[ { "title": "JAGUAR SEES STRONG GROWTH IN NEW MODEL SALES", "body": "Jaguar Plc is about to sell its\nnew XJ-6 model on the U.S. And Japanese markets and expects a\nstrong reception based on its success in the U.K., Chairman Sir\nJohn Egan told a news conference.\n Commenting on an 11 pct growth in 1986 group turnover to\n830.4 mln stg and pre-tax profits at 120.8 mln stg, slightly\nbelow 1985's 121.3 mln, Egan said Jaguar aimed at an average\nprofit growth of 15 pct per year. However, the introduction of\nthe new model had kept this year's pre-tax profit down.\n Jaguar starts selling XJ-6 in the U.S. In May and plans to\nsell 25,000 of its total 47,000 production there in 1987.\n U.S. Sales now account for 65 pct of total turnover,\nfinance director John Edwards said.\n A U.S. Price for the car has not been set yet, but Edwards\nsaid the relatively high car prices in dollars of West German\ncompetitors offered an \"umbrella\" for Jaguar. He added the XJ-6\nhad also to compete with U.S. Luxury car producers which would\nrestrict the car's price.\n Jaguar hedges a majority of its dollar receipts on a\n12-month rolling basis and plans to do so for a larger part of\nits receipts for longer periods, John Egan said.\n In the longer term, capital expenditure will amount to 10\npct of net sales. Research and development will cost four pct\nof net sales and training two pct.\n Jaguar builds half of its cars and buys components for the\nother half. The firm is in early stages of considering the\nbuilding of an own press shop in Britain for about 80 mln stg,\nbut Egan said this would take at least another three years\n On the London Stock Exchange, Jaguar's shares were last\nquoted at 591p, down from 611p at yesterday's close, after\nreporting 1986 results which were in line with market\nexpectations, dealers said.\n REUTER...\n\u0003", "date": " 5-MAR-1987 09:07:54.17", "topics": [ "earn" ], "places": [ "uk" ], "id": "2001" }, { "title": "OCCIDENTAL PETROLEUM COMMON STOCK OFFERING RAISED TO 36 MLN SHARES\n", "date": " 5-MAR-1987 09:18:26.80", "id": "2002" }, { "title": "CCC ACCEPTS BONUS BID ON WHEAT FLOUR TO IRAQ", "body": "The Commodity Credit Corporation,\nCCC, has accepted bids for export bonuses to cover sales of\n25,000 tonnes of wheat flour to Iraq, the U.S. Agriculture\nDepartment said.\n The department said the bonuses awarded averaged 116.84\ndlrs per tonne.\n The shipment periods are March 15-April 20 (12,500 tonnes)\nand April 1-May 5 (12,500 tonnes).\n The bonus awards were made to Peavey Company and will be\npaid in the form of commodities from CCC stocks, it said.\n An additional 175,000 tonnes of wheat flour are still\navailable to Iraq under the Export Enhancement Program\ninitative announced January 7, 1987, the department said.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:19:43.22", "topics": [ "grain", "wheat" ], "places": [ "usa", "iraq" ], "id": "2003" }, { "title": "DIAMOND SHAMROCK RAISES CRUDE POSTED PRICES ONE DLR, EFFECTIVE MARCH 4, WTI NOW 17.00 DLRS/BBL\n", "date": " 5-MAR-1987 09:21:58.67", "topics": [ "crude" ], "id": "2004" }, { "title": "NORD RESOURCES CORP 4TH QTR NET", "body": "Shr 19 cts vs 13 cts\n Net 2,656,000 vs 1,712,000\n Revs 15.4 mln vs 9,443,000\n Avg shrs 14.1 mln vs 12.6 mln\n Year\n Shr 98 cts vs 77 cts\n Net 13.8 mln vs 8,928,000\n Revs 58.8 mln vs 48.5 mln\n Avg shrs 14.0 mln vs 11.6 mln\n NOTE: Shr figures adjusted for 3-for-2 split paid Feb 6,\n1987.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:22:57.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "2005" }, { "title": "NO QUAKE DAMAGE AT CHUQUICAMATA - MINE SPOKESMAN", "body": "The earthquake which hit northern Chile\ntoday, registering 7.0 on the open-ended Richter scale, caused\nno damage to the copper mine at Chuquicamata, a mine spokesman\nsaid.\n Chuquicamata public relations director Guillermo Barcelo\ntold Reuters by telephone from the mine that the quake had\ncaused no problems and operations continued as usual.\n A spokesman for the state Chilean Copper Commission in\nSantiago confirmed there had been no damage at Chuquicamata.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:23:44.74", "topics": [ "copper" ], "places": [ "chile" ], "id": "2006" }, { "title": "ORBIT INCREASES OIL AND GAS RESERVE VALUES", "body": " said\nthe value of its oil and gas reserves increased by 19 pct to\n52.6 mln dlrs from 44.2 mln dlrs reported at year-end 1985,\naccording to an independent appraisal.\n Orbit said it has reserves of 2.4 mln barrels of oil and\nnatural gas liquids and 67.2 billion cubic feet of natural gas.\n In addition, 75 pct owned has\nCanadian reserves of 173,000 barrels of oil and 1.6 bcf of\nnatural gas with a current value of 2.2 mln dlrs, Orbit said.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:24:40.64", "topics": [ "crude", "nat-gas" ], "places": [ "canada" ], "id": "2007" }, { "title": "CCC ACCEPTS BONUS BID ON SEMOLINA TO EGYPT", "body": "The Commodity Credit Corporation,\nCCC, has accepted a bid for an export bonus to cover a sale of\n2,000 tonnes of semolina to Egypt, the U.S. Agriculture\nDepartment said.\n The department said the bonus was 233.91 dlrs per tonne and\nwas made to International Multifoods Corp. The bonus will be\npaid in the form of commodities from CCC stocks.\n The semolina is for shipment during June 1987, it said.\n An additional 13,000 tonnes of semolina are still available\nto Egypt under the Export Enhancement Program initiative\nannounced on August 6, 1986, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:24:55.56", "topics": [ "grain", "wheat" ], "places": [ "usa", "egypt" ], "id": "2008" }, { "title": "FRENCH CGE GROUP LIKELY TO BE PRIVATISED IN MAY", "body": "France's state-owned Cie Generale\nd'Electricite (CGE) is likely to be privatised during May this\nyear, sources close to Finance Minister Edouard Balladur said.\n Although the Finance Ministry simply said that the group\nwould be privatised during the course of this year, when it\nfirst announced the operation in early January, the May date is\nearlier than the market had expected.\n As a result it will follow close on the heels of the\nprivatisation of the TF1 television channel and the advertising\ngroup .\n Last month the government privatised the first of the state\nfinancial groups, Cie Financiere de Paribas , in a\nfloatation which was 40 times oversubscribed.\n And in December the first of the industrial groups, glass\nmaker Cie de Saint-Gobain , returned to the private\nsector.\n CGE has interests ranging from telecommunications to\nshipbuilding and nuclear engineering, and recently struck a\ndeal with ITT Corp to create the world's second largest\ntelecommunications group under the Alcatel name.\n REUTER\n\u0003", "date": " 5-MAR-1987 09:26:07.38", "places": [ "france" ], "id": "2009" }, { "title": "FIVE GROUPS APPLY TO BUY FRENCH TELEPHONE GROUP", "body": "Five consortia have applied to buy the\nFrench state-owned telephone equipment manufacturer , which will\ngive the owners control of 16 pct of the French telephone\nswitching market, sources close to Finance Minister Edouard\nBalladur said.\n The French government has given itself until the end of\nApril to decide which applicant will be accepted, they added.\n While several foreign groups have said they want to gain a\nfoothold in the French market, their potential stake in CGCT is\nlimited to 20 pct under privatisation laws passed last year,\nwith 80 pct to be left in French hands.\n The Finance Ministry sources gave no details of the groups\ninterested in CGCT, but several have publicly announced their\ncandidacies.\n U.S. Telecommunications giant American Telephone and\nTelegraph Co which has been at the centre of the two-year\nbattle for CGCT, has teamed up with the Dutch-based , a subsidiary of NV Philips\nGloeilampenfabriek and (SAT) to present a joint bid, in\nassociation with holding company Cie du Midi SA and\nfive French investment funds.\n A second bid has come from the West German electronics\ngroup Siemens AG , which hopes to take a 20 pct stake\nin CGCT, with the French telecommunications \ntaking the remaining 80 pct.\n Sweden's has also submitted a bid for the\nmaximum 20 pct permitted, in association with French defence\nelectronics group , which would hold between 40 and 49\npct, and construction group .\n Matra has already acquired CGCT's private telephone\nbusiness.\nREUTER...\n\u0003", "date": " 5-MAR-1987 09:26:17.58", "topics": [ "acq" ], "places": [ "france", "usa", "west-germany", "netherlands", "sweden" ], "id": "2010" }, { "title": "SPEAKER SEEKING SUPPORT FOR U.S. TAX INCREASES", "body": "House Speaker Jim Wright is lobbying\ncongressmen to support a plan to cut the 1988 budget deficit\nabout 40 billion dlrs, half through spending cuts and the\nremainder through tax hikes, congressional sources said.\n He is backing a half and half plan and has made the\nsuggestion to Democrats on the House Budget Committee\nprivately, committee sources said.\n However, a committee source told Reuters that committee\nDemocrats already generally favor a plan to cut the deficit\nabout 40 billion dlrs, half through taxes and the Speaker's\nmove was seen as building support outside the committee.\n Wright's 20 billion dlr revenue raising plan has no\nspecifics, although he has floated a stock transfer tax and\nalso has suggested deferring tax cuts due to the wealthy.\n Neither of those plans has caught fire yet in Congress, and\nsome congressmen are cool to the idea of a stock tax.\n The Budget committee is considering a 1988 budget aimed at\nreducing the estimated deficit of 170 billion dlrs as estimated\nby the nonpartisan Congressional Budget Office.\n Committee Chairman William Gray has publicly backed a\nbudget cutting move of 40 billion dlrs but says that will not\nreach the Gramm-Rudman deficit target for 1988 of 108 billion\ndlrs, although he claims it will be in the spirit of it.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:27:39.53", "places": [ "usa" ], "id": "2011" }, { "title": "BLIZZARD CLOSES BOSPHORUS", "body": "Blizzard conditions halted shipping\nthrough the Bosphorus waterway and piled snow up to 70 cms deep\nin central Istanbul, paralysing the city for the second day\nrunning.\n Snow whipped by 48 kph winds continued to fall on Istanbul\nand northwest Anatolia after 36 hours and weather reports\npredicted no relief for another two days.\n Port officials said at least six large vessels in the Black\nSea and 13 in the Sea of Marmara were waiting for conditions to\nimprove.\n Istanbul's Ataturk international airport has been closed\nsince yesterday.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:31:01.67", "topics": [ "ship" ], "places": [ "turkey" ], "id": "2012" }, { "title": "JAPAN FUND SEEKERS CONFIDENT OF FINANCING", "body": "The group said it is confident financing can be arranged if\nThe Japan Fund's board recommend's the group's acquisition\nproposal.\n The group, which also includes and T.B. Pickens III, Tuesday proposed an entity it\ncontrols acquire for cash all the assets of Japan Fund for 95\npct of the fund's aggregate net asset value.\n The group said it has had a number of meetings over the\npast few days with domestic and overseas financial institutions.\n The Sterling Grace Capital group said certain of these\ninstitutions have expressed serious interest in providing\nfinancing for the proposed acquisition of Japan Fund, \"adding\nwe are reasonably confident that the financing can be quickly\narranged if the Japan Fund's board of directors is willing to\nrecommend the transaction to shareholders.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 09:33:06.03", "topics": [ "acq" ], "places": [ "usa" ], "id": "2013" }, { "title": "K MART CORP FEBRUARY SALES UP 13.1 PCT ON COMPARABLE STORE BASIS\n", "date": " 5-MAR-1987 09:33:18.80", "id": "2014" }, { "title": "TANZANIAN RAILWAYS SECURE 25.6 MLN DLRS AID", "body": "State-run Tanzania Railway\nCorporation (TRC) has secured 25.6 mln dlrs aid from banks and\nEuropean countries for a one-year emergency repair program,\nTransport Minister Mustafa Nyang'anyi said.\n Nyang'anyi told Reuters on his return from a World Bank\nsponsored donors' conference in New York that the aid would\nenable TRC to buy spares for 32 locomotives, overhaul 800\nwagons and replace 67,000 sleepers over the next 12 months.\n The World Bank, African Development Bank, European\nCommunity, Canada, Belgium, West Germany, Britain, Sweden,\nItaly and Denmark had contributed to the package, he said.\n TRC runs a rail network linking Dar es Salaam and the\nnorthern port of Tanga with the coffee-growing area around\nMount Kilimanjaro and ports on Lake Victoria and Lake\nTanganyika.\n It is under separate administration from the\nTanzania-Zambia railway linking Dar es Salaam with the Zambian\ncopperbelt and the railway system of southern Africa, which has\nalready received substantial aid as part of international\nefforts to ease the dependence of landlocked African states on\ntrade routes through South Africa.\n But this is the first international aid package for TRC,\nwhich also carries cargo for Uganda, Zaire and Burundi.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:34:02.54", "organisations": [ "worldbank", "adb-africa", "ec" ], "places": [ "tanzania", "canada", "belgium", "west-germany", "uk", "sweden", "italy", "denmark", "zambia", "south-africa" ], "id": "2015" }, { "title": "PEGASUS GOLD INC 3RD QTR DEC 31 NET", "body": "Shr profit 20 cts vs loss two cts\n Net profit 2,665,000 vs loss 202,000\n Revs 12,141,000 vs 5,993,000\n Nine mths\n Shr profit 35 cts vs loss 11 cts\n Net profit 4,653,000 vs loss 1,167,000\n Revs 35.1 mln vs 18.0 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 09:34:13.71", "topics": [ "earn" ], "places": [ "canada" ], "id": "2016" }, { "title": "STOP AND SHOP'S BRADLEES FEBRUARY SALES UP", "body": "Stop and Shop Cos Inc said sales for the\nfour weeks ended February 28 for its Bradlees Discount\nDepartment Stores Division were up six pct to 104 mln dlrs from\n98 mln dlrs a year before, with same-store sales up three pct. \n The company said the modest comparable store sales increase\nwas due to a combination of difficult weather conditions in the\nNortheast, a later Easter this year and a possible slowing in\nconsumer demand.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:34:57.56", "places": [ "usa" ], "id": "2017" }, { "title": "GM LAYING OFF 5,500 AT TWO MICHIGAN PLANTS", "body": "General Motors Corp said it ordered\ntemporary layoffs of 5,500 hourly workers to cut production and\nthereby reduce inventories of cars built at two plants later\nthis month.\n A spokesman said 2,000 workers would be laid off one week\nbeginning March 9 at GM's Detroit-Hamtramck luxury car plant.\n Another 3,500 will be laid off a week effective March 23 at\nGM's Lansing, Mich, plant which builds the company's \"N-body\"\ncompact cars.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:35:22.89", "places": [ "usa" ], "id": "2018" }, { "title": "MITSUBISHI MOTOR/AMERICA FEBRUARY SALES RISE", "body": "Mitsubishi Motor Sales\nof America Inc said sales of all vehicles rose 43.7 pct in\nFebruary to 9,735 units from 6,776 in February 1986.\n Sales of passenger cars and wagons grew 11.7 pct to 5,314\nfrom 4,758 and truck and van sales more than doubled to 4,421\nfrom 2,018, the affiliate of Mitsubishi Motors Corp said.\n Year-to-date total vehicle sales increased 16.5 pct to\n14,966 from 12,842.\n Car and wagon sales in the two months fell 13.7 pct to\n7,640 from 8,848 but sales of trucks and vans grew 83.4 pct to\n7,326 from 3,994.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:36:37.16", "places": [ "usa" ], "id": "2019" }, { "title": " YEAR NET", "body": "Shr 99 cts vs 1.25 dlrs\n Net 418,733 vs 235,572\n Revs 2,777,425 vs 2,024,116\n Note: 1986 shr after November, 1986 600,000 class A\nsubordinate floating share issue\n Reuter\n\u0003", "date": " 5-MAR-1987 09:38:14.93", "topics": [ "earn" ], "places": [ "canada" ], "id": "2020" }, { "title": "SUPERMARKETS GENERAL FEBRUARY SALES RISE", "body": "Supermarkets General Corp reported sales\nof 424.8 mln dlrs for the four-week period ended Feb 28, 1987,\nA 7.2 pct increase over sales of 396.4 mln dlrs for the\ncomparable period last year.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:39:13.96", "places": [ "usa" ], "id": "2021" }, { "title": "U.K. MONEY MARKET GIVEN HELP, OFFERED FACILITIES", "body": "The Bank of England said it had given the\nmoney market 206 mln stg of assistance this afternoon and\noffered the discount houses borrowing facilities to take out\nthe rest of the 1.10 billion stg shortage, revised down from an\ninitial 1.15 billion estimate.\n It made no alteration to its established dealing rates,\nbuying 95 mln stg of band one bank bills at 10-7/8 pct and 111\nmln of band two bank bills at 10-13/16 pct. This brings the\nBank's total assistance so far today to 243 mln stg.\n REUTER\n\u0003", "date": " 5-MAR-1987 09:40:41.79", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "2022" }, { "title": "SUPERMARKETS GENERAL FEBRUARY SALES RISE", "body": "Supermarkets General Corp\nreported sales of 424.8 mln dlrs for the four-week period ended\nFeb 28, 1987, A 7.2 pct increase over sales of 396.4 mln dlrs\nfor the comparable period last year.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:40:53.56", "places": [ "usa" ], "id": "2023" }, { "title": "E.F. HUTTON STARTS PUROLATOR BID", "body": "E.F. Hutton Group Inc said it has\nstarted its previously announced offer to purchase up to\n6,332,471 common shares of Purolator Courier Corp at 35 dlrs\neach.\n In a newspaper advertisement, the company said the offer,\nproration period and withdrfawal rights will expire April One\nunless extended. The offer is conditioned on receipt of at\nleast 5,116,892 Purolator shares, or a 66.7 pct interest, and\nis the first step in a merger agreement that has been approved\nby the Purolator board.\n Hutton said it reserves the right to buy more than\n6,332,471 shares but has no present intention of doing so. It\nsaid it may waive the condition that at least 5,116,892 shares\nbe tendered as long as it received at least a 50.1 pct\ninterest. If it were to receive fewer shares than that, it\nsaid it would only purchase sharesd with the consent of\nPurolator.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:41:51.56", "topics": [ "acq" ], "places": [ "usa" ], "id": "2024" }, { "title": "YEUTTER PUTS CURRENCY BURDEN ON TAIWAN, KOREA", "body": "Responsibility for the appreciation of\nthe Taiwan dollar and the South Korean Won lies soley with\nthose countries, said U.S. trade representative Clayton Yeutter\n Speaking to the Asia Society, Yeutter said that it is in\nthose countries' own long-term interest to raise the value of\ntheir currencies against the dollar.\n Yeutter was responding to a question about what the U.S.\ncould do to encourage appreciation of those currencies against\nthe dollar in order to reduce the large U.S. trade deficits\nwith Taiwain and Korea.\n \"An undervalued currency will help those countries' exports\nin the short term, but in the long run they have to be\nconcerned about how they are perceived in the international\nbusiness community,\" Yeutter said.\n For Taiwan, Yeutter said that with its per capita trade\nsurplus with the U.S., much larger than that of Japan's, and\nwith huge foreign exchange reserves, it was difficult to defend\nthe high import tarrifs and other barriers that prevail in that\ncountry.\n He also said that the south Korean Won should begin to move\nto reflect underlying economic fundamentals, \"otherwise in two\nor three years' time, Korea will be in the same situation that\nprevails in Taiwan.\"\n Turning to the U.S. deficit with Japan of more than 50\nbillion dlrs, Yeutter said that this situation was not\nsustainable.\n \"Something must give soon. If not, there is a great threat\nof U.S. legislative action to counteract that trend,\" Yeutter\nsaid.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:42:45.36", "topics": [ "money-fx" ], "places": [ "usa", "taiwan", "south-korea" ], "id": "2025" }, { "title": "PRINCEVILLE DEVELOPMENT CORP YEAR LOSS", "body": "Shr diluted loss 31 cts vs profit 17 cts\n Net loss 2,806,005 vs profit 1,513,395\n Revs 15.0 mln vs 10.4 mln\n Avg shrs diluted 8,982,754 vs 8,804,899\n NOTE: Current year includes loss of 3.4 mln dlrs from\ntakeover defense expenses. Also includes losses of 1.8 mln dlrs\nvs 332,000 dlrs from equity in limited partnerships.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:42:52.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "2026" }, { "title": "ORANGE-CO HOLDER RAISES STAKE", "body": "Orange-Co Inc said its\nlargest shareholder, , has increased its\nstake to 15 pct from 14 pct and now owns 644,727 shares.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:44:47.86", "topics": [ "acq" ], "places": [ "usa" ], "id": "2027" }, { "title": "HORIZON CORP 4TH QTR NET", "body": "Oper shr profit 1.66 dlrs vs loss eight cts\n Oper net profit 12.0 mln vs loss 572,000\n Revs 27.4 mln vs 4,311,000\n Year\n Oper shr profit 1.36 dlrs vs loss 43 cts\n Oper net profit 9,817,000 vs loss 2,433,000\n Revs 35.0 mln vs 13.8 mln\n Avg shrs 7,224,000 vs 6,731,000\n NOTE: 1985 net includes tax credits of 492,000 dlrs in\nquarter and 2,433,000 dlrs in year.\n 1985 net both periods excludes 168,000 dlr loss from\ndiscontinued operations.\n 1986 net both periods includes pretax gain 21.8 mln dlrs\nfrom sale of remaining interest in Paradise Hills, N.M.,\ndevelopment.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:44:55.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "2028" }, { "title": " YEAR", "body": "Shr 33p vs 38p\n Net 97 mln vs 111 mln\n Revs 1.71 billion vs 1.76 billion\n NOTE: Figures in sterling.\n Share results after deducting preferred share dividends of\none mln pounds sterling in 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:45:10.22", "topics": [ "earn" ], "places": [ "canada" ], "id": "2029" }, { "title": "FRENCH FARMERS STRONGLY CRITICISE EC MILK PACT", "body": "The EC agriculture ministers' agreement on\nreducing dairy output puts milk producers in an impossible\nsituation, French farm unions said.\n The accord to limit butter sales into intervention, part of\nplanned dairy output cuts of 9-1/2 pct over two years, will cut\nmilk producers' income, a spokeswoman for France's largest farm\nunion, the FNSEA, said.\n The move has destroyed part of the Common Agricultural\nPolicy, French milk producers said in a press release.\n But Agriculture Minister Francois Guillaume said\nrepercussions of the plan will affect dairies, not farmers.\n \"If there are negative repercussions, it will be at the\nlevel of the dairies which have never looked for new outlets\nfor butter and milk,\" he told journalists during a visit to\nRouen.\n FNSEA president Raymond Lacombe said on French radio the\nmilk sector needs restructuring by encouraging early retirement\nand helping young farmers to start. But Commission proposals,\nrejected by ministers, would have frozen land prices, he said.\n The FNSEA says it will demonstrate over Commission\nproposals to freeze most 1987/88 farm prices and cut supports.\nPig farmers have held violent demonstrations over falling pork\nprices and milk producers blocked roads in protest at cuts in\nmilk output.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:45:49.05", "organisations": [ "ec" ], "places": [ "france" ], "id": "2030" }, { "title": "IBJ ESTABLISHES 200 MLN STG CD PROGRAMME", "body": "The Industrial Bank of Japan Ltd (IBJ),\nLondon Branch, said it is establishing a sterling certificate\nof deposit (CD) issuance programme for up to 200 mln stg.\n The arranger is LLoyds Merchant Bank Ltd and dealers are\nLLoyds, Samuel Montagu and Co Ltd, Morgan Grenfell and Co Ltd\nand S.G. Warburg and Co Ltd.\n The paper will have maturities between seven and 365 days.\n REUTER\n\u0003", "date": " 5-MAR-1987 09:52:38.52", "places": [ "uk" ], "id": "2031" }, { "title": "MOBIL'S MONTGOMERY WARD AND CO FEBRUARY SALES UP 12.7 PCT ON COMPARABLE STORE BASIS\n", "date": " 5-MAR-1987 09:53:39.85", "id": "2032" }, { "title": "EQUATORIAL COMMUNICATIONS CO 4TH QTR LOSS", "body": "Shr loss 3.84 dlrs vs nil\n Net loss 56,879,000 vs profit 23,000\n Rev 10.3 mln vs 17.7 mln\n Year\n Shr loss 4.60 dlrs vs profit 14 cts\n Net loss 67,818,000 vs profit 1,807,000\n Rev 50.9 mln vs 56.1 mln\n Avg shares 14,734,000 vs 12,801,000\n NOTE: Fourth qtr net includes a one-time restructuring\ncharge of 45.2 mln dlrs. 1985 net income includes extraordinary\ngain of 3.2 mln dlrs, or 25 cts.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:54:03.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "2033" }, { "title": "IRAQ SAYS IT CRUSHES NEW IRANIAN BASRA OFFENSIVE", "body": "Iraq said its forces killed or wounded\n15,000 Iranian Revolutionary Guards as they crushed a new\nIranian offensive near the strategic port city of Basra.\n A high command war communique said four Revolutionary\nGuards divisions attacked Iraqi positions east of Basra on the\nGulf War southern front, but they were fully crushed by noon\n(0900 GMT).\n Adbul-Jabbar Mohsen, chief of the defence ministry\npolitical department, said the Iranians had 15,000 casualties.\n Iran earlier today said its forces launched fresh attacks\nnear Basra last night, adding that 1,200 Iraqis were killed or\nwounded in fighting near Fish Lake, 10 km east of Basra.\n In its first reaction to Tehran reports of a new Iranian\noffensive on the northern front, Iraq said fighting continues\naround the strategic mountain peak of Kardamanend, overlooking\nthe Haj Omran-Rawandiz axis close to the Iranian border.\n A military spokesman said Iran launched its attack in the\nnorth \"to (turn) Iraqi attention towards that area and relax\npressure in the south.\"\n He added, \"Iraq knows well that Iran's main goal is to\noccupy Basra in the south and that was the reason why Iraq has\nrepelled their new offensive so decisively and firmly.\"\n Iran reported heavy fighting on both fronts today.\n REUTER\n\u0003", "date": " 5-MAR-1987 09:55:41.23", "places": [ "iran", "iraq" ], "id": "2034" }, { "title": "INTERNATIONAL THOMSON ORGANISATION LTD YEAR SHR 33P VS 38P\n", "date": " 5-MAR-1987 09:55:46.08", "topics": [ "earn" ], "id": "2035" }, { "title": "ENZON SAYS DRUG TREATS DISEASE", "body": "Enzon Inc said a new\ntreatment using its investigational new drug PEG-ADA has\nrestored the functioning of the immune system in the first two\nchildren that were born deficient in the enzyme adenosine\ndeaminase.\n The disorder is known as severe combined immunodeficiency\ndisease, or \"bubble boy disease\"\n Bubble Boy Disease is a rare but severe disease that\nhampers the development of the immune system. It has killed\nmost of its victims before adulthood.\n Children with the disease are consigned to live in a\nsterile environment, such as a plastic bubble, to avoid\ninfection, the company said.\n The study of Enzon's drug, conducted at Duke University,\nshowed that two children suffering from the disease were\ntreated for 11 and seven months, respectively, and were free of\nserious infection during that time, the company said. The\nresults were published in the New England Journal of Medicine.\n The disease is caused by a missing enzyme, called Adenosine\nDeaminase, or ADA, that is crucial to the development of the\nimmune system.\n Enzon said it has developed a technology to coat the enzyme\nwith a substance called polyethylene glycol, or PEG, serving to\ndisguise the enzyme when it is reintroduced into the body,\npreventing rejection.\n \"Marked improvement in laboratory tests of immune function\noccurred in each child, along with an increase in the number of\nT-lymphocytes, the immune cells that were missing before\ntreatment with PEG-ADA had begun,\" the study said.\n \"The children are now more active and have begun to gain\nweight and height. Before treatment their growth had been very\npoor in comparison to normal children of the same age,\" the\nstudy, conducted by Doctors Michael Hershfield and Rebecca\nBuckley, said.\n The PEG-ADA injections were given once a week. Victims of\nthe disease have traditionally been treated by bone marrow\ntransplants, but for most, donors are not available or\ntransplantation is unsuccessful, the company said. Other\ndiseases caused by a missing enzyme might also be treated by\nintroducing a PEG coated enzyme, the article noted.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:56:03.54", "places": [ "usa" ], "id": "2036" }, { "title": "MCI COMMUNICATIONS CALLS FOR IMMEDIATE DEREGULATION OF ATT \n", "date": " 5-MAR-1987 09:57:00.61", "id": "2037" }, { "title": "F.W. WOOLWORTH CO FEBRUARY SALES INCREASE 11.3 PCT\n", "date": " 5-MAR-1987 09:58:35.61", "id": "2038" }, { "title": "TRIMEDYNE TO SPIN OFF STAKE IN UNIT", "body": "Trimedyne Inc said it will\ndistribute one Class B common share of \nfor each four Trimedyne shares held of record on March Nine.\n The company said in the spinoff it is distributing its\nentire 44 pct interesdt in Automedix. The spun-off stock will\nnot be saleable for 13 months, the company said.\n Reuter\n\u0003", "date": " 5-MAR-1987 09:59:40.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "2039" }, { "title": "K MART FEBRUARY SALES UP 8.2 PCT", "body": "K Mart Corp said February sales \nrose 13.1 pct from a year ago and comparable store sales in the\nfour-week period ended February 25 rose 8.2 pct.\n K Mart said consolidated sales in the period were 1.46\nbillion dlrs compared with 1.29 billion last year. It said the\nyear-ago figures excluded sales for discontinued operations.\n K Mart cited \"favorable consumer response to our\nmerchandise programs\" and said its specialty retailers had\n\"excellent February sales.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 10:00:29.72", "places": [ "usa" ], "id": "2040" }, { "title": "HECK'S INC TO RELEASE NEWS SHORTLY .\n", "date": " 5-MAR-1987 10:00:45.71", "id": "2041" }, { "title": "CASEY'S GENERAL STORES INC 3RD QTR JAN 31", "body": "Shr 16 cts vs 13 cts\n Net 1,900,000 vs 1,600,000\n Sales 68.2 mln vs 69.6 mln\n Nine mths\n Shr 60 cts vs 43 cts\n Net 7,100,000 vs 4,700,000\n Sales 214.0 mln vs 219.5 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 10:01:44.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "2042" }, { "title": "J.C. PENNEY FEBRUARY STORE AND CATALOG SALES UP 5.3 PCT\n", "date": " 5-MAR-1987 10:02:32.72", "id": "2043" }, { "title": "FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED", "body": "French operators have requested licences\nto export 40,000 tonnes of free market feed wheat, 32,500\ntonnes of soft bread wheat, 375,000 tonnes of barley and\n465,000 tonnes of maize at today's European Community tender,\ntrade sources here said.\n Rebates requested ranged between 134 and 136.50 European\ncurrency units (Ecus) a tonne for the feed wheat, 137.39 and\n141.50 Ecus a tonne for the bread wheat, 137.93 and 142.95 Ecus\nfor the barley and 133.75 and 140.25 Ecus for the maize.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:02:53.85", "topics": [ "grain", "wheat", "barley", "corn" ], "organisations": [ "ec" ], "places": [ "france" ], "id": "2044" }, { "title": "OCCIDENTAL OFFERS OVER 37 MLN SHARES", "body": "Occidental Petroleum Corp said its\ncommon stock offering has been further increased to a total of\n37,950,000 shares.\n The company explained that underwriters exercised in full\ntheir option to increase tohe offering by buying an additional\n4,950,000 shares over and above the 33 mln brought to market\nyesterday. Originally, Occidental had planned to offer 30 mln\nshares. It had 165 mln outstanding prior to the offering.\n The underwriters are Drexel Burnham Lambert Inc, Kidder\nPeabody and Co Inc and Salomon Brothers Inc.\n At the public offering price of 30.50 dlrs a share,\nOccidental said, the total value of the offering was nearly\n1.16 billion dlrs, making it the largest underwritten common\nequity offering by a U.S. natural resource company.\n The company said the significant financial improvements\nfrom applying the net proceeds of the offering, principally to\nthe reduction of debt, along with its 1986 restructuring of oil\nand gas operations and the acquisition of Midcon Corp have\npositioned Occidental to benefit from an improving oil and gas\nindustry environment.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:03:24.09", "places": [ "usa" ], "id": "2045" }, { "title": "DIAMOND SHAMROCK RAISES CRUDE OIL POSTINGS", "body": "Diamond Shamrock said it raised its\nposted prices for all grades of crude oil one dlr a barrel,\neffective yesterday.\n The one dlr increase brings West Texas Intermediate, WTI\nthe U.S. benchmark crude, to 17.00 dlrs a bbl, the company\nsaid.\n Diamond Shamrock joined Sun Co, Coastal, Citgo and Murphy\nOil in raising crude oil posted prices one dlr a barrel\nyesterday.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:03:43.41", "topics": [ "crude" ], "places": [ "usa" ], "id": "2046" }, { "title": "OAK HILL SPORTSWEAR CORP 4TH QTR NET", "body": "Shr 27 cts vs 28 cts\n Net 1,026,000 vs 1,025,000\n Sales 27.8 mln vs 25.4 mln\n Year\n Shr 95 cts vs 16 cts\n Net 3,682,000 vs 598,000\n Sales 102.1 mln vs 100.4 mln\n Avg shrs 3,858,000 vs 3,700,000\n Reuter\n\u0003", "date": " 5-MAR-1987 10:04:23.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "2047" }, { "title": "OAK INDUSTRIES INC 4TH QTR LOSS", "body": "Oper shr loss five cts vs loss 50 cts\n Oper net loss 3,862,000 vs loss 15,900,000\n Sales 42.6 mln vs 38.8 mln\n Avg shr 72.1 mln vs 31.7 mln\n Year\n Oper shr loss 51 cts vs loss 2.10 dlrs\n Oper net loss 30.3 mln vs 51.3 mln\n Sales 151.7 mln vs 153.1 mln\n Avg shrs 59.4 mln vs 24.4 mln\n Backlog 57.1 mln vs 52.9 mln\n NOTES: Operating losses exclude profits from discontinued\noperationgs of 1,000,000 dlrs, or one cent a share, vs\n2,493,000 dlrs, or eight cts a share, in quarter and 65.0 mln\ndlrs, or 1.09 dlrs a share, vs 13.7 mln dlrs, or 56 cts a\nshare, in year\n 1986 year operating loss also excludes extraordinary gain\nof of 25.6 mln dlrs, or 43 cts a share\n Backlog, which includes only orders to be shipped within 12\nmths, was 63.0 mln dlrs on January 31. Orders to be shipped\nbeyond 12 mths were 27.6 mln dlrs vs 17.1 mln dlrs at December\n31\n Reuter\n\u0003", "date": " 5-MAR-1987 10:04:32.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "2048" }, { "title": "REGIS CORP REGULAR DIVIDEND SET", "body": "Qtly div 4-1/2 cts vs 4-1/2 cts prior\n Pay April 15\n Record March 24\n Reuter\n\u0003", "date": " 5-MAR-1987 10:04:36.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "2049" }, { "title": "JAMESWAY FEBRUARY SALES UP 13 PCT", "body": "Jamesway Corp said it had sales\nfor the four weeks ended February 28, excluding leased\ndepartments, were 31.7 mln dlrs, up 13 pct from 28.0 mln dlrs\nin the comperable four week period a year earlier.\n On a store for store basis, the company said, sales\nincreased five pct. It operated 100 stores last month, up from\n92 in February 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:05:25.49", "places": [ "usa" ], "id": "2050" }, { "title": "K MART COMPARABLE-STORE FEBRUARY SALES UP", "body": "K Mart Corp said February sales \nrose 13.1 pct from a year ago and comparable store sales in the\nfour-week period ended February 25 rose 8.2 pct.\n K Mart said consolidated sales in the period were\n1,459,193,000 dlrs compared with 1,289,635,000 dlrs last year.\nIt said the year-ago figures excluded sales for discontinued\noperations such as Designer Depots, Furr's Cafeterias and\nBishop Buffets.\n K Mart cited \"favorable consumer response to our\nmerchandise programs\" and said its specialty retailers had\n\"excellent February sales.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 10:09:59.43", "places": [ "usa" ], "id": "2051" }, { "title": "CONGRESS MAY CURB U.S. AID TO DEVELOPMENT BANKS", "body": "Congressional ire is rising against\nthe multinational development banks which make loans to help\nother countries produce goods in direct competition with\nbeleagured U.S. farmers and miners.\n With a record U.S. trade deficit of 169 billion dlrs last\nyear and a farm economy in the doldrums, Congress is pressing\nto hold back U.S. funds for the World Bank and other\ndevelopment banks if the money is used to subsidize production\nor to produce goods already in oversupply around the world.\n \"American tax dollars are being used to subsidize foreign\nagriculture and mineral production that is often in direct\ncompetition with our producers,\" Senator Don Nickles, an\nOklahoma Republican, said in a letter to fellow senators\nseeking support for his legislation to limit these loans.\n Nickles and Senator Steven Symms, a conservative Republican\nfrom Idaho, have introduced legislation that would strictly\nlimit U.S. funding of multinational development banks if they\nmake any loans to help developing countries produce surplus\ncommodities or minerals.\n Current law requires that the United States vote against\nsuch loans but carries no reprisals if they are ultimately\napproved by the banks.\n Treasury Secretary James Baker's assurances that U.S.\npolicy is to oppose these loans did not satisfy concerns raised\nat two Senate committee hearings last week.\n Baker told a Senate Appropriations subcommittee on Foreign\nOperations, \"As a policy matter, we oppose loans for production\nof commodities in oversupply.\"\n The senators cited a 350-mln-dlr World Bank loan made to\nArgentina last year to help it increase its agricultural\nexports by one billion dlrs a year by 1989.\n Nickles, Symms and others also have cited other loans such\nas a 1985 World Bank loan to Hungary to expand livestock\nexports and 500 mln dlrs lent to Thailand from 1981 to 1985 at\nlow interest rates for agriculture.\n Last year the Republican-controlled Senate voted three\ntimes over the objections of the administration to cut U.S.\nfunding of development banks by the amount of these loans.\n But even with a 65 to 15 vote in favour of the proposal,\nthe restrictions were weakened in the final version. Only a\nprovision directing U.S. officials to vote disapproval cleared\nCongress.\n This year's version, called the Foreign Agricultural\nInvestment Reform (FAIR) Act would require the U.S. to vote\nagainst loans designed to increase production of surplus\ncommodities and minerals. Also, the recipient countries would\nhave to prove that the production, marketing and export of the\ncommodities could be handled without government subsidy.\n If the loan is approved over U.S. objections, the United\nStates would not increase or replenish funds for that\ninstitution until it agrees to stop making such loans.\n Objections to such loans have most often been raised by\nconservative Republicans who have traditionally opposed U.S.\nfunding for these international development banks.\n But the loss of many jobs to foreign competition has raised\nsimilar concerns among more moderate senators.\n The administration opposes any legislation that would tie\nits hands in votes on the loans. It argues there might be\ninstances in which a country needed the money to continue its\nmoves toward U.S. policies in other areas.\n Baker said the United States would continue to use its\nleverage in the banks to require foreign trade liberalization\nmeasures, often in the form of elimination of subsidies.\n Two House Republicans, Representatives Larry Craig of Idaho\nand Beau Bolter of Texas, have introduced the bill. But it\nfaces stiff opposition in the House Banking Committee which has\nblocked its consideration by the House in the past.\n Symms intends to offer the bill as an amendment to any\nrelated legislation this year, an aide said.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:11:50.97", "organisations": [ "worldbank" ], "places": [ "usa" ], "id": "2052" }, { "title": "EQUATORIAL SIGNS PACT WITH CONTEL UNIT", "body": "Equatorial Communications\nCo, a satellite data network concern, said it has signed an\nagreement with Contel Corp's , Contel ASC, unit allowing\nContel ASC to buy 3.6 mln shares of Equatorial stock at 3.25\ndlrs per share.\n In addition, Equatorial said under the agreement Contel ASC\nwould buy a minimum of 10 mln dlrs of equipment from\nEquatorial, loan Equatorial up to six mln dlrs and assume a\nportion of Equatorial's rights and obligations under a\nsatellite transponder lease.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:13:13.34", "places": [ "usa" ], "id": "2053" }, { "title": "MANNESMANN SEEKS STAKE IN U.S. FIRM", "body": "Mannesmann AG , the\ndiversified engineering and pipe-making group, is interested in\ntaking a stake in a U.S. Company or companies but has not yet\nfound a suitable firm, a spokesman said in reply to questions.\n Mannesmann managing board chairman Werner Dieter told the\nbusiness weekly Wirtschaftswoche in an interview that\nMannesmann wanted to invest in a U.S. Company in order to\nstrengthen its presence on the U.S. Market.\n Dieter said Mannesmann would act quickly when and if it\nfound a firm in which it wanted to take a stake.\n The Mannesmann spokesman declined to say in which\nindustrial sector the group may make a U.S. Acquisition or how\nbig the acquisition might be.\n He also said the group had not yet completed taking over a\nstake in car components firm .\n Mannesmann had said in January it hoped to take a 37.5 pct\nstake in Fichtel und Sachs's holding company, Sachs AG, in the\nfirst quarter. The spokesman said Mannesmann had a letter of\nintent on the takeover from the heirs of the company's late\nowner but completion has been delayed by legal questions\nconcerning the inheritance.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:13:54.12", "topics": [ "acq" ], "places": [ "west-germany", "usa" ], "id": "2054" }, { "title": "AMERICAN INT'L GROUP INC 4TH QTR NET", "body": "Shr 1.83 dlrs vs 77 cts\n Net 296.6 mln vs 120.1 mln\n Year\n Shr 4.90 dlrs vs 2.76 dlrs\n Net 795.8 mln vs 420.5 mln\n NOTE: Includes gains of 139.2 mln vs 46.8 mln in year and\n94.0 mln vs 11.6 mln from capital gains from investments.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:15:44.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "2055" }, { "title": "SYSTEMS FOR HEALTH CARE IN ONE-FOR-50 SPLIT", "body": "Systems for Health Care Inc said it\nrepositioned the company through a one-for-50 reverse stock\nsplit.\n It said there are now 3,002,500 common shares outstanding\nwith a quoted price of about 7/8 bid, compared to 150,125,000\nshares outstanding prior to the split.\n In another recent development, Systems for Health Care\nformally changed its name to its present form from Orcas Corp.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:17:54.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "2056" }, { "title": "FIRST EXECUTIVE CORP GIVES UNIT FUNDS", "body": "First Executive Corp said that its\nprincipal subsidiary contributed 152 mln dlrs to one of its\ndivisions to cover credits it wrongfully took on its 1983 to\n1985 regulatory accounting statements.\n The company said Executive Life Insurance Co gave the\ncapital infusion to its subsidiary, Executive Life Insurance Co\nof New York. It said the new funds bring to 280 mln dlrs the\ncompany has received from its parent the past three years.\n Executive Life Insurance Co of New York admitted a\nviolation of state insurance law and paid a fine of 250,000\ndlrs levied by the New York Insurance Department, according to\nthe company.\n Executive Life of New York took credits for reinsurance\nagreements that provided less protection to the insurer and its\npolicyholders than New York rules require, according to\npublished reports.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:18:25.05", "places": [ "usa" ], "id": "2057" }, { "title": " SETS INITIAL U.S. OFFERING", "body": "Hard Rock Cafe PLC said it has filed\nfor an initial U.S. offering of 2,240,000 American Depositary\nShares representing 11.2 mln Class A ordinary shares.\n It said 240,000 of the ADS's will be sold by a current\nshareholder.\n Lead underwriter is .\n The company said proceeds will be used for the financing of\nadditional restaurants, the expansion of existing restaurants\nand retail operations and the repayment of debt.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:18:32.34", "places": [ "usa" ], "id": "2058" }, { "title": "BELGIUM TO ISSUE 150 BILLION FRANC STATE LOAN", "body": "Belgium is to issue a 150 billion\nfranc, eight-year state loan carrying a coupon of eight pct, a\nFinance Ministry spokesman said.\n Pricing will be fixed next week.\n The spokesman said the loan will feature a call option\nafter four years at a price also to be determined.\n Some 120 billion francs of the loan will be taken up by\nmembers of the issuing consortium, comprising major Belgian\ncommercial banks, and the remaining 30 billion by semi-state\nowned financial institutions.\n The most recent public authority loan stock issue, for the\nstate road building fund Fonds des Routes, was also for eight\nyears with an eight pct coupon. It was priced at par.\n The issue also featured a call option after four years at\n102, falling to 101-1/2 after five and by a half point each\nyear thereafter.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:18:46.99", "places": [ "belgium" ], "id": "2059" }, { "title": "MAY DEPARTMENT STORES CO FEBRUARY SALES RISE 15 PCT\n", "date": " 5-MAR-1987 10:18:51.21", "id": "2060" }, { "title": "ROYAL DUTCH/SHELL U.S. EARNINGS SHARPLY LOWER", "body": "Royal Dutch/Shell Group earnings\nfor 1986 from the U.S. Fell sharply because of difficult market\nconditions, lower crude and gas prices and also due to\ndifferent accounting methods, Shell chairman Peter Holmes said.\n The Shell Oil dollar net income fell 47 pct in the year,\nwhile the additional effect of currency movements reduced the\ncontribution to group net income by 57 pct to 472 mln stg.\n The group earlier reported a drop in net income for the\nyear to 2.54 billion stg from 3.03 billion previously, with\nlower crude prices outweighing the effect of increased sales by\nvolume.