <IBM> PC, Compaq Computer <CPQ> and compatible personal\ncomputers, the company said.\n Hayes said it has priced the Smartmodem 9600 at 1,299 dlrs,\nSmartmodem 9600B at 1,199 dlrs (1,299 dlrs with Smartcom III),\nV-Series Smartmodem 2400 at 899 dlrs and V-series Smartmodem\n2400B at 849 dlrs (899 dlrs with Smartcom).\n In addition, Hayes said that following an introductory\npromotional price of 199 dlrs until September 30, the V-series\nmodem enhancer will have an estimated retail price of 349 dlrs.\n Smartcom III will be priced at 249 dlrs, Hayes said, adding\nthat all products will be available this month.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:50:18.24",
"places": [
"usa"
],
"id": "17734"
},
{
"title": "GULL <GLL> GETS MCDONELL DOUGLAS <MD> CONTRACT",
"body": "Gull Inc said it has received a\ncontract initially worth about 1,500,000 dslrs to supply\nMcDonnell Douglas Corp with the control system for an On-Board\nInert Gas Generating System to be used in the new C-17A\nmilitary transport cargo airport.\n It said under production options in the coutract, it could\nsupply controllers for up to 210 aircraft, raising the value of\nthe contract to over 25 mln dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:51:19.91",
"places": [
"usa"
],
"id": "17735"
},
{
"title": "LODGISTIX <LDGX.O> OPENS OFFICE IN CANADA",
"body": "Lodgistix Inc said it is expanding\ndistribution in Canada of its automated property management\nsystems for hotel and resorts with the opening of a new ssales\noffice in Calgary, Alberta.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:52:17.26",
"places": [
"usa",
"canada"
],
"id": "17736"
},
{
"title": "US WEST <USW> UNIT WINS POINT-OF-SALE CONTRACT",
"body": "US West Information Systems said it\ncompleted an agreement with the Australia and New Zealand\nBanking Group Ltd <ANZA.S> to provide a turnkey installation of\nhardware, software and support services for a nationwide\npoint-of-sale network in Australia.\n Financial terms of the five-year agreement were not\ndisclosed. US West Information Systems is a unit of US West\nInc.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:59:13.88",
"places": [
"usa"
],
"id": "17737"
},
{
"title": "CO-OPERATIVE <COBK.O> COMPLETES ACQUISITION",
"body": "Co-operative Bancorp said it\ncompleted the acquisition of all the issued and outstanding\nstock of the Quincy Co-operative Bank <QBCK.O>.\n Under the agreement, Quincy stockholders will receive 30\ndlrs cash for each share owned of the Quincy Co-operative Bank,\nfor a total transaction of approximately 50 mln dlrs,\nCo-operative said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:59:23.27",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17738"
},
{
"title": "EPSCO <EPSC.O> GETS RAYTHEON <RTN> CONTRACTS",
"body": "EPSCO Inc said it has receiveed\ncontracts worth 2,800,000 dlrs from Raytheon Co for\nhigh-powered microwave components and antenna feed subsystems\nfor use on the Patriot air defense missile system.\n Reuter\n\u0003",
"date": " 1-JUN-1987 14:59:44.64",
"places": [
"usa"
],
"id": "17739"
},
{
"title": "NATIONAL HEALTHCARE <NHC> OPENS CENTER",
"body": "National HealthCorp LP said\nit has opened a 120-bed nursing care and phsical therapy center\nin Pensacola, Fla., called Palm Gardens of Pensacola.\n It said it manages the center for owner Florida\nConvalescent Centers Inc. \n Reuter\n\u0003",
"date": " 1-JUN-1987 14:59:50.00",
"places": [
"usa"
],
"id": "17740"
},
{
"title": "REAGAN TO CALL FOR WEST GERMAN AND JAPANESE ECONOMIC GROWTH AT VENICE SUMMIT\n",
"date": " 1-JUN-1987 15:00:40.38",
"id": "17741"
},
{
"title": "REAGAN SAYS U.S., ALLIES MUST HONOR ACCORDS ON EXCHANGE RATE STABILITY\n",
"date": " 1-JUN-1987 15:00:48.13",
"topics": [
"money-fx"
],
"id": "17742"
},
{
"title": "MONSANTO <MTC> TO ACQUIRE RHONE-POULENC ASSETS",
"body": "Monsanto Co said it is acquiring\ncertain commerical assets of <Rhone-Poulenc Chimie's>\npolyphenyl business.\n Terms of the transaction were not disclosed.\n Among the assets being acquired are its polyphenyl business\nworldwide, including biphenyl and the heat transfer fluid\nGilotherm TH, together with associated manufacturing and\napplication technology, Monsanto said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:01:50.78",
"topics": [
"acq",
"pet-chem"
],
"places": [
"usa"
],
"id": "17743"
},
{
"title": "PEPSICO <PEP> NEW JERSEY BOTTLING UNIT ON STRIKE",
"body": "The New Jersey operations of\nPepsico Inc's Pepsicola Bottling Group in the New York\nmetropolitan area have been struck by Teamsters Union Local\n125, a Pepsico spokesman said.\n He said the company has hired temporary drivers to cover\ndeliveries from the struck warehouses in West Caldwell, North\nBrunswick, Moonachie and South Carney.\n Also struck were the company's manufacturing operations at\nTeeterboro and its food service operations at Hasbrouck\nHeights, the spokesman added.\n The Pepsico spokesman said the company's contract with the\nunion expirted at 2400 EDT yesterday.\n He said the company reached a tentative agreement with the\nunion Friday after five weeks of negotiations which was\nrejected by the rank and file in a vote Saturday.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:01:59.67",
"places": [
"usa"
],
"id": "17744"
},
{
"title": "INTERNATIONAL RESEARCH <IRDV.O> SEES HIGHER NET",
"body": "International Research and\nDevelopment Corp's earnings per share in its second quarter\nshould be higher than the three cts a share earned in the 1986\nperiod, president Francis X. Wazeter told shareholders.\n He said share earnings in this year's second period will be\nabout the same as the six cts a share earned in the 1987 first\nperiod.\n Wazeter said earnings per share this year should be higher\nthan the 15 cts a share made last year, and revenues from\nstudies in progress will be higher than last year's revenues of\n16.1 mln dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:02:18.90",
"places": [
"usa"
],
"id": "17745"
},
{
"title": "INFO-DATA TO ACQUIRE USA OUTDOOR ADVERTISING",
"body": "<Info-Data Inc> said it\nwill acquire <USA Outdoor Advertising Inc> of Jacksonville,\nFla., in exchange for stock.\n USA Outdoor Advertising was acquired for 62.4 pct of the\noutstanding shares of Info-Data Inc, the company said.\n Info-Data said it plans to change its name to USA Outdoor\nAdvertising Inc to reflect the change in the company's\noperations.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:02:46.29",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17746"
},
{
"title": "REAGAN CALLS FOR W. GERMAN, JAPANESE GROWTH",
"body": "President Reagan said he will use the\nannual economic summit of major industrialized countries to\npress for economic expansion by West Germany and Japan.\n In a pre-summit speech at the White House, Reagan said that\npreserving a growing world economy was the business of every\nmember of the world trading community.\n \"It will be made clear, especially to our friends in Japan\nand the Federal Republic of Germany that growth-oriented\ndomestic policies are needed to bloster the world trading\nsystem on which they depend,\" he said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:03:11.85",
"places": [
"usa",
"west-germany",
"japan"
],
"id": "17747"
},
{
"title": "REAGAN URGES FULFILLMENT OF EXCHANGE ACCORDS",
"body": "President Reagan, preparing to depart\nfor the Venice economic summit on Wednesday, said the United\nStates and its allies must fulfill agreements on exchange rate\nstability.\n \"Economic policy decisions made last year in Tokyo, and at\nthis year's meetings of Group of 7 Finance ministers in Paris\nand in Washington, cannot be ignored or forgotten,\" he said.\n \"The commitments made at these meetings need to be\ntranslated into action,\" Reagan said in a pre-summit speech\ncelebrating the 40th anniversary of the Marshall Plan.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:03:19.66",
"topics": [
"money-fx"
],
"places": [
"usa"
],
"id": "17748"
},
{
"title": "UNI-MARTS <IMMA.O> ACQUIRES GAS-N-ALL STORES",
"body": "Uni Marts Inc said it acquired\nseven <Gas-N-All Inc> convenience stores for an undisclosed\namount of cash.\n The acquisition bring to 228 the number of convenience\nstores owned by Uni-Marts, the company said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:03:26.51",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17749"
},
{
"title": "REAGAN HINTS U.S. WANTS HELP IN PATROLLING GULF",
"body": "President Reagan said he would discuss\nthe Mideast Gulf situation with allied leaders at next week's\nVenice economic summit and hinted he would seek their help in\npreserving free navigation.\n In a speech prepared for delivery as the United States made\nplans to protect 11 Kuwaiti oil tankers from Iranian attack,\nReagan said the American people were aware that \"it is not our\ninterests alone that are being protected.\"\n Saying that allied dependence on gulf oil was no secret,\nReagan declared, \"During the upcoming summit in Venice, we will\nbe discussing the common security interests shared by the\nwestern democracies in the MIDEAST Gulf.\n \"The future belongs to the brave. Free men should not cower\nbefore such challenges, and they should not expect to stand\nalone.\"\n Reagan will meet the leaders of Britain, France, West\nGermany, Italy, Canada and Japan at the economic summit, which\nwill take place in Venice June 8-10.\n \n The 13th annual top-level meeting of the major industrial\ndemocracies will take place against a backdrop of rising\ncongressional concern over Reagan's plan to protect gulf\nshipping and demands that the allies do more.\n These concerns were heightened by the May 17 Iraqi missile\nattack on the U.S. frigate Stark which killed 37 seamen.\n \"They died while guarding a chokepoint of freedom, deterring\naggression and reaffirming America's willingness to protect its\nvital interests,\" Reagan said.\n \n In a pre-summit speech celebrating the 40th anniversary of\nthe Marshall Plan, Reagan, who spoke to an audience of foreign\naffairs experts, also pledged to push for economic expansion by\nWest Germany and Japan to bolster the world trading system.\n \"While the vibrancy of the U.S. economy has contributed\nenormously to the world expansion, preserving a growing world\neconomy is the business of every member of the world trading\ncommunity,\" he said.\n \n \"It will be made clear, especially to our friends in Japan\nand the Federal Republic of Germany, that growth-oriented\ndomestic policies are needed to bolster the world trading\nsystem on which they depend.\"\n Reagan coupled this appeal with a call for compliance with\nallied accords on exchange rate stability.\n \"Economic policy decisions made last year in Tokyo and at\nthis year's meetings of Group of Seven finance ministers in\nParis and in Washington cannot be ignored or forgotten,\" he\nsaid. \"The commitments made at these meetings need to be\ntranslated into action.\"\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:04:24.68",
"topics": [
"ship",
"crude"
],
"places": [
"usa",
"uk",
"canada",
"italy",
"france",
"west-germany",
"japan"
],
"id": "17750"
},
{
"title": "MERRILL CORP <MRLL.O> 1ST QTR APRIL 30 NET",
"body": "Shr 21 cts vs 20 cts\n Net 965,000 vs 726,000\n Revs 13.4 mln vs 11.8 mln\n Avg shrs 4,606,242 vs 3,624,528\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:05:10.36",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17751"
},
{
"title": "ADVANCED TELECOMMUNICATIONS <ATEL.O> TO BUY CO",
"body": "Advanced Telecommunications Corp\nsaid it reached an agreement in principle to purchase <Teltec\nSavings Communications Co>, a long distance telephone service\nin Florida.\n The proposed acquisition price is approximately 17.5 mln\ndlrs in cash, the company said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:05:15.19",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17752"
},
{
"title": "ODETICS INC <OA/OB> 4TH QTR MARCH 31 NET",
"body": "Shr seven cts vs eight cts\n Net 278,000 vs 340,000\n Revs 11.4 mln vs 8,871,000\n Year\n Shr three cts vs one ct\n Net 113,000 vs 33,000\n Revs 39.7 mln vs 33.1 mln\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:05:20.62",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17753"
},
{
"title": "FDIC CHIEF SAYS MORE BANKS WILL BUILD RESERVES",
"body": "Federal Deposit Insurance Corp\nChairman L. William Seidman told a bankers' meeting he thinks\nmore banks will follow Citicorp <CCI> and Chase Manhattan <CMB>\nin building up their reserves to meet Latin American debt\nproblems.\n Seidman, speaking to an American Bankers Association trade\nconference, said he did not think regulators would play as big\na role in encouraging banks to build up their loan-loss\nreserves as the marketplace would.\n \n My guess is that we as regulators won't become the key\nfactor. I think the market system will get most of the other\nbanks to follow suit,\" Seidman told some 3,000 executives\nattending the ABA's National Operations and Automation\nConference.\n In the past two weeks, Citicorp has added three billion\ndlrs and Chase Manhattan, 1.6 billion dlrs, to their loan-loss\nreserves.\n \n \"I think that most banks are going to find it irresistible\nto move forward on the same type of reserving because, if they\ndon't, their future earnings will be penalized as they hold up\ntheir reserves on a quarter-by-quarter basis,\" Seidman said.\n He said Chase and Citibank, by setting aside huge amounts\nat one time, have put their losses behind them and will show\nmuch better future earnings.\n That, he said, will put pressure on more banks to follow\nsuit.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:12:30.59",
"places": [
"usa"
],
"id": "17754"
},
{
"title": "ADDITIONAL CCC CREDIT GUARANTEES FOR KOREA--USDA",
"body": "The Commodity Credit Corporation (CCC)\nhas reallocated 50.0 mln dlrs in credit guarantees from the\npreviously announced undesignated line to provide additional\nguarantees for sales of feedgrains, oilseeds, and wheat to\nSouth Korea, the U.S. Agriculture Department said.\n The department said the action increases the feed grains\nline by 23 mln dlrs to 63 mln, the oilseed line by seven mln\ndlrs to 52 mln, and the wheat guarantee line by 20 mln to 165\nmln dlrs.\n The undesignated line is reduced to zero.\n The commodities are for delivery during the current fiscal\nyear ending this September 30, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:19:06.67",
"topics": [
"grain",
"wheat",
"oilseed"
],
"places": [
"usa",
"south-korea"
],
"id": "17755"
},
{
"title": "MORE U.S. BANKS SEEN BUILDING LOSS RESERVES",
"body": "Federal Deposit Insurance\nCorporation Chairman L. William Seidman told a bankers' meeting\nhe thinks more banks will follow Citicorp and Chase Manhattan\nin building up their reserves to meet Latin American debt\nproblems.\n Seidman, speaking to an American Bankers Association trade\nconference, said he did not think regulators would play as big\na role in encouraging banks to build up their loan-loss\nreserves as the marketplace.\n \"My guess is that we as regulators won't become the key\nfactor. I think the market system will get most of the other\nbanks to follow suit,\" Seidman said.\n In the past two weeks, Citicorp added three billion dlrs\nand Chase Manhattan 1.6 billion to loan-loss reserves.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:19:30.74",
"places": [
"usa"
],
"id": "17756"
},
{
"title": "BASIN PIPELINE TEXAS/OKLA BORDER WASHED OUT BY FLOODS SOME 300,000 BPD CRUDE AFFECTED.\n",
"date": " 1-JUN-1987 15:19:58.13",
"topics": [
"crude"
],
"id": "17757"
},
{
"title": "CCC INTEREST HIGHER IN JUNE, USDA SAYS",
"body": "Interest rates on commodity loans\ndisbursed by the Commodity Credit Corporation (CCC) this month\nwill carry a 6-7/8 pct interest rate, the U.S. Agriculture\nDepartment said.\n That is up from the May rate of 6-1/4 pct and reflects the\ninterest rate charged the CCC by the U.S. Treasury in June,\nUSDA noted.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:25:11.24",
"topics": [
"interest"
],
"places": [
"usa"
],
"id": "17758"
},
{
"title": "ANDRIESSEN HINTS FATS/OIL TAX COULD GO TO SUMMIT",
"body": "European Community (EC)\nAgriculture Commissioner Frans Andriessen said his proposal for\na tax of up to 330 European Currency Units per tonne on oils\nand fats was likely to go up for discussion at next week's\nsummit meeting of EC leaders.\n EC farm ministers have been unable to agree the tax, one of\nthe main items proposed by Andriessen for the 1987-88 farm\nprice package.\n The tax, which would apply on both domestically-produced\nand imported oils and fats, has been fiercely opposed by the\nUnited States and developing countries' vegetable and marine\noil producers.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:25:19.40",
"topics": [
"veg-oil"
],
"organisations": [
"ec"
],
"places": [
"belgium"
],
"id": "17759"
},
{
"title": "BILZERIAN PREPARED TO TENDER FOR PAY N'PAK <PNP>",
"body": "Investor Paul Bilzerian said if Pay N'\nPak Stores Inc enters into a merger accord with him he will\nimmediately begin a tender offer for 7.5 mln shares for 20 dlrs\nper share in cash.\n Bilzerian told Reuters he believes his offer is superior to\na leveraged buyout proposal disclosed in an announcement by the\ncompany this morning.\n The company said it is evaluating both proposals.\nBilizerian said he was optimistic his offer will be accepted at\na meeting of the board of directors Wednesday. Officials of Pay\nN' Pak did were not immediately available for comment.\n \n Bilzerian said he has a pool of 150 mln dlrs raised by\nShearson Lehman Brothers Inc available for the tender and \"we\nmay add a bank to that.\"\n \"We've submitted an agreement we're prepared to sign,\" he\nsaid. Shares not accepted in Bilzerian's tender would be\nexchangeable for 20 dlrs in convertible preferred stock.\n Asked what would happen if the leveraged buyout group,\nwhich the company did not identify, topped his offer between\nnow and the board meeting, Bilzerian said he expected an\nopportunity to respond.\n Pay N' Pak gave no details about the buyout group, but did\nsay the offer was contingent on financing and on an agrreement\nregarding management's equity participation.\n Bilzerian said it was his understanding that the management\nparticpation was \"nominal.\"\n Pay N' Pak fell 1-1/2 to 19. Arbitrageurs said there was\ndisappointment that neither of the offers topped 20 dlrs.\n \"We were expecting an offer north of (above) 21 or 22\ndlrs,\" said one arbitrageur. The leveraged buyout plan was for\n17.50 dlrs per share in cash and 2.50 dlrs in 13-1/2 pct\ncumulative preferred stock.\n\n Robert Cheadle, analyst at Montgomery Securities, said \"you\nhave to ask yourself why no one in the industry made a bid.\"\n Scott Drysdale, analyst at Birr Wilson Securities, said the\ncompany has not made the best strategic moves over the years.\n\"They have not done the right things at the right time,\" he\nsaid, and as a result earnings per share have steadily declined\nsince 1984. The 57 cts per share in earnings reported for the\nfiscal year ended in February was lower than 1978's earnings,\nhe said. Earnings totaled 5.7 mln dlrs on revenue of 398.4 mln\ndlrs.\n Drysdale said Pay N' Pak has better trained sales people\nthan many competitors, but it competes on price even though\ncompetitors have lower costs. The result is squeezed margins.\nHe noted that there have been no other publicly identified\nbidders stepping forward since the company rejected an earlier\nBilzerian proposal in mid-April.\n Another arbitrageur said it might not be too late for\nanother bidder to get in the game. He speculated that someone\nin the same home improvement business might be able to offer a\ndeal for stock that would top both the buyout proposal and\nBilzerian's plan.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:26:25.40",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17760"
},
{
"title": "TORONTO SUN <TSP.TO> RAISES DIVIDEND",
"body": "Toronto Sun Publishing Corp said it\nraised its semi-annual dividend to five cts per share, pay June\n15, record June nine\n The company said the annual dividend rate, now ten cts per\nshare, is an increase of 33 pct after adjusting for a two for\none split of the common shares.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:27:00.15",
"places": [
"canada"
],
"id": "17761"
},
{
"title": "FORSTMANN LITTLE AND CO SAID IT PLANS TO SELL SYBRON CORP UNIT\n",
"date": " 1-JUN-1987 15:29:27.09",
"topics": [
"acq"
],
"id": "17762"
},
{
"title": "PHARMACONTROL <PHAR.O> ACQUIRES REVCO UNIT",
"body": "PharmaControl Corp said it\nacquired Private Formulations Inc from <Revco D.S. Inc> for six\nmln dlrs in cash, a 13,550,000 dlr promissory note and warrants\nto buy 200,000 PharmaControl common shares.\n PharmaControl said the purchase price was financed, along\nwith one mln dlrs in working capital, through secured\ninstitutional financing.\n The company said betweenm 11,550,000 dlrs and 12,550,000\ndlrs f the principal amount of the Revco note, plus accrued\ninterest, is payable June 30. The balance is payable over three\nyears.\n PharmaControl said it expects to make the payment due to\nRevco from proceeds of a proposed offering of units consisting\nof convertible subordinated debenturers and common stock\ncurrently on file with the Securities and Exchange Commission.\n Upon closing of the public offering, the company said, it\nexpects the secured institutional financing to increase to a\ntotal of 12 mln dlrs.\n Private Formulations is primarily engaged in the\nmanufacture and distribution of vitamins and private label\nover-the-counter pharmaceutical products.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:31:01.76",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17763"
},
{
"title": "ALLIED-SIGNAL SAID IT SOLD MPB CORP FOR 145 MLN DLRS, ASSUMPTION OF DEBT\n",
"date": " 1-JUN-1987 15:31:30.97",
"id": "17764"
},
{
"title": "DEAN FOODS <DF> PICKS CHIEF EXECUTIVE",
"body": "Dean Foods Co said its board\nelected Howard M. Dean, the company's president, to succeed\nKenneth J. Douglas as chief executive officer of the firm.\n Kenneth will replace Douglas, who is also chairman, on\nOctober one, Douglas' 65th birthday. Douglas will remain\nchairman.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:32:24.41",
"places": [
"usa"
],
"id": "17765"
},
{
"title": "FISHER SHAREHOLDER INDECISIVE OVER STOCK BUY",
"body": "Fisher Foods Inc <FHR> said\n<5300 Richmond Road Corp>, its largest shareholder, has not yet\nreached a definitive decision about whether it will buy more\nFisher stock through a possible merger, tender offer or another\nacquisition proposal.\n 5300 is a Delaware corporation formed by <American Seaways\nFoods Inc>, <Rini Holding Co> and <Rego Companies> which owns\n1.5 mln shares of Fisher, or about 44 pct of its outstanding\ncommon stock.\n Fisher said 5300 had announced on April 20 that they would\nmake a decision on June 1 about the move.\n Fisher said 5300 also told it they will continue to explore\npossible advantages and disadvantages of various acquisition\nproposals.\n 5300 also said it is continuing to discuss with various\nfinancial groups about possible financing for such a move, but\ngave no indication of when any financing or proposal would be\nfinalized, Fisher said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:32:32.04",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17766"
},
{
"title": "U.S. EXPORTERS REPORT 150,000 TONNES OF BARLEY SOLD TO SAUDI ARABIA FOR 1987/88-USDA\n",
"date": " 1-JUN-1987 15:33:09.66",
"topics": [
"grain",
"barley"
],
"places": [
"saudi-arabia"
],
"id": "17767"
},
{
"title": "IDA EXTENDS 37.1 MLN DLRS IN AFRICA LOANS",
"body": "The World Bank said it will provide\n37.1 mln dlrs to Tanzania and Rwanda through the International\nDevelopment Association (IDA), the bank's concessionary lending\naffiliate.\n Tanzania will recieve a 23 mln dlr IDA loan to help\nrehabilitate its telecommunications network, the bank said.\n The 14.1 mln dlr IDA loan to Rwanda will help finance\ntropical forest conservation projects and a reforestation\nprogram, the bank said.\n The IDA credit is for 50 years, including 10 years of\ngrace, and carries no interest, the bank said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:33:45.47",
"organisations": [
"ida"
],
"places": [
"usa",
"tanzania",
"rwanda"
],
"id": "17768"
},
{
"title": "BARLEY SOLD TO SAUDI ARABIA - USDA",
"body": "Private exporters reported sales of\n150,000 tonnes of barley to Saudi Arabia for delivery in the\n1987/88 season, the U.S. Agriculture Deapartment said.\n The 1987/88 season for barley begins today.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:36:08.46",
"topics": [
"grain",
"barley"
],
"places": [
"usa",
"saudi-arabia"
],
"id": "17769"
},
{
"title": "U.S. BANCORP <USBC.O> HAS ACQUISITION APPROVAL",
"body": "U.S. Bancorp (Oregon) said it has\nbeen advised orally that its application for the acquisition of\nOld National Bancorp has been approved by the Board of\nGovernors of the Federal Reserve.\n The company said it has also been advised that it has\nreceived Fed approvals for its acquisition of Heritage Bank of\nCamas, Wash., and for its conversion of its subsidiary, U.S.\nThrift and Loan of Salt Lake City, Utah, into a commercial\nbank.\n In January U.S. Bancorp and Old National reached a\ndefinitive agreement covering the acquisition of all the stock\nof Old National which it does not already own for 171 mln dlrs.\n U.S. Bancorp currently owns 4.9 pct of Old National's\nstock.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:37:39.38",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17770"
},
{
"title": "MAJOR U.S. OIL PIPELINE SHUT DOWN BY FLOODS",
"body": "Flooding in the Red River on the\nTexas/Oklahoma border has shut down the Basin Pipeline, a\n24-inch pipeline that transports as much as 300,000 barrels per\nday of sweet and sour crudes from Texas to Cushing, Okla, a\nTexaco Pipeline Co spokesman confirmed.\n \"The water is rushing by so fast that we can't get any\ndivers down to assess the damage but there is some possibility\nthat the pipeline could be up by the end of the week,\" a company\nsource said.\n The pipeline transmits roughly two-thirds sour crude and\none-third sweet crude oil from the Midland, Texas region.\n Texaco sources said that if the pipeline service is\nrestored by Friday there would be little problem in restoring\noil which has been lost to the flood.\n \"But if the pipeline is down more than 10 days it will be\ndifficult to make up without prorationing and we would not like\nto proration this pipeline, if we don't have to.\"\n The Basin Pipeline is jointly owned by Atlantic Richfield\nCorp <ARC>, Shell Oil Co, a subsidiary of the Royal Dutch/Shell\nGroup <RD> and Texaco Inc <TX>, which is the pipeline's\noperator.\n Peter Beutel, analyst at Elders Futures Inc, said crude\noil futures contracts on New York Mercantile Exchange rose to\nnew highs this afternoon following news of the pipeline break.\n July crude futures of West Texas Intermediate traded up to\n19.60 dlrs a barrel, a rise of more than 20 cts.\n Cash market prices also firmed on the news with sellers of\nWTI raising offers to 19.60 dlrs a barrel.\n Sour crudes, which would be most affected by the pipeline\nshutdown, however, were slow to react to the news with West\nTexas Sour and Alaska North Slope holding 50 cts to one dlr a\nbarrel below WTI, respectively.\n Dan Stevens, manager of public and government affairs at\nTexaco, said the company hopes to fix the pipeline in five days\nbut that will depend on when the water level of the Red River\nrecedes. There is already evidence that the water level is\ndropping and it appears the rain has stopped in the area\naffecting the pipeline, Stevens said.\n He said the segment of the pipeline that was damaged was\nunderground and at a distance from the Red River that flooded.\nThe pipeline runs over the Red River and under the subsoil\nnearby, according to Stevens. He said some of this subsoil was\napparently washed away.\n \n The potential for environmental damage is being downplayed\nat this time despite the volume of oil that runs through this\nline.\n Texaco's Stevens said that aerial surveillance has not\nfound any crude on the water in the river or in Lake Texoma,\nwhich is nearby.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:39:16.49",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17771"
},
{
"title": "UNISYS <UIS> TO REDEEM 7-1/4 PCT CONVERTIBLES",
"body": "Unisys Corp said it will redeem on July\none all of its outstanaing 200 mln dlrs of 7-1/4 pct\nconvertible subordinated debentures of 2010.\n It will buy back the convertibles at 106.525 pct of 1,000\ndlr par value, plus accrued interest.\n Unisys also said it expected that substantially all of the\ndebentures will be surrendered for conversion into its common\nstock. Each 1,000 dlr debenture is convertible into 12.88\nshares of common before the close of business on June 26.\n The company the conversion of the debt to equity would\nstrengthen its capital structure.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:44:31.60",
"places": [
"usa"
],
"id": "17772"
},
{
"title": "BRITISH LAND OF AMERICA INC <BLA> YEAR MARCH 31",
"body": "Shr loss 36 cts vs loss 57 cts\n Net loss 4,589,000 vs loss 7,339,000\n Revs 19.9 mln vs 19.6 mln\n Avg shrs 14.7 mln vs 13.3 mln\n NOTE: Company is a subsidiary of <British Land Co PLC>\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:44:43.22",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17773"
},
{
"title": "FIRST PHILADELPHIA UNIT FILES FOR CHAPTER 11",
"body": "<First Philadelphia Corp> said its\nComputone Systems Inc unit filed a chapter 11 plan for with the\nU.S. Bankruptcy Court in Atlanta.\n Subject to confirmation by the court of the plan, the\nassets of Computone's two operating divisions would be\ntransferred to CPX Inc, a wholly-owned subsidiary of First\nPhiladelphia, the company said.\n First Philadelphia said it is in the process of raising\n1,750,000 dlrs to complement it initial investment of 750,000\ndlrs to fund the cost of the reorganization and provide ongoing\ncapital for existing Computone businesses.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:46:15.27",
"places": [
"usa"
],
"id": "17774"
},
{
"title": "FORSTMANN LITTLE AND CO TO SELL UNIT",
"body": "<Forstman Little and Co> said it plans\nto sell its Sybron Corp unit, a leading maker and marketer of\ndental and laboratory products, for an undisclosed sum.\n Forstmann Little said it acquired Sybron in February 1986\nand since that time Sybron has been substantially restructured,\nwith new management, lower corporate overhead and a new\nlocation in Saddle Brook, N.J.\n Fortsmann Little said <Goldman Sachs and Co> will act as\nits financial advisor for the move. It added that Sybron\nexpects revenues for the current fiscal year of 242 mln dlrs\nwith operating income of about 51 mln dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:48:06.12",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17775"
},
{
"title": "TAKEOVER SPECULATION LIFTS HUTTON <EFH> SHARES",
"body": "E.F. Hutton Group Inc shares rose on\nspeculation the company would receive a takeover offer, traders\nsaid.\n Hutton's stock also was affected by a newspaper report that\nFirst Boston Corp <FBC> accumulated almost five pct of Hutton's\nstock on behalf of an outside client, traders said. Traders\nsaid the story, which appeared in USA Today, added speculation\nwhich began on the street last week. They said there were\nrumors the stock was under accumulation and speculation\nabounded the company would soon receive an offer. A Hutton\nofficial declined comment. Hutton's stock rose 2-1/4 to 39-3/8.\n Hutton several months ago rejected a buyout offer from\nShearson Lehman Brothers Inc <SHE>. The newspaper story\nmentioned speculation American Express Co <AXP>, the parent of\nShearson, was a possible buyer. But traders said the rumors\ntoday did not name buyers. First Boston officials were not\nimmediatley available for comment.\n Prudential Bache analyst Larry Eckenfelder said he doubted\nthe speculation about American Express. He said he believed\nHutton, which is occassionally surrounded by rumors, moved up\ntoday as a result of the newspaper article. \"Hutton is still a\ntakeover candidate,\" said Eckenfelder.\n Reuter\n\u0003",
"date": " 1-JUN-1987 15:53:17.74",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17776"
},
{
"title": "HONG KONG FIRM UPS WRATHER <WCO> STAKE TO 28 PCT",
"body": "Industrial Equity (Pacific) Ltd, a\nHong Kong investment firm, said it raised its stake in Wrather\nCorp to 2,025,850 shares, or 28.1 pct of the total outstanding\ncommon stock, from 1,808,700 shares, or 25.1 pct.\n In a filing with the Securities and Exchange Commission,\nIndustrial Equity, which is principally owned by Brierley\nInvestments Ltd, a publicly held New Zealand firm, said it\nbought 217,150 Wrather common shares on May 28 and 29 at 20.00\ndlrs a share, or 4.3 mln dlrs total.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:02:28.74",
"topics": [
"acq"
],
"places": [
"usa",
"hong-kong"
],
"id": "17777"
},
{
"title": "ALLEGIS <AEG> FILING MAY BE LATER THIS WEEK",
"body": "Allegis Corp may file its plan of\nrecapitalization with the Securities and Exchange Commission\nlater this week, a company spokesman said.\n The spokesman also said the company has no comment on\nConiston Partners plan to carry out its solicitation of\nconsents from shareholders to remove Allegis directors.\n Coniston proposes replacing the board of directors with its\nown candidates and then selling off one or more units of\nAllegis. Allegis, apparently in response to takeover activity,\nannounced a sweeping recapitalization plan, which will give\nshareholders 60 dlrs per share.\n Allegis shares came under pressure from institutional\nselling today. The stock slipped 1-3/8 to 85-1/8 on volume of\nmore than 1.6 mln shares. Traders said there was also\narbitrage-related buying.\n PaineWebber Group analyst Edward Starkman said institutions\nand other long-term holders may want to cash in their gains\ninstead of waiting for the company's special dividend, which\nwould be taxed at a higher rate. The recapitalization is\nsubject to shareholder and other approvals.\n Starkman said he believes Coniston may still have a chance\nto win the battle for control of Allegis' board room, despite\nthe recapitalization plan.\n Coniston Partners would not comment on the recapitalization\nplan.\n \"We said a week ago, and we say it again today that the way\nto maximize value for shareholders is to see these companies\ntraded as independent companies,\" said Keith Gollust, one of\nthe partners.\n Allegis owns United Air Lines, Hertz rental cars, and\nWestin and Hilton International hotels.\n Allegis' recapitalization plan does not entail the sale of\nany of those businesses, which its management claims are\nnecessary to its travel services strategy. The recapitalization\nplan would add three billion dlrs in debt to its balance sheet.\n Some Wall Street analysts believe such a move could be\nrisky since the airline, as well as other travel businesses,\nare dependant on the strength of the economy.\n \"They've become sort of a super cyclical company,\" Starkman\nsaid. The hotels and car rental business represents \"no\ndiversification. It just makes it worse.\"\n Traders and analysts who believe Coniston's effort may have\na chance believe that Allegis management is not giving\nshareholders full value. After receiving the dividend,\nshareholders will still hold their stock. Arbitragers and\nanalysts valued the recapitalization in the upper 80s to 100\ndlrs per share.\n Breakup values for the company estimated on Wall Street\nexceed 110 dlrs per share.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:06:03.22",
"places": [
"usa"
],
"id": "17778"
},
{
"title": "BRITISH AIRWAYS <BAB> SEES SMOOTH TRANSITION",