\n Although the figures were lower, they were nonetheless at\nthe top end of market forecasts. Shell Transport and Trading\nPlc shares, the U.K. Arm of the group, rose to 11.39 stg\nfrom a close last night of 11.06 stg. Analysts noted that a\ngeneral collapse in exploration and production volumes was\npartially offset by earnings from chemicals rising to 462 mln\nstg from 205 mln in 1985.\n Also, a windfall tax credit and lower than expected\ncurrency losses had added about 100 mln stg onto fourth quarter\nresults, which was the main reason for the figures exceeding\nforecasts, industry analyst Chris Rowland of Barclays de Zoete\nWedd noted.\n However, he added there could well be a sharp fall in\nperformance in the first quarter of 1987, due to the\nimprobability that the group would be able to repeat the high\nrefining and marketing margins of first quarter 1986.\n The impact of recovering oil prices would come through\nfaster on the downstream side than on the upstream as such a\nhigh proportion of upstream activity centred on gas, which\ntypically reacted to oil price changes with about a half-year\nlag, analysts said.\n Holmes said that in the upstream U.S. Sector the third\nquarter of 1986 had been the worst of all.\n Only two of the oil majors had managed to make a profit in\nthe period, with Shell Oil being one of them. The decrease in\nU.S. Earnings had been accentuated by tax rates but the group\nhad increased share to become volume market leader, Holmes\nadded.\n Continued low crude oil prices would continue to subdue\nU.S. Exploration activity. \"Exploration is currently pretty\nflat. We are going to go on, but at 16-18 dlrs there will be no\nmassive upturn,\" he said.\n A renewal of exploration in high cost areas of the North\nSea and the U.S. Requires prices of around 25 dlrs a barrel.\n Ultimately this would lead to a rise in U.S. Imports. \"If\nyou are not exploring you are not going to find anything,\" he\nnoted.\n U.S. Oil production had dropped some half mln barrels a day\n(bbd) in 1986 and would continue to fall if the price stayed\nbelow 20 dlrs a barrel.\n This favored OPEC's attempts to stabilise prices, as the\nlower the price the more likelihood there was of non-OPEC\nmarginal production shutting down. \"OPEC has done pretty\nextraordinarily well...Everything is moving in (its) direction,\"\nhe added.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:20:40.73", "topics": [ "earn", "crude" ], "places": [ "uk", "usa" ], "id": "2061" }, { "title": "J.C. PENNEY FEBRUARY SALES 5.3 PCT", "body": "J.C. Penney co Inc said sales for the\nfour weeks ended February 28 for its JCPenney stores and\ncatalogs were up 5.3 pct to 780 mln dlrs from 741 mln dlrs a\nyear earlier, with comparable store sales up 5.5 pct.\n The company said total company sales for the period were up\n6.0 pct to 888 mln dlrs from 838 mln dlrs, with same-store\nsales up 6.3 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:21:29.06", "places": [ "usa" ], "id": "2062" }, { "title": "F.W. WOOLWORTH FEBRUARY SALES INCREASE", "body": "F.W. Woolworth Co said total sales for\nthe four weeks ended February 28 rose 11.3 pct to 416 mln, from\n374 mln in the comparable 1986 period.\n Woolworth said domestic sales increased 7.1 pct, to 249 mln\nfrom 233 mln, while foreign sales rose 18.4 pct to 167 mln,\nfrom 141 mln.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:21:41.00", "places": [ "usa" ], "id": "2063" }, { "title": "BANKERS WELCOME SPANISH RESERVE REQUIREMENT HIKE", "body": "Bankers welcomed the Bank of Spain's\ndecision to raise the reserve requirement for banks and savings\nbanks, saying it reflected the socialist government's\ndetermination not to ease up in the fight against inflation\ndespite the painful social effects of four years of austerity.\n The central bank last night raised the requirement by one\npercentage point to 19 pct from March 13, saying that excess\nliquidity threatened money supply and inflation targets.\n Bankers said the move represented a change of tactic by the\nBank, which until now has relied on raising interest rates to\nchoke off money supply growth.\n \"I think it's a good measure,\" a senior foreign banker said.\n\"It's a faster way to get the job done than using interest rates\nand avoids unpleasant effects on other areas of the economy.\"\n \"It shows that the political will is very strong. They know\nthat controlling inflation will make industry more competitive\nand bring down unemployment in the long run,\" he added.\n The head of another foreign bank said that only a month\nago, the Bank of Spain had dismissed his suggestion of a rise\nin reserve requirements, preferring to pursue its strategy of\nraising interest rates.\n But bankers said the high real interest rates on offer now\n-- around eight pct for overnight funds -- was attracting money\nfrom abroad, strengthening the peseta and making Spanish\nexports less competitive.\n The government says industry's competitiveness is also\nbeing hit hard by inflation. At 8.3 pct last year, the rate was\nway above that of Spain's major trading partners in the\nEuropean Community, which it joined a year ago.\n To help meet this year's target of five pct, it is\ninsisting pay rises stay at that level, setting the stage for\nclashes with trade unions, who say they have made enough\nsacrifices.\n Demonstrations by workers, students and farmers, whose\ndemands essentially involve more government spending, have\nbecome an almost daily occurrence. But Prime Minister Felipe\nGonzalez insists that the state is doing as much as it can.\n Bankers said the reserve requirement increase could have\nsome impact on commercial lending rates but should not hit the\nmoney market too hard.\n The Bank of Spain, which only yesterday raised its key\novernight call money rate to 13.5 pct, left it unchanged at\ntoday's auction. The rate has been increased nine times since\nthe start of the year, when it was below 12 pct.\n Bankers said commercial lending rates were set to rise in\nany case with the end of the six pct maximium interest rate\nbanks can offer for time deposits of up to six months.\n The measure will take effect tomorrow, following the\npublication of the decree in today's official gazette. Bankers\nsay the liberalisation will increase the cost of funds and,\ninevitably, push lending rates higher.\n A companion measure, reducing the proportion of funds which\nbanks must invest in specific areas, also takes effect\ntomorrow. Officials said when the cut was approved last month\nthat it was aimed partly at compensating banks for higher\ninterest rates.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:22:24.09", "topics": [ "interest" ], "places": [ "spain" ], "id": "2064" }, { "title": "GAMBRO AB 1986 YEAR", "body": "133.5 mln crowns vs 101 mln.\n Sales 1.61 billion vs 1.51 billion.\n Proposed dividend 0.80 crowns vs 0.40 crowns.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:22:36.39", "topics": [ "earn" ], "places": [ "sweden" ], "id": "2065" }, { "title": "KLM LOAD FACTOR HIGHER IN FEBRUARY", "body": "KLM Royal Dutch Airlines said\nits load factor rose to 66.5 pct in February from 62.5 pct in\nJanuary and 65.7 pct in February 1986.\n The load factor was 66.6 pct in the April/February period\nof 1986/87 compared with 67.2 pct in the same period in\n1985/86.\n Traffic rose 18 pct and capacity rose 17 pct in February\nversus 12 and 13 pct respectively in January.\n In the April/February period of 1986/87 traffic rose nine\npct and capacity rose 10 pct compared with eight and nine pct\nrespectively in the same period in 1985/86.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:22:52.88", "places": [ "netherlands" ], "id": "2066" }, { "title": "TRANSPORTATION AGENCY GIVES FINAL OKAY FOR US AIR PACIFIC SOUTHWEST ACQUISITION\n", "date": " 5-MAR-1987 10:23:36.92", "topics": [ "acq" ], "id": "2067" }, { "title": "EC DAIRY OUTPUT ACCORD PAVES WAY FOR MORE REFORM", "body": "Officials and diplomats said EC farm\nministers, who earlier this week ended another marathon\nnegotiating session, achieved more than ever before in the\nfight to end food surpluses, and delighted EC officials are now\npreparing to carry the reform offensive into other areas.\n Their immediate aim is to drain the wine and olive oil\n\"lakes\" and level the \"grain mountain\" that have brought the\nCommunity so much unwelcome publicity.\n Earlier this week, ministers finally agreed after 36 hours\nof negotiations the fine details of an outline accord to cut\nmilk output by 9.5 pct over two years and reduce butter stocks,\nnow at a record 1.2 mln tonnes.\n Officials said new rules, which place strict limits on\nfarmers' rights to benefit from high subsidised prices, could\nbe expected to reduce sales into intervention to a trickle and\npave the way for reform in other surplus sectors.\n The deal was reached despite determined attempts at\nbacksliding by some states as the implications of the original\noutline accord reached last December began to sink in.\n \"Despite coming under tremendous pressure, the ministers\nnever wavered from the main features of the deal,\" one senior\nofficial said, adding the result augured well for talks later\nthis month on other reforms.\n The Commission is leading the fight against food surpluses\nand has now proposed the most severe annual price review, at\nwhich ministers fix farm support prices, in the EC's history.\n Most prices would be cut or frozen, new quality standards\nenforced, and most farmers' rights to sell to intervention\ncurtailed. Officials say the measures could lead to effective\nprice cuts for some low quality cereals of eight to 11 pct.\n EC Commissioner Frans Andriessen is currently working on\nproposals to provide direct income aids to farmers to cushion\nthem from the worst effects of a restrictive price policy and\nencourage ministers to swallow the reform pill.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:24:42.04", "organisations": [ "ec" ], "places": [ "belgium" ], "id": "2068" }, { "title": "FEDERATED DEPARTMENT STORES FEBRUARY SALES UP 9.6 PCT\n", "date": " 5-MAR-1987 10:25:07.71", "id": "2069" }, { "title": "MERCANTILE STORES FEBRUARY SALES UP 6.9 PCT", "body": "Mercantile Stores Co Inc said\nits February sales totaled 113.2 mln dlrs, up 6.9 pct 105.9 mln\ndlrs in the year earlier month.\n The company said its comparable store sales rose 4.3 pct\nlast month.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:26:01.21", "places": [ "usa" ], "id": "2070" }, { "title": "MOBIL'S MONTGOMERY WARD FEBRUARY SALES UP", "body": "Mobil Corp said its Montgomery Ward and\nCo's retail sales for the four weeks ended February 28 rose\n12.7 pct on a comparable store basis to 276.7 mln from 249.0\nmln dlrs a year ago.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:26:54.83", "places": [ "usa" ], "id": "2071" }, { "title": "MCI SEEKS IMMEDIATE ATT DEREGULATION", "body": "MCI Communications Corp. called for\nimmediate federal deregulation of American Telephone and\nTelegraph Co., its principal competitor.\n MCI said it will ask the Federal Communications Commission\ntomarrow to deregulate ATT in order to let marketplace forces\ngovern the long distance telephone market.\n \"It's time to let the market manage ATT,\" MCI president Bert\nRoberts told a news briefing here.\n MCI has seen its profits shaved recently by ATT long\ndistance rate reductions ordered by the FCC following the\nbreakup of the Bell System.\n The MCI move signals its belief that ATT may raise profits\nrather than cut rates if deregulated.\n To allay consumers' fears that deregulation might lead to\nprice increases, Roberts said one alternative open to the FCC\nwould be adoption of a transitional \"price cap\" concept.\n Roberts noted that such a plan is backed by FCC\ncommissioner Dennis Patrick, whose is widely expected to be\nnamed FCC chairman.\n Roberts conceded that ATT's deregulation posed risks to\nMCI.\n \"The greater risk, however, is continuing the artificial\nmarket environment created by piecemeal FCC deregulation of\nATT.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 10:27:17.51", "places": [ "usa" ], "id": "2072" }, { "title": "S AFRICA MINE MANAGERS FACE CHARGES IN DISASTER", "body": "Seven managers and employees at\nGeneral Mining Union Corp Ltd's Kinross Mines Ltd will face\ncharges of culpable homicide following last year's disaster\nwhen 177 gold miners died, the Attorney General's Office said.\n The mineworkers were killed last September at Kinross when\na fire set off toxic fumes which suffocated miners underground.\n Three of the accused face alternative charges of breaking\nsafety regulations set out in the Mines and Works Act.\n The spokesman said the case would probably be heard in\nWitbank Regional Court, near Kinross, in mid-May.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:28:58.48", "topics": [ "gold" ], "places": [ "south-africa" ], "id": "2073" }, { "title": "WESTERN CANADA HURT BY INTERNATIONAL FORCES", "body": "Western Canada's resource-based economy\nis being hurt by international market forces and there is\nlittle Ottawa can do about it, Finance Minister Michael Wilson\nsaid.\n \"If you can tell me how we can get the international energy\nprice up and how we can get the price for copper up and how we\ncan get the price for wheat up, then we will listen,\" Wilson\ntold the House of Comnons Finance Committee.\n Although under pressure from oil companies and wheat\nfarmers for help in battling depressed commodity prices, Wilson\nsaid it has to be recognized the area was a \"prisoner of market\nforces outside the boundaries of this country.\"\n Wilson, appearing before the committee to discuss the\ngovernment's spending estimates released earlier this week,\nsaid the government is doing what it can in the region, citing\nmore than 3.5 billion dlrs in aid for western agriculture.\n \"Those resources are a reflection of very real concerns on\nour part in dealing with a very difficult problem,\" Wilson said\nin response to questions about management of the economy from\nopposition party members.\n He said the long term answer for depressed regions of the\ncountry was reaching a free trade pact with the United States,\nwhich he claimed would improve the outlook for Western Canada.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:29:08.77", "topics": [ "grain", "wheat", "copper" ], "places": [ "canada" ], "id": "2074" }, { "title": "AMES DEPARTMENT STORES FEBRUARY SALES UP", "body": "Ames Department Stores Inc\nsaid sales for the four weeks ended February 28, the firstr\nmonth of its fiscal year, were up 30.4 pct to 113.6 mln dlrs\nfrom 87.1 mln dlrs a year earlier, with same-store sales up\n28.6 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:29:32.48", "places": [ "usa" ], "id": "2075" }, { "title": "AMGEN FILES TO OFFER TWO MLN SHARES", "body": "Amgen said it has filed\nfor an offering of two mln common shares, including one mln to\nbe sold outside the U.S.\n It said U.S. underwriters will be led by PaineWebber Group\nInc and and PaineWebber will lead\nthe overseas underwriters.\n Proceeds will be used to fund capital spending and working\ncapital requirements on the commercialization and further\ndevelopment of Amgen products.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:30:15.23", "places": [ "usa" ], "id": "2076" }, { "title": "KIECHLE SEES POSITIVE ASPECTS IN EC MILK ACCORD", "body": "West German Farm Minister Ignaz Kiechle,\nwho objected strongly to this week's European Community\nagreement to cut milk surpluses, conceded the accord would have\nthe positive effect of stabilizing prices.\n According to the text of a speech made in the town of\nTrudering, near Munich, Kiechle said farmers' earnings would\nbenefit from more stable prices. He said he had rejected the\nagreement because he preferred there to be no change in the\nEC's system of intervention. However, an objective analysis of\nthe accord showed it contained positive elements, he said.\n No formal vote was taken on the EC accord, but a spokesman\nfor the Agriculture Ministry in Bonn said Kiechle had made it\nclear in discussions in Brussels that he did not accept it.\nIreland and Luxembourg were also opposed.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:30:54.88", "organisations": [ "ec" ], "places": [ "west-germany" ], "id": "2077" }, { "title": "CONGRESS EYES LOANS THAT AID U.S. COMPETITORS", "body": "Congressional ire is rising against\nthe multinational development banks which make loans to help\nother countries produce goods in direct competition with\nbeleagured American farmers and miners.\n With a record trade deficit of 169 billion dlrs last year\nand a farm economy in the doldrums, Congress is pressing to\nhold back U.S. funds for the World Bank and other development\nbanks if the money is used to subsidize production or to\nproduce goods already in oversupply around the world.\n \"American tax dollars are being used to subsidize foreign\nagriculture and mineral production that is often in direct\ncompetition with our producers,\" Sen. Don Nickles, an Oklahoma\nRepublican, said in a letter to fellow senators seeking support\nfor his legislation to limit these loans.\n Nickles and Sen. Steven Symms, a conservative Republican\nfrom Idaho, have introduced legislation that would strictly\nlimit U.S. funding of multinational development banks if they\nmake any loans to help developing countries produce surplus\ncommodities or minerals.\n Current law requires the United States to vote against such\nloans but carries no reprisals if they pass anyway.\n Treasury Secretary James Baker's assurances that U.S.\npolicy is to oppose these loans did not satisfy concerns raised\nat two Senate committee hearings last week.\n Baker told a Senate Appropriations subcommittee on Foreign\nOperations, \"as a policy matter, we oppose loans for production\nof commodities in oversupply.\"\n The senators cited a 350 mln dlr World Bank loan made to\nArgentina last year to help it increase its agricultural\nexports by one billion dlrs a year by 1989.\n Nickles, Symms and others also have cited other loans such\nas a 1985 World Bank loan to Hungary to expand livestock\nexports and 500 mln dlrs lent to Thailand from 1981 to 1985 at\nlow interest rates for agriculture. Baker said the Argentine\nloan was \"really the only one you can point to and criticize.\"\n Last year the Republican-controlled Senate voted three\ntimes over the objections of the administration to cut U.S.\nfunding of development banks by the amount of these loans.\n Even with a favorable vote of 65 to 15, the restrictions\nwere weakened in the final version. Only a provision directing\nU.S. officials to vote disapproval was enacted into law.\n This year's proposal, called the Foreign Agricultural\nInvestment Reform (FAIR) Act would require the U.S. to vote\nagainst loans designed to increase production of surplus\ncommodities and minerals.\n Also, the recipient countries would have to prove that the\nproduction, marketing and export of the commodities could be\nhandled without government subsidy.\n If the loan is approved over U.S. objections, the United\nStates would not increase or replenish funds for that\ninstitution until it agrees to stop making such loans.\n Objections to such loans have most often been raised by\nconservative Republicans who have traditionally opposed U.S.\nfunding for these international development banks.\n But the loss of many jobs to foreign competition has raised\nsimilar concerns among more moderate senators.\n Democratic senator Barbara Mikulski of Maryland told Baker\nat the Senate Appropriations subcommittee hearing, \"Many say the\nbanks are financing competition for American jobs.\"\n She recommended that the United States use its\nparticipation in debt forgiveness for developing country loans\nas a wedge to open markets to U.S. goods.\n The administration opposes any legislation that would tie\nits hands in votes on the loans. It argues there might be\ninstances in which a country needed the money to continue its\nmoves toward U.S. policies in other areas.\n Baker said the United States would continue to use its\nleverage in the banks to require foreign trade liberalization\nmeasures, often in the form of elimination of subsidies.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:31:02.83", "organisations": [ "worldbank" ], "places": [ "usa", "argentina", "hungary", "thailand" ], "id": "2078" }, { "title": "AMERICAN SOFTWARE SETS STOCK SPLIT", "body": "American Software Inc said its board\ndeclared a three-for-two stock split on Class A and Class B\ncommon shares, payable March 31, record March 16.\n The company said it expects to increase its semiannual\ndividend 12.5 pct to six cts per share post-split from eight\ncts pre-split.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:31:43.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "2079" }, { "title": "COMDATA IN MERGER AGREEMENT", "body": "Comdata Network Inc said\nit has entered into a letter of intent with a limited\npartnership managed by Welsh, Carson, Anderson and Stowe (WCAS)\nto merge Comdata into a corproration to be formed by WCAS.\n Comdata said in the merger each share of the company's\nstock would be converted at the holders election into either 15\ndlrs in cash or a combination of 10 dlrs in cash and a unit of\nsecurities including common stock.\n Comdata said the terms are subject to the condition that\nWCAS' affiliate investors would own a minimum of 60 pct of the\nfully diluted stock of the new entity.\n Comdata said WCAS and its affiliate investors would commit\n50 mln dlrs to buy the securities comprising the new entities\nunits of securities resulting from the merger in the same\nproportions and at the same price as the company shareholders.\n Comdata said the move is subject to execution of definitive\nagreement and approval by Comdata shareholders as well as\nobtaining up to 200 mln dlrs in debt financing.\n WCAS told Comdata it believes that it can get commitments\nfor this financing.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 10:32:49.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "2080" }, { "title": "NOEL INDUSTRIES BOARD APPROVES FINANCING", "body": "Noel Industries Inc said its board\napproved in principle a private placement of 900 units, each\nunit consisting of 1,000 dlrs of nine pct senior subordinated\nconvertible debentures due Marcxh 31, 1991, and 95 warrants to\npurchase Noel common.\n The company said chief executive officer Leon Ruchlamer has\nsupplemented the planned funding with 300,000 dlrs.\n It said the investment package is subject to shareholder\napproval and will be presented to its adjourned shareholder\nmeeting on March 26.\n Noel said proceeds will be used for additional working\ncapital and expanding its factory in Kingston, Jamaica.\n It said the debentures, which will be priced at 100 pct,\nwill have interest payable semi-annually and be convertible\ninto common after April 30, 1987, at seven dlrs a share.\n Each warrant will be exercisable after April 30 at 7.50\ndlrs a share, the company added.\n It said holders of 80 pct of the units may request one\nregistration by the company kof the underlying common shares\nany time after Jan 15, 1988. Holders of the debentures and\nwarrants will also have piggyback registration rights.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:33:14.32", "places": [ "usa" ], "id": "2081" }, { "title": "BEST BUY FEBRUARY SALES GAIN", "body": "Best Buy Co Inc said its sales for\nFebruary rose five pct on a comparable-store basis to 20.7 mln\ndlrs from 10.4 mln dlrs a year ago.\n It said for the 11 months, sales rose to 213.4 mln dlrs\nfrom 101.2 mln dlrs a year earlier.\n Best Buy said sales for the current period are based on 23\nretail facilities compared with 12 retail outlets a year ago.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:33:53.46", "places": [ "usa" ], "id": "2082" }, { "title": "FEDERATED DEPARTMENT FEBRUARY SALES RISE", "body": "Federated Department Stores Inc said\nsales for the four weeks ended February 28 were up 9.6 pct to\n720.0 mln dlrs from 656.8 mln dlrs a year before.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:34:53.47", "places": [ "usa" ], "id": "2083" }, { "title": "MORTON-THIOKOL LISTS ON S AND P 500", "body": "Morton-Thiokol Corp will be included in\nStandard and Poor's 500 Stock index, effective today, Standard\nand Poor's Corp said.\n Trading in Morton-Thiokol stock opened up 4-1/4 at 50 on\nturnover of 122,700 shares after\na delayed opening due to an imbalance of orders.\n There are certain funds which base their portfolio on the\n500 stocks listed on the index, and the imbalance of orders\nreflects those managers adding shares of Morton-Thiokol,\nStandard and Poor's said.\n Adding Morton-Thiokol's stock to the 500 index list is a\n\"minor positive development,\" analyst Martin Ziegler said,\nnoting that it brings in new buyers for the shares and gives\nthe company a higher profile.\n James Arenson at DLJ Securities agreed that\ninclusion on the index automatically creates new buyers and\nnoted it also allows those portfolio managers who could not buy\nthe stock to purchase shares.\n While Morton-Thiokol's stock opened up much higher, it gave\nback some of its gains and is currently trading at 47-3/8, up\n1-5/8, a pattern termed, by one analyst, as \"typical\" when a\ncompany is newly added.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:35:30.66", "places": [ "usa" ], "id": "2084" }, { "title": "CIRCUIT CITY STORES FEBRUARY SALES RISE", "body": "Circuit City Stores Inc said sales\nfor February were up 33 pct to 67.4 mln dlrs from 50.5 mln dlrs\na year before, with comparabvle store sales up nine pct.\n The company said salesd for its full fiscal year ended\nFebruary 28 were up 43 pct to 1.01 billion dlrs from 705.5 mln\ndlrs in the prior year, with comparable store sales up 18 pct.\n Circuit City said it expects to report higher earnings for\nthe fiscal year just ended and expects strong sales and\nearnings in the current year. In fiscal 1986, Circuit City\nearned 22.0 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:35:58.91", "places": [ "usa" ], "id": "2085" }, { "title": "CARSON PIRIE SCOTT FEBRUARY SALES UP", "body": "Carson Pirie Scott and Co said its\nFebruary sales increased 18.2 pct to 104.3 mln dlrs from 88.2\nmln dlrs a year ago.\n It said each of its business groups - retail foodservice\nand lodging and distribution - contributed to the sales gain.\n The Food Service and Lodging Group's sales were up 8.9 pct\nafter eliminating sales of the Steak 'n Egg Kitchen Restaurant\nchain sold Aug 15, 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:36:21.26", "places": [ "usa" ], "id": "2086" }, { "title": "SOYBEAN GROUP HEAD URGES USDA ACTION ON LOAN", "body": "The Agriculture Department must make\na decision soon on how to change the current U.S. soybean loan\nor more soybeans will continue to be forfeited to the\ngovernment and foreign soybean production will increase, the\npresident of the American Soybean Association, ASA, said.\n \"The USDA will have to bite the bullet one way or another\n... USDA can dodge and dart around it (the soybean loan) as\nmuch as they want, but they have to eventually address this\nproblem,\" David Haggard, ASA president, told Reuters.\n USDA is not offering any new soybean loan options, and\nAgriculture Secretary Richard Lyng has not consulted ASA on the\nsoybean loan, Haggard said.\n \"I don't know if USDA is really very serious about\naddressing the soybean loan problem,\" he said.\n At ASA's annual winter board of directors meeting here, ASA\nleaders refused to change their official position on the loan\n-- still calling for income support at 5.02 dlrs.\n The association backs current bills of Rep. Bill Emerson,\nR-Mo. and Sen. Thad Cochran, R-Miss., which call for either a\n5.02 marketing loan or a producer option payment.\n Haggard said he does not know what chances the ASA-backed\nproposals have but said, \"in all honesty, we do not want to see\nthe farm bill be torn apart.\"\n He said if USDA feels it cannot withdraw its opposition to\na market loan, there are still numerous ways the USDA could\nchange the loan without new legislation.\n Making the loan partially in certificates which would not\nhave to be paid back would be one option, he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:36:46.25", "topics": [ "oilseed", "soybean" ], "places": [ "usa" ], "id": "2087" }, { "title": "NISSAN MOTOR ISSUES 35 BILLION YEN EUROBOND", "body": "Nissan Motor Co Ltd is issuing a\n35 billion yen eurobond due March 25 1992 paying 5-1/8 pct and\npriced at 103-3/8, Nikko Securities Co (Europe) Ltd said.\n The non-callable issue is available in denominations of one\nmln Yen and will be listed in Luxembourg.\n The payment date is March 25.\n The selling concession is 1-1/4 pct while management and\nunderwriting combined pays 5/8 pct.\n Nikko said it was still completing the syndicate.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:36:58.41", "id": "2088" }, { "title": " YEAR NET", "body": "Shr 78 cts vs 1.16 dlrs\n Net 6.7 mln vs 9.5 mln\n Revs 278 mln vs 290 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 10:38:06.25", "topics": [ "earn" ], "places": [ "canada" ], "id": "2089" }, { "title": "PRAXIS FILES FOR INITIAL PUBLIC OFFERING", "body": " said it\nfiled a registration statement with the Securities and Exchange\nCommission for the initial public offering of 1.5 mln shares of\ncommon.\n It said the offering is being managed by Shearson Lehman\nBrothers Inc and Merrill Lynch Capital Markets.\n Praxis said it will use the proceeds to fund product\nresearch and development costs and initially will focus on\nvaccines for infants and young children.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:38:16.90", "places": [ "usa" ], "id": "2090" }, { "title": "CONSOLIDATED STORES BUYS WAREHOUSE SPACE", "body": "Consolidated Store Corp said it\npurchased two mln square feet of warehouse space on 146 acres\nof land adjacent to its present Columbus distribution center of\n430,000 square feet on 121 acres.\n The company said the building and lands were acquired from\nWhite Consolidated Industries Inc, an \nsubsidiary, for 27 mln dlrs through a sale and leaseback.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:38:34.10", "places": [ "usa" ], "id": "2091" }, { "title": "AMERICAN SOFTWARE INC 3RD QTR JAN 31 NET", "body": "Shr 42 cts vs 19 cts\n Net 2,903,000 vs 1,307,000\n Revs 13.1 mln vs 8,937,000\n Avg shrs 6,877,360 vs 6,874,970\n Nine mths\n Shr 98 cts vs 62 cts\n Net 6,740,000 vs 4,085,000\n Revs 33.9 mln vs 27.8 mln\n Avg shrs 6,875,706 vs 6,605,879\n Reuter\n\u0003", "date": " 5-MAR-1987 10:38:59.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "2092" }, { "title": "STERIVET GETS SUPPORT FOR DRUG PROJECT", "body": "Sterivet Laboratories\nLimited said the the National Research Council of Canada is\ncontributing financing for the development a new drug to treat\na disease of the feet in horses.\n It said the drug has produced promising results in limited\nclinical trials over the past 18 months in Ontario.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:39:05.40", "places": [ "canada" ], "id": "2093" }, { "title": "ITALIAN TREASURY DETAILS NEW BILL OFFER", "body": "The Italian treasury said it would offer\n3,500 billion lire of short-term treasury bills (BOTs) at rates\nslightly lower than the preceding offer in mid-February.\n It said it would offer 1,500 billion lire of six-month\npaper priced at 95.35 pct for a net annualised compound yield\nof 9.30 pct. Net yield on the preceding issue was 9.46 pct.\n The treasury said it would also offer 2,000 billion lire of\n12-month bills at a base price of 91.15 pct for a net annual\nyield of 9.05 pct, down from 9.22 pct in mid-February.\n The bills replace maturing paper worth 3,196 billion lire\nand subscriptions to the offer close March 10.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:40:47.55", "places": [ "italy" ], "id": "2094" }, { "title": "NO SOVIET WHEAT BONUS TALK PLANNED FOR MEETING", "body": "U.S. Agriculture Secretary Richard\nLyng does not intend to discuss a wheat export enhancement\ninitiative to the Soviet Union at a cabinet-level Economic\nPolicy Council meeting set for tomorrow, an aide to Lyng said.\n \"He (Lyng) does not intend to bring it up,\" the aide said,\nadding that the subsidy offer remains \"dormant.\"\n Lyng plans to spend \"about five minutes\" reviewing the status\nof farm legislation on Capitol Hill before the Economic Policy\nCouncil, which is responsible for guiding the administration's\neconomic policy, the aide said.\n The USDA secretary met this morning with members of the\nHouse Foreign Affairs Committee, but the handful of lawmakers\npresent did not ask whether the administration intended to\noffer Moscow a wheat export bonus, the aide said.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:41:04.10", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "2095" }, { "title": "EXIM BANK UNVEILS RISK RELATED FEES", "body": "Export Import Bank president John\nBohn said the agency was adopting a new policy of increased\nrisk coverage and as part of it will adopt a system of\nrisk-related fees.\n In an address before the Ex-Im's annual bankers conference\nBohn outlined a series of measures designed to bridge the gap\nbetween reduced export lending by commercial banks and\nactivities by U.S. trading partners.\n Bohn said the bank will be more selective in requiring\nsoverign guarantees and will consider well-conceived projects\n\"even if they do not earn foreign exchange.\"\n He said the Exim will operate four broad programs after May\n1. They are short-term insurance, a direct loan program that\nwill be available for both medium and long-term transactions, a\nguarantee program and intermediary funding program.\n For medium-term guarantees, Bohn said Exim will increase\nexporter coverage for commercial risks from the 85 pct\ncurrently to 98 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:42:08.98", "places": [ "usa" ], "id": "2096" }, { "title": "BANKAMERICA TO SELL GERMAN BANKING UNIT", "body": "BankAmerica Corp said it agreed to\nsell , its German consumer banking\nsubsidiary, and German credit card operations to of Spain.\n Terms were not disclosed. The deal is expected to close in\nthe second quarter, the bank holding company said.\n Bankhaus Centrale Credit, with 31 branches, had total\nassets of 927 mln marks at year-end 1986. The credit card\noperation services 115,000 Visa card holders and 35,000\nmerchants in Germany, it said.\n Reached later, a BankAmerica spokesman said the company\nwould record a pretax gain of 45 mln dlrs from the\ntransactions.\n The spokesman declined, however, to disclose the price paid\nfor the operations by Banco de Santander or other terms of the\ndeal.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:43:03.71", "topics": [ "acq" ], "places": [ "usa", "west-germany" ], "id": "2097" }, { "title": " French official reserves 375.95 billion francs end Jan (421.00 billion end Dec) - official\n", "date": " 5-MAR-1987 10:43:41.80", "topics": [ "reserves" ], "id": "2098" }, { "title": "COPLEY PROPERTIES INC 4TH QTR NET", "body": "Shr 30 cts vs 36 cts\n Net 1,211,000 vs 1,428,000\n Revs 1,536,000 vs 1,743,000\n Year\n Shr 1.36 dlrs vs 62 cts\n Net 5,438,000 vs 2,498,000\n Revs 6,567,000 vs 2,971,000\n NOTE: Company began operations after its July 29, 1985\npublic offering, therefore annual data are not directly\ncomparable.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:43:49.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "2099" }, { "title": "PHILIPS TO JOINTLY PRODUCE NEW LASER VIDEO PLAYER", "body": "NV Philips\nGloeilampenfabrieken said it had agreed with\nMatsushita Electric Industrial Co Ltd and Nippon Gakki\nCo Ltd of Japan to jointly produce the components of\nthe newly developed laser audio-video player.\n Philips last month announced it and Sony Corp had\ndeveloped a world standard for the new combi-player.\n The player will be able to take the three sizes of new\ncompact disk videos (CDV), which give near perfect sound and\nimage production, as well as the traditional audio laser discs.\n Yamaha will develop the laser technology, Matsushita the\nvideo specifications and Philips will work on rendering the\nplayer compatible with existing European 50-hertz television\nstandards, Philips spokeswoman Marijke van Hooren said.\n Each company will assemble and market the product under its\nown label, and it is hoped other hardware companies will join\nin the marketing of the new product, she said.\n She said there were around 160 companies which hold\nlicences for the manufacture of CD players.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:45:09.95", "places": [ "netherlands" ], "id": "2100" }, { "title": "UNITIL CORP 4TH QTR NET", "body": "Shr 79 cts vs 72 cts\n Net 581,915 vs 536,040\n Revs 13.9 mln vs 13.3 mln\n Year\n Shr 3.28 dlrs vs 3.21 dlrs\n Net 2,413,407 vs 2,360,048\n Revs 54.9 mln vs 54.2 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 10:45:37.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "2101" }, { "title": "RYDER BUYS BRITISH CALEDONIAN UNIT", "body": "Ryder System Inc said it has acquired\nCaledonian Airmotive Ltd from \nfor undisclosed terms.\n Caledonian Airmotive repairs and rebuilds aircraft engines.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:47:18.89", "topics": [ "acq" ], "places": [ "usa" ], "id": "2102" }, { "title": "WAL-MART STORES FEBRUARY SALES UP 44 PCT\n", "date": " 5-MAR-1987 10:47:44.77", "id": "2103" }, { "title": "MAY FEBRUARY RETAIL SALES INCREASE", "body": "May Department Stores Co said its\nsales for the four weeks ended February 28 rose 15 pct to 631.8\nmln dlrs from 549.5 mln dlrs a year ago.\n On a comparable-store basis, it was a 9.4 pct gain.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:48:33.34", "places": [ "usa" ], "id": "2104" }, { "title": "KIDDER PEABODY ANALYST RAISES ESTIMATES, RECOMMENDATION ON PEPSICO\n", "date": " 5-MAR-1987 10:48:58.69", "id": "2105" }, { "title": "WAL-MART STORES FEBRUARY SALES UP 44 PCT", "body": "Wal-Mart Stores Inc said\nFebruary sales were up 44 pct to 885 mln dlrs from 615 mln dlrs\na year before, with same-store sales up 14 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:49:45.98", "places": [ "usa" ], "id": "2106" }, { "title": "TRELLEBORG TAKE LARGER SLICE OF BOLIDEN", "body": "Swedish tyres, process equipment and\ncomponents firm said it was taking a larger\nstake in mining and metals concern Boliden AB than it\nhad originally intended.\n Trelleborg had previously announced it was exercising an\noption to acquire up to 65 pct of Boliden's voting rights.\n In a statement, the company said they had received offers\nof up to 68 pct of the rights, and that they would accept all.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:50:58.74", "topics": [ "acq" ], "places": [ "sweden" ], "id": "2107" }, { "title": "POLAROID UP ON REAFFIRMED OPINION", "body": "Shares of Polaroid Corp rose following\na reiterated recommendation by Merrill Lynch and Co that\nfocused on strong earnings momentum for the company, traders\nsaid.\n \"We have been recommending the stock since it was in the\n50s, but we reiterated today because of expectations of strong\nearnings momentum, its benefits from the lower dollar and\nanticipation of nice gains in margins,\" Merrill Lynch\nanalyst Charles Ryan said. He said a negative opinion by\nanother brokerage house hurt the stock Wednesday, and it can be\nbought at a relatively bargain price today.\n Ryan said \"you always have to look at Polaroid at its\nweakness. Its a volatile stock that has to be caught on\nweakness.\" Polaroid's stock, which gained more than a point\nearly this morning, was trading at 76-1/8, up 5/8. It was down\nover three points Wednesday morning before closing down 7/8.\n \"Polaroid is working overtime on production of cameras and\nfilm, so we expect first quarter earnings to be up about 40\npct,\" Ryan said, estimating earnings of 70 cts a share in the\nfirst quarter compared to 52 cts a share earned a year earlier.\nHe expects the company to earn four dlrs a share in 1987 as\ncompared to 3.34 dlrs a share last year.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 10:51:09.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "2108" }, { "title": "SWEDISH MATCH AB 1986 YEAR", "body": "Profit after net financial items\n 500 mln crowns vs 359 mln\n Sales 10.90 billion crowns vs 10.72 billion\n Proposed dividend 12.50 crowns vs 10.50 crowns\n REUTER\n\u0003", "date": " 5-MAR-1987 10:51:12.80", "topics": [ "earn" ], "places": [ "sweden" ], "id": "2109" }, { "title": "FRENCH OFFICIAL RESERVES FALL SHARPLY IN JANUARY", "body": "French official reserves fell 45.06\nbillion francs to 375.95 billion at the end of January from\n421.00 billion at the end of December, the Finance Ministry\nsaid in a statement.\n It said the fall was largely due to sales of foreign\ncurrency that preceded the January 11 realignment of the\nEuropean Monetary System (EMS).\n Foreign currency reserves fell by 8.91 billion francs\nduring the month, the ministry said.\n This reflected outflows of 10.26 billion francs through\noperations of the French exchange stabilisation fund,\ncounterbalanced by a gain of 1.35 billion francs resulting from\nthe quarterly adjustment in the value of dollar deposits held\nwith the European Monetary Cooperation Fund (FECOM).\n But most of the decline reflected a 33.90 billion franc\ndeficit that France built up during the month with FECOM as a\nresult of using very short-term financing instruments.\n The Bank of France, in conjunction with the Bundesbank and\nother central banks, intervened heavily in foreign exchange\nmarkets between late December and the January 11 EMS accord, in\nan attempt to hold down the mark, which was attracting a flight\nof funds from the dollar, and simultaneously shore up the\nfranc.\n On January 11, the mark was revalued by three pct against\nthe French franc, relieving pressure on the French currency.\n The fall in foreign exchange reserves took these reserves\nto 98.83 billion francs at the end of January from 107.74\nbillion at end December.\n Gold reserves were unchanged at 218.45 billion francs.\n Reserves of European Currency Units fell to 73.25 billion\nfrancs from 75.27 billion at end December.\n Claims on the International Monetary Fund fell 219 mln\nfrancs to 19.31 billion francs.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:53:16.63", "topics": [ "reserves" ], "places": [ "france" ], "id": "2110" }, { "title": "MARS STORES FEBRUARY SALES OFF 1.6 PCT", "body": "Mars Stores Inc said sales for\nthe four weeks ended February 28 were off 1.6 pct to 6,307,096\ndlrs from 6,411,103 dlrs a year earlier.\n The company said sales were hurt this year by store\nclosings caused by snowstorms.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:53:21.21", "places": [ "usa" ], "id": "2111" }, { "title": "SL INDUSTRIES INC 2ND QTR JAN 31 NET", "body": "Oper shr 22 cts vs 20 cts\n Oper net 1,153,000 vs 1,068,000\n Revs 15.7 mln vs 15.8 mln\n Six mths\n Oper shr 38 cts vs 38 cts\n Oper net 2,039,000 vs 2,051,000\n Revs 31.4 mln vs 31.6 mln\n NOTE: exlcudes 145,000 discontinued operations for 1986\noper net for six mths for sale of electronics division.\n Oper shr for qtr and six mths 1986 adjusted for stock split\nand dividend distribution in November.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:54:32.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "2112" }, { "title": "DAYTON HUDSON CORP FEBRUARY SALES RISE 10.8 PCT ON COMPARABLE STORE BASIS\n", "date": " 5-MAR-1987 10:55:05.99", "id": "2113" }, { "title": "GENERAL REFRACTORIES TO SELL OPERATIONS", "body": "General Refractories Co said it\nagreed to sell its European refractories and building products\noperations for about 62 mln dlrs to an Austrian investor group.\n The European operations had sales of 186 mln dlrs in 1985,\nthe last year for which results have been released, the company\nsaid.\n The sale, to a group headed by Girozentrale Bank of\nAustria, is subject to shareholder approval by April 24, 1987,\nit said. Its board has approved the deal, it said.\n General Refractories' mineral operations are not affected.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:56:20.75", "topics": [ "acq" ], "places": [ "usa", "austria" ], "id": "2114" }, { "title": "BRAZIL HAS NO SET COFFEE EXPORT TARGETS - IBC", "body": "Brazil has no set target for\nits coffee exports following this week's breakdown of\nInternational Coffee Organization talks on export quotas,\nPresident of the Brazilian Coffee Institute, IBC, Jorio Dauster\nsaid.\n He told a press conference Brazil now had to reconsider its\nexport plans and that the 15.5 mln bag export figure which it\nhad proposed for itself earlier should no longer be taken as\nthe country's export target to ICO-member countries.\n The 15.5 mln bag offer had been made on the assumption an\nagreement would bring stability to world markets, he added.\n It had been a gesture to ease negotiations, but the lack of\nan agreement leaves it no longer valid and exports could be\nabove or below 15.5 mln bags, he said.\n Dauster said he would talk to producers, exporters and\nmarket analysts before taking any decision on export policy,\nbut any future policy would be flexible and adjusted to market\nconditions.\n \"We will not take any short-term decisions which might cause\nmarkets to panic,\" Dauster added.\n He said it would be a policy which shows Brazil has coffee\nto sell and that it could do so without an ICO agreement.\n \"Brazil has coffee (to sell) and wants to show that it does\nnot need an ICO agreement as a crutch,\" Dauster said.\n Commenting on the breakdown of the talks, Dauster said\nconsumer proposals would have implied a reduction of one to two\nmln bags in Brazil's export quotas.\n \"It was a proposal which would lead to a substantial loss\nfor Brazil and which would be difficult for the country to\nrecover,\" he said.\n The consumer proposal to base quotas on a six-year moving\naverage of exportable production surpluses would lead to\noverproduction as countries boosted output to win higher\nquotas, he said.\n Dauster rejected reports which said Brazil's inflexibility\nhad been the cause for the breakdown of talks, noting that its\nstance had the backing of 85 pct of producing countries.\n Close links would continue with these producers,\nparticularly Colombia, Mexico and Francophone African\ncountries, but Dauster said no joint marketing action was\nenvisaged at present.\n He also said Brazil currently had no plans to return to a\nsystem of roaster buying contracts, although \"no hypothesis has\nbeen abandoned.\"\n Dauster said he had not yet decided when registrations for\nMay shipment coffee will be opened.\n He declined comment on whether the IBC will adopt a policy\nof opening registrations for up to six months in advance, as\nsome exporters had suggested.\n He noted export registrations for the first four months of\nthe year totalled around 5.5 mln bags, more than half the 9.9\nmln exported in 1986 when drought reduced the crop to between\n11.2 mln and 12 mln bags.\n He said that, although he had heard forecasts of 30 mln\nbags for the coming crop, the IBC would not make any estimate\nuntil late April.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:56:40.36", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "brazil" ], "id": "2115" }, { "title": "PEPSICO UPGRADED BY KIDDER PEABODY", "body": "Kidder Peabody and Co analyst Roy Burry\nissued a strong buy recommendation on Pepsico Inc, citing an\nimproved profit outlook for both domestic soft drinks and\nFrito-Lay snack foods.\n Pepsico climbed 7/8 to 34-3/4 on 615,000 shares by\nmidmorning.\n Burry forecast earnings of 2.00 dlrs per share in 1987 and\n2.30 dlrs in 1988. In 1986 the company earned 1.75 dlrs per\nshare. Burry previously had a sell recommendation on Pepsico.\n\"We're looking at 10 to 15 pct earnings growth for Frito-lay in\n1987, a trend that should continue through the decade.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 10:57:56.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "2116" }, { "title": "BRITAIN SEEMS SET FOR NEW CASH ROW WITH EC", "body": "Britain appeared set for a new cash row\nwith its European Community partners as evidence emerged that\nit could be much worse off as a result of new proposals to\nradically alter the way the EC is financed.\n Analysis by officials and diplomats of proposals released\nyesterday by the EC's executive Commission showed their full\nimpact, were they in force this year, would have left Britain\nworse off by 545 mln European Currency Units.\n The proposals have to be agreed unanimously by member\ngovernment after a debate expected to open next month.\n The Commission said they were necessary to prevent the EC\nfrom sliding once again into bankruptcy, and has described the\ncurrent financing system as unfair and unacceptable.\n British dissatisfaction with the cost of EC membership has\nlong been a source of friction, and diplomats said the\nproposals could well reopen the wound.\n This was despite a proposed correction of Britain's budget\ncontribution to reflect its inability to take full advantage of\nthe EC's farm subsidies system because of the relatively small\nsize of its agricultural sector.\n Diplomats said although other nations such as Italy,\nBelgium and the Netherlands were certain to oppose elements in\nthe system which could also substantially increase their own EC\npayments, the main opposition was expected from Britain.\n Prime Minister Margaret Thatcher has made clear in recent\nstatements that she is not prepared to abandon the present\nsystem, under which Britain is refunded two-thirds of its net\npayments to the EC, unless a fairer system is devised.\n The diplomats said Thatcher was unlikely to consider the\nproposed system as fair.\n The Commission's proposals would base a state's\ncontribution on its gross national product, which the\ncommission says is a fairer measurement reflecting relative\nwealth.\n The main element of the previous system was a share of\nvalue added tax collected in member states.\n The mechanism to compensate Britain for its inability to\ntake up a higher proportion of EC farm expenditure will have to\nbe paid for by the other 11 states.\n The Commission has also proposed to end repayments to all\nstates of a service charge paid to them for collecting customs\nduties on behalf of the EC.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:58:14.28", "organisations": [ "ec" ], "places": [ "belgium", "uk" ], "id": "2117" }, { "title": "SHAD SEES PROGRESS ON INSIDER TRADING", "body": "Securities and Exchange Commission\nchairman John Shad said progress was being made in stopping\ninsider trading, but the chairman of a House subcommittee with\njurisdiction over securities laws said he was concerned about\nconditions on Wall Street.\n \"Greed has created a feeding frenzy on Wall Street and in\nthe process laws are broken and multi-billion dlr corporations\nhave become easy prey,\" Rep. Edward Markey, D-Mass, the\nchairman of the Telecommunications and Finance said at the\nstart of a hearing on SEC activities.\n \"Congress is understandably nervous. We perceive the\ncurrent scandals as a warning of even worse things to come,\"\nMarkey said. \"The frenzy and disruption created by merger mania\nis particularly distressing.\"\n Shad said the recent cases involving Ivan Boesky, Dennis\nLevine and others was a warning that those who engage in\ninsider trading were taking a heavy risk of imprisonment, high\nfines and disbarment from the securities industry.\n \"Insider trading has not been eradicated, but it has been\ninhibited and multimillions of dollars of profits that Boesky\nand others have been siphoning off the markets are now flowing\nthrough to legitimate investors and traders,\" Shad said in his\nstatement.\n Shad said insider trading cases involved only 10 pct or\nless of SEC enforcement actions in recent years but they have\nincreased significantly to 125 cases brought during the past\nfive years compared to 77 cases in the preceeding 47 years.\n Markey said he did not favor banning takeovers but thought\nthe tender offer process needed reform including earlier\ndisclosure of takeover attempts.\n N.J. Rep. Mathew Rinaldo, the senior subcommittee\nRepublican, said he was introducing legislation to create a\nfive member commission to study the securities industry for a\nyear and report its findings and recommendations to Congress.\nCommission members would be appointed by the SEC.\n \"Its primary mission would be to analyze the extent of\nillegal trading on insider trading and to assess the adequacy\nof existing surveillance systems and government oversight\noperations. The commission would advise Congress as to what\nadditional resources or civil or criminal remedies are needed\nto combat fraud and improve compliance with federal laws,\"\nRinaldo said.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:58:42.27", "topics": [ "acq" ], "places": [ "usa" ], "id": "2118" }, { "title": "WORLD BANK ISSUES 232 MLN U.S. DLR FINANCE PACKAGE", "body": "The World Bank is issuing a\nmulticurrency financing package totalling 232 mln U.S. Dlrs,\ncoordinator DG Bank Deutsche Genossenschaftsbank said.\n The package includes a 250 mln mark five year straight\neurobond with a 5-3/8 pct coupon priced at par, led by DG.\n The bond, which is a private placement, matures on March\n17, 1992. It will be listed in Frankfurt beginning in May, with\nno precise date yet specified. Denominations are 5,000 and\n50,000 marks. Details of fees were not immediately available.\n The package also includes a five year 100 mln guilder\neurobond with a 5-3/4 pct coupon priced at par.\n The Dutch guilder issue will be led by Rabobank Nederland.\n The third bond in the package is a seven year, five billion\nyen bond with a 4.95 pct coupon priced at par, led by The\nNorinchukin Bank.\n The package also includes a 25 mln Swiss franc 10-year\ncredit agreement, with interest at 4-7/8 pct, underwritten by\nSwiss Volksbank, DG said.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:58:53.47", "organisations": [ "worldbank" ], "places": [ "west-germany" ], "id": "2119" }, { "title": "NEECO SHARE OFFERING UNDER WAY", "body": "Moseley Holdings Corp said an\noffering of 1,700,000 common shares of NEECO Inc is under way\nat 18.25 dlrs each.\n The company is selling 1,200,000 of the shares and\nshareholders the rest. The shareholders have granted\nunderwriters an overallotment option to buy up to 255,000 more\nshares.\n Reuter\n\u0003", "date": " 5-MAR-1987 10:59:25.70", "places": [ "usa" ], "id": "2120" }, { "title": "OPEC SAYS FEBRUARY OUTPUT UNDER CEILING", "body": "OPEC output in February was \"well below\"\nthe 15.8 mln bpd ceiling it set in December and all countries\nare strictly adhering to their quotas, the OPEC news agency\nOpecna quoted an OPEC secretariat official as saying.\n The official was quoted as saying that lower output was the\nresult \"of member countries' firm determination to defend the\norganisation's official price of 18 dlrs per barrel, and to\nrefrain from selling any quantity below that price.\"\n The unnamed official was further quoted as saying that no\nOPEC meeting was foreseen before the next biannual OPEC session\nplanned to start on June 25.\n The official gave no figure for February output. The\nstatement said only that \"the reduction in total supplies,\nnamely actual exports of crude oil and products, plus local\ndeliveries in member countries, is even more pronounced as\nthose supplies fell very noticeably during that month.\"\n \"No matter what the pressure on member countries by lifters\nto align the official selling price to the ongoing market\nprice, member countries are, without exception, strictly\nadhering to the official selling price in spite of the\nfinancial hardship this may entail,\" the statement said.\n \"The very recent improvement in the price structure is an\nindicator of such determination by the organization to stick to\nthe official selling price,\" the statement said.\n Free spot market prices rose from around 14.50 dlrs a\nbarrel in early December last year to near OPEC's official\nlevels towards the end of the year, after the OPEC pact.\n There has been oil industry speculation that OPEC might\nhave to hold an extraordinrary meeting prior to its scheduled\nJune session to discuss reports of overproduction by some\nstates and strains on the differential matrix, which prices\neach OPEC crude according to its quality and distance from main\nmarkets.\n The official said in the statement that no such emergency\nsession was scheduled \"because of member countries' firm\ndetermination to defend the price (system)\" agreed in December.\n Opec\"s differential committee was to have met in Vienna\nstarting April 2 but this session has been postponed, with no\nnew date set, according to an official of the United Arab\nEmirates, which chairs the seven-state body.\n Other members are Algeria, Kuwait, Saudi Arabia, Libya,\nNigeria and Qatar.\n REUTER\n\u0003", "date": " 5-MAR-1987 10:59:40.89", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "austria" ], "id": "2121" }, { "title": "CANADIAN IMPERIAL BANK OF COMMERCE 1ST QTR SHARE BASIC 61 CTS VS 64 CTS\n", "date": " 5-MAR-1987 10:59:45.01", "topics": [ "earn" ], "id": "2122" }, { "title": "SEARS ROEBUCK AND CO FEBRUARY SALES UP 4.9 PCT\n", "date": " 5-MAR-1987 11:01:39.04", "id": "2123" }, { "title": "HECK'S INC FILES FOR CHAPTER 11 BRANKRUPTCY\n", "date": " 5-MAR-1987 11:01:44.53", "id": "2124" }, { "title": "WHITE HOUSE SAYS IT OPPOSED TO TAX INCREASE AS UNNECESSARY\n", "date": " 5-MAR-1987 11:02:49.64", "id": "2125" }, { "title": "PERKIN-ELMER ACQUIRES HIGH TECH FIRM", "body": "Perkin-Elmer Corp said it\nacquired , based in Munich, West\nGermany, a high technology concern specializing in surface\nscience instruments.\n Terms of the acquisition were not disclosed.\n It said Atomika will became a part of its Physical\nElectronics Division, based in Eden Prairie, Minn., The\ndivision is part of its Materials Surface Technology Group.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:04:39.47", "topics": [ "acq" ], "places": [ "usa" ], "id": "2126" }, { "title": "HECK'S FILES FOR CHAPTER 11 BANKRUPTCY", "body": "Heck's Inc said it has filed for\nprotection from creditors under Chapter 11 of the federal\nbankruptcy act.\n The company said its wholly owned wholesale subsidiaries,\nits Maloney's subsidiary and its discount drug store operation\nare not included in the filing.\n Heck's said it made the filing because its bank lending\ngroup failed to renew on acceptable terms a credit agreement\nthat expired February 28.\n It said the 12 banks provided about 50 mln dlrs in credit\nlines to Heck's, representing all its short-term borrowings.\n Heck's said some of the banks have demanded repayment.\n The company said another reason for the filing was a\ndeveloping shortage in merchandise as suppliers reacted to the\nbreakdown in bank support.\n Heck's said two representatives of the bank group, Charles\nB. Gates Jr. and Walter B. Dial Jr., have left its board.\n Heck's said it is exploring, with its investment banker,\nthe possibility of selling all or parts of the company.\n It said the filing will allow it to work out arrangements\nwith suppliers for the delivery of merchandise while permitting\nit to continue its previously-announced programs of\ncost-cutting and the paring of operations.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:04:58.81", "places": [ "usa" ], "id": "2127" }, { "title": "U.S. OKAYS USAIR PACIFIC SOUTHWEST PURCHASE", "body": "The U.S. Department of Transportation\nsaid it gave final approval to USAir Group's proposed 400 mln\ndlr acquisition of Pacific Southwest Airlines.\n The department said the acquisition is not likely to\nsubstantially lessen competition and would not harm the public\ninterest.\n The department had given its tentative approval of the\nacquisition in January.\n The department said it decided to make final its tentative\ndecision after reviewing the public response to it.\n The agency said it rejected an assertion by Air North\nAmerica, which currently is not operating but plans to start\nservice to some of the cities served by USAIR and PSA, that the\nacquisition would lessen chances of new entry into those\nmarkets by other carriers.\n The agency said Air North America provided no support for\nits claim that the transaction would give the two carriers\nmonopoly power in some markets.\n The transportation agency said Air North America also\nfailed to show that there are barriers that would prevent new\nentrants into those markets or prevent other carriers from\nincreasing their service.\n The agency noted in its final order that PSA operates\nexclusively in the West and Mexico while USAir serves the West\nfor the most part with some long-haul flights from the East and\nMidwest.\n The two carriers serve five point in common; Los Angeles,\nSan Diego, San Francico, Phoenix and Tucsonm, the agency said.\n The transportation department also rejected a request by\nthe Teamsters Union, which represents some PSA workers, to\nrequire protections for PSA workers.\n The agency noted that USAir has promised to give protective\nbenefits to PSA workers and that unions representing PSA\nworkers have collective bargaining agreements that provide such\nprotections.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:05:12.64", "topics": [ "acq" ], "places": [ "usa" ], "id": "2128" }, { "title": "BOLT BERANEK AND NEWMAN UNIT SELLS SYSTEM", "body": "Bolt Beranek and Newman Inc said\nits subsidiary BBN Advanced Computers Inc sold approximately\n700,000 dlrs worth of its Butterfly parallel processors to\nIndiana University, MITRE Corp, FMC Corp and the Naval Research\nLaboratory.\n Among the uses for the system are graphics, development of\ngenetic algorithms for solving complex combinational problems,\nand artificial intelligence applications, the company said.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:05:37.16", "places": [ "usa" ], "id": "2129" }, { "title": "MCI PRESIDENT SEES PROFIT IMPROVEMENT", "body": "MCI Communications Corp President\nBert Roberts said he expects MCI's financial performance to\nimprove in the current quarter compared to the previous\nquarter.\n He said American Telephone and Telegraph Co long-distance\nrate cuts had cut into MCI's fourth quarter performance but\nadded: \"There's going to be a continuing impact (on profits) but\nwe expect this quarter to be better than the fourth quarter.\"\n The current quarter ends March 31.\n For the fourth quarter, MCI reported a 448 mln dlr loss,\ndue mainly to write-offs and staff reductions.\n Roberts said the ATT long-distance rate reductions, which\nhad been ordered by the Federal Communications Commission have\nhad \"A significantly negative impact on our profits.\"\n As reported earlier today, MCI said it plans to ask the FCC\nto immediately deregulate ATT, apparently in hopes that an\nunregulated ATT would pocket a greater proportion of its\nrevenues rather than cut rates further.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:06:44.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "2130" }, { "title": "P.A.M. TRANSPORTATION PRESIDENT RESIGNS", "body": "P.A.M. Transportation Services\nInc said president and board member Robert Weaver resigned to\npursue other interests.\n The company said its board elected chairman Paul Maestri to\nthe additional post of president.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:07:31.69", "places": [ "usa" ], "id": "2131" }, { "title": "FINNISH TAXATION MAJOR ISSUE IN ELECTION CAMPAIGN", "body": "Personal taxation has emerged as the\nmajor economic issue in Finnish general elections later this\nmonth, and Conservative gains could mark a shift towards\nindirect taxation and accelerate moves towards more\nmarket-oriented banking practices, economists say.\n Opinion polls indicate the Conservative Party, Finland's\nsecond largest, may gain enough clout after the elections to\njoin a coalition government which is still likely to be\ndominated by the Social Democrats of Prime Minister Kalevi\nSorsa.\n But the economists point out that Conservative economic\npolicies differ only slightly from the governments', and that\ntrade with the Soviet Union will not be affected.\n Helsinki bankers said a new government, including the\nConservatives for the first time in 20 years, could bring about\na shift from direct to indirect taxation.\n The present coalition of Social democrats and Centrists has\nembarked on a tax reform programme to cut marginal taxation,\nwhich is up to 75 pct in the highest income scales. The\nopposition has also called for reforms, but they differ over\nhow to regain lost state revenues.\n One Conservative favoured possibility is abolishing tax\nexemption on interest from bank deposits and government bonds.\n Hannu Halttunen, of Helsinki bank Kansallis-Osake-Pankki\n(KOP), told Reuters \"We want to be more free in setting interest\nrates and in creating different deposits to suit the individual\ninvestors. If tax on interest is introduced, then we prefer a\nsystem with taxation of real interest gains.\"\n Under present laws, bank customers are exempted from tax on\ninterest when banks jointly set interest rates. Bankers said\nthis had encouraged cartel-style banking and was hindering\ntougher inter-bank competition.\n A London-based Nordic banking expert said liberalisation\nwas too strong a word to use in a Finnish context, but a\nConservative presence could dislodge traditional practices.\n \"It would probably result in new practices that have been\nseen elsewhere for a few years growing rather more quickly in\nFinland,\" he said, in a reference to money market instruments.\n All parties, especially the Conservatives, have been\ncareful to avoid making Finnish-Soviet trade an election issue.\nMoscow is Finland's largest trading partner. Until a few years\nago the Conservative Party was seen as anti-communist, but has\nnow moderated its stance, political analysts say.\n Trade between Helsinki and Moscow is based on a barter\nsystem, and is balanced under long-term accords.\n In January the two countries signed a 1987 agreement worth\n30 billion markka, but trade in the past two years has been\ndeclining due to the fall in the price of crude oil, which\naccounts for 80 pct of Finnish imports from the Soviet Union.\n The bankers said taxation had become the major economic\ntheme of the campaign because there were few other issues.\n Inflation was 3.4 pct in 1986, compared with 5.9 pct in\n1985, and unemployment has increased slightly from 6.1 pct of\nthe workforce in 1985 to last year's levels of 6.7 pct.\n The Social democrats in 1986 doubled the country's foreign\ntrade surplus compared with 1985, from 2.50 billion markka to\n5.04 billion markka.\n Opinion polls say Sorsa's Social Democrats will remain the\nlargest party in the 200-seat Parliament, with some 26 pct of\nthe vote. They currently hold 57 seats.\n The Centre Party, the other major coalition partner, is\nalso expected to hold on to its 37 seats.\n But increased Conservative support and a decline for the\nCommunists could make force Sorsa to allow the Conservatives\ninto government. They currently hold 44 seats.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:08:35.98", "places": [ "finland" ], "id": "2132" }, { "title": "NATIONAL GYPSUM CO 4TH QTR NET", "body": "Net 5,521,000 vs NA\n Revs 358.1 mln vs 359.0 mln\n Year\n Net 55.3 mln vs NA\n Revs 1.43 billion vs 1.34 billion\n NOTE: Current year includes earnings of 49.6 mln dlrs for\nthe four months ended April 30, 1986. Year-ago earnings not\ncomparable because of acquisition by Aancor Holdings Inc on\nApril 29, 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:08:44.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "2133" }, { "title": "SALOMON SELLS 200 MLN STG MORTGAGES-BACKED NOTES", "body": "Salomon Inc's TMC Mortgage Securities I\nPlc unit is issuing 200 mln stg floating rate mortgage-backed\nnotes priced at par, said Salomon Brothers International as\nco-lead manager.\n S.G. Warburg Securities is the other co-lead manager.\n The securities are priced at 25 basis points over the three\nmonth London Interbank Offered Rate (Libor), payable quarterly.\nThey are payable March 31.\n Salomon said it expects the securities to receive a AA\nrating from Standard and Poor's Corp.\n The mortgages in the pool are endowment-linked residential\nmortgage loans and the entire pool is insured by Sun Alliance\nand London Insurance Plc.\n The notes will be listed on the London Stock Exchange.\n Combined management and underwriting fees are 50 basis\npoints.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:09:37.83", "places": [ "uk" ], "id": "2134" }, { "title": "SEARS FEBRUARY SALES UP 4.9 PCT", "body": "Sears, Roebuck and Co said revenues of\nits Merchandise Group in February rose 4.9 pct to 1.85 billion\ndlrs from 1.76 billion dlrs a year ago.\n It said domestic sales were led by better than average\nincreases in apparel, home fashions and hardware.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:10:00.98", "places": [ "usa" ], "id": "2135" }, { "title": "ZAYRE CORP 4TH QTR SHR 73 CTS VS 60 CTS\n", "date": " 5-MAR-1987 11:10:24.70", "topics": [ "earn" ], "id": "2136" }, { "title": " (EAST ASIATIC CO)", "body": "Results for year 1986 -\n Group pre-tax profit 385 mln crowns vs 380 mln\n Net turnover 14.17 billion crowns vs 16.69 billion\n Dividend eight pct vs nil\n Group profit after tax 16 mln crowns vs 244 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 11:10:42.14", "topics": [ "earn" ], "places": [ "denmark" ], "id": "2137" }, { "title": "TOKHEIM UNIT IN MARKETING AGREEMENT", "body": "Tokheim Corp said its Advanced\nProducts and Electronics Division reached a four-year\nmanufacturing and marketing agreement with TechVend, a New\nJersey-based company which has developed a credit card\nactivated video cassette rental machine.\n It said the agreement could contribute \"significantly\" to\nthe growth of Tokheim\n It said deliveries of the devices are expected to begin in\nthe fall.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:10:59.01", "places": [ "usa" ], "id": "2138" }, { "title": "GENERAL VIDEOTEX ADDS INVESTMENT SERVICE", "body": " said it\nadded Investment Technologies Co's VESTOR on-line stock market\nanalysis database to its DELPHI network service.\n It said the VESTOR service will be available on Delphi\nwithin 30 days.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:11:09.48", "places": [ "usa" ], "id": "2139" }, { "title": "WHITE HOUSE SAYS TAX INCREASE NOT NEEDED", "body": "The White House said a tax increase\nis not needed to reduce the federal budget deficit.\n \"We think that's certainly unnecessary. We are opposed to\ntax increases,\" spokesman Marlin Fitzwater said.\n House Speaker Jim Wright told Budget Committee Democrats\nWednesday he would fight for a tax increase this year to reduce\nthe deficit.\n Fitzwater said the administration believed its budget would\nshow the way to get the deficit down without a tax rise \"and\nthat's our course.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 11:11:21.30", "places": [ "usa" ], "id": "2140" }, { "title": "ZAYRE CORP FEBRUARY SALES UP 25.7 PCT\n", "date": " 5-MAR-1987 11:11:50.40", "id": "2141" }, { "title": "BEST PRODUCTS FEBRUARY SALES OFF 12.7 PCT", "body": "Best Products Inc said sales for\nthe four weeks ended February 28 were off 12.7 pct to 111.3 mln\ndlrs from 127.6 mln dlrs a year before, excluding sales from\ncatalog stores and Ashby's Ltd outlets that were closed or sold\nlast year.\n The company said in an effort to improve gross margins, it\nsignificantly cut promotional activity in February from a year\nearlier. In addition, it said it distributed its spring\ncatalog nationwide in February last year and will distribute it\nin March this year.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:12:24.36", "places": [ "usa" ], "id": "2142" }, { "title": "PIRELLI UK INT FINANCE ISSUES 50 MLN STG EUROBOND", "body": "Pirelli UK International Finance BV is\nissuing a 50 mln stg eurobond due April 9, 1992 paying 10 pct\nand priced at 101-1/2 pct, lead manager Barclays De Zoete Wedd\nLtd.\n The non callable issue is available in denominations of\n10,000 and 1,000 stg and will be listed in Luxembourg. The\npayment date April 9, 1987.\n The selling concession is 1-1/4 pct while management pays\n1/4 pct and underwriting 3/8 pct.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:12:39.69", "places": [ "uk" ], "id": "2143" }, { "title": "DAYTON HUDSON FEBRUARY SALES RISE", "body": "Dayton Hudson Corp said sales for\nthe four weeks ended February 28 increased 10.8 pct on a\ncomparable-store basis to 601.8 mln dlrs from 503.8 mln dlrs a\nyear ago.\n It called the pace of February's sales \"encouraging, with\nstrength evident in all companies.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 11:14:29.96", "places": [ "usa" ], "id": "2144" }, { "title": "U.S. HOUSE SPEAKER WRIGHT SAYS TAX RISE NEEDED TO CUT BUDGET DEFICIT IN 1988\n", "date": " 5-MAR-1987 11:15:35.21", "id": "2145" }, { "title": "TEXAS AIR CORP'S CONTINENTAL AIRLINES FEBRUARY LOAD FACTOR FALLS\n", "date": " 5-MAR-1987 11:15:55.53", "id": "2146" }, { "title": "BESICORP, LCP CHEMICALS IN COGENERATION PACT", "body": " said it\nreached an agreement with to\ndevelop an 80 megawatt cogeneration station at LCP's facility\nin Syracuse N.Y., in a project estimated to require about 50\nmln dlrs in financing.\n Under the agreement, it said a standard power sale\nagreement is expected to be entered into with Niagara Mohawk\nPower Corp for the sale of electrical power output.\n Besicrop said it is developing the project with , and both\ncompanies will retain long-term interests in the project.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:16:33.46", "places": [ "usa" ], "id": "2147" }, { "title": " NINE MTHS JAN 31 NET", "body": "Shr 55 cts vs 24 cts\n Net 1.9 mln vs 800,000\n Revs 17.6 mln vs 12.8 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 11:16:40.87", "topics": [ "earn" ], "places": [ "canada" ], "id": "2148" }, { "title": " 1ST QTR", "body": "Period ended January 31\n Shr 61 cts vs 64 cts\n Shr diluted 60 cts vs 60 cts\n Net 96.5 mln vs 87.0 mln\n Loans 44.87 billion vs 48.07 billion\n Deposits 69.86 billion vs 68.45 billion\n Assets 83.92 billion vs 78.93 billion\n Note: shr after preferred dividends\n Reuter\n\u0003", "date": " 5-MAR-1987 11:17:25.69", "topics": [ "earn" ], "places": [ "canada" ], "id": "2149" }, { "title": "SATELLITE AUCTION UNIT MARCH, APRIL BOOKINGS UP", "body": "Satellite Auction Network Inc \nsaid its wholly owned unit, Premier Auction Services, has\nbooked over nine mln dlrs in direct auction equipment for March\nand April, 1987, versus between six and seven mln dlrs in the\nsame period in 1986.\n In addition Satellite Auction said it expects the unit's\nauction operations to generate over 50 mln in sales in 1987,\nmatching the unit's sales when it was under the aegis of ITT\nAuction Services Corp, a unit of ITT Corp .\n Satellite Auction assumed the operations, contract and\npersonnel of the unit from ITT in February.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:18:19.43", "places": [ "usa" ], "id": "2150" }, { "title": " TO MAKE ACQUISITION", "body": "Triumph Capital Inc said it has signed a\nletter of intent to acquire First Securities Transfer Systems\nInc of Pompano Beach, Fla., for undisclosed terms.\n The company said it is also entering the commercial finance\nbusiness through the formation of Triumph Financial corp.\n It said the new wholly-owned unit has extended a 350,000\ndlr secured line of credit to Micro Designs Inc.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:19:39.90", "topics": [ "acq" ], "places": [ "usa" ], "id": "2151" }, { "title": "AGS COMPUTER UNIT GETS IBM LICENSE", "body": "Systems Strategies Inc, a unit of AGS\nComputers Inc, said International Business Machines Corp \nhas licensed five of its Systems Network Architecture and\nBinary Synchronous software packages.\n Systems said it modified the software to run on the IBM\n4361 under the IX/370 operating system.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:19:45.31", "places": [ "usa" ], "id": "2152" }, { "title": "CONCHEMCO INC SETS QUARTERLY", "body": "Qtly div 10 cts vs 10 cts prior\n Pay April Six\n Record March 16\n Reuter\n\u0003", "date": " 5-MAR-1987 11:19:48.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "2153" }, { "title": "DST SYSTEMS INC REGULAR PAYOUT SET", "body": "Qtly div five cts vs five cts prior\n Pay April 17\n Record March 16\n Reuter\n\u0003", "date": " 5-MAR-1987 11:19:53.85", "topics": [ "earn" ], "places": [ "usa" ], "id": "2154" }, { "title": "FED NOT EXPECTED TO TAKE MONEY MARKET ACTION", "body": "The Federal Reserve is not expected to\nintervene in the U.S. government securities market to add or\ndrain reserves, economists said.\n Most economists said they did not expect the Fed to add\nreserves with Federal funds trading below six pct.\n They said the funds rate's softer tone may indicate that\nthe need to add reserves in the current bank reserve\nmaintenance period is smaller than previously estimated.\n Fed funds opened at 5-15/16 pct and remained at that level.\nYesterday funds averaged 6.01 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:21:35.04", "topics": [ "interest" ], "places": [ "usa" ], "id": "2155" }, { "title": "WRIGHT SAYS TAX RISE NEEDED TO CUT U.S. DEFICIT", "body": "House Speaker James Wright said\nPresident Reagan should realize that there will be no way to\nmeet the deficit reduction targets in the 1988 budget without a\ntax increase.\n \"In my judgment there isn't any way to achieve the commanded\nreductions in the deficit without some additional revenue,\" the\nTexas Democrat told reporters before the opening of the House\nsession.\n Wright said the Democrats intended to make the additional\ntax burden fairer than was Reagan's plan for 22 billion dlrs in\nadditional revenues in the 1988 budget.\n \"It's not a question of whether new revenue is needed, it's\na question of who has to pay,\" Wright said.\n He has opposed deficit reduction proposals included in\nReagan's budget which would raise fees on medicare recipients,\ntax black lung benefits and reduce tax breaks for home\npurchases.\n Wright has sought to delay the 1988 income tax rate cut but\nhas said other options such as a tax on securities transfers\nwere merely floated as possible deficit reduction alternatives.\n \"There has to be a recognition of reality,\" he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:21:58.61", "places": [ "usa" ], "id": "2156" }, { "title": "BROWN GROUP INC 4TH QTR SHR 77 CTS VS 76 CTS\n", "date": " 5-MAR-1987 11:23:01.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "2157" }, { "title": "PIRELLI UK INT FINANCE ISSUES 50 MLN STG EUROBOND", "body": "Pirelli UK International Finance BV is\nissuing a 50 mln stg eurobond due April 9, 1992 paying 10 pct\nand priced at 101-1/2 pct, lead manager Barclays De Zoete Wedd\nLtd.\n The non callable issue is available in denominations of\n10,000 and 1,000 stg and will be listed in Luxembourg. The\npayment date April 9, 1987.\n The selling concession is 1-1/4 pct while management pays\n1/4 pct and underwriting 3/8 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:23:52.41", "places": [ "uk" ], "id": "2158" }, { "title": "REGAL INTERNATIONAL UPS BELL BID", "body": "Bell Petroleum Services Inc said\nRegal International Inc has doubled its offer for Bell stock to\none Regal share for each Bell share from half a share\npreviously.\n The company said it is seriously considering the new offer\nbut has also received an expression of interest for a possible\nmerger into a Fortune 500 company it did not identify that will\nbe investigated at meetings to be held later this week.\n It said it will explore all possibilities before\nrecommending a final course of action.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:25:09.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "2159" }, { "title": "AZP GROUP UNIT REDEEMS PREFERRED STOCK", "body": "AZP Group Inc said its subsidiary\nArizona Publc Service will redeem on June 1, 1987, all of its\noutstanding shares of its 3.58 dlr cummulative preferred stock\nSeries O, 25 dlr par value.\n The redemption price will be 27.39 dlrs per share, plus\noccurred dividends in accordiance with its terms of the orignal\noffering, the company said. The company issued two mln shars of\nthe stock in May 1982.\n Retiring the series at the first call date will save the\ncompnay and its customers about three mln dlrs annually in \nfinancing costs, said the company.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:25:50.97", "places": [ "usa" ], "id": "2160" }, { "title": "DUKE POWER SELLS 10-YEAR MORTGAGE BONDS", "body": "Duke Power Co is raising 100 mln dlrs\nthrough an offering of first and refunding mortgage bonds due\n1997 yielding 7.663 pct, said lead manager Morgan Stanley.\n Morgan led a syndicate that won the bonds at competitive\nbidding. It bid them at 98.403 and set a 7-1/2 pct coupon and\nreoffering price of 98.875 to yield 55 basis points more than\ncomparable Treasury paper.\n Non-refundable for five years, the issue is rated Aa-2 by\nMoody's and AA-minus by S and P. On June 12, 1986, the utility\nsold 125 mln dlrs of same-rated nine-year securities priced to\nyield 8.54 pct, or 58 basis points over Treasuries.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:26:00.30", "places": [ "usa" ], "id": "2161" }, { "title": "EQK GREEN ACRES LP REPORTS CASH FLOW", "body": "EQK Green Acres LP said cash\nflow for the first 126 days of its operation, ended December\n31, was 34.2 cts per unit, three cts p*er unit over budget.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:26:14.03", "places": [ "usa" ], "id": "2162" }, { "title": "EQK GREEN ACRES LP RAISES QUARTERLY", "body": "Qtly div 26-1/4 cts vs 25 cts prior\n Pay Aug 14\n Record June 30\n Reuter\n\u0003", "date": " 5-MAR-1987 11:26:21.85", "topics": [ "earn" ], "places": [ "usa" ], "id": "2163" }, { "title": "ENVIROPACT ADDS TWO FACILITIES", "body": "Enviropact Inc said it purchased two\nfacilities in Miami and Tampa, Fla.\n In Miami, its said it bought a 1.9 acre lot with a 12,500\nsquare foot facility for 545,000 dlrs. In Tampa, it said it\nbought a 13,000 square foot facility for 440,000 dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:27:15.14", "places": [ "usa" ], "id": "2164" }, { "title": "OGDEN DEVICE APPROVED BY U.S. FOR TESTING", "body": "Ogden Corp said a unit won approval\nfrom the U.S. Environmental Protection Agency to test a bed\ncombuster, a device that burns some hazardous wastes under\nhighly controlled conditions.\n The company said the approval will allow its Ogden\nEnvironmental Services unit to operate a pilot scale model of\nthe device, test the results, and fine tune the instrument to\nburn a number of wastes. Testing begins at the end of March.\n The wastes include contaminated soils, chlorinated solvents\nsuch as carbon tetrachloride, non-chlorinated solvents like\ntoluene, and distillation residues, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:27:25.98", "places": [ "usa" ], "id": "2165" }, { "title": "MERCANTILE STORES CO INC 4TH QTR SHR 3.26 DLRS VS 3.17 DLRS\n", "date": " 5-MAR-1987 11:27:30.60", "topics": [ "earn" ], "id": "2166" }, { "title": "WINLAND ELECTRONICS INC 4TH QTR LOSS", "body": "Shr loss one ct vs profit 15 cts\n Net loss 10,863 vs profit 176,344\n Revs 672,073 vs 766,066\n Year\n Shr loss seven cts vs loss one ct\n Net loss 77,804 vs loss 16,627\n Revs 1,717,810 vs 1,317,402\n Reuter\n\u0003", "date": " 5-MAR-1987 11:27:35.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "2167" }, { "title": "ANTIBIOTICS IN FEED AID DEADLY BACTERIA: STUDY", "body": "A study of salmonella poisoning has\nuncovered new evidence that the common practice of feeding\nantibiotics to cattle is helping to create deadly bacteria that\ncan infect humans and resist medicines.\n Researchers at the federal Centers for Disease Control\ntracked the spread of an unusual strain of salmonella that is\nresistant to the drug chloramphenicol and were able to link the\nresulting food poisoning to farms that used the drug to promote\nthe growth of cattle.\n Cattlemen often give their animals a constant supply of\nantibiotics in feed to help them grow faster. But critics have\nbeen warning for years that the constant exposure to the drugs\nis helping bacteria learn to resist the drugs.\n Industry officials have disputed this, saying the diseases\nthat develop a resistance in cattle probably do not affect\nhumans.\n But the new study, reported in Thursday's New England\nJournal of Medicine, shows the diseases can spread to humans.\n The research team, led by Dr. John Spika, said the number\nof people who have developed the chloramphenicol-resistant\ninfection in Los Angeles County alone jumped from 69 in 1984 to\n298 the following year. Two of those victims died and half the\nvictims in their study of 45 patients had to be hospitalized\nfor their illness.\n They also discovered that cooking the meat didn't always\nprevent the disease. Only 15 pct of the victims reported eating\nraw, infected hamburger. Thus, the researchers concluded, \"the\nmajority of cases appear to have been caused by eating\nhamburger that was at least partially cooked.\"\n The researchers said the results show that \"food animals are\na major source of antimicrobial-resistant salmonella infections\nin humans, and that these infections are associated with\n(antibiotic) use on farms.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 11:27:58.84", "topics": [ "livestock" ], "places": [ "usa" ], "id": "2168" }, { "title": "EC REJECTS ALL FREE MARKET WHEAT EXPORT OFFERS AT WEEKLY TENDER - TRADERS\n", "date": " 5-MAR-1987 11:28:57.20", "topics": [ "grain", "wheat" ], "organisations": [ "ec" ], "id": "2169" }, { "title": "GREAT AMERICAN ISSUES 15 BILLION YEN EUROBOND", "body": "Great American First Savings Bank is\nissuing a 15 billion yen eurobond due April 2, 1992 paying five\npct and priced at 101-3/4 pct, lead manager Nikko Securities Co\n(Europe) Ltd said.\n The issue is collateralised for 140 to 150 pct by U.S.\nGovernment and federal securities and cash, to aim for a AAA\nlisting, a Nikko official said.\n The issue is available in denominations of 20 and five mln\nyen and will be listed in Luxembourg. The payment date is April\n2, 1987. The selling concession is 1-1/4 pct while management\nand underwriting combined pays 5/8 pct.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:29:22.47", "places": [ "uk" ], "id": "2170" }, { "title": "EC AWARDS 123,000 TONNES BARLEY EXPORT LICENCES AT 138.75 ECUS PER TONNE - TRADERS\n", "date": " 5-MAR-1987 11:30:22.44", "topics": [ "grain", "barley" ], "organisations": [ "ec" ], "id": "2171" }, { "title": "FRENCH CEREAL EXPORTS THROUGH ROUEN FALL", "body": "French cereal exports through the port of\nRouen fell 6.4 pct to 725,023 tonnes during the period February\n1 to 25, from 774,704 for the period February 1 to 26 last\nyear, trade sources said.\n Main destinations were Saudi Arabia with 158,109 tonnes of\nbarley, the Soviet Union 147,214 of wheat, Italy 104,704 of\nwheat, Spain 91,381 of wheat and maize, China 52,500 of wheat\nand Algeria 41,000 of wheat.\n Between February 26 and today, five ships have loaded\n137,000 tonnes of cereals, the sources added.\n The 137,000 tonnes comprised 59,500 tonnes of wheat for\nChina, 53,000 of wheat for the Soviet Union and 24,500 of wheat\nfor Algeria.\n By this Friday, sources estimated a further 233,600 tonnes\nof cereals will have been loaded, comprising 47,000 tonnes of\nbarley, 78,600 of wheat and 25,000 of rapeseed for the Soviet\nUnion, 30,000 of wheat for Sri Lanka, 28,000 of wheat for China\nand 25,000 of wheat for Poland.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:31:57.42", "topics": [ "grain", "barley", "wheat", "corn", "oilseed", "rapeseed" ], "places": [ "france", "saudi-arabia", "italy", "spain", "china", "algeria", "ussr", "sri-lanka", "poland" ], "id": "2172" }, { "title": "NATIONAL CONVENIENCE TO HAVE 3RD QTR LOSS", "body": "National Convenience Stores Inc said it\nexpects to report a loss for the third quarter ending March 31\ndue to continued poor sales in Texas, especially in Houston.\n In last year's third quarter, National Convenience earned\n1,788,000 dlrs or eight cts per share, including a gain of\n2,883,000 dlrs from the sale of 186 stores to another operator.\n It said the results also included earnings from gasoline\noperations of 2,500,000 dlrs or 11 cts per share caused by\nunusually high gross margins on gasoline sales of 12.7 cts per\ngallon that were caused by rapidly falling oil prices.\n National Convenience said its third quarter is usually weak\ndue to winter weather.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:32:18.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "2173" }, { "title": "MARATHON RAISES CRUDE POSTED PRICES 50 CTS A BBL, EFFECTIVE TODAY, WTI AT 17 DLRS/BBL.\n", "date": " 5-MAR-1987 11:32:23.92", "topics": [ "crude" ], "id": "2174" }, { "title": "REPORT DUE ON OIL IMPORTS AND NATIONAL SECURITY", "body": "A presidential commission that has\nbeen studying oil imports, including their effect on national\nsecurity, is to to make its report soon, the White House said.\n Spokesman Marlin Fitzwater said the panel, set up last\nOctober to examine U.S. oil import needs, would make its report\nsoon, probably within the next few weeks.\n He said National Security Adviser Frank Carlucci \"will wait\nuntil that report is in and then see if there is any special\naction needed to be taken in the national security area to\nimplement it.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 11:33:11.89", "topics": [ "crude" ], "places": [ "usa" ], "id": "2175" }, { "title": "CHRYSLER SETS THREE-FOR-TWO STOCK SPLIT, RAISES DIVIDEND\n", "date": " 5-MAR-1987 11:34:27.88", "topics": [ "earn" ], "id": "2176" }, { "title": "TIME MANAGEMENT SYSTEMS TO GET INFUSION", "body": "Time Management Systems\nSoftware Inc said it will receive 2,400,000 dlrs from\nManagement Technologies Inc in exchange for an equity\nposition.\n The company said the money will be used to service existing\nand pending contracts as well as the overall anticipated growth\nof the company.\n In a separate action, Management Technologies will acquire\noptions to purchase enough shares from the personal holdings of\nJ.W. McKellip, chairman of Time, to become a controlling\nshareholder of Time.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 11:34:38.64", "places": [ "usa" ], "id": "2177" }, { "title": "U.S. COMMERCE DEPT'S ORTNER SAYS YEN IS 10 OR 15 PCT UNDERVALUED\n", "date": " 5-MAR-1987 11:36:00.06", "topics": [ "money-fx", "yen" ], "id": "2178" }, { "title": "CONTINENTAL AIR FEBRUARY LOAD FACTOR FALLS", "body": "Texas Air Corp's Continental\nAirlines said its February load factor fell to 60.3 pct from\n62.3 pct in February 1986.\n Revenue passenger miles grew 95.8 pct in February to 2.75\nbillion from 1.40 billion and 69.7 pct year-to-date to 4.85\nbillion from 2.86 billion, the company said.\n Available seat miles more than doubled in February to 4.55\nbillion from 2.25 billion and increased 73 pct in the two\nmonths to 8.17 billion from 4.72 billion.\n The load factor, or percentage of seats filled, fell to\n59.4 pct from 60.6 pct in the two months.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:36:37.28", "places": [ "usa" ], "id": "2179" }, { "title": "INTERNATIONAL LEASE FINANCE LEASES JETS", "body": "International Lease Finance\nCorp said it has agreed to lease a new Boeing Co 757-200\njet and two new McDonnell Douglas MD-83 jets.\n The company said the value of the combined transactions\ntotals 71 mln dlrs.\n The Boing jet will be leased to Monarch Airlines Ltd in\nfive-year, 26-mln-dlr transaction and will be delivered in May,\n1987.\n The two McDonnell Douglas jets will be leased to British\nIsland Airways PLC, in an eight-year, 45-mln-dlr transaction.\nThey will be delivered in April, 1988, the company said.