"body": "British Airways is looking forward to\nindustry deregulation in Europe and believes it will be a\nsmoother transition than the turmoil that followed the opening\nof the U.S. skies, its chief executive said.\n Colin Marshall told Reuters that Europe will phase in\nderegulation gradually to avoid the problems created in the\nU.S. in the late 1970s -- fast growth, unstable fares, new\ncarriers that went bankrupt and ultimately years of losses for\neven the largest airlines.\n \"In Europe we have the benefit of learning from the\nAmerican experience,\" Marshall said. \"When you add that to the\nconservative nature of the Europeans, it amounts to an approach\nthat is slower and more cautious.\"\n Airline liberalization, as it is called, must first be\napproved by the transportation ministers of the European\nCommunity nations. This could come this month when the\nministers meet to take it up, Marshall said in an interview\nduring a U.S. visit to talk to airline industry analysts.\n \"As the largest airline in Europe, and with the\nsophisticated computer systems we have to help us with yield\nand load factors management, I think we have a very good\nchance, if not the best chance, of doing well in a liberalized\nsituation in Europe,\" Marshall said.\n Airline market deregulation in Europe will open up new\nroutes between European countries, allow established carriers\nto grow and permit new airlines to begin operations.\n It will also free airlines to fly more seats on any given\nroute -- something that is highly regulated now -- and to base\nfares on market forces. Discount fares in Europe might even\nbecome more widespread.\n \"We think liberalization will help stimulate traffic,\"\nMarshall said.\n Lower fares have been offered by British carriers since\ndomestic services in Britain were deregulated in 1984, he said.\nBut passengers taking return flights or from other countries\npay higher, regulated prices.\n Marshall said deregulation will spawn more European\nairlines, possibly to be followed by a spate of mergers, as is\nhappening in the United States.\n Two airlines, Sabena and Scandinavian Airlines System\n(SAS), are now discussing a merger. Their success \"might open\nup Europe to further merger activity,\" he said.\n This is because an SAS-Sabena merger could be a test case\nto determine whether countries are willing to allow landing\nrights to be transferred from one carrier to another, he said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:06:38.25",
"organisations": [
"ec"
],
"places": [
"usa",
"uk"
],
"id": "17779"
},
{
"title": "CONGRESSMAN SAYS U.S. UNPREPARED FOR OIL CUTOFF",
"body": "Rep. Mike Synar said today that while\nPresident Reagan is ready to use military force to protect\nKuwait tankers in the Gulf, the United States is ill-prepared\nat home to deal with a new energy crisis.\n Synar, Democrat of Oklahoma, made his remarks in comments\non a study by the General Accounting Office (GAO) on the U.S.\nparticipation in the 1985 test of the emergency oil sharing\nprogram of the International Energy Agency.\n The IEA, an alliance of 21 oil consuming countries, was\nformed after the 1973-74 Arab oil embargo to find ways to deal\nwith any future oil cutoff.\n Synar said, \"the president is prepared to take military\naction to protect Kuwaiti oil tankers but has been unwilling to\ntake less dangerous, equally-important action to prepare our\nnation for the next energy crisis.\"\n Reagan said the U.S. military would protect Kuwaiti oilers\nto assure the West of a continuing supply of Middle East oil,\nincreasingly being threatened by the Iranian-Iraqi war. Synar,\nwho asked for the GAO report after criticism of U.S. action in\na previous IEA test, said the United States successfully\nadvocated a test limited to training participants in oil\nsharing procedures and the system's mechanical aspects.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:08:12.97",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17780"
},
{
"title": "ANHEUSER-BUSCH <BUD> UNIT CHANGES PLANT SITE",
"body": "Anheuser-Busch Companies Inc said\nits Metal Container Corp subsidiary will build its planned\nbeverage can manufacturing plant in Orange County, New York\ninstead of Chester, New York.\n The site was changed because Metal Container was unable to\nobtain necessary building permits within its construction\nschedule requirements, it said.\n The proposed plant, which is expected to be completed in\nlate 1988, will produce aluminum spin-neck cans and have an\noperating capacity of more than two billion cans a year, it\nsaid.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:11:00.35",
"places": [
"usa"
],
"id": "17781"
},
{
"title": "ALLIED-SIGNAL <ALD> COMPLETES SALE OF MPB CORP",
"body": "Allied-Signal Inc said it \ncompleted the sale of its MPB Corp unit to Bearing Acquisition\nCorp for 145 mln dlrs plus assumption of certain MPB\nliabilities.\n Headquartered in Keene, N.H., MPB designs and makes\nprecision ball and roller bearings used in aerospace, ordnance\nand computer applications. Allied-Signal said the unit had 1986\nsales of over 90 mln dlrs.\n It noted the sale to newly formed Bearing Acquisition was\nannounced May 18.\n \n Allied-Signal said Bearing Acquisition is a newly-formed\ncorporation owned by an investors group organized by Harold S.\nGeneen and Donaldson Lufkin and Jenrette Securities Corp.\n Wells Fargo Bank provided senior debt financing to Bearing\nAcquisition and Donaldson Lufkin and Jenrette provided bridge\nfinancing in the form of subordinated notes, preferred stock\nand common stock in an amount sufficient to fund the purchase\nprice, Allied-Signal added.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:14:08.68",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17782"
},
{
"title": "COMINCO <CLT.TO> SEES MEETING WITH STRIKING UNION LOCALS",
"body": "Cominco Ltd said it\nexpects to meet today with two of five United Steelworkers of\nAmerica locals on strike at its Trail smelter and Kimberley,\nB.C. lead-zinc mine, a Cominco spokesman said.\n It had no meeting scheduled with the other three striking\nlocals, which rejected a tentative three-year contract\nSaturday, Cominco spokesman Richard Fish said.\n Fish said the pact that was rejected contained a cost of\nliving increase tied to the Canadian consumer price index, but\nno wage increase. With 81 pct of the membership voting, 54.5\npct voted no and 45.5 pct voted yes, the union said.\n The three locals represent about 2,600 production and\nmaintenance workers, while the remaining two locals cover about\n600 office and technical workers.\n The office and technical workers last negotiated May 21.\nProduction at Trail and Kimberley has been shut down since the\nstrike began May 9 and Cominco has had to declare force\nmajeure, which means the company may be unable to honor\ncontracts for products from the smelter and mine.\n Each of the five locals have separate contracts, all of\nwhich expired April 30, but the main issues are similar.\n The Trail smelter, about 400 miles east of Vancouver,\nproduced 240,000 long tons of zinc and 110,000 long tons of\nlead last year. The Sullivan mine at Kimberley, about 450 miles\neast of Vancouver, produced 2.2 mln long tons of ore last year,\nmost for processing at the Trail smelter.\n The smelter also produced cadmium, bismuth and indium.\n Trail smelter revenue was 356 mln Canadian dlrs in 1986.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:14:39.33",
"topics": [
"lead",
"zinc",
"strategic-metal"
],
"places": [
"canada"
],
"id": "17783"
},
{
"title": "BASS GROUP CUTS NATIONAL DISTILLERS <DR> STAKE",
"body": "An investor group led by members of\nthe Bass family of Fort Worth, Texas, said it lowered its stake\nin National Distillers and Chemical Corp to 1,159,400 shares,\nor 3.6 pct of the total common, from 1,727,200, or 5.3 pct.\n In a filing with the Securities and Exchange Commission,\nthe Bass group said it sold 567,800 National Distillers common\nshares between May 15 and 29 at prices ranging from 59.94 to\n63.44 dlrs a share.\n As long as the group's stake is below five pct, it is not\nrequired to disclose its further dealings in National\nDistillers' common stock.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:16:24.25",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17784"
},
{
"title": "REPUBLIC AMERICAN<RAWC.O> UPS BUCKEYE<BPL> STAKE",
"body": "Republic American Corp told the\nSecurities and Exchange Commission it raised its stake in\nBuckeye Partners L.P. to 963,200 limited partnership units, or\n8.0 pct of the total, from 744,200 units, or 6.2 pct.\n Republic, which is controlled by Cincinnati, Ohio,\nfinancier Carl Lindner and his American Financial Corp, said it\nbought 219,000 Buckeye units between May 14 and 22 at prices\nranging from 22.49 to 23.02 dlrs each, or about 5.0 mln dlrs\ntotal.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:16:57.46",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17785"
},
{
"title": "UNIVERSAL HEALTH <UHT> TO BUY BACK SHARES",
"body": "Universal Health Realty\nIncome Trust said its board approved the repurchase over the\nnext 12 months of up to one mln shares of beneficial interest\nof the trust in the open market or subject to obtaining\nnecessary financing.\n Universal also declared a regular quarterly dividend of 33\ncts a share payable June 30 to shareholdres or record June 15.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:18:54.74",
"places": [
"usa"
],
"id": "17786"
},
{
"title": "KINGSBRIDGE, MASCO SET MERGER",
"body": "Kingsbridge Holdings Ltd, said it signed\na letter of intent for a merger with <Masco Sports Inc>.\n The transaction calls for 230 mln sahres of Kingsbridge\ncommon stock to be issued to shareholders of Masco.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:19:37.52",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17787"
},
{
"title": "INTERNATIONAL CORONA <ICR.TO> 2ND QTR NET",
"body": "Period ended March 31\n Oper shr profit four cts vs loss 17 cts\n Oper net profit 584,000 vs loss 2,165,000\n Revs 7,493,000 vs not given\n SIX MTHS\n Oper shr profit eight cts vs loss 14 cts\n Oper net profit 1,177,000 vs loss 1,778,000\n Revs 14.8 mln vs not given.\n \n reuter\n\u0003",
"date": " 1-JUN-1987 16:21:03.56",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17788"
},
{
"title": "PEPSICO <PEP> CHICKEN UNIT COMMITS 40 MLN DLRS",
"body": "Pepsico Inc's Kentucky Fried Chicken\nsaid it has committed 40 mln dlrs over the next 90 days to\nintroduce a major new product category.\n The company said it is introducing Chicken Littles, a\nchicken patty sandwich served on a soft dinner roll, which will\nsell for 39 cts.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:21:11.65",
"places": [
"usa"
],
"id": "17789"
},
{
"title": "RALSTON PURINA <RAL> FORMS BRANDED FOODS GROUP",
"body": "Ralston Purina Co said it formed a\nnew branded foods group to align all of its warehouse-delivered\nhuman foods.\n W. Patrick McGinnis, formerly executive vice president of\nthe company's grocery products division, was named president of\nthe new group and will report to W.P. Stiritz, Ralston's\nchairman.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 16:21:18.83",
"places": [
"usa"
],
"id": "17790"
},
{
"title": "ROYEX GOLD MINING <RGM.TO> 2ND QTR MARCH 31 NET",
"body": "Oper shr loss three cts vs loss one ct\n Oper net loss 1,796,000 vs loss 381,000\n Revs 2,501,000 vs 2,695,000\n SIX MTHS\n Oper shr loss eight cts vs loss four cts\n Oper net loss 3,235,000 vs loss 1,123,000\n Revs 4,850,000 vs 4,551,000\n Note: 1987 net excludes 2nd qtr extraordinary gain of 87\nmln dlrs or 1.54 dlrs shr from sale of 51 pct stake of Mascot\nGold Mines Ltd <MSG.TO>. Full name Royex Gold Mining Corp.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:21:47.93",
"topics": [
"earn"
],
"places": [
"canada"
],
"id": "17791"
},
{
"title": "DRESSER INDUSTRIES INC TO SELL RELIANCE STANDARD LIFE INSURANCE TO ROSENKRANZ UNIT\n",
"date": " 1-JUN-1987 16:22:28.10",
"topics": [
"acq"
],
"id": "17792"
},
{
"title": "SEABROOK NUCLEAR STATION OWNERS SET ADVERTISING",
"body": "Public Service Co of New Hampshire\n<PNH> said the owners of the Seabrook nuclear power plant\napproved a 1.2 mln dlr advertising campaign to inform the\npublic about the plant's safe construction.\n The campaign make a point that nuclear power provides\none-third of New England's electricity and Seabrook is the\nninth nuclear plant in the six-state region.\n Operation of the plant has been delayed by the reluctance\nof officials in neighboring Massachusets to participate in\nevacuation drills. New Hampshire Public Service is operator of\nthe plant and has a 35.6 pct interest in the facility.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:22:42.79",
"places": [
"usa"
],
"id": "17793"
},
{
"title": "U.S. SELLS 3-MO BILLS AT 5.81 PCT, STOP 5.82 PCT, 6-MO 6.10 PCT, STOP 6.11 PCT\n",
"date": " 1-JUN-1987 16:23:12.47",
"id": "17794"
},
{
"title": "DIANA CORP <DNA> YEAR MARCH 28 OPER NET",
"body": "Oper shr 74 cts vs 30 cts\n Oper net 3,034,000 vs 1,225,000\n NOTE: 1987 operating net excludes credits of 1,043,000 dlrs\nor 25 cts a share.\n 1986 operating net excludes discontinued operations of\n84,000 dlrs or two cts, and extraordinary charges of 1,119,000\ndlrs or a loss of 27 cts.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:23:19.73",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17795"
},
{
"title": "AMERICAN REALTY <ARB> RIGHTS OVERSUBSCRIBED",
"body": "American Realty Trust said\noversubscription pool requests received in a recent rights\noffering were in excess of five mln shares.\n As a result, all 12.1 mln shares offered will be issued,\nand the trust will receive additional equity of over 45 mln\ndlrs. Under the offering, the Trust distributed to shareholders\nrights to acquire beneficial interest at 3.75 dlrs per share .\n Its largest shareholder, Southmark Corp <SM> delivered most\nof its rights to shareholders as a special dividend, reducing\nits share ownership to 42 pct from 84 pct, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:23:29.08",
"places": [
"usa"
],
"id": "17796"
},
{
"title": "WITCO <WIT> UNIT OPENS FAST-OIL CHANGE CENTER",
"body": "Kendall Refining Co, a unit of\nWitco Corp, and the <Knox Truck Stop> chain, said they have\ndeveloped one of the nation's first fast-oil-change centers\nfor trucks outside of Dallas.\n The service, called Fast Lube, offers a 60-minute oil\nchange and inspection service for trucks and also involves a\nused-oil analysis program that relays engine information to the\ndriver's fleet headquarters, the companies said.\n According to the companies, fast-oil-change centers are\nexpected to grow from the current three pct of the oil\nlubrication market to 15 pct by 1990.\n \n In addition, Kendall said it recently launched a national\nFast Lube program with <Avis Inc> that provides participating\nAvis Lube franchises with lubricants, equipment and marketing\nsupport.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:23:41.45",
"places": [
"usa"
],
"id": "17797"
},
{
"title": "WYSE <WYSE.O> TO GET LINK TECHNOLOGIES",
"body": "Wyse Technology said it agreed\nin principle to acquire privately-held Link Technologies Inc in\nexchange for an undisclosed amount of Wyse Technology shares.\n Link Technologies develops and markets computer terminals,\nWyse also said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:24:28.54",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17798"
},
{
"title": "LTV <QLTV> GETS CONTRACT",
"body": "LTV Corp's LTV Aircraft Products Group\nsaid it was awarded a contract valued at more than 10 mln dlrs\nto continue production of engine covers and thrust reversers\nfor the Challenger 601-3A executive business jet.\n the aircraft is manufactured by Canadair Ltd. of Montreal,\nit said.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:24:49.19",
"places": [
"usa"
],
"id": "17799"
},
{
"title": "<LINCOLN BANCORP> FILES FOR PUBLIC OFFERING",
"body": "Lincoln Bancorp said it filed a\nregistration statement with the Securities and Exchange\nCommission covering a proposed public offering of one mln\ncommon shares at an estimated offering price of between eight\nand nine dlrs per share.\n The company said First of Michigan Corp will manage the\nunderwriting.\n It said proceeds will be used for general corporate\npurposes and for expansion.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:25:18.51",
"places": [
"usa"
],
"id": "17800"
},
{
"title": "PUEBLO <PII> TO REPURCHASE SHARES",
"body": "Pueblo International Inc, a supermarket\noperator, said it bought 75,000 shares last week in two\nseparate transactions from unrelated shareholders as part of\nits share buy back program.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:26:03.13",
"places": [
"usa"
],
"id": "17801"
},
{
"title": "MCLAIN INDUSTRIES INC <MCCL.O> 2ND QTR MARCH 31",
"body": "Shr 11 cts vs 13 cts\n Net 234,326 vs 266,653\n Revs 5.5 mln vs 5.8 mln\n Six months\n Shr 21 cts vs 31 cts\n Net 445,509 vs 646,978\n Revs 9.4 mln vs 10.8 mln\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:26:23.77",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17802"
},
{
"title": "MYERS TO HEAD U.S. PARTY TO WORLD FOOD COUNCIL",
"body": "Peter Myers, Deputy Secretary of\nAgriculture will head the U.S. delegation to the World Food\nCouncil's Thirteenth Ministerial in Peking, China June 8-11,\nthe U.S. Agriculture Department said.\n The discussions will center on four issues -- the global\nstate of hunger and malnutrition and the impact of economic\nadjustment on food and hunger problems, the impact of\ninternational agricultural trade and related national policies\non food and development, regional cooperation in food and\nagriculture among developing nations in the Southern\nhemisphere, and activities of multilateral assistance agencies\naimed at reducing hunger.\n The World Food Council is a 36-country United Nations body,\nwhich recommends how governments and international\norganizations can work together to alleviate world hunger.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:27:08.93",
"places": [
"usa"
],
"id": "17803"
},
{
"title": "MORINO <MOAI.O> EXPANDS INTERNATIONAL MARKETING",
"body": "Morino Associates Inc said it\nestablished a new business unit to establish its presence in\nAustralia, New Zealand, Spain, South and Central AMerica,\nAfrica, Middle East and the Far East.\n The new unit will explore opportunities for the\nestablishment of marketing agreements that address secondary\nmarkets for the company's technology and will evaluate\nopportunities in Japan, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:29:21.63",
"places": [
"usa",
"australia",
"spain",
"new-zealand",
"japan"
],
"id": "17804"
},
{
"title": "COMINCO SEEKS MEETING WITH STRIKING UNION LOCALS",
"body": "Cominco Ltd said it\nexpects to meet today with two of five United Steelworkers of\nAmerica locals on strike at its Trail smelter and Kimberley,\nB.C. lead-zinc mine, a Cominco spokesman said.\n It had no meeting scheduled with the other three striking\nlocals, which rejected a tentative three-year contract\nSaturday, Cominco spokesman Richard Fish said.\n Fish said the pact that was rejected contained a cost of\nliving increase tied to the Canadian consumer price index, but\nno wage increase. With 81 pct of the membership voting, 54.5\npct voted no and 45.5 pct voted yes, the union said.\n The three locals represent about 2,600 production and\nmaintenance workers, while the remaining two locals cover about\n600 office and technical workers.\n The office and technical workers last negotiated May 21.\nProduction at Trail and Kimberley has been shut down since the\nstrike began May 9 and Cominco has had to declare force\nmajeure, which means the company may be unable to honor\ncontracts for products from the smelter and mine.\n Each of the five locals have separate contracts, all of\nwhich expired April 30, but the main issues are similar.\n The Trail smelter, about 400 miles east of Vancouver,\nproduced 240,000 long tons of zinc and 110,000 long tons of\nlead last year. The Sullivan mine at Kimberley, about 450 miles\neast of Vancouver, produced 2.2 mln long tons of ore last year,\nmost for processing at the Trail smelter.\n The smelter also produced cadmium, bismuth and indium.\n Trail smelter revenue was 356 mln Canadian dlrs in 1986.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:30:12.09",
"topics": [
"lead",
"zinc",
"strategic-metal"
],
"places": [
"canada"
],
"id": "17805"
},
{
"title": "TOYOTA SAYS IT ONLY STUDYING LUXURY UNIT PLANS",
"body": "Toyota Motor Co's <TOYO.T> U.S. sales\nsubsidiary said it has been studying the possibility of forming\na new division to market upscale cars, but denied a published\nreport that it would announce a startup decision this year.\n Toyota spokesman Jerry Giaquinta told Reuters: \"All we're\nsaying at this point is we'be been studying the luxury,\nperformance segment and no final decision has been made on\nwhether to enter it or which or several options to follow.\"\n The trade paper Automotive News reported in this week's\nedition that Toyota will announce such a division in a move\nsimilar to rival Honda Motor Co's <HMC> Acura car division.\n The Toyota spokesman said, \"The Automotive News article is\nbased on speculative assumptions.\"\n The paper said Toyota has already identified 100 key\ndealers who would be offered the \"unnamed new franchise\" that\nwould open in the 1989 model year with \"three\nluxury-performance car lines.\"\n It also said the new Toyota luxury line would have prices\nlikely to start arpund 16,000 dlrs and going to the\n\"high-20,000-dlr range\" to appeal to buyers of European and\nAmerican luxury buyers.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:32:08.07",
"places": [
"usa"
],
"id": "17806"
},
{
"title": "MOODY'S AFFIRMS MIDDLE SOUTH AND UNITS, AFFECTS FOUR BILLION DLRS OF DEBT\n",
"date": " 1-JUN-1987 16:32:48.30",
"id": "17807"
},
{
"title": "PHILLIPS-VAN HEUSEN CORP <PVH> 1ST QTR",
"body": "Shr 73 cts vs 60 cts\n Net 4.6 mln vs 3.8 mln\n Revs 112.8 mln vs 104.1 mln\n NOTE:1987 includes lifo charge of 1.5 mln dlrs, pension\nexpenses declined by 879,000 dlrs due to change in accounting,\ninterest decreased by 382,000 dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:34:12.74",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17808"
},
{
"title": "DRESSER <DI> TO SELL UNIT TO ROSENKRANZ AND CO",
"body": "Dresser Industries Inc said it signed a\ndefinitive agreement to sell its Reliance Standard Life\nInsurance Co to RSL Holding Co Inc., a subsidiary of the\nprivately-held, New York-based investment firm of Rosenkranz\nand Co.\n Terms were not undisclosed. Philadelphia-based Reliance\nearned 25.3 mln dlrs on sales of 201.6 mln dlrs in 1986.\n Dresser said it will use the proceeds from the sale for\nstock repurchases, debt reduction, and possibly complementary\nacquisitions in the field of engineered products and services\nfor energy producers.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:36:35.17",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17809"
},
{
"title": "ATCOR<ATCO.O> SEEKS BUYERS FOR CONSUMER BUSINESS",
"body": "Atcor Inc said that Roth-American Inc,\nwhich had signed a letter of intent on May 1 to acquire its\nTurco and Charmglow operations of its consumer products\nsegment, has decided against buying Charmglow.\n While Roth-American said it is still interested in\nacquiring Turco, Atcor said it is now reviewing its options\nwith other potential buyers who have expressed interest in its\nconsumer products businesses.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:36:58.12",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17810"
},
{
"title": "INTERNATIONAL CONSUMER BRANDS <ICBI.O> 1ST QTR",
"body": "Shr profit one cts vs loss three cts\n Net profit 68,607 vs loss 183,893\n Revs 4.2 mln vs 602,665\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:37:10.24",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17811"
},
{
"title": "USPCI <UPC> SEEN REJECTING UNION PACIFIC BID",
"body": "share bid made last Wednesday by Union Pacific Corp (UNP), \nanalysts said.\n \"The offer is inadequate,\" said Douglas Augenthaler, an\nanalyst with E.F. Hutton, noting that it does not represent the\nneeded premium over the company's fundamental value based on\nearnings estimates.\n USPCI, which has 8.7 mln shares outstanding, was trading at\n48-1/8, down 3/8.\n USPCI vice president of finance Larry Shelton said he could\nnot comment on the adequacy of the offer or on when the board\nwould meet to consider it.\n Augenthaler said that while USPCI was trading at only 34\ndlrs a share at the time of the takeover bid, its announcement\nthat same day of higher earnings expectations changed its\nvalue. USPCI said its second quarter earnings would exceed\nanalysts expectations of 24 to 30 cts a share.\n At that price, USPCI could maintain a stock price in the\nlow 40s, Augenthaler said.\n Hutton revised its 1987 earnings estimate for the waste\nmanagement concern to 1.40 dlrs a share from 1.20 dlrs on the\nannouncment, he said. It lifted its 1988 projection to 1.90\ndlrs a share from 1.70 dlrs.\n In addition, analysts said the hazardous waste management\nbusiness holds significant growth potential. The industry has\ngrown from 16 to 35 pct over the last five years, based on\nearnings per share, said Jeffrey Klein, an analyst with Kidder\nPeabody and Co. The industry is expected to continue growing at\n15 to 35 pct over the next five years, he said.\n Augenthaler said the 43-dlr-a-share offer, or 375 mln dlrs\ntotal, would be a bargain for Union Pacific. The transportation\nand energy company would both gain entry into a profitable\nbusiness and win cost-control benefits, he said.\n \"Union Pacific has what are rumored to be some fairly\nsignficant environmmental problems of its own,\" he said.\n Herb Mee Jr., president of Beard Oil Co (BEC), which holds\na 30.4 pct stake in USPCI, said last week Union Pacific's offer\nwas \"grossly inadequate.\"\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:40:11.27",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17812"
},
{
"title": "TOTAL PETROLEUM <TPN> SHUTS TEXAS PIPELINES",
"body": "Total Petroleum NA <TPN> shut down\nseveral small crude oil pipelines operating near the\nTexas/Oklahoma border last Friday as a precaution against\ndamage from local flooding, according to Gary Zollinger,\nmanager of operations.\n Total shut a 12-inch line that runs across the Ouachita\nRiver from Wynnewood to Ardmore with a capacity of 62,000 bpd\nas well as several smaller pipelines a few inches wide with\ncapacities of several thousand bpd or less, Zollinger said.\n The Basin Pipeline, a major pipeline running 300,000 bpd,\nrun by a consortium of other oil companies, was closed today.\n One other small pipeline that Total also closed has a\ncapacity of 3,000 to 4,000 bpd and crosses the Red River in\nFargo, Texas, Zollinger said.\n He said the closed pipelines run under river water and\ncould be damaged as the flooded rivers erode the river banks\nand expose the piping.\n Zollinger said Total is waiting for the river waters to\nrecede before they reactivate the pipelines.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:41:36.49",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17813"
},
{
"title": "B.C. WORKERS STAGE ONE-DAY GENERAL STRIKE",
"body": "Thousands of British Columbian\nunionized workers staged a one-day general strike to protest\nproposed new provincial labor legislation.\n Ferry service was halted, there was no garbage collection,\ngovernment offices were closed and some medical services were\nrestricted. Postal workers, although covered by federal laws,\nrefused to cross picket lines.\n In Vancouver, transit workers also joined in the protest\nand no buses operated. Management, however, kept the city's\nSkyTrain service in operation.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:43:14.79",
"places": [
"canada"
],
"id": "17814"
},
{
"title": "GM MAY N. AMERICAN CAR OUTPUT 328,221, OFF 26.3 PCT FROM 445,440 LAST YEAR\n",
"date": " 1-JUN-1987 16:43:55.74",
"id": "17815"
},
{
"title": "DOE REACHES PROPOSED OIL SETTLEMENTS",
"body": "The Energy Department said it reached\nproposed oil pricing settlements totaling 680,150 dlrs with the\noperator and four working interest owners of A.D. LeBlanc No. 1\nwell, Vermillion Parish, La.\n Trigon Exploration Co., Inc operated the well from June\n1979 to January 1981 for D. Bryan Ferguson, C. William Rogers,\nOmni Drilling Partnership No 1978-2 and Entex Inc.\n DOE alleged Trigon caused overcharges of 624,208 dlrs by\nimproperly classifying its oil as \"newly discovered crude,\" a\nclassification that allowed charging higher prices during a\nperiod of price controls.\n It said the proposed settlements would resolve disputes\nover possible violations by the five parties. DOE added that in\nagreeing to the settlements, the five did not admit any\nviolations or non-compliance with its regulations.\n It said it would receive written comments on the\nsettlements before making it final.\n reuter\n\u0003",
"date": " 1-JUN-1987 16:44:05.56",
"topics": [
"crude"
],
"places": [
"usa"
],
"id": "17816"
},
{
"title": "CME PROPOSES NIKKEI STOCK AVERAGE FUTURES",
"body": "The Chicago Mercantile Exchange (CME)\nhas proposed a futures contract based on the Nikkei Stock\nAverage, a price-weighted index of 225 stocks on the Tokyo\nStock Exchange, federal regulators said.\n The Commodity Futures Trading Commission (CFTC) said CME's\nproposed contract is designed to be used as a hedging tool for\ndealers and investors in Japanese equities.\n The contract's unit of trading would be 500 Japanese yen\ntimes the Nikkei index, CFTC said. The minimum price\nfluctuation would be 2,500 yen, with no daily price limits.\n Public comment on the proposal is due by July 28.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:44:33.61",
"places": [
"usa"
],
"id": "17817"
},
{
"title": "MOODY'S REVIEWS HOSPITAL CORP <HCA> DEBT",
"body": "Moody's Investors Service Inc said it\nput Hospital Corp of America's nearly three billion dlrs of\nlong-term debt under review with uncertain direction.\n Under review are the A-2 senior debt, A-3 convertible\nsubordinated debt and Prime-2 commercial paper ratings.\n Moody's cited the firm's planned sale of 104 U.S.-based\nhospitals to an employee stock ownership plan. The cost would\nbe 1.8 billion dlrs in cash plus preferred stock and warrants.\n Moody's expects favorable credit implications if the sale\nincludes low-profit hospitals. Reducing Hospital's financial\nleverage will be needed to maintain credit quality, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:44:54.78",
"places": [
"usa"
],
"id": "17818"
},
{
"title": "CHRYSLER MAY N. AMERICAN CAR OUTPUT 94,715, OFF 12.8 PCT FROM 108,595 LAST YEAR\n",
"date": " 1-JUN-1987 16:46:21.32",
"id": "17819"
},
{
"title": "CME PROPOSES NIKKEI STOCK AVERAGE FUTURES",
"body": "The Chicago Mercantile Exchange (CME)\nhas proposed a futures contract based on the Nikkei Stock\nAverage, a price-weighted index of 225 stocks on the Tokyo\nStock Exchange, federal regulators said.\n The Commodity Futures Trading Commission (CFTC) said CME's\nproposed contract is designed to be used as a hedging tool for\ndealers and investors in Japanese equities.\n The contract's unit of trading would be 500 Japanese yen\ntimes the Nikkei index, CFTC said. The minimum price\nfluctuation would be 2,500 yen, with no daily price limits.\n Public comment on the proposal is due by July 28.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:54:59.14",
"places": [
"usa"
],
"id": "17820"
},
{
"title": "GERHARD LASKE APPOINTED TREASURER OF IMF",
"body": "Gerhard Laske, a national of West\nGermany, has been appointed treasurer of the International\nMonetary Fund, succeeding Walter Habermeier, who took early\nretirement, the agency said.\n Laske, 59, held a senior position at the Bundesbank in the\nDepartment for International Organizations. Prior to that, he\nwas executive director for Germany.\n REUTER\n\u0003",
"date": " 1-JUN-1987 16:55:52.54",
"organisations": [
"imf"
],
"places": [
"usa"
],
"id": "17821"
},
{
"title": "FIRST OF AMERICA (FABK.O) ACQUIRES KEYSTONE",
"body": "First of America Bank Corp said\nit acquired (Keystone Bancshares Inc) for 25 mln dlrs.\n Keystone shareholders will receive 45 dlrs per Keystone\nshare, payable in First of America convertible preferred stock\nhaving a dividend rate of nine pct.\n Keystone has two affiliates with combined assets of 205 mln\ndlrs. First of America has 7.9 billion dlrs in assets.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:56:00.71",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17822"
},
{
"title": "NPPC APPEAL ON CANADIAN PORK DISMISSED",
"body": "The U.S. Court of International Trade has\nupheld the International Trade Commission's refusal to extend\ncountervailing duties on Canadian hogs to include pork\nproducts, the National Pork Producers' Council said.\n The court's ruling came in an appeal to the Trade\nCommission's decision filed by the Pork Producers' Council.\n Council president Tom Miller said he was disappointed by\nthe court ruling and said the council will accelerate\nactivities in support of an amendment to the 1930 Tariff Act\nthat would address the objections outlined in the Trade\nCommission's ruling.\n The Commission had said there was insufficient economic\nintegration between the pork production industry and the pork\npacking industry to justify extending the duty on live hogs to\nfresh, chilled or frozen pork.\n The legislation has already passed the House of\nRepresentatives and recently passed the Senate Finance\nCommittee. It is expected to be considered by the full Senate\nby the end of the summer.\n An appeal by the Canadian Pork Council that the current\ncountervailing duty on Canadian hogs entering the U.S. be\nlifted is pending before the Court.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:57:01.23",
"topics": [
"hog"
],
"places": [
"usa",
"canada"
],
"id": "17823"
},
{
"title": "FORD MAY N. AMERICAN CAR PRODUCTION 213,790, UP 2.2 PCT FROM 209,109\n",
"date": " 1-JUN-1987 16:57:21.75",
"id": "17824"
},
{
"title": "FLUOROCARBON <FCBN.O> COMPLETES ACQUISITION",
"body": "Fluorocarbon Co said it\ncompleted the acquisition of Eaton Corp's <ETN> industrial\npolymer division.\n The company said it paid about 70 mln dlrs in cash for the\ndivision, which will be renamed Samuel Moore Group.\n Fluorocarbon also said the division should boost annual\nsales to 165 mln dlrs from last year's 98 mln dlrs.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:58:13.86",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17825"
},
{
"title": "SUPERMARKETS <SGL> REDEEMS PURCHASE RIGHTS",
"body": "Supermarkets General Corp said it\nredeemed its preferred stock purchase rights on May 29 and will\npay five cts a right in the near future to holders of record\nMay 29.\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:58:17.70",
"places": [
"usa"
],
"id": "17826"
},
{
"title": "DEKALB <DKLBB.O> SELLS HEINOLD HOG MARKET",
"body": "Dekalb Corp said it sold its Heinold\nHog Market Inc to the unit's employees through an Employee\nStock Ownership Plan (ESOP).\n Terms were not disclosed, but president Bruce Bickner said\nthe sale will have a positive, but not substantial, impact on\nDeKalb as a whole.\n The company said the hog marketing unit did not fit with\nits strategy of investing in its core businesses.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 16:58:51.31",
"topics": [
"acq",
"hog"
],
"places": [
"usa"
],
"id": "17827"
},
{
"title": "CHRYSLER <C> MAY CAR OUTPUT FALLS",
"body": "Chrysler Corp said its May North American\ncar production fell 12.8 pct to 94,715 from 108,595 a year ago.\n Chrysler said its May truck production rose 32 pct to\n61,151 from 46,332 last year.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:04:24.17",
"places": [
"usa"
],
"id": "17828"
},
{
"title": "LTV <QLTV> TO NEGOTIATE WITH STEELWORKERS",
"body": "LTV Corp's LTV Steel Corp said it\nagreed to resume negotiations with the United Steelworkers of\nAmerica at the local plant levels, to discuss those provisions\nof its proposal that require local implementation.\n The local steelworker union narrowly rejected a tentative\nagreement with the company on May 14, it said.\n LTV also said it agreed to reopen its offer contained in\nthe tentative agreement reached with the union's negotiating\ncommittee as part of a plan to resolve problems through local\ndiscussions.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 17:05:31.57",
"topics": [
"iron-steel"
],
"places": [
"usa"
],
"id": "17829"
},
{
"title": "MOODY'S AFFIRMS MIDDLE SOUTH <MSU> AND UNITS",
"body": "Moody's Investors Service Inc said it\naffirmed about four billion dlrs of long-term debt of Middle\nSouth Utilities and nearly all of its units.\n Moody's cited the U.S. Supreme Court's stay of an adverse\nMisssissippi Supreme Court ruling for a Middle South unit,\nMississippi Power and Light Co. The approval of the stay may\nenhance Mississippi Power's prospects for a favorable judgment,\nMoody's added.\n But Moody's said it will watch the situation closely\nbecause the stay depends on a bond posting that is satisfactory\nto the Mississippi Supreme Court.\n On May 26, the Mississippi Public Service Commission\nordered Mississippi Power to stop collecting about 12 mln dlrs\nin monthly revenues from its Grand Gulf power plant, Moody's\npointed out. The Commission also wants Mississippi Power to\nsubmit a plan for refunding 190 mln dlrs of previously\ncollected funds, Moody's said.\n The first mortgage bonds and secured pollution control\nbonds of Mississippi Power, Arkansas Power and Louisiana Power\nand Light Co were affirmed at Baa-1. Their preferred stock was\naffirmed at Baa-2. In addition, Moody's affirmed Mississippi\nPower's Baa-2 unsecured pollution control debt.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:06:35.43",