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:37:24.16", "places": [ "usa" ], "id": "2180" }, { "title": "U.S. COMMERCE DEPT'S ORTNER SAYS DOLLAR FAIRLY PRICED AGAINST EUROPEAN CURRENCIES\n", "date": " 5-MAR-1987 11:37:35.34", "topics": [ "money-fx", "dlr" ], "id": "2181" }, { "title": "BROWN GROUP INC 4TH QTR JAN 31 NET", "body": "Shr 77 cts vs 76 cts\n Net 13,843,000 vs 14,478,000\n Sales 374.6 mln vs 368.3 mln\n Avg shrs 18,003,000 vs 19,025,000\n Year\n Shr 2.16 dlrs vs 2.65 dlrs\n Net 39,503,000 vs 51,573,000\n Revs 1.41 billion vs 1.41 billion\n Avg shrs 18,269,000 vs 19,497,000\n NOTE: 1986 period ended February One\n Company changed fiscal yearend to January 31 from October\n31. 1986 results were restated to reflect the change.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:38:04.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "2182" }, { "title": "EC AWARDS EXPORT LICENCES FOR 25,000 TONNES MAIZE - PARIS TRADE.\n", "date": " 5-MAR-1987 11:38:10.86", "topics": [ "grain", "corn" ], "organisations": [ "ec" ], "id": "2183" }, { "title": "SALOMON NAMES ROSENFELD TO NEW POST", "body": "Salomon Inc said it elected Gerald\nRosenfeld exeuctive vice president and chief financial officer,\nsucceeding Ray Golden who left January 31 and has since joined\n.\n Salomon also said Rosenfeld was named to the new position\nof chief financial officer of Salomon Brothers, where he will\noversee its financial division of 560 people.\n Rosenfeld joined Salomon in 1979 and has been a member of\nSalomon Brothers' merger and acquisitions group. Last year he\nbecame head of Salomon Brothers' Capital commitments committee,\na role he retains.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:38:33.87", "places": [ "usa" ], "id": "2184" }, { "title": "SAPPORO BREWERIES ISSUES FIVE YEAR SFR NOTES", "body": "Sapporo Breweries Ltd of Japan is issuing\n100 mln Swiss francs of five year notes with a 4-5/8 pct coupon\nand 100-1/4 issue price, lead manager Swiss Bank Corp said.\n The issue is guaranteed by Fuji Bank.\n Payment is due March 17.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:39:02.55", "places": [ "switzerland" ], "id": "2185" }, { "title": "ZAMBIAN LATE 1986 COPPER OUTPUT UP, SALES DOWN", "body": "Zambian copper production rose 3.2 pct to\n113,275 tonnes in fourth quarter 1986 from 109,767 in the same\n1985 period but sales fell 18.7 pct to 119,967 tonnes from\n147,537, Zambia Consolidated Copper Mines, ZCCM, said.\n A spokesman for the government-controlled mining company\nsaid the country's cobalt production fell 24 pct to 879 tonnes\nover the same period, while cobalt sales rose 92 pct to 1,734\ntonnes. He did not give figures for the fourth quarter of 1985.\n Lead production fell 22.9 pct to 1,670 tonnes from 2,165\nand zinc production dropped 14 pct to 4,830 tonnes, he added.\n ZCCM, which monopolises copper mining in Zambia and\naccounts for about 90 pct of the country's foreign exchange\nearnings, made a net loss of 718 mln kwacha in 1986 compared\nwith a net profit of 19 mln kwacha the previous year.\n The 1986 losses were after taking into account net interest\npayments of 426 mln kwacha, an exchange loss of 412 mln kwacha\nand taxes of 235 mln kwacha.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:39:11.34", "topics": [ "copper", "lead", "zinc", "strategic-metal" ], "places": [ "zambia" ], "id": "2186" }, { "title": "BAD WEATHER CLOSES ALEXANDRIA PORT, OIL TERMINAL", "body": "Strong winds and high seas\ntoday closed Alexandria, Egypt's biggest port, and an oil\npipeline terminal nearby, officials said.\n Facilities of the Suez-Mediterranean Arab Petroleum\nPipelines Company at Sidi Kreir, 32 km southeast of Alexandria,\nwere closed this morning after one tanker loaded and sailed.\n Officials said that five other tankers were waiting outside\nthe terminal for conditions to improve.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:39:19.38", "topics": [ "crude", "ship" ], "places": [ "egypt" ], "id": "2187" }, { "title": "PEGASUS GOLD INC 4TH QTR NET", "body": "Shr profit 20 cts vs loss two cts\n Net profit 2,665,000 vs loss 202,000\n Revs 12.1 mln vs 5,993,000\n Year\n Shr profit 35 cts vs loss 11 cts\n Net profit 4,653,000 vs loss 1,167,000\n Revs 35.1 mln vs 18.0 mln\n NOTE: Current qtr includes gain of 1.1 mln dlrs from tax\nbenefit.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:41:14.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "2188" }, { "title": "ACETO EXTENDS STOCK REPURCHASE PROGRAM", "body": "Aceto Corp said its board authorized an\nextension of a stock buyback program for three years until May\n1990.\n The 200,000 share repurchase program, initially authorized\nin May 1984, was due to expire May 1987. Since its inception,\nthe company said it has repurchased 35,957 shares.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:41:26.19", "places": [ "usa" ], "id": "2189" }, { "title": "U.S. COMMERCE'S ORTNER SAYS YEN UNDERVALUED", "body": "Commerce Dept. undersecretary of\neconomic affairs Robert Ortner said that he believed the dollar\nat current levels was fairly priced against most European\ncurrencies.\n In a wide ranging address sponsored by the Export-Import\nBank, Ortner, the bank's senior economist also said he believed\nthat the yen was undervalued and could go up by 10 or 15 pct.\n \"I do not regard the dollar as undervalued at this point\nagainst the yen,\" he said.\n On the other hand, Ortner said that he thought that \"the yen\nis still a little bit undervalued,\" and \"could go up another 10\nor 15 pct.\"\n In addition, Ortner, who said he was speaking personally,\nsaid he thought that the dollar against most European\ncurrencies was \"fairly priced.\"\n Ortner said his analysis of the various exchange rate\nvalues was based on such economic particulars as wage rate\ndifferentiations.\n Ortner said there had been little impact on U.S. trade\ndeficit by the decline of the dollar because at the time of the\nPlaza Accord, the dollar was extremely overvalued and that the\nfirst 15 pct decline had little impact.\n He said there were indications now that the trade deficit\nwas beginning to level off.\n Turning to Brazil and Mexico, Ortner made it clear that it\nwould be almost impossible for those countries to earn enough\nforeign exchange to pay the service on their debts. He said\nthe best way to deal with this was to use the policies outlined\nin Treasury Secretary James Baker's debt initiative.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:41:57.40", "topics": [ "money-fx", "dlr", "yen" ], "places": [ "usa", "brazil", "mexico" ], "id": "2190" }, { "title": "EC REJECTS WHEAT EXPORT BIDS, GRANTS BARLEY", "body": "The European Community's cereal\nmanagement committee rejected all bids to export free market\nsoft wheat at today's weekly tender, traders said.\n The committee awarded 123,000 tonnes of free market barley\nexport licences at a maximum export refund of 138.75 Ecus per\ntonne.\n\u0003", "date": " 5-MAR-1987 11:42:35.18", "topics": [ "grain", "wheat", "barley" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "2191" }, { "title": "ZAYRE FEBRUARY SALES UP 25.7 PCT", "body": "Zayre Corp said sales for the\nfour weeks ended February 28 were up 25.7 pct to 327.0 mln dlrs\nfrom 260.2 mln dlrs a year before.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:45:02.13", "places": [ "usa" ], "id": "2192" }, { "title": "CORNING GLASS WORKS UNIT TRANSFERS STOCK", "body": "Corning Glass Works' subsidiary\nCorning International Corp said it agreed to transfer 55 pct of\nits capital stock of an Argentine glass manufacturer to a\nEuropean group.\n It said it will transfer the capital stock of Rigolleau,\nS.A., to the group controlled by Camillo Gancia, an Argentine\nindustrialist.\n The company said the transaction would reduce Corning's\nownership in Rigolleau to approximately 20 pct. The company\nsaid the change will not impact on its net income for th year.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:45:13.97", "topics": [ "acq", "earn" ], "places": [ "usa", "argentina" ], "id": "2193" }, { "title": "ZAYRE CORP 4TH QTR JAN 31 NET", "body": "Shr 73 cts vs 60 cts\n Net 43,792,000 vs 36,480,000\n Rev 1.78 billion vs 1.34 billion\n Year\n Shr 1.49 dlrs vs 1.61 dlrs\n Net 88,974,000 vs 94,647,000\n Rev 5.35 billion vs 4.04 billion\n NOTE: 4th qtr net includes pre-tax gain of 9.7 mln dlrs\nfrom sale of real estate and real estate development company.\n Fiscal 1986 net includes extraordinary charge of 3.5 mln\ndlrs, or six cts a share. All per share data reflects a\ntwo-for-one stock split paid June 25, 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:45:37.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "2194" }, { "title": "FARMERS CONCERNED ABOUT BRITISH SUGAR OWNERSHIP", "body": "The National Farmers Union, NFU, remains\nconcerned about the future ownership of British Sugar despite\nlast week's decision by the government to block bids from\nItaly's Gruppo Ferruzzi and Britain's Tate & Lyle Plc.\n The union's sugar beet committee met yesterday to consider\nthe implications of a government Monopolies and Merger\nCommission, MMC, report issued last week. \"We are still\nconcerned about S and W Berisford being long-term owners of\nBritish Sugar,\" a spokesman said. \"We do not view Berisford as\nproviding the long-term stability we want.\"\n The Trade and Industry Secretary accepted a recommendation\nlast week by the MMC that it block a bid by Tate and Lyle for S\nand W Berisford Plc and stop Gruppo Ferruzzi buying a majority\nof British Sugar, owned by Berisford.\n Union officials believe a new bid for the monopoly beet\nprocessor is now likely. \"We are looking again at the\nundertakings that we have demanded of existing bidders and\nwhich we would seek of any future bidders,\" the spokesman said.\nThe NFU, which represents Britain's 11,500 sugar beet growers,\nis also taking legal advice on particular paragraphs in the MMC\nreport which it says need further explanation.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:47:38.39", "topics": [ "sugar", "acq" ], "places": [ "uk" ], "id": "2195" }, { "title": "ZAYRE PLANS MORE STORE OPENINGS IN 1987", "body": "Zayre Corp said it plans to\nopen 25 additional Zayre Stores, 35 new T.J. Maxx stores and 50\nHit or Miss Shops in 1987.\n In addition, Zayre said it plans to add six new BJ's\nWholesale Clubs and eight new HomeClubs to its warehouse group.\n Earlier, the company reported 1986 earnings, ended January\n31, of 89.0 mln dlrs, or 1.49 dlrs per share, versus 94.6 mln\ndlrs, or 1.61 dlrs per share, in fiscal 1985. It also reported\nfourth quarter net of 43.8 mln dlrs, or 73 cts a share, versus\n36.5 mln dlrs, or 60 cts a share in 1985's fourth quarter.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:47:47.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "2196" }, { "title": "DUTCH GROWTH LIKELY TO SLOW, JOBLESS RISE IN 1987", "body": "Leaks of a major Dutch official\neconomic forecast due to be published on Monday indicate\nreduced economic growth and a renewed rise in unemployment this\nyear, political and market sources say.\n Concern over an anticipated fall in Dutch competitiveness\nthis year against a background of an average 2-1/2 pct wage\nincrease, zero inflation and a firm guilder has triggered some\ncalls for a change in monetary policy to help boost growth.\n But whatever the government's response, the central bank\nwill stick to its policy of keeping the guilder firm, they say.\n The official forecasting agency Centraal Planbureau (CPB)\npublishes its 1987 outlook at the start of a week which will\nalso see a key parliamentary debate on government finances and\nthe economy.\n Merchant bank Pierson, Heldring en Pierson - in an estimate\nreflecting general sentiment - said last month that Dutch\neconomic growth was now seen around one pct.\n Domestic consumer spending is not expected to offset the\ndecline in export growth caused by slowing growth in West\nGermany, the main Dutch trading partner, and the lower dollar,\nPierson said in its February economic outlook.\n The latest growth forecasts are well below a 1.5 to two pct\ngrowth figure seen by the CPB early last month and forecasts of\n2.5 pct economic growth in 1987 made last September.\n The fall in unemployment is bottoming out and the\ngovernment has already admitted it will not meet its goal of\nreducing unemployment by an annual 50,000 from 1986 to 1990.\n Some analysts and industry leaders have questioned central\nbank policy of pegging the guilder firmly to the mark and if\nnecessary keeping interest rates up to support the guilder.\n Employers federation NCW chairman Fred Lempers criticised\nthe guilder's revaluation in line with the West German mark in\nlast January's European Monetary System (EMS) realignment and\nexpressed concern over its effect on competitiveness.\n But the employers federation VNO noted the Dutch economy\nhad become more competitive since 1980 and the fall of the\ndollar was affecting this gain more than the EMS realignment.\n Some analysts also question the central bank's decision not\nto copy the latest Bundesbank discount rate cut and instead\nlower money market rates and abolish a credit quota surcharge.\n Central bank president Wim Duisenberg has defended the move\nsaying the bank had adjusted the rates with the most impact on\nthe money market, noting \"the (4.5 pct) discount rate is at the\nmoment not the most important Dutch rate because it is already\nfar below the market rates.\"\n Central bank officials say the heavy dependence on trade of\nthe Dutch economy requires a stable exchange rate, and interest\nrate policies serve that goal.\n Analysts noted a large capital outflow from the Netherlands\nrecently as foreign investments in Dutch stock are being sold\nto take profits.\n Loosening the tie between the guilder and the mark would\nreduce international confidence in the guilder and make it more\ndificult to attract foreign capital, they said, noting Dutch\ninterest rates rose sharply when the guilder was not revalued\ncompletely in line with the mark in a 1983 EMS realignment.\n Many Dutch banks have reacted favourably to the decision\nnot to copy the last German discount rate cut, but Pierson\nwarned it could actually add to uncertainty over the guilder.\n Some analysts noted friction between the Finance Ministry\nand the central bank, with Finance Minister Onno Ruding having\nsaid before the Bundesbank discount rate cut he favoured lower\nDutch rates but that the Germans should move first.\n One analyst said Ruding wanted to bring interest rates down\nto reduce the government debt burden.\n A Finance Ministry spokesman said lower interest rates were\nneeded but denied any suggestion of conflicting views between\nthe ministry and the central bank. \"The cabinet's policy is\nsteady, the guilder has to stay with the mark,\" he said.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:49:11.91", "topics": [ "gnp", "jobs" ], "places": [ "netherlands", "west-germany" ], "id": "2197" }, { "title": "CHRYSLER SETS STOCK SPLIT, HIGHER DIVIDEND", "body": "Chrysler Corp said its board declared a\nthree-for-two stock split in the form of a 50 pct stock\ndividend and raised the quarterly dividend by seven pct.\n The company said the dividend was raised to 37.5 cts a\nshare from 35 cts on a pre-split basis, equal to a 25 ct\ndividend on a post-split basis.\n Chrysler said the stock dividend is payable April 13 to\nholders of record March 23 while the cash dividend is payable\nApril 15 to holders of record March 23. It said cash will be\npaid in lieu of fractional shares.\n With the split, Chrysler said 13.2 mln shares remain to be\npurchased in its stock repurchase program that began in late\n1984. That program now has a target of 56.3 mln shares with the\nlatest stock split.\n Chrysler said in a statement the actions \"reflect not only\nour outstanding performance over the past few years but also\nour optimism about the company's future.\"\n reuter\n\u0003", "date": " 5-MAR-1987 11:50:14.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "2198" }, { "title": "PARIBAS SHARES TO BE QUOTED ON MAIN PARIS MARKET", "body": "Shares in financial group Cie Financiere\nde Paribas , privatised in January, will begin trading\non the Paris Bourse monthly settlement market on April 23,\nFrance's Association of Stockbrokers said.\n The shares are currently traded on the immediate settlement\nmarket.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:50:29.69", "places": [ "france" ], "id": "2199" }, { "title": "GREAT AMERICAN ISSUES 15 BILLION YEN EUROBOND", "body": "Great American First Savings Bank is\nissuing a 15 billion yen eurobond due April 2, 1992 paying five\npct and priced at 101-3/4 pct, lead manager Nikko Securities Co\n(Europe) Ltd said.\n The issue is collateralised for 140 to 150 pct by U.S.\nGovernment and federal securities and cash, to aim for a AAA\nlisting, a Nikko official said.\n The issue is available in denominations of 20 and five mln\nyen and will be listed in Luxembourg. The payment date is April\n2, 1987. The selling concession is 1-1/4 pct while management\nand underwriting combined pays 5/8 pct.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:51:07.29", "places": [ "uk" ], "id": "2200" }, { "title": "TWA GETS APPROVAL FOR LONDON ROUTE", "body": "Trans World Airlines Inc said the U.S.\nDepartment of Transportation has granted preliminary approval\nfor service between Baltimore/Washington International Airport\nand London.\n It said once a final decision is reached, it will proceed\nwith plans to start service on the route.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:51:32.81", "places": [ "usa", "uk" ], "id": "2201" }, { "title": "BANCO SANTANDER TO BUY WEST GERMANY'S CC-BANK", "body": " signed a letter of\nintent with Bank of America to purchase its West German\naffiliate , CC-Bank, the bank said\nin a statement amplifying an earlier report from Frankfurt.\n \"The incorporation of CC-Bank in our group will provide a\nmajor boost...For chanelling investment between Spain and the\nEuropean Community,\" the statement said.\n \"This operation enables us to take up a solid position in\nWest Germany ahead of Spain's full integration into the EC's\nfinancial system in five years' time.\"\n The deal included the license for Visa credit cards.\n REUTER\n\u0003", "date": " 5-MAR-1987 11:51:41.89", "topics": [ "acq" ], "places": [ "spain", "west-germany" ], "id": "2202" }, { "title": "CANADIAN IMPERIAL SEES LOWER LOAN LOSSES", "body": ",\nearlier reporting higher net income for the first quarter ended\nJanuary 31, said it expects loan losses to be lower than last\nyear's 697.0 mln dlrs.\n However, the bank said it will maintain the high level of\nprovisioning for loan losses established last year because of\nmany market uncertainties. Commerce bank set loan loss\nprovisions of 636.0 mln dlrs in fiscal 1986, ended October 31.\n The bank earlier said first quarter net income rose to 96.5\nmln dlrs from 87.0 mln dlrs in the prior year. Profit per basic\nshare after dividends fell to 61 cts from year-ago 64 cts.\n Commerce Bank said because of market uncertainties, it used\nan estimate of 600.0 mln dlrs for fiscal 1987 loan losses in\ncalculating first quarter results.\n The bank's first quarter provision for loan losses rose to\n172.0 mln dlrs, from 152.0 mln dlrs in the prior year.\n Commerce Bank also said it will continue to adopt an\nagressive posture in adding to its general provisions against\nloan exposure to 34 countries designated by the federal\ngovernment's Inspector General of Banks.\n First quarter net partly benefitted from net interest\nincome, up to 561.8 mln dlrs from year ago 540.9 mln dlrs.\n Commerce Bank said improved other income, which rose to\n213.6 mln dlrs from year-earlier 170.1 mln dlrs, and net income\nwas partially offset by the increased loan loss provisions,\nnon-interest expenses and income taxes.\n The bank said first quarter total assets increased to 83.92\nbillion dlrs from 78.93 mln dlrs in the prior year, due mainly\nto continued expansion in consumer loan and mortgage fields.\n Return on assets increased by two cts to 46 cts per 100\ndlrs of average assets from the first quarter in fiscal 1986,\nbut declined two cts from fiscal 1986 fourth quarter.\n The bank also said total non-accrual loans increased to 2.4\nbillion dlrs in the first quarter from year-ago 1.8 billion\ndlrs. However, non-accrual loans declined 130 mln dlrs from\nfiscal 1986 year-end.\n \"Despite the recent announcement of the suspension of\ninterest payments by Brazil, virtually all of the bank's loans\nto this country were income producing up to January 31, 1987,\nand there was little adverse impact on the bank's earnings\nprior to the announcement,\" Commerce bank said.\n The bank did not disclose a forecast of the impact on\nfuture earnings by Brazil's suspension of interest payments.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:52:01.77", "topics": [ "earn" ], "places": [ "canada" ], "id": "2203" }, { "title": "LOWE'S FEBRUARY SALES UP SEVEN PCT", "body": "Lowe's Cos Inc said sales\nfor the four weeks ended February 27 were up seven pct to 136.6\nmln dlrs from 127.4 mln dlrs a year earlier.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:52:18.58", "places": [ "usa" ], "id": "2204" }, { "title": "MERCANTILE STORES CO INC 4TH QTR NET", "body": "Qtr ends Jan 31\n Shr 3.26 dlrs vs 3.17 dlrs\n Net 47.9 mln vs 46.7 mln\n Revs 673.1 mln vs 630.2 mln\n 12 mths\n Shr 7.54 dlrs vs 6.95 dlrs\n Net 111.1 mln vs 102.4 mln\n Revs 2.03 billion vs 1.88 billion\n.\n\u0003", "date": " 5-MAR-1987 11:53:38.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "2205" }, { "title": "INDIA BOUGHT AT LEAST EIGHT CARGOES SUGAR--TRADE", "body": "India bought eight cargoes of white\nsugar at a buying tender this week but also gave sellers\noptions to sell an extra eight cargoes at the same prices,\ntraders said.\n Four international firms shared the business which gave\neach of them sales of two cargoes of Mar/Apr shipment sugar at\n233 dlrs CIF and options on two cargoes of Apr/May.\n This brings recent options India has given traders to some\n200,000 tonnes at fixed prices and makes future Indian\npurchases very dependent on price fluctuations, traders said.\n At 233 dlrs CIF the sugar sold this week was at a discount\nof up to 10 dlrs to current prices, some traders said.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:54:43.70", "topics": [ "sugar" ], "places": [ "uk", "india" ], "id": "2206" }, { "title": "UNITEL VIDEO SHAREHOLDER PROPOSES POSSIBLE SALE OR LIQUIDATION OF COMPANY\n", "date": " 5-MAR-1987 11:54:50.35", "topics": [ "acq" ], "id": "2207" }, { "title": "ROSS STORES FEBRUARY SAME-STORE SALES FLAT", "body": "Ross Stores Inc said sales for\nthe four weeks ended February 28 were up 33 pct to 40 mln dlrs\nfrom 30 mln dlrs a year earlier, with same-store sales flat.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:57:19.76", "places": [ "usa" ], "id": "2208" }, { "title": "TELEMATICS IN INITIAL PUBLIC OFFERING", "body": " said 2,550,000 shares of common at 12 dlrs per share are\nbeing offered in an initial public offering.\n It said it is offering 2,050,000 and certain shareholders\nare offering 500,000 shares.\n and Robertson, Colman and\nStephens are the managers of the syndicate offering the larger\nnumber of shares, and Alex. Brown, Colman and Hambros Bank\nLimited are the managers of the international offering of\n500,000 shares.\n Reuter\n\u0003", "date": " 5-MAR-1987 11:57:32.24", "places": [ "usa" ], "id": "2209" }, { "title": "TOKHEIM CORP ENTERS JOINT VENTURE", "body": "Tokheim Corp said its advanced\nproducts and electronics division has reached a four-year\nmanufacturing and marketing agreement with , a New\nJersey-based corporation which had developed a credit card\nactivated video cassette rental machine.\n Tokheim said the agreement gives it exclusive manufacturing\nand servicing rights for all TechVend machines, as well as\nexclusive marketing rights for convenience stores and other\npetroleum market-related installations.\n The company said the vending machines are a springboard\ninto the video cassette rental industry.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 11:58:20.18", "places": [ "usa" ], "id": "2210" }, { "title": "ALLEGHENY POWER SYSTEM INC SETS PAYOUT", "body": "Qtly div 73 cts vs 73 cts prior\n Pay March 31\n Record March 16\n Reuter\n\u0003", "date": " 5-MAR-1987 11:59:02.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "2211" }, { "title": " 4TH QTR NET", "body": "Oper shr 57 cts vs 73 cts\n Oper net 6,051,000 vs 7,818,000\n Revs 50.0 mln vs 56.0 mln\n Year\n Oper shr 1.06 dlrs vs 1.24 dlrs\n Oper net 11,301,000 vs 13,203,000\n Revs 171.9 mln vs 207.4 mln\n NOTE: Current oper net excludes extraordinary income of\n180,000 dlrs in qtr and 1,119,000 dlrs in year vs previous\nlosses of 2,345,000 dlrs and 515,000 dlrs, respectively.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 11:59:37.42", "topics": [ "earn" ], "places": [ "canada" ], "id": "2212" }, { "title": "HOUSTON OIL ROYALTY TRUST PAYOUT LOWER", "body": "Mthly div 2.108 cts vs 2.158 cts prior\n Pay March 26\n Record March 16\n Reuter\n\u0003", "date": " 5-MAR-1987 12:00:10.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "2213" }, { "title": "JUTLAND TELEPHONE ISSUES 75 MLN SFR 10 YEAR BOND", "body": "Jutland Telephone Co has launched a 75\nmln 10 year bond with a 4-3/4 pct coupon and par issue price,\nmarket sources said.\n They said the issue is led by Union Bank of Switzerland.\n The bond is on sale until March 19 with payment due April\n10.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:00:51.69", "places": [ "switzerland" ], "id": "2214" }, { "title": "SAPPORO BREWERIES ISSUES FIVE YEAR SFR NOTES", "body": "Sapporo Breweries Ltd of Japan is issuing\n100 mln Swiss francs of five year notes with a 4-5/8 pct coupon\nand 100-1/4 issue price, lead manager Swiss Bank Corp said.\n The issue is guaranteed by Fuji Bank.\n Payment is due March 17.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:01:29.35", "places": [ "switzerland", "japan" ], "id": "2215" }, { "title": "ENGELHARD CORP SETS THREE FOR TWO STOCK SPLIT AND RAISES QUARTERLY\n", "date": " 5-MAR-1987 12:01:45.81", "topics": [ "earn" ], "id": "2216" }, { "title": "PARIS TRADE DETAILS EC GRAIN TENDER RESULT", "body": "The EC Commission rejected all bids for\nfree market bread-making and feed wheat and all bids for the\nspecial West German tender at today's weekly EC cereals tender,\ntrade sources said here.\n It granted export licences for 123,000 tonnes of free\nmarket barley at a maximum rebate of 138.75 Ecus per tonne and\n25,000 tonnes of maize at a maximum rebate of 133.75 Ecus, they\nsaid.\n Licences for 100,000 tonnes of the barley were awarded to\nFrench trade houses, they added.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:03:00.26", "topics": [ "grain", "wheat", "barley", "corn" ], "organisations": [ "ec" ], "places": [ "france" ], "id": "2217" }, { "title": "ERICSSON'S U.S. UNIT WINS 1.4 MLN DLR CONTRACT", "body": "Ericsson Corp, the U.S. unit\nof of Sweden, said it won a 1.4 mln\ndlr contract from California's Somona State University for\ncomputer communications equipment.\n The contract includes Ericsson's MD110 digital private\nbranch exchange and a local area network, supplying voice\nservices to 1500 campus computer users and greater computer\naccess, the company said.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:03:31.01", "places": [ "usa", "sweden" ], "id": "2218" }, { "title": "HOLDER PROPOSES UNITEL SALE OR LIQUIDATION", "body": "Michael Landes, a major stockholder\nin Unitel Video Inc, said he has asked the company to consider\nliquidating, or selling some or all of its assets.\n \"Mr. Landes has requested the company to implement a\nprogram to maximize shareholder values, which might include a\nsale of all or part of the company or a liquidation,\" he said\nin a filing with the Securities and Exchange Commission.\n Landes and another Unitel Video investor, Albert Schwatz,\nhave formed a shareholder group and together hold 329,225\ncommon shares, or 15.2 pct of the total outstanding common\nstock.\n Landes and Schwartz had reached an agreement in principle\nwith the New York video tape service company on a 12.50 dlr a\nshare takeover proposal last September, but subsequent merger\ntalks broke down in October.\n The investors told the SEC they are continuing to review\ntheir positions company and may acquire more shares or sell\nsome or all of their current stake.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:04:22.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "2219" }, { "title": "HUGES TOOL COMPANY SAYS BAKER INTERNATIONAL MERGER PLAN NOT TERMINATED\n", "date": " 5-MAR-1987 12:04:32.38", "topics": [ "acq" ], "id": "2220" }, { "title": "ROYAL DUTCH/SHELL GROUP OF COS 4TH QTR NET", "body": "Shr Royal Dutch Petroleum Co 2.30 dlrs vs 2.90 dlrs\n Final Royal Dutch dividend of 8.30 guilders for total 12.80\nguilders vs 12.80 guilders for 1985\n Shr Shell Transport and Trading Co PLC 1.38 dlrs vs\n1.65 dlrs\n Final Shell Transport dividend 118.0 pence for total of\n172.0 pence vs 140.0 pence for 1985\n Group Net 1.07 billion vs 1.24 billion\n Group Sales 20.42 billion vs 25.84 billion\n Year\n Shr Royal Dutch 8.65 dlrs vs 9.11 dlrs\n Net Shell Transport 4.78 dlrs vs 5.16 dlrs\n Group Net 3.71 billion vs 3.88 billion\n Group Sales 81.40 billion vs 94.57 billion\n NOTES: Group is 60 pct owned by Royal Dutch and 40 pct by\nShell Transport\n Dollar amount of Royal Dutch dividend will depend on\nguilder/dollar exchange rate on May 14. Final dividend is\npayable June 16 to holders of record May 26\n Shell Transport dividend and per share results based on New\nYork shares, which are equal to four ordinary shares. Dollar\nfinal dividend will be determined by sterling/dollar exchange\nrate May 18. At current rate, with tax credits, is equal to\n2.59 dlrs. Final dividend is payable May 28 to holders of\nrecord April 10\n Fourth quarter U.S. dollar figures for group translated\nfrom sterling at average rate of exchange for the quarter which\nwas 1.43 dlrs per pound in 1986 and 1.44 dlrs in 1985. Full\nyear U.S. dollar figures are sum of sterling translations to\nU.S. dollars for first, second, third and fourth quarters\n Net includes FIFO inventory gain 217 mln dlrs vs loss 80\nmln dlrs in quarter and loss 1.23 billion dlrs vs loss 178 mln\ndlrs in year. If LIFO accounting had been used, company said,\nRoyal Dutch per share net would have been 1.78 dlrs vs 3.17\ndlrs in quarter and 11.60 dlrs vs 9.53 dlrs in year, Shell\nTransport per share net would have been 1.10 dlrs vs 1.81 dlrs\nin quarter and 6.36 dlrs vs 5.40 dlrs in year\n Net includes restructuring credit 114 mln dlrs vs charge 72\nmln dlrs in quarter and credit 67 mln dlrs vs charge 467 mln\n Per share impact of restructuring on Royal Dutch was credit\n27 cts vs charge 17 cts in quarter and credit 16 cts vs charge\n1.10 dlrs in year, on Shell Transport was credit 15 cts vs\ncharge 10 cts in quarter and credit nine cts vs charge 62 cts\nin year\n Net also includes currency exchange losses of 20 mln dlrs\nvs 69 mln dlrs in quarter and 170 mln dlrs vs 401 mln dlrs in\nyear. Exchange losses had per share impact on Royal Dutch of 14\ncts vs 31 cts in quarter and 96 cts vs 1.26 dlrs in year and on\nShell Transport of eight cts vs 17 cts in quarter and 51 cts vs\n71 cts in year.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:07:02.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "2221" }, { "title": "U.S. HOUSE SPEAKER SEES ACTION ON FSLIC FUNDING", "body": "House Speaker Jim Wright said he\nexpects the House Banking Committee to approve legislation in\n\"a week or so\" for an infusion of funding for the cash-short\nFederal Savings and Loan Insurance Corporation (FSLIC).\n The agency, which insures depositors in thrift institutions\nagainst losses, only has about 1.9 billion dlrs left, House\nBanking Committee officials said.\n The administration wants legislation for a long term 15\nbillion dlr replenishment, but Wright is pushing for an\nemergency, short-term five billion funding effort.\n Wright made his prediction in a talk with reporters.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:07:47.04", "places": [ "usa" ], "id": "2222" }, { "title": "WORLD GRAIN TRADE RECOVERY MAY BE UNDERWAY", "body": "World grain trade could be turning\nthe corner and heading toward recovery in the 1986-87 season, a\nCargill, Inc. analyst said.\n Writing in the March issue of the Cargill Bulletin, David\nRogers of Cargill's Commodity Marketing Division cited a\ngradual rise in world wheat trade in recent months, with a slow\nrise in wheat prices after recent historic lows.\n He said the wheat trade, because wheat can be produced in\nmany nations, is a good barometer of world grain trade and\ncould lead to more activity in other grain markets.\n Rogers said that with world grain prices at their lowest\nlevel in over a quarter of a century in real terms, demand has\nbegun to rise while producing nations are re-examining their\nexpensive price-support policies and reducing planted acres.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:09:41.04", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "2223" }, { "title": "INVESTMENT FIRM BOOSTS PUROLATOR STAKE", "body": "Halcyon Investments, a New York\ninvestment partnership that deals mainly in risk arbitrage and\nstock trading, said it raised its Purolator Courier Corp stake\nto 726,700 shares, or 9.5 pct, from 474,900, or 6.2 pct.\n In a filing with the Securities and Exchange Commission,\nHalcyon, whose managing partner is Alan B. Slifka and Co, said\nit bought 201,800 Purolator common shares between Feb 3 and\nMarch 2 at prices ranging from 28.689 to 34.811 dlrs each.\n Halcyon, which said it has spent 20.1 mln dlrs for its\nPurolator common shares, said it also acquired options on Feb\n27 giving it the right to buy 50,000 shares for 1.8 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:10:45.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "2224" }, { "title": "AETNA TO SELL CANADIAN OPERATIONS", "body": "Aetna Life and Casualty Co said\nits Aetna Life and Casualty of Canada Ltd subsidiary has agreed\nin prnciple to sell its casualty-property subsidiary, Aetna\nCasualty Co of Canada to of Montreal for\nundisclosed terms.\n The company said the agreement is subject to Canadian\ngovernment approval.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:10:51.81", "topics": [ "acq" ], "places": [ "usa", "canada" ], "id": "2225" }, { "title": "NPPC DELEGATES APPROVE DISEASE AND DRUG PROGRAMS", "body": "Delegates from the National Pork\nProducers Council, NPPC, yesterday approved programs for\ncontrol and eradication of pseudorabies and establishment of a\nnational safe drug use program.\n The delegate body, attending the American Pork Congress in\nIndianapolis, approved a pseudorabies control and eradication\nprogram at the state level after a recommendation from NPPC's\nPRV (pseudorabies virus) oversight committee.\n The PRV committee received results of a three year, five\nstate pilot project which had a 97.5 pct success rate in\neradication of the disease within 116 hog herds. The project\nwas jointly funded by the USDA and NPPC.\n \"Primarily it (the program) allows individual states to\ndeal with their own problems according to a timetable that\nsuits them best,\" Mike Wehler, member of the NPPC's PRV\noversight committee said.\n In regards to safe drug use, the delegates approved a plan\nasking that NPPC be active in establishing a national safe drug\nuse program.\n The program would establish better relationships between\nproducers and veterinarians and eventually lead to a quality\nassurance program in pork production, according to the plan.\n \"This program basically communicates to the FDA that we are\nconcerned about safe drug use and will do our part to use drugs\nsafely, if FDA will allow the same policy to continue in\neffect,\" Wehler said.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:12:50.54", "topics": [ "livestock", "hog", "carcass" ], "places": [ "usa" ], "id": "2226" }, { "title": "SOUTHERN MINERAL CORP 4TH QTR LOSS", "body": "Shr loss two cts vs profit three cts\n Net loss 77,400 vs profit 134,000\n Revs 418,500 vs 435,900\n Year\n Shr profit eight cts vs profit 27 cts\n Net profit 315,100 vs profit 1,082,700\n Revs 1,761,900 vs 2,511,200\n NOTE: Per-share figures adjusted for four-for-three stock\ndistribution effective Dec 14, 1984\n 1985 results include an extraordinary tax benefit of 55,000\ndlrs, or one ct a share in each period\n Reuter\n\u0003", "date": " 5-MAR-1987 12:13:58.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "2227" }, { "title": "BANK OF ENGLAND RESISTS PRESSURE FOR RATE CUT", "body": "The Bank of England again fought against\nmoney and bond market pressure for a pre-Budget interest rate\ncut, leaving the pound to take the strain with a further rise\nin its trade-weighted index to a six-month high.\n It closed at its best level since September 12, at 71.4 pct\nof its 1975 value on the index, as foreign investors continued\nto buy into a currency which offers high relative returns and\nthe possibility of short-term capital gains, dealers said.\n Meanwhile, opinion is divided over whether the Bank can\nstop a cut before Budget Day, March 17, and why it should want\nto.\n The Bank's latest strong signal to the market that it wants\nrates to stay steady for the moment came in midafternoon, when\nit lent to the discount houses at a penal rate of 11-3/4 pct to\nrelieve a money market shortage.\n \"They're really making the discount houses suffer,\" said\nStephen Lewis, economist at brokerage house Phillips and Drew.\n\"Eleven and three-quarters pct is way above money market rates.\"\n This money market signal was apparently not accompanied by\nany sterling sales on the foreign exchanges, talk of which had\ninhibited strong rises yesterday and Tuesday, so buyers came\nstrongly into the pound.\n The pound surged to a high of 1.5798/808 dlrs at the London\nclose, up from the previous finish at 1.5650/60, and 2.8900/60\nmarks, up from 2.8720/50.\n \"If this pressure keeps up...There is a possibility that\nrates could drop before the Budget,\" said Jeremy Hale, economist\nat finance house Goldman Sachs International Corp.\n Some gilt traders are forecasting a half-point cut in the\nbase rate from the current 11 pct as early as tomorrow.\n However, analysts said the Bank of England will need to be\nconvinced that the present rise is a fundamental re-rating\nrather than a result of short-term speculative gains.\n There are valid reasons for the Bank to be cautious, said\nPeter Fellner, U.K. Economist at brokers James Capel and Co.\n Markets have become highly optimistic about the chances of\na Conservative Party victory in any early general election, and\ndisappointment if Prime Minister Margaret Thatcher decides to\nhold back could lead to a decline in the pound and a setback\nfor bonds, Fellner said.\n An election could be delayed until mid-1988, but most\nforecasts say it will be this year.\n Others note that the pound could yet prove vulnerable to\noil price losses or a change of fortune for the dollar.\n However, analysts agree the Bank is largely trying to set\nthe timing of a cut than holding out against one altogether.\n The authorities traditionally prefer a single sustainable\nrate move, one way or the other, to half points here and there.\n Some add the Bank will be influenced by signs that at least\na proportion of the latest bout of sterling buying is long-term\ncapital coming into the London market, notably from Japan.\n They argue that the pound is being perceived as a safer bet\nthan the dollar, given the latters recent sharp falls and\ncurrent political upheavals in Washington.\n The Bank may want to see another few points on the\ntrade-weighted index before the Budget, argued Lewis. \"But by\nthen sterling should be firm enough to satisfy even the Bank of\nEngland,\" he added.\n The Bank declined to comment on its reasons for resisting\npressure for a rate move before the budget, but banking sources\nsaid the authorities see the recent rise in sterling as more\nthan just marking up by foreign exchange traders.\n Meanwhile, analysts noted the market ignored potentially\nharmful news on the trade front, today's figures showing that\nthe current account deficit in 1986 was 1.1 billion stg.\n This was above previous estimates of the current account\ndeficit and compares with a surplus of 2.9 billion stg in 1985.\n Fellner said that under more normal conditions this would\nhave given the bond and currency markets a pause, but that they\nwere too bullish to worry about such fundamentals.\n The guessing game over the timing of a cut has the clearing\nbanks divided as well as the markets. Privately, some bank\nofficials forecast the Bank will hold out at least for this\nweek, but at least one bank says a rise is possible tomorrow.\nIf a move comes before March 17, forecasts are for a half-point\ncut, with another half or full point about Budget day.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:14:29.54", "topics": [ "interest" ], "places": [ "uk" ], "id": "2228" }, { "title": "BALDRIGE SAYS U.S. MAY RETALIATE ON KANSAI", "body": "Commerce Secretary Malcolm Baldrige\nsaid he may recommend that the United States retaliate against\nJapan if the Japanese do not permit U.S. construction firms to\nparticipate in building the eight billion dlr Kansai airport.\n But he said he had a personal commitment from Japanese\nPrime Minister Yasuhiro Nakasone that U.S. firms would have a\nchance at the work.\n \"I think he will honor that commitment,\" Baldrige told the\nSenate Appropriations subcommittee on commerce affairs.\"\n He said one form of retaliation could be to curb Japanese\nfirms' two billion dlr construction work in the United States.\n reuter\n\u0003", "date": " 5-MAR-1987 12:14:39.26", "places": [ "usa", "japan" ], "id": "2229" }, { "title": "ENGELHARD CORP SETS STOCK SPLIT", "body": "Engelhard Corp said its board\ndeclared a three-for-two stock split and raised the quarterly\ndividend to 19-1/2 cts per share presplit from 19 cts, both\npayable March 31 to holders of record March 17.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:17:11.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "2230" }, { "title": "EGYPTIAN 1986 CRUDE OIL OUTPUT DOWN ON 1985", "body": "Non-Opec Egypt produced 40.3 mln tonnes\n(about 295 mln barrels) of crude in 1986 against 44.3 mln\ntonnes (about 323 mln barrels) in 1985, according to official\nfigures released today by the Egyptian General Petroleum Corp.\n(EGPC).\n Officials say Egypt can produce up to one mln bpd per day,\nbut production was cut when world prices plunged last year.\n In an attempt to help OPEC stabilize the world market,\nEgypt cut its 1987 production target of 940,000 bpd to its\ncurrent output of 870,000 bpd.\n Egypt, which exports a third of its output, currently sells\nits top Suez and Ras Bahar blends for 17.25 dlrs a barrel.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:17:57.56", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "egypt" ], "id": "2231" }, { "title": "TRADERS DETAIL IRISH INTERVENTION BARLEY TENDER", "body": "The European Commission authorised the\nexport of 33,500 tonnes of Irish intervention barley at today's\ntender for non-European Community destinations at 53.10 Ecus\nper tonne, grain traders said.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:19:25.98", "topics": [ "grain", "barley" ], "places": [ "uk", "ireland" ], "id": "2232" }, { "title": "MERRILL LYNCH PARTNERSHIP FULLY SUBSCRIBED", "body": "Merrill Lynch, Pierce, Fenner and Smith\nInc said it has fully subscribed the 120 mln dlrs in\npartnership interests it offered in the ML Venture Partners II,\nLP.\n The firm said ML Venture Partners II will make equity\ninvestments in new and developing privately held companies in\nhigh technology industries, or young privately held companies\noffering innovative services or advanced manufacturing\nprocesses.\n Merrill Lynch said the partnership will make another cash\ndistribution of 364 dlrs per 5000 dlrs invested this month.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:20:35.69", "places": [ "usa" ], "id": "2233" }, { "title": "H AND H OIL TOOL CO 4TH QTR LOSS", "body": "Shr loss six cts vs profit two cts\n Net loss 196,000 vs profit 71,000\n Revs 2,512,000 vs 5,776,000\n Year\n Shr loss 1.09 dlrs vs loss 18 cts\n Net loss 3,509,000 vs loss 587,000\n Revs 12.0 mln vs 21.0 mln\n Note: 1986 year includes special charge of 1,600,000 dlrs,\nor 50 cts per shr on write-down of rental equipment.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:20:44.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "2234" }, { "title": "CHRYSLER OVERSEAS UNIT REDEEMING DEBENTURES", "body": "Chrysler Overseas Capital Corp said it\nauthorized redemption on April 17 of its 4-3/4 pct and five pct\nconvertible debentures due 1988.\n The Chrysler Corp unit said the move is prompted by the\nparent company's three-for-two stock split, which requires a\nrecalculation of the debentures' conversion prices that will\nadversely affect those prices by at least five pct.\n Chrysler said holders converting debentures before the\nstock split becomes effective March 23 will receive a greater\nnumber of shares on a post-split basis than if they convert\nafterwards.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:20:54.04", "places": [ "usa" ], "id": "2235" }, { "title": "CB AND T FINANCIAL CORP YEAR NET", "body": "Shr 2.10 dlrs vs 1.72 dlrs\n Shr diluted 1.98 dlrs vs 1.72 dlrs\n Net 2,228,000 vs 1,730,000\n Reuter\n\u0003", "date": " 5-MAR-1987 12:20:58.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "2236" }, { "title": "AMOSKEAG BANK TO ACQUIRE ENTREPO", "body": "Amoskeag Bank said it signed an\nagreement to acquire , a\nPhiladelphia-based company which leases and remarkets high\ntechnology equipment.\n Terms of the acquisition were not disclosed.