"places": [
"usa"
],
"id": "17830"
},
{
"title": "GM <GM> MAY CAR OUTPUT FALLS 26.3 PCT",
"body": "General Motors Corp said its May North\nAmerican car production fell 26.3 pct to 328,221 units from\n445,440 a year ago.\n The company said its May production of commercial vehicles\n(trucks and buses) rose 5.1 pct to 158,444 from 150,752 a year\nago.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:07:47.73",
"places": [
"usa"
],
"id": "17831"
},
{
"title": "FORD <F> MAY CAR OUTPUT UP 2.2 PCT",
"body": "Ford Motor Co said its May North American\ncar production rose 2.2 pct to 213,790 from 209,109 last year.\n The company said its May truck production eased 4.7 pct to\n140,696 from 147,638 a year ago.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:08:09.23",
"places": [
"usa"
],
"id": "17832"
},
{
"title": "WESTPORT BANK <WBT.O> SETS 2-FOR-1 SPLIT",
"body": "Westport Bank Corp Inc aid its\nboard has declared a 2-for-1 stock split of Westport's common\nand an increase in its quarterly cash dividend.\n The company said the split will be effective in the form of\na 100 pct stock dividend on Westport's outstanding common with\na distribution date of July six to shareholders of record on\nJune 12.\n The company said the pre-split quarterly cash dividend is\n26 cts per share, up from 25 cts the previous year, to paid on\nJuly one to shareholders of record on June 12.\n \n Westport Bank said a quarterly dividend of 13 cts a share\nwill be paid on shares outstanding after the 2-for-1 split.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:10:30.97",
"places": [
"usa"
],
"id": "17833"
},
{
"title": "CHARTER POWER SYSTEMS INC <CHP> 1ST QTR",
"body": "Shr 11 cts vs 21 cts\n Net 563,000 vs 863,00\n Revs 28.8 mln vs 32.5 mln\n Avg shrs 5.0 mln vs 3.3 mln\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:10:48.84",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17834"
},
{
"title": "FINANCIAL SECURITY <FSSLA.O> TO BE ACQUIRED",
"body": "Financial Security Savings and\nLoan Association said it signed a letter of intent for a\ncontrolling interest to be acquired by an investor group led by\nSouth Florida developer William Landa.\n Terms were not disclosed.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:10:54.09",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17835"
},
{
"title": "E-SYSTEMS <ESY> SEES REDUCED SECOND QUARTER",
"body": "E-Systems said it expects earnings for the\nsecond quarter will likely be below prior expectations due to a\nreduction in investment income and higher than expected costs\non several power amplifier programs.\n The company said it does not expect to match the 52 cts a\nshare net income reported for the second quarter last year.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:11:06.64",
"places": [
"usa"
],
"id": "17836"
},
{
"title": "EDELMAN GROUP CUTS BURLINGTON <BUR> STAKE",
"body": "New York investor Asher Edelman and\nDominion Textile Inc <DTX.T>, who are currently seeking to\nacquire Burlington Industries Inc in a hostile tender offer,\nsaid they lowered their stake in the company.\n In a filing with the Secruties and Exchange Commission, the\nEdelman/Dominion group, known as Samjens Acqusition Corp, said\nit sold options to buy 258,800 Burlington common shares,\nreducing its stake in the company to 3,408,813 shares, or 12.33\npct, from 3,667,313 shares, or 13.3 pct.\n The group said the sale, which represented all the\nBurlington options it owned, was made May 28 for 8.7 mln dlrs.\n The Edelman/Dominion group last week sweetened its hostile\ntender offer to 77 dlrs a share, after Burlington agreed to a\nleveraged buyout by a Morgan Stanley and Co-backed group for 76\ndlrs a share.\n But the Edelman/Dominion group, which has litigation\npending against Burlington, also said it has held talks with\nMorgan Stanley about \"the possibility of settlement of\noutstanding matters among\" it, Morgan Stanley and Burlington.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:12:27.93",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17837"
},
{
"title": "GM MAY CAR OUTPUT FALLS 26.3 PCT",
"body": "General Motors Corp said its May North\nAmerican car production fell 26.3 pct to 328,221 units from\n445,440 a year ago.\n The company said its May production of commercial vehicles\n(trucks and buses) rose 5.1 pct to 158,444 from 150,752 a year\nago.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:12:43.34",
"places": [
"usa"
],
"id": "17838"
},
{
"title": "ENTERTAINMENT MARKETING TOPS CRAZY EDDIE OFFER",
"body": "A quickly growing Texas-based\ndistributor of electronics products offered 240 mln dlrs\nfor Crazy Eddie Inc <crzy>, the leading New York City\nelectronics retailer, or one dlr per share more than its\nfounder has bid.\n The 8-dlr-a-share offer by Entertainment Marketing Inc <em>\nfor Crazy Eddie comes less than two weeks after founder Eddie\nAntar and a firm controlled by the Belzbergs of Canada\nannounced a bid to take the 32-store Crazy Eddie chain private.\n Analysts said Entertainment Marketing, whose revenues and\nprofits quadrupled in 1986, may be looking to break into the\nhighly competitive New York City retail market for consumer\nelectronics, the nation's biggest, at a time the fortunes of\nelectronics retailers have sagged.\n The analysts questioned whether Houston-based Entertainment\nMarketing, founded by a former electronics retailer but whose\npresent buinesses are primarily as wholesale distributors, had\nthe management expertise for retailing or was merely trying to\ndrive up the price of the Crazy Eddie shares it already owns.\n \"I have mixed feelings,\" said analyst Dennis Telzrow of\nEppler, Geurin and Turner, a Dallas brokerage. \"On the one hand\nit's probably a cheap price. On the other hand, does\nEntertainment Marketing have the management talent to run it\nand will the Crazy Eddie people leave?\"\n \"It's a risky strategy for Entertainment Marketing,\" said\nanalyst Eliot Laurence of Wessels Arnold and Henderson, a\nMinneapolis brokerage. \"Electronics retailing is very management\nconcentrated; they'd want to keep Crazy Eddie's management in\nplace.\"\n Laurence said that, since Entertainment Marketing already\nowns 4.3 percent of Crazy Eddie's 31.3 million shares, it may\nbe trying to get the Antar-Belzberg group to increase its\n7-dlr-a-share offer.\n Shares of Crazy Eddie, which have jumped from the high\n4-dlr range to above 7 dlrs since the Antar-Belzberg bid was\nannounced May 20, rose another 50 cents Monday to 8.375 a share\nin over-the- counter trading. \n Antar, the reclusive founder of the chain in the New York\nCity, Philadelphia and Connecticut areas, said last month that\nhis group controlled 14 percent of Crazy Eddie's shares.\n A Crazy Eddie spokesman said the company's board has taken\nno decision on the Antar-Belzberg offer, worth some 187 mln dlrs\nsince they own more shares than Entertainment Marketing. He\nwould not comment on the new offer.\n Entertainment Marketing sells computer products such as\ndisk drives and other, often discounted electronics goods to\nretailers, primarily in the southwest, and directly to\nconsumers by cable television.\n In fiscal 1986, ending last January, its revenues rose to\n87.9 mln dlrs from 21.3 mln dlrs the previous year. Net profit\nwent to 3.2 mln dlrs from 750,000 dlrs in 1985.\n Entertainment Marketing, whose chief executive officer,\nElias Zinn, once ran an electronics retailing business, said in\na statement it had committed 50 mln dlrs toward the purchase\nof Crazy Eddie and had retained Dean Witter Reynolds Inc to\nassist in financing the balance.\n Analyst Telzerow estimated that the company would have to\nborrow about 100 mln dlrs to complete the proposed buyout since\nCrazy Eddie has cash and other assets worth about the same\namount.\n Shares of Entertainment Marketing were up 12.5 cents Monday\nto 9.50.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:13:31.62",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17839"
},
{
"title": "SECURITY PACIFIC TO ADD 500 MLN DLRS TO RESERVE FOR CREDIT LOSSES\n",
"date": " 1-JUN-1987 17:14:38.47",
"id": "17840"
},
{
"title": "PENTAGON AWARDS 176.7 MLN DLRS IN CONTRACTS",
"body": "The U.S. Defense Department said it\nhas awarded contracts totaling 176.7 mln dlrs to Grumman\nAerospace Corp <GQ>, GEC Avionics Ltd, General Dynamics Corp\n<GD> and Refinery Associates.\n The Pentagon said it has awarded Grumman Aerospace Corp a\n50.9 mln dlr addition to an existing contract for 18 F-14A\nTomcat fighter aircraft.\n It also said it has awarded General Dynamics Corp 50.1 mln\ndlrs for three contracts. General Dynamics Fort Worth Division\nwas awarded a 41.3 mln dlrs in increase to existing contracts\nfor foreign military sales of the F-16.\n General Dynamics Corp's Electric Boat Division has been\nawarded an 8.8 mln dlr contract to provide logistics and\ntraining support requirements for the Trident Refit facility,\nthe Defense Department said.\n GEC Avionics Limited of Rochester, England, has been\nawarded a 35.4 mln dlr increase to an existing contract for 564\nair data computer kits and 920 mounting hardware kits for\naircraft, the department said.\n Refinery Associates Inc has been awarded 40.3 mln dlr\ncontract for 93.2 mln gallons of various fuel oils, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:17:47.95",
"places": [
"usa"
],
"id": "17841"
},
{
"title": "SECURITY PACIFIC EXPECTS 175 MLN DLR LOSS IN QTR AS RESULT OF LOSS PROVISION\n",
"date": " 1-JUN-1987 17:19:13.58",
"id": "17842"
},
{
"title": "HOME <HME> SAYS IT IS NOT AFFECTED BY RULING",
"body": "The Home Insurance Co, a unit of the\nHome Group Inc, said it is not affected by a May 29 California\ncourt ruling that says 20 insurance companies must bear the\ncosts of asbestos-injury claims.\n The company said it had reached a settlement agreement with\nfive former asbestos manufacturers that it had insured, prior\nto the Superior Court ruling that said insurers, and not\nasbestos makers, would have to pay the claims from the\nthousands of victims of asbestos-related illnesses.\n Home Insurance did not disclose the terms of the\nsettlement.\n \n Home Insurance said it had provided excess coverage to\nManville Corp <QMAN>, Armstrong World Industries <ACK>,\n<Fibreboard Inc>, GAF Corp <GAF> and <Nicolet Inc>.\n Home Insurance said it had been negotiating for the past\ntwo years to reach a settlement with the five former asbestos\nmanufacturers to establish the amount of coverage that Home\nInsurance would provide in the claims.\n The company said the settlement does not impact current or\nfuture earnings of the Home Insurance or its parent, Home\nGroup, and that it will no longer offer insurance for\nasbestos-related incidents.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 17:22:37.09",
"places": [
"usa"
],
"id": "17843"
},
{
"title": "GEMAYEL NAMES ACTING PREMIER",
"body": "President Amin Gemayel named Sunni Moslem\nEducation Minister Selim Hoss as acting prime minister\nfollowing the assassination of Premier Rashid Karami, a\npresidential palace statement said.\n \"After consultations by President Amin Gemayel with\npolitical and religious leaders the president decided to name\nSelim Hoss as acting prime minister,\" said the statement\nbroadcast on local radio stations.\n Moslem leaders proposed Hoss, a former premier, as acting\nprime minister after Karami died of injuries from a bomb that\nexploded aboard his helicopter.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:23:41.22",
"places": [
"lebanon"
],
"id": "17844"
},
{
"title": "S/P AFFIRMS RATINGS ON SECURITY PACIFIC\n",
"date": " 1-JUN-1987 17:30:50.21",
"id": "17845"
},
{
"title": "SECURITY PACIFIC <SPC> ADDS 500 MLN TO RESERVE",
"body": "Security Pacific Corp said it intends\nto add 500 mln dlrs to its provision for credit losses during\nthe second quarter, a move that will result in a loss for the\nperiod of about 175 mln dlrs.\n The company added, however, that it now expects to post a\nprofit for the full year of about 150 mln dlrs.\n Security Pacific said the reserve is specifically related\nto its loans to the developing world.\n Security Pacific, which has assets of about 64 billion\ndlrs, reported 1986 net income of 385.9 mln dlrs. Last year it\nposted second quarter net income of 93.5 mln.\n In making the announcement, Security Pacific said the extra\n500 mln dlrs will raise its reserve for credit losses to about\n1.3 billion dlrs, or 2.8 pct of total loans and leases\noutstanding.\n It said the amount of reserves allocated to Lesser\nDeveloped Country (LDC) debt represents about one-third of the\ncompany's total LDC debt portfolio.\n A spokesman said the company currently has LDC debt\nexposure of about 1.8 billion dlrs. The company's total loan\nportfolio at March 31 stood at 44.4 billion dlrs.\n The Security Pacific move follows similar provisions by\nseveral other money center banks.\n Last month Citicorp <CCI> led the move by annoucing a three\nbillion dlr addition to its reserve to help bolster its\nprotection against uncertainties in the economic world.\n Chase Manhattan Corp <CMB> followed with a 1.6 billion dlr\naddition to its credit loss reserve.\n \"While our LDC debt exposure is relatively small, we think\nthat the LDC debt environment has been altered significantly\ngiven the recent actions of other major financial\ninstitutions,\" Security Pacific chairman Richard Flamson said\nin a statement.\n Following its 500 mln dlr addition to the credit loss\nreserve, its primary capital ratio at the end of the second\nquarter will be about 7.4 pct, Security Pacific said.\n The company further stated that it anticipates continuing\nits current dividend payment at an annual rate of 1.80 dlrs per\nshare.\n The company also stressed that it is not writing off loans\nto the developing world but rather, adding to its reserves will\nallow greater flexibility when dealing with these credits in\nthe future.\n Security Pacific also said it intends to play a continuing\nrole in meeting the needs of those countries.\n Security Pacific is the nation's sixth largest bank holding\ncompany.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:37:27.21",
"places": [
"usa"
],
"id": "17846"
},
{
"title": "FIRST UNION <FUNC.O> COMPLETES ACQUISITIONS",
"body": "First Union Corp said it\ncompleted the acquisition of two Florida-based banks, North\nPort Bank, based in North Port, and City Commerical Bank, based\nin Sarasota.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:38:20.01",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17847"
},
{
"title": "CROP GENETICS INTERNATIONAL <CROP.O> 4TH QTR",
"body": "4th qtr ended March 31.\n Shr loss 24 cts vs loss 19 cts\n Net loss 751,900 vs loss 569,000\n Revs 497,500 vs 811,400\n Year\n Shr loss 1.13 dlrs vs loss 70 cts\n Net loss 3,472,700 vs 1,990,300\n Revs 2,484,100 vs 2,498,300\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:38:45.35",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17848"
},
{
"title": "INVESTORS MAY TAKE COMPUTERLAND PUBLIC",
"body": "The investor group that has agreed to\nbuy <Computerland Corp> will likely take the leading personal\ncomputer retailer public or sell it to other investors,\nindustry analysts said.\n \"Now's a good time,\" said Joe Levy of International Data\nCorp. \"The personal computer industry has bottomed out and is\non the way up again,\" he said.\n Earlier today, closely held Computerland, the largest PC\nretailing chain in the country, said it agreed to be bought by\nan investor group led by E.M. Warburg Pincus and Co, New York.\n Neither Computerland, which is 96 pct owned by its founder,\nWilliam H. Millard, nor E.M. Warburg, a money management and\nventure capital firm, would disclose the value of the\ntransaction.\n Analysts estimated that Computerland, whose 800 stores\ngenerated 1.4 billion dlrs in sales last year, would fetch 150\nmln dlrs to 250 mln dlrs. Computerland franchise owners pay\nroyalties averaging 5.9 pct to the parent company.\n Officials for E.M. Warburg referred all questions to\nComputerland. Computerland officials could not immediately be\nreached for comment.\n E.M. Warburg currently manages 1.5 billion dlrs in venture\ncapital funds, and its past investments have included Mattel\nInc <MAT> and the Ingersoll newspaper chain. It is also a money\nmanager, with 3.5 billion dlrs under management.\n Although the PC retailers are benefitting from the strong\nupturn in PC sales, analysts said Computerland must make key\nchanges if it is to fend off advances from rivals like\nBusinessland Inc <BUSL.O> and Tandy Corp's <TAN> Radio Shack\nstores. \"The name of the game now is outbound sales forces,\ncustomer service and customer support,\" said Levy of\nInternational Data.\n\n Relations between Computerland and its franchise owners\nhave mellowed recently after Millard was forced to give up\nmanagment control of the company in 1985.\n Ed Faber, who took over as chairman and chief executive\nofficer, revamped the company's royalty plan, which help quell\nmuch of the franchisee dissent.\n \n Reuter\n\u0003",
"date": " 1-JUN-1987 17:46:32.84",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17849"
},
{
"title": "S/P AFFIRMS RATINGS ON SECURITY PACIFIC <SPC>",
"body": "Standard and Poor's Corp said it\naffirmed Security Pacific Corp's 4.5 billion dlrs of debt.\n S and P said that although the bank's decision today to\nincrease its reserve against developing country debt by 500 mln\ndlrs will result in a loss in the second quarter, the firm\nstill expects to report a profit for the year.\n Affirmed were Security Pacific's AA senior debt, AA-minus\nsubordinated debt and preferred stock and A-1-plus commercial\npaper. Also, uninsured certificates of deposit of Security\nPacific National Bank and Arizona Bank of Phoenix were affirmed\nat AA/A-1-plus.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:50:09.24",
"places": [
"usa"
],
"id": "17850"
},
{
"title": "DIGITAL COMMUNICATIONS <DCAI> INTRODUCES ITEMS",
"body": "Digital Communications Associates\nInc said it introduced four new personal computer\ncommunications products, including equipment designed for the\nrecently anounced International Business Machines Corp <IBM>\npersonal system/2, and Apple Computer Inc's <APPL.O> 's\nMacintosh II and Macintosh SE computers.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:53:42.91",
"places": [
"usa"
],
"id": "17851"
},
{
"title": "UNITED PARK <RPK> HAS FULL SUBSCRIPTION",
"body": "United Park City Mines Co said it\nhad a full and complete subscription to all of the 5,400,731\nshares ot its common stock offered in connection with its\nrecent rights offering.\n It said it will issue 4,892,153 shares of its common under\nthe basic subscription right and 508,578 shares of its common\nunder the oversubscription privilege. It said it will also\nreceive 2.7 mln dlrs in proceeds from the offering.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:54:13.74",
"places": [
"usa"
],
"id": "17852"
},
{
"title": "LADD <LADD.O> UNIT COMPLETES ACQUISITION",
"body": "Ladd Furniture Inc's Clayton-Marcus\nFurniture subsidiary said it completed the previously announced\npurchase of privately-held Colony House Furniture Inc\nfor an undisclosed amount of cash and notes.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:54:25.08",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17853"
},
{
"title": "HYCOR BIO <HYBD.O> FORMS UNIT TO SELL PRODUCT",
"body": "Hycor Biomedical Inc said it was\nforming a unit, Hycor Instruments Inc, to distribute a line of\nchemistry analyzers made by <JEOL Ltd> of Japan.\n The product, called a \"clinalyzer,\" is an automated blood\nanalyzer capable of providing diagnostic and other tests for\nhospitals and clinics, the company said.\n The company also said it has discussed distributing other\nproducts made by JEOL.\n\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:54:51.10",
"places": [
"usa"
],
"id": "17854"
},
{
"title": "GENERAL MOTORS (GM) CANADA TO CLOSE TRUCK CENTRE",
"body": "General Motors of Canada Ltd said it\nwill close its Montreal truck centre August 31, due to low\nsales volume, putting most of the centre's 131 employees out of\nwork.\n \"The sales volume at the centre has been insufficient to\nsupport the operation,\" the company said in a statement.\n \"With the recently announced joint venture with Volvo to\nsupply the heavy-duty truck market, customer requirements for\nthe GM line of light and medium duty trucks will be better\nsatisfied by GM dealers located throughout Quebec,\" the company\nsaid.\n General Motors Canada said it will provide 52 weeks of\nlayoff benefits for most employees and up to 104 weeks for some\nsenior employees.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:57:44.72",
"places": [
"canada"
],
"id": "17855"
},
{
"title": "INTL THOMSON <ITO.TO> PLANS PREFERRED ISSUE",
"body": "International Thomson Organization Ltd\nsaid it planned an issue in all of Canada except Quebec of two\nmln 1.85 dlr cumulative redeemable retractable series one\npreferred shares.\n It said that underwriters McLeod Young Weir Ltd and Wood\nGundy Inc agreed to acquire the issue at 25.568 dlrs a share,\nwith yield to retraction on October 15, 1991 of 7-1/8 pct a\nyear. The company said it also agreed to sell to the two\nunderwriters two mln 1.84375 dlr series four cumulative\nredeemable retractable preferred shares, which will be resold\nprivately.\n Reuter\n\u0003",
"date": " 1-JUN-1987 17:59:06.72",
"places": [
"canada"
],
"id": "17856"
},
{
"title": "CIS <CISIF.O> AGREES TO SECOND EXTENSION",
"body": "CIS Technologies Inc said that it\nand the Swiss Reinsurance Co of Zurich, Switzerland agreed to a\nsecond extension of two dates for the final part of their share\npurchase agreement.\n It said the June one election date has been extended to\nJune 15 and the June 30 closing date has been changed to July\n31.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:10:23.46",
"topics": [
"acq"
],
"places": [
"usa",
"switzerland"
],
"id": "17857"
},
{
"title": "ELSINORE <ELS> MAKES DEPOSIT TO COVER BONDS",
"body": "Elsinore Corp said it deposited five mln\ndlrs to cover accrued and unpaid interest through June 30 of\nthe 15-1/2 pct senior mortgage bonds of 1999 of its unit\nElsinore Finance Corp.\n Elsinore has guaranteed the payment of its unit's bonds.\n The parent deposited the five mln dlrs with Elsinore\nFinance's trustee, Manufacturers Hanover Trust Co, it said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:16:32.31",
"places": [
"usa"
],
"id": "17858"
},
{
"title": "ARIZONA NUCLEAR PLANT RESTARTED AFTER SHUTDOWN",
"body": "The Palo Verde Unit 1 nuclear\npower plant returned to service today following an automatic\nshutdown early Saturday morning, the Arizona Nuclear Power\nProject said.\n The shutdown came during a weekly test of feedwater pumps\nleading to the steam generators on the non-nuclear side of the\nplant, a Power Project spokesman said. A defective electrical\nrelay caused a feedwater pump to stop operating, leading to an\nautomatic shutdown of the plant, he said.\n Palo Verde Unit 1 was restarted Sunday following repairs\nand surveillance testing. Unit 1 was operating at 40 pct power\nMonday and is expected to return to full power, about 1300\nmegawatts, Tuesday, the spokesman said.\n Palo Verde Unit 2 continues to operate at full power,\ngenerating 1347 gross megawatts, he said.\n The Arizona Nuclear Power Project is a consortium including\nAZP Group's <AZP> Arizona Public Service, El Paso Electric\n<ELPA>, Public Service of New Mexico <PNM> and Southern\nCalifornia Edison <SCE>.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:16:43.90",
"places": [
"usa"
],
"id": "17859"
},
{
"title": "WASTE MANAGEMENT <WMX> BOARD OKAYS MODULAIRE BUY",
"body": "Waste Management Inc said its\ndirectors approved a May 10 accord with Modulaire Industries\n<MODX.O> under which Waste Management would acquire Modulaire.\n Under the agreement, Modulaire stockholders would receive\n16 dlrs in Waste Management stock for each Modulaire share.\n Modulaire has scheduled a special shareholders meeting for\nJuly 15 to vote on the merger. Waste Management said it has\nreceived proxies from holders of 49.6 pct of Modulaire's common\nstock that could be voted in favor of the merger.\n The Hart-Scott-Roding waiting period on the takeover will\nexpire June 17.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:18:22.90",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17860"
},
{
"title": "SECURITY PACIFIC <SPC> ADDS 500 MLN TO RESERVE",
"body": "Security Pacific Corp said it intends\nto add 500 mln dlrs to its provision for credit losses during\nthe second quarter, a move that will result in a loss for the\nperiod of about 175 mln dlrs.\n The company added, however, that it now expects to post a\nprofit for the full year of about 150 mln dlrs.\n Security Pacific said the reserve is specifically related\nto its loans to the developing world.\n Security Pacific, which has assets of about 64 billion\ndlrs, reported 1986 net income of 385.9 mln dlrs. Last year it\nposted second quarter net income of 93.5 mln.\n In making the announcement, Security Pacific said the extra\n500 mln dlrs will raise its reserve for credit losses to about\n1.3 billion dlrs, or 2.8 pct of total loans and leases\noutstanding.\n It said the amount of reserves allocated to Lesser\nDeveloped Country (LDC) debt represents about one-third of the\ncompany's total LDC debt portfolio.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:23:07.89",
"places": [
"usa"
],
"id": "17861"
},
{
"title": "BOEING <BA> RESHAPING DE HAVILLAND IN OWN IMAGE",
"body": "Boeing Co is attempting to recreate\nmoney-losing de Havilland Aircraft of Canada Ltd in its own\nimage.\n But it is a process that will be complex and, because the\ncompany was in worse shape than expected, time-consuming,\naccording to de Havilland president Ron Woodard.\n Yet Woodard, a former Boeing executive, believes the\nmakeover is absolutely essential to revitalize the historic\ncompany Boeing bought from the Canadian government a year ago.\n \"These are very complex, deep problems that you don't change\novernight,\" Woodard told Reuters in an interview as he outlined\nhis vision of transforming de Havilland into a diversified\nmanufacturer and an important cog in Boeing's worldwide\noperations.\n \"We've got to get our house in order. We've got to get lots\nof Boeing (sub-contract) work in here and we've got to get\nBoeing's systems in here and just get to be part of the\nworldwide support system.\"\n But based on de Havilland's turbulent flight path in recent\nyears, the task will also not be easy.\n Formed in 1928 as an offshoot of the British operation\nstarted by Geoffrey de Havilland, the company has turned out a\nvariety of small aircraft. During World War II it produced the\nunique wooden Mosquito bomber for the Allied Command.\n In the postwar years that de Havilland became renowned\ninternationally for its rugged bush planes.\n Canada's Liberal government, interested in developing de\nHavilland's STOL (Short Take Off and Landing) technology,\nacquired the firm in 1974 and poured 830 mln Canadian dlrs into\nit over a dozen years, helping to develop the 50-seat Dash 7\nand 39-seat Dash 8 commuter aircraft.\n Amid accusations of a sellout, the pro-business\nConservative government sold the company to Boeing in 1986 for\n90 mln Canadian dlrs, or less than the price of one of Boeing's\n747s.\n Woodard believes de Havilland, which has not made a profit\nsince 1982, suffered from neglect under government control. It\nwas also in worse condition than anticipated, and\nthe company has approached Ottawa for compensation for what it\nbelieves were unexpected shortcomings at the plant.\n \"We found to our shock, to our surprise, last August we had\nvery serious health and safety regulation violations,\" said\nWoodard.\n Although he would not divulge how much is being sought,\nWoodard said it would be in excess of the 10 mln Canadian dlrs\nalready spent on replacing the plant's outmoded ventilation\nsystem.\n Yet Woodard is optimistic that once Boeing's manufacturing\nsystems are in place, the company can begin delivering planes\non time and at a profit -- possibly within a year and a half.\n \"We've got a great product and if we can get everyone\nheading the same way we're just going to eat the rest of the\nworld,\" Woodard predicted.\n Company officials said production of the 6-mln-U.S.-dlr \nDash 8 has been doubled to four a month and they hope to reach\nsix a month by year end.\n Some 63 Dash 8s are on order and there are options for the\npurchase of another 27. For the brand new \"stretch\" or extended\nversion of the plane, 23 have been ordered and 11 are under\noption.\n Woodard said that while de Havilland has a commanding grip\non the North American commuter market, which has been booming\nunder airline deregulation, the company has only a 30 pct\nmarket share worldwide.\n \"I'd like to see us make some overseas penetrations. There\nare a lot of places now where people are starting to\nderegulate. I think the next big, big growth area is probably\nEurope,\" he said.\n De Havilland now has 5,500 employees, up from 4,300 when\nBoeing bought the company. All manufacturing is located at its\nDownsview Airport site in Toronto.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:28:03.70",
"places": [
"canada"
],
"id": "17862"
},
{
"title": "BURLINGTON <BUR> HEARING TO CONTINUE TOMORROW",
"body": "U.S. District Court Judge Eugene\nA. Gordon said he plans to issue a decision tomorrow on\nBurlington Industries Inc's request for an injunction to stop\nSamjens Acquisition Corp's takeover bid for the company.\n Wall Street sources have said the outcome of the case could\nbe pivotal in determining the winner in the fierce takeover\nbattle for Burlington, the largest u.s. textile maker.\n Gordon presided over six hours of argument today by lawyers\nfor Burlington and Samjens, a partnership formed by Dominion\nTextile Inc and New York investor Asher Edelman.\n Hearings are scheduled to continue tomorrow. A preliminary\ninjunction would hold up Samjens 2.47 billion dlr offer until\nthe case is decided.\n Burlington had previously agreed to a 2.44 billion dlr\nbuyout from Morgan Stanley Group Inc <MS>, one dlr per share\nlower than a sweetened 77 dlr per share bid made by Samjens\nlast week. Burlington has not responded to the new Samjens\noffer.\n Burlington has alleged in its lawsuit that Edelman and\nDominion used illegally obtained confidential information about\nthe company in making their takeover attempt.\n \n That information, Burlington said, was provided by James\nAmmeen, a former Burlington executive, through PaineWebber\nGroup Inc <PWJ>. Ammeen, who had worked for Burlington for 23\nyears, had as many as 12 divisions with 50 pct of Burlington's\nsales reporting to him. When he left Burlington in November,\n1985, Burlington said he signed a contract promising never to\ndivulge inside information about the company.\n Burlington lawyers said shortly after he left he began\nworking with a PaineWebber employee on a hostile plan to\n\"takeover the company, dismember the company and displace its\nmanagement,\" Burlington lawyer Hubert Humphrey said.\n Samjens lawyers acknowledged it received information from\nPaineWebber, but argued the information was public information\nand could be obtained either from texitle industry analysts or\nBurlington's public financial statements.\n Burlington lawyers said PaineWebber and Ammeen met with\nEdelman and Dominion in November and continued to meet with\nthem until a couple of days before Edelman and Dominion went\npublic April 24 with their intention to take over the company.\nBurlington lawyers claim Dominion's board decided to attempt a\ntakeover of Burlington after Ammeen met with the board in\nFebruary.\n Burlington lawyers said Edelman and Dominion held\ndiscussions with PaineWebber and Ammeen about acting as\nfinancial advisers to Samjens. But they allege talks broke off\nbecause Painewebber and Ammeen could not satisfy Edelman and\ndominion with a written statement that they did not provide\ninside information.\n Lawyers for Samjens contended that Painewebber and Ammeen\nwithdrew as potential advisers because Burlington chairman\nFrank Greenberg had called a PaineWebber executive and\nthreatened legal action if PaineWebber got involved in an\neffort to takeover Burlilgnton.\n \"The ultimate question is not the price per share or the\nprofit, but rather the permissable standards of conduct for\nthose who would takeover an American company,\" said burlington\nlawyer Humphrey.\n Burlington lawyers also contended that Burlington, as the\nlargest manufacturer of denim in the United States, would be in\nviolation of anti-trust laws if it acquired Dominion, Canada's\nlargest textile maker. Dominion has denim manufacturing plants\nin Georgia, which would reduce competition in the denim market,\nthe lawyers said.\n Samjens' lawyers discounted the concern. They said the\nmarket for denim is more fragmented than Burlington contends\nand that Burlington has the ability to switch between light\nweight and heavy weight denim production as demand and price\ndictate.\n Samjens lawyers also pointed to a lawsuit filed by\nBurlington in Canada, in which it said it was considering a bid\nfor Dominion. \"Surely, what would have been sauce for the goose\nwould have been sauce for the gander,\" said Sidney Rosdeitcher,\na Samjens lawyer.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:30:28.08",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17863"
},
{
"title": "EDELMAN DETAILS BURLINGTON <BUR> OPTIONS SALE",
"body": "A tender offer of Asher Edelman and\nDominion Textile Ltd <DTX.TO> for Burlington Idustries Inc is\nnot affected by the investors' sale of options to buy\nBurlington stock, according to an associate of Edelman.\n Noting that \"our tender offer is definitely in place\" the\naide said the investors are prohibited by Securities and\nExchange Commission regulations from exercising options as long\nas a tender offer is open. The options are due to expire at the\nend of June.\n He said the May 28 sale of options to buy 258,800\nBurlington shares was thus a \"non-event.\"\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:37:13.87",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17864"
},
{
"title": "CONFERENCE BOARD FINDS US BUSINESS CONFIDENCE UP",
"body": "Business leaders' confidence in the U.S.\neconomy has improved slightly, but many top executives express\nconcern about prospects for the second half of this year, the\nConference Board said.\n The board's measure of business confidence closed at 55 in\nthe 1987 first quarter, up from 51 in the 1986 fourth quarter.\n However, the Board said virtually all of the gain reflected\noptimism about current conditions rather than prospects for the\nlast half of 1987. The survey covers over 1,000 chief\nexecutives and other top-level executives, representing a wide\ncross section of business.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:40:42.34",
"places": [
"usa"
],
"id": "17865"
},
{
"title": "CONT'L MATERIALS <CUO> ENDS CONSIDERATION OF BID",
"body": "Continental Materials Corp said its\ndirectors decided not to give further consideration to\n\"business combination\" proposed by a stockholder group that\nholds 5.2 pct of Continental Materials stock.\n Continental Materials said the offer had been received from\nContinental Associates, a group of St. Louis businessmen. \nAccording to Continental Materials, the group said May 11 it\nmight boost its stake in Continental Materials. But the group\nalso said in a letter last week to the company that the group\nhad no financing. The board \"did not consider it an official\noffer,\" a Continental Materials spokeswoman said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:42:25.90",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17866"
},
{
"title": "AMERIBANC <AINV.O>, CARDINAL END ACQUISITION",
"body": "Ameribanc Investors Group and\nCardinal Savings and Loan Association jointly announced that\nthe proposed acquisition of Cardinal by Ameribanc has been\nterminated by mutual agreement.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:51:52.49",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17867"
},
{
"title": "FORMER SANTA FE DIRECTOR SENTENCED AND FINED",
"body": "Darius Keaton, 63, former director of\nSanta Fe International Corp, was sentenced to two months in\njail and fined 11,000 dlrs for trading the company's stock on\ninsider knowledge of its 1981 two-billion-dlr takeover.\n Keaton, who was sentenced in Manhattan Federal Court,\npleaded guilty to wire fraud and failing to report to the\nSecurities and Exchange Commission that he used his inside\nknowledge of a takeover by Kuwait Petroleum to buy shares of\nSanta Fe's stock before the takeover was disclosed.\n Keaton must also serve 1,000 hours of community service\nafter which he will be placed on probation for five years.\n Reuter\n\u0003",
"date": " 1-JUN-1987 18:56:13.42",
"places": [
"usa"
],
"id": "17868"
},
{
"title": "PRESIDENTIAL <PAIR.O> APRIL LOAD FACTOR DROPS",
"body": "Presidential Airways Inc said its load\nfactor for April was 43.8 pct compared with 44.6 pct in the\nyear-ago period.\n The airline also said its revenue passenger miles were 53.2\nmln compared with 30.9 mln in April 1986 and available seat\nmiles increased to 119.3 mln compared to 70.7 mln.\n Presidential also reported that for the first quarter it\nhad a loss of 72 cts a share compared with a loss of 98 cts a\nshare in the year-ago quarter. Revenues were 20.6 mln dlrs,\ncompared with 11.8 mln dlrs in the year-ago period.\n Reuter\n\u0003",
"date": " 1-JUN-1987 19:03:07.95",
"places": [
"usa"
],
"id": "17869"
},
{
"title": "VENEZUELA GETS 300 MLN DLRS CREDIT FOR ALUMINUM",
"body": "Venezuela has obtained more than 300 mln\ndlrs in financing for industrial projects and increased its\nlines of credit for import financing, finance minister Manuel\nAzpurua said.\n 'We can say that we are achieving the recuperation of\ncredit, but that cannot be done overnight,' Azpurua said in a\ntelevision interview.\n He said a credit agreement for 100 mln marks will be signed\nthis week with the German state bank Kreditanstalt fur\nWiederaufbau (KFW), to finance an expansion of the state\naluminum company Venalum.\n The credit will be divided into two separate agreements,\none for 85 mln marks with an interest rate of 6.13 pct, and\nanother for 15 mln marks, at 6.20 pct.\n Azpurua said financing has also been obtained for expansion\nof Alcasa, another state aluminum company, and for projects in\nthe state steel and petrochemical industries.\n Yesterday, he said Venezuela obtained two new credits of\n5.0 mln dlrs each for export financing, one from Credit du Nord\nof France and the other from Britain's Midland Bank.\n The Venezuelan government has been criticised at home for\nfailing to obtain new credits, despite its insistence on\nrepaying foreign debt according to the terms of a rescheduling\naccord reached last February.\n Azpurua recently visited Tokyo hoping to acquire new\ncredits for industrial expansions but clinched no agreements.\nJapanese officials refused to allow a new issue of Venezuelan\nbonds until the country regains its 'Triple A' credit rating.\n Reuter\n\u0003",
"date": " 1-JUN-1987 19:20:20.95",
"topics": [
"alum"
],
"places": [
"venezuela"
],
"id": "17870"
},
{
"title": "U.S. TRADE DATA SEEN AS KEY TO DOLLAR TREND",
"body": "The dollar's recent signs of stability\nhave raised hopes that its 27-month decline may be nearly over,\nbut most currency analysts refuse to commit themselves until\nafter the June 12 release of U.S. trade data for April.\n \"The trade data will be a deciding factor to see if the\ndollar has bottomed out,\" said Jim McGroarty of Discount Corp.\n Since February 1985, the dollar has nearly halved its value\nagainst the yen and the mark as part of an officially\norchestrated campaign to make U.S. goods more competitive on\nworld markets and redress gaping world trade imbalances.\n On April 27, the dollar fell to a 40-year low of 137.25 yen\nbut has enjoyed a modest recovery over the last few weeks,\ntopping 145 yen today for the first time in nearly two months.\n Many economists now believe that the dollar has fallen far\nenough to ease the trade deficit's drag on the U.S. economy.\n The U.S. trade gap narrowed to 13.6 billion dlrs in March\nfrom 15.1 billion in February and is expected to show continued\nimprovement in April in volume, if not in real, terms.\n Keiichi Udagawa of Bank of Tokyo in New York said that if\nfurther progress is reported, the dollar would head back up\ntowards 150 yen.\n \"There is growing consensus that the dollar has bottomed\nout for the medium term,\" added Tom Campbell of First National\nBank of Chicago.\n Other factors supporting this bullish view were growing\nexpectations that Federal Reserve Chairman Paul Volcker would\nbe reappointed for a third four-year term in August, Japan's\nlarger-than-expected economic stimulus package last week and \nmore favorably technical chart signals, analysts said.\n The dollar was also aided by Japan's moves to dampen\nspeculative selling in Tokyo and by reports of active central\nbank intervention to support the dollar.\n The Federal Reserve Bank of New York said last week that\nthe U.S. monetary authorities bought more than four billion\ndlrs during the February-April period -- the largest amount\nsince the dollar crisis of the late 1970's.\n Discount Corp's McGroarty described the Fed's intervention\nvolume as \"impressive\".\n James O'Neill of Marine Midland Bank was not so positive,\nhowever: \"the dollar has not yet bottomed out. After the trade\ndata are released, the dollar could fall towards 1.77 marks and\n140 yen.\"\n Similarly, Natsuo Okada of Sumitomo Bank in New York\nwarned, \"I don't think the dollar has bottomed out yet.\"\n Although the dollar could rise as high as 146.50 yen, Okada\nsaid market impatience about the painstakingly slow decline of\nthe U.S. trade deficit may lead to renewed pressure.\n Currency analysts also warned about an unfavorable reaction\nto the seven-nation economic Summit on June 8 to 10 in Venice,\nwhich is likely to focus on the implementation of previous\ncommitments rather than yield any fresh initiatives.\n President Reagan said today, \"economic policy decisions\nmade last year in Tokyo and at this year's meetings of Group of\nSeven finance ministers in Paris and Washington cannot be\nignored or forgotten.\"\n \"The commitments made at these meetings need to be\ntranslated into action,\" he added in a speech, celebrating the\n40th anniversary of the Marshall aid plan for Europe.\n Now that Tokyo has unveiled its fiscal stimulus package,\nanalysts expected Bonn and the dollar/mark rate to bear the\nbrunt of U.S. calls for further action.\n Marine Midland's O'Neill said, \"pressure will build up on\nGermany to take stimulative action like Japan.\"\n Some Japanese bank dealers warned that although the dollar\ncould hold above 145 yen for some months it could also come\nunder attack again if it seems the latest economic package is\nnot having much impact on Japan's economy and its trade\nsurplus. Reflecting a longer-term uncertainty, some some trust\nbanks and Japanese insurers are keeping their short dollar\npositons hedged against exchange losses in their foreign\nportfolios, while some others have started covering those short\npositions, Japanese bank dealers said.\n Reuter\n\u0003",
"date": " 1-JUN-1987 19:23:02.38",
"topics": [
"money-fx",
"dlr",
"trade"
],
"places": [
"usa"
],
"id": "17871"
},
{
"title": "COURT UPHOLDS BANK BUILDING <BB> SELF-TENDER",
"body": "Bank Building and Equipment Corp of\nAmerica said the Delaware Chancery Court denied a stockholder's\nrequest for a preliminary injunction against an\noffer for Bank Building stock made by the company and its\nemployee stock ownership plan and trust.\n Bank Building said the joint offer is for 780,300 shares of\nBank Building stock at 14 dlrs a share. The offer is scheduled\nto expire midnight (EDT) on June 2.\n Bank Building also said its board set July 30 as the date\nof the company's annual meeting, with a record date of July\nsix.\n Reuter\n\u0003",
"date": " 1-JUN-1987 19:42:43.46",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17872"
},
{
"title": "HARCOURT <HBJ> DEBENTURES MAY TRIGGER SUIT",
"body": "Holders of convertible subordinated\ndebentures of Harcourt Brace Jovanovich Inc threatened to sue\nthe company if they do not get more information about how their\ninvestment will be affected by the company's proposed\nrecapitalization plan.\n The holders, none of whom was willing to be identified,\nsaid although Harcourt has urged that they convert their shares\nto common stock by the June eight record date for a special\ndividend, they were unable to determine if it might be better\nfor them to continue holding the debentures.\n \n \"There are rumors that various houses will bring litigation\nif we don't get answers,\" said a Wall Street source. Officials\nof Harcourt declined to comment, citing a suit brought by\nBritish publisher Robert Maxwell whose has been trying to\nacquire Harcourt.\n Executives of First Boston Inc, Harcourt's financial\nadviser, did not return a telephone call seeking comment.\n When it announced its recapitalization May 26 Harcourt\nadvised holders of the 6-3/8 pct convertible subordinated\ndebentures due 2011 to convert into common by the June eight\nrecord date for the company's special dividend.\n Harcourt's special dividend pays 40 dlrs per share in cash\nplus a security worth 10 dlrs. Holders would also retain stock\nin the recapitalized firm.\n The debentures had been convertible at 34 dlrs per share.\nHarcourt's May 26 announcement said the conversion price would\nbe adjusted according to the indenture covering the securities.\nArbitrageurs said the conversion formula yielded a \"negative\nnumber\" and thus they needed further information from the\ncompany.\n Reuter\n\u0003",
"date": " 1-JUN-1987 19:47:28.52",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17873"
},
{
"title": "VENEZUELA OBTAINED 300 MILLION DLRS IN CREDITS",
"body": "venezuela has obtained more than 300 mln\ndlrs in financing for industrial projects and has also\nincreased its lines of credit for import financing, finance\nminister manuel azpurua said.\n \"we can say that we are achieving the recuperation of\ncredit, but that cannot be done overnight,\" azpurua said in a\ntelevision interview.\n Azpurua said a credit agreement for 100 mln marks will be\nsigned this week with the german state bank kreditanstalt fur\nwiederaufbau (kfw), to finance an expansion of the state\naluminum company venalum.\n The credit will be divided into two separate agreements,\none for 85 mln marks with an interest rate of 6.13 pct, and\nanother for 15 mln marks, at 6.20 pct. Azpurua said financing\nhad also been obtained for the expansion of alcasa, another\nstate aluminum company, as well as for projects in the state\nsteel and petrochemical industries. He did not provide details.\n Yesterday, after a meeting of leaders of the ruling accion\ndemocratica party, azpurua said venezuela had obtained two new\ncredits of five mln dlrs each for export financing, one from\ncredit du nord of france and the other from the midland bank of\ngreat britain.\n The finance minister's statements came as the government is\nunder sharp criticism for failing to obtain new credits,\ndespite its insistence on repaying the foreign debt according\nto the terms of a rescheduling accord reached last february.\n Azpurua and other senior economic officals returned from a\ntrip to tokyo last week in which they hoped to acquire new\ncredits for industrial expansions, but no agreements were\nreached.\n Japanese officials also refused to allow a new issue of\nvenezuelan debt bonds because until the country regains its\n'triple a' credit classification.\n Reuter\n\u0003",
"date": " 1-JUN-1987 19:50:32.51",
"topics": [
"alum"
],
"places": [
"venezuela"
],
"id": "17874"
},
{
"title": "SOUTH KOREA INCREASES DUTY ON CRUDE IMPORTS",
"body": "South Korea has increased its duty on crude\noil imports to 4.29 dlrs a barrel from 3.29 dlrs, effective\ntoday, the energy ministry said.\n The duty, to raise funds for special energy projects, was\nadjusted after average crude import prices rose to 16.85 dlrs a\nbarrel in April, from 16.65 dlrs in March and 13.08 dlrs in\nApril 1986, ministry officials said.\n A separate 24.5 pct import tax on crude oil is unchanged.\n REUTER\n\u0003",
"date": " 1-JUN-1987 22:51:47.01",
"topics": [
"crude"
],
"places": [
"south-korea"
],
"id": "17875"
},
{
"title": "EQUITICORP TASMAN TO BID FOR MONIER LTD",
"body": "<Equiticorp Tasman Ltd> (ETL) said it will\noffer 4.15 dlrs a share cash for all the issued capital of\nMonier Ltd <MNRA.S>, currently the subject of a 3.80 dlrs a\nshare bid by CSR Ltd <CSRA.S>.\n Alternatively, ETL will offer three shares plus 82 cents\ncash for each Monier share, it said in a statement.\n As previously reported, ETL moved into the market for\nMonier shares last week, taking its stake to 13.7 pct by\nFriday.\n It now holds 14.99 pct, the maximum allowed without Foreign\nInvestment Review Board (FIRB) approval. ETL is classified as\nforeign because of its New Zealand base.\n The ETL cash offer values Monier's issued capital of 156.28\nmln shares at 649 mln dlrs, against 593 mln for the CSR bid.\n Based on the current price of ETL shares of 1.05 dlrs, the\nalternative is worth 3.97 dlrs per share, but ETL said the\nvalue placed on its shares for the offer aproximates to the\ndiluted asset backing of ETL as at March 31.\n ETL said the offer will have no minimum acceptance\nconditions and will be subject to Australian foreign investment\nand U.S. Hart-Scott-Rodino anti-trust clearances.\n ETL chairman Allan Hawkins said in the statement that the\nshareholding in Monier was a long term investment.\n ETL and its <Feltex International Ltd> associate have\ntargetted the building products sector as an area of expansion\nand Monier fits well with this aim, he added.\n Monier chairman Bill Locke said in a separate statement\nthat the independent directors of Monier intend to recommend\nacceptance of the ETL bid in the absence of a higher bid.\n He also said Monier will not now proceed with the\none-for-two bonus issue announced with its interim results on\nMarch 19 in view of the proposed takeover bids.\n As previously reported, the CSR offer involves a complex\nput and call option deal with Monier's major shareholder,\nRedland Plc <RDLD.L>, which gives Redland the choice of\naccepting the CSR offer for its 49.8 pct stake or moving to\n50.1 pct within six months of the bid closing.\n CSR officials have made it clear that they see Redland\ntaking the second option, resulting in the two companies\nrunning Monier as a joint venture.\n CSR officials have also said they had no intention of\nraising the company's bid for Monier after ETL's intervention\nbecame public last week.\n REUTER\n\u0003",
"date": " 1-JUN-1987 22:53:34.35",
"topics": [
"acq"
],
"places": [
"australia"
],
"id": "17876"
},
{
"title": "VENEZUELA TIGHTENS FOREIGN EXCHANGE RESTRICTIONS",
"body": "Venezuela's central bank has ordered\nVenezuelan banks and exchange houses to cease foreign exchange\noperations with brokers based outside the country, according to\na copy of a central bank telex made available to Reuters.\n The measure, confirmed by a brokerage firm here, has\neffectively cut off all foreign participation in Venezuela's\nvolatile currency market.\n The telex, issued on May 19, was signed by Carlos Hernandez\nDelfino, manager of the bank's department of international\noperations.\n The telex said the restriction on business with foreign\nbrokers is in line with an earlier measure prohibiting foreign\nexchange houses from selling dollars or other foreign\ncurrencies to anyone living outside Venezuela.\n In recent weeks the Venezuelan government has denied\nrumours that it intends to impose foreign exchange controls to\nprop up the weakening bolivar.\n But brokers said the central bank's move is seen as a de\nfacto currency control. \"It is definitely a control in the sense\nthat there's no longer complete freedom to operate,\" one broker\nhere said.\n \"Gradually they're imposing restrictions and the direction\nis towards complete control,\" the broker said.\n The broker, who requested anonymity, said virtually all his\nVenezuelan customers had stopped doing business with him since\nthe central bank issued the telex and followed it up with\ntelephone calls.\n He said that before the restriction was imposed the volume\nof his firm's transactions with Venezuela was about 10 mln dlrs\na day. \"It was a frenetic market, it was really quite active,\" he\nsaid.\n The broker said he saw no logical explanation for the\nprohibition because his firm only acted act as an intermediary\nbetween Venezuelan brokers, exchange houses and banks.\n \"We weren't buying dollars from Venezuelans, that's\nridiculous,\" he said. \"They've been on a rampage against\nforeigners.\"\n The broker noted that two months ago Venezuela's central\nbank quietly announced that banks doing foreign exchange\nbusiness outside Venezuela would have to respect a new 200 pct\nreserve requirement.\n In February, the central bank also prohibited trading in\nbolivar futures, the broker said.\n \"We used to have a forward market,\" he said. \"For a small\ncurrency it was miraculous.\"\n He said the bolivar, which averaged 20.29 to the U.S.\nDollar in 1986, would continue to slip from its current range\nof 28.35 to 28.50 because the central bank was rapidly running\nout of foreign reserves to support the currency on the free\nmarket.\n REUTER\n\u0003",
"date": " 1-JUN-1987 22:58:42.05",
"topics": [
"money-fx"
],
"places": [
"venezuela"
],
"id": "17877"
},
{
"title": "ESSO RAISES SINGAPORE PETROL PUMP PRICES",
"body": "Esso Singapore Pte Ltd said it raised\npump prices of petrol from today.\n New prices for 0.15 gm lead grades are 97.0 cents/litre for\n97 octane and 90.8 cents for 95 octane.\n Other Singapore oil companies announced yesterday that they\nwould revise their pump prices effective today.\n Shell Eastern Petroleum Pte Ltd, Mobil Oil Singapore Pte\nLtd, Caltex Asia Ltd, Singapore Petroleum Co Pte Ltd and BP\nSingapore Pte Ltd are pricing 97 octane at 96.8 cents. Shell,\nMobil and Caltex are pricing 92 octane at 90.2 cents, and SPC\nand BP at 90.6 cents.\n REUTER\n\u0003",
"date": " 1-JUN-1987 23:47:44.48",
"topics": [
"gas"
],
"places": [
"singapore"
],
"id": "17878"
},
{
"title": "CHINA FOREST FIRES FLARE AGAIN",
"body": "Forest fires in north-east China had\nflared again, threatening settlements and virgin forests so far\nuntouched by the blaze, the official press said.\n The New China News Agency said eight new fires had been\ndiscovered in the Inner Mongolia region and were rapidly\nspreading north and west. It said rain forecast for the region\nwas expected to help contain them.\n The China Daily said fires near the town of Tahe to the\neast had re-kindled and were moving towards nearby logging\ncamps. Soldiers have been called in to fight the blaze.\n The fires which began on May 6 have killed 191 people.\n REUTER\n\u0003",
"date": " 2-JUN-1987 00:14:22.00",
"places": [
"china"
],
"id": "17879"
},
{
"title": "SOUTH KOREA RAISES NAPHTHA PRICE",
"body": "South Korea raised its pre-tax ex-factory\nnaphtha price to 104.21 won per litre from 103.97 won,\neffective today, energy ministry officials said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 00:14:33.10",
"topics": [
"naphtha"
],
"places": [
"south-korea"
],
"id": "17880"
},
{
"title": "Tokyo - Bundesbank's Schlesinger sees no reason to lower interest rates\n",
"date": " 2-JUN-1987 00:35:43.34",
"topics": [
"interest"
],
"id": "17881"
},
{
"title": "Tokyo-West German economy contracted 1/2 to one pct in 1st qtr - Schlesinger\n",
"date": " 2-JUN-1987 00:38:09.76",
"id": "17882"
},
{
"title": "NO REASON TO CUT RATES - BUNDESBANK'S SCHLESINGER",
"body": "Bundesbank vice president Helmut\nSchlesinger said he saw no reason to lower interest rates now.\n With money supply growth showing no sign of slowing down in\nMay and the dollar stable or even rising against the mark,\nSchlesinger told Reuters that he was not convinced that a\nfurther cut in interest rates was needed.\n The economy is picking up, after contracting by a\nseasonally adjusted 1/2 to one pct in the first quarter from\nthe fourth, he added. \"We may have an increase in gnp starting\nin the second quarter,\" he said in an interview.\n Concerned by the first quarter downturn, the U.S. Has been\npressing West Germany to pump up its economy and boost its\nimports, either through fiscal or monetary policy.\n Schlesinger said the contraction in the first quarter was\nmainly due to adverse weather conditions, just as occured in\n1986. Year-on-year growth was thus about two pct.\n He estimated that economic growth for the year as a whole\nwould probably be between one and two pct.\n \"It is not a question of monetary conditions if domestic\ndemand does not grow strongly,\" he said, noting that interest\nrates are at historically low levels and funds are ample.\n Schlesinger said he saw no signs that central bank money\nstock growth was slowing down from its recent year-on-year pace\nof 7-1/2 to eight pct, well above the Bundesbank's three to six\npct target.\n He said the target could still be achieved but much will\ndepend on the direction of long-term capital flows. Heavy\ninflows, particularly in January around the time of the EMS\nrevaluation, boosted domestic money supply.\n \"There is still a certain hope that the net inflow of\nforeign money can be diminished or can even be a little bit\nreversed,\" Schlesinger said.\n A major reason for the inflows was the market's conviction\nthat the mark was headed higher. \"As we can see from the market,\nexpectations for a further revaluation of the deutschemark have\ndiminished,\" Schlesinger said.\n The recent widening of interest rate differentials, the\nfact that the dollar has fallen sharply in a very short period\nand an improvement in real trade balances have all combined\ntowards stabilizing the dollar, he said.\n Asked if central banks might act to prevent a sharp dollar\nrise, as the U.S. Did in March when the dollar rose above 1.87\nmarks, he said this would depend on the circumstances.\n At midday here, the dollar stood at 1.8340/45 marks.\n \"Central banks are always in contact about these\nfluctuations but I cannot give any answer how they would react,\"\nSchelsinger said.\n \"One has to look at how it (the market) is moving,\" he said,\nadding, \"It is not only our own case, it is also the American\ncase.\"\n He said that the West German export industry has been hit\nhard by the dollar's sharp fall and would probably like to see\nsome correction now. \"But it wouldn't be good to have short-term\nfluctuations,\" he said. \"Let us wait and see.\"\n \"It is mainly the strength of the (dollar) fall in a very\nshort period which was a little bit of a shock, than the level\n(of rates) as such,\" Schlesinger said.\n The sharp rise of the mark, coupled with weak prices of\nsuch key commodities as oil, had a favourable impact on West\nGerman inflation down year.\n Although there have recently been signs of inflation\npicking up, he said that this was due to changes in key\ncommodity prices. The underlying inflation rate this year would\nbe unchanged, at about one to 1-1/2 pct, he said.\n Schlesinger said the problem of rapid money supply growth\nwas longer term, in that the economy was building up the\npotential for a possible eventual resurgence of inflation.\n The above-target growth of money supply over the past 16\nmonths had prompted some discussion of the usefulness of\ntargets themselves, a matter which might be taken up at the\nmid-year meeting of the Bundesbank's council, Schlesigner said.\n But he added: \"I don't see any great pressure to go away\nfrom it.\"\n REUTER\n\u0003",
"date": " 2-JUN-1987 00:41:31.50",
"topics": [
"interest",
"gnp"
],
"places": [
"japan"
],
"id": "17883"
},
{
"title": "NIXDORF PLANS TO EXPAND U.S. BUSINESS",
"body": "Nixdorf Computer AG\n<NIXG.F> plans a sharp expansion of its activities in the\nUnited States, deputy management board chairman Arno Bohn said.\n He told a news conference that in the medium term Nixdorf\nwanted to raise its U.S. Turnover to one billion marks from a\ncurrent 300 mln and aimed to employ some 5,000 people in its\nU.S. Operations, compared with 1,300 now.\n Nixdorf's world group turnover was 4.50 billion marks in\n1986. Bohn said a major order last year from a U.S. Retailer\nwas a decisive element behind current plans for expansion.\n Retail chain Montgomery Ward and Co Inc, a unit of Mobil\nCorp <MOB>, awarded a 100 mln dlr order to Nixdorf in July last\nyear for point-of-sales computer terminals.\n Bohn said that by 1990 there should be a total 15,000 cash\nterminals and 500 computer terminals in place in all of the 290\nstores of Montgomery Ward.\n Nixdorf has said previously that, more important than the\nsupply of the hardware for these systems, is the fact that\nNixdorf is also providing the relevant software.\n REUTER\n\u0003",
"date": " 2-JUN-1987 01:00:58.60",
"places": [
"west-germany",
"usa"
],
"id": "17884"
},
{
"title": "Fujitsu Ltd group net profit 21.61 billion yen vs 38.93 billion (year to Mar 31)\n",
"date": " 2-JUN-1987 02:15:10.69",
"id": "17885"
},
{
"title": "JAPAN OIL INDUSTRY DECONTROL MAY LEAD TO MERGERS",
"body": "Deregulation of Japan's oil industry could\nmean hardship for smaller firms and lead to their merging into\nbigger refining and marketing groups, industry sources said.\n They said the relaxation of controls was now under review\nby the Petroleum Council, an advisory panel to the Ministry of\nInternational Trade and Industry (MITI).\n A spokesman for a major firm said, \"Deregulation would bring\nabout a reorganization. If it's a by-product of freer\ncompetition, we have no choice but to accept it.\"\n The Council is due to close its discussions on June 12.\n The sources said the Council was likely to tell MITI it\nshould end its 50 year-old protection of the industry. It\nshould cut capacity to 3.8 mln barrels per day, about 75 pct of\ncurrent capacity. Quotas should end for crude throughput and\ngasoline output, and oil tariffs should be abolished.\n They said deregulation was vital to promote more\ncompetition and efficiency, and most saw it as inevitable.\n \"Deregulation is taking place everywhere. Now it's our turn\nto see if we can survive cut-throat competition,\" said a source\nat one major Japanese oil company.\n A spokesman for a smaller refiner said, \"We'll have a hard\ntime surviving, but that's something we must go through.\"\n \"In addition to our streamlining and efficiency programs for\nthe oil division, we will exert efforts towards branching out\nfurther into other lines such as real estate and travel\nagencies,\" he said.\n Larger companies are also streamlining. Nippon Oil Co Ltd\nwhich had the largest share of refined products sales in the\nJapanese market in fiscal 1985, cut nine pct of its refining\ncapacity in fiscal 1986.\n Cosmo Oil Co Ltd, the third largest seller of oil products\nin 1985, cut its workforce by some 20 pct last year, a\nspokesman for the company said.\n Between 1984 and 1986, on the recommendation of the\nCouncil, 13 oil companies were integrated into 11 companies\nwithin seven refining and marketing groups to improve the\nefficiency of the industry.\n Oil industry sources said this structure was now likely to\nbe streamlined further into five refining groups.\n \"MITI means business. It will urge the major seven groups to\nmerge into five to build up their muscles,\" a source said.\n A MITI official told Reuters he did not rule out the\npossibility of further mergers within the Japanese oil industry\nin the event of the relaxation of oil controls.\n He declined to officially confirm or deny that the\nPetroleum Council had recommended deregulatory measures but\nsaid that in principal MITI would encourage a move towards\nderegulation.\n REUTER\n\u0003",
"date": " 2-JUN-1987 02:16:51.07",
"topics": [
"crude",
"acq"
],
"places": [
"japan"
],
"id": "17886"
},
{
"title": "FUJITSU LTD <ITSU.T> GROUP YEAR ENDED MARCH 31",
"body": "Group shr - 13.56 yen vs 27.06\n Net - 21.61 billion vs 38.93 billion\n Current - 37.66 billion vs 46.70 billion\n Operating - 57.37 billion vs 79.91 billion\n Sales - 1,789 billion vs 1,692 billion\n REUTER\n\u0003",
"date": " 2-JUN-1987 02:30:37.13",
"topics": [
"earn"
],
"places": [
"japan"
],
"id": "17887"
},
{
"title": "JAPAN READY TO USE DIPLOMACY FOR GULF SECURITY",
"body": "Japan was ready to use diplomacy to help\nmaintain the security of the Gulf, Prime Minister Yasuhiro\nNakasone said.\n But he told reporters Japan should not cut its lines of\ncommunication with Iran and Iraq because its policy was to take\na broad political stance. Officials of the foreign ministry\nsaid Japan had maintained good relations with both Iran and\nIraq, which have been at war since September 1980.\n Last week Nakasone ruled out Japanese military or financial\nhelp to patrol the waters of the Gulf. About 60 pct of Japan's\ncrude oil passes through the waterway.\n President Reagan said yesterday the threat to oil routes in\nthe Gulf from attacks by Iran and Iraq was high on the agenda\nfor next week's G-7 summit in Venice.\n Reagan has approved plans for the United States to step up\nits naval presence in the Gulf despite congressional\nexpressions of concern and he has called on U.S. Allies to help\nmaintain freedom of navigation.\n Japan's constitution prevents its armed forces from being\ndeployed overseas. Nakasone has said that Washington\nunderstands this problem.\n REUTER\n\u0003",
"date": " 2-JUN-1987 02:32:04.60",
"topics": [
"ship",
"crude"
],
"places": [
"japan",
"iran",
"iraq"
],
"id": "17888"
},
{
"title": "FUJITSU GROUP FORECASTS 75 PCT RISE IN NET PROFITS",
"body": "Fujitsu Ltd <ITSU.T> has forecast that\ngroup net profits will rise 75.9 pct in the current year to 38\nbillion yen and current profits will rise 72.6 pct to 65\nbillion, the company said in its earnings statement.\n Sales are expected to rise 14 pct to 2,040 billion yen in\nthe same period, it said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 02:46:50.85",
"places": [
"japan"
],
"id": "17889"
},
{
"title": "FOOD SURPLUSES OBSCURE CONTINUING STARVATION",
"body": "Western bickering over food surpluses is\nobscuring the fact that starvation is now a bigger problem than\never before, a senior World Food Council official said.\n Alain Vidal Naquet, head of external relations for the\ncouncil, told a news conference that a meeting organised by the\nUnited Nations body in Peking next week would try to force\ngovernments to take a more serious attitude to the food crisis.\n \"The world is facing two crises -- poverty in developing\ncountries and paradoxically an overflow of food surpluses in\nthe northern part of the world,\" Naquet said.\n \"This is affecting dangerously the balance of the\ninternational economy,\" Naquet said.\n He said it was ironic that the leaders of the western world\nwould discuss food over-production during the summit in Venice\nnext week at the same time as the Peking meeting would be\ndiscussing food shortages.\n \"Hunger is not a problem kept in mind by governments. The\nurgency of the problem is hidden by the (food surplus and\ntrade) problems of the rich countries,\" he said. \"There are more\npeople today in the world lacking enough food than there were\nin 1974 (the year of the World Food Conference in Rome).\"\n Progress has been made in some parts of the world,\nespecially Asia, but Naquet said that increasing food\nproduction and aid from the developed world were not in\nthemselves the answer to the world food problem.\n He said developing countries should not rely entirely on\naid from developed countries and should increase cooperation\namongst themselves to increase local food production and\nimprove distribution of existing food stocks.\n More than 30 government ministers are expected to attend\nthe Peking meeting, including delegations from Third World\ncountries, the U.S., The Soviet Union and Europe.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:16:30.76",
"places": [
"china"
],
"id": "17890"
},
{
"title": "SINGAPORE GOVERNMENT SECURITIES MARKET STARTS WELL",
"body": "Singapore's government securities\nmarket had performed well in volume terms since its launch on\nMay 7 but there were constraints to further growth, bankers and\ndealers said.\n Lawrence Yeo, director of securities trading and\ndistribution for Citicorp Investment Bank (Singapore) Ltd, told\nReuters there was a shortage of non-professional corporate,\ninstitutional and private investors trading in fixed income\nsecurities, especially those with long term funds. The market\ntrades treasury bills and bonds.\n Available liquid funds were still moving into traditional\ninvestments because share prices were rising and returns were\nlow on fixed income securities, Yeo said.\n He said the lack of market information and investment\neducation for potential investors were limiting factors.\n Referring to the securitisation of corporate debt, he said\n\"If the saving between a traditional bank loan and a public\noffering is not great, investors prefer to take the loan\nbecause it does not require the public disclosure of\ninformation.\"\n William K.K. Wong, managing director of Indosuez Asia\n(Singapore) Ltd, said institutional investors this year had\nfocussed on the equity market rather than bonds.\n Bankers and analysts said the new market would pave the way\nfor the development of corporate bond issues.\n The bankers said development of an active fixed income\nsecurities market would encourage more private and public\ncompanies to issue debt instruments.\n They said they hoped the risk-free government bond yield\ncurve would provide a benchmark for corporate bonds and other\ndebt instruments.\n Economists and bankers said the recent share offer by\nSembawang Maritime Ltd, which was oversubscribed 92.3 times and\nwhich raked in a record 6.80 billion dlrs, showed the flow of\nliquidity into the share market. The previous record of 1.96\nbillion dlrs was set in April by Avimo Singapore Ltd.\n Wong said total average daily turnover of the government\nsecurities market had fallen sharply due to share issues.\n He said there were at most seven active participants,\nmainly banks. Other financial institutions were on the\nsidelines because the securities market concept was new.\n Wong said the recent revision of the minimum liquid asset\nratio to 18 pct allows banks to restructure liquid assets and\ninject more long term funds into the securities market.\n One of the primary dealers, United Overseas Bank Ltd, has\nan average daily turnover of over 100 mln dlrs but this could\nrise to 300 mln on active option days, deputy manager Ho Kian\nFah told Reuters.\n Ho said major participants, besides the primary and\nregistered dealers, were mainly U.S. And U.K. Banks which\nshowed a willingness to quote prices.\n Loh Hoon Sun, general manager of the Overseas Union Bank\nLtd, said he forsees active trading and bidding of new\nofferings in pre-issued business. Loh estimated OUB's average\nturnover to be around 50 mln to 100 mln dlrs on active days.\n Dealers said a significant factor was that the t-bill and\nmoney market rate yield gap had narrowed, making rates for\nbills more competitive with those in the money market.\n Tan Mong Tong, executive director of National Discount Co\nLtd, told reporters the new securities market would enable\nbanks, statutory bodies, insurance companies to manage their\nfunds more flexibly.\n The Monetary Authority of Singapore (MAS) plans to issue\neight to 10.5 billion dlrs of taxable instruments in the first\nyear and a gross issue of 35 billion dlrs over five years.\n The first issue of 300 mln dlrs worth of T-bills by the MAS\nwas 1.9 times subscribed while the first issue of 500 mln dlrs\nworth of five-year bonds was three times oversubscribed. The\nrecent issue of 300 mln dlrs of two-year bonds received 1.17\nbillion dlrs in applications.\n The new securities market operated by MAS on an electronic\nbook entry system will provide new investment outlets intended\nto develop Singapore's capital market, bankers said.\n But the market is new and long term success and expansion\nwill depend on how the MAS and the primary and registered\ndealers stimulate activity, the bankers and analysts said.\n They said it was necessary to promote liquidity because\ninvestors did not negotiate frequently enough and tended to\nhold on to their investments.\n They advocated the establishment of a market makers\nassociation to help investors understand the market and its\ninstruments as a lack of speculative activity limits market\nturnover and supply.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:23:57.27",