\n It said Entrepo has assets of 20 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:21:04.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "2237" }, { "title": "WASHINGTON NATIONAL CORP VOTES DIVIDEND", "body": "Qtly div 27 cts vs 27 cts prior qtr\n Pay 1 April\n Record 16 March\n Reuter\n\u0003", "date": " 5-MAR-1987 12:21:09.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "2238" }, { "title": "KAINES SELLS JORDAN TWO CARGOES OF WHITE SUGAR", "body": "Trade house Kaines said it sold Jordan\ntwo cargoes of white sugar at its buying tender today.\n The sale comprised two 12,000 to 14,000 tonne cargoes (plus\nor minus 10 pct) for Mar/Apr shipment, a Kaines trader said.\n Traders said the business was done at 235.5 dlrs a tonne\ncost and freight.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:23:17.60", "topics": [ "sugar" ], "places": [ "uk", "jordan" ], "id": "2239" }, { "title": "COMMUNITY BANK SYSTEM BUYS NICHOLS BANK", "body": "Community Bank Systems Inc and\nthe said they have signed a definitive\nagreement for Nichols to become a member of the CBSI Group of\nbanks for an exchange of stock worth 2.8 mln dlrs.\n CBSI said it expects to complete the deal, pending Nichols'\nshareholder and regulatory approval, later this year.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:23:36.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "2240" }, { "title": "ELI LILLY SUES INT'L PHARMACEUTICAL ", "body": "International Pharmaceutical\nProducts Inc said Eli Lilly and Co has filed a patent\ninfringement suit against it for marketing Vincristine Sulfate\nfor injection.\n International Pharmaceutical said it believes that becaue\nof differences in formulation, it is not infringing on Eli\nLilly's patent.\n Vincristine Sulfate is a chemotherapeutic product used to\ntreat cancer.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:24:56.00", "places": [ "usa" ], "id": "2241" }, { "title": "POLISH TRADE OFFICIAL CALLS FOR FREER MARKET", "body": "Deputy Foreign Trade Minister Janusz\nKaczurba told Reuters that Poland would have to diverge from\ntraditional Communist bloc centrally-planned economic policies\nif it wanted to bring about economic renewal and compete in\nworld markets.\n Stressing his commitment to a series of reforms recently\nintroduced to streamline the economy and boost export-oriented\nindustry, he also called for an expansion in the role of the\nprivate sector.\n Asked whether the policies the government was advocating\ndid not represent a departure from the strictly controlled\neconomic model within the Soviet bloc, he said in an interview\nwith Reuters \"I don't see any alternative but to try to proceed\nalong the lines of economic reasoning.\"\n He referred specifically to bankruptcies, which he said\nwould be \"the logical outcome of a more stringent economic\npolicy,\" once the state stopped propping up enterprises to\nguarantee jobs, regardless of how inefficient they were.\n He added, \"We should follow the policy of creating a system\nwhereby managers will be really responsible for the overall\neconomic effect of enterprises. This can be done in one way\nonly, through the reduction of subsidies.\"\n But he also noted the need to curtail bureaucracy of branch\nministries, allow domestic prices to reflect the world market,\nmake foreign exchange rates more realistic, provide incentives\nto export-oriented industry and encourage private business.\n Kaczurba was talking to Reuters about the effect on the\neconomy of U.S. Sanctions imposed in 1982 in response to the\nsuppression of the Solidarity trade union under martial law.\n He acknowledged that Poland's economic decline would add to\nits problems in trying to regain markets and support from\nWestern creditors even after Washington lifted remaining\nrestrictions and restored Most Favoured Nation trading status\nlast month.\n Western officials say Polish goods have to be more\ncompetitive and of better quality in the face of trade wars and\nprotectionism amongst U.S., Japanese and European competitors.\n Reaffirming the government's view that the key to solving\nsome of those problems and meeting payments on a 33.5 billion\ndlr foreign debt lay in increasing hard currency exports,\nKaczura said private enterprise could play a greater role.\n \"I think we could have some 20,000 small private enterprises\nactive in export-oriented business if such operators are\nsuccessfully convinced that the policy towards the (private)\nsector is stabilised,\" he said.\n Poland already has a more developed private sector than\nmost other East European countries.\n Among economic reforms already under way, Kaczurba listed\neasier access to hard currency profits, tax incentives, access\nto investment credits and two devaluations of the zloty to\nincrease competitivity of prices.\n He said such policies had been welcomed by the World Bank\nand International Monetary Fund, through which Poland is hoping\nto gain new credits, but Poles were caught in a \"vicious circle.\"\n Creditors wanted proof that the policies were directed\ntowards improving exports, but in order to fulfil their\nexpectations Poland first needed fresh inputs, he said.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:26:42.92", "places": [ "poland" ], "id": "2242" }, { "title": "TAIHEI KOGYO ISSUES 40 MLN SFR FIVE YEAR NOTES", "body": "Taihei Kogyo Co Ltd is launching 40 mln\nSwiss francs of five year notes with a 4-3/4 pct coupon and\n100-1/4 issue price, lead manager Swiss Bank Corp said.\n Payment is due March 18.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:27:25.42", "places": [ "switzerland" ], "id": "2243" }, { "title": "EASTMAN KODAK ACQUIRES 18.7 PCT INTEREST IN ENZON INC\n", "date": " 5-MAR-1987 12:27:31.11", "topics": [ "acq" ], "id": "2244" }, { "title": "EURATOM ISSUES 50 MLN ECU BOND", "body": "Euratom, the European Atomic Energy\nCommunity, is issuing a 50 mln Ecu, six-year bond with a coupon\nof 7-1/2 pct and priced at 101-1/2, lead manager Banque\nGenerale du Luxembourg SA said.\n The bond features a sinking fund from 1989 which will\nretire 10 mln Ecus worth each year thereafter, giving the issue\nan average life of four years.\n Payment date is April 8 and the issue matures on the same\ndate in 1993. The bond will be denominated in lots of 1,000\nEcus and will be listed in Luxembourg.\n Fees total 1-7/8 pct, with 1-1/4 pct for selling and 5/8\nfor management and underwriting, including a praecipuum of 1/8\npct.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:29:33.80", "places": [ "luxembourg" ], "id": "2245" }, { "title": "TURKEY SEEKING 100,000 TONNES SUGAR - TRADE", "body": "Turkey is holding a buying tender for\n100,000 tonnes of white sugar on March 24, traders here said.\n The sugar is being sought for early arrival and will\nprobably be met with April/May shipment sugar, they added.\n Earlier today newspapers in Turkey carried an advertisement\nfrom Turkish Sugar Factories inviting offers of 100,000 tonnes\nof crystal sugar with a 50 pct option to increase or decrease\nthe amount.\n Over the 1983/85 period Turkey each year has exported\nbetween 240,000 and 350,000 tonnes of whites to Iran and\nbetween 62,000 and 230,000 tonnes to Iraq.\n Following lower sugar crops in the past two years analysts\nsaid Turkey needs to import sugar now if it is to continue\nfilling these export contracts, and may need to buy more.\n Last month London broker C Czarnikow estimated Turkish\n1986/87 production at 1.42 mln tonnes raw value against 1.4 mln\nin 1985/86 and an average 1.76 mln in the previous three\nseasons.\n The semi-official Anatolian Agency recently quoted Turkish\nMinister of Industry and Trade Cahit Aral as saying Turkey\nwould export 100,000 tonnes of sugar this year and import the\nsame amount.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:32:33.32", "topics": [ "sugar" ], "places": [ "iraq", "iran", "uk", "turkey" ], "id": "2246" }, { "title": "SHAD FAVORS SHORTENING DISCLOSURE PERIOD", "body": "Securities and Exchange Commission\nChairman John Shad said the SEC favors shortening the current\n10-day period for disclosing takeover attempts but opposes\nputting restrictions on the use of so-called junk bonds.\n \"We favor shortening the disclosure period to two days,\"\nShad told members of the House Telecommunications and Finance\nsubcommittee when asked for his recommendation.\n He said the SEC's responsibility was to provide full\ndisclosure for securities, including junk bonds, and not to\nmake decisions based on merit. He said junk bonds had some\nvalue because of their liquidity.\n Shad said he opposes proposals to require those attempting\ntakeovers to file a statement on the impact the takeover would\nhave on the communities involved.\n \"We've opposed it in the past. It goes far beyond investor\nprotection,\" Shad said.\n He said he had no comment on a proposal by House Speaker\nJim Wright, D- Texas, to tax securities transactions.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:36:24.41", "topics": [ "acq" ], "places": [ "usa" ], "id": "2247" }, { "title": "ALCAN UNIT BEGINS PREFERRED SHARE OFFER", "body": "Aluminum Co of Canada Ltd, a unit of\nAlcan Aluminium Ltd, said it began an offer of 400,000 shares\nof a new series of preferred stock after its board approved the\nfinal prospectus.\n The offering, which is being made in Canada, is for 400,000\nshares of cumulative redeemable retractable preference shares\nat 25 dlrs apiece.\n The quarterly dividend on the stock, to be known as series\nF, will be 50 cts Canadian, equal to eight pct a year, the\ncompany said.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:36:56.73", "places": [ "canada" ], "id": "2248" }, { "title": "CORRECTED - PEGASUS GOLD INC 4TH QTR NET", "body": "Shr profit 20 cts vs loss two cts\n Net profit 2,665,000 vs loss 202,000\n Revs 12,141,000 vs 5,993,000\n Year\n Shr profit 35 cts vs loss 11 cts\n Net profit 4,653,000 vs loss 1,167,000\n Revs 35.1 mln vs 18.0 mln\n NOTE: company corrects reporting period to 4th qtr and year\nfrom 3rd qtr and nine mths\n Reuter\n\u0003", "date": " 5-MAR-1987 12:37:09.91", "topics": [ "earn" ], "places": [ "canada" ], "id": "2249" }, { "title": "MFS MULTIMARKET INITIAL OFFERING UNDERWAY", "body": "Lead underwriters Wheat, First\nSecurities Inc and E.F. Hutton Group Inc said an initial\npublic offering of 110 mln shares of beneficial interest of MFS\nMultimarket Income Trust is under way at 10 dlrs per share.\n The trust has granted underwriters an option to buy up to\n16.5 mln more shares to cover overallotments.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:37:15.26", "places": [ "usa" ], "id": "2250" }, { "title": "HUGHES TOOL SAYS BAKER MERGER ALIVE", "body": "Hughes Tool Co Chairman W.A. Kistler\nsaid its counter proposal to merge with Baker International\nCorp was still under consideration and that a merger was in the\nbest interests of both companies.\n \"Our hope is that we can come to a mutual agreement that is\ngood for both companies,\" Kistler said of the proposed merger\nthat would result in a 1.2 billion dlr oil field service\ncompany. \"We're working very hard on this merger.\"\n Hughes' board today again adjourned a shareholders meeting\nto vote on the proposed merger and rescheduled it for March 11\nto give Baker more time to consider the counter proposal.\n The Hughes board, which had previously expressed concern\nabout a U.S. Department of Justice consent decree that would\nrequire Baker to sell its drilling bit operations and\nsubmersible pump business, met yesterday and threatened to\nterminate the proposed merger.\n The Hughes board made a counter proposal that the two\ncompanies first find acceptable buyers for the businesses\nbefore signing the decree.\n The directors of Baker immediately after receiving the\ncounter proposal filed a law suit in Texas in a Texas state\ncourt to force to Hughes to complete the merger.\n \"The uncertainty as to the price and conditions that might\nbe imposed by the Department of Justice makes us very nervous\nabout what the outcome might be,\" Kistler said, in explaining\nwhy Hughes had made the counter proposal.\n \"We need additional time to understand why Baker did not\naccept our proposal.\"\n Kistler also said that the law suit filed by Baker \"was not\na factor\" in the board's decision to keep its merger proposal\non the table.\n He declined to comment on the allegations in the lawsuit.\n Kistler said Hughes would be willing to consider a\ncompromise counter proposal, but declined to be more specific.\n The Justice Department in January said it would block the\nHughes and Baker merger on anti-trust grounds unless both\ncompanies agreed to sign a consent decree that would provide\nfor the sale of the assets after the merger took place.\n The Hughes board said it would not sign the decree because\nits was too \"unreasonable.\" Hughes said that Baker should\ninstead complete the sale of the disputed assets before the\nmerger is finalized and given government approval.\n Under the decree, if Baker is unable to find acceptable\nbuyers within a specified period of time after the decree is\napproved, a federal trustee would become responsible for\nfinding a buyer.\n Kistler said that under those terms, the trustee could take\nup to 10 years to complete the sales.\n He also expressed concern that the combined companies might\nbe required by the government's conditions to license some of\nits technology to any purchaser of the assets.\n Baker said last night in a statement that the required\nassets to be sold would reduce revenues by about 65 mln dlrs,\nrepresenting about three pct of the revenues of the combined\ncompanies.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 12:38:13.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "2251" }, { "title": "AEQUITRON MEDICAL INC 3RD QTR LOSS", "body": "Period ended January 31\n Shr loss five cts vs profit eight cts\n Net loss 247,100 vs profit 345,300\n Sales 4,529,300 vs 3,482,800\n Nine mths\n Shr profit six cts vs profit 18 cts\n Net profit 261,300 vs profit 793,700\n Sales 12.3 mln vs 9,957,200\n Reuter\n\u0003", "date": " 5-MAR-1987 12:38:33.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "2252" }, { "title": "LOWE'S COS INC 4TH QTR JAN 31 NET", "body": "Shr 18 cts vs 31 cts\n Net 7,168,000 vs 11.3 mln\n Sales 497.4 mln vs 475.6 mln\n Avg shrs 39.6 mln vs 37.1 mln\n Year\n Shr 1.34 dlrs vs 1.64 dlrs\n Net 52.2 mln vs 59.7 mln\n Sales 2.28 billion vs 2.07 billion\n Avg shrs 39.0 mln vs 36.5 mln\n NOTE: Current year net both periods includes charge\n2,885,000 dlrs or seven cts shr from early note retirement and\ncharge seven cts shr from reversal of tax credits.\n Current year net both periods includes gain six cts shr\nfrom plywood manufacturers litigation settlement.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:39:19.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "2253" }, { "title": "SHOE-TOWN FEBRUARY SALES UP 21.8 PCT", "body": "Shoe-Town Inc said it had\nrecord February sales of 10,052,000 up 21.8 pct from 8,252,000\ndlrs in the year earlier months.\n The company said sales for the eight weeks ended February\n28 were 19.5 mln dlrs up 19.9 pct 14.1 mln dlrs a year earlier.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:39:40.43", "places": [ "usa" ], "id": "2254" }, { "title": "TEKELEC SETS PACT WITH BRITISH TELECOM", "body": "Tekelec said it signed a\nlicense agreement with British Telecommunications PLC \nto make and market a test instrument for digital microwave\ncommunications equipment.\n Tekelec said the new product is expected to be priced at\n25,000 dlrs and to be shipped in the second half of 1987.\n The 20-year, non-exclusive agreement grants Tekelec the\nright to manufacture and market the instrument in North America\nand Japan.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:42:52.29", "places": [ "usa", "japan" ], "id": "2255" }, { "title": "SPANISH METAL WORKERS REJECT 1987 WAGE OFFER", "body": "Spain's metal workers, the biggest\norganised labour force, broke off talks with employers over\n1987 wages, union sources said.\n The main Socialist and Communist unions rejected an offer\nfrom the Confemetal employers' organization for a six pct wage\nrise, one point above the government inflation target for 1987.\nThe metal working industry has 900,000 workers in 60,000\nfactories.\n The unions said they were considering a bid to resume talks\nnext week.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:43:01.17", "places": [ "spain" ], "id": "2256" }, { "title": "FRANCE TO SELL STAKE IN SOCIETE GENERALE UNIT", "body": "The French government is to\nsell to the public its 47.42 pct direct holding in Societe\nGenerale 's regional bank subsidiary , SOGENAL, from next Monday, SOGENAL\nofficials said.\n SOGENAL, founded in 1881 and nationalised in 1982, is the\nleading French regional bank and has branches in Austria,\nBelgium, Luxembourg, East and West Germany and Switzerland.\n Chairman Rene Geronimus told a news conference the share\noffer price, expected to be announced tomorrow by Finance\nMinister Edouard Balladur, would be between 110 and 130 francs.\n Societe Generale, which will itself be privatised later\nthis year, will retain its 52.58 pct majority holding in the\nbank, Chairman Marc Vienot said.\n SOGENAL officials said they forecast 1987 consolidated\ngroup profit of around 170 mln francs after an estimated 160\nmln this year and 159 mln in 1985.\n SOGENAL's privatisation will be preceded by a capital\nincrease to 320 mln francs from 263 mln, earning about 250 mln\nfrancs in new funds. Its shares will be divided by eight,\ngiving a capital of 12.8 mln shares of 25 francs nominal.\n The bank will be listed on the Nancy stock exchange, in\nline with the Finance Ministry and government's aim of a\nregional operation, Geronimus said.\n He said he was hoping for shareholders to total around\n30,000 to 35,000 against the 12,500 before nationalisation. Ten\npct of the capital to be floated will be reserved for employees\nwith the rest offered to the public. There will not be a share\nreserved for foreign investors. \"This is too small an operation\nand anyway they will be able to buy shares in France,\" he said.\n Stockbroker sources said that a likely share offer price of\n120 francs would value SOGENAL at 1.5 billion francs.\n Geronimus said the bank's future aim would be to reinforce\nits existing strong points, with no major projects planned\napart from the opening soon of a Basle branch.\n SOGENAL is the only French bank in Austria, it set up the\nfirst foreign exchange dealing room outside Paris at its\nStrasbourg headquarters in 1985, and is the only foreign\nbanking subsidiary to be a broker on the Zurich Bourse.\n The government's banking adviser for the operation was\n, BPGF, owned by French\nfinancier Pierre Moussa's group, assisted by Britain's\n.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:43:12.06", "topics": [ "acq" ], "places": [ "france", "belgium", "luxembourg", "east-germany", "west-germany", "switzerland" ], "id": "2257" }, { "title": "TEXAS AIR CORP UNIT FILES FOR DEBT OFFER", "body": "Continental Airlines Inc, a unit of\nTexas Air Corp, said it filed a registration statement with the\nSecurities and Exchange Commission for an offering of 350 mln\ndlrs of equipment certificates.\n Continental plans to raise 125 mln dlrs through an issue of\nfirst priority secured equipment certificates due 1992, 125 mln\ndlrs through second priority certificates due 1995 and 100 mln\ndlrs via third priority certificates due 1999. Interest will be\npayable March 15 and September 15, starting September 1987.\nLead manager will be Drexel Burnham Lambert Inc.\n It also plans a filing of 100 mln dlrs of 10-year notes.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:44:01.33", "places": [ "usa" ], "id": "2258" }, { "title": "MIDLAND SETS STOCK SPLIT", "body": "Midland Co said its board declared a\ntwo-for-one stock split, subject to approval of a doubling of\nauthorized common shares at the annual meeting on April 9, and\nan increase in the quarterly dividend to 12 cts pre-split from\n10 cts.\n The dividend is payable April 8, record March 17, and the\nsplit would be payable May 7, record April 23.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:45:16.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "2259" }, { "title": "PRUDENTIAL INSURANCE YEAR EARNINGS", "body": "The Prudential Insurance Company of\nAmerica, a privately held company, said today that net income\nin 1986 rose to 2.8 billion dlrs from the 2.3 billion dlrs\nreported the year earlier.\n Assets under management rose to 177.5 billion dlrs in 1986\nfrom 150.1 billion dlrs in 1985, while consolidated assets\njumped to 134.5 billion dlrs from 115.7 billion dlrs.\n Discussing its major subsidiaries, the company said that\nPrudential Capital and Investment Services Inc, the holding\ncompany for brokerage house Prudential-Bache Securities and\ncertain other related subsidiaries, earned 142 million dlrs in\n1986. Of that, the securities operations of Prudential-Bache\nnetted 81.7 mln dlrs after taxes and a charge of 25 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:45:45.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "2260" }, { "title": "FIRST INTERSTATE FILES FOR PREFERRED OFFER", "body": "First Interstate Bancorp, which last\nmonth withdrew its takeover proposal for BankAmerica Corp\n, filed with the Securities and Exchange Commission for an\noffering of 1,500 shares of auction preferred stock.\n Proceeds from the sale will be used for general purposes,\nmainly to fund or make loans to its subsidiaries, it said.\n Goldman, Sachs and Co will be lead underwriter, it said.\n The company also said its loans to Brazil, which suspended\ninterest payments on medium and long-term bank debt, were 504\nmln dlrs on Dec 31, while nonperforming Brazilian outstandings\nwere 4.1 mln dlrs and interest receiveable was 5.0 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:46:59.06", "places": [ "usa" ], "id": "2261" }, { "title": "BP CAPITAL BV PLANS DUAL-CURRENCY BOND ISSUE", "body": "Amro Bank NV announced a 150 mln\nguilder seven-year dual-currency bond issue with a 6.5 pct\ncoupon on behalf of BP Capital BV, guaranteed by British\nPetroleum Co Plc subsidiary BP Maatschappij Nederland\nBV.\n The par-priced public issue will be redeemed in full at\n487.80 dlrs per 1,000 guilder bond on April 15, 1994.\n Amro said the bonds, the second dual-currency issue in the\nDutch market in two weeks, is aimed at investors who expect the\ndollar to rise in the medium term.\n Interest payments during the life of the loan are, however,\nnot exposed to exchange rate fluctuations.\n Early redemption will not be allowed.\n Subscriptions on the loan close at 1400 gmt on March 13.\nPayment date is April 15.\n The issue is underwritten by a management group led by\nAmro, Algemene Bank Nederland NV and Pierson, Heldring and\nPierson NV.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:47:15.12", "places": [ "netherlands" ], "id": "2262" }, { "title": "FED'S JOHNSON SAYS PRICE STABILITY CRITICAL FOR NON-INFLATIONARY EXPANSION\n", "date": " 5-MAR-1987 12:47:19.61", "id": "2263" }, { "title": "EC OPENS SPECIAL REBATE FOR MAIZE - PARIS TRADE", "body": "The EC Commission decided to open a\nspecial daily export rebate today for maize exports to Morocco,\nIsrael, Canary Islands and zone 5c (Sub-Saharan Africa), trade\nsources said here.\n The rebate was set at 153 European currency units per tonne\nfor March and 133 for April through July.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:48:44.25", "topics": [ "grain", "corn" ], "organisations": [ "ec" ], "places": [ "france", "morocco", "israel" ], "id": "2264" }, { "title": "AEQUITRON SEES 4TH QTR CHARGE", "body": "Aequitron Medical Inc said costs\nrelated to its previously announced plan to consolidate Life\nProducts operations in Boulder, Colo, are expected to total\n720,000 dlrs, or eight cts a share for the fourth quarter\nending April 30.\n It said the costs including moving expenses, severance pay\nand future lease payments.\n The company said it will consolidate Life Products into the\ncompany's headquarters and manufacturing operations in\nMinneapolis.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:48:51.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "2265" }, { "title": "BIG B INC 4TH QTR JAN 31 NET", "body": "Shr 23 cts vs 17 cts\n Net 1,742,000 vs 1,1512,000\n Sales 62.6 mln vs 53.6 mln\n Avg shrs 7,854,000 vs 6,617,000\n Year\n Shr 61 cts vs 61 cts\n Net 4,469,000 vs 4,039,000\n Sales 209.8 mln vs 175.4 mln\n Avg shrs 78,369,000 vs 6,610,000\n Reuter\n\u0003", "date": " 5-MAR-1987 12:48:56.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "2266" }, { "title": "PAKISTAN COMPLAINS ABOUT AFGHAN AIR RAIDS", "body": "Pakistan complained to the United\nNations today that planes from Afghanistan attacked Pakistani\nvillages last Thursday and Friday, killing 90 people and\nwounding 230 others.\n \"These wanton and barbarous attacks are unprecedented in the\nscale of the casualties inflicted and damage caused,\" Pakistan's\nacting U.N. representative Aneesuddin Ahmed said in a letter to\nSecretary General Javier Perez de Cuellar.\n Ahmed, who did not request any specific U.N. action, said\nthe attacks took place immediately after the start of the\ncurrent round of U.N.-sponsored talks on Afghanistan in Geneva\nand indicated that \"the Kabul regime is deliberately aggravating\ntensions and vitiating the prospects of the talks.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 12:49:05.51", "places": [ "pakistan", "afghanistan" ], "id": "2267" }, { "title": "WILSHIRE CHIEF NAMED TO JACOBS BOARD", "body": "Wilshire Oil Co of Texas, which has a\n9.8 pct stake in Jacobs Engineering Group Inc, said its\nchairman, Siggi Wilzig, was appointed to the Jabobs board.\n In a filing with the Securities and Exchange Commission,\nWilshire, which holds 417,100 Jacobs common shares, said Wilzig\nwas appointed to the Jacobs board of directors on March 3 after\nthe company's annual shareholder meeting.\n Wilshire also said that Jacobs Chairman Joseph Jacobs has\nagreed to recommend a second Wilshire nominee for election to\nthe board if the person was found to be qualified.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 12:49:35.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "2268" }, { "title": "FEBRUARY U.S. RETAIL SALES NOT SIGN OF UPTURN", "body": "U.S. retailers posted stronger than\nexpected sales in February, but not enough to prompt analysts\nto change their expectations of sluggish sales growth for the\nfirst half of 1987.\n \"My feeling is that it (February) borrowed some of the\nbusiness we normally see later in the quarter and the real\nstrength of general merchandise sales will be in the second\nhalf of 1987,\" said Bear Stearns and Co analyst Monroe\nGreenstein.\n \"I don't think March will be as strong because Easter falls\nin April this year,\" said Morgan Stanley analyst Walter Loeb.\n Analysts generally average the sales results of March and\nApril to account for the variation of Easter's occurrence.\n Analyst Edward Johnson of Johnson Redbook Associates said\nsales for February rose between six and 6.5 pct, compared to a\n3.6 pct increase last year.\n Analysts noted that February is considered a small,\ntransitory month between winter and spring.\n In addition, sales comparisons were boosted by an\nespecially soft February last year which was adversely affected\nby severe weather.\n Apparel sales outshone other product groups in sales,\naccording to retailers and analysts.\n \"February's strong sales reflected a lot of fresh\nmerchandise on the shelves and higher consumer income due to\ntax reductions,\" said Greenstein of Bear Stearns.\n Analysts expect apparel sales to remain good as sales of\ndurable and houseware items grow softer due to the continuing\nhigh levels of consumer debt.\n May Department Stores Co and K Mart Corp were\namong the strong performers, posting comparable store sales\ngains of 9.4 pct and 8.2 pct, respectively. May had an overall\nsales gain of 15.0 pct and K Mart had a 13.1 pct sales gain \nlast month.\n \"Favorable consumer response to our merchandise programs\ncontinued to positively impact our sales comparisons. IN\naddition to the strong contribution by K Mart stores, all our\nspecialty retailing companies had excellent February sales,\"\nsaid K Mart chairman Bernard Fauber.\n Sears Roebuck and Co posted a 4.9 pct increase.\n\"Domestic sales were led by better than average increases in\napparel, home fashions and hardware and especially strong\ncatalog sales,\" said Sears chairman Edward Brennan.\n Analysts were a little disappointed by J.C. Penney Co Inc\n which started out with especially strong sales early in\nthe month. Penney posted a 5.5 pct increase on a comparitive\nstore basis and a 5.3 pct gain in overall sales.\n Penney chairman William Howell said, \"store sales were\nstrongest during the early part of the month, while catalog\ndemand was consistently strong throughout the period.\n Store sales activity varied throughout the country, ranging\nfrom good in the East to weak in the depressed southwest.\n Analysts also said gross profit margins were high as\nretailers were not overly promotional due to leaner inventories\nthan a year ago.\n \"February is not a big month seasonally but these numbers\nsuggest a fairly good trend for consumer spending,\" said Drexel\nBurnham Lambert analyst Jeff Edelman.\n FEBRUARY SALES FOR MAJOR U.S. RETAILERS\n STORE PCT 1987 1986\n SEARS 4.9 1.8 BILL 1.8 BILL\n K MART 13.1 1.5 BILL 1.3 BILL\n WAL-MART 44.0 885 MLN 615 MLN\n JC PENNEY 5.3 780 MLN 741 MLN\n FEDERATED 9.6 720 MLN 657 MLN\n MAY 15.0 632 MLN 550 MLN\n DAYTON HUDSON 19.5 602 MLN 504 MLN\n ZAYRE 25.7 327 MLN 260 MLN\n MONTGOMERY WARD 11.1 277 MLN 249 MLN\n Reuter\n\u0003", "date": " 5-MAR-1987 12:49:46.69", "topics": [ "retail" ], "places": [ "usa" ], "id": "2269" }, { "title": "QUARTZ ENGINEERING AND MATERIALS 1ST QTR", "body": "Qtr ended Dec 31\n Shr nil vs nil\n Net loss 59,922 vs loss 357,203\n Revs 714,263 vs 926,964\n Reuter\n\u0003", "date": " 5-MAR-1987 12:50:14.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "2270" }, { "title": "KODAK BUYS STAKE IN ENZON ", "body": "Eastman Kodak Co said it has\nacquired an 18.7 pct equity interest in Enzon Inc, a\npharmaceutical company specializing in protein therapy.\n Kodak said it secured worldwide marketing rights for three\nof Enzon's PEG enzymes used in the treatment of oxygen toxicity\ndisorders, hyperuricemia and gout.\n The company said it acquired two mln Enzon shares for 15\nmln dlrs, with loans to Enzon of two mln dlrs and interest of\n30,000 dlrs credited against the purchase price.\n Kodak said the drugs covered by the marketing rights are in\ninitial stages of the U.S. Food and Drug Administration\napproval process. It said the investment should provide the\nnecessary capital to complete the FDA review process and\nprovide a marketing outlet for the drugs.\n The drugs are PEG-superoxide disdmutase and PEG-catalase,\nfor use against oxygen toxicity disorders that cause the\noften-fatal tissue damage associated with severe burns, organ\ntransplants, heart attacks and trauma, and PEG-uricase, for\ntreatment of gout and other conditions caused by the buildup of\nhigh levels of uric acid in the body.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:50:39.09", "topics": [ "acq" ], "places": [ "usa" ], "id": "2271" }, { "title": "GECC ISSUES 75 MLN AUSTRALIAN DLR EUROBOND", "body": "General Electric Credit Corp is issuing a\n75 mln Australian dlr eurobond due April 16, 1990 paying 15 pct\nand priced at 101-3/8 pct, lead manager Hambros Bank Ltd said.\n The non-callable bond is available in denominations of\n1,000 Australian dlrs and will be listed in Luxembourg. The\nselling concession is one pct while management and underwriting\ncombined pays 1/2 pct.\n The payment date is April 16.\n REUTER\n\u0003", "date": " 5-MAR-1987 12:52:00.75", "places": [ "uk" ], "id": "2272" }, { "title": "GEMCRAFT INC YEAR NET", "body": "Shr 42 cts vs 1.21 dlrs\n Net 2,317,000 vs 5,847,000\n Sales 360.0 mln vs 282.4 mln\n Avg shrs 5,463,000 vs 4,829,000\n NOTE: 1986 net includes 4,700,000 dlr pretax charge from\nwritedown of land and abandonment of land and pretax charges of\n5,800,00 dlrs from pending rescission offer, settlements with\nU.S. agencies, adjustment of the prior booking of residuals\narising from collateralized mortgage obligation bond issues,\nwritedowns of land held by a joint venture, startup costs\nassociated with entering new markets, an increase in reserves\nfor customer service and writeoffs and reserves for\nmortgage-related receivables to reflect current market values.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:52:25.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "2273" }, { "title": "BROWN-FORMAN FILES 200 MLN DLR DEBT OFFER", "body": "Brown-Forman Corp said it filed\na shelf registration covering up to 200 mln dlrs of debt\nsecurities guaranteed by its parent company, Brown-Forman Inc.\n Proceeds will be used to retire commercial paper, to repay\nsome long-term debt and for general corporate purposes.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:53:15.57", "places": [ "usa" ], "id": "2274" }, { "title": "APPLIED SOLAR ENERGY CORP 1ST QTR NET", "body": "Qtr ended Jan 31\n Shr profit nine cts vs loss 30 cts\n Net profit 317,000 vs loss 997,000\n Sales 6,338,000 vs 3,119,000\n Note: 1986 net includes extraordinary gain of 90,000 dlrs,\nor two cts per shr.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:53:28.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "2275" }, { "title": "PACIFIC NUCLEAR SYSTEMS IN 4TH QTR LOSS", "body": "Shr loss 19 cts vs profit seven cts\n Net loss 851,000 vs profit 227,000\n Revs 2,600,000 vs 4,800,000\n Year\n Shr loss 46 cts vs profit 19 cts\n Net loss 2,100,000 vs profit 600,000\n Revs 9,900,000 vs 15.9 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 12:53:45.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "2276" }, { "title": "WITCO TO OFFER CONVERTIBLE DEBENTURES", "body": "Witco Corp said it filed with the\nSecurities and Exchange Commission a registration statement\ncovering a 100 mln dlr issue of convertible subordinated\ndebentures due 2012.\n Proceeds will be used to finance acquisitions and for\ngeneral corporate purposes, the company said.\n Witco named Smith Barney, Harris Upham and Co Inc as lead\nmanager and Goldman, Sachs and Co as co-manager of the\noffering.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:54:20.03", "places": [ "usa" ], "id": "2277" }, { "title": "FED'S JOHNSON STRESSES PRICE STABILITY", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said that maintaining price stability was\ncritical to achieving non-inflationary economic growth in the\nworld and said that progress was being made.\n \"It is worth reiterating that the Federal Reserve's\npromotion of price stability is critical to the successful\nimplementation of virtually all of the important ingredients\nfor growth,\" he told the Eastern Economic Association.\n Johnson said initial progress has been made on a variety of\nfronts. \"Federal Reserve monetary policy, the\nGramm-Rudman-Hollings legislation, the G-6 agreement, and the\nBaker debt initiative for example all have moved us in the\nright direction,\" he said. G-6 is comprised of U.S., Britain,\nFrance, Japan, West Germany and Canada.\n On the budget deficit, Johnson said meeting precise\nnumerical goals was less important than a continuing commitment\ntoward slowing the growth of federal spending.\n There was evidence deficits as a pct of Gross National\nProduct were declining and would continue to drop, he said.\n But Johnson warned against reliance on inflow of foreign\ncapital to finance investment and the budget deficit and keep\ninterest rates stable.\n \"This situation, however, cannot continue indefinitely.\nSooner or later progress must be made in controlling excessive\nfederal spending,\" he said.\n A disinflationary monetary policy should continue to be the\nmain objective of the Fed, Johnson said.\n He also said a more stable and sustainable alignment of\nexchange rates was needed for long-term growth.\n On the trade deficit, Johnson warned against \"quick fix\"\nsolutions, which he identified as excessive dollar depreciation\nor protectionist trade legislation.\n \"What is important is that we attempt to maintain healthy\nreturns to capital and adopt policies encouraging genuine\neconomic growth,\" he said.\n Such an approach would finance the trade deficit but allow\nfor its gradual resolution over time.\n Reuter\n\u0003", "date": " 5-MAR-1987 12:56:32.19", "topics": [ "gnp", "trade" ], "places": [ "usa" ], "id": "2278" }, { "title": "ANGLO AMERICAN GOLD INVESTMENT CO LTD ", "body": "Year to Feb 28\n Shr 1,700.3 cts vs 1,533.0\n Pre-tax 373.3 mln rand vs 341.0 mln\n Net 373.3 mln vs 336.5 mln\n Tax nil vs 4.5 mln\n Final div 900 cts making 1,600 cts vs 1,450\n Div payable April 24, register March 20\n Reuter\n\u0003", "date": " 5-MAR-1987 13:00:26.39", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "2279" }, { "title": "SWISS GIVE ARGENTINA CREDIT FOR NUCLEAR PLANT", "body": "Switzerland's three major banks have\noffered Argentina an extra 110.5 mln Swiss franc credit to help\nfinance the building of a heavy water plant there by Gebrueder\nSulzer AG , Union Bank of Switzerland, UBS said.\n The three -- UBS, Credit Suisse and Swiss Bank Corp --\nprovided an initial 409 mln franc credit after Argentina signed\na contract with Sulzer in 1980. The plant will supply its\nnuclear power industry.\n The extra credit, provided at market rates, covers extra\ncosts incurred due to building delays, a UBS spokesman said.\n REUTER\n\u0003", "date": " 5-MAR-1987 13:02:26.51", "places": [ "switzerland", "argentina" ], "id": "2280" }, { "title": "HARRIS CUTS TRIAD SYSTEMS STAKE TO 18 PCT", "body": "Harris Associates L.P., a Chicago\ninvestment advisory partnership, said it lowered its stake in\nTriad Systems Corp to 1,355,296 shares, or 17.9 pct of the\ntotal outstanding, from 1,463,962 shares, or 19.3 pct.\n In a filing with the Securities and Exchange Commission,\nHarris said it sold a net 108,666 Triad common shares between\nDec 16 and Feb 23 at prices ranging from 10.00 to 14.25 dlrs a\nshare.\n It said its dealings in Triad common stock were done on\nbehalf of its advisory client.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:06:33.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "2281" }, { "title": "BAHRAIN PASSES DECREE TO SET UP STOCK EXCHANGE", "body": "Bahrain has passed a decree approving\nthe establishment of the country's first stock exchange, the\nGulf News Agency reported.\n The decree placed responsibilty for the stock exchange with\nthe Ministry of Commerce and Agriculture.\n There was no indication when the exchange will open.\n Banking sources said government officials are finalising\ndetails of a building to house the exchange.\n Stock trading in Bahrain is currently conducted via a\ntelephone market.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:06:41.34", "places": [ "bahrain" ], "id": "2282" }, { "title": "DIAMOND-BATHURST SAYS FURNACE EXPLODES", "body": "Diamond-Bathurst Inc said an\nexplosion yesterday during a furnace rebuild at its Antioch,\nCalif., facility completely destroyed the furnace.\n The glassmaker said the rest of the facility was undamaged\nand there were no serious injuries. It said it believes it is\nfully covered by insurance.\n The company said it cannot yet determine the impact on the\nplant's operations.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:09:35.60", "places": [ "usa" ], "id": "2283" }, { "title": "ALLIS-CHALMERS ON S/P CREDITWATCH, DEVELOPING", "body": "Standard and Poor's Corp said it placed\non creditwatch with developing implications Allis-Chalmers Corp\nbecause of the company's recapitalization plans and intention\nto sell most of its businesses.\n Allis-Chalmers' restructuring plan would include the sale\nof its fluids handling and solid materials processing\nbusinesses, S and P noted. That would leave the company with\nits profitable American Air Filter Co unit.\n The company plans to drastically reduce debt with proceeds\nfrom asset sales. In addition, it plans to exchange debt for\ncommon stock shares, S and P said.\n Allis-Chalmers carries B-minus senior debt and C-rated\npreferred stock. The firm has nearly 97 mln dlrs of debt and\npreferred outstanding.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:10:01.22", "places": [ "usa" ], "id": "2284" }, { "title": "DATATMETRICS CORP WINS ARMY CONTRACT", "body": "Datametrics Corp said it won\na 4.9-mln-dlr contract from the U.S. Army.\n The company said Datametrics will deliver printer/plotters\nto the Army's Redstone Arsenal, beginning in September, 1987.\n Datametrics said it had a record backlog of funded and\nunfunded projects of 31.8 mln dlrs on March 1, 1987.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:11:03.90", "places": [ "usa" ], "id": "2285" }, { "title": "U.S. TREASURY SAYS NO COMMENT ON YEN VALUE", "body": "A Treasury Department spokesman\nrefused comment on statements by Robert Ortner, undersecretary\nof economic affairs for the Commerce Department, that the\nJapanese yen was undervalued.\n Ortner, senior economist at the Commerce Department, told\nan Export-Import Bank conference \"the yen is still a little bit\nundervalued,\" and \"could go up another 10 or 15 pct.\"\n Asked for reaction, a Treasury spokesman said officials\nwere aware of Ortner's comments but had no intention of making\nany comment on them.\n Ortner, who stressed he was expressing personal views, said\nhe thought the U.S. dollar was \"fairly priced\"\nagainst most European currencies and added \"I do not regard the\ndollar as undervalued at this point against the yen,\" he said.\n But the yen should go up 10 or 15 pct in value, Ortner\nsaid, because it is undervalued against the dollar.\n The United States and major trade allies West Germany,\nFrance, Britain, Japan and Canada met recently in Paris to\ndiscuss maintaining stability in international currency values.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 13:12:38.88", "topics": [ "money-fx", "yen" ], "places": [ "usa" ], "id": "2286" }, { "title": "ROYAL TRUST PLANS NO BROKERAGE UNIT", "body": " said it does not\nplan to enter the brokerage business when ownership of Ontario\ninvestment dealers is opened to other financial institutions on\nJune 30.\n \"The short answer is no, we do not intend to get directly\ninto the brokerage business, but we will compete with it,\"\nchief executive Michael Cornelissen told the annual meeting in\nreply to a shareholder's inquiry.\n Cornelissen said Royal Trust, Canada's second biggest trust\ncompany, was concerned about a possible conflict of interest\nbetween its current asset management functions and brokerage\nand stock promotion activities.\n Cornelissen also cited the heavy competition in the\nCanadian securities industry as a factor in Royal Trust's\ndecision to avoid direct involvement in a brokerage firm.\n He told shareholders, however, that Royal Trust would\ncontinue to compete with investment dealers through its asset\nmanagement programs and discount processing of retail stock\ntrades.\n Royal Trust also plans to take further advantage of\nnetworking possibilities offered by its involvement in\nfinancial conglomerate , 50 pct-owner of\nRoyal Trust, Cornelissen said.\n Afterward, Cornelissen told reporters that Royal Trust's\nDow Financial Services Corp unit planned no more divestitures\nafter its previously reported agreement yesterday to\nrestructure its financial operations in Asia with joint owner\n.\n Cornelissen also told reporters the company was confident\nof achieving its targeted 15 pct growth in earnings per share\nthis year. Royal Trust's basic per share earnings rose 16 pct\nin 1986 to 2.20 dlrs.\n \"With two months of the year gone, we are ahead of it (the\n15 pct growth target),\" he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:13:55.21", "places": [ "canada" ], "id": "2287" }, { "title": "FRENCH AGRICULTURAL BANK ISSUES 300 MLN FRANC BOND", "body": "Banque Francaise de l'Agriculture said it\nis issuing for its own account a 300 mln franc, variable-rate,\nseven year and 13 day domestic bond which it will lead along\nwith l'Union de Garantie et de Placement.\n The bond, issued at 98.30 pct, will have interest based on\nthe annualised money market rate (TAM) with the first coupon\npaid on April 6.\n Denominations are of 5,000 francs nominal and the issue\nwill be quoted on the Paris Bourse.\n REUTER\n\u0003", "date": " 5-MAR-1987 13:14:17.54", "places": [ "france" ], "id": "2288" }, { "title": "CADBURY REQUESTS STOCK EXCHANGE ENQUIRY", "body": "Cadbury-Schweppes Plc said it\nhad asked the London Stock Exchange to launch a formal enquiry\ninto dealings in the company's shares in recent months.\n It said it believed such a move was in the best interests\nof shareholders following recent charges being made under U.K.\nInsider dealing laws about the shares.\n Last week, former executive\nGeoffrey Collier was charged with insider dealing in Cadbury\nshares.\n Collier resigned from the bank last year and was later\ncharged with offences on deals in shares of AE Plc .\n A Stock Exchange spokeswoman said she could give no\nspecific details about the request. An investigation would be\nrequested from the Exchange as it had access to the relevant\ndealing records.\n If it appeared that some offence had been committed details\nwould be passed to the U.K. Trade Department, which had the\npower to bring charges under the Companies' Act.\n No spokesman for Cadbury was immediately available for\ncomment.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:14:47.61", "places": [ "uk" ], "id": "2289" }, { "date": " 5-MAR-1987 13:15:11.82", "topics": [ "earn" ], "places": [ "uk", "brazil" ], "id": "2290" }, { "title": "IDEA INC TO BUY PRIVATE FIRM", "body": "IDEA Inc said it signed a\nletter of intent to buy privately-held Structural\nInstrumentation Inc.