"places": [
"singapore"
],
"id": "17891"
},
{
"title": "MEES NEWSLETTER SAYS OMAN OFFERS OIL DISCOUNTS",
"body": "Oman has granted term crude oil\ncustomers retroactive discounts from official prices of 30 to\n38 cents per barrel on liftings made during February, March and\nApril, the weekly newsletter Middle East Economic Survey (MEES)\nsaid.\n MEES said the price adjustments, arrived at through\nnegotiations between the Omani oil ministry and companies\nconcerned, are designed to compensate for the difference\nbetween market-related prices and the official price of 17.63\ndlrs per barrel adopted by non-OPEC Oman since February.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:26:30.75",
"topics": [
"crude"
],
"places": [
"cyprus",
"oman"
],
"id": "17892"
},
{
"title": "UK CONSERVATIVES LEAD LABOUR BY SEVEN POINTS, POLL",
"body": "British Prime Minister Margaret Thatcher's\nConservatives lead the opposition Labour party by seven\npercentage points in the June 11 election campaign, according\nto a public opinion poll today.\n The Harris poll on the TV-AM breakfast television show gave\nThatcher's Conservative Party 42 pct, Labour 35 pct and the\ncentrist Alliance 21 pct.\n This was a one point drop for the Conservatives and one\npoint rise for the Alliance since the same organisation's\nsurvey yesterday.\n However, a Marplan poll in the Today newspaper had the\nConservatives 11 points ahead. It gave them 44 pct, Labour 33\npct and the Alliance 21 pct.\n All poll results since the campaign began have shown the\nConservatives in the lead. An aggregate of recent surveys\nshowed they held a nine to 10 point lead over Labour, enough\nfor a comfortable election victory.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:27:05.22",
"places": [
"uk"
],
"id": "17893"
},
{
"title": "MALAYSIAN RUBBER OUTPUT RECOVERS FROM WINTERING",
"body": "Malaysian rubber production should\nreturn to normal levels this month after a hard wintering\nseason, the Malaysian Rubber Exchange and Licensing Board said\nin its latest review. \"As packers and remillers expect\nproduction to recover to normal levels in June, sellers will\nremain reserved in the near future,\" the review, dated May 14,\nsaid. Many consumers are holding off, waiting for the best time\nto buy.\n The market is mindful of approaching summer holidays in\nindustrial countries and there is an air of uncertainty beyond\nJuly, it said. It gave no figures for the output drop.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:31:14.04",
"topics": [
"rubber"
],
"places": [
"malaysia"
],
"id": "17894"
},
{
"title": "JAPAN TO USE TAX CARRY-OVER TO HELP FUND PACKAGE",
"body": "Government tax revenues for the 1986/87\n year ended March 31 were more than 600 billion yen higher than\nforecast and could be used to help fund the economic package\nannounced last week, Finance Ministry sources said.\n The final figure for 1986/87 will not be available until\nnext month, but some local newspapers speculated that the\ncarryover could be as much as 1,000 billion yen.\n The government is due to introduce a supplementary budget\nduring an extarordinary parliamentary session expected to start\nin July. The budget will be used to finance the central\ngovernment share of last Friday's emergency economic package.\n That package totalled more than 6,000 billion yen,\nincluding more than 1,000 billion in tax cuts.\n Government officials including Finance Minister Kiichi\nMiyazawa have previously said possible revenue sources for tax\ncuts include the tax revenue carryover from 1986/87 and\nproceeds from the sale of shares in the privatized Nippon\nTelegraph and Telephone Corp.\n The sale of 1.95 mln NTT shares in 1986/87 left about 450\nbillion yen available for use as a revenue source for tax cuts,\nthe sources said. Another 1.95 mln are expected to be sold in\nthe current fiscal year.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:37:33.96",
"places": [
"japan"
],
"id": "17895"
},
{
"title": "CENTRAL BANK HEAD SAYS PHILIPPINE GROWTH ON TARGET",
"body": "The Philippines' first quarter growth\nfigures released yesterday indicated the government was likely\nto achieve its 1987 targets, Central Bank governor Jose\nFernandez said in an interview.\n The National Economic Development Authority (NEDA)\nannounced yesterday gross domestic product (GDP) grew 5.78 pct\nand gross national product (GNP) 5.53 pct in the first quarter\nfrom a year earlier.\n \"I don't see anything on the horizon that should cut it\n(growth) short,\" Fernandez said.\n NEDA said GNP had grown 3.56 pct and GDP 3.25 pct in the\nfourth quarter of 1986 from a year earlier. Last year's GNP\ngrowth, put earlier at 0.13 pct, was revised to 1.51 pct.\n \"Certainly I do not see any shortage in external resources\nand if GNP growth continues at this level I would assume that\ndomestic resources on the fiscal side would be generated and\nwould not be a stumbling block,\" Fernandez said.\n \"I think even before the figures came out, simply looking at\nkey indicators, such as consumption of fuel oil and power,\nshowed that the economy was on a different track from last\nyear,\" he said.\n Fernandez said consumption tended to be heavier in the\nfirst and second quarters because of the dry weather, and it\ncould drop off in the third quarter.\n He said the most significant sign of recovery lay in the\nmanufacturing sector, which grew by 9.64 pct, after declines in\n1985 and a slow turnaround in the second half of 1986.\n \"That is not a seasonal thing, it is secular,\" he said.\n He said the government had met all monetary targets set for\nthe first quarter in consultation with the International\nMonetary Fund (IMF). It expected to draw down the fourth\ntranche from its 198 mln SDR stand-by arrangement soon.\n The Philippines has so far drawn three tranches totalling\n58 mln SDRs from the arrangement expiring on April 23, 1988.\nFernandez said an IMF mission would visit here in July or\nAugust to review performance in the January-June period.\n He said IMF repayments were projected to total 1.56 billion\ndlrs over the 1987-92 period and drawings only 236 mln dlrs.\nRepayments were inevitable and many countries would find their\nnet repayments to the IMF rising in the next few years.\n \"It means that since there will be a net drain on ODA\n(official development assistance) accounts the commercial\nbanking system will be requested to hold the line,\" he said.\n It is an internal constraint that exists because the IMF\ndebt cannot be rescheduled, Fernandez said.\n The Philippines rescheduled 10.3 billion dlrs of its 28\nbillion dlr foreign commercial debt in March.\n Fernandez said Central Bank bills, introduced in March 1984\nto mop up excess liquidity, had peaked at 43.1 billion pesos in\nApril 1986. But their unwinding on maturity dates, started in\nOctober last year, had almost been completed.\n He said auctions of treasury bills, whose outstanding level\ntouched 95.44 billion pesos on May 20, were going well.\n\"Treasury bills will remain a basic monetary tool,\" he said.\n Commenting on the country's foreign debt Fernandez said, \"I\nthink the Philippine debt stock looms large because our own\nreceipts from exports have not taken the same kind of leap\nforward as might have been suitable.\"\n The foreign debt is projected by the Central Bank to reach\n29.04 billion dlrs by the end of 1987.\n NEDA said exports totalled 1.2 billion dlrs in the first\nquarter, while imports were 1.4 billion dlrs.\n Fernandez said the government had targeted GNP growth of\nbetween six and 6.5 pct this year. He cautioned that while\ngrowth so far was high the targets had not yet been achieved.\n Fernandez said he saw no merit in arguments by some\neconomists that the peso, currently pegged at 20.50 to the\ndollar, ought to be devalued to make the country's exports more\ncompetitive.\n \"By being pegged to the dollar on a basket basis the peso\nhas already substantially devalued against all of the country's\ntrading partners,\" he said.\n On the proposed Omnibus Investment Code, he said he was\nopposed to a clause which would allow the unrestricted\nrepatriation abroad of investments made during the first two\nyears after the imposition of the Code.\n The imposition of the Code, scheduled for last January, has\nbeen delayed by objections from some business groups.\n \"I think any central bank, certainly this one after the\nevents of the past two or two and a half years, has to be\nprudent. This is not the time to throw all caution to the winds\nand I'm not about to do that,\" Fernandez said.\n \"It would be ideal if we reach a point where movement of\ncapital and earnings can be free,\" he said.\n \"We have had one year of reasonably good results. Certainly\nwe continue to have a fairly heavy drain on our external\navailabilities simply by servicing our debts.\"\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:51:35.56",
"topics": [
"gnp"
],
"places": [
"philippines"
],
"id": "17896"
},
{
"title": "BELGIAN FEBRUARY INDUSTRY OUTPUT DOWN ON YEAR AGO",
"body": "Belgian industrial production, excluding\nconstruction and adjusted for seasonal and calendar influences,\nwas provisionally 0.6 pct lower in February than a year\nearlier, the National Statistics Office said.\n Output in February was, however, 5.9 pct higher than in\nJanuary.\n A spokeswoman for the office said the production index,\nbase 1980, rose to a provisional 108.8 in February from a\nprovisional 102.7 in January, slightly revised from the 102.8\noriginally estimated. In February last year the index stood at\n109.5.\n REUTER\n\u0003",
"date": " 2-JUN-1987 03:57:05.90",
"topics": [
"ipi"
],
"places": [
"belgium"
],
"id": "17897"
},
{
"title": " Bundesbank sets 28-day securities repurchase tender at minimum 3.50 pct\n",
"date": " 2-JUN-1987 04:01:21.86",
"id": "17898"
},
{
"title": "BUNDESBANK SETS NEW REPURCHASE TENDER",
"body": "The Bundesbank set a new tender for a\n28-day securities repurchase agreement, offering banks\nliquidity aid at a minimum bid rate of 3.50 pct, a central bank\nspokesman said.\n Banks must make their bids by 1400 GMT today and funds\nallocated will be credited to accounts tomorrow. Banks must\nrepurchase securities pledged on July 1.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:03:11.96",
"topics": [
"interest"
],
"places": [
"west-germany"
],
"id": "17899"
},
{
"title": "STOREHOUSE REPORTS HIGHER PROFITS IN 1986/87",
"body": "53 weeks to April 4, 1987\n Share - basic 22.2p vs 21.6p\n - fully-diluted 21.6p vs 19.9p\n Final dividend 6.3p vs 5.7p, making 8.6p vs 7.7p\n Pretax profits 129.2 mln stg vs 116.0 mln\n Turnover 1,088.1 mln stg vs 968.4 mln\n Profit from retail operations 133.3 mln stg vs 115.6 mln\n Tax 40.1 mln stg vs 36.5 mln\n Profit after tax 89.1 mln stg vs 79.5 mln\n Extraordinary items debit 0.7 mln stg vs debit 24 mln\n NOTE - full name is Storehouse Plc <STHL.L>\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:04:02.22",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "17900"
},
{
"title": "NORCROS PROFITS ADVANCE IN 1986/87",
"body": "Year to March 31\n Shr 28.0p vs 21.4p\n Final dividend 9p vs 6.5p making 12p vs 9.3p\n Pretax profit 53.16 mln stg vs 45.12 mln\n Turnover 641.1 mln stg vs 639.7 mln\n Group operating profit 57.63 mln stg vs 49.06 mln\n Share of associates' profits 1.33 mln stg vs 3.87 mln\n Investment income 1.59 mln stg vs 2.19 mln\n Interest payable 7.38 mln stg vs 10.01 mln\n Tax 16.48 mln stg vs 17.60 mln\n Leaving 36.68 mln vs 27.51\n Minorities debit 1.58 mln stg vs debit 1.39 mln\n Extraordinary items credit 2.95 mln stg vs debit 8.12 mln\n Operating profits breakdown, by class of business,\n - building materials manufacture 23.7 mln stg vs 20.9 mln\n - distribution 10.1 mln stg vs 7.5 mln\n - specialist print and pack 12.6 mln stg vs 9.6 mln\n - international 6.0 mln stg vs 5.6 mln\n - head office and property 4.6 mln stg vs 3.6 mln\n - discontinued, sold businesses 589,000 stg vs 2.4 mln\n Operating profits, geographic breakdown:\n - Britain 51.4 mln stg vs 43.3 mln\n - Africa 3.3 mln stg vs 3.4 mln\n - Australasia 1.4 mln stg vs 854,000 stg\n - North America 1.5 mln stg vs 1.6 mln\n NOTE - full name is Norcros Plc <NCRO.L>.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:05:00.13",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "17901"
},
{
"title": "CYPRUS BANK STRIKE AVERTED",
"body": "The Cyprus Bank Employees' Union called\noff a threatened strike following a meeting last night of the\nunion's executive committee, the Commercial Bankers Association\nand Labour Minister Andreas Moushouttas.\n Bank sources said union members were expected to approve an\nagreement reached at the meeting. Union demands included an\nannual 3.5 pct pay increase for the next two years and a\nfive-day working week.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:10:01.02",
"places": [
"cyprus"
],
"id": "17902"
},
{
"title": "SOUTH KOREAN FIRMS FEAR LOAN CUTS MAY HURT EXPORTS",
"body": "South Korean firms affected by a government\norder to cut bank loan exposures fear the move may make their\nexports less competitive, company officials said.\n Last month, the government ordered 82 companies to repay 10\npct of their bank borrowings by December 31. It told them to\nreplace the amount with new share issues or money raised\nthrough convertible bonds offered on the local capital market.\n Company officials said they backed the move in principle\nbut were worried it would raise financing costs at a time when\nthe won was rising steadily against the dollar.\n \"We plan to export 100,000 cars this year and 200,000 next\nyear and with our present production facilities we cannot\nproduce this amount,\" an official from Daewoo Motor Co Ltd, who\nrequested anonymity, told Reuters. \"We must invest in production\nfacilities to meet our target, which means we need a lot of\nmoney from banks or elsewhere.\"\n \"But if we should pay back bank loans within this year, we\nwill face mounting financial difficulties and have less money\nto invest on a new production line, which will eventually\ndiscourage our exports,\" he added.\n The 82 companies each have bank loans exceeding 50 billion\nwon, representing a combined exposure of 10,052 billion won or\nabout 20 pct of all loans extended by South Korean banks,\nfinance ministry officials said.\n The companies must raise 1,005.2 billion won by the\nDecember deadline, the officials said. Of this total, the 82\nfirms would raise some 646.5 billion won from selling part of\ntheir existing Seoul stock market portfolios, they said.\n Another 74.1 billion would be raised by new share offerings\nand 284.6 billion by convertible bond issues.\n Most of the firms affected by the repayment scheme are\naffiliates of large conglomerates or \"chaebols.\"\n Thirteen of the 82 are affiliates of Samsung Co Ltd, 10 are\nHyundai Corp associates, seven are part of the Lucky-Goldstar\nGroup, six are part of Daewoo Corp, four are Sunkyong Ltd\naffiliates and four are part of Ssangyong Corp.\n Finance ministry officials said the order was part of\ngovernment efforts to absorb excessive money supply triggered\nby the growing current account surplus and to increase the\nsupply of shares on the stock market.\n \"We want to mop up the excess liquidity by making companies\nissue new shares and bonds, and to give banks more funds to\nlend to small-sized firms,\" one official said.\n The targeted 1,005.2 billion won represents three pct of\nthe M-2 money supply of 33,871 billion won at the end of 1986.\n The M-2 at end-April was up 18.2 pct from a year earlier,\ncompared with the government's 18 pct growth target for the\nwhole of this year, officials figures showed.\n The current account swung to a surplus of 2.5 billion dlrs\nin the first four months of this year from a deficit of 294 mln\nin the same period last year.\n \"We expect the measure will help companies improve their\nfinancial structure by lowering the ratio of liability,\" the\nministry official said.\n A Hyundai Motor Co official, who asked not to be\nidentified, said, \"We basically see the measure as positive, for\nwe can raise money in the capital market by issuing new shares\nor convertible bonds which will eventually improve our\nfinancial structure.\"\n \"But as far as the finance cost is concerned, issuing new\nshares is more expensive than borrowing from banks and we have\nto pay back the loans (soon),\" he added.\n South Korean bank loans attract an average interest rate of\n11.5 pct.\n \"We are also concerned over the won's gradual appreciation\nagainst the dollar which is emerging as a threatening factor to\nexport-oriented firms,\" another company official said.\n \"We will come under mounting financial pressure if the won\ncontinues to go up,\" he added.\n The won has risen more than 4.5 pct against the dollar this\nyear after gaining 3.34 pct in 1986.\n \"Many firms prefer to borrow from banks rather than boost\ncapital by issuing shares so that they can evade new dividend\npressure,\" a bank official said. \"A firm's owners hate to see\ntheir holding ratio lowered by issuing shares.\"\n \"But their dependency on the banks should be corrected\nbecause their financial structure is already poor,\" he said.\n (See Monitor page ECRA for spotlight index)\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:14:25.31",
"places": [
"south-korea"
],
"id": "17903"
},
{
"title": "FUJITSU SAYS SOME ISSUES RESOLVED IN IBM DISPUTE",
"body": "Fujitsu Ltd <ITSU.T> and International\nBusiness Machines Corp <IBM.N> (IBM) had resolved some issues\nin a longstanding dispute over software copyright protection,\nFujitsu said in a prospectus for a warrant bond recently issued\nin London.\n The dispute involved questions of contractual\ninterpretation arising from a 1983 agreement between the\ncompanies, the prospectus said.\n Under question was how much software information the firms\nwere obliged to disclose to each other. The case had been\nbefore the American Arbitration Association (AAA) since 1985.\n \"By subsequent agreements, the parties have resolved some of\nthe issues and have established procedures to resolve presently\noutstanding disputes with the involvement of the members of the\npanel of arbitrators,\" the prospectus said.\n \"The Company is not in a position to predict with certainty\nthe outcome of this process and its effect on the future\nresults or operations, financial or otherwise, of the Group,\" it\nsaid.\n A Fujitsu spokeswoman declined to comment on the\nprospectus, noting the dispute remained under arbitration by\nthe AAA. An IBM spokesman here also declined comment.\n Last November the AAA ordered both companies to maintain\nthe confidentiality of the arbitration proceedings and said\nthat both Fujitsu and IBM had agreed that no additional comment\non the subject be made.\n Late last year, IBM and Hitachi Ltd <HIT.T> said they had\nagreed to revise a separate 1983 agreement which arose out of\nsoftware disputes similar to those between Fujitsu and IBM.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:23:17.41",
"places": [
"japan"
],
"id": "17904"
},
{
"title": "DAIWA HOUSE EQUITY WARRANT INCREASED, FIXED",
"body": "The five year equity warrant eurobond for\nDaiwa House Industry Co Ltd <DHOU.T> has been increased to 400\nmln dlrs from the initial 300 mln dlrs, lead manager Nomura\nInternational Ltd said.\n The coupon has been set at 1-1/4 pct compared with the\nindicated level of 1-5/8 pct. Bond market sources noted that\nthis equals the lowest ever coupon seen in this sector.\n The exercise price was set at 2,604 yen per share,\nrepresenting a premium of 2.52 pct over today's closing price\nof 2,540 yen. The foreign exchange rate was set at 146.20 yen\nto the dollar.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:24:22.69",
"places": [
"uk"
],
"id": "17905"
},
{
"title": "GERMAN GNP FIGURES PUBLICATION DELAYED",
"body": "Figures for first quarter 1987 West\nGerman GNP will be published on June 11 after they were\nprovisionally scheduled for June 4, an official at the Federal\nStatistics Office said.\n The official said there had been a delay in gathering\ninformation for the data, which are expected to show that the\nWest German economy contracted in the period.\n A spokesman for the Economics Ministry in Bonn said there\nwas no political motivation behind publishing the figures on\nJune 11, the day after the Venice economic summit ends.\n \"There is no political motivation. It is a purely technical\nmatter,\" he added.\n The West German government is expected to come under\npressure in Venice from both the U.S. And its European partners\nto stimulate domestic demand as a way of reducing international\ntrade imbalances and contributing to world economic growth.\n However, government officials have ruled out any further\ntax reduction packages to supplement a major program of\nstimulatory fiscal measures already underway.\n Helmut Schlesinger, vice-president of the West German\ncentral bank, the Bundesbank, said in Tokyo today that GNP, the\nwidest measure of a country's economic activity, fell in real\nterms by a seasonally adjusted 1/2 to one pct in the first\nquarter compared with the fourth 1986 period.\n The government has confirmed that growth was negative in\nthe first 1987 quarter. But year-on-year growth is expected to\nbe about two pct.\n Schlesinger today repeated the Bundesbank's reluctance to\ncut its official interest rates further. Its key discount rate,\nat three pct, is just above historical lows.\n West German officials are likely to emphasise at the Venice\nsummit that domestic demand, which draws in goods from abroad,\nis already outstripping export performance, which has suffered\nfrom an 80 pct rise of the mark against the dollar in just over\ntwo years.\n The government has pointed out that depressed exports are\nthe main reason for the current weakness in the economy, but\nsays that later in the year stronger domestic demand will\ncompensate for this setback.\n It expects GNP growth for the whole of 1987 of just under\ntwo pct, after a 2.4 pct rise in 1986.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:36:37.12",
"topics": [
"gnp"
],
"places": [
"west-germany"
],
"id": "17906"
},
{
"title": "STAD ROTTERDAM TAKES STAKE IN SWISS-OWNED INSURER",
"body": "Dutch insurer Stad Rotterdam Anno 1720\nN.V. <ASRN.AS> said from July 1 it will own 20 pct of the\nshares of <Europeesche Verzekering Maatschappij N.V.>, a\nfully-owned unit of Swiss insurer <Union\nRueckversicherungs-Gesellschaft>.\n Stad Rotterdam chairman Lucas van Leeuwen told Reuters it\nmay raise its stake to a majority interest if the two companies\nare found to be sufficiently compatible.\n Van Leeuwen said that due partly to the fact Europeesche\nmade losses in 1985 and 1986, the 20 pct stake was obtained at\nbelow the shares' intrinsic value. He gave no precise sum.\n The Europeesche, which specialises in travel and recreation\ninsurance, had a premium income of 150 mln guilders in 1986.\n Stad Rotterdam's premium income in 1986 was 1.17 billion\nguilders, making it the fifth largest Dutch insurer.\n Europeesche made a loss of nine mln guilders in 1985, which\nnarrowed to 4.5 mln guilders in 1986, van Leeuwen said.\n He said the company was on course for independent recovery\nand was expected to reduce its losses further in 1987.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:43:06.10",
"topics": [
"acq"
],
"places": [
"netherlands"
],
"id": "17907"
},
{
"title": "NABISCO EXPECTED TO ISSUE DOLLAR STRAIGHT",
"body": "Nabisco Brands Inc, or one of its units,\nis expected to issue shortly a dollar straight eurobond,\nprobably totalling 100 mln dlrs, bond market sources said.\n They said they expect the issue will have a seven year\nmaturity, but to have an investor put option after four years\nat par. The coupon is expected to be 8-3/4 pct while pricing\nwill be at 101-3/8 pct.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:43:21.26",
"places": [
"uk"
],
"id": "17908"
},
{
"title": "FINAL TERMS SET ON EAGLE INDUSTRY WARRANT BOND",
"body": "The coupon on the 17 mln dlr, five year,\nequity warrant eurobond for Eagle Industry Co Ltd has been set\nat the indicated level of 1-7/8 pct, lead manager Nomura\nInternational Ltd said.\n The exercise price was set at 729 yen a share, representing\na premium of 2.53 pct over today's closing price of 711 yen.\nThe foreign exchange rate was set at 146.20 yen to the dollar.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:45:44.38",
"places": [
"uk"
],
"id": "17909"
},
{
"title": "JAPAN RAISES LIMITS ON NON-LIFE INSURERS' LENDING",
"body": "The Finance Ministry would raise lending\nlimits on local non-life insurance firms to meet the increasing\nneed for efficient fund management, a ministry spokesman said.\n He said the allowable non-collateral lending limits would\nbe increased to 30 pct of each insurer's total assets from 25\npct and that overseas subsidiaries will be made eligible as\nborrowers.\n The lending limit for non-life insurers which do not\nsatisfy criteria for making non-collateral loans would be\nexpanded to three pct of total assets from one pct.\n The upper limit of lending of securities by non-life\ninsurance companies, now set at five pct of each insurer's\ntotal assets would be abolished, the official said.\n This will enable such lending by non-life insurers to be\nincluded in the separate category of money lending, which is\nlimited to 55 pct of the total assets of each insurer.\n Approvals for the changes, which must be given to each\ninsurer on application, were expected to begin soon, possibly\nas early as next week.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:46:40.68",
"places": [
"japan"
],
"id": "17910"
},
{
"title": "DUFFOUR IGON GIVES BACKING TO AGA TAKEOVER BID",
"body": "French industrial gas group <Duffour et\nIgon> has decided to back the takeover bid by Swedish\nindustrial gases group Aga AB <AGA.ST>, ending a lengthy battle\nbetween rival bidders from France, Spain and West Germany,\nDuffour et Igon Chairman Jean Igon said.\n The board agreed late last night to back the Aga bid and\nadvise its shareholders to accept the Swedish group's latest\noffer of 4,410 francs per share, he told Reuters.\n The other main bidders were Union Carbide Corp's <UK.>\nFrench subsidiary <Union Carbide France> and West Germany's\nLinde AG <LING.F>.\n Aga topped rival bids for the gases distribution group in\nMay by raising its offer to 4,410 francs from 4,000 francs.\n This was accepted by Spain's <Carburos Metalicos SA> which\nsold Aga six pct of Duffour et Igon's stock and the right of\nfirst refusal on the remaining nine pct of stock it holds. It\nalso won over the French Midi-Pyrenees development authority\nwhich agreed to sell Aga its 20 pct stake in Duffour et Igon.\n Under Aga's offer, shareholders can either accept a cash\nbid or exchange one share in Duffour et Igon for one bond of a\nnominal value of 4,410 francs with a 10 pct coupon issue by Aga\nFrance SA. The bond issue is guaranteed by the parent Aga AB.\n The takeover battle for the Toulouse-based company, which\ncontrols eight pct of the French industrial gas distribution\nmarket, began on April 2 with an offer of 2,100 francs per\nshare from Union Carbide France <UK>.\n Aga's offer, which puts a price of 587 mln francs on the\ncompany, closes on June 24 and the results will be announced on\nJuly 21.\n Duffour et Igon shares were quoted yesterday at 4,410\nfrancs, with no buyers, after a series of suspensions during\nthe takeover tussle. They traded at 856 francs on January 9\nbefore the first suspension.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:48:22.07",
"topics": [
"acq"
],
"places": [
"france",
"spain",
"west-germany"
],
"id": "17911"
},
{
"title": "JAPAN TO SET MICROCHIP PRODUCTION GUIDELINES",
"body": "The Ministry of International Trade and\nIndustry (MITI) said it would issue guidelines later this month\nfor microchip production during the third quarter.\n A MITI official said it was too early to say if the\nguidelines would call for reductions following similar\ngovernment requests in the first two quarters of 1987.\n \"This is not a matter which should be decided on a political\nbasis alone,\" the official told Reuters.\n MITI asked that production of 256 kilobit dynamic random\naccess memory chips and erasable programmable read only memory\nchips be cut by 11 pct during the April/June quarter.\n Production was cut back 10 pct in the first quarter and\nindustry analysts said the reductions have boosted prices.\n U.S. And Japanese officials met in Washington last week to\ndiscuss the removal of U.S. Sanctions against some Japanese\nexports but both sides agreed not to reveal the outcome of the\ntalks, the MITI official added.\n Washington imposed the sanctions in April, saying Tokyo had\nfailed to abide by a 1986 pact on microchip trade.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:49:20.72",
"places": [
"japan"
],
"id": "17912"
},
{
"title": "SANTOS TO ACQUIRE TOTAL EXPLORATION AUSTRALIA",
"body": "Santos Ltd <STOS.S> said it would buy\n<Total Exploration Australia Pty Ltd> from <Total Holdings\n(Australia) Pty Ltd, a wholly-owned subsidiary of Total-Cie\nFrancaise des Petroles <TPN.PA>.\n Total Exploration had interests ranging from 18.75 to 25\npct in four blocks in permit ATP259P in south-west Queensland,\nSantos said in a statement.\n The Santos group stakes will rise to between 52.5 and 70\npct of the four ATP259P blocks as a result of the purchase. The\nprice was not disclosed.\n Santos said a number of oil and gas fields have been\ndiscovered in the Total Exploration areas and that it regards\nthem as having very good prospects for further discoveries.\n Total's reserves amount to 75 billion cubic feet of gas and\n5.5 mln barrels of oil and condensate, it said.\n It said it will promote a vigorous exploration program in\nthe areas for the rest of 1987 and in the future.\n The acquisition is the latest in a series by Santos as part\nof a program to expand from its origins in the South Australian\nCooper Basin.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:50:19.22",
"topics": [
"acq",
"crude",
"nat-gas"
],
"places": [
"australia"
],
"id": "17913"
},
{
"title": "BELGIAN PUBLIC DEBT RISES IN APRIL",
"body": "Belgium's public debt rose in April by a\nnominal 38.5 billion francs to 5,719.4 billion francs. This\nfollows a rise of 89.8 billion in March and a rise of 11.2\nbillion in April 1986, Finance Minister Mark Eyskens said.\n He said in his monthly statement that after taking account\nof foreign exchange variations and other factors the figure\ncorresponding to the government's net financing requirement in\nApril was 34.9 billion francs against 24 billion in April 1986.\n In the first four months of this year public debt rose\n301.1 billion francs against 269.7 billion in the same period\nof 1986, the statement said.\n Between January and April the figure corresponding to the\nnet financing requirement was 286.3 billion francs compared\nwith 293.1 billion in the same period in 1986.\n The government has started an austerity programme designed\nto cut spending this year by 195 billion francs and to cut the\nnet financing requirement to below 420 billion francs compared\nwith 561 billion in 1986.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:56:32.51",
"places": [
"belgium"
],
"id": "17914"
},
{
"title": "POEHL LOOKS SET FOR EIGHT MORE YEARS AT BUNDESBANK",
"body": "For currency dealers Karl Otto Poehl is\nthe scourge of speculators, for bankers he is the man who has\nplayed a key role in shaping the world's financial destiny for\nthe last seven years, and for Germans he is the guardian of the\nmark.\n President of the powerful and independent West German\ncentral bank, the Bundesbank, Poehl is likely to have his\ncontract renewed for another eight years when it expires at the\nend of this year, government officials say.\n (Index of economic spotlights, see page ECRA)\n But no official announcement has yet been made, raising\neyebrows in West Germany's business community.\n The ebullient Poehl spent seven years in Bonn in top\nministerial posts under the Social Democrats, now in\nopposition, before he moved to the Bundesbank.\n There has been speculation that Chancellor Helmut Kohl\nwould try to replace Poehl with a man closer to his own\nChristian Democrats. But officials noted that Poehl has worked\nclosely and successfully with Finance Minister Gerhard\nStoltenberg since Kohl's government took office in 1982.\n Poehl, the most senior central banker apart from Paul\nVolcker of the United States, enjoys a strong international\nreputation which it would take a newcomer years to build up.\n Given these circumstances, Kohl will probably overlook\nPoehl's past as an adviser to former Social Democrat Chancellor\nWilly Brandt, and top aide to Helmut Schmidt when he was\nFinance Minister, bankers said. It was Schmidt who, as\nChancellor, appointed Poehl to his present job in 1980.\n In recent months, with the mark's strong rise against the\ndollar, Poehl has made exchange rates the central concern of\nthe Bundesbank's council, a highly conservative institution\nwhich has doggedly pursued monetary policies to prevent\ninflation catching hold. Older Germans can remember two bouts\nof galloping inflation this century.\n But with consumer prices falling for much of 1986, and\ninflation negligible so far this year, Poehl thinks it is safe\nto relax the monetary reins a little and concentrate on the\ndangers to the German economy of a bloated exchange rate.\n \"I am of the opinion that efforts to stabilise the\ndollar/mark rate have reached a high priority, also for the\nBundesbank, because a further massive revaluation of the mark\nwould endanger the economy in West Germany,\" he told business\njournalists in Frankfurt recently.\n Ute Geipel, head of research at Citibank AG, says that\nPoehl's reappointment would guarantee flexible monetary policy.\n \"Poehl's policy has always been a policy which does not\nfocus so rigidly on domestic factors, but also on the external\neconomy,\" she said.\n An economist at a German bank, who declined to be\nidentified, said \"If Poehl is confirmed in his post, it will\ncertainly be a plus for the pragmatic course which is not so\nrigidly oriented towards money supply.\"\n One of Poehl's great struggles recently has been to\npersuade the United States to stop \"talking down\" the dollar. For\nPoehl, the significance of the February Louvre Accord was that\nthe United States agreed to join efforts to stabilise\ncurrencies.\n The Louvre Accord was greeted with scepticism by currency\ndealers who said they would soon put it to the test. But in\nfact the dollar has been relatively stable since the pact.\n \"This is because the markets know - or perhaps because they\ndon't know - what the central banks can do,\" Poehl says of\nintervention in currency markets which can quickly turn rates\nround, making a speculator's position worthless.\n Poehl was born in 1929 and worked as a financial journalist\nin the 1960s before starting his ministerial career.\n A relaxed sun-tanned figure who enjoys cracking jokes over\na glass of beer, he is hardly a stereotype central banker.\n He is also a keen sportsman who likes to watch football and\nplay golf.\n Poehl says currency market intervention cannot substitute\nfor correct economic policies if exchange rates are imbalanced.\n \"But you can achieve an enormous effect with a small amount\nif you strike at the right moment,\" he said. Bundesbank dealers\nare very professional and skilled. \"They've burnt the fingers of\nmany people,\" he said. And unlike the speculators, Poehl notes,\nthe Bundesbank dealers usually make a profit.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:59:24.52",
"topics": [
"money-fx"
],
"places": [
"west-germany"
],
"id": "17915"
},
{
"title": "FINLAND'S CURRENT ACCOUNT IN DEFICIT IN 1ST QTR",
"body": "Finland's current account balance of\npayments showed a deficit of 2.5 billion markka in first\nquarter 1987 against a deficit of 3.2 billion in the same\nperiod last year, the Bank of Finland said in a statement.\n REUTER\n\u0003",
"date": " 2-JUN-1987 04:59:40.80",
"topics": [
"bop"
],
"places": [
"finland"
],
"id": "17916"
},
{
"title": "RJR NABISCO INC ISSUES 100 MLN DLR EUROBOND",
"body": "RJR Nabisco Inc is issuing a 100 mln dlr\neurobond due June 30, 1994 paying 8-3/4 pct and priced at\n101-3/8 pct, lead manager of Bank of America International Ltd\nsaid. This confirms an earlier report by bond market sources.\n The issue has an investor put option after four years at\npar but is non-callable. The selling concession is 1-1/8 pct\nwhile management and underwriting combined pays 1/2 pct.\n The issue is available in denominations of 1,000 and 10,000\ndlrs and listing will be in Luxembourg. The payment date is\nJune 30.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:05:31.09",
"places": [
"uk"
],
"id": "17917"
},
{
"title": "IBERDUERO ISSUES 150 MLN SWISS FRANC BOND",
"body": "Hidroelectrica Iberica Iberduero S.A.\n(Iberduero) of Bilbao, Spain is issuing a 150 mln Swiss franc\neight year bond with a five pct coupon and 100-1/4 issue price,\nlead manager Union Bank of Switzerland said.\n The bond is on sale until June 26 with payment due on July\n9.\n It can be called at 101-1/2 in 1991 and for tax reasons\nonly at 102 in 1988.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:06:54.14",
"places": [
"switzerland"
],
"id": "17918"
},
{
"title": "JAPAN HIGHWAY CORP PLANS TO ISSUE ECU BOND",
"body": "Japan Highway Public Corp planned to issue\na seven-year government-guaranteed 120 mln European currency\nunit (ecu) bond with coupon at 7.375 pct late this month, a\ncorporation spokeman told Reuters.\n Issue price would be 101.125 pct to yield 7.165 pct.\n Lead manager was Bank of Tokyo Capital Market Ltd, a\nsubsidiary of the Bank of Tokyo in Britain and co-lead manager\nCredit Commercial de France, he added.\n He declined to give other details.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:09:47.20",
"places": [
"japan"
],
"id": "17919"
},
{
"title": "JAPAN TO BUY THREE BILLION YEN U.S. SUPERCOMPUTER",
"body": "Japan planned to buy a three billion yen\nsupercomputer as part of a policy of importing more U.S. Goods,\na spokesman for the private business group Kansai Economic\nFederation told Reuters by telephone from Osaka.\n The supercomputer would be bought from Cray Research Inc\n<CYR.N> of the U.S., The spokesman said.\n He said the supercomputer would not necessarily be bought\nthis year but eventually it would be installed at the Advanced\nTelecommunications Research Institute International. The\nInstitute conducts telecommunications research and was formed\nin 1986 with government and private funds.\n The United States has been pressing Japan to open its\npublic sector market to sales of U.S. Supercomputers.\n Ministry of International Trade and Industry officials\nconcerned with the supercomputer issue were unavailable for\ncomment.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:14:48.30",
"places": [
"japan",
"usa"
],
"id": "17920"
},
{
"title": "NATIONALE-NEDERLANDEN EXPECTS TO MATCH 1986 PROFIT",
"body": "Nationale-Nederlanden NV <NTNN.AS>, the\nlargest Dutch insurance company, reported a four-pct rise in\nfirst quarter profits. The announcement represented a break\nwith the company's past practice of giving annual results only.\n The company said it expects its 1987 net profit will at\nleast equal the 1986 figure of 635.5 guilders.\n Nationale-Nederlanden said the lower exchange rates for the\nU.S. Dollar, Australian dollar and sterling had brought the\nincrease in the quarter's net profit down from 6.3 pct.\n Premium income from damage and life insurances pushed\nturnover in the Netherlands up by eight pct.\n reuter\n\u0003",
"date": " 2-JUN-1987 05:27:37.63",
"places": [
"netherlands"
],
"id": "17921"
},
{
"title": "DE LA RUE RAISES ANNUAL PROFITS BY 12.7 PCT",
"body": "Year ended March 31, 1987\n Fin div 9.25p making 12p vs 10.74p\n Shr 28.3p vs 27.5p\n Pretax profit 55.63 mln stg vs 49.36 mln\n Net 38.80 mln vs 33.64 mln\n Turnover 444.10 mln vs 309.85 mln\n Net interest payable 3.50 mln vs 3.79 mln\n Profit share of related companies 7.62 mln vs 9.64 mln\n Note - The De La Rue Co. Plc <DLAR.L> proposes to offer\nordinary shareholders the opportunity to receive their\ndividends in the form of new shares as an alternative to cash.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:28:02.09",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "17922"
},
{
"title": "CHINA SEEN UNLIKELY TO RAISE SUGAR IMPORTS",
"body": "China will not increase sugar imports\nsubstantially this year because of foreign exchange constraints\nand large stocks, despite falling production and rising\ndomestic demand, traders and the official press said.\n \"Despite rapid increases in domestic production over the\nlast 30 years, imbalances between supply and demand continue to\nbe extremely serious,\" the Farmers Daily said. It said 1986\nplantings fell due to removal of crop incentives, because\nfarmers could earn more from other crops and because technical\nand seed improvements had not been widely disseminated.\n The official press had estimated the 1986/87 sugar crop\n(November/March) at 4.82 mln tonnes, down from 5.2 mln a year\nearlier, and domestic consumption at six mln tonnes a year.\n The Yunnan 1986/87 sugar harvest was a record 521,500\ntonnes, the provincial daily said. It gave no year-earlier\nfigure. Output in Guangxi was 1.04 mln tonnes, the New China\nNews Agency said without giving a year-earlier figure.\n The Nanfang Daily said production in Guangdong province\nfell to estimated 1.92 mln tonnes from 1.96 mln and that the\narea under sugar was dropping.\n \"Supply of cane (in Guangdong) is inadequate,\" the newspaper\nsaid. Processing costs are rising and the economic situation of\nnearly all the mills is not good. To guarantee supply of cane\nis a major problem.\"\n A Western diplomat said sugar output also fell n Fujian,\nsouth China's fourth major producer, where there was a drop in\narea planted.\n He said the rural sectors in Guangdong and Fujian were wel\ndeveloped, enabling farmers to choose crops according to the\nmaximum return, meaning that many had avoided sugar.\n The Farmers Daily said a peasant in the ortheast province\nof Heilongjiang could gross 108 yuan from one mu (0.0667\nhectares) of soybeans and 112 yuan from one mu of corn but only\n70 from one mu of sugarbeet.\n The paper said the profit margin of mills in China fell to\n4.7 pct last year from 11.87 pct in 1980.\n Mills lacked the capital to modernise and they competed\nwith each other for raw materialsX, it added. This resulted in\nfalling utilisation rates at big, mode{nised mills.\n The price of sugar had not changed in 20 years, the\nofficial press has said.\n Customs figures showed China imported 1.18 mln tonnes of\nsugar in calendar 1986, down from 1.9 mln in 1985.\n The diplomat said stocks at end-August 1986 were 2.37 mln\ntonnes, up from 1.92 a year earlier.\n A foreign trader here said China accumulated large stocks\nin 1982-85 when provincial authorities were allowed to import\nsugar on their own authority. This practice was stopped in 1986\nwhen the central government resumed control of imports.\n \"As China lacked storage, much of these imports was stored\nin Qinghai, Inner Mongolia and other inland areas,\" the diplomat\nsaid.\n The trader said transporting stocks from these areas to\nconsumers in east and south China was a problem, particularly\nas coal had priority. \"How quickly they can move the sugar is\none factor determining import levels,\" he said.\n Another factor was the quality of the harvest in Cuba,\nChina's major supplier through barter trade, he said.\n \"China bought two distress cargoes last week, for about\n152/153 dlrs a tonne,\" he added. \"China is not a desperate buyer\nnow. But if the Cuban harvest is bad, it will have to go into\nthe open market.\"\n A Japanese trader said Peking's major concern regarding\nimports was price.\n \"While the foreign trade situation has improved this year,\nforeign exchange restraints persist,\" he said.\n The diplomat said domestic demand was rising by about five\npct a year but \"a communist government is in a much better\nposition to regulate demand than a capitalist one, if the\nforeign exchange situation demands it.\"\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:38:12.36",
"topics": [
"sugar"
],
"places": [
"china"
],
"id": "17923"
},
{
"title": "UAE TRADE, CURRENT ACCOUNT SURPLUSES NARROW",
"body": "The United Arab Emirates recorded a\n1986 trade surplus of 12.2 billion dirhams, narrowing from 30.2\nbillion in 1985, the central bank's latest bulletin shows.\n The central bank said the lower surplus was mainly due to\nthe decline in the value of exports and re-exports to 37.2\nbillion dirhams from 54.2 billion in 1985. This reflected the\ndecline in oil prices last year and difficulties in marketing\nUAE oil, the central bank added.\n The surplus on the current account narrowed to 6.8 billion\ndirhams from 25.5 billion in 1985. The overall balance showed a\nsurplus of 4.8 billion after 2.6 billion in 1985.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:42:37.63",
"topics": [
"trade",
"bop"
],
"places": [
"uae"
],
"id": "17924"
},
{
"title": "KUWAIT REJECTS IRANIAN SPY BOAT CHARGES",
"body": "Kuwait, a target of Iranian anger over the\nemirate's backing for Iraq in the Gulf war, today rejected\ncharges that fishing vessels seized recently by Iran were spy\nboats.\n \"There are no bases of truth to the contents of the Iranian\naccusation on the nature of the operations of the vessels\nrecently taken into custody by Iran. These vessels were out\nfishing,\" the Foreign Ministry said in a statement.\n It said Iranian Charge d'Affaires Mohammad Baqeri was\nsummoned by the Ministry yesterday to confer with Foreign\nUndersecretary Suleiman Majed al-Shaheen.\n The Iranian News Agency IRNA said on Sunday Iran had seized\nseven Kuwaiti speed boats and detained their crew, who\nconfessed to spying for Iraq under the cover of fishing.\n It said the boats were intercepted in the Khur Abdullah\nwaterway which separates Kuwait and Iraq's Faw peninsula at the\nhead of the Gulf, captured by Iran last year.\n The Kuwaiti response came as Iranian envoys toured Gulf\nArab states saying responsibility for security and stability in\nthe waterway was a regional matter. A U.S. Senate team was\nscheduled today to meet Kuwait's Crown Prince and Prime\nMinister Sheikh Saad al-Abdulla al-Sabah and the defence and\noil ministers.\n Today's Foreign Ministry statement, carried by the Kuwait\nNews Agency KUNA, said the recent detention of Kuwaiti fishing\nvessels by Iran was not the first.\n Tehran in the past had held back a number of vessels Kuwait\nhad sought to release through diplomatic contacts, it said.\n \"However, Kuwait is perplexed that this time the Iranian\ncharges are accompanied by accusations that the vessels were\nundertaking espionage activities,\" it said.\n Shaheen condemned the detentions and accusations, and asked\nTehran to free all fishing boats and sailors held by Iran, the\nstatement said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:44:52.99",
"topics": [
"ship"
],
"places": [
"kuwait",
"iran",
"iraq"
],
"id": "17925"
},
{
"title": "UAE TRADE, CURRENT ACCOUNT SURPLUSES NARROW",
"body": "The United Arab Emirates (UAE) recorded\na 1986 trade surplus of 12.2 billion dirhams, narrowing from\n30.2 billion in 1985, the central bank's latest bulletin shows.\n The central bank said the lower surplus was mainly due to\nthe decline in the value of exports and reexports to 37.2\nbillion dirhams from 54.2 billion in 1985. This reflected the\ndecline in oil prices last year and difficulties in marketing\nUAE oil, the central bank added.\n The surplus on the current account narrowed to 6.8 billion\ndirhams from 25.5 billion in 1985. The overall balance showed a\nsurplus of 4.8 billion after 2.6 billion in 1985.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:46:30.48",
"topics": [
"trade",
"bop"
],
"places": [
"uae"
],
"id": "17926"
},
{
"title": "BP CUTS NORTH SEA PROPANE PRICE, BUTANE UNCHANGED",
"body": "British Petroleum LP Gas International\nsaid it cut its North Sea LPG (Liquified Petroleum Gas) posted\nprice for propane to 95 dlrs from 110 dlrs a tonne, effective\nJune 1.\n The move follows a similar cut to 92 from 108 dlrs a tonne\nannounced by Shell U.K. Ltd Friday, also fob North Sea\nterminals and effective June 1 until further notice. Both\ncompanies left their butane prices unchanged at 123 dlrs a\ntonne.\n A BP statement said its cut came \"as a result of a price\nreview occasioned by substantial changes in the LPG market.\" BP\nlast lowered its posted propane price from 175 dlrs a tonne on\nMarch 1, and Shell U.K.'s last change was from 113 dlrs May 1.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:49:29.21",
"topics": [
"propane"
],
"places": [
"uk"
],
"id": "17927"
},
{
"title": "OMAN CENTRAL BANK TO ISSUE TREASURY BILLS",
"body": "Oman's central bank is expected to\nannounce shortly the go-ahead for a weekly offering of treasury\nbills to the sultanate's 22 local and foreign banks, banking\nsources in Muscat said.\n The central bank's board is due to approve the scheme at\nits next meeting on June 7 and it is likely to be explained to\nbanks at a meeting with general managers scheduled for June 14,\nthe sources said.\n The decision to issue short-term government paper will come\nas a relief to banks in Oman which have been awash with\nliquidity but have few outlets for investment.\n Oman's banks are allowed to swap only 40 pct of capital and\nreserves into foreign currencies, effectively preventing them\nfrom investing excess funds in eurodollar deposits where yields\nare much higher than in the domestic interbank market.\n A treasury bill system would go some way to meeting banks'\ncomplaints on this score, bankers in Muscat said. Their\ndissatisfaction is expected to be voiced at the June 14 meeting\nif the treasury bill scheme is not launched.\n Bahrain introduced a weekly treasury bill tender last\nDecember, offering local banks two mln dinars in 91-day bills\nby tender each Tuesday.\n Other nations in the Gulf also offer banks short-term\npaper, with the United Arab Emirates issuing certificates of\ndeposit each week while Saudi Arabia offers \"bankers' security\ndeposit accounts.\"\n Both the Bahrain treasury bills and Saudi Arabian deposit\naccounts can be used by banks in repurchase agreements to\nobtain short-term money market aid.\n Bankers in Muscat said the format of Oman's treasury bill\noffering is not yet clear. Some expect a maturity of 91-days,\nsimilar to Bahrain.\n REUTER\n\u0003",
"date": " 2-JUN-1987 05:50:01.61",
"places": [
"bahrain"
],
"id": "17928"
},
{
"title": "SAUDI ARABIA WILL NOT AGREE \"MAD\" OIL PRICE RISE",
"body": "Saudi Arabia's Oil Minister Hisham Nazer\nsaid Riyadh would not agree to a cut in oil prices and would\nnot accept a \"mad\" increase that would drive consumers away.\n He told al-Riyadh newspaper, \"Saudi Arabia follows a\nbalanced petroleum policy. It does not approve of a decrease in\nprices from current levels and it also does not accept a mad\nincrease that would drive consumers away and make them try and\nfind alternative sources (for energy).\"\n OPEC agreed last December to cut production after world\nprices hit new lows in 1986. They agreed on a pricing system\naimed to stabilise the market around 18 dlrs a barrel.\n OPEC is scheduled to meet in Vienna on June 25, where it\nwill review its current oil price and production policy.\n Saudi Arabia's King Fahd said last month that he wanted oil\nprices to remain stable for the next two years.\n Saudi Arabia is the architect of the current pricing and\nproduction pact, which is backed by Kuwait and the UAE. The\ncurrent pact set a production ceiling for first half 1987 of\n15.8 mln bpd, and implemented fixed prices based on an 18 dlrs\na barrel average.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:18:20.85",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"saudi-arabia"
],
"id": "17929"
},
{
"title": "TAIWAN CURBS INFLOWS OF FOREIGN EXCHANGE",
"body": "Taiwan's central bank announced that as\nfrom today the overseas foreign exchange borrowings of local\nand foreign banks would be frozen at the level they reached at\nthe end of May.\n The central bank's statement added that the measure would\nbe effective until the end of July.\n Bankers said the measure is designed to curb the inflow of\nforeign exchange and slow the growth of money supply. They\nadded that the move, which sparked a record single day plunge\nof the local stock market, would limit their ability to lend\nforeign exchange to importers and exporters.\n Foreign exchange borrowings by local and foreign banks\nreached almost 12 billion U.S. Dlrs by the end of April,\naccording to official statistics.\n Last week the central bank said that from today it would\nreduce its purchase of forward U.S. Dollars from banks to 40\npct from 90 pct of the value of the contract. It said the move\nwas needed because of \"distortions\" in the foreign exchange\nmarket.\n Exporters, nervous about the appreciating Taiwan dollar,\nhave been heavily selling forward U.S. Dollars on the interbank\nmarket to avoid exchange rate losses.\n Official figures show that forward U.S. Dollar sales in May\nreached a record of almost six billion U.S. Dlrs against 5.9\nbillion in April.\n All Taiwan's foreign exchange earnings must be converted\ninto local dollars, boosting money supply at a time of booming\nexports. Money supply rose a seasonally adjusted 51.86 pct in\nthe year to end-April, raising fears of higher inflation.\n In March the central bank clamped tight restrictions on\nremittances of foreign exchange by companies and individuals to\nTaiwan in a move to curb inflows of speculative money.\n Economists and bankers estimate that the rising value of\nthe local dollar has attracted about ten billion U.S. Dlrs of\nspeculative money into Taiwan since early last year. It has\nflowed in mainly from Hong Kong, Japan and the U.S..\n Since September 1985 the Taiwan dollar has risen by about\n22 pct against the U.S. Dollar.\n Bankers said the government's efforts to stabilise the\nforeign exchange market were a prelude to lifting all curbs on\ncapital outflows. The central bank has said the controls will\nbe dropped by the end of July or early August.\n Foreign exchange dealers said today's announcement caused\njitters in the market with foreign and local banks making heavy\npurchases of U.S. Dollars. They said the central bank sold\nabout 30 mln U.S. Dlrs.\n Taiwan's stock market plunged a record 75.53 points to\nclose at 1,803.08.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:22:13.08",
"topics": [
"money-fx"
],
"places": [
"taiwan"
],
"id": "17930"
},
{
"title": "CNP OF PORTUGAL MANDATES 250 MLN DLR LOAN",
"body": "Companhia Nacional de Petroquimica EP\n(CNP), the Portugese state-owned oil refinery and\npetrochemicals company, has awarded a mandate to Bank of\nAmerica International Ltd and Manufacturers Hanover Ltd to\narrange a 250 mln dlr loan, banking sources said.\n The loan will be for eight years and proceeds will be used\nto refinance existing debt.\n Interest will be at 12.5 basis points above the London\nInterbank Offered Rate (Libor) for the first four years, with\nthe margin rising to 15 basis points in the last four years. No\nother fees were immediately available.\n Bankers noted that CNP has faced significant financial\nproblems over the past year as a result of investments in areas\nwhich proved to be unprofitable.\n Portugal is attempting to maintain its position in the\npetrochemical industry and is undertaking a restructuring of\nCNP, which involves the divestment of certain unprofitable\nassets.\n Partly because of these problems, the new loan carries a\n\"letter of support and assumption\" under which the Republic would\nassume the obligations of CNP should it be unable to meet any\npayments or cease to exist.\n Furthermore, bankers noted that this financing covers all\nof CNP's existing debt, some of which was state-guaranteed but\nsome of which was not.\n The existing loans had maturities of about seven to 10\nyears and carried interest margins of between 3/8 and 5/8 pct.\n By consolidating the loans and covering them with the\nRepublic's support, the borrower was able to obtain a reduction\nin the margins on the new loan, bankers said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:23:32.48",
"places": [
"uk",
"portugal"
],
"id": "17931"
},
{
"title": "U.K. RESERVES RISE UNDERLYING 4.8 BILLION DLRS IN MAY, (2.9 BILLION APRIL) - OFFICIAL\n",
"date": " 2-JUN-1987 06:30:48.30",
"topics": [
"reserves"
],
"places": [
"uk"
],
"id": "17932"
},
{
"title": "U.K. RESERVES SHOW RECORD UNDERLYING RISE IN MAY",
"body": "Britain's gold and currency reserves rose\na record underlying 4.76 billion dlrs in May, following April's\n2.9 billion dlrs increase, the Treasury said.\n The underlying trend indicates the level of recent Bank of\nEngland intervention on currency markets to curb sterling's\nstrength. It was above market expectations which had been for a\nrise of between one billion and three billion dlrs.\n The Treasury declined comment on the figures.\n Actual reserves rose 4.87 billion dlrs in May, compared\nwith April's 2.8 billion increase, to a total value of 34.68\nbillion dlrs, compared with 29.81 billion at the end of April.\n Borrowings under the exchange cover scheme were 238 mln\ndlrs, against April's 66 mln. Repayments under the scheme were\n85 mln dlrs, after 90 mln previously, with capital repayments\nof eight mln, after three mln last month.\n Repayments of government debt amounted to 33 mln dlrs.\n The underlying reserves increase is net of borrowings and\nrepayments.\n It was larger than the previous record 3.04 billion dlrs\nrise seen in October 1977. The May increase represents the\nseventh monthly rise, with reserves up 9.947 billion dlrs in\nthat period, and up 9.816 billion since the start of 1987.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:31:07.93",
"topics": [
"reserves"
],
"places": [
"uk"
],
"id": "17933"
},
{
"title": "CHINA DELAYS REFORM BECAUSE OF POLITICS, ECONOMICS",
"body": "China had postponed wide-ranging plans to\nreform its economy because of financial difficulties and\npressure from powerful conservatives within the ruling\nCommunist Party, western diplomats said.\n But they said that although the conservatives were critical\nof aspects of the current open-door policy they had no\nalternative economic program. That meant that the strategy\nbegun by top leader Deng Xiaoping in 1978 was likely to go on,\nbut at a slower pace, they said.\n Deng has led China's overhaul of the Stalinist economy\nbuilt during the rule of Chairman Mao. Since Mao died in 1976\nliving standards have risen sharply and China has become a net\nexporter of grain for the first time.\n A western diplomat said China's leaders had been\nsufficiently encouraged by their success last year to order the\ndrawing up of plans for more reforms for 1987. These included\nchanges to the country's price system.\n But he said the biggest reforms had been shelved since\neconomic problems appeared in late 1986 and the resignation of\nCommunist Party chief Hu Yaobang in January.\n The diplomat said the most ambitious reforms would not be\non the agenda for a major party meeting later this year.\n The main economic reform proceeding in 1987 is a system\nunder which factories sign contracts with the government. They\ncan keep any profit over and above the contract amount.\n \"This is a modest reform, a repeat of what China did in the\nearly 1980s,\" the diplomat said.\n \"It is regarded as second best by the reformers who drew up\nthe more ambitious plans. But these are impractical in the\ncurrent political and economic climate,\" he said.\n A Chinese source said that a month ago Premier Zhao Ziyang\ndecided the media was giving too much coverage to the drive\nagainst bourgeois liberalism and not enough to explaining the\nproposed reforms. Some of these reforms, like price increases,\nwere very unpopular.\n Zhao ordered the media to give more coverage to the reforms\nand why they were necessary, the source said.\n One of China's top economists wrote in the People's Daily\nlast week, \"Failure to answer people's questions about the new\nprices has caused great anxiety.\"\n In March, China announced budget deficits for 1986 and\n1987. It has had two years of trade deficits, and capital\nspending and wages are rising fast.\n On the political front, the conservatives in the Party have\nbeen on the offensive since January when Hu resigned. He\nallegedly failed to fight the growth of western democratic\nideas, which the Party has called bourgeois liberalism.\n A nationwide drive against bourgeois liberalism has been\nunder way since January in the Party and the media. The latter\nhas given wide coverage to those in the leadership who have\nwarned against the errors of all-out westernisation.\n The economist said, \"Although reform in any country\ninevitably causes anxiety and is often risky, it has been\nproved that, where reform is more daring, commodities are more\nabundant and people's living standards higher.\"\n \"But in the countries that are more rigid, the market is\nstagnant, goods are in short supply and rationing is common,\" he\nsaid.\n The diplomat said the reformers wanted to complete their\nunfinished overhaul of China's pricing system.\n The diplomat said the reformers wanted to make factories\nindependent of the government which would use taxes, credit\nsupply and other indirect means to regulate them instead of\nadministrative diktat as in the past.\n \"But to enact such far-reaching measures they need a stable\neconomy, contented workers and surpluses, to give them\nmanoeuvring room. These conditions do not exist now,\" he said.\n Another diplomat said that conservatives within the\nleadership, though critical of some results of the reforms, had\nno alternative economic strategy.\n \"The last eight years of opening to the outside world has\nshown everyone how poor China is and how it has fallen behind\nother countries,\" the diplomat said.\n \"Everyone is agreed on the objective that China become a\nmajor world power by the early 21st century,\" he said.\n \"For this, it needs a strong and modernised economy. Where\nthere is disagreement is over the pace of the reforms and the\ndetails of some of them.\"\n The Chinese source said the debate over the pace and extent\nof reforms was still going on.\n (See ECRA for spotlight index)\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:33:35.26",
"places": [
"china"
],
"id": "17934"
},
{
"title": "CHINA TAKES SERIOUS VIEW OF MFA EXTENSION",
"body": "China took a serious view of a Multi-Fibre\nAgreement (MFA) protocol which it said infringed principles of\nthe General Agreement on Tariffs and Trade (GATT), the People's\nDaily overseas edition said.\n It quoted a spokesman of the Ministry of Foreign Economic\nRelations and Trade as saying the protocol, signed on July 31\nlast year and which extended the MFA for five years, would\naffect international textile trade by broadening curbs in it.\n Fifty major textile trading countries adopted the new MFA\nlast July in Geneva, limiting Third World exports of textiles\nto industrialised countries.\n The newspaper said China signed the protocol on May 31, 10\nmonths after it was signed by other nations.\n A U.S. Diplomat said the U.S. And China had had months of\ntalks on the issue, with the U.S. Saying that it would have to\nintroduce unilateral restraints if China did not sign.\n He said that the new MFA pact extended controls to silk and\nramie in addition to existing ones on cotton and man-made\nfibres.\n China, the world's biggest producer of ramie and a major\nsilk producer, had flooded the U.S. Market the previous two\nyears with goods made from both and from linen because these\nthree categories were not under quota, the diplomat said.\n It had become the biggest supplier by volume, though not by\nvalue, of textiles to the U.S., With exports in the first five\nmonths of this year up by 24 pct from the same 1986 period.\n He estimated total 1987 textile exports would be 15 pct up\non the 1986 level.\n Chinese customs figures show exports of textile yarn,\nfabrics, made-up articles and related products to the U.S. In\ncalendar 1986 as being worth 1.314 billion yuan, up from 870\nmln in 1985.\n The diplomat said China and the U.S. Had held two rounds of\ntalks on drawing up a new three to five-year textile pact, to\nreplace the present one, due to expire at the end of 1987.\n They involved discussion of overshipment of Chinese\ntextiles this year to the U.S. Due to counterfeit licences, a\nproblem the Ministry of Foreign Economic Relations and Trade\nadmitted to last week, he said, but gave no more details.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:33:56.63",
"organisations": [
"gatt"
],
"places": [
"china",
"usa"
],
"id": "17935"
},
{
"title": "CANADA ISSUES 80 BILLION YEN EUROBOND",
"body": "Canada is issuing an 80 billion yen\neurobond due June 25, 1992 paying 4-3/8 pct and priced at\n101-1/2 pct, lead manager Nomura International Ltd said.\n The non-callable bond is available in denominations of one\nmln and 10 mln yen and will be listed in Luxembourg. The\nselling concession is 1-1/4 pct while management and\nunderwriting combined pays 5/8 pct.\n Payment date is June 25.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:35:23.54",
"places": [
"canada"
],
"id": "17936"
},
{
"title": "HOECHST SALES FALL IN FIRST FIVE MONTHS",
"body": "Hoechst AG <HFAG.F> parent company\nturnover fell in the first five months of 1987, with domestic\nbusiness losing seven pct and exports dropping eight pct from\nthe same period last year, management board chairman Wolfgang\nHilger told the annual meeting.\n In volume terms, however, turnover was somewhat improved,\nhe said. Domestic sales, by volume, were steady in the first\nfive months and export volume rose two pct.\n He gave no figures for turnover or sales volume.\n As already reported, parent company sales fell to 3.44\nbillion marks in the first quarter of 1987, 7.6 pct below the\nfirst 1986 quarter. Domestic sales lost 6.6 pct and export\nbusiness fell by 8.5 pct compared with the 1986 quarter. First\nquarter group pre-tax profits rose to 686 mln marks from 649\nmln in the same period last year.\n Hilger said Hoechst's aim this year was to make prices\ncompetitive internationally, but also to cover costs. The\ncompmany has already taken measures to reduce costs internally,\nhe said. Hoechst expects to post another good profit in 1987,\nHilger said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:39:52.91",
"places": [
"west-germany"
],
"id": "17937"
},
{
"title": "U.K. BUILDING SOCIETIES JOIN BANK CLEARING SYSTEM",
"body": "The two largest U.K. Building societies,\nthe Halifax and Abbey National, said they have joined the\nbanks' centralised clearing system.\n The move is intended to cut the current four or five days'\ndelay in clearing credits and attract the direct payment of\ncustomers' salaries into building societies rather than into\nbanks, spokesmen for the two societies said.\n It is the first time non-banking organisations have entered\nthe clearing system and emphasises the growing competition\nbetween building societies and banks, industry sources said.\n The two societies yesterday joined the Bankers' Automated\nClearing Services (BACS) which settles small, automated\npayments and the Association of Payment Clearing Systems\n(APACS) which sets policy for Britain's payment systems.\n The Halifax had previously settled small payments through\nBarclays bank and Abbey National through Lloyds bank, the\nspokesmen said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:40:36.78",
"places": [
"uk"
],
"id": "17938"
},
{
"title": "Nakasone, Sumita agree discount rate cut not appropriate now - central bank sources\n",
"date": " 2-JUN-1987 06:44:02.49",
"topics": [
"interest"
],
"id": "17939"
},
{
"title": "WORLD BANK CAN AID PHILIPPINES' LAND DEVELOPMENT",
"body": "The World Bank's policies prevent it from\nlending money for the transfer of land from landowners to the\nlandless, but it can help finance development of the\nPhilippines' proposed land reform program, a bank official\nsaid.\n \"The World Bank by its established policies cannot use its\nresources to finance the transfer of assets from one group to\nanother. Our mandate is to finance investment-related\nactivities,\" Rolando Arrivillaga, the bank's resident\nrepresentative in the Philippines, told Reuters in an\ninterview.\n Arrivillaga said he wanted to clarify part of a report by a\nWorld Bank mission that came in March to review the land reform\nprogram and which said the bank would not be able to finance\ncompensation payments for the transfer of land.\n He said the Philippine government had never asked the bank\nto finance land transfers, and the bank's position should not\nbe taken to mean that it ruled out any lending for the program.\n \"Clearly in the case of land reform the question of land\ntransfer by definition is transferring assets from the landed\nto the landless,\" Arrivillaga said. \"However, the bank as an\ninstitution can finance the development aspects of the program.\"\n \"We will deal with the part of the program that deals with\nhow to put the land to effective use once it has been\ntransferred and how to make the on-farm investments that are\nneeded to attain the goal of improving the income level of the\nbeneficiaries,\" Arrivillaga said.\n \"I wouldn't be surprised if other multilateral institutions\nare faced with similar constraints,\" he said.\n President Corazon Aquino's spokesman said last week that\nshe was committed to launching the program, which limits land\nholdings to seven hectares, by using her sweeping powers of\nrule by decree before a new Congress convenes in July.\n Presidential spokesman Teodoro Benigno said the land reform\nprogram, estimated to cost about 44 billion pesos, would be\nimplemented in four phases and benefit 2.64 mln farmers.\n Benigno said the first two phases would complete the\ntransfer of rice and corn lands and abandoned farmland as well\nas the transfer of land sequestered, expropriated or foreclosed\nby the government and would cover 1.15 mln hectares.\n But Aquino would not decree the redistribution of large\nsugar, banana and coconut plantations, leaving it to the\nCongress to work out the details, Benigno said.\n Arrivillaga said bilateral aid donors, who form part of a\nconsultative group led by the World Bank, might be prepared to\nfinance the land transfers.\n \"I don't think there are fast and easy rules as to how\ninternational sources of finance would behave in a situation\nlike this, because land reform by its very nature requires rich\nfinancing to be able to carry out the reform in a way equitable\nto both the landowner and the beneficiary,\" he said.\n Arrivillaga said the first priority for the government\nwould be to tap domestic sources of financing for the land\ntransfer, but external assistance could be brought in if there\nwere gaps.\n \"In such a fundamental reform the test of the willingness of\nthe government is how it confronts the domestic resource\nrequirement,\" Arrivillaga said. \"Multilateral agencies by their\nvery nature are lenders of last resort. It means they have to\nbe convinced that the government prioritises the program.\"\n He said the World Bank had financed developmental costs\nunder an earlier land reform program launched by former\nPresident Ferdinand Marcos in 1972, and such aid had been\nchannelled through the Land Bank of the Philippines (LBP).\n The LBP is the main implementing agency under Aquino's\nprogram.\n \"If asked to do so again and the program is designed to\nimprove the standard of living of the poor then we would\ncertainly be prepared to consider (lending),\" Arrivillaga said.\n He said the tendency in such programs was to exaggerate the\ncosts by presenting ten-year perspectives in a one-year\ncontext.\n Arrivillaga said the government could solve most of its\nfinancing problems by devising effective instruments to\ncompensate landowners.\n Finance Secretary Jaime Ongpin has said landowners are\nlikely to be paid 10 pct in cash and the rest in 10-year bonds\nwith 10 pct of their face value redeemable each year.\n Arrivillaga said any instruments used to compensate\nlandowners had to be freely tradable at near face value and\nadded: \"The challenge is to devise a system of deferred payments\nthat is as good as cash.\"\n He said the international financing community was watching\nthe Philippine experiment with great interest.\n \"They are going to be an interesting model for many other\ncountries because they opened a dialogue on the reforms to\nevery sector of the population and even international\ninstitutions,\" he said. \"I think they'll be on a very solid base\nwhen they make the decision to launch the reforms.\"\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:49:54.14",
"places": [
"philippines"
],
"id": "17940"
},
{