\n The purchase, for an undisclosed sum, will be made mostly\nwith IDEA common stock, the company said.\n IDEA said the purchase will add about 32 cts per share to\nits fiscal 1988 earnings.\n IDEA reported earnings of four cts per share for the\nquarter ended October 31, 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:15:35.80", "topics": [ "acq" ], "places": [ "usa" ], "id": "2291" }, { "title": "FIRSTIER NAMES NEW CHIEF EXECUTIVE", "body": "FirsTier Inc said president William C.\nSmith has been named chief executive officer, succeeding\nCharles W. Durham, who remains chairman.\n The company said Durham had been chief executive on an\ninterim basis only.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:16:02.63", "places": [ "usa" ], "id": "2292" }, { "title": "FRANCE'S FSGT ISSUES 1.7 BILLION FRANC BOND", "body": "The Fonds Special de Grands Travaux (FSGT)\nis issuing a 1.7 billion franc, 9.10 pct, 12-year domestic bond\nat 99.30 pct, lead manager Societe Generale said.\n The bond, guaranteed by the state, will carry warrants\nexchangeable for variable-rate bonds with interest based on the\naverage monthly yield of long-term state bonds (TME).\n Denominations are of 5,000 francs nominal and the first\ncoupon of 455 francs will be paid on March 23, 1988. Both the\nbonds and the warrants will be quoted on the Paris Bourse.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:16:24.25", "places": [ "france" ], "id": "2293" }, { "title": "INTERSTATE BAKERIES SIGNS PACT", "body": "Interstate Bakeries Corp said\nit has entered into a joint venture with Pain Jacquet S.A.,\nEurope's leading bread baker, for distribution of a three item\nFrench bread line.\n Interstate said terms of transaction were not disclosed.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:16:42.35", "places": [ "usa" ], "id": "2294" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Audiotronics Corp - Shelf offering of up to five mln\ndlrs of convertible subordinated debentures due 2002 through\nH.J. Meyers and Co Inc.\n Georgia Gulf Corp - Offering of four mln shares of\ncommon stock through Goldman, Sachs and Co.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:19:00.24", "places": [ "usa" ], "id": "2295" }, { "title": "BEVERLY ENTERPRISES DEBT LOWERED BY S/P", "body": "Standard and Poor's Corp said it\ndowngraded 225 mln dlrs of debt of Beverly Enterprises.\n Cut were the company's senior debt to BB-minus from BB and\nsubordinated debt to B-plus from BB-minus. The implied senior\nsecured debt rating is BB.\n S and P said the action reflected Beverly's aggressive\nplans to repurchase stock that would increase financial risk\nwhile earnings prospects become more clouded.\n Despite the planned use of proceeds from asset sales for a\nportion of the buy back's costs, decapitalization would raise\nadjusted debt leverage above the 75 pct level of recent years.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:19:58.82", "places": [ "usa" ], "id": "2296" }, { "title": "DUCOMMUN INC SELLS DIVISION", "body": "Ducommun Inc said it sold its\nAirdrome Parts Co division to a group of investors headed by\nAirdrome's management for a cash price of 12 mln dlrs.\n Ducommun said the sale, coupled with its sale last month of\nMetermaster, were steps taken to improve the company's balance\nsheet and that no further sales are being contemplated.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:20:30.73", "topics": [ "acq" ], "places": [ "usa" ], "id": "2297" }, { "title": "HOOPER HOLMES SHERLOCK INC 4TH QTR NET", "body": "Shr 22 cts vs 25 cts\n Net 472,000 vs 454,000\n Revs 16.2 mln vs 15.2 mln\n Avg shrs 2,135,315 vs 1,835,325\n 12 mths\n Shr 71 cts vs 70 cts\n Net 1,393,000 vs 1,285,000\n Rwevs 61,805,000 vs 55,367,000\n Avg shares 1,960,319 vs 1,835,325\n Reuter\n\u0003", "date": " 5-MAR-1987 13:20:53.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "2298" }, { "title": "ITALY'S SME IN VENTURE TALKS WITH FOREIGN FIRMS", "body": "State-owned food company is discussing possible share\nexchanges and joint ventures with Unilever PLC-NV and\nSwiss firm Jacobs Suchard AG , a SME parent company\nspokesman said.\n A spokesman for state holding company , which controls SME, said the\ntalks were centered on \"possible swaps of minority stakes and\nproduction collaboration.\"\n He declined to say if SME was close to an accord with one\nor both of the foreign firms.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:21:34.86", "places": [ "italy" ], "id": "2299" }, { "title": "MIDWAY AIR FEBRUARY LOAD FACTOR OFF", "body": "Midway Airlines Inc said its February\nload factor declined 1.6 pct to 55.9 pct from 57.5 pct in the\nsame month last year.\n February traffic increased 23.7 pct to 167.4 mln revenue\npassenger miles from 135.3 mln revenue passenger miles at the\nsame time in 1986, Midway said. Available seat miles rose 27.2\npct to 299.5 mln seat miles, it said.\n For the year-to-date, Midway's load factor also decreased\n1.6 pct to 54.3 pct from 55.9 pct, it said.\n Traffic for the year-to-date advanced 17.7 pct to 332.9 mln\nrevenue passenger miles from 282.8 mln revenue passenger miles\nin the comparable period a year ago, Midway said. Available\nseat miles jumped 21.2 pct to 613.0 seat miles, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:26:41.94", "places": [ "usa" ], "id": "2300" }, { "title": "TEXON ENERGY IN TALKS ON ACQUISITION", "body": "Texon Energy Corp said it has entered\ninto a preliminary agreement to purchase an 80 pct interest in\na privately-held specialty plastics manufacturing company it\ndid not name.\n Texon said completion of the acquisition is subject to the\nconsent of banks and third parties and the acquisition would be\nmade for promissory notes and common stock.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:27:59.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "2301" }, { "title": "TWA FEBRFUARY LOAD FACTOR RISES TO 56.5 PCT FROM 53.1 PCT YEAR AGO\n", "date": " 5-MAR-1987 13:28:08.20", "id": "2302" }, { "title": "ALLIED AFFILIATE RESTATES LOSS LARGER", "body": "Allied-Signal Inc's 49.7 pct owned\n affiliate said it has restated its\nfourth quarter and full-year losses and revenues to increase\nthe provision for the proposed settlement of a price dispute\ninvolving Indonesian liquefied natural gas.\n It said the restated increases the provision against 1986\nfourth quarter earnings to 23.5 mln dlrs from 15.5 mln dlrs\nestimated earlier.\n Union Texas said its fourth quarter loss was increased to\n29.5 mln dlrs from 21.5 mln dlrs reported previously and\nrevenues reduiced to 214 mln dlrs from 228 mln dlrs.\n Union Texas said for the full year it restated its loss to\n57.5 mln dlrs from 49.5 mln dlrs and revenues to 1.26 billion\ndlrs from 1.27 billion dlrs.\n the restatement results from a tentative agreement reached\nin February with Pertamina, the Indonesian state-owned\npetroleum enterprise, and Japanese purchasers of LNG.\n Kohlberg Kravis Roberts and Co also owns 49.7 pct of Union\nTexas and the remainder is owned by management.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:30:56.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "2303" }, { "title": "AMREP CORP 3RD QTR JAN 31 NET", "body": "Shr 12 cts vs 34 cts\n Net 787,000 vs 2,250,000\n Revs 23.6 mln vs 23.6 mln\n Nine mths\n Shr 70 cts vs 1.06 dlrs\n Net 4,598,000 vs 6,974,000\n Revs 73.1 mln vs 73.6 mln\n NOTE: Share adjusted for three-for-two stock split in\nDecember 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:31:01.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "2304" }, { "title": "U.S. TREASURY OFFICIAL PROMISES VACCINE AID PLAN", "body": "The Reagan administration soon will\npropose a program of no-fault compensation for people injured\nby childhood vaccines, a senior Treasury Department counsel\ntold the House select revenue measures subcommittee.\n \"Within the next few weeks, we expect to propose a program\nthat will provide equitable, no-fault compensation to injured\npersons, and predictable (and hence insurable) liabilities for\nvaccine manufacturers,\" Dennis Ross, tax legislative counsel for\ntreasury, said in prepared testimony.\n The Vaccine Act was signed into law last year but did not\ninclude a funding mechanism for its compensation program.\n Ross noted 50 to 75 children a year suffer serious\nlong-term or injuries from adverse reactions to vaccine for\ndiptheria, tetanus and whooping cough alone.\n But he said lawsuits were causing drug companies like Wyeth\nLaboratories and Parke, Davis and Co to stop producing\nchildhood vaccines.\n The administration would not favor funding compensation\nthrough an excise tax levied on the vaccine producers because\nit would add to collection and auditing burdens, Ross said.\n He did not suggest a favored funding mechanism but said\na lump-sum trust fund for compensation might be preferable.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:34:44.40", "places": [ "usa" ], "id": "2305" }, { "title": " SIGNS STOCK OPTION AGREEMENT", "body": "The Music Shop said it signed a\nstock option agreement with the calling for it to\nreceive 100,000 dlrs in return for 210 mln shares and an option\nfor Saxon to buy additional common stock for up to 400,000\ndlrs.\n The company also said it will hold a special shareholders'\nmeeting April 15 to vote on a proposed one-for-100 share\nreverse split.\n Saxon is a venture capital firm from Dallas, the company\nsaid.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:34:54.54", "places": [ "usa" ], "id": "2306" }, { "title": "ICI SEES GROWTH IN PHARMACEUTICALS", "body": "Imperial Chemical Industries PLC\nexpects earnings from its pharmaceuticals operations to grow \nto about 35 pct of world profits within the next five years\ncompared with a current 30 pct, chairman elect Denys Henderson\ntold financial analysts.\n \"Over the next five years we expect to launch one major new\nproduct each year,\" Henderson said.\n He also said research and development spending in this\nbusiness segment will be increased to 14 pct of total sales\nincome in 1987 from 13 pct, or 130 mln sterling, in 1986.\n ICI, the world's fifth largest chemicals firm in terms of\nsales, recently reported 1986 profits of about 888 mln dlrs on\n15 billion dlrs in sales, compared with income of 817 mln dlrs\non 15.87 billion dlrs in sales a year earlier.\n Sales in the United States totaled about three billion\ndlrs, ICI executives said.\n In addition, Henderson said overall corporate growth will\ncome from ICI's research and development activities, but the\ncompany intends to continue to grow through an acquisition\nprogram.\n ICI spent just under one billion dlrs for acquisitions\nduring 1986, the largest of which was the 580 mln dlr purchase\nof Cleveland, Ohio-based Glidden Inc, a paints, resins and\ncoatings company, from .\n ICI financial director Alan Clements said the company's\nborrowing limits are at a level of about 6.3 billion sterling,\n1.5 billion of which have already been used.\n While the company has no current plans for a major\nacquisition, \"we are ready to move quickly in the acquisition\nfield if the need arises,\" Clements said.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:35:31.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "2307" }, { "title": "SAFECARD SERVICES SETS SPLIT, UPS PAYOUT", "body": "SafeCard Services Inc said\nits board declared a three-for-two stock split and is\nmaintaining the quarterly dividend on post-split shares at the\nsame six cts it now pays for an effective 50 pct increase.\n Both the split and the dividend are payable April 30 to\nholders of record March 31.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:35:47.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "2308" }, { "title": "WILTON ENTERPRISES INC 2ND QTR JAN 31 NET", "body": "Oper shr profit two cts vs loss 31 cts\n Oper net 72,000 vs loss 1,130,000\n Sales 7,896,000 vs 9,333,000\n 1st half\n Oper shr profit 32 cts vs profit eight cts\n Oper net profit 1,187,000 vs profit 299,000\n Sales 21.3 mln vs 26.0 mln\n NOTE: Current year net excludes tax credits of 54,000 dlrs\nin quarter and 945,000 dlrs in year.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:35:54.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "2309" }, { "title": "ROTTERDAM PORT SUBSIDY TO END JULY 1 - MINISTER", "body": "Dutch Social Affairs Minister Louw de\nGraaf announced he is withdrawing the annual 10 mln guilder\nlabour subsidy for Rotterdam's strike-hit general cargo sector\nas from July 1.\n Late last month de Graaf said that if the dispute was not\nsettled by Monday this week he would withdraw the subsidy.\n The chairman of the port employers' organization, SVZ,\nJacques Schoufour, said he was unhappy with the decision and\nadded there was now no alternative to proceeding with\nredundancy plans.\n The series of strikes in the sector started on January 19\nin protest at employers' plans to make 800 redundancies from\nthe 4,000-strong workforce by 1990 starting with 350 this year.\n Meanwhile, the port and transport union, FNV, attacked loss\nfigures given for the port for this year.\n The figures, issued by accountants on behalf of the SVZ,\nput total losses for last year at 34 mln guilders and in 1985\nat 37 mln. Earlier, the employers had put the figure at around\n30 mln.\n The FNV said the actual losses were nearer 17 to 20 mln and\nsaid the employers had inflated the figures as part of their\nplan to restructure completely the port's general cargo sector.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:36:09.01", "topics": [ "ship" ], "places": [ "netherlands" ], "id": "2310" }, { "title": "TWA FEBRUARY LOAD FACTOR RISES", "body": "Trans World Airlines Inc said February\nload factor rose to 56.5 pct from 53.1 pct a year before.\n The company said revenue passenger miles rose to 1.95\nbillion from 1.66 billion a year before and available seat\nmiles rose to 3.45 billion from 3.14 billion.\n For the year to date, the company said load factor rose to\n56.4 pct from 52.8 pct a year before, as revenue passenger\nmiles rose to 4.10 billion from 3.66 billion and available seat\nmiles rose to 7.26 billion from 6.92 billion. The 1986 figures\nexclude recently-acquired Ozark Air Lines Inc.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:39:10.59", "places": [ "usa" ], "id": "2311" }, { "title": "S.A.Y. TO TAKE 3RD QTR LOSS FROM SALE", "body": "S.A.Y. Industries Inc said it\nexpects a loss of about two mln dlrs in its third quarter ended\nFebruary 28 from the proposed sale of its Omnilab Inc health\ncare unit.\n S.A.Y said its board of directors approved the unit's sale\nbecause Omnilab was losing about 140,000 dlrs a quarter.\n \"We no longer see a near-term prospect for a reasonable\nreturn on our investment,\" Romilly Humphries, S.A.Y. president\nand chief executive officer said.\n S.A.Y. said proceeds from the sale would be used to\nincrease the company's market share in automotive products\npackaging and diversify its packaging capabilities.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:41:08.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "2312" }, { "title": "DELTA AIR LINES FEBRUARY LOAD FACTOR FALLS TO 54.1 PCT FROM 59.9 PCT\n", "date": " 5-MAR-1987 13:41:57.87", "id": "2313" }, { "title": "NYSE EXAMINES HECK'S LISTING STATUS", "body": "The New York Stock Exchange said it is\nreviewing the eligibility for continued listing of Heck's Inc's\ncommonn stock after the company announced that it has filed a\nvoluntary petition under Chapter 11 bankruptcy proceedings.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:42:11.18", "places": [ "usa" ], "id": "2314" }, { "title": "PHELPS DODGE FILES FOR OFFERING", "body": "Phelps Dodge Corp said it filed a\nregistration statement with the Securities and Exchange\nCommission for an offering of four mln depositary shares.\n Each depositary share represents one quarter share of a\nconvertible exchange preference share. The liquidation\npreference of each depositary share is 50 dlrs.\n Quarterly dividends on the preference shares are cumulative\nand are payable beginning July 1, 1987.\n Proceeds will be used to redeem outstanding five dlr\nconvertible exchangeable preference shares, to repay bank debt\nand for general corporate purposes.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:42:31.92", "places": [ "usa" ], "id": "2315" }, { "title": "SONESTA INTERNATIONAL HOTELS CORP 4TH QTR", "body": "Shr profit 26 cts vs loss 86 cts\n Oper net profit 780,000 vs loss 2,609,000\n Revs 12.2 mln vs 17.1 mln\n Year\n Oper shr profit 5.28 dlrs vs loss 1.11 dlrs\n Oper net profit 16.1 mln vs loss 3,311,000\n Revs 64.9 mln vs 69.8 mln\n NOTE: 1986 year net excludes 598,000 dlr tax credit.\n 1986 net includes pretax gains on sale of property of\n2,330,000 dlrs in quarter and 24.5 mln dlrs in year.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:44:11.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "2316" }, { "title": "PARADYNE FACING CRIMINAL CHARGES", "body": "Paradyne Corp said a hearing is\nscheduled in the Federal District Court in Tampa today for\ncriminal charges against it and eight of its present and former\nemployees.\n The charges pertain to the 1981 and 1982 Social Security\nAdministration Equipment and Software Development Contracts.\n Paradyne said it will issue announcements with respect to\nthe 1985 indictments and other proceedings after today's\nhearings.\n Miriam Frazer, a spokeswoman for Paradyne, said the major\ncharge was for conspiracy to defraud the Social Security\nAdministration in the procurement of a contract award to\nupgrade their computer network operation.\n The contract is valued at about 80 mln dlrs and the\nequipment is currently installed and operating at the agency,\nFrazer said.\n If found guilty, the sentence would likely be a fine for\nthe company, and fines or imprisonment for the individuals,\nFrazer said.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:45:07.82", "places": [ "usa" ], "id": "2317" }, { "title": "ORIENT-EXPRESS TO SELL FIVE PROPERTIES", "body": "Orient-Express Hotels Inc said it\nreached agreement in principle to sell four hotels and the\nSeaCo Business Park near Houston for a total consideration of\n54 mln dlrs, payable 51.8 mln dlrs in cash.\n The company said it is expected the sales will be concluded\nwithin 90 days. The purchasers have asked not to be identified\nuntil the completion of the sales, it added.\n Orient-Express said its board has decided not to raise new\nequity capital at this time, explaining the proceeds from the\nplanned sales will be sufficient to pay all the company's\nimmediate obligations and leave resources for investment.\n Orient-Express said the Turnberry Hotel and Golf Courses in\nScotland will be sold but the company will retain a 20 year\nmanagment contract.\n It said the Lodge at Vail, Colo., will be sold and leased\nback for 10 years with tghe option to extend the lease.\n The company said the Royal York hotel in York, England, and\nthe Lochalsh Hotel at the Kyle of Lochalsh in Scotland will be\nsold to a British hotels group and Orient-Express will have no\nfurther involvement in these properties.\n The company said it expects to make improvements to its\nItalian hotels soon and is considering Italian acquisitions.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:48:43.08", "places": [ "usa" ], "id": "2318" }, { "title": "DELTA AIR FEBRUARY LOAD FACTOR FALLS", "body": "Delta Air Lines Inc said February load\nfactor fell to 54.1 pct from 59.9 pct a year before.\n The company said revenue passenger miles rose 4.1 pct to\n2.48 billion from 2.39 billion a year before and available seat\nmiles rose 15.3 pct to 4.60 billion from 3.99 billion.\n For the first two months of calendar 1986, Delta said load\nfactor fell to 52.1 pct from 56.7 pct a year before, as revenue\npassenger miles rose 4.7 pct to 4.97 billion from 4.75 billion\nand available seat miles rose 14.0 pct to 9.55 billion from\n8.37 billion.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:51:39.31", "places": [ "usa" ], "id": "2319" }, { "title": " 1ST QTR JAN 31 NET", "body": "Shr four cts vs 12 cts\n Net 248,000 vs 647,000\n Revs 23.7 mln vs 21.9 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 13:51:59.20", "topics": [ "earn" ], "places": [ "canada" ], "id": "2320" }, { "title": "UAL INC 'S UNITED AIRLINES ADDS FLIGHTS", "body": "UAL Inc's United Airlines said it is\nadding flights into Los Angeles International Airport between\nnow and June.\n United said it will be adding flights between Los Angeles\nand Phoenix, Ariz., Oakland, Calif., Sacramento, Calif.,\nChicago and Salt Lake City.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:52:41.12", "places": [ "usa" ], "id": "2321" }, { "title": "UNICORP AMERICAN ACQUISITION ADVANCES", "body": "Unicorp American Corp said it has\nsigned a definitive agreement for the previously-announced\nacquisition of Lincoln Savings Bank.\n The company said the transaction is still subject to\nregulatory approvals.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:52:48.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "2322" }, { "title": "FIRST EASTERN CORP COMPLETES ACQUISITION", "body": "First Eastern Corp said it has\ncompleted the acquisition of Peoples Bank of Nanticoke, Pa., in\nan exchange of 11 First Eastern shares for each Peoples share.\n Peoples has assets of about 24 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:53:27.77", "topics": [ "acq" ], "places": [ "usa" ], "id": "2323" }, { "title": "AFRICAN DEVELOPMENT BANK OPENS MOROCCO OFFICE ", "body": "The African Development Bank (ADB) opened\na regional office in Rabat which will cover Morocco, Algeria,\nTunisia, Egypt, Sudan and Somalia.\n Babacar N'Diaye, president of the Abidjan-based bank, said\nthe regional office, headed by Tunisia's Hedi Meliane, will try\nto consolidate and diversify Arab-African relations, the\nMoroccan news agency MAP reported.\n N'Diaye said the ADB intends to increase its capital by 200\nper cent by next June. This will allow it to invest about eight\nbillion dollars in the next five years, he said..\n Reuter\n\u0003", "date": " 5-MAR-1987 13:55:56.43", "organisations": [ "adb-africa" ], "places": [ "morocco", "algeria", "tunisia", "egypt", "sudan", "somalia" ], "id": "2324" }, { "title": "BISHOP GRAPHICS COMPLETES STORE SALE", "body": "Bishop Graphics Inc\nsaid it completed the sale of its Newport Beach Art Supply\nCenter to Standard Brands Paint Co's Art Store unit.\n Terms were not disclosed.\n Bishop also said it has opened a new sales and service\noffice in Irvine, Calif.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 13:56:37.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "2325" }, { "title": "STRIKING BRAZILIAN SEAMEN HOLD PAY TALKS", "body": "Striking Brazilian seamen, who say\nthey have made idle 158 ships and halted Brazilian exports,\ntoday held pay talks in Rio de Janeiro with Labour Minister\nAlmir Pazzianotto, union officials said.\n Jorge Luis Leao Franco, a senior official of the National\nMerchant Marine Union, told Reuters he was optimistic the talks\nwould lead to an end of the stoppage, which began last Friday.\n Brazil's 40,000 seamen are seeking a pay rise of 275 pct.\n The union official said the strike had halted a total of\n158 vessels, including 50 in Brazil's main port, Santos, and\nabout 50 more in Rio de Janeiro.\n Abroad, six ships lay idle, in the Netherlands, Spain,\nVenezuela, France and South Africa, he said.\n Economic analysts said the strike was of serious concern to\nthe government, which has already had to suspend interest\npayments on part of Brazil's foreign debt following a drastic\ndeterioration in the country's trade balance.\n The head of the National Merchant Marine Authority, Murilo\nRubens Habbema, was quoted in today's Gazeta Mercantil\nnewspaper as saying that if the strike continued foreign ships\ncould be authorized to transport Brazilian exports.\n \"Brazil is living through a crisis at the moment, and it is\nnot conceivable that exports be hit,\" he said.\n \"But even using foreign ships we must not forget that we are\ngoing to lose foreign exchange paying freight charges abroad,\nand all this through the fault of the seamen,\" Rubens Habbema\nsaid.\n A spokesman for the port of Santos, which has been the\nscene of labour unrest and congestion in recent months, said\nmovement of ships out of the port was running at about half its\nnormal level of 12 ships a day.\n He said a total of 76 ships were either waiting at anchor\non moored in the harbour.\n Reuter\n\u0003", "date": " 5-MAR-1987 13:58:16.10", "topics": [ "ship" ], "places": [ "brazil" ], "id": "2326" }, { "title": "FED'S JOHNSON SAYS DOLLAR IS VERY CLOSE TO APPROPRIATE EXCHANGE RATE LEVEL \n", "date": " 5-MAR-1987 13:58:47.21", "topics": [ "money-fx", "dlr" ], "id": "2327" }, { "title": "FED'S JOHNSON WARNS U.S. BANKS AGAINST EXCESS RIGIDITY IN LDC DEBT TALKS\n", "date": " 5-MAR-1987 13:59:16.85", "id": "2328" }, { "title": "MERIDIAN DIAGNOSTICS HAS TYPHUS TEST", "body": "Meridian Diagnostics Inc said it has\ndeveloped a rapid diagnostic test for endemic or murine typhus\ninfections caused by Rickettsii typhi and transmitted by flea\nbites.\n It said the product will be sold to hospitals, physicians,\ncommerical laboratories and veterinarians by .\n Reuter\n\u0003", "date": " 5-MAR-1987 13:59:39.86", "places": [ "usa" ], "id": "2329" }, { "title": "FED'S JOHNSON SEES RISKS BUT NO IMMEDIATE DANGER IN CORPORATE DEBT LOAD\n", "date": " 5-MAR-1987 14:00:30.30", "id": "2330" }, { "title": "MEDIQ TO SPIN OFF FINANCIAL SERVICES UNIT", "body": "MEDIQ Inc said it has filed a\nstatement with the Securities and Exchange Commission to set up\nits Copelco Financial Services Group Inc unit as a publicly\ntraded leasing company.\n MEDIQ said it could gain 6.2 mln dlrs on the move.\n MEDIQ said as part of the move it will offer MEDIQ common\nand preferred shareholders the right to purchase one share of\nthe 1.2 mln Copelco shares for each 20 shares of Mediq owned as\nof March 20, 1987, for five dlrs a share.\n MEDIQ said the shareholders may not exercise the rights for\nfewer than 100 Copelco common shares and the rights will expire\n30 days after issuance.\n MEDIQ added that the rights and shares will trade on the\nover-the-counter market under the symbols and ,\nrespectively.\n Later, it said, they will trade on the NASDAQ system under\nthe symbol .\n Reuter\n\u0003", "date": " 5-MAR-1987 14:02:42.23", "places": [ "usa" ], "id": "2331" }, { "title": "BROWN GROUP INC VOTES REGULAR DIVIDEND", "body": "Qtly div 37-1/2 cts vs 37-1/2 cts prior qtr\n Pay 1 April\n Record 16 March\n Reuter\n\u0003", "date": " 5-MAR-1987 14:03:15.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "2332" }, { "title": "BLOCKER ENERGY CORP YEAR NET", "body": "Oper shr profit 11 cts vs loss 2.45 dlrs\n Oper net profit 3,594,000 vs loss 81.9 mln\n Revs 38.5 mln vs 48.2 mln\n NOTE: 1986 net excludes 68.5 mln dlr gain from debt\nextinguishment.\n 1985 net includes 72.0 mln dlr writedown of drilling rigs.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:03:52.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "2333" }, { "title": "HITK ADDS NIPON, MURDOCH TO CLIENTS", "body": "HITK Corp said its Worldwide 800\nSErvices telemarketing unit has added Nipon Electric Co and\nMurdoch Publishing to its list of clients.\n Terms were not disclosed.\n HITK said Nipon will use the service for promotion and\nsales to hotels and individuals. Murdoch will use the service\nto sell subscriptions.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:06:21.02", "places": [ "usa" ], "id": "2334" }, { "title": "LTX CORP 2ND QTR JAN 31 LOSS", "body": "Shr loss 28 cts vs loss 32 cts\n Net loss 2,585,000 vs loss 2,885,000\n Sales 27.6 mln vs 23.5 mln\n Avg shrs 9,352,000 vs 9,049,000\n 1st half\n Shr loss 63 cts vs loss 94 cts\n Net loss 5,867,000 vs loss 8,405,000\n Sales 51.9 mln vs 43.7 mln\n Avg shrs 9,349,000 vs 8,966,000\n NOTE: Prior year net includes tax credits of 1,827,000 dlrs\nin quarter and 5,347,000 dlrs in half.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:06:45.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "2335" }, { "title": "YEUTTER SAYS U.S. BUDGET DEFICIT REDUCTION KEY TO TRADE DEFICIT SOLUTION\n", "date": " 5-MAR-1987 14:08:18.37", "topics": [ "trade" ], "id": "2336" }, { "title": "CALPROP CORP 4TH QTR NET", "body": "Shr 40 cts vs 25 cts\n Net 1,369,602 vs 628,193\n Revs 12.5 mln vs 4,909,369\n Avg shrs 3,460,217 vs 2,610,913\n Year\n Shr 97 cts vs 54 cts\n Net 2,952,830 vs 1,414,369\n Revs 37.0 mln vs 13.5 mln\n Avg shr 3,031,494 vs 2,609,313\n Note: Prior qtr and year per share figures restated for 10\npct stock dividend of December 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:08:39.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "2337" }, { "title": "SIS CORP YEAR NET", "body": "Shr one ct vs nil\n Net 9,949,000 vs 3,799,000\n Revs 15.5 mln vs 13.5 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 14:08:54.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "2338" }, { "title": "AMOSKEAG CO SETS QUARTERLY", "body": "Qtly div 30 cts vs 30 cts prior\n Pay March 31\n Record March Five\n Reuter\n\u0003", "date": " 5-MAR-1987 14:08:59.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "2339" }, { "title": "MEDTRONIC INC SETS QUARTERLY", "body": "Qtly div 22 cts vs 22 cts prior\n Pay April 30\n Record April 10 \n Reuter\n\u0003", "date": " 5-MAR-1987 14:09:04.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "2340" }, { "title": "CANADA 91-DAY T-BILLS AVERAGE 7.29 PCT, MAKING BANK RATE 7.54 PCT\n", "date": " 5-MAR-1987 14:09:06.73", "id": "2341" }, { "title": "SCITEX CORP 4TH QTR LOSS", "body": "Shr loss 46 cts vs loss 1.17 dlrs\n Net loss 4,990,000 vs loss 12.8 mln\n Revs 47.0 mln vs 42.3 mln\n Year\n Shr loss 3.08 dlrs vs loss 1.28 dlrs\n Net loss 33.7 mln vs loss 13.3 mln\n Revs 132.8 mln vs 132.5 mln\n Avg shrs 10.9 mln vs 10.4 mln\n NOTE: Includes losses of 501,000 vs 83,000 in qtr and 2.2\nmln vs 83,000 in year from equity of 50 pct-owned companies.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:10:04.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "2342" }, { "title": "ENERGY OPTICS TO DEVELOP RANGE-FINDER FOR ROBOT", "body": " said it has\nbeen selected by the U.S. Navy to develop a low cost, optical\ntriangulation system.\n Energy Optics said the Navy awareded a Phase I contract to\ninvestigate various analog and digital design alternatives and\nselect the best for development and demonstration of a\nprototype.\n The company's statement gave no value for this contract,\nbut said this task is expected to take six months.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:13:03.77", "places": [ "usa" ], "id": "2343" }, { "title": "STANLEY WORKS MAKES ACQUISITIONS", "body": "Stanley Works said it has acquired Acme\nHolding corp, a maker of sliding and folding door hardware, and\nthe designs, patents and other righs of Plan-A-Flex Designer\nCo, which provides kits for home design and remodeling\nprojects.\n It said Acme had 1986 sales of over 50 mln dlrs.\n Terms were not disclosed.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:13:58.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "2344" }, { "title": "NYSE SELLS 17 NYFE SEATS", "body": "The New York Stock Exchange said it\nsold 17 seats on the New York Futures Exchange, three for 200\ndlrs, unchanged from the previous sale on February 25, and 14\nfor 100 dlrs, down 100 dlrs.\n The Exchange said the current bid is 100 dlrs and the\ncurrent offer is 300 dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:15:22.66", "places": [ "usa" ], "id": "2345" }, { "title": "ANITEC IMAGE TECHNOLOGY CORP SETS PAYOUT", "body": "Qtly div 7-1/2 cts vs 7-1/2 cts prior\n Pay April 10\n Record March 27 \n Reuter\n\u0003", "date": " 5-MAR-1987 14:15:27.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "2346" }, { "title": "GREEN MOUNTAIN POWER CORP SETS QUARTERLY", "body": "Qtly div 45 cts vs 45 cts prior\n Pay March 31\n Record March 20 \n Reuter\n\u0003", "date": " 5-MAR-1987 14:15:32.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "2347" }, { "title": "DUAL-LITE INC SETS QUARTERLY", "body": "Qtly div eight cts vs eight cts prior\n Pay May 11\n Record April 24 \n Reuter\n\u0003", "date": " 5-MAR-1987 14:15:37.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "2348" }, { "title": "FED'S JOHNSON WARNS U.S. BANKS ON LDC RIGIDITY", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said that some U.S. banks have been too rigid in\ntalks with lesser developed countries on debt refinancings and\nwarned that a breakdown of the renegotiation process could be\nharmful.\n \"There have been some difficulties in those negotiations ...\nbanks have sometimes been too rigid,\" Johnson said in response\nto a question during an address before the Eastern Economic\nAssociation, an academic group.\n \"I think there have been potential breakdowns in that\nprocess,\" he said, adding that an actual breakdown \"would be very\nunfortunate.\"\n He declined to comment on the situation of specific nations\nand said it was not the Fed's role to become involved in such\ntalks.\n However, he said it was \"always a little bit risky\" for a\nheavily indebted nation to seek refinancing without first\nnegotiating with the International Monetary Fund on economic\nreforms. He added that he remains optimistic that current talks\nwould be resolved successfully.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:16:18.25", "organisations": [ "imf" ], "places": [ "usa" ], "id": "2349" }, { "title": "SCIENCE MANAGEMENT CORP 4TH QTR OPER NET", "body": "Oper shr profit 14 cts vs loss 31 cts\n Oper net profit 374,000 vs loss 707,000\n Revs 19.1 mln vs 15.5 mln\n Avg shrs 2,610,000 vs 2,560,000\n Year\n Oper shr profit 20 cts vs loss 69 cts\n Oper net profit 530,000 vs loss 1,376,000\n Revs 69.1 mln vs 64.3 mln\n Avg shrs 2,603,000 vs 2,565,000\n NOTE: Excludes gain of 309,000 dlrs vs loss 72,000 dlrs in\nqtr and gains of 458,000 dlrs vs 23,000 dlrs in year from tax\nloss carryforwards. Includes gains of 76,000 dlrs and 378,000\ndlrs in 1985 qtr and year, respectively.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:17:42.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "2350" }, { "title": "FED'S JOHNSON SEES RISKS IN DEBT LOAD GROWTH", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said the rapid recent growth in corporate and\nhousehold debt burdens posed risks to the economy but should be\nkept in perspective.\n The heavy debt load \"is one of our major concerns ... the\nrisks are significant,\" he said in response to questions from\nthe Eastern Economic Association, an academic group.\n However, he added, the recent bull market on Wall Street\nhad also made corporate equity levels soar, keeping corporate\ndebt to equity ratios about constant.\n Similarly, he said household net worth has increased at a\nfaster pace than household debt \"so that household debt-to-asset\nratios have once again gone down.\"\n Nonetheless, \"I think that it's something to watch\ncarefully, and obviously it's something we do,\" he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:17:53.03", "places": [ "usa" ], "id": "2351" }, { "title": "YEUTTER SAYS BUDGET CUT KEY TO BETTER U.S. TRADE", "body": "A reduction of the U.S. federal budget\ndeficit will be needed to help eliminate the nation's huge\ntrade deficit, U.S. trade representative Clayton Yeutter said.\n Speaking to the New York Chamber of Commerce and Industry,\nYeutter said \"Capital and trade flows are clearly\ninter-releated now.\n \"Unless we get the budget deficit down, we will not get the\ntrade deficit down.\"\n He did not elaborate on his views of the linkages between\nthe two deficits.\n Private analysts have said that the financing of large U.S.\nbudget deficits requires heavy capital inflows from overseas\ninvestors through purchases of U.S. Treasury and, to a lesser\nextent, other U.S. securities as well.\n \"We'll make some progress in reducing the 170 billion dlr\ntrade deficit in 1987, but there's still a long way to go,\"\nYeutter said.\n He said the problem must be approached on many fronts and\nfocus most strongly on U.S. and overseas fiscal and monetary\npolicies to foster economic growth, U.S. competitiveness and\nthe establishment of a \"level playing field\" for trade.\n The U.S. trade representative said the Federal Reserve\nunder Chairman Paul Volcker has done its part to improve the\ntrade situation by getting interest rates down.\n On the fiscal side, Yeutter said \"the budget deficit is\nstill our biggest problem\" and there has not been enough\nprogress toward reducing that deficit.\n In the international area, he said that \"our major trading\npartners could still do more to stimulate domestic growth.\"\nCommenting on Japan, which is running around a 80 billion dlr\ntrade surplus with the United States, Yeutter said \"Japan is\njust not doing the job on the import side.\"\n Yeutter declined to comment on statements relating to the\ndollar made earlier today by Commerce Dept undersecretary of\nEconomic Affairs Robert Ortner.\n In a Washington address to an Export-Import Bank sponsored\nmeeting, Ortner said he believed the dollar at current levels\nwas fairly priced against most European currencies, but that\nthe yen is 10 or 15 pct undervalued.\n \"The market will determine the dollar's proper value in the\nend,\" Yeutter said. However, he added that, if the U.S. and\nother nations do not take the necessary steps to cut the U.S.\ntrade deficit, \"the dollar will be the equalizer.\"\n Yeutter said there is no quick fix to the trade problem and\nany resort to such tactics as protectionist trade legislation\nor trade restrictions poses real dangers.\n He said \"there's relatively little that Congress can do to\nlegislate a solution to the trade problem.\"\n Protectionist legislation will only provoke retaliation by\nU.S. trading partners, Yeutter said.\n \"There is no doubt in my mind about the willingness of our\ntrading partners to retaliate against unfair trade\nlegislation,\" Yeutter said, adding that policy flexibility is\nessential in solving international trade problems.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:18:23.25", "topics": [ "trade", "money-fx" ], "places": [ "usa", "japan" ], "id": "2352" }, { "title": "CARMEL CONTAINER SYSTEMS LTD YEAR OPER NET", "body": "Oper shr 1.18 dlrs vs 58 cts\n Oper net 2,266,000 vs 1,037,000\n Revs 45.8 mln vs 41.4 mln\n Avg shrs 1,924,000 vs 1,800,000\n NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from\nbenefit of tax loss carryforward.\n Results for Tel Aviv, Israel-based company translated at\nrate of one dlr to 1.485 new Israeli shekels.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:19:07.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "2353" }, { "title": "NEW CURRENCY PROBLEM SEEN AMONG U.S, EUROPE, JAPAN", "body": "The highly visible drama involving the\nyen's sharp rise against the U.S. Dollar is obscuring the fact\nthat the Japanese currency has hardly budged against major\nEuropean currencies, thus creating a new set of exchange rate\ndistortions, Japanese and European research officials said.\n The officials, looking beneath the rhetoric of statements\nby the Group of Five (G-5) industrial nations, told Reuters the\ncurrency movements of the past two years are also creating a\nfundamentally new world trade picture, which is throwing up new\ntrade tensions and imbalances.\n Trade figures show that the new currency alignments are\nalready changing the Japan-U.S. Trade axis into a Japan-\nEuropean Community (EC) axis, to the discomfort of Europe.\n In many ways, not least in terms of rare international\ncooperation, the September, 1985 New York Plaza pact between\nthe U.S., Japan, West Germany, Britain and France to cut down\nthe value of the dollar was a historic one.\n But it is the underlying peaks and troughs of the major\ncurrency movements which lay bare the real picture, in which\nthe Plaza pact appears as an event of prime importance, but not\nnecessarily central significance, the officials said.\n The officials said that when the Plaza agreement took\nplace, the dollar was already on its way down. The agreement\nsimply helped it on its way. Senior EC financial expert in\nTokyo Tomas de Hora has watched the movements closely.\n \"You have to look at the dollar's peak compared with now,\nand that was well before Plaza,\" he said.\n On February 25, 1985, the dollar peaked against the yen at\n263.15 yen. On September 20, the Friday before Plaza, it was\n242. Since then, despite massive Bank of Japan intervention and\nperiodic market frights about further G-5 concerted action, the\ndollar trend has been down, down, down.\n Yet the ECU is now around 173.4 yen. The historical cross\nrates for sterling and the mark tell much the same story. The\nEuropean currencies are moving back up against the yen.\n The close relationship between exchange rates and trade\nflows makes it difficult to see which is driving which, but\nundoubtedly the trade equation between the big three is\nchanging. In 1986, Japanese imports and exports with the EC\nboth grew by around 50 pct in dollar terms, five pct in yen.\nThis gave Japan a 16 billion dlr trade surplus.\n Last January, Japanese exports to the EC totalled half of\nof sales to the U.S, against about a third in recent years.\n Trade with the U.S in 1986 rose 23 pct for exports and 12\npct for imports in dollar terms, but fell 13 pct for exports\nand 21 pct for imports in yen terms.\n \"The basic meaning for Europe is that Japanese firms have a\ntremendous interest in exporting to Europe, where every unit\nsold maximises profits in yen terms, which is what is important\nto them. Suddenly, instead of the U.S., It is Europe that is\nlaying the golden egg,\" said de Hora.\n The EC is worried. EC business also had a remarkable year\nin Japanese sales, but this can be explained partly due to its\nstart from a small base, compared with total Japan-U.S. Trade.\n The Japanese think EC firms are now more competitive than\nU.S. Firms, a factor which is aggravating the exchange rate\nimbalance, and which will cause problems.\n \"This currency alignment between Japan and the EC is\nreflecting the excellent performance of the EC countries. But\ntherefore, Japanese goods may keep their price competitive\nedge,\" said Azusa Hayashi, Director of the First International\nEconomic Affairs Division of the Foreign Ministry. \"If you want\nmy objective view, I don't expect a drastic improvement in our\ntrade imbalance. Last year, we asked for moderation in exports,\nand this year we may have to do so again,\" he said.\n REUTER...\n\u0003", "date": " 5-MAR-1987 14:20:16.73", "topics": [ "money-fx", "dlr", "yen" ], "organisations": [ "ec" ], "places": [ "japan", "usa", "west-germany", "uk", "france" ], "id": "2354" }, { "title": "WORLD BANK HEAD SAYS BRAZIL MORATORIUM TEMPORARY", "body": "World Bank president Barber Conable\nsaid he believed that Brazil would come up with a medium term\neconomic plan and that the current debt moritorium would be\ntemporary.\n Speaking briefly to reporters following an address before\nthe Export-Import Bank, Conable said that the bank had been\nurging the Brazilian government to come up with a specific plan\ndesigned to work the country out of its present economic\ndifficulty.\n \"Brazil would like to come up with such a plan,\" he said,\nadding: \"the moritorium is likely to be a temporary affair.\"\n During his formal remarks, Conable made it clear that he\nbelieved Brazil must take some specific internal action.\n He said \"they have everyone's attention but it must be\nfollowed by a construtive plan.\"\n He said that he expected Brazilian Finance Minister Dilson\nFunaro, who he met with last week to discuss the Brazilian debt\nsuspension action, to return for further discussion but did not\ncurrently have a specific meeting arranged.\n Conable also told the gathering of mostly commericial\nbankers that in order for the Baker debt initiative to work all\nparties to the program must be on board.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:20:53.45", "places": [ "usa", "brazil" ], "id": "2355" }, { "title": "AMERICAN HOME UNIT TO GET RIGHTS TO DRUG", "body": "Polydex Pharmaceuticals Ltd \nsaid the Canadian unit of American Home Products Corp's Ayerst\nLabs subsidiary will probably receive marketing and\ndistribution rights to its cholesterol lowering drug Dexide,\nnow in clinical trials in Canada.\n George Usher, president of Dextran Products Limited, the\nCanadian subsidiary of Polydex, said that the company will file\nin August to both U.S. and Canadian regulatory authorities to\nreceive marketing approval for the drug. He also said that\nAmerican Home Products would quite possibly get distribution\nrights to the drug in the U.S.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 14:23:03.08", "places": [ "usa" ], "id": "2356" }, { "title": "TANDEM COMPUTERS SEES HIGHER NET", "body": "Tandem Computers Inc said it expects\nhigher earnings and revenues in its second fiscal quarter\nending March 31 against a year ago.\n \"We feel we will continue to see higher growth in the\nquarter,\" James Treybig, president and and chief executive\nofficer, told a meeting of securities analysts.\n In the second fiscal quarter last year, Tandem earned\n9,950,000 dlrs or 29 cts per share on revenues of 176.3 mln\ndlrs.\n Treybig declined to offer specific projections for the\nquarter but he said the results might be lower than those for\nthe first quarter of fiscal 1987, when Tandem earned 27.1 mln\ndlrs or 58 cts a share. He said Tandem's second quarter is\ntraditionally slower than the first.\n L.F. Rothschild Unterberg Towbin analyst Frederic Cohen\nestimated Tandem's second quarter net at 40 to 45 cts per\nshare. For the full year, he said he expects the computer maker\nto earn about 2.40 dlrs a share. In fiscal 1986, Tandem earned\n1.44 dlrs a share.\n Treybig, who founded the Cupertino, Calif.-based company,\nsaid he has seen a rebound in computer orders in the United\nStates. \"The U.S. economy is picking up, and buying decisions\nare being made. We didn't see that a year ago,\" he said.\n The executive said Tandem will increase its research and\ndevelopment spending to about 100 mln dlrs this year from 87\nmln dlrs in fiscal 1986.\n He said the company plans to introduce several products,\nincluding two low-end systems and a data base that uses the SQL\nprogramming language, an industry standard. Tandem also won a\nmajor order from the .\n\n Reuter\n\u0003", "date": " 5-MAR-1987 14:23:17.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "2357" }, { "title": "FED'S JOHNSON SAYS HE DOES NOT SEE INCREASING PRESSURE ON INTEREST RATES\n", "date": " 5-MAR-1987 14:24:43.70", "topics": [ "interest" ], "id": "2358" }, { "title": "AUSTRALIA ATTACKS U.S. GATT FARM RULES EXEMPTION", "body": "Australia accused the U.S. of increasing\nprotectionism on agricultural products and called for an end to\nWashington's special 32-year exemption from certain GATT rules\non agricultural trade.\n Robert Arnott, Australia's delegate to the General\nAgreement on Tariffs and Trade (GATT), made the appeal at a\nspecial annual meeting which reviews the 1955 U.S. waiver.\n \"Australia today said the United States' goals of reducing\nU.S. barriers to agricultural trade were being contradicted by\nactions which in fact increased protection in trade in\nagriculture,\" the Australian delegation said in a statement.\n \"The United States section 22 waiver is one of the basic\nflaws in the GATT coverage of agriculture,\" Arnott told the\nmeeting.\n Arnott said the waiver had continually been used as a\njustification for \"dubious protective measures\" by the U.S. He\nlisted a recent Dairy Export Incentive Program and steps to\nclose the U.S. sugar market to imports.\n He also told Reuters the waiver allowed Washington to\nimpose quotas on imports of farm products where it had domestic\nsupport programs. This covered imports of dairy products,\npeanuts, cotton and sugar.\n Asked to comment, Michael Samuels, U.S. ambassador to the\nGATT, told Reuters: \"These charges have been made since the very\nbeginning. The waiver is part of domestic U.S. agricultural\npolicy, part of our law when we joined the GATT\".\n \"We have agreed to put the waiver on the table during the\nUruguay Round and invite other countries to do the same with\ntheir programs. We can negotiate them all,\" Samuels added.\n Ninety-two nations are taking part in the four-year Uruguay\nround of talks launched in Punta del Este last September.\nBargaining in agricultural goods and services (banking,\ntourism, insurance) is included for the first time as well as\nmanufactured goods.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:28:01.93", "topics": [ "trade", "sugar", "cotton", "groundnut", "oilseed" ], "organisations": [ "gatt" ], "places": [ "australia", "usa", "switzerland" ], "id": "2359" }, { "title": " SETS INITIAL OFFER", "body": "Freymiller Trucking inc said\nit has filed for an initial public offering of one mln common\nshares, including 250,000 to be sold by its principal\nshareholder.\n Lead underwriters are Alex. Brown and Sons Inc and\nBateman Eichler, Hill Richards Inc.\n Freymiller is a long-haul truckload carrier specializing in\ntemperature-controlled and time-sensitive deliveries. It said\nproceeds will be used to reduce debt and buy equipment.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:33:03.04", "places": [ "usa" ], "id": "2360" }, { "title": "MANOR CARE NAMES NEW CHAIRMAN", "body": "Manor Care Inc said vice\nchairman Stewart Bainum Jr., 40, has been named chairman and\nchief executive officer, succeeding his father Stewart Bainum\nSr., 67, who becomes vice chairman and chairman of the finance\ncommittee.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:33:41.41", "places": [ "usa" ], "id": "2361" }, { "title": "VW EXPECTS FURTHER FALL IN U.S. SALES IN 1987", "body": "Volkswagen AG expects\ncurrency factors to cause a further drop in its U.S. Sales in\n1987 following a 5.2 pct sales decline in the United States in\n1986, board member Karl-Heinz Briam said.\n Briam, who described the current situation of the U.S.\nMarket as critical, also said VW was uncertain whether it would\nbe able in 1987 to fully match its record 1986 European sales.\n In 1986 the VW group, which includes Audi AG ,\ndelivered a record 981,000 vehicles to European markets outside\nof West Germany, a rise of 5.1 pct against 1985, Briam told a\nregular quarterly meeting of the Wolfsburg plant's workforce.\n Briam said sales conditions in Europe had generally become\nmore difficult in 1987 because of weaker growth rates and\nfiercer competition in the region.\n Briam gave no forecast for VW domestic sales. But he said\ncar sales in West Germany for all manufacturers combined would\nprobably fall by a slight three to four pct from 1986's record\n2.73 mln because car sales in West Germany had likely passed\ntheir peak for this business cycle.\n Summing up his predictions, Briam said limits to growth\nwere becoming apparent on the VW group's most important markets\nbut there were no grounds for great worries.\n The automobile industry, as far as VW was concerned, had\nentered its fourth consecutive good year, with VW's incoming\norders and sales remaining favourable overall, he said.\n Briam, who is VW's director of labour relations, also said\nVW currently had no plans for further increases in its\nworkforce.\n He told the plant's workforce that an\ninternationally-active company like VW must be able to adjust\nto changed economic conditions and manage situations in which\nunfavourable currency relations restrict its room for financial\nmaneuver.\n Briam said VW needed to hold and expand market share in\norder to overcome its cost disadvantages compared with some of\nits foreign competitors, particularly those in the Far East.\n This could only be done if capital-intensive plants were\nused as fully as possible, if the workers' qualifications were\nraised through comprehensive training and if working hours were\narranged so that expensive production plants operated as\nefficiently and soundly as possible.\n The metalworkers union IG Metall has said it plans to push\nfor a 35-hour working week in its sector of West Germany\nindustry this year.\n Walter Hiller, the chairman of VW's works council, told the\nsame Wolfsburg meeting that a cut in the working week to 35\nhours was necessary to help reduce unemployment.\n He said the works council was prepared to negotiate on\nmaking working hours more flexible to suit the needs of both\nthe company and the workforce.\n A seven-week strike by IG Metall in the summer of 1984 for\na 35-hour week in the West German metal industry ended in a\ncompromise that cut hours to 38.5 hours but also allowed each\ncompany in the industry to decide, in consultation with the\nworkforce, how the reductions should be made.\n REUTER\n\u0003", "date": " 5-MAR-1987 14:36:31.79", "places": [ "west-germany", "usa" ], "id": "2362" }, { "title": "FREEPORT-MCMORAN GOLD IN JOINT VENTURE", "body": "Freeport-McMoran Gold Co (FMG),\na unit of Freeport-McMoran Inc , said it will explore and\ndevelop gold properties in Canada in a joint venture with and , both Canadian\ncompanies.\n FMG said the area is located on the Bugow property on the\nnortheast arm of Great Slave Lake, about 75 miles from\nYellowknife, Northwest Territories, Canada.\n FMG said that under the agreement it will either spend 7.4\nmln dlrs over the next four years, or bring the property into\nthe feasibility stage over that time.\n FMG said during that time it will pay Aber and Highwood\n775,000 dlrs in cash that, together with the 7.4 mln dlrs, will\nearn FMG a 51 pct interest in all leases and claims.\n FMG said all expenditures and payments are in Canadian\ndollars.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:37:54.81", "places": [ "usa", "canada" ], "id": "2363" }, { "title": "HAUGHEY TO SEEK EC ADVICE ON IRISH DEBT", "body": "Charles Haughey, leader of the Irish\nparty Fianna Fail, said if he becomes prime minister following\nlast month's Irish general election, he will seek the advice of\nthe EC Commission on management of the country's 24 billion\npunt foreign debt.\n Haughey told a news conference he is confident of being\nasked to form a government when the Irish parliament meets next\nTuesday. Fianna Fail won 81 of the 166 seats in the February 17\npoll. Haughey said an offer of Commission help on debt\nmanagement was made to him today by Commission president\nJacques Delors.\n Haughey said:\" Delors assured me we could have full recourse\nto the Commission for advice, guidance and expert skills in\ndealing with our overall financial problems, particularily in\nthe matter of debt management.\"\n Noting current debt servicing charges are about two billion\npunts a year, he added :\"If we could achieve any significant\nimprovement in the management and reduction in the cost of\nservicing, it could have significant budgetary benefits.\"\n He added that he would seek advice, not a Community loan.\n However, Haughey said Ireland had in the past used its\nposition within the EMS to make borrowings in Europe at\nfavorable interest rates, notably for onlending to its farming\nsector.\n \"It is a mechanism which we have availed ourselves of before\nand we would look at it again,\" he said.\n Haughey said he regarded as \"almost paramount\" the\nmaintenance of the punt's current position within the European\nMonetary System.\n He criticized the attitude of the outgoing Irish government\nin recent EMS realignments -- the punt was devalued by eight\npct last August.\n \"Until 1983, the policy of the Irish government was to was\nto adopt a neutral stance in any realignments within the EMS. I\nbelieve that policy was right,\" Haughey said.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 14:43:46.31", "organisations": [ "ec" ], "id": "2364" }, { "title": "FIRST UNION TO BUY FLORIDA BANK", "body": "First Union Corp said it has\nagreed to acquire First State Bancshares Inc of Pensacola,\nFla., and its First State Bank of Pensacola subsidiary for\nabout 457,000 common shares.\n First State has assets of about 110 mln dlrs. The\nacquisition, expected to be treated as a pooling of interests,\nis expected to be completed in the third quarter of 1987\nsubject to approval by regulatory agencies and First State\nshareholders.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:44:17.27", "topics": [ "acq" ], "places": [ "usa" ], "id": "2365" }, { "title": "OPPENHEIMER RAISES NWA EARNINGS ESTIMATE", "body": "Oppenheimer and Co analyst Robert\nMcAdoo raised his 1987 earnings estimate for NWA Inc, parent of\nNorthwest Airlines, following a strong quarterly report by the\ncompany yesterday, according to Oppenheimer market strategist\nMichael Metz.\n NWA shares rose 1-5/8 to 74-3/8 in active trading.\n McAdoo raised his 1987 estimate to 7.50 dlrs a share from\nfive dlrs and maintained a buy recommendation on the stock,\nMetz said.\n McAdoo was traveling and could not be reached for comment.\n Yesterday, Minneapolis-based NWA reported fourth quarter\nnet of about 9.8 mln dlrs or 45 cts a share against a loss of\ntwo mln dlrs or nine cts in the 1985 quarter.\n For the year, earnings rose to 76.9 mln dlrs or 3.26 dlrs\nfrom 73.1 mln or 3.18 dlrs. The 1986 results include Republic\nAirlines since NWA acquired it Aug 12, 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:45:25.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "2366" }, { "title": "HOUSE 0/92 FARM PROPOSAL SEEN SPARKING DEBATE", "body": "A House Agriculture Committee meeting\nlater today to draft a disaster aid bill is expected to spark a\ndebate between lawmakers who want to expand the 0/92, or\n\"de-coupling,\" provision to cover feedgrains, and those who\noppose 0/92 or want it severely limited, Congressional sources\nsaid.\n The disaster aid bill as it now stands calls for a one-year\n0/92 pilot program for 1987 crop wheat and the 1988 winter\nwheat crop. The bill would allow farmers to forego planting and\nstill receive 92 pct of deficiency payments.\n The administration has strongly urged that the bill be\nexpanded to feedgrains and to more than one year.\n It is difficult to tell in what form the 0/92 provision\nwill emerge from the committee, the sources said.\n Proponents of an expansion of 0/92 maintain there are large\nestimated cost savings of such a bill -- ranging from estimates\nby the administration of 200 to 500 mln dlrs.\n Opposition to a reopening of the 1985 farm bill at this\ntime is the major reason cited by those against an expansion of\nthe bill, committee staffers said.\n The 0/92 plan is scheduled to be discussed at 1530 EST. A\nconflicting floor vote delayed the start of the meeting, and\nstaffers said it may have to be delayed even until next week.\n Such a delay would not bode well for proponents of an\nexpanded 0/92 program, since spring planting in many areas of\nthe country will be underway in the next few weeks and signup\nfor the 1987 wheat and feedgrains program ends March 30.\n Farmers are now making their planting decisions, so\nsomething has to be done quickly if a 0/92 program is to be\nimplemented, an Agriculture Department source said.\n An expansion of 0/92 to feedgrains was opposed in last\nweek's subcommittee hearing on the bill, with subcommittee\nchairman Dan Glickman, D-Kan., saying that more study of the\nconsequences of decoupling on feedgrains plantings was\nnecessary.\n Major commodity groups, including the National Corn\nGrowers, the American Farm Bureau and the National Cattlemen's\nAssociation, have voiced strong opposition to 0/92.\n But proponents of an expanded 0/92 argue that the bill\ncurrently is not equitable for all grains producers, so it\nshould be extended to other crops.\n There will be difficulty in limiting 0/92 to wheat, said\nGene Moos, aide to house majority leader Tom Foley, D-Wash.\n Projected cost savings, in the current atmosphere of try to\ndecrease farm expenditures, would also be hard to ignore in the\ndebate to expand the 0/92 application, Moos said.\n Rep. Charles Stenholm, D-Tex., may be planning to introduce\na bill to restrict 0/92 to only 1987 crop wheat, with the\nargument that now is not the time to vote in favor of any major\nchanges in the farm bill.\n \"Stenholm's bill is not a rejection of 0/92, only of the\ntiming,\" a congressional staff member said.\n Rep. Arland Stangeland (R-Minn.) is reported to have an\namendment to expand the 0/92 provision to 1987 and 1988\nfeedgrains.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:47:47.62", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "2367" }, { "title": "PENNEY TO SELL TELEMARKETING SERVICES", "body": "J.C. Penney Co said it will sell\ntelemarketing services to other companies through a newly\nestablished wholly-owned subsidiary, Telemarketing Network Inc.\n The New York-based subsidiary will use a network of 14\ntelemarketing centers Penney has already established. The\ncenters are part of its catalog marketing operation.\n A large domestic motel chain already uses the network for\nits reservations services, Penney said.\n Frank Engels, director of telemarketing, was named chairman\nof the new subsidiary.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:48:01.88", "places": [ "usa" ], "id": "2368" }, { "title": "ZEHNTEL FILES FOR DEBT OFFERING", "body": "Zehntel Inc said it filed a\nregistration statement with the Securities and Exchange\nCommission covering a proposed public offering of 13.5 mln dlrs\nprincipal amount of convertible subordinated debentures.\n The offering will be managed by Sutro and Co Inc, Zehntel\nsaid.\n It said proceeds from the proposed sale will be used to\nrepay bank debt, fund a deposit of the first three interest\npayments on the debenture, repurchase 350,000 common shares at\n4.46 dlrs per share from former parent company Plantronics Inc\n and to fund future product development and marketing.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:48:26.75", "places": [ "usa" ], "id": "2369" }, { "title": "YELLOW FREIGHT SEES LOWER 1ST QTR NET", "body": "Yellow Freight System Inc said\nits expects 1987 first quarter profits to be substantially\nbelow the 14.2 mln dlrs or 50 cts a share earned in the same\nperiod a year ago.\n Revenues have been depressed by recent price discounting,\nadded costs from expansion programs, lower shipping volumes and\nincreased costs associated with severe weather conditions\non the East coast, company officials told analysts here.\n An industry-wide rate hike of 2.9 pct, set for April one,\nwill cover Yellow Freight's upcoming labor and other costs but\nwill not make a contribution to operating margins, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:49:38.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "2370" }, { "title": "NOVA SUBSIDIARY RAISES U.S. POLYETHYLENE PRICES", "body": "Novacor Inc, a unit of , said it would raise prices for U.S. customers\nby five cts a pound on linear low-density and low-density\npolyethylene, effective April 1.\n The company did not immediately disclose the actual new\nprices.\n A Novacor official later said in reply to an inquiry that\nthe new prices, effective April 1, would range from 31 U.S. cts\na pound to about 38 cts.\n The official said the increase reflected improved market\nconditions, although he noted the new prices would still be\nlower than those of three years ago.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:50:00.09", "topics": [ "pet-chem" ], "places": [ "canada" ], "id": "2371" }, { "title": "GM CLOSING TWO PLANTS TEMPORARILY", "body": "General Motors Corp said it is closing\ntwo plants for brief periods in March, placing 5,500 on\ntemporary layoff for up to two weeks.\n The company said its Hamtramck Buick-Oldsmobile-Cadillac\nassembly plant in Detroit will be down from March 9 to March 16\ndue to excess inventory of several models, placing 2,000\nworkers on temporary layoff.\n Its Chevrolet-Pontiac-GM of Canada assembly facility in\nNorwood, Ohio, will be closed two weeks from March 9 to 23 due\nto material shortages, affecting 3,500. There is no change in\nthe 37,000 hourly workers out of work indefinitely.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:50:20.46", "places": [ "usa" ], "id": "2372" }, { "title": "BANKERS TRUST SELLS EQUITY CONTRACT NOTES", "body": "Bankers Trust Co is raising 200 mln\ndlrs through an offering of subordinated equity contract notes\ndue 1997 with an eight pct coupon and par pricing, said lead\nmanager Shearson Lehman Brothers Inc.\n That is 87 basis points more than the yield of comparable\nTreasury securities.\n Non-callable to maturity, the issue is rated Aa-3 by\nMoody's Investors Service Inc and AA by Standard and Poor's\nCorp. Salomon Brothers Inc co-managed the deal.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:50:45.95", "places": [ "usa" ], "id": "2373" }, { "title": "MOULINEX STAKE SOLD TO SOME 50 INSTITUTIONS", "body": "The 20 pct stake in Moulinex SA \nsold by of the U.S. Was spread among at least 50\ninstitutional investors worldwide, a spokesman for brokers\nJames Capel said. Capel handled the deal.\n The buyers were based in centers ranging from Europe to\nNorth America and Japan, he added.\n Moulinex's capital is split among Jean Mantelet, president\nof the company, with 42 pct, along with private investors\nholding 38 pct and the 20 pct which has just been sold, company\nsources said earlier in Paris.\n REUTER\n\u0003", "date": " 5-MAR-1987 14:56:28.16", "topics": [ "acq" ], "places": [ "uk" ], "id": "2374" }, { "title": "TALKING POINT/PIEDMONT ", "body": "Carl Icahn's bold takeover bid for\nUSAir Group has clouded the fate of Piedmont Aviation Inc,\nwhich was being courted by USAir.\n Yesterday, Icahn's Transworld Airlines Inc made a 1.4\nbillion dlr offer for USAir Group. The move complicated a USAir\ntakeover offer for Piedmont, which was believed to be close to\naccepting the bid.\n Today, USAir rejected Icahn's 52 dlr per share offer and\nsaid the bid was a last-minute effort to interfere in its\ntakeover of Piedmont. Icahn was unavailable for comment.\n Piedmont fell one to 68-5/8 on volume of 963,000. TWA was\noff 3/8 to 31-1/2. USAir fell 1-3/8 to 47-3/4 as doubt spread\nit would be taken over.\n Analysts and market sources view the TWA bid as an attempt\nto either trigger a counter offer from USAir or to attract a\nsuitor who might want both airlines once they merged.\n \"The next move is either Icahn starts a tender offer or\nPiedmont and USAir announce a deal,\" speculated one arbitrager.\n Some arbitragers said there is now some risk in the current\nprice of Piedmont since it is not clear that USAir's bid will\nsucceed.\n Piedmont's largest shareholder and other suitor, Norfolk\nSouthern Corp has offered 65 dlrs per share for the\ncompany. USAir offered 71 dlrs cash per share for half of\nPiedmont stock, and 73 dlrs per share in stock for the balance.\n Some arbitragers, however, believe the depressed price of\nPiedmont offers a buying opportunity since the airline is\ndestined to be acquired by someone. USAir, they said, is the\nleast likely to be bought.\n Icahn, who has long talked about further consolidation in\nthe airline industry, also offered USAir the alternative of a\nthree-way airline combination, including TWA and Piedmont.\n But Wall Street has given little credibility to Icahn's\noffer, which lacked financing and was riddled with\ncontingencies.\n Still, he has succeeded in holding up a merger of two\nairlines - both of which analysts said would fit well with TWA.\n \"You can't discount him,\" said one arbitrager.\n Analysts, however, said Icahn would have to prove he is\nserious by following through with his threats or making a new\noffer. In making the offer for USAir, Icahn threatened to go\ndirectly to shareholders for 51 pct of the stock at a lower\nprice if USAir rejected his offer.\n \"It's clear Icahn wants to sell and he's bluffing,\" said\none arbitrager.\n Analysts said the 52 dlr per share offer was underpriced by\nabout six dlrs per share.\n Some analysts believe Icahn's proposed three-way airline\ncombination might face insurmountable regulatory hurdles, but\nothers believe it could be cleared if the companies are\nacquired separately.\n \"TWA would have to be the surviving company for the deal to\nwork,\" said one analyst.\n Analysts said such a merger would be costly and\ncomplicated. TWA has the best cost structure, since Icahn\nsucceeded in winning concessions from its unions.\n In order for the other carriers to come down to TWA's wage\nscale in a merger, TWA would have to be the surviving entity,\nanalysts said.\n Such a move does not necessarily free Icahn of TWA, they\nsaid. They said he showed skill in reducing Ozark Airlines'\ncosts when he merged it into TWA last year, and he might be a\nnecessary ingredient for a merger to work.\n However, other analysts speculated the managements of\nPiedmont and USAir would not tolerate Icahn as head of a new\ncompany. They said a USAir acquisition of TWA might be a way\nfor him to exit the company if USAir's airline is then merged\ninto TWA.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:56:56.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "2375" }, { "title": "BAKER INT'L HOPES TO COMPLETE MERGER", "body": "Baker International Corp treasurer Eric\nMattson said the company hoped to iron out snags in a proposed\nmerger with Hughes Tool Co but declined to say if or what\ncompromises might be acceptable to it.\n The proposed merger that would create a 1.2 billion dlr\noilfield services company was thrown into limbo yesterday when\nHughes management, balking at the terms of a government consent\ndecree, offered a counter-proposal to Baker.\n Earlier today, Hughes adjourned a shareholders meeting\ncalled to vote on the proposed merger until March 11 and said\nit hoped to resume negotitations with Baker.\n Hughes chairman W.A. Kistler told reporters that Hughes did\nnot want to sign the Department of Justice consent decree until\nafter Baker's submersible pump and drilling bit operations were\nsold.\n Mattson told Reuters that Baker still believed a merger was\npossible between the two giant oilfield service companies.\n \"The company's position is we would like to see the merger\nbe completed, which is in the best interests of our\nshareholders and their shareholders,\" Mattson said.\n \"Our goal is for a merger to occur. Because of the\nlitigation, I can't go any further than that,\" he said.\n Baker filed a lawsuit in Texas state court late yesterday\nto force Hughes to abide by terms of the proposed consent\ndecree.\n Mattson also declined to comment on whether the directors\nof Baker and Hughes have scheduled any meetings to discuss the\nmerger.\n Reuter\n\u0003", "date": " 5-MAR-1987 14:59:07.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "2376" }, { "title": "LUCKY STORES INC REINSTATES QUARTERLY DIVIDEND AT 12.5 CTS PER SHARE\n", "date": " 5-MAR-1987 15:01:20.77", "topics": [ "earn" ], "id": "2377" }, { "title": "EASTERN AIRLINES FEBRUARY LOAD FACTOR UP", "body": "Eastern Airlines Inc said its February\nload factor rose 6.73 percentage points to 64.91 pct from 58.18\npct a year ago.\n The company said February revenue passenger miles rose 21.8\npct to 3.02 billion from 2.48 billion a year ago. Available\nseat miles in the month of February rose 9.2 pct to 4.66\nbillion from 4.27 billion a year ago.\n For the year-to-date period, load factor was up 4.64\npercentage points to 61.96 pct from 57.32 pct a year ago, the\ncompany said. Revenue passenger miles rose 14.5 pct to 6.01\nbillion, and available seat miles rose 5.9 pct to 9.70 billion.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:02:06.63", "places": [ "usa" ], "id": "2378" }, { "title": "HOMESTEAD FINANCIAL UPS CASH DIVIDEND", "body": "Homestead Financial Corp\nsaid it has increased the dividend on its Class A common shares\nto 6-1/4 cts a share, from five cts prior, while declaring an\ninitial dividend on its Class B common stock of 3-3/4 cts a\nshare.\n Homestead said the two classes of stock emerged as part of\nits recapitalization plan which also doubled the number of\nauthorized common, comprising both classes, to 11 mln shares.\n Homestead said the dividends are payable on April 6, to\nshareholders of record March 20.\n Homestead also said that class b shareholders who want to\nincrease their dividends may exchange their shares for an equal\nnumber of class A shares on or before March 20.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:03:21.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "2379" }, { "title": "ELECTRO-SENSORS INC YEAR OPER NET", "body": "Oper shr 52 cts vs 51 cts\n Oper net 626,013 vs 613,127\n Sales 4,544,929 vs 4,402,572\n NOTE: Earnings exclude extraordinary securities loss of\n29,532 dlrs, or two cts a share vs a gain of 81,358 dlrs, or\nseven cts a share\n\n Reuter\n\u0003", "date": " 5-MAR-1987 15:04:15.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "2380" }, { "title": "TRW PROMISES TO CORRECT CONTRACT PRACTICES", "body": "The chairman of TRW, inc said his\ncompany had overcharged the government on defense contracts but\npromised to prevent the improper conduct from recurring.\n \"There were a number of instances of mischarging and other\nirregularities in TRW's defense contracting business,\" TRW\nchairman Ruben Mettler said in testimony to the House Oversight\nsubcommittee.\n \"As the person ultimately responsible for the management of\nTRW, I am determined to do everything in my power to prevent\nany recurrence,\" Mettler said.\n TRW holds over 3 billion dlrs in defense contracts.\n Subcommittee chairman John Dingell, a Michigan Democrat,\nsaid TRW was being sued by the Justice Department and was being\ninvestigated by federal grand juries in Colorado and Cleveland.\n Mettler said the overcharges had been uncovered by TRW's\ninternal procedures and all were reported to the government.\n \"In every case we advised the government of our findings and\ncommitted to make restitution. We immediately put a stop to the\npractices in question and disciplined those who were culpable,\"\nhe said.\n Mettler said TRW had hired a new chief financial officer, a\nvice president of internal audit and a corporate controller. He\nsaid the internal audit department was being strengthened and a\ncorporate review board had been established to monitor\ncompliance activities.\n He said a business ethics and conduct council had also been\ncreated and over 15,000 managers and employees would be given\ntraining programs on contract compliance.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:13:00.89", "places": [ "usa" ], "id": "2381" }, { "title": "CHINA ADDS, CANCELS WHEAT COMMITMENTS - USDA", "body": "China has added 90,000 tonnes of U.S.\nwheat to its purchases for delivery in the 1987/88 season and\ncancelled 30,000 tonnes of wheat purchases for delivery in the\n1986/87 season, the U.S. Agriculture Department said.\n According to the department's Export Sales Report covering\ntransactions in the week ended February 26, China has\noutstanding wheat commitments for the 1986/87 season of 30,000\ntonnes and 420,000 tonnes for delivery in the 1987/88 season.\n The wheat season begins June 1.\n China has total corn commitments for 1986/87 of 1,011,200\ntonnes and soybeans commitments of 157,500 tonnes.\n The season for corn and soybeans began September 1.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:13:14.77", "topics": [ "grain", "wheat", "corn", "soybean", "oilseed" ], "places": [ "usa", "china" ], "id": "2382" }, { "title": "OPEC PRESIDENT SAYS OUTPUT WELL BELOW CEILING", "body": "Opec Conference President Rilwanu Lukman\nsaid the group was producing well below the 15.8 mln bpd\nceiling it set in December, partly because liftings had been\ndelayed or postponed by customers unwilling to pay fixed Opec\nprices.\n Lukman, during a brief visit to London on his way home from\nJamaica, told Reuters in a telephone interview that in\nFebruary, Opec had underproduced partly because members were\nstrictly abiding by production quotas and partly because they\nwere resisting the temptation to sell at discounts to official\nprices of around 18 dlrs a barrel.\n \"We are determined to stand firm by the (December) accord,\"\nhe said. \"I have spoken to every other Opec minister and they\nare committed to making the accord work,\" he said.\n Lukman gave no specific figures for February output. He\nsaid the Opec secretariat in Vienna was finalizing these\nfigures.\n Told of a Reuters survey published today which estimated\nthat Opec output so far this week was below 15 mln bpd, he\nsaid; \"That could well be correct.\"\n Opec\"s news agency Opecna today issued a statement saying\ngroup output was \"well below\" its ceiling in February. But it\ngave no figures.\n But one source close to Opec indicated that February output\nmay have been between 15.3 and 15.5 mln bpd.\n The Reuter survey estimated Opec February output at around\n16 mln bpd.\n Opec agreed in December to cut output by 7.25 pct to 15.8\nmln bpd and to return to fixed prices starting February 1.\n Lukman said Qatar, Nigeria, Saudi Arabia and Iran had all\nproduced in February below their Opec quotas. Iraq, which said\nit would not honour its 1.466 mln bpd quota under the December\npact, had produced less than had been anticipated, he said.\n Lukman said that some industry reports \"may be correct\" that\nin February, Nigeria propuced 75-100,000 bpd below its 1.238\nmln bpd quota, Saudi Arabia 500,000 bpd less than its 4.133 mln\nallocation and Qatar 20 to 30 pct under its 285,000 bpd quota.\n He said that sweet crudes such as those produced by his\ncountry were coming under price pressure because they were\ncurrently officially priced above sweet North Sea grades and\nthe United States\" West Texas Intermediate (WTI) crude.\n However, he said Opec in December had anticipated that\ndemand would be slack at this time of year for seasonal reasons\nand expected the market to firm in two to three weeks.\n \"We have to be patient for two or three weeks. The market is\nnow firming on actual fundamentals,\" he said, adding that he\nexpected it to go \"up and up\" even beyond official prices after\nearly April. This is when, traditionally, there is more demand\nfor gasoline-rich crudes such as Nigeria\"s.\n The Opec President said producers such as Kuwait, Venezuela\nand Indonesia were having less problems with output than\nproducers like his own country because they exported oil\nproducts.\n Also, some of Venezuela\"s heavy grades were outside the Opec\npricing system, he said.\n Lukman said that if refiner-buyers, now refusing to lift\nsome Opec oil at official prices, instead used their own stocks\nand ran them down to \"dangerous levels,\" they would eventually\nhave to buy Opec oil.\n \"When they realise it is not a free-for-all (in the market)\nthey will realise they should buy now instead of paying more\nlater on,\" he said.\n Lukman, asked about industry reports that Nigeria was being\npressured by equity producers for better terms, said it was\nimportant to know that terms with them were negotiable,\nflexible and under constant review, not only when the market\nseemed weak.\n He said that so far, no meeting of the seven-nation\nministerial differentials committee had been scheduled and that\nsuch a meeting, now twice-postponed, was not a high priority\nfor Opec at the moment.\n \"At this time, we have to get our priorities right,\" he said.\n\"The most important thing now is ensuring that the accord is\nworking, not dealing with a differential of cents between\ngrades.\"\n But if any Opec member raised concerns or objections over\nthe differential system, a meeting would be called, he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:13:28.99", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "uk", "jamaica", "qatar", "nigeria", "saudi-arabia", "iran", "iraq", "indonesia", "venezuela" ], "id": "2383" }, { "title": "FED'S JOHNSON SEES INTEREST RATES STABLE", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said he does not see increasing pressure on\ninterest rates but said the Fed would watch out for\ndevelopments that could push them higher.\n Johnson said that it was too early to tell if recent\nindicators on the economy contradicted Fed expectations of\ncontinued modest growth.\n \"We are not anticipating any problems or see increased\ninterest rate pressures,\" Johnson told reporters after a speech\nto the Eastern Economic Association.\n However, Johnson said the Fed would be alert to an\nexcessive depreciation in the dollar, a rise in bond yields,\nincreases in commodity prices, or other variables.\n \"We would have to pay attention,\" he said.\n Recent indicators on retail sales and factory orders that\nindicated weakness in the economy could be presenting an\ninaccurate picture, Johnson said.\n The more recent data are too caught up in statistical\nadjustment problems having to do with the end of the year and\nthe beginning of the year, he said.\n Asked if the Fed was continuing to be generous with\nreserves, Johnson said, \"We have accommodated reasonable,\nnon-inflationary real growth.\"\n He said the Fed was able to do that because of the decline\nin inflation expectations and monetary velocity.\n \"I don't think we can be accused of being too generous,\" he\nadded.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:15:16.06", "id": "2384" }, { "title": "LUCKY STORES INC REINSTATES QUARTERLY DIV", "body": "Qtly div 12.5 cts vs nil\n Pay April 3\n Record March 16\n Note: in quarters preceeding 4th qtr, dividend was 29 cts.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:16:33.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "2385" }, { "title": "CARMEL CONTAINER SYSTEMS LTD YEAR OPER NET", "body": "Oper shr 1.18 dlrs vs 58 cts\n Oper net 2,266,000 vs 1,037,000\n Revs 45.8 mln vs 41.4 mln\n Avg shrs 1,924,000 vs 1,800,000\n NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from\nbenefit of tax loss carryforward.\n Results for Tel Aviv, Israel-based company translated at\nrate of one dlr to 1.485 new Israeli shekels.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:18:15.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "2386" }, { "title": "U.S HOUSE LEADER URGES FARM CREDIT RECUE CAUTION", "body": "House Majority leader Thomas Foley\n(D-Wash.) has urged Congress to give the farm credit system a\nfew more months to reorganize itself before rushing into a\nfederal rescue of the system, a senior aide to Foley said.\n Gene Moos, agricultural aide to the Majority leader, told\nReuters that while Foley believes action will be necessary\nlater this year to rescue the system, a bail-out package is not\nnecessarily needed immediately.\n Foley's view appears to differ with the Senate leadership\nwho have said they hope to have farm credit legislation under\nconsideration before Congress breaks for Easter April 9.\n Sen. David Boren (D-Okla.) chairman of the Senate\nAgriculture subcommittee responsible for the farm credit issue,\nlast week pledged to consider a bill before Easter. Boren said\nhis subcommittee would proceed even if neither the system's\nregulator, the Farm Credit Administration (FCA) nor the system\nitself ask for aid.\n Chairman of the FCA Frank Naylor, like Foley, has \nexpressed caution about rushing to a bail-out, prefering to\nwait a few months and keep pressure on the system to reform\nitself, farm credit sources said.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:20:34.91", "places": [ "usa" ], "id": "2387" }, { "title": "BILL PROPOSED ON INTERNATIONAL DEBT FACILITY", "body": "Rep. John LaFalce, D-N.Y., has\nintroduced a bill to create an international debt adjustment\nfacility to deal with third world debt.\n He said in a statement the facility would purchase debt of\na debtor nation at a discount and then sell the loans to\nprivate investors. LaFalce said the facility could use funds of\nthe World Bank and International Monetary Fund as collateral to\nfor the necessary financial banking to issue debt instruments.\n LaFalce, a member of the House Banking Committee, said the\nfacility was needed because most American banks were refusing\nto fund more foreign debt and debtor countries were having\ntrouble paying the loans on schedule.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:22:40.20", "places": [ "usa" ], "id": "2388" }, { "title": "CUBAN CATTLE THREATENED BY DROUGHT", "body": "Over 750,000 head of cattle are suffering\nthe effects of a severe shortage of feed as a result of a\nprolonged drought in the normally rich sugar and cattle\nproducing province of Camaguey, the newspaper Granma reported.\n The province produces 23 pct of Cuba's beef and is the\nisland's number two province in milk production. Granma said\n20,000 head of cattle are now in imminent danger.\n The newspaper said a \"cattle emergency\" had been decreed and\nthe cattle are being rounded up.\n Some 110,000 head have been transferred to the sugar cane\nconditioning centers where newly harvested cane is cleaned\nbefore being sent to the mills. The cattle are being fed the\nresidue left after cleaning the cane stalks. 32,000 head have\nbeen sent to nearby provinces of Las Tunas and Ciego de Avila.\n Despite Cuba's ambitous cattle development plans, beef\nrationing has been in effect over the past 25 years. In Havana,\neach Cuban receives approximately 3/4 lb of rationed beef every\n18 days.\n In a major area hit by drought, San Miguel, practically no\nrain has fallen in the past 14 months. Grazing lands are\nparched and the region was unable to produce 117,000 tonnes of\nsilage projected in its annual plan.\n Granma said rainfall over the past year has been less than\n50 pct of normal precipitation.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:23:16.29", "topics": [ "livestock", "l-cattle", "carcass", "sugar" ], "places": [ "cuba" ], "id": "2389" }, { "title": "U.S. TO SET ORANGE JUICE DUTIES MONDAY", "body": "The Commerce Department on Monday\nwill set final dumping duties on frozen orange juice from\nBrazil, department officials said.\n A preliminary duty of 8.54 pct was set last Oct 17 on the\nimports, which run at about 700 mln dlrs a year. Commerce's\nruling on Monday will reset the duties on the basis of more\ndetailed cost information, industry officials said.\n The duties now are being assessed on a temporary basis,\npending a final ruling by the U.S. International Trade\nCommission (ITC) on whether the imports are injuring the\ndomestic orange industry.\n The ITC ruled provisionally last June 18 that the domestic\nindustry was being injured by Brazilian orange juice imports.\n A complaint that the Brazilian imports were being dumped at\nbelow costs on the U.S. market was filed on behalf of U.S.\ngrowers by the Florida Citrus Mutual, a Lakeland, Fla., group,\nAlcoma Packing Co, Inc, and Barry Citrus Products.\n U.S. officials say about half of the orange juice consumed\nin the United States comes from Brazil.\n reuter\n\u0003", "date": " 5-MAR-1987 15:23:45.95", "topics": [ "orange" ], "places": [ "usa", "brazil" ], "id": "2390" }, { "title": "LONGVIEW FIBRE CO QUARTERLY DIVIDEND", "body": "Qtly div 40 cts vs 40 cts\n Pay April 10\n Record March 25\n Reuter\n\u0003", "date": " 5-MAR-1987 15:26:14.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "2391" }, { "title": "CALNY DIRECTOR RESIGNS OVER LAWSUIT", "body": "Calny Inc director and former\npresident and chief executive officer said he is resigning from\nCalny's board because of the company's recently announced\nlawsuit against Pepsico Inc and its La Petite\nBoulangerie.\n In a statement, Larvive said the suit is a \"lose-lose\"\nsituation for Calny, which is the only franchisee for La Petite\nBoulangerie and is the largest francisee of PepsiCo's Taco Bell\nCorp.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:27:30.72", "places": [ "usa" ], "id": "2392" }, { "title": "BEI HOLDINGS LTD 1ST QTR JAN 31 NET", "body": "Shr 13 cts vs eight cts\n Net 1,364,712 vs 881,082\n Rev 11.6 mln vs 11.5 mln\n NOTE: Qtr includes extraordinary gain of 586,826 dlrs, or\nsix cts a share, versus 183,850 dlrs or two cts a share in\nfiscal 1986's first qtr.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:27:36.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "2393" }, { "title": "ENDEVCO AGREES TO BUY MISSISSIPPI PIPELINE", "body": "Endevco Inc said it has agreed to acquire\na 17.5-mile, 16-inch pipeline in Marion and Pearl River\nCounties, Mississippi, for undisclosed terms.\n The company said the pipeline was recently constructed from\nthe Poplarville gas field in Pearl River County to a proposed\ninterconnect with a pipeline operated by Occidental Petroleum\nCorp's United Gas Pipe Line Co subsidiary in Marion\nCounty but has nmot been placed in service.\n Endevco said it plans to extend its existing Mississippi\nFuel Co System in southern Mississippi 18 miles to the new\npipeline.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:28:23.79", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "2394" }, { "title": "NORFOLK SOUTHERN COMPLETES COAL PURCHASE", "body": "Norfolk Southern Corp said it\ncompleted the purchase of 112 mln tons of recoverable coal\nreserves in Pike County, Ky., from Rouge Steel, a unit of Ford\nMotor Co .\n Norfolk Southern said the deal involves about 30,000 acres\nof coal bearing properties that will be administered by the\ncompany's Pocahontas Land Corp unit.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:28:30.28", "places": [ "usa" ], "id": "2395" }, { "title": "ATLANTIC CITY ELECTRIC CO SETS PAYOUT", "body": "Qtly div 65-1/2 cts vs 65-1/2 cts prior\n Pay April 15\n Record March 19\n Reuter\n\u0003", "date": " 5-MAR-1987 15:28:33.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "2396" }, { "title": "KEMPER CORP REGULAR PAYOUT SET", "body": "Qtly div 15 cts vs 15 cts previously\n Pay May 29\n Record May Eight\n Reuter\n\u0003", "date": " 5-MAR-1987 15:28:36.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "2397" }, { "title": "FFB SETS INITIAL QUARTERLY DIVIDEND", "body": "FFB Corp, parent of the First\nFederal Bank of Connecticut FSB, said it declared an initial\nquarterly dividend of five cts per share.\n The company said the dividend is payable March 31 to\nholders of record March 17.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:29:21.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "2398" }, { "title": "GM TO OFFER AIRBAGS, WANTS RULES RELAXED", "body": "General Motors Corp said it plans to\noffer driver-side airbags as standard equipment on 500,000 \ncars in the 1990 model year and up to three mln by 1992 if a\nfederal safety rule is relaxed for domestic automakers.\n A GM spokesman said the statement comes in advance of a\ncongressional hearing tomorrow in Washington on a proposed\nextension of a federal deadline for installation of \"automatic\noccupant protection systems\" on all cars beyond the current\nSeptember, 1989, target.\n GM previously said it would offer airbags as optional\nequipment on its 1988-model Oldsmobile Delta 88 models.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 15:33:52.57", "places": [ "usa" ], "id": "2399" }, { "title": "RADTECH BOARD REMOVES CHAIRMAN", "body": "Radtech Inc said its board has\nremoved Ronald G. Williams as chairman and chief executive\nofficer and has elected President Samuel A. Francis chief\nexeuctive officer.\n Williams is the majority owner of . On\nDecember 12, Radtech exchanged 10 mln of its shares for 20,000\nForum shares. Of the 10 mln, 7.5 mln went to Williams and 2.5\nmln to Forum's other owner, . In addition to the 10\nmln shares involved in this transaction, Radtech has 9.9 mln\nshares outstanding.\n On January 27, Radtech said, it announced an agreement to\nrescind the Forum transaction.\n Radtech said six mln of its shares held by Williams and the\n20,000 Forum shares were turned over to Radtech's attorney's.\nSubsequent to the rescission agreement, however, Williams and\nAudley have refused to recognize Radtech's position that a\nrecission has occurred, it said.\n On March 3, the company said, its attorneys filed an action\nin the U.S. District Court for the District of New Mexico\ngiving control of both blocks of stock to the court and asking\nit to rule on the recission.