"title": "MITSUBISHI CHEMICAL ISSUES EQUITY WARRANT BOND",
"body": "Mitsubishi Chemical Industries Ltd\n<MCIT.T> is issuing a 200 mln dlr equity warrant eurobond due\nJune 30, 1992 with an indicated coupon of 1-1/2 pct and par\npricing, lead manager Yamaichi International (Europe) Ltd said.\n Final terms for the issue will be set on June 10. The\nselling concession is 1-1/2 pct, while management and\nunderwriting each pay 3/8 pct. The issue is available in\ndenominations of 5,000 dlrs and will be listed in Luxembourg.\n The payment date is June 30 and the warrants are\nexercisable from July 15, 1987 until June 16, 1992.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:51:54.44",
"places": [
"uk"
],
"id": "17941"
},
{
"title": "NEW PRIMARY MARKET RULES TO TAKE EFFECT JUNE 15",
"body": "The International Primary Market\nAssociation's new rules for lead managers of fixed rate dollar\nbonds will take effect on June 15, an IPMA official said.\n The new IPMA rules require a lead manager to quote firm\nprices at which it will buy and sell newly issued bonds for 12\nmonths after the launch. The rules were first proposed March\n27.\n Christopher Sibson, secretary general of IPMA, said the\nrules are not expected to have a noticeable impact on the\nmarket because they only apply to dollar denominated bonds,\nwhich have been scarce recently.\n This year, euroyen issuance has outstripped dollar bonds.\n Sibson said that the rules are intended to provide greater\nliquidity in the new issues market where underwriters sometimes\nstep away from deals they have managed if the market moves away\nfrom them.\n However, he noted that the IPMA rules are voluntary and the\norganization has no authority to enforce them.\n Sibson said that similar rules for new issues denominated\nin other currencies will be put into effect later, following\nconsultation with the Association of International Bond\nDealers, another trade organization.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:55:57.59",
"places": [
"uk"
],
"id": "17942"
},
{
"title": "NAKASONE, SUMITA AGREE RATE CUT NOT APPROPRIATE",
"body": "Prime Minister Yasuhiro Nakasone today\nagreed with Bank of Japan governor Satoshi Sumita that a\nfurther cut in the discount rate was not appropriate at\npresent, central bank sources said.\n They told Reuters the two discussed the subject at a\nroutine meeting.\n Sumita told Nakasone he did not feel a rate cut was\nappropriate and Nakasone expressed his understanding, the\nsources said.\n Currency dealers have speculated that Japan and West\nGermany might come under pressure at next week's Venice summit\nto cut interest rates to boost their economies.\n Nakasone, but not Sumita, is due to attend the summit.\n REUTER\n\u0003",
"date": " 2-JUN-1987 06:59:30.51",
"topics": [
"interest"
],
"places": [
"japan"
],
"id": "17943"
},
{
"title": "NABISCO EXPECTED TO ISSUE DOLLAR STRAIGHT",
"body": "Nabisco Brands Inc, or one of its units,\nis expected to issue shortly a dollar straight eurobond,\nprobably totalling 100 mln dlrs, bond market sources said.\n They said they expect the issue will have a seven year\nmaturity, but to have an investor put option after four years\nat par. The coupon is expected to be 8-3/4 pct while pricing\nwill be at 101-3/8 pct.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:11:17.36",
"places": [
"uk"
],
"id": "17944"
},
{
"title": "RJR NABISCO INC ISSUES 100 MLN DLR EUROBOND",
"body": "RJR Nabisco Inc is issuing a 100 mln dlr\neurobond due June 30, 1994 paying 8-3/4 pct and priced at\n101-3/8 pct, lead manager of Bank of America International Ltd\nsaid. This confirms an earlier report by bond market sources.\n The issue has an investor put option after four years at\npar but is non-callable. The selling concession is 1-1/8 pct\nwhile management and underwriting combined pays 1/2 pct.\n The issue is available in denominations of 1,000 and 10,000\ndlrs and listing will be in Luxembourg. The payment date is\nJune 30.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:11:36.56",
"places": [
"uk"
],
"id": "17945"
},
{
"title": "JAPAN RAISES LIMITS ON NON-LIFE INSURERS' LENDING",
"body": "The Finance Ministry would raise lending\nlimits on local non-life insurance firms to meet the increasing\nneed for efficient fund management, a ministry spokesman said.\n He said the allowable non-collateral lending limits would\nbe increased to 30 pct of each insurer's total assets from 25\npct and that overseas subsidiaries will be made eligible as\nborrowers.\n The lending limit for non-life insurers which do not\nsatisfy criteria for making non-collateral loans would be\nexpanded to three pct of total assets from one pct.\n The upper limit of lending of securities by non-life\ninsurance companies, now set at five pct of each insurer's\ntotal assets would be abolished, the official said.\n This will enable such lending by non-life insurers to be\nincluded in the separate category of money lending, which is\nlimited to 55 pct of the total assets of each insurer.\n Approvals for the changes, which must be given to each\ninsurer on application, were expected to begin soon, possibly\nas early as next week.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:14:55.91",
"places": [
"japan"
],
"id": "17946"
},
{
"title": "JAPAN TO USE TAX CARRY-OVER TO HELP FUND PACKAGE",
"body": "Government tax revenues for the 1986/87\n year ended March 31 were more than 600 billion yen higher than\nforecast and could be used to help fund the economic package\nannounced last week, Finance Ministry sources said.\n The final figure for 1986/87 will not be available until\nnext month, but some local newspapers speculated that the\ncarryover could be as much as 1,000 billion yen.\n The government is due to introduce a supplementary budget\nduring an extarordinary parliamentary session expected to start\nin July. The budget will be used to finance the central\ngovernment share of last Friday's emergency economic package.\n That package totalled more than 6,000 billion yen,\nincluding more than 1,000 billion in tax cuts.\n Government officials including Finance Minister Kiichi\nMiyazawa have previously said possible revenue sources for tax\ncuts include the tax revenue carryover from 1986/87 and\nproceeds from the sale of shares in the privatized Nippon\nTelegraph and Telephone Corp.\n The sale of 1.95 mln NTT shares in 1986/87 left about 450\nbillion yen available for use as a revenue source for tax cuts,\nthe sources said. Another 1.95 mln are expected to be sold in\nthe current fiscal year.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:18:35.18",
"places": [
"japan"
],
"id": "17947"
},
{
"title": "JAPAN CONCERNED AT EC TRADE THREATS - MINISTER",
"body": "Japan is disappointed at the recent threats\nof trade retaliation from the European Community (EC) just as\nthe trade situation between the two is improving, Japanese\nTrade and Industry Minister Hajime Tamura said.\n \"I am deeply concerned that the EC has moved to take a\nharsher line toward Japan despite this tangible improvement,\" he\nsaid in a speech prepared for delivery at the opening of a new\ncentre designed to improve understanding between the two sides.\n Last week, foreign ministers of the 12 EC nations agreed to\nimpose tariffs on a range of unspecified Japanese electrical\ngoods unless Tokyo opened its markets more to EC exports.\n Tamura referred to a 55 pct rise in Japanese imports of EC\nmanufactured goods in the year ended March 31.\n \"I feel this is a strong step on the road to balance through\nexpansion.\"\n \"While I do not deny the existence of the trade deficit\nbetween Japan and the EC, I believe it should be rectified not\nby reducing trade through import restrictions or export\nrestraints, but by expanding the (overall) trade,\" Tamura said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:19:03.64",
"topics": [
"trade"
],
"organisations": [
"ec"
],
"places": [
"japan"
],
"id": "17948"
},
{
"title": "INTEL, MATRA-HARRIS DISSOLVE CIMATEL PARTNERSHIP",
"body": "Intel Corp <INTC> of Santa Clara, Calif.\nAnd Matra-Harris-Semiconducteurs (MHS) said their Cimatel joint\nventure design facility was dissolved as from June 1.\n Intel makes logic and memory components. MHS is a joint\nventure of the Matra group <MATR.PA> and Harris Corp <HRS>.\n Cimatel was formed in 1982 to design standard VLSI devices\nfor the telecommunications and computer graphics markets.\n MHS said in a statement that changing market conditions had\nled Intel to reassess its marketing policy. It had concluded\nthat without common marketing goals a common design centre was\nimpractical.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:24:10.38",
"places": [
"france"
],
"id": "17949"
},
{
"title": "GLYNWED BUYS GALLAHER UNITS FOR AROUND 14 MLN STG",
"body": "Glynwed International Plc <GLYN.L> said it\nhad bought all the issued shares of two companies belonging to\nGallaher Ltd, a subsidiary of American Brands Inc <AMB>, in a\ndeal worth around 14 mln stg.\n The full names of the companies purchased from Gallaher are\n<Formatura Iniezione Polimeri Spa>, Genoa and <FIP U.K. Ltd>,\nWeybridge.\n Consideration for the purchases, which will be based on the\nnet asset values per share of the companies, has yet to be\nfinalised but some nine mln stg of the total represents debt\nassumed by Glynwed.\n FIP is a manufacturer of valves and other pressure pipe\nfittings in thermoplastics. Its products are complementary to\nthose of Glynwed subsidiaries, Durapipe U.K. And Philmac.\n The acquisitions appreciably develop and strengthen\nGlynwed's strategic position in the thermoplastic pipework\nsystems market.\n The sale by Gallaher reflects a decision to dispose of more\nperipheral businesses. Proceeds of the sale will be used in the\ncontinuing expansion of the Gallaher group. Glynwed shares were\nup 5p to 494 after the announcement. Gallaher is not quoted on\nthe London Stock Exchange.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:27:34.19",
"topics": [
"acq"
],
"places": [
"uk"
],
"id": "17950"
},
{
"title": "ITALIAN MINISTER APPROVES TELECOMMUNICATIONS FIRM",
"body": "Italy's Ministry of State Participation said\nit formally approved the telecommunications joint venture\nbetween STET, a subsidiary of the state holding company\n<Istituto per la Ricostruzione Industriale> (IRI) and Fiat Spa\n<FIAT.MI>.\n A ministry spokesman said Minister Clelio Darida passed the\njoint venture <Telit - Telecommunicazioni Italiane Spa> this\nmorning. Darida's approval was needed for the venture.\n STET and Fiat each hold 48 pct of Telit's capital, with the\nremaining stake held by state merchant bank Mediobanca Spa\n<MDBI.MI>.\n The spokesman said Darida's approval includes a provision\nthat if the government eventually reduces its majority stake in\nMediobanca, the bank's four pct Telit shareholding will be\ntransferred to another public financial institution.\n As reported, Telit will group the operations of Fiat's\nsubsidiary Telettra Spa and STET's Italtel - Societa Italiana\nTelecommunicazioni Spa.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:30:52.32",
"places": [
"italy"
],
"id": "17951"
},
{
"title": "KUWAITI DINAR RATES FIRM, AID WINDOW OPEN",
"body": "Interest rates on Kuwaiti dinar deposits\nheld firm in scattered trading despite a Central Bank decision\nto revive limited funding lines, dealers said.\n The Central Bank, which last Tuesday shut a daily aid\nwindow through which it lent funds of up to one year, reopened\nthe facility for three month money, which was available at\nseven pct, they said.\n It offered one month funds at seven pct through swap\nfacilities, dealers said.\n Today's Central Bank action, combined with sales of dollars\nby some banks, helped ease a recent credit squeeze engineered\nby the monetary authority to stem a rush for the U.S. Currency\narising from attractive U.S. Interest rates and Gulf tension,\ndealers said.\n However, as one dealer noted: \"The market is still\nunsettled.\"\n Overnight funds, bid at 20 pct at the outset of business,\ntraded up to 30 pct before easing as liquidity dragged offers\ndown to 10 pct by the close. Tomorrow-next, for which buy/sell\nquotes started at 30, 20 pct, ended at 14, eight.\n Spot-next was indicated at 8-1/2, seven after opening bids\nof 10. Dealers quoted one-week at eight, seven against an early\n9-1/2, 7-1/2.\n One month rates were at the same level after trade at eight\nthen 8-1/2. Dealers quoted three months at seven, 6-3/4 pct and\nsix-month to one year funds at seven, six pct. They reported\noffshore offers of overnight at 10, tomorrow-next at eight and\none year at 6-1/2 pct towards the close.\n The Central Bank fixed its dinar exchange rate steady at\n0.27933/67 to the dollar, against yesterday's 0.27939/73. The\nspot dinar was 0.27930/40.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:33:02.61",
"topics": [
"money-fx"
],
"places": [
"kuwait"
],
"id": "17952"
},
{
"title": "FEW EXPECT NEW ECONOMIC INITIATIVES IN VENICE",
"body": "The Venice summit on June 8-10 is likely\nto disappoint those hoping for new policies to whip up flagging\nworld growth, according to officials from summit countries.\n Worries over protectionist threats and the Third World debt\ncrisis are also unlikely to be assuaged, they added.\n The talks may yield agreed statements on the military\nsituation in the Gulf, co-operation in the fight against the\nkiller disease AIDS or on East-West relations, they said.\n But most summit participants have made it clear that major\nnew initiatives on economic issues must not be expected.\n West German Chancellor Helmut Kohl said in a recent\ninterview that \"the translation of previous announcements into\npolicy is more important than new declarations and commitments.\"\n The main goal at the summit would be to strengthen existing\nagreements to secure steady medium term growth and avoid \"the\ndanger of a further devaluation of the dollar\" via close\nco-operation on economic and financial policies, Kohl added.\n Critics challenged this view. They pointed to the worrying\nbackground of slower growth, especially in Japan and Germany,\namid fears about a pickup in inflation in the U.S. Which could\nlead to higher interest rates and exacerbate the debt crisis.\n The marginal impact that the major shifts in dollar, yen\nand mark exchange rates have had on the Japanese and German\ntrade surpluses and U.S. Trade and fiscal deficits since the\nSeptember 1985 Plaza agreement was also a cause for concern.\n Economists said the recent rise in the dollar was likely to\nbe quickly reversed in the absence of new commitments in\nVenice.\n But government officials do not expect summit delegations -\nfrom the U.S., Japan, Germany, Britain, France, Italy, Canada\nand the European Community - to go much beyond restating policy\ngoals enshrined in the February Louvre agreement of Group of\nSeven finance ministers and central bankers.\n Under the agreement, aimed at halting the dollar's 20-month\ndecline and at fostering balanced growth, Japan and West\nGermany would work to eliminate their trade and payments\nsurpluses in return for a U.S. Pledge to reduce fiscal\ndeficits.\n A 6,000 billion yen package announced by Prime Minister\nYasuhiro Nakasone last week went some way towards that goal and\nappeared to have saved Japan from a widely anticipated summit\nattack on its economic policies, officials said.\n The package, featuring government spending and tax cuts to\nstimulate demand, drew a cautious welcome in European capitals\nbut its reception in the U.S. Was much more enthusiastic.\n Treasury Secretary James Baker commented, \"Of course,\nimplementation is the key, but this is clearly forward movement\ntoward fulfillment by Japan of its commitments.\"\n With Japan signalling its willingness to boost domestic\ndemand rather than rely on exports for growth, the U.S. And\nother summit countries were now set to shift their attention to\nWest Germany and press Kohl for similar action, officials said.\n U.S. Assistant treasury secretary David Mulford said there\nwas worldwide concern that German economic growth has flagged,\nand the U.S. Would demand that Kohl confirm a commitment that\npolicies would be reviewed if growth continued sluggish.\n But West German officials said Kohl would fiercely resist\nany such pressure. One senior Bonn official said, \"There is just\nno room for manoeuvre for any economic moves.\"\n Finance minister Gerhard Stoltenberg has problems finding\ncash to finance tax cuts promised for 1990, and is reluctantly\nletting government borrowing rise, Bonn officials said.\n Citing fierce opposition by West Germany and Britain,\nEuropean officials also ruled out progress on U.S. Plans for a\nmore formal strategy for coordinating economic policies, based\non a series of economic indicators.\n The U.S. Wants other Group of Seven countries to agree to\nhigh level consultations when the indicators, including trade,\ngrowth, interest and exchange rates, inflation and fiscal\ndeficits, show members are not living up to economic\ncommitments.\n But Germany and Britain fear the plan would undermine\neconomic sovereignty, and Britain also feels the proposals are\ntoo complicated and too rigid, officials said.\n Recent developments on Third World debt, including moves by\ntwo of the largest U.S. Banks to set aside billions of dollars\nto cover bad loans, will feature prominently in the talks.\n U.S. And Japanese officials said they would seek to\nreactivate the Baker initiative at the summit and renew a call\nto commercial banks to come up with a \"menu of alternatives\" to\nrestore some new bank lending to debtor countries.\n Officials said there was also scope for agreement on a\nFranco-British plan aimed at alleviating the burden for the\nworld's poorest debtor countries through concessional\nrescheduling of their sovereign debt at the Paris Club.\n The talks would also include plans to dismantle runaway\nfarm subsidies all summit nations pay to guarantee the income\nof their farmers and secure a share of world markets, they\nsaid.\n The 24 members of the Organisation for Economic Cooperation\nand Development (OECD) last month supported a gradual\ndecoupling of farm production subsidies from income support for\nfarmers.\n The U.S., Canada and Britain in particular are keen to move\nquickly after the OECD breakthrough, officials said.\n \"What we want is not for treasuries to compete as they do\nnow. We want to see to it that our farmers will be able to\ncompete in international markets,\" Canadian Prime Minister Brian\nMulroney said.\n The U.S. Intends to table specific proposals on the issue\nat GATT, the world trade body, immediately after the summit to\nsignal that it wants negotiations on farm trade to take\nprecedence over the other trade issues included in the new GATT\nround of talks launched last year in Punta del Este, Uruguay.\n \"We won't have much tolerance for delay,\" U.S. Agriculture\nSecretary Richard Lyng said.\n But European officials said they would resist such moves,\nmaking an agreement at the summit unlikely. France and other EC\ncountries insist that farm trade disputes be resolved as part\nof a wider trade settlement within GATT, they said.\n REUTER\n\u0003",
"date": " 2-JUN-1987 07:36:58.68",
"organisations": [
"ec"
],
"places": [
"uk",
"usa",
"japan",
"west-germany",
"canada",
"france",
"italy"
],
"id": "17953"
},
{
"title": "NEWBERY <NBE> FAILS IN GETTING LONGTERM FUNDING",
"body": "Newbery Corp said Fireman's Fund\nCorp <FFC> ane United Bancorp of Arizona <UBAZ.O> have elected\nnot to extend a financing agreement with Newbery, and the\ncompany has been unsuccessful in securing long-term financing\nfrom other sources.\n It said Fireman's Fund has declined to provide long-term\nfinancial assistance and United does not intend to extend the\nmaturity of 11 mln dlrs in notes owed by Newbery beyond\nyesterday.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:05:31.52",
"places": [
"usa"
],
"id": "17954"
},
{
"title": "SHIP PREPARES TO LOAD WHEAT FOR FIJI AT GEELONG",
"body": "The French ship Capitaine Wallis, 13,847\ndwt, berthed at the port of Geelong in Victoria today to load\n8,000 tonnes of urgently needed wheat for Fiji after Australian\nport unions partly lifted a trade embargo, shipping sources\nsaid.\n The wheat is expected to be loaded tomorrow, an Australian\nWheat Board spokesman said.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:06:41.03",
"topics": [
"grain",
"wheat",
"ship"
],
"places": [
"australia"
],
"id": "17955"
},
{
"title": "BOEING <BA> STARTS ARGOSYSTEMS <ARGI.O> BID",
"body": "Boeing co said it has started the 37 dlr\nper share tender offer for all shares of ARGOSystems Inc that\nit announced yesterday morning.\n In a newspaper advertisement, the company said the offer,\nwithdrawal rights and proration deadline all expire June 30\nunless extended.\n The offer is not conditioned on receipt of any minimum\nnumber of shares, Boeing said. If at least 90 pct of\nARGOSystems' shares are tendered, it said it will buy all\nshares, but if less than 90 pct are tendered, it said it plans\nto buy only 49 pct in the offer.\n Boeing said if less than 90 pct of ARGOSystems' shares are\ntendered, but the purchase of all shares tendered along with\nthe exercise of options it holds would give it over 90 pct of\nARGOSystems, Boeing may buy all shares tendered.\n ARGOSystems has granted Boeing an option to buy up to\n1,238,311 new shares or a 15.6 pct interest at 37 dlrs each,\nand shareholders have granted Boeing an option to purchase up\nto 597,885 shares at the same price, or about 8.9 pct of those\nnow outstanding, without taking the company option into\nconsideration. A merger at the tender price that has been\napproved by the ARGOSystems board is to follow the offer.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:09:33.41",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17956"
},
{
"title": "DUMEZ HAS 478,125 UNITED WESTBURNE<UWI.TO>SHARES",
"body": "Dumez Investments Inc said it is\naccepting and paying for 478,125 shares of United Westburne\nIndustries Ltd in response to its 25 dlr per share tender offer\nand it has extended the offer until June 26.\n Dumez, 70 pct owned by Dumez SA <DUMP.PA> and 30 pct by\nUnicorp Canada Corp <UNIA.TO>, said the 478,125 shares\nrepresent 81.6 pct of those not controlled by Westburne\nInternational Ltd, which Dumez previously acquired in a tender.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:12:26.46",
"topics": [
"acq"
],
"places": [
"canada"
],
"id": "17957"
},
{
"title": "ITALY'S AGIP PETROLI BUYS STAKE IN U.S. COMPANY",
"body": "State oil firm Agip Petroli Spa said it has\nacquired a 50 pct stake in Steuart Petroleum Co, an independent\nU.S. Oil products company. Financial terms were not disclosed.\n Agip Petroli, a subsidiary of state energy concern Ente\nNazionali Idrocarburi, said in a statement that the remaining\n50 pct of the U.S. Firm is owned by Steuart Investment Co, a\nholding company that also operates in the sectors of\ntransportation, hotels and insurance.\n The Italian firm said Steuart Petroleum operates primarily\non the East Coast.\n REUTER\n\u0003",
"date": " 2-JUN-1987 08:15:26.19",
"topics": [
"acq"
],
"places": [
"italy",
"usa"
],
"id": "17958"
},
{
"title": "RESEARCHERS FIND PROMISING ANTI-AIDS AGENT",
"body": "Peptide T, a minute chemical\nstructure that can be easily manufactured, effectively blocks\nthe attack of the deadly AIDS virus on human cells, researchers\nclaimed.\n The U.S. National Institute of Mental Health announced at\nthe third annual International Conference on Acquired Immune\nDeficiency Syndrome that Peptide T, first identified by\ninstitute neuro-scientist Dr. Candace Pert, \"potently blocks\nentry of the AIDS virus into cells...\"\n \n The U.S. Food and Drug Administration has quickly approved\nclinical testing of the naturally-occurring brain chemical. The\ndecision makes possible tests on AIDS victims.\n Dr. Frederick Goodwin, the institute's scientific\ndirector, said in a joint interview with Pert, that \"my gut\nreaction is that we are onto something.\"\n He said that based on initial findings Peptide T may hold\nmore promise as a treatment for those already suffering from\nAIDS, but could also have some value in the search for a\nvaccine to prevent the spread of the disease.\n \n A research team has found that Peptide T is capable of\nfully reversing brain cell damage caused by AIDS under a\nvariety of laboratory tests.\n Pert said that she sent doses of Peptide T last autumn to a\nSwedish doctor who provided the chemical to four AIDS patients.\nOne died, but the three survivors showed some improvement, she\nsaid.\n \n Goodwin said that three major drug firms, which he declined\nto identify, are anxious to win permission to produce the\nPeptide T substance that he said has potential for finding a\nvaccine to safeguard against the deadly disease that has\nthreatened the lives of over a million people thus far.\n Pert said that the clinical testing in the United States\nwould involve at least a dozen AIDS patients in a controlled\nenvironment, probably starting next month, which would\nhopefully verify the chemical's usefulness. \n Reuter\n\u0003",
"date": " 2-JUN-1987 08:29:53.12",
"places": [
"usa"
],
"id": "17959"
},
{
"title": "CAROLCO <CRC> MAY BID FOR LIEBERMAN <LMAN.O>",
"body": "Lieberman Enterprises Inc said\nCarolco Pictures Inc is negotiating for the acquisition of the\n50 pct of Lieberman shares held by the families of chairman\nDavid Lieberman and president Harold Okinow at 20.50 dlrs each,\nand if the deal were concluded, public shareholders would be\noffered the same price for their shares.\n Lieberman said the Carolco bid to its public shareholders\nwould be in cash or shareholders could be offered securities as\nan alternative. The offer would occur within about 90 days\nafter the closing of the sale of the initial 50 pct stake, the\ncompany said.\n The company said a final agreement has not yet been reached\non the first transaction, but negotiations are expected to be\nconcluded in early June. Present management is expected to\ncontinue to operate Lieberman, the company said. Lieberman\ndistributes prerecorded music, video movies and other products.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:32:00.28",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17960"
},
{
"title": "RAINIER <RBANK.O> TO HAVE LOSS FROM PROVISION",
"body": "Rainier Bancorp said it will add an extra\n58 mln dlrs to its loan loss reserve in the second quarter for\npossible credit losses related to Third World loans, causing a\nnet loss of about 19 mln dlrs or 87 cts per share for the\nquarter and a loss of two mln dlrs or nine cts a share for the\nhalf.\n It said second half earnings are expected to be at \"normal\nprofitability levels,\" resulting in \"significant\" profits for\nthe year as a whole.\n The company said the addition will raise its loan loss\nreserve to 136 mln dlrs.\n Rainier said the special addition to its reserves\nrepresents about one third of its total Third World debt\nexposure.\n It said it expects no change in its dividend policy -- it\nnow pays 29 cts per share on a regular quarterly basis -- and\nplans to continue current dividend payments until it completes\nits proposed merger into Security Pacific Corp <SPC>.\n Yesterday, Security Pacific itself said it would set up a\n500 mln dlr reserve for Third World loans, causing a loss of\nabout 175 mln dlrs for the second quarter.\n Rainier earned 17.4 mln dlrs or 86 cts per share in last\nyear's second quarter and 32.9 mln dlrs or 1.62 dlrs per share\nin last year's first half.\n For all of 1986, Rainier earned 70.0 mln dlrs or 3.41 dlrs\nper share.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:34:58.00",
"places": [
"usa"
],
"id": "17961"
},
{
"title": "BOMB THREATS, STRIKES AS FIJI SEES END TRADE BAN",
"body": "Fiji today welcomed the ending of a trade\nban imposed by Australian labor unions as supporters of the\ncountry's ousted prime minister Timoci Bavadra renewed pressure\nfor his reinstatement with strikes and shop closures.\n The government welcomed a decision by the Australian\nWaterside Workers' Federation to lift its ban on shipments to\nFiji, imposed in support of Bavadra, whose newly-elected\ngovernment was overthrown in a military coup on May 14.\n The ban had threatened food shortages of imported wheat,\nfresh vegetables and medicines. A direct result of the union\ndecision would be the immediate shipment of 9,000 tons of rice\nand wheat from an Australian port, the government said.\n Shops in Nadi and Lautoka, center of the country's sugar\nindustry, closed again today in support of Bavadra.\n In Nadi two bomb threats forced evacuation of the\nAustralian Westpac bank, but police said they turned out to be\na hoax. Bavadra has launched a campaign of civil disobedience\nto press for his reinstatement.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:41:35.96",
"topics": [
"grain",
"wheat",
"rice"
],
"places": [
"fiji"
],
"id": "17962"
},
{
"title": "SAUDI ARABIA OPPOSES DRASTIC CHANGE IN OIL PRICE",
"body": "Saudi Arabia's Oil Minister Hisham Nazer\nsaid Riyadh would not agree to a cut in oil prices and would\nnot accept a \"mad\" increase that would drive consumers away.\n He told al-Riyadh newspaper, \"Saudi Arabia follows a\nbalanced petroleum policy. It does not approve of a decrease in\nprices from current levels and it also does not accept a mad\nincrease that would drive consumers away and make them try and\nfind alternative sources (for energy).\"\n OPEC agreed last December to cut production after world\nprices hit new lows in 1986. They agreed on a pricing system\naimed to stabilize the market around 18 dlrs a barrel.\n\n OPEC is scheduled to meet in Vienna on June 25, where it\nwill review its current oil price and production policy.\n Saudi Arabia's King Fahd said last month that he wanted oil\nprices to remain stable for the next two years.\n Saudi Arabia is the architect of the current pricing and\nproduction pact, which is backed by Kuwait and the UAE. The\ncurrent pact set a production ceiling for first half 1987 of\n15.8 mln bpd, and implemented fixed prices based on an 18 dlrs\na barrel average.\n\n REUTER\n\u0003",
"date": " 2-JUN-1987 08:41:57.20",
"topics": [
"crude"
],
"organisations": [
"opec"
],
"places": [
"saudi-arabia"
],
"id": "17963"
},
{
"title": "HANSON TRUST SHOWS SHARPLY HIGHER HALF-YEAR PROFIT",
"body": "Six months ended March 31, 1987\n Share 6.0p vs 4.1p, diluted\n Interim dividend 1.4p vs 1.05p\n Pre-tax profit 312 mln stg vs 158 mln\n Net profit 234 mln vs 114 mln\n Sales 3.47 billion vs 1.55 billion\n Operating profit 296 mln vs 164 mln\n Interest and other income less central expenses credit 16\nmln vs debit six mln\n Company's full name is Hanson Trust Plc <HNSN.L>.\n U.K. Operating profit by sector -\n Consumer goods 123 mln stg vs 32 mln\n Building products 31 mln vs 26 mln\n Industrial 14 mln vs same\n Food 20 mln vs nil.\n U.S. Sectors -\n Consumer goods 25 mln stg vs 20 mln\n Building products 29 mln vs 25 mln\n Food seven mln vs two mln\n Businesses owned in 1986 and sold during 1987 nil vs nine\nmln.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:45:59.58",
"topics": [
"earn"
],
"places": [
"uk"
],
"id": "17964"
},
{
"title": "HARNISCHFEGER INDUSTRIES INC <HPH> 2ND QTR NET",
"body": "April 30 end\n Oper shr 20 cts vs 19 cts\n Oper net 4,625,000 vs 6,781,000\n Sales 250.2 mln vs 150.9 mln\n Orders 351.5 mln vs 122.5 mln\n 1st half\n Oper shr 29 cts vs 26 cts\n Oper net 7,453,000 vs 12.0 mln\n Sales 441.1 mln vs 255.6 mln\n Orders 576.6 mln vs 221.1 mln\n Backlog 848.3 mln vs 459.2 mln\n NOTE: Prior year net excludes losses from discontinued\noperations of 32.9 mln dlrs in quarter and 35.7 mln dlrs in\nhalf.\n Net excludes tax credit 2,540,000 dlrs vs credit reversal\n2,300,000 dlrs in quarter, credit 5,500,000 dlrs vs nil half.\n Results include Syscom Corp from December 30, 1986 purchase\nand Beloit Corp from March 31, 1986 purchase. Orders exclude\n253.6 mln dlrs acquired with Syscon acquisition.\n Backlog at January 31 747 mln dlrs.\n Average shares 21.5 mln vs 13.3 mln in quarter and 18.9 mln\nvs 13.3 mln in half.\n Income tax provisions 2,200,000 dlrs vs 3,450,000 dlrs in\nquarter and 6,200,000 dlrs vs 7,225,000 dlrs in half. Current\nquarter tax rate of 27.5 pct benefited from Wisconsin\nDepartment of Revenue Decision, the company said.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:48:38.66",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17965"
},
{
"title": "U.K. RESERVES LIFT HOPES OF FURTHER BASE RATE CUT",
"body": "The record 4.9 billion dlrs rise in U.K.\nReserves in May to a total 34.7 billion has lifted hopes for a\nfurther cut in bank base lending rates after the June 11\ngeneral election, market analysts said.\n Sterling would have risen on the much better than expected\nnumber but for market nerves about the poll outcome, they said.\n But the weight of foreign currency and gold reserves now\navailable to the authorities to support the pound should curb\nany market tendency to panic if U.K. Opinion polls show the\nruling Conservative Party's lead slipping, they added.\n \"We have been intervening to a very much greater extent than\nwe have done hitherto,\" Chancellor of the Exchequer Nigel Lawson\nsaid at a news conference today, commenting on the news of the\nrecord reserves rise.\n He put the U.K. Intervention in the context of the Louvre\naccord between leading industrial nations to stabilise the\ndollar, partly through direct intervention on foreign\nexchanges. \"We have been playing a very full part ourselves,\" he\nsaid.\n But market analysts see the recent upward pressure on\nsterling, and consequent need for official sales to damp down\nits rise, more in the light of local factors.\n Steven Bell, chief economist at Morgan Grenfell Securities,\nsaid that corporate money has been flowing back into Britain\namid hopes of another Conservative government, after fears last\nautumn of a Labour election victory sent it flooding out.\n U.K. Portfolio investment is also returning, while foreign\nbuyers see U.K. Growth propects and high bond yields as\nattractive. They will be strong buyers of U.K. Assets, notably\nequities, once the election is out of the way, Bell said.\n Analysts see this pressure as the main hope for lower\ninterest rates, as the government is expected to try to reverse\nthe loss of export competitiveness caused by a strong pound.\n Today, however, the pound hardly moved on the reserves\nnews, dipping on its trade-weighted index against a basket of\ncurrencies from 73.1 pct of its 1975 value at 1000 GMT to 73.0\npct at 1100 GMT, half an hour after the figures were released.\n \"The market doesn't want to do anything because of the\nelection,\" commented an economist at a big U.S. Investment bank.\n Several dealers and analysts added that market forecasts of\na rise in reserves of between one and three billion dlrs had\noverestimated the amount of pound sales that were likely to\nhave been disguised by swap arrangements or transactions on the\nforward market.\n The market also seemed to have overestimated the amount of\nsterling the Bank of England bought at the end of May to smooth\nthe pound's sudden downturn, while some of the intervention\nreported in May probably occurred in April, they said.\n The key three months interbank money market rates eased\nabout 1/8 point, reflecting cautious hopes that the downtrend\nin U.K. Interest rates will be revived following the reserves\nnews, analysts said.\n Government bond prices initially firmed, but the market was\nmuted as traders worried about the funding implications of\nanother huge rise in reserves, they added.\n Morgan Grenfell's Bell forecast a half point base rate cut\nfrom the current nine pct level soon after the election, so\nlong as poll projections of another Conservative victory prove\naccurate, with another half point later.\n Justin Silverton, equity economist at Credit Suisse\nBuckmaster and Moore, said a full point reduction might be\npossible. \"Sterling will be held down by interest rate cuts in\nfuture, rather than this active intervention,\" he predicted.\n Kevin Boakes of Greenwell Montagu Gilt-Edged cautioned\nagainst over-optimistic forecasts, but agreed a half point cut\nlooked likely.\n A cut before the election has been virtually ruled out.\n \"The Bank (of England) is both worried about the political\nproblem of cutting rates during an election campaign ... And\nhas signalled some worry about broad money (growth),\" said Robin\nMarshall, chief U.K. Economist at Chase Manhattan Securities.\n He said the 10 billion dlrs increase in total reserves in\nthe past seven months may foreshadow full U.K. Entry into the\nEuropean Monetary System.\n But Bell said the authorities would like to see another 10\nor 15 billion dlrs in the reserves before joining, if they did\nso. But, unlike many analysts, he doubted the U.K. Will go in.\n REUTER\n\u0003",
"date": " 2-JUN-1987 08:49:31.54",
"topics": [
"reserves",
"interest"
],
"places": [
"uk"
],
"id": "17966"
},
{
"title": "SEAL INC <SINC.O> 2ND QTR APRIL 30 NET",
"body": "Shr profit 29 cts vs loss six cts\n Net profit 645,000 vs loss 118,000\n Sales 7,802,000 vs 4,330,000\n 1st half\n Shr profit 58 cts vs profit 10 cts\n Net profit 1,255,000 vs profit 212,000\n Sales 14.5 mln vs 8,912,000\n Avg shrs 2,183,150 vs 2,072,779\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:54:30.83",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17967"
},
{
"title": "ENI UNIT AGIP PETROLI BUYS STAKE IN U.S. COMPANY",
"body": "A subsidiary of state energy concern Ente\nNazionali Idrocarburi <ENTN.MI> (ENI) said it has acquired a 50\npct stake in <Steuart Petroleum Co>, an independent U.S. Oil\nproducts company. Financial terms were not disclosed.\n Agip Petroli Spa said in a statement that the remaining 50\npct of the U.S. Firm is owned by <Steuart Investment Co>, a\nholding company which also has interests transportation, hotels\nand insurance.\n The Italian firm said Steuart Petroleum operates primarily\non the East Coast of the U.S.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:54:46.11",
"topics": [
"acq"
],
"places": [
"usa",
"italy"
],
"id": "17968"
},
{
"title": "RAINIER REALTY <RRETS.O> NOTE INTEREST RAISED",
"body": "Rainier Realty Investors said Rainier\nBancorp <RBANK.O> has agreed to increase the interest rate on\nthe notes the bank would offer in connection with the trust's\nproposed liquidation to 8-1/4 pct from eight pct.\n The trust said it had asked for the increase to partly\ncompensate for a recent rise in interest rates. It said\nshareholders will continue to have the option of taking 9.14\ndlrs in cash for each of their shares, rather than seven-year\nRainier notes with a principal value of 10 dlrs. Shareholders\nweill vote on the proposal at a special meeting to be held July\n15.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:56:30.62",
"places": [
"usa"
],
"id": "17969"
},
{
"title": "S.AFRICA EXPECTED TO UNVEIL EXPANSIONARY BUDGET",
"body": "South Africa is expected to unveil\ntomorrow an expansionary budget for the second consecutive year\nin a bid to boost the nation's flagging economic growth rate,\neconomic analysts said.\n Faced with competing demands for increased military and\npolice spending and the pressing need for more funds for black\nhousing and education, Finance Minister Barend Du Plessis is\nexpected to raise significantly the government's overall\nexpenditure targets when he presents the budget to parliament,\nthe analysts said.\n Analysts expect Du Plessis to provide for a rise in state\nspending at least equal to the 16 pct inflation rate for the\nfinancial year that started on April 1, while ignoring pleas\nfrom the private sector to stimulate growth by cutting taxes.\n \"Fiscal policy has become gradually more expansionary, but\nsimply raising government spending and increasing the budget\ndeficit is an inflationary form of stimulation,\" said Rob Lee,\nchief economist at South African Mutual Life Assurance Co.\n South Africa this year is targeting inflation-adjusted\ngrowth in GDP of three pct against an increase last year of\nless than one pct.\n Growth in GDP over the past decade has averaged about 1.5\npct, while the unemployment rate among blacks has spiralled to\nover 30 pct.\n Economists estimate that the government's spending target\nwill rise to about 47 billion rand, with revenue budgeted at\naround 40 billion rand. This would leave a budget deficit\nbefore borrowing of about seven billion rand, or four pct of\nGDP.\n The government, having consistently overshot its own\nspending targets for more than a decade, also faces a\ncredibility crisis over expenditure figures outlined in the\nbudget, analysts said.\n \"The budget is invariably too optimistic on expenditure,\"\nsaid Standard Bank Ltd in a budget preview.\n Many analysts in the private sector are now paying less\nattention to the figures presented in the budget and are using\ntheir own estimates of expenditure to draw conclusions for the\nmoney and capital markets.\n South African Mutual's Lee believes government spending\nwill again exceed the budget target and increase to around 49\nbillion rand this year, leaving a deficit of between 5 and 5.5\npct of GDP, compared with a three pct limit suggested by the\nIMF.\n \"The IMF limit is obviously going to be abandoned,\" predicted\none analyst, noting that South Africa has moved steadily away\nfrom austerity measures recommended by the IMF over the past\ntwo years.\n The policy shift followed a dramatic deterioration in the\npolitical situation and the onset of an economic crisis\ntriggered by the refusal of major foreign banks to roll over\nloans to the country in September 1985.\n Against a background of Western economic sanctions, falling\nper capita incomes, rising joblessness and high inflation,\ngovernment officials say economic growth is the prime\nobjective.\n But private-sector economists caution that the government's\nability to promote growth by boosting state spending is\nconstrained by the need to maintain a large surplus on the\ncurrent account of the country's balance of payments.\n Most of that surplus, this year estimated at around 2.5\nbillion dlrs, will be swallowed up by repayments on the\nnation's estimated 23 billion dlr foreign debt in terms of an\narrangement reached earlier this year with major international\ncreditor banks.\n Within these constraints, economists believe Du Plessis has\nlittle room to manoeuvre.\n Analysts argue recent rises in civil service salaries and\nbudgeted spending increases for the state-owned Post Office and\nSouth African Transport Services suggest that major tax\nconcessions to individuals or corporations are unlikely.\n Du Plessis earlier this year announced small concessions\nfor taxpayers in a mini-budget before the May 6 whites-only\nelection. The poll delayed presentation of the national budget.\n \"This will not be a very exciting budget,\" commented Harry\nSchwarz, spokesman on finance for the liberal Progressive\nFederal Party. \"I do not expect any major tax cuts as all the\nsweets were given out before the election.\"\n REUTER\n\u0003",
"date": " 2-JUN-1987 08:57:06.20",
"topics": [
"cpi",
"gnp"
],
"places": [
"south-africa"
],
"id": "17970"
},
{
"title": "ALASKA AIR <ALK> LOAD FACTOR UP IN MAY",
"body": "Alaska Air Group Inc's Alaska Airlines\nsubsidiary said its load factor was 58.6 pct last month, up\nfrom 58 pct in May 1986.\n It said revenue passenger miles incrased eight pct to 234.9\nmln from 217.9 mln in the year ago month and available seat\nmiles were up ;seven pct to 400.7 mln from 375.8 mln.\n For the first five months of 1987, Alaska Airlines said,\nits passenger load factor was 54.5 pct, up from 53.4 pct a year\nearlier. Revenue passenger miles increased five pct to 1.05\nbillion and available seat miles were up three pct to 1.92\nbillion.\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:57:14.44",
"places": [
"usa"
],
"id": "17971"
},
{
"title": "DEL E. WEBB INVESTMENT PROPERTIES INC <DWPA.O>",
"body": "1st qtr\n Shr seven cts vs nine cts\n Net 166,000 vs 201,000\n Revs 801,000 vs 687,000\n Reuter\n\u0003",
"date": " 2-JUN-1987 08:58:48.44",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17972"
},
{
"title": "BASIX CORP <BAS> TO SELL UNIT TO CUBIC <CUB>",
"body": "BASIX Corp said it has agreed in\nprinciple to sell the stock of its Automatic Toll Systems Inc\nsubsidiary to Cubic Corp for about 26 mln dlrs.\n The company said it would retain Automatic Toll assets\nworth about nine mln dlrs to dispose of over time.\n The company said completion of the transaction is subject\nto approval by both boards and BASIX's banks and the expiration\nof the Hart-Scott-Rodino waiting period.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:02:10.26",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17973"
},
{
"title": "AAR <AIR> ELEASING UNIT SELLS FIVE AIRCRAFT",
"body": "AAR Corp said its AAR\nFinancial Services Corp nonconsolidated leasing subsidiary sold\nits beneficial interest in five used Boeing 737-200 aircraft.\n In March, 1985 the aircraft were acquired from and leased\nback to Piedmont Aviation Inc <PIE>.\n AAR said the beneficial interest was sold to CIS Corp of\nSan Francisco.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:03:01.28",
"places": [
"usa"
],
"id": "17974"
},
{
"title": "ONCOR INC <ONCR.O> 1ST QTR LOSS",
"body": "Shr loss 12 cts vs loss five cts\n Net loss 347,849 vs loss 103,489\n Sales 222,697 vs 150,534\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:03:56.29",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17975"
},
{
"title": "NEW PROBLEMS FOR WORLD BANK IN DEBT STRATEGY",
"body": "The World Bank, in the throes of a\npainful reorganization, faces new strains because of actions by\nCitibank and others to set aside new Latin debt reserves,\nfinancial analysts and monetary sources said.\n The monetary sources said the reorganization has caused\nsome bad feelings and charges that promotions and other\npersonnel actions have been based on personality rather than\nability. It also had some effect in undermining the Bank's role\nin the global debt strategy, the sources said.\n At the center of the controversy is Bank President Barber\nConable, whose reorganization efforts are getting some \ncritical review from many Bank staff members and some member-\ncountries including the United States.\n \"I think if he were to do it again, he would do it very\ndifferently,\" said one source.\n Conable, a former congressman from New York appointed by\nPresident Reagan to the senior most position at the Bank nearly\na year ago, has taken the view that the Bank badly needed to be\nreorganized and perhaps made more streamlined.\n In this he had the backing of many in the Reagan\nadministration who viewed the Bank as a bloated and inefficient\nbureaucracy that gave money to countries when other free-market\nsources of assistance were available.\n However, the Bank had been singled out for a much greater\nrole under the U.S. debt initiative proposed by Treasury\nSecretary James Baker. That strategy, which called for some 20\nbillion dlrs in new funding from the commerical banks and nine\nbillion dlrs in spending from the development banks, mostly the\nWorld Bank, came under profound doubt with the decision by\nCitibank and Chase Manhattan to set aside new reserves.\n This move, heralded by some sources as a measure that gives\nall parties more time, frightened others, who see it as the\nbeginning of a tit for tat exercise that could lead to complete\nunraveling of the monetary system.\n As envisioned by the latter, the next move would be for\nBrazil, which has delayed payments on its debts, to say it does\nnot intend to pay interest for a very long period of time.\n Citibank and other banks could then decide to stop\nfinancing the country's export credits, the funds countries use\nto support their daily activities, leading to an economic\nbreakdown.\n \"Within six weeks alot of countries could be out of\nbusiness,\" said one source.\n Citibank's initial step last month was to set some three\nbillion dlrs in a general reserve for potential losses on loans\nto developing countries. It was followed by a similar move by\nChase Manhattan some days later.\n In the best of all worlds, the kind of cooperation that was\ndemonstrated between the International Monetary Fund (IMF), the\nmultilateral development banks, the wealthy countries and\ncommercial banks when the debt crisis surfaced in 1982, could\nemerge again but no one is expecting that.\n If anything, the negotiations have become much more\nconfrontational with the debtor countries pressing for more\nconcessions, arguing that they face growing political\ninstability if they are asked to do or pay more.\n They are very critical of the IMF's austerity measures and\nthere is sympathy for their view among the development\ncommunity.\n \"When you hear code words like structural adjustment and\ntightening your belt. What that means is that the poor peasent\nmaking 700 dlrs a year should drop it to 500 dlrs,\" says one\nsource.\n He adds: \"And when your hear they should have market forces\nat play, that means the level of public services should drop.\"\n It had been hoped that giving the World Bank a greater role\nin the debt strategy might defuse the growing resistance in the\ndebtor countries to measures that increased already prevalent\npoverty even further.\n The Bank, which primarily assists countries in the building\nof roads, sewerage systems, education, and other so-called\ninfrastructure, is viewed in the Third World as benefactor.\n The IMF, however, which essentially forged the debt stategy\nfollowing the disclosure by Mexico in 1982 that it was near\ndefault, is considered a stern taskmaster that has little\nsympathy or even understanding of poverty.\n But there are doubts about how well the Baker initiative\nhas worked and about the World Bank's success at bringing about\nincreased growth in the Third World under the U.S. prescription\nwhich indicated that countries might grow their way out of\ntheir difficulty.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:07:59.49",
"organisations": [
"imf"
],
"places": [
"usa"
],
"id": "17976"
},
{
"title": "GM UNIT <GMH> NEGOTIATING FOR BRITISH CONTRACT",
"body": "General Motors Corp's Hughes\nAircraft Co subsidiary said it has been chosen by British\nSatellite Broadcasting to negotiate for a contract worth about\n300 mln dlrs to deliver two satellites for direct broadcast\ntelevision.\n The company said the first of the satellites is scheduled\nto start up three channels of direct broadcast satellite\ntelevision by late 1989.\n The company said the contract should be signed by June 30. \nEach satellite would be equipped with three 110-watt channels.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:08:47.97",
"places": [
"usa"
],
"id": "17977"
},
{
"title": "RESDEL <RSDL.O>, SAN/BAR <SBAR.O> IN MERGER DEAL",
"body": "Resdel Industries Inc said\nit has agreed to acquire San/Bar Corp in a share-for-share\nexchange, after San/Bar distributes all shgares of its\nBreak-Free Corp subsidiary to San/Bar shareholders on a\nshare-for-share basis.\n The company said also before the merger, San/Bar would\nBarry K. Hallamore and Lloyd G. Hallamore, San/Bar's director\nof corporate development, 1,312,500 dlrs and 1,087,500 dlrs\nrespectviely under agreements entered into in October 1983.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:11:19.19",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17978"
},
{
"title": "COLOMBO TO DEFEND WATERS, INDIA READIES FLOTILLA",
"body": "Sri Lanka today ordered its armed forces\nto defend the island's territorial waters as India prepared to\nsend a flotilla with relief supplies that Colombo says it does\nnot want for the Tamils in the Jaffna peninsula.\n The sudden crisis between Sri Lanka and its giant neighbour\ndeepened as Prime Minister Ranasinghe Premadasa told\nparliament: \"We have our territorial limits and nobody can be\nallowed to trespass there ...\n \"President (Junius) Jayewardene has ordered the army, navy\nand air force to protect the island and its territorial waters,\"\nPremadasa said to a round of applause from the house.\n In New Delhi an Indian spokesman said the plan to send a\nflotilla of 20 small unarmed boats with Red Cross supplies to\nJaffna tomorrow would go ahead despite Colombo's objections.\n The confrontation was the latest result of the long and\nbitter conflict between Sri Lanka's Buddhist Sinhalese majority\nand the Hindu Tamil minority, which has strong ethnic and\ncultural links with India's 50 mln Tamils.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:11:36.38",
"topics": [
"ship"
],
"places": [
"sri-lanka",
"india"
],
"id": "17979"
},
{
"title": "LAWSON SAYS LOUVRE CURRENCY ACCORD SATISFACTORY",
"body": "The Louvre agreement by the Group of Seven\nfinance ministers and central bankers to stabilise currencies\nhas worked well and needs no fundamental strengthening at the\neconomic summit in Venice on June 8-10, U.K. Chancellor of the\nExchequer Nigel Lawson said.\n Previewing the summit, which he expected would not produce\nany major new economic initiatives, Lawson told reporters work\nremained to be done on improving the conditions for lasting\nworld economic growth.�\u0005\u001eside measures to boost growth, he said.\n\n \"I think it is possible that there may be scope for a\nfurther reduction in interest rates in Germany,\" he added, but\nstressed that he had had no indication that such a move was\nlikely. He made no mention of Japanese interest rates.\n Lawson said the U.S. Should embark on \"a gradual reduction\nof its fiscal deficits over the next two or three years.\"\n He said the February 22 Louvre accord had produced\n\"satisfactory exchange rate stability,\" in part thanks to heavy\ncoordinated intervention of Group of Seven central banks, and\nhe was \"content\" with sterling's exchange rate.\n Pointing to the record 4.8 billion stg rise in U.K. May\ncurrency reserves announced today he said, \"we have been playing\na very full part ourselves ... We have been intervening to a\nvery much greater extent than we had done hitherto.\"\n Lawson said there was a risk that the Louvre agreement may\nfalter if member states did not implement the macro-economic\ncommitments underlying the accord.\n \"Certainly it would be more difficult to maintain exchange\nrate stability if countries are seen not to implement their\ncommitments in Paris ... In this respect.\" He said the U.S.\nBudget deficit was \"very important.\"\n Noting the 6,000 billion yen economic package announced by\nJapanese Prime Minister Yasuhiro Nakasone last week Lawson\nsaid, \"what is really needed in Japan is an increase in\nmerchandise imports. Supply side measures are critical.\"\n \"There is a specific range of consumer and agricultural\ngoods where they have an extremely restrictive regime which is\nwholly unjustified,\" he said.\n Lawson doubted that Tokyo's partners would indulge in \"Japan\nbashing\" at the summit especially after the economic stimulation\npackage and the announcement of Nakasone's plans to increase\nJapanese development aid over the next three years.\n Japan's more flexible stance on Tokyo stock exchange\nmembership would also help deflect criticism, he said.\n He said he thought West Germany would instead come under\npressure at the summit to adopt similar stimulation measures to\njack up faltering economic growth.\n In this respect Lawson said he hoped Bonn would bring\nforward to January 1988 part of its agreed package of tax cuts\nscheduled for 1990. He also called on Bonn to push ahead with\nthe privatisation of German national industries.\n On debt, Lawson said he expected a three point British plan\nto alleviate the burden of the poorest sub-saharan countries to\nmake progress in Venice.\n The plan, involving concessional rescheduling of sovereign\ndebt in the Paris Club, was first proposed at the IMF and World\nBank meetings in Washington earlier this year.\n Lawson said he would seek \"to consolidate political backing\nfor the plan at the Venice summit\" and hoped the programme would\nbe finalised at the Autumn meetings of the IMF and World Bank.\n He welcomed the recent moves by Citicorp and Chase\nManhattan to increase sharply their Third World debt\nprovisions.\n \"First, it is a blow for realism. Second, because the market\nresponse has shown that banks have much less to fear from this\nsort of move than they felt before Citicorp,\" he said.\n U.K. Banks should follow Bank of England recommendations,\nstrengthening their balance sheets and making more provisions.\n\"They have done it to some extent, they need to do it more,\"\nLawson said, adding it was up to the banks themselves to\ndetermine the appropriate size of provisions.\n He also said the dismantling of farm subsidies would be\ndiscussed at the summit. \"There is a consensus, which we have to\npush further.\"\n REUTER\n\u0003",
"date": " 2-JUN-1987 09:14:36.57",
"topics": [
"money-fx"
],
"places": [
"uk",
"west-germany",
"japan",
"usa"
],
"id": "17980"
},
{
"title": "CENTEL <CNT> COMPLETES SALE",
"body": "Centel Corp said it completed the sale of\nits water properties serving 8,000 customers in four\nsouthwestern Kansas communities to Central Kansas Utility Co of\nColumbia, Mo.\n Terms were not disclosed.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:18:40.87",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17981"
},
{
"title": "UNILEVER CAPITAL CORP ISSUES NZ DLR EUROBOND",
"body": "Unilever Capital Corp NV is issuing a 65\nmln New Zealand dlr eurobond due July 7, 1989 with an 18-1/4\npct coupon and priced at 101-1/4, bookrunner Hambros Bank Ltd\nsaid.\n Joint lead managers are EBC Amro Bank Ltd and Hambros. The\nbonds, guaranteed by Unilever Plc, will be issued in\ndenominations of 1,000 and 5,000 dlrs and listed in Luxembourg.\n Fees comprise 1/2 pct for management and underwriting\ncombined and 7/8 pct for selling.\n REUTER\n\u0003",
"date": " 2-JUN-1987 09:18:49.94",
"places": [
"uk"
],
"id": "17982"
},
{
"title": "AMOCO <AN> CANADA OFFER TO TOP ONE BILLION DLRS",
"body": "The public stock offering Amoco Canada\nplans if it succeeds in its 5.2 billion-dlr takeover of Dome\nPetroleum Ltd <DMP> will be worth more than one billion\nCanadian dlrs, a published report said.\n Public stockholders would own at least 15 pct of Amoco\nCanada, although Amoco plans to raise the level of Canadian\nparticipation higher than that, Amoco Canada president Donald\nStacy said in an interview in the Toronto Star.\n Stacy would not say how much higher, adding that that\nquestion will be the subject of discussions between Amoco and\nInvestment Canada, the federal agency which reviews foreign\ntakeovers of Canadian companies, the newspaper said.\n \n Amoco Canada plans to make its submission to the agency\nnext Thursday.\n Stacy said the issue would be sold in stages and that the\nfirst stage would be worth 200 mln to 300 mln Canadian dlrs,\nthe Star said. The initial offering would not take place until\nat least one year after Amoco acquired Dome, to allow the two\noperations to merge.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:19:36.99",
"places": [
"canada"
],
"id": "17983"
},
{
"title": "W.R. GRACE <GRA>, BERISFORD PLAN COCOA VENTURE",
"body": "W.R. Grace and Co said it has agreed to\ncombine its cocoa processing businesses with those of S. and W.\nBerisford PLC.\n It said the joint venture, to be 68.4 pct owned by Grace\nand 31.6 pct by Berisford, would have annual sales in 1987 of\nover 700 mln dlrs.\n Grace said the transaction involves the combination of its\ncocoa products division and two Berisford cocoa processing\nunits, which would be operated under Grace management.\n The company said Berisford would contribute its Dutch and\nWest German cocoa subsidiaries and issue new ordinary shares to\nGrace in connection with the transaction. It said closing is\nexpected by early fall, subject to regulatory approvals.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:24:57.36",
"topics": [
"cocoa",
"acq"
],
"places": [
"usa"
],
"id": "17984"
},
{
"title": "NYSE TO DELIST WEDTECH CORP sTOCK, DEBENTURES\n",
"date": " 2-JUN-1987 09:33:33.49",
"id": "17985"
},
{
"title": "CSR SAYS IT IS PROCEEDING WITH OFFER FOR MONIER",
"body": "CSR Ltd <CSRA.S> intends to proceed with\nits planned bid for building materials group Monier Ltd\n<MNRA.S> despite the counter-bid from <Equiticorp Tasman Ltd>\n(ETL), CSR executive director Gene Herbert told Reuters.\n ETL said today it would offer 4.15 dlrs each for Monier's\nissued capital of 156.28 mln shares, plus a share alternative.\nThis compares with a 3.80 dlr cash element in CSR's proposed\nbid.\n The proposed offer by ETL, controlled by New Zealand\nentrepreneur Allan Hawkins, came after it built up a 14.99 pct\nstake in Monier in a 95 mln dlr share raid in recent days.\n\n Herbert said Britain's Redland Plc <RDLD.L>, which holds\njust under 50 pct of Monier, still supported the CSR bid and\nhad told CSR it is not a seller.\n He said Redland wanted to maintain and build on its\noperations in Australia and the U.S., Where Monier has built up\na strong presence, notably in roofing tile manufacture.\n The CSR offer contains a put and call option agreement with\nRedland. This enables Redland to accept the CSR bid within six\nmonths of its close or to lift its stake to 50.1 pct in the\nsame period and to run Monier as a joint venture with CSR.\n CSR has said that Redland will take up the second option.\n\n ETL has declined to say why it intervened in Monier, beyond\ndescribing it as a long term investment.\n ETL would bring no synergies to Monier, unlike CSR which is\na leader in building materials, Herbert said.\n \"We fit better with Monier,\" he said.\n CSR has said that it will concentrate development on its\ncore businesses of sugar and building materials after its moves\ninto energy several years ago.\n Asked what he thought ETL's bid sought to achieve, Herbert\nsaid: \"I'm puzzled as to what Hawkins' strategy is. One has to\nwonder if Monier is the main target.\"\n\n Herbert said CSR had no plans to raise its bid, and said a\nhigher price would be difficult to justify on fundamentals.\n Monier was trading at 2.80 dlrs when CSR launched its\noriginal bid of 3.50, or 16.8 times earnings, in late April.\n The shares closed at 3.90 dlrs today, down 25 cents on\nyesterday, after ETL withdrew on reaching the top foreign\nshareholding level permitted without Foreign Investment Review\nBoard (FIRB) approval. Its bid is subject to FIRB approval.\n Herbert also said that institutions, which are more likely\nto accept a share alternative than cash, would have to judge\nthe respective values of ETL and CSR shares.\n\n ETL is the third group to become involved in a possible\nacquisition of Monier this year. Redland held discussions on a\npossible takeover before the CSR bid emerged but the\nnegotiations foundered on the price.\n Share analysts said that for this reason, they did not\nthink ETL's intervention would flush out a full Redland bid\nalthough Monier's ultimate fate rests in its hands.\n \"Redland is still in the driving seat,\" said Tim Cohen of\n<Ord Minnett Ltd>, adding that Redland would be happier having\nCSR as a partner in running Monier than ETL.\n Monier's independent directors have recommended ETL's bid.\n\n REUTER\n\u0003",
"date": " 2-JUN-1987 09:41:32.00",
"topics": [
"acq"
],
"places": [
"australia"
],
"id": "17986"
},
{
"title": "WESTPORT BANCORP <WBAT.O> 100 PCT STOCK DIVIDEND",
"body": "Westport Bancorp Inc said it\ndeclared a 100 pct stock dividend and increased the quarterly\ncash dividend.\n The company said the the stock dividend, to effect a\ntwo-for-one stock split, is payable July six to holders of\nrecord June 12.\n It said the dividend on present shares was increased to 26\ncts, from 25 cts in the prior quarter, payable July one to\nholders of record June 12.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:41:46.74",
"places": [
"usa"
],
"id": "17987"
},
{
"title": "COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR",
"body": "Periods ended April 30\n Shr 18 cts vs 15 cts\n Net 3,309,000 vs 2,539,000\n Revs 45.2 mln vs 26.8 mln\n Avg shrs 18.7 mln vs 16.8 mln\n NOTE: 1986 net includes gain of 1,197,000 dlrs, or seven\ncts a share, from tax loss carryforwards\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:42:15.49",
"topics": [
"earn"
],
"places": [
"usa"
],
"id": "17988"
},
{
"title": "COMP-U-CARD <CUCD.O> PLANS NAME CHANGE",
"body": "Comp-U-Card International Inc\nsaid it intends to change its name to CUC International Inc.\n It said shareholders will be asked to approve the new name\nat the annual meeting on June 16\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:42:57.55",
"places": [
"usa"
],
"id": "17989"
},
{
"title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES",
"body": "Chicago Mercantile Exchange floor traders\nand commission house representatives are guesstimating today's\nhog slaughter at about 265,000 to 275,000 head versus 286,000\nweek ago and 278,000 a year ago.\n Cattle slaughter is guesstimated at about 128,000 to\n132,000 head versus 132,000 week ago and 137,000 a year ago.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:43:04.63",
"id": "17990"
},
{
"title": "AFRICAN BANK OFFICIAL CONFIDENT ON LOAN REPAYMENTS",
"body": "The Secretary-General of the African\nDevelopment Bank expressed confidence in the institution's\nability to handle potential problems with repayment of\ndevelopment financing loans.\n Koffi Dei-Anang told a news conference at the bank's\nheadquarters that loan arrears were only 80 mln dlrs at\npresent, a small percentage of total ADB lending which exceeded\none billion dlrs in 1986.\n Some commercial banks have recently taken extraordinary\nmeasures to deal with third world lending strategies.\n \"We do have difficulty with repayment of loans on time,\"\nDei-Anang said. But he denied than any ADB loan arrears were\nmore than 12 months behind schedule.\n \"We have never had a default. We have never written off a\nloan,\" he added.\n Dei-Anang said the Abidjan-based ADB will hold its annual\ngeneral meeting in Cairo from June 9 to June 11 and over 1,000\ndelegates were expected to attend.\n The agenda will include the approval of the bank's annual\nreport and accounts, but there will be no debate on the capital\nincrease which is currently being voted on by the ADB\ngovernors.\n An ADB spokeswoman said the U.S. Had voted for a 200 pct\nincrease in the bank's capital, but other votes were still\ncoming in.\n In December, an ad-hoc committee of the ADB's board of\ngovernors, comprising 18 African and non-African countries,\nagreed that a 200 pct increase was necessary to finance a rise\nin lending between 1987 and 1991.\n If the recommendations are approved by the board, the\ncapital of the bank would rise from around 6.55 billion dlrs to\n19.66 billion dlrs.\n Dei-Anang said the capital increase would help the bank\nimprove its borrowing capacity. \"The capital increase is in\neffect a passport to the capital market,\" he said.\n \"It will enable us to borrow something like 4.5 billion dlrs\nin the next five years,\" he added.\n REUTER\n\u0003",
"date": " 2-JUN-1987 09:43:12.90",
"organisations": [
"adb-africa"
],
"places": [
"ivory-coast"
],
"id": "17991"
},
{
"title": "NYSE TO SUSPEND AND DELIST WEDTECH <WDT> ISSUES",
"body": "The New York Stock Exchange said it\nwould suspend trading in Wedtech Corp's common stock, 13 pct\nconvertible subordinated debentures due on June 15, 2004 and 14\npct senior subordinated notes, due August 15, 1996 before\nthe opening of trading on June 16.\n Following suspension, the exchange said an application will\nbe made to the Securities and Exchange Commission to delist the\nissues.\n \n The exchange said the action was taken in view of Wedtech's\nunsatisfactory financial condition which it said the company\ndisclosed on April 23 and because it believed Wedtech was\nunable to transfer its listing to another securities\nmartketplace.\n The exchange said it may at any time suspend a security if\nit believes that continued dealings in the security on the\nexchange are not advisable.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:48:08.26",
"places": [
"usa"
],
"id": "17992"
},
{
"title": "MONTROSE HOLDING TO ACQUIRE VIRGINIA FEDERAL",
"body": "<Virginia Federal Savings and Loan\nAssociation> said it has signed a definitive agreement to be\nacquired by <Montrose Holding Co>, an affiliate of <Montrose\nCapital Corp> for 20 mln dlrs.\n Virginia Federal and Montrose Capital said the agreement\nprovides for the conversion of Virginia Federal from a mutual\nto a stock association and the purchase of 100 pct of its stock\nfor 20 mln dlrs by Montrose.\n According to the companies, Virginia Federal has over 700\nmln dlrs in assets and operates 16 branches in Virginia.\n Virginia Federal said the proceeds would enable it to\nprovide increased mortgage and lending services and enable the\ncompany to compete more effectively in the Virginia market.\n The companies said the agreement is subject to Federal Home\nLoan Bank Board approval, expected later this year.\n Additionally, the companies said the converted association\nwould be managed by a board of directors consisting of the six\ncurrent Virginia Federal directors and two representatives of\nMontrose Holding.\n The senior management of Virginia Federal was expected to\ncontinue in office after the conversion, the companies said.\n Reuter\n\u0003",
"date": " 2-JUN-1987 09:49:45.95",
"topics": [
"acq"
],
"places": [
"usa"
],
"id": "17993"
},
{
"title": "FINAL TERMS SET ON TOKYO ROPE EQUITY WARRANT BOND",
"body": "The coupon on the 50 mln dlr, five year,\nequity warrant eurobond for Tokyo Rope Manufacturing Co Ltd has\nbeen set at two pct compared with an indicated level of 2-1/8\npct, lead manager Nikko Securities Co (Europe) Ltd said.\n The exercise price was set at 508 yen per share,\nrepresenting a premium of 2.63 pct over today's closing price\nof 495 yen.\n The foreign exchange rate was set at 146.20 yen to the\ndollar.\n REUTER\n\u0003",
"date": " 2-JUN-1987 09:52:26.10",
"places": [
"uk"
],
"id": "17994"
},
{
"title": "BELL CANADA PLANS LONG DISTANCE TOLL CUT",
"body": "Bell Canada, a unit of Bell Canada\nEnterprises Inc <BCE>, said it applied for an average eight pct\ncut in Canadian long distance rates.\n The application to the Canadian Radio-television and\nTelecommunications Commission would also reduce the initial\nperiod for operated-assisted calls from three minutes to one\nminute and operator- and customer-dialed calls would be charged\nthe same.\n The billing of operator-assisted calls would include a\nconection charge, however. The new rate structure is similar to\nschedules announced by Bell January 1 for calls within Ontario,\nQuebec and parts of the Northwest Territories, it said. \n \n Reuter\n\u0003",
"date": " 2-JUN-1987 09:55:35.92",
"places": [
"canada"
],
"id": "17995"
},
{
"title": "U.S. APRIL FACTORY ORDERS ROSE 0.2 PCT, EXCLUDING DEFENSE ORDERS FELL 0.2 PCT\n",
"date": " 2-JUN-1987 09:59:36.24",
"places": [
"usa"
],
"id": "17996"
},
{
"title": "/U.S. NON-FARM PRODUCTIVITY ROSE REVISED 0.5 PCT IN 1ST QTR INSTEAD OF 1.7 PCT\n",
"date": " 2-JUN-1987 10:00:38.82",
"id": "17997"
},
{
"title": "/U.S. SALES OF SINGLE-FAMILY HOMES ROSE 7.6 PCT IN APRIL AFTER REVISED 2.7 PCT MARCH DROP\n",
"date": " 2-JUN-1987 10:00:41.69",
"id": "17998"
},
{
"title": "U.S. NON-FARM PRODUCTIVITY ROSE 0.5 PCT IN QTR",
"body": "Productivity in the non-farm business\nsector increased at a revised seasonally adjusted annual rate\nof 0.5 pct in the January-March first quarter, the Labor\nDepartment said.\n The department previously reported a 1.7 pct increase in\nthe quarter and said productivity fell 1.5 pct in the fourth\nquarter of 1986.\n The department said output rose 4.3 pct and hours of\nemployees and all others gained 3.8 pct in the first quarter.\nHourly compensation was unchanged from the fourth quarter.\n Hourly compensation after adjusting for inflation fell 5.0\npct in the nonfarm sector in the first quarter, the largest\ndecline since 1951, the Labor Department said.\n Unit labor costs dropped 0.5 pct for the first quarterly\ndecline in a year. Costs rose 4.2 pct in the fourth quarter of\n1986.\n The implicit price deflator for nonfarm businesses rose 4.2\npct, the largest increase since 1982, after declining 0.3 pct\nin the fourth quarter.\n Business productivity including farms rose 0.6 pct in the\nfirst quarter after a 2.0 pct drop in the fourth quarter.\n Reuter\n\u0003",
"date": " 2-JUN-1987 10:02:46.06",
"places": [
"usa"
],
"id": "17999"
},
{
"title": "U.S. AND SOVIETS DRAFT EUROMISSILE TREATY",
"body": "U.S. And Soviet negotiators have completed\nthe text of a draft treaty calling for the elimination of\nmedium-range missiles in Europe, a Soviet negotiator said.\n \"We must say that as a result of the work done at the\ncurrent round the sides have drafted the first joint draft text\nof the treaty on medium-range missiles,\" Alexei Obukhov, deputy\nleader of the Soviet negotiating team, told reporters.\n He said there was still much work to be done and several\nareas of disagreement remained to be resolved. \n Reuter\n\u0003",
"date": " 2-JUN-1987 10:04:00.32",
"places": [
"switzerland",
"usa",
"ussr"
],
"id": "18000"
}
]