\n Radtech said it intends to defend its position in the legal\nproceeding, which names the company, Williams and Audley, that\nthe rescission has occurred, that all 10 mln shares it issued\nshould be returned, and that the 600,000 dlrs of Radtech funds\nused by Forum should be returned.\n The company also said a dispute exists whether Williams\ncontinues to serve on its board.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:37:43.37", "places": [ "usa" ], "id": "2400" }, { "title": "UNION CARBIDE SAYS 1986 LONG-TERM DEBT WAS 3.06 BILLION DLRS VS 1.71 BILLION in 1985\n", "date": " 5-MAR-1987 15:40:51.59", "id": "2401" }, { "title": "UNION CARBIDE SAYS OPERATING PROFITS FOR 4th qtr WERE 181 MLN DLRS VS LOSS THREE MLN DLRS\n", "date": " 5-MAR-1987 15:41:19.52", "topics": [ "earn" ], "id": "2402" }, { "title": "MONEY MARKET FUND ASSETS ROSE 552.5 MLN DLRS IN LATEST WEEK TO 237.46 BILLION\n", "date": " 5-MAR-1987 15:41:27.17", "topics": [ "money-supply" ], "id": "2403" }, { "title": "TORONTO DOMINION PLANS GREEN LINE ANNOUNCEMENT", "body": " will hold a news\nconference tomorrow to make \"a major announcement\" about its \nGreen Line Investor Service, which provides discount brokerage\nservices to customers, a bank spokesman said.\n The spokesman declined further comment except to say bank\npresident Robert Korthals would be available to answer\nquestions tomorrow.\n Toronto Dominion started Green Line in February 1984 and\nbecame the first Canadian bank to offer discount brokerage\nservices. The Ontario government recently said banks will be\npermitted to buy brokerage firms after June 30.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 15:42:58.45", "places": [ "canada" ], "id": "2404" }, { "title": "COMBINED INTERNMATIONAL SEES STRONG 1987", "body": "Combined International Corp should have\nanother strong year, President Patrick G. Ryan told analysts,\nalthough he declined to forecast earnings specifically.\n In 1986, the company reported operating income of 5.51 dlrs\na share, up from 4.84 dlrs a share a year earlier. Revenues\nincreased to 1.81 billion dlrs from 1.36 billion dlrs.\n Ryan said Combined is testing a direct response long-term\ncare product through its Union Fidelity Life Insurance Co and\nhas plans to offer it through Ryan Insurance Group.\n In answer to a question on Combined's possible exposure to\nAIDS-related health claims, Ryan said it was \"minimal\" although\nhe conceded that every carrier who provides coverage is\nvulnerable.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:43:38.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "2405" }, { "title": "CANADA DLR DRIVEN BY FOREIGN BUYERS - WILSON", "body": "Finance Minister Michael Wilson said\nlarge inflows of capital into Canada, principally into the\ncountry's bond market, is a major reason behind the sharp\nrecovery in the Canadian dollar.\n He said the inflow of funds, mainly from Japan, Europe and\nthe United States, is the result of \"confidence in the\ndirection this country is going in.\"\n \"That is the reason why the (Canadian) dollar today is\nhigher than 75 cts (U.S.) compared to this time last year (when\nit was) a little over 69 cts,\" Wilson told the House of Commons\ndaily question period.\n Figures released this week show foreigners purchased a\nrecord 23.1 billion dlrs of Canadian bonds in 1986, more than\ndouble the previous year, with Japan investing a record 9.5\nbillion dlrs in the market.\n Wilson was responding to opposition party questions about a\npossible loss of jobs from the rise in Canadian investment\nabroad. Canadian investment, including the buying of foreign\ncompanies, stocks and bonds, rose to 12.53 billion dlrs from\n6.19 billion dlrs in 1985.\n The minister said the flow of funds from abroad would\ngenerate many new jobs in Canada.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:43:50.58", "topics": [ "money-fx", "can" ], "places": [ "canada", "japan", "usa" ], "id": "2406" }, { "title": "FORD CREDIT UNIT SELLS NOTES AT 6.95 PCT", "body": "Ford Motor Credit Co, a unit of Ford\nMotor Co, is raising 250 mln dlrs via an offering of notes due\n1990 yielding 6.95 pct, said lead underwriter Goldman Sachs.\n The notes have a 6-7/8 pct coupon and were priced at 99.80\nto yield 47 basis points more than comparable Treasury\nsecurities.\n Non-callable for life, the issue is rated A-1 by Moody's\nand AA by Standard and Poor's.\n On October 7, 1986, the credit unit sold 200 mln dlrs of\nsame-maturity notes, rated A-1/A, that were priced to yield\n7.172 pct or 77 basis points over Treasuries.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:45:10.99", "places": [ "usa" ], "id": "2407" }, { "title": "SUMITOMO TRUST SELLS CD NOTES AT 7.28 PCT", "body": "Sumitomo Trust and Banking Co Ltd is\noffering 100 mln dlrs of certificate of deposit notes due 1992\nyielding 7.28 pct, said sole manager Shearson Lehman Brothers\nInc.\n The notes have a 7-1/4 pct coupon and were priced at 99.875\nto yield 61 basis points more than comparable Treasury\nsecurities.\n Non-callable to maturity, the issue is rated a top-flight\nAaa by Moody's Investors Service Inc but AA by Standard and\nPoor's Corp.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:46:09.31", "places": [ "usa" ], "id": "2408" }, { "title": "CHARTWELL GROUP LTD 4th qtr net", "body": "Shr nine cts vs three cts\n Net 549,000 vs 72,000\n Rev 7.0 mln vs 2.8 mln\n Year\n Shr 49 cts vs 32 cts\n Net 2,441,000 vs 801,000\n Rev 19.6 mln vs 9.7 mln\n \n Reuter\n\u0003", "date": " 5-MAR-1987 15:46:14.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "2409" }, { "title": "PITT-DES MOINES INC TO ACQUIRE STEEL UNIT", "body": "Pitt-Des Moines Inc said it will\nacquire in exchange for a portion of its\nstock.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:46:20.16", "topics": [ "acq" ], "places": [ "usa" ], "id": "2410" }, { "title": "GIANT BAY DETAILS GORDON LAKE DEPOSIT", "body": "Giant Bay Resources\nLtd said a metallurgical study of its Gordon Lake gold deposit\nindicated an overall recovery of 95 pct to 96 pct of the gold\ncan be achieved by either direct cyanidation of ore or\nflotation followed by cyanidation of concentrate.\n Continuation of an underground program on the property will\nbegin in June, extending an existing drift along the\n200-foot-level where the main ore zone was encountered, Giant\nBay said.\n The company did not elaborate on production figures for the\nproperty.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:47:14.97", "topics": [ "gold" ], "places": [ "canada" ], "id": "2411" }, { "title": "ALLTEL DEBENTURES YIELD 8.90 PCT", "body": "Alltel Corp is raising 50 mln dlrs\nthrough an offering of debentures due 2022 yielding 8.90 pct,\nsaid lead manager Merrill Lynch Capital Markets.\n The debentures have an 8-7/8 pct coupon and were priced at\n99.726 to yield 135 basis points over the off-the-run 9-1/4 pct\nTreasury bonds of 2016.\n Non-callable for five years, the issue is rated A-3 by\nMoody's Investors Service Inc and A by Standard and Poor's\nCorp. Stephens Inc co-managed the deal.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:47:31.25", "places": [ "usa" ], "id": "2412" }, { "title": "EVANS/SUTHERLAND FILES FOR DEBT OFFERING", "body": "Evans and Sutherland Computer Corp said\nit filed with the Securities and Exchange Commission a\nregistration statement covering a 50 mln dlr issue of\nconvertible subordinated debentures due 2012.\n Proceeds will be used for working capital, Evans and\nSutherland said.\n The company named Hambrecht and Quist Inc as lead\nunderwriter of the offering.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:47:43.57", "places": [ "usa" ], "id": "2413" }, { "title": "MANOR CARE INC CHAIRMAN RESIGNS", "body": "Manor Care Inc said its\nchairman and chief executive officer, Stewart Bainum Sr., has\nresigned his post.\n The company said he is being replaced by his son, Stewart\nBainum Jr., who has served as vice chairman the past five\nyears.\n Bainum Sr. was the founder of Manor Care, a nursing home\nand hotel operator.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:48:25.53", "places": [ "usa" ], "id": "2414" }, { "title": "NIPSCO OUTLAYS TO BE INTERNAL FUNDS", "body": "Northern Indiana Public Service Co\nsaid its five-year construction budget for 1987-1991 will be\n793 mln dlrs, almost all of which will be internally generated.\n The utility said in its 1986 annual report that this\nbudget, primarily for electric and gas equipment and\nfacilities, is some 57 mln dlrs lower than its estimate a year\nago of spending for 1986-1990. Such spending at its peak was\n2.6 billion dlrs for 1980-1984.\n It said the Tax Reform Act of 1986 will probably not have a\nmaterial effect on its operating results. In December it cut\n59.4 mln dlrs from a 135.8 mln dlrs rate request before the\nIndiana Public Service Commission because of the affect the tax\nact will have on operating results.\n The rate request is still pending, a spokesman said.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:49:10.93", "places": [ "usa" ], "id": "2415" }, { "title": "ATLANTIC CITY ELECTRIC TO REDEEM STOCK", "body": "Atlantic City Electric Co\nsaid it will redeem all of its outstanding 5-7/8 pct cumulative\nconvertible preferred stock.\n The stock will be redeemed April 30 at the scheduled\nredemption price of 101.50 dlrs a share plus accrued and unpaid\ndividends.\n The shares are also convertible until the redemption date\ninto common stock at the rate of 3.5 common shares for each\npreferred share. The company has 10,855 of the 5-7/8 pct\npreferred shares outstanding, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:49:49.15", "places": [ "usa" ], "id": "2416" }, { "title": "CONSENSUS BUILDS FOR WORLD AGRICULTURAL REFORM", "body": "Top U.S. and European farm trade and\ngovernment representatives called for a sweeping reform of\nworld agriculture to redress a critical demand and supply\nimbalance.\n Speakers at a conference on world agricultural markets here\ndemonstrated a growing U.S.-European consensus on the need for\nan urgent and collective overhaul of world farm trade and\nproduction.\n \"It is vital that we work together to bring more freedom and\nharmony into the world agricultural trade...(if not) the\ndisruptions in markets may grow even more severe, the walls of\nprotection climb higher and the level of possible retaliation\nbecome more harmful,\" U.S. Department of Agriculture Deputy\nAdministrator William Bailey said.\n Bailey said his attendance at the two-day meeting, which\nends tomorrow, demonstrated the U.S. recognises the need to\nadjust its policies to the changing market environment.\n The need for urgent reforms is justified by the \"imbalance\nand tensions of the world economy,\" the secretary general of the\nOrganisation for Economic Cooperation and Development\nJean-Claude Paye said.\n And the forum for such a reform is the General Agreement on\nTariffs and Trade, he noted.\n Paye stressed the need for a progressive and joint\nreduction of agricultural subsidies as well as social measures\nto help farmers in unprofitable areas.\n Another possible solution would be to stop supporting farm\nprices, allowing them to be fixed by supply and demand, and\ninstead help farmers through income support and adjustment\naids, proposed James Howard, Executive Vice-president of\nCargill (USA), one of the world's largest cereal houses.\n Franz-Josef Feiter, agricultural adviser to West German\nChancellor Helmut Kohl, agreed the European Community must take\ngreater heed of market constraints in fixing farm prices.\n However, \"differentiated policy treatment is required\" to\ntake account of large disparities in the situation around the\nEC, he said.\n \"Agriculture is an efficient sector of the European economy\nand will remain so if the right policy is pursued within the\nCommunity,\" he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:50:12.28", "topics": [ "trade" ], "organisations": [ "oecd", "gatt", "ec" ], "places": [ "usa", "west-germany" ], "id": "2417" }, { "title": "NORTHGATE NAMES NEW PRESIDENT", "body": "Northgate Exploration Ltd said it\nappointed John Kearney as president of the company, effective\nimmediately.\n A company spokesman said Patrick Hughes, who previously was\nboth president and chairman, will continue as chairman and\nchief executive officer.\n Kearney had been executive vice-president of Northgate.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:50:19.90", "places": [ "canada" ], "id": "2418" }, { "title": "REXCOM TO ACQUIRE MARKETING FIRM", "body": "Rexcom Systems Corp said it agreed to\nbuy all the assets of Postech Inc from Comtech Group\nInternational Ltd, a Canadian computer service company, for 70\npct of Rexcom's voting shares.\n The purchase will be for Rexcom common and preferred stock.\n Postech, the Canadian firm's U.S. marketing arm, sells\ncomputerized restaurant management systems and security systems\nin the U.S.\n The deal is subject to approval by the boards of Postech\nand Rexcom.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:51:48.60", "topics": [ "acq" ], "places": [ "usa" ], "id": "2419" }, { "title": "ASCS BUYS PEANUT PRODUCTS, VEG OIL/SHORTENING", "body": "The Agricultural Stabilization and\nConservation Service (ASCS) bought 2.3 mln pounds of peanut\nproducts at a cost of 2.1 mln dlrs and 7.4 mln pounds of\nvegetable oil/shortening for 2.0 mln dlrs, for domestic\ndistribution April 1-15 and April 16-30, an ASCS spokesman\nsaid.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:52:45.84", "topics": [ "veg-oil", "groundnut" ], "places": [ "usa" ], "id": "2420" }, { "title": "GENERAL REFRACTORIES CO 4TH QTR NET", "body": "Shr 17 cts vs 84 cts\n Net 709,000 vs 3,605,000\n Rev 86.4 mln vs 87.0 mln\n Year\n Shr 1.79 dlrs vs 1.10 dlrs\n Net 7,452,000 vs 4,695,000\n Rev 362.8 mln vs 316.0 mln\n NOTE: 1986 net includes gains from sale of non-operating\nassets of 800,000 dlrsm versus 1.2 mln dlrs in 1985.\n 1985 net includes nonrecurring cost of 2.6 mln dlrs and\nprovision for separation pay of 1.5 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:52:53.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "2421" }, { "title": "FEDERATED DEPARTMENT STORES GETS OFFICERS", "body": "Federated Department Stores Inc said\nNorman Matthews has been elected president and chief operating\nofficer.\n Matthews has been vice chairman of the company since 1984,\nand corporate executive vice president prior to that post, the\ncompany said. The president's position has been vacant since\n1982, it added.\n Federated also said it elected Allen Questrom as its\nexecutive vice president. Questrom will continue in his present\nposition as chairman and chief executive officer of the Los\nAngeles-based Bullock's/Bullocks Wilshire department store\ndivision, a subsidiary of Federated, the company said.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:53:55.73", "places": [ "usa" ], "id": "2422" }, { "title": "VENEZUELA WILL REPROGRAM SIX BILLION DLRS IN DEBT", "body": "Venezuela's recent agreement with its\ncreditor banks reprograms six billion dlrs of its 21 billion\ndlr public sector foreign debt rescheduling and reduces\nrepayments due between 1987 and 1992, Finance Minister Manuel\nAzpurua said.\n Azpurua was commenting in a television interview on\nFriday's agreement to lower the interest margin to 7/8 pct over\nLibor from 1-1/8 pct and extend the period to 14 years from\n12-1/2.\n He said in addition to the reduction in amortizations over\nthe next three years sought by the government, agreed at 1.35\nbillion dlrs instead of 3.335 billion, Venezuela will also pay\nless in the subsequent three years. The accord runs till 1999.\n Azpurua said that in 1990, payments of restructured debt\nare lowered to 1.05 billion dlrs from 1.339 mln, to 1.25\nbillion from 1.994 mln in 1991 and to 1.45 billion from 2.403\nbillion in 1992.\n He said the contingency clause implemented by Venezuela\nsoon after the original rescheduling was signed in February\n1986 stays in effect and that the new payment schedule is based\non an assumption of oil prices varying between 15 and 18 dlrs a\nbarrel.\n Venezuela, hit by a 40 pct drop in oil income last year,\nhad sought a direct link between repayments and the level of\noil income, but banks resisted on the grounds this could create\na dangerous precedent for other Latin American debtors.\n Azpurua said the new terms have been telexed to Venezuela's\n450 creditor banks for acceptance with information on\ngovernment plans to draw up debt capitalization rules and\nreturn to the capital markets.\n Public finances director Jorge Marcano said the government\nplans to issue dollar, mark and yen denominated bonds this year\nfor amounts varying between 100 and 150 mln dlrs.\n He noted that some existing Republic of Venezuela bond\nissues are maturing, and that the government intends to replace\nthem with new issues to maintain its presence in the capital\nmarkets and encourage new investments through an enhanced\ncredit image.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:55:20.24", "places": [ "venezuela" ], "id": "2423" }, { "title": "MOODY'S MAY DOWNGRADE DUQUESNE LIGHT CO'S TWO BILLION DLRS OF DEBT SECURITIES\n", "date": " 5-MAR-1987 15:58:43.14", "id": "2424" }, { "title": "HOUSE 0/92 FARM PLAN MARKUP DELAYED TILL TUESDAY", "body": "A House Agriculture Committee meeting\nto draft a disaster aid bill containing a controversial 0/92\nprovision has been postponed until next Tuesday, committee\nstaff members announced.\n The bill contains a provision implementing a 0/92 acreage\nreduction plan for 1986 wheat and 1987 winter wheat, thereby\nmaking payments available to farmers who were not able to plant\nlast year's winter wheat crop because of flooding.\n Controversy exists over whether the 0/92 provisions of the\nbill should be expanded, cut back or left as is.\n Reuter\n\u0003", "date": " 5-MAR-1987 15:59:40.80", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "2425" }, { "title": "PACIFIC SOUTHWEST AIRLINES LOAD FACTOR", "body": "Pacific Southwest Airlines said its\naverage load factor during February was 54.9 pct, down from\n56.1 pct a year earlier.\n In the first two months of the year the load factor totaled\n51.5 pct, down from 54.0 pct a year ago.\n Revenue passenger miles in February totaled 327.6 mln,\ncompared to 295.5 mln. So far this year, revenue passenger\nmiles totaled 640.2 mln, compared to 600.5 mln.\n Available seat miles in February totaled 596.6 mln, up from\n526.8 mln a year ago. Year to date available seat miles totaled\n1.24 billion, compared to 1.11 billion a year ago.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:02:22.92", "places": [ "usa" ], "id": "2426" }, { "title": "FARM CREDIT RESCUE CAUTION URGED BY HOUSE LEADER", "body": "House Majority leader Thomas Foley\n(D-Wash.) has urged Congress to give the farm credit system a\nfew more months to reorganize itself before rushing into a\nfederal rescue of the system, a senior aide to Foley said.\n Gene Moos, agricultural aide to the Majority leader, told\nReuters while Foley believes action will be necessary later\nthis year to rescue the system, a bail-out package is not\nnecessarily needed immediately.\n Foley's view appears to differ with the Senate leadership\nwho have said they hope to have farm credit legislation under\nconsideration before Congress breaks for Easter April 9.\n Sen. David Boren (D-Okla.) chairman of the Senate\nAgriculture subcommittee responsible for the farm credit issue,\nlast week pledged to consider a bill before Easter. Boren said\nhis subcommittee would proceed even if neither the system's\nregulator, the Farm Credit Administration (FCA) nor the system\nitself ask for aid.\n Chairman of the FCA Frank Naylor, like Foley, has \nexpressed caution about rushing to a bail-out, prefering to\nwait a few months and keep pressure on the system to reform\nitself, farm credit sources said.\n \"He (Foley) is willing to give Mr. Naylor some time in this\nregard,\" Moos said.\n Moos predicted Congress will begin serious action on a\nrescue package sometime this summer. Any package of legislation\nis unlikely to include large federal outlays of money, he said.\n \"I don't see a big infusion of federal bucks,\" said Moos,\nadding that the more likely outcome will be federal guarantees\nof borrower stock and bonds held by investors.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:02:58.10", "places": [ "usa" ], "id": "2427" }, { "title": "UNION CARBIDE SAYS LONG TERM DEBT RISES", "body": "Union Carbide Corp said its 1986\nlong term debt was 3.06 billion dlrs compared to 1.71 billion\ndlrs in 1985.\n The company released its audited 1986 results.\n The company also said its long term debt was reduced by\nabout 1.5 billion dlrs from the third quarter to the end of the\nyear by asset sales and equity offerings. Union Carbide sold\nits battery products, home and automobile products and\nagricultural products businesses in 1986. In the fourth\nquarter, it offered 30 mln shares of stock, raising about 650\nmln dlrs.\n The asset sales and equity offering were part of a\nrecapitalization plan undertaken by the chemicals company last\nyear.\n Audited net earnings in 1986 of 496 mln dlrs or 4.78 dlrs a\nshare compared to a 1985 loss of 581 mln dlrs or 2.78 dlrs were\nunchanged from the company's preliminary earnings report made\non Jan 28. The earnings results for the fourth quarter were\nalso unchanged.\n Included in the 1986 numbers are a 564 mln dlr gain from\nsale of the different businesses, a 270 mln dlr pension credit\nand a charge of 473 mln dlrs from the purchase of long term\ndebt at a premium under the recapitalization.\n In the audited results released today, the company broke\ndown results by business segment.\n Operating profit in the fourth quarter for all of the\ncompany's operations on a consolidated basis, before corporate\nand interest expense and taxes, was 181 mln dlrs against a loss\nof three mln dlrs in the 1985 quarter.\n In the year, operating profit was 791 mln dlrs compared to\na loss of 253 mln dlrs in 1985.\n In a statement, the company said it defeated a hostile\ntakeover attempt, by GAF Corp , and recapitalized the\ncompany, adding, \"While all this was going on, our continuing\nbusinesses performed very soundly, with substantial operating\nprofit improvement over 1985.\"\n Carbon products posted operating profit of eight mln dlrs\nin the quarter, down from 29 mln dlrs, and 49 mln dlrs in the\nyear against a loss of 146 mln dlrs.\n Chemicals and plastics had fourth quarter operating profit\nof 122 mln dlrs compared to a year-ago loss of 49 mln dlrs. In\nthe year, chemicals and plastics earned 472 mln dlrs against\nlosses of 142 mln dlrs in 1985.\n Operating income at industrial gases rose to 64 mln dlrs\nfrom 55 mln in the quarter and to 276 mln dlrs from 222 mln in\nthe year.\n The company's specialties and services segment cut its\nlosses in the quarter to 13 mln dlrs from 40 mln dlrs and in\nthe year to three mln dlrs from 181 mln dlrs.\n Eliminations of business conducted between the company's\nindustry segments contributed two mln dlrs to fourth quarter\n1985 profits but did not affect the 1986 quarter. The\neliminations caused losses of three mln dlrs compared to six\nmln dlrs in the year.\n The 1985 operating results include a host of unusual\nwriteoffs and depreciation charges totaling 134 mln dlrs in the\nquarter and 906 mln dlrs in the year.\n Capital expenditures rose to 524 mln dlrs in 1986 from 501\nmln dlrs.\n By segment, spending at carbon products fell to 42 mln dlrs\nfrom 57 mln dlrs and spending fell at specialties and services\nto 126 mln dlrs from 143 mln dlrs.\n At chemicals and plastics, expenditures rose to 147 mln\ndlrs from 133 mln and at industrial gases they rose to 209 mln\ndlrs from 168 mln dlrs.\n The company's cash and equivalents fell to 299 mln dlrs at\nyear end from 430 mln dlrs at year end 1985, after a net\ndecrease of 131 mln dlrs during 1986.\n Current assets at year-end fell to 2.41 billion dlrs from\n4.43 billion dlrs and current liabilities fell to 1.88 billion\ndlrs from 2.38 billion.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:04:43.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "2428" }, { "title": "FIRST COMMERCIAL BANCORP 4TH QTR LOSS", "body": "Shr loss 49 cts vs loss 1.36 dlrs\n Net loss 928,835 vs loss 1,648,665\n Year\n Shr loss 33 cts vs loss 4.21 dlrs\n Net loss 593,533 vs loss 4,970,951\n Assets 203.9 mln\n Loans 151.5 mln\n Deposits 192.0 mln\n Note: 1986 loss included non-recurring expenses of\n1,275,000 dlrs comprised of asset write-downs, legal proceeding\nand a 930,000-dlr provision for loan losses.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:07:20.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "2429" }, { "title": "EUROTUNNEL TO OFFER CHOICE OF INVESTMENTS", "body": "Eurotunnel, the Anglo-French channel\ntunnel consortium, will offer potential backers a wide choice\nof ways to invest in a planned 750 mln stg capital issue later\nthis year, co-Chairman Alastair Morton said.\n Speaking to reporters after a shareholders meeting, he said\nEurotunnel would offer \"a menu of securities\" designed to\novercome investor reluctance.\n Details are still to be worked out but investors could be\noffered a choice of paying immediately for shares or buying\nthem on a part-paid basis, or buying convertible bonds, or\nbonds with warrants giving a right to buy shares at a later\ndate, he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:07:27.88", "places": [ "france" ], "id": "2430" }, { "title": "CABOT MEDICAL HAS LASER SURGERY ACCESSORY", "body": "Cabot Medical Corp said it has\nintroduced a new high flow insufflator for laparoscopy, a\nminimally invasive form of adominal surgey.\n The company said the KLI high-Flow Insufflator has features\nand capabilities which were previously available only in\ninsuffulators costing three to four times as much. Labaroscopy\nprocedures, especially involving lasers, have grown in\npopularity, it pointed out.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:08:28.48", "places": [ "usa" ], "id": "2431" }, { "title": "ANALYST TO START MONEY MANAGEMENT FIRM", "body": "Kurt Wulff, oil analyst at Donaldson,\nLufkin and Jenrette Securities, said he has retired from the\nbrokerage firm and will work as a consultant to the firm.\n Wulff said he also plans to start a money management firm.\n As a consultant to Donaldson, Lufkin, Wulff will continue\nto give advice on oil stock values to DLJ clients. He will also\ncontinue to write reports that will be published by the\nbrokerage firm.\n Wulff is a shareholder activist and has several resolutions\npending before oil companies for vote at their annual meetings.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:10:58.66", "places": [ "usa" ], "id": "2432" }, { "title": "HARCOURT BRACE JOVANOVICH INC 4TH QTR NET", "body": "Shr 23 cts vs 28 cts\n Net 8,877,000 vs 9,530,000\n Revs 342 mln vs 278.9 mln\n Avg shrs 39.4 mln vs 34 mln\n Year\n Shr 1.91 dlrs vs 1.62 dlrs\n Net 70.5 mln vs 50.5 mln\n Revs 1.3 billion vs 990.5 mln\n Avg shrs 37 mln vs 31.3 mln\n NOTE: On Dec one, 1986, company acquired Holt, Rinehart and\nWinston and W.B. Saunders and The Dryden Press and their\nforeign subsidiaries. By including these companies for the\nsingle month of December 1986, 4th qtr earnings were raised by\nseven cts per shr and for the year by eight cts per shr.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:11:16.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "2433" }, { "title": "LONE STAR AGREES TO BUY CONCRETE OPERATIONS", "body": "Lone Star Industries Inc said\nit has agreed to acquire ready-mixed concrete and aggregates\nbusinesses from of Portland, Ore.,\nfor an undisclosed amount of cash.\n Lone Star's one sentence statement gave no further details\nand company spokesmen were not available.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:11:33.07", "topics": [ "acq" ], "places": [ "usa" ], "id": "2434" }, { "title": "SHELL FRANCAISE RETURNS TO PROFIT IN 1986", "body": "Shell Francaise , a subsidiary of\n, returned to the black last year for the\nfirst time since 1982, with parent company net profit of 43 mln\nfrancs against losses of 968 mln in 1985 and 1.07 billion in\n1984. In 1982 it posted a profit of 329 mln.\n The company said in a statement that cash flow had improved\nstrongly although it remained negative at 182 mln francs\nagainst 1.34 billion in 1985, due largely to improved\nperformances by its main profit centres.\n It said the results could have been even better had it not\nbeen for the collapse of refining and sales profit margins in\nthe last quarter of the year.\n In 1986 Shell sold 14.74 mln tonnes of oil products against\n14.52 mln tonnes in 1985.\n The company said the results were in line with its targets\nfor the second year of its three-year recovery programme.\n Meanwhile, 4TH QTR LOSS", "body": "Shr loss 28 cts vs loss 29 cts\n Net loss 584,100 vs loss 459,500\n Sales 1,339,800 vs 1,6390,800\n Year\n Shr loss 64 cts vs loss 79 cts\n Net loss 1,314,700 vs loss 1,237,100\n Sales 7,249,600 vs 6,311,500\n Reuter\n\u0003", "date": " 5-MAR-1987 16:13:00.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "2437" }, { "title": "VMS HOTEL APPROVES 19.4 MLN DLR LOAN", "body": "VMS Hotel Investment Trust said it\nagreed to fund a 19.4 mln dlr secured loan for the Santa\nBarbara Biltmore Hotel in Santa Barbara, Calif.\n It said the financing will be applied toward renovating and\nrefurbishing the hotel.\n Separately, VMS Short Term Income Trust said it\nagreed to fund or extend four loans totaling 70.9 mln dlrs for\nincome producing properties in the southwest.\n The announcements were made by VMS Realty Partners, the\ntrusts' investment advisors.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:13:07.18", "places": [ "usa" ], "id": "2438" }, { "title": "PROFIT TECHNOLOGY TO MAKE LOTUS PROGRAM", "body": "Profit TEchnology INc said it will\nproduce an eletronic summary of \"LOTUS 1-2-3 Simplified,\" a\nleading textbook for the industry-standard spreadsheet program.\n Terms of the agreement between Profit Technology, the\nbook's author David Bolocan and the publisher Tab Books INc\nwere not disclosed.\n The electronic version of the book is scheduled for release\nin late Spring, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:15:21.99", "places": [ "usa" ], "id": "2439" }, { "title": "HUMANA INC REGULAR DIVIDEND", "body": "Qtly div 19 cts vs 19 cts in prior qtr\n Payable May one\n Record April two\n Reuter\n\u0003", "date": " 5-MAR-1987 16:15:26.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "2440" }, { "title": "U.S. COMMERCIAL PAPER FALLS 1.27 BILLION DLRS IN FEB 25 WEEK, FED SAYS\n", "date": " 5-MAR-1987 16:16:23.65", "topics": [ "money-supply" ], "id": "2441" }, { "title": "N.Y. BUSINESS LOANS RISE 523 MLN DLRS IN FEB 25 WEEK, FED SAYS\n", "date": " 5-MAR-1987 16:16:34.40", "topics": [ "money-supply" ], "id": "2442" }, { "title": "EDISON BROTHERS STORES FEBRUARY SALES UP", "body": "Edison Brothers Stores Inc said its\nFebruary sales rose 5.6 pct to 56.7 mln dlrs from 53.7 mln dlrs\na year ago.\n For the eight weeks ended February 28, it said sales\nincreased to 109.4 mln dlrs from 109.3 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:17:41.20", "places": [ "usa" ], "id": "2443" }, { "title": "VMS REALTY PARTNERS UNITS COMMIT TO LOANS", "body": " said three of its\ninvestment subsidiaries will fund or extend loans totalling\napproximately 97 mln dlrs for various properties in California.\n The company said its its VMS Short Term Trust unit\nagreed to fund or extend four loans totalling 70.9 mln dlrs.\n It also said its VMS Hotel Investment Trust unit will\nfund a 19.4 mln dlr secured loan for the Santa Barbara Hotel in\nCalifornia.\n And its VMS Mortgage Investors II division approved\na loan of 6,547,000 mln dlrs for a retail office building in\ndowntown San Francisco, the company said.\n VMS Realty Partners is a full service real estate firm\nfocusing on acquiring, developing and managing hotels, office\nbuildings, shopping centers, highrise apartment complexes,\ntownhouses and garden apartments, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:19:14.30", "places": [ "usa" ], "id": "2444" }, { "title": "NPPC ELECTS NEW PRESIDENT", "body": "Delegates at the American Pork Congress\nin Indianapolis elected Tom Miller of Maricopa, Ariz as the new\npresident of the National Pork Producers Council (NPPC).\n Miller, who was vice president of the NPPC the past two\nyears, replaces Ron Kahle who served the maximum two-year term\nas president, the NPPC said.\n Miller said the white meat campaign and the checkoff\nprogram are very important, but based on talk at the pork\ncongress, farm credit is next in line.\n Ray Hankes of of Fairbury, Ill was elected Vice President.\nHankes was active in development of the \"Pork - The Other White\nMeat\" campaign, the NPPC said.\n reuter\n\u0003", "date": " 5-MAR-1987 16:19:35.33", "places": [ "usa" ], "id": "2445" }, { "title": "MITEL AWARDS SELLING RIGHTS TO TWO FIRMS", "body": "Mitel Corp said it awarded\nexclusive rights to units of \nand provincially owned Alberta Government Telephones to sell\nits new SX-200 Digital systems in the western Canadian\nprovinces of British Columbia and Alberta.\n The SX-200 is a telephone switching system for voice and\ndata for customers using up to 400 telephone lines.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:19:52.29", "places": [ "canada" ], "id": "2446" }, { "title": "FINANCIAL CORP UNIT BUYS BRANCHES", "body": "Financial Corporation of\nAmerica's American Savings and Loan Association unit said it\nsigned a definitive agreement to buy three retail savings\nbranches from Gibraltar Financial Corp's Gibraltar\nSavings unit.\n The purchase, which must be approved by the Federal Home\nLoan Bank and the California Department of Savings and Loans,\nwould increase American Savings' deposits by about 40 mln dlrs.\n The branches are in La Jolla, La Mesa and San Juan\nCapistrano, Calif.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:20:44.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "2447" }, { "title": "PORK DELEGATES VOTE ON FARM BILL, FARM CREDIT", "body": "Delegates from the National Pork\nProducers Council, NPPC, attending the American Pork Congress\nin Indianapolis, voted overwhelmingly to recommend the U.S.\ncongress not to change the farm bill. While there are no\nspecific pork items in that legislation, feed grain prices\ndirectly affect pork producer profits, the NPPC said.\n Don Gingerich, a delegate from Iowa, said \"to have\nunpredictable changes come along periodically makes it very\ndifficult to plan and causes a lot of disruption.\"\n Other members said the farm bill has some imperfections but\nthat's a price pork producers are willing to pay for\nlegislative stability, an NPPC spokesman said.\n Delegates also passed unanimously a resolution that\nCongress and the administration should act swiftly to identify\nproblems in the farm credit system.\n Farm Credit Task Force chairman and newly elected Vice\nPresident of the NPPC Ray Hankes, said delegates wanted a\nprogram that all commodity groups can work with and bring a \nresolution to this problem with legislators in Washington.\n Hankes added that the National Pork Producers Council will\nwork to save farmers and keep credit available, but not to save\nor create any one credit system.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 16:20:59.48", "topics": [ "livestock", "carcass" ], "places": [ "usa" ], "id": "2448" }, { "title": "CONFIDENCE IN OPEC FIRMS U.S. ENERGY FUTURES", "body": "Renewed confidence in OPEC's ability to\nlimit production helped U.S. energy futures settle above\nyesterday's closing prices, according to analysts.\n They also said the heating oil contract found additional\nsupport from a short-covering rally on the close.\n April crude closed 24 cts higher to 17.75 dlrs. April\nheating oil was 1.47 cts higher to 47.91 cts a gallon.\n \"Most traders expected follow through profit-taking from\nyesterday but the market found suport from bullish reports that\nOPEC is producing within its quota,\" said Simon Greenshields, a\nvice president with Morgan Stanley and Co Inc.\n News today, including OPEC President Rilwanu Lukman\nstatement that OPEC February production did not exceed its\nofficial quota of 15.8 mln barrels per day, helped bouy prices,\ntraders said. A Reuter survey found OPEC production in early\nMarch was 14.7 mln bpd.\n In addition to short-covering, heating oil found support\nfrom traders buying it against sales of gasoline and crude, as\nwell as from expectations for continued drawdowns in stocks as\nrefiners shut down for maintenance, traders said.\n Unleaded gasoline for April finished 0.55 cent higher to\n51.24 cts a gallon.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:21:25.25", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "usa" ], "id": "2449" }, { "title": "TWA PILOTS WELCOME BID FOR USAIR ", "body": "The Airline Pilots Association said\nmembers working at Trans World Airlines Inc welcomed their\nairline's announced proposal to acquire USAir Group Inc,.\n Union leaders for the TWA pilot group said the offer of 52\ndlrs a share was a positive indication that Carl Icahn intends\nto build TWA into a viable air carrier.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:21:38.13", "places": [ "usa" ], "id": "2450" }, { "title": "GM GETS 61.1 MLN DLR NAVY CONTRACT", "body": "Hughes Aircraft Co, a division of\nGeneral Motors Corp, has received a 61.1 mln dlr contract for\nelectronic display equipment for U.S., Australian and Spanish\nsurface ships, the Navy said.\n reuter\n\u0003", "date": " 5-MAR-1987 16:21:51.18", "places": [ "usa" ], "id": "2451" }, { "title": "TREASURY SAYS ONLY REAGAN, BAKER SPEAK ON DLR", "body": "The U.S. Treasury repeated a White\nHouse statement that only President Reagan and Treasury\nSecretary James Baker are authorized to speak on the dollar.\n A Department spokesman was commenting on remarks by\nCommerce Department Under-Secretary Robert Ortner that the yen\nwas undervalued 10 or 15 pct against the dollar but European\ncurrencies were fairly priced against the U.S. currency.\n \"As Larry Speakes said on January 14 this year, only two\npeople in this administration are authorized to speak on the\ndollar and that is the president and the secretary of the\ntreasury,\" the spokesman told Reuters.\n reuter\n\u0003", "date": " 5-MAR-1987 16:22:40.07", "topics": [ "money-fx", "dlr" ], "places": [ "usa" ], "id": "2452" }, { "title": "GREAT AMERICAN FIRST SAVINGS OFFERS NOTES", "body": "Great American First Savings Bank said\nit is offering collateralized Euroyen notes worth about 100 mln\ndlrs, or 15 billion yen, only to investors outside the U.S.\n The bank said the notes will be offered through a syndicate\nwith Nikko Securities Co, in conjnction with Goldman Sachs\nInternational Corp.\n The issue price will be 101.75 pct of the principal. The\nnotes will mature April 2, 1992 at par.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:22:57.93", "places": [ "usa" ], "id": "2453" }, { "title": "GE GETS 42.7 MLN DLR ARMY CONTRACT", "body": "General Electric Co has received a\n42.7 mln dlr contract for work on 97 engines for Sea Hawk,\nSuper Cobra and CV helicopters, the Army said.\n reuter\n\u0003", "date": " 5-MAR-1987 16:23:01.85", "places": [ "usa" ], "id": "2454" }, { "title": "MNX COMPLETED SHARE OFFERING", "body": "MNX Inc said it completed an\noffering of 1,225,000 shares of common at 17.25 dlrs per share.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:23:49.37", "places": [ "usa" ], "id": "2455" }, { "title": "USDA COMMENTS ON EXPORT SALES ", "body": "Corn sales gained 2,494,900 tonnes in\nthe week ended February 26, the highest weekly total since\nAugust 1984 and two and three-quarter times the prior week's\nlevel, the U.S. Agriculture Department said.\n In comments on its Export Sales Report, the department said\nsales of 1.0 mln tonnes to the USSR -- previously reported\nunder the daily reporting system -- were the first sales for\ndelivery to the USSR under the fourth year of the U.S.-USSR\nGrains Supply Agreement, which began October 1.\n Japan added 689,700 tonnes to previous purchases and sales\nto unknown destinations rose by 429,800 tonnes.\n Wheat sales of 362,400 tonnes for the current season and\n151,000 for the 1987/88 season were down by more than half from\nthe previous week's combined sales, it said.\n Egypt, Japan and Iraq were the major wheat buyers for\ndelivery in the current year, while sales to China decreased by\n30,000 tonnes for the current season, but increased by 90,000\ntonnes for the 1987/88 season, which begins June 1.\n Net sales of soybeans totalling 274,200 tonnes equaled the\npreceding week, but were nearly a third below the four week\naverage. Major increases were for Belgium, South Korea, Mexico\nand Italy, it said.\n Soybean cake and meal sales of 103,700 tonnes were 2-3/4\ntimes the previous week's marketing year low, but six pct less\nthan the four week average.\n Major increases for West Germany, Belgium, Spain, Italy and\nAustralia were partially offset by declines to unknown\ndestinations.\n Soybean oil sales of 5,400 tonnes were the result of\nincreases for Venezuela and reductions of 500 tonnes for\nunknown destinations.\n Combined sales activity in cotton of 75,200 running bales\n-- 44,700 bales for the current year and 30,500 bales for the\n1987/88 bales -- were 56 pct below the prior week's good\nshowing, the department said.\n Major purchasers for the current season were South Korea,\nJapan, Taiwan and Thailand, while South Korea and Indonesia\nwere the major buyers for the 1987/88 season, which begins\nAugust 1.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 16:24:49.19", "topics": [ "grain", "corn", "oilseed", "soybean", "veg-oil", "soy-oil", "meal-feed", "soy-meal", "cotton" ], "places": [ "usa", "ussr", "japan", "iraq", "china", "belgium", "south-korea", "mexico", "italy", "west-germany", "spain", "italy", "australia", "south-korea", "thailand", "venezuela", "taiwan", "indonesia" ], "id": "2456" }, { "title": "GEN DYNAMICS GETS AIR FORCE CONTRACTS", "body": "General Dynamics Corp has received\ntwo contracts totaling 29.2 mln dlrs for upgrade and retrofit\nwork on F-16A/B aircraft, the Air Force said.\n REUTER\n\u0003", "date": " 5-MAR-1987 16:25:13.27", "places": [ "usa" ], "id": "2457" }, { "title": "FAIRFIELD COMMUNITIES INC 10 MOS DEC 31", "body": "Shr loss 1.62 dlrs vs profit 83 cts\n Net loss 17.2 mln vs profit 8.3 mln\n Revs 264.0 mln vs 338.0 mln\n NOTE:Year ago figures based on 12 months ended February 28,\n1986 because company changed reporting period to end December\n31.\n 1986 10 months loss includes 10.3 mln dlrs writedown of\ncertain assets.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 16:26:00.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "2458" }, { "title": "CARVER CORP 4TH QTR NET", "body": "Shr 20 cts vs 17 cts\n Net 680,000 vs 533,000\n Sales 6,473,000 vs 5,996,000\n Year\n Shr 57 cts vs 84 cts\n Net 1,967,000 vs 2,099,000\n Sales 20.8 mln vs 19.0 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 16:26:53.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "2459" }, { "title": "INTER-CITY GAS CORP 4TH QTR SHR 36 CTS VS 68 CTS\n", "date": " 5-MAR-1987 16:27:16.34", "topics": [ "earn" ], "id": "2460" }, { "title": "COMPUTER POWER INC REPORTS RECORD ORDERS", "body": "Computer Power Inc said it\nbooked 10.1 mln dlrs in orders for 1986, a record year for the\ncompany.\n The company also announced a new low cost product will be\nintroduced in the second quarter of 1987.\n Computer Power manufactures and markets Uninterruptible\nPower Systems, line conditioners and related components for the\nprotection of the computer and emergency lighting industries.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:28:19.53", "places": [ "usa" ], "id": "2461" }, { "title": "UNICORP , LINCOLN IN DEFINITVE PACT", "body": "Unicorp American Corp said it signed a\ndefinitive agreement to acquire Lincoln Savings Bank FSB.\n Under terms of the agreement announced in January, Lincoln\nwould be acquired by a unit of Unicorp which is minority-owned\nby Lincoln president Alton Marshall.\n The acquisition will take place through a voluntary \nconversion of Lincoln to a federally chartered stock savings\nbank from a mutual federal savings bank.\n In connection with the conversion, Unicorp will contribute\n150 mln dlrs in cash to Lincoln.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:28:28.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "2462" }, { "title": "MOODY'S MAY DOWNGRADE DUQUESNE LIGHT DEBT", "body": "Moody's Investors Service Inc said it\nmay downgrade Duquesne Light Co's two billion dlrs of debt.\n Moody's said it would assess the likely financial\nconsequences of the 19 mln dlr rate reduction ordered today by\nthe Pennsylvania Public Utility Commission.\n The unexpected order raises significant doubts about the\nquality of Duquesne's regulatory support and financial\nprospects. The Commission's determination that Perry Unit 1's\npower is not needed could depress Duquesne's earnings and cash\nflow well into the future. Duqusne has Baa-1 senior debt and\npreferred stock and Baa-2 debentures and preference stock.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:29:05.61", "places": [ "usa" ], "id": "2463" }, { "title": "WESTINGHOUSE ELECTRIC CORP MOVING UNIT", "body": "Westinghouse Electric Corp said it is\nmoving its Unimation operations from Danbury, Conn, to other\nexisting Westinghouse facilities, affecting approximately 210\nemployees.\n The engineering, product integration, administration and\nfinal assembly functions will be moved to the Westinghouse\nautomation division headquarters at O'Hara Township, near\nPittsburgh, the company said.\n The manufacturing of Unimation controls is being\nconsolidated in existing automation division manufacturing\nfacilities, the company said.\n The moves are scheduled to be completed by the third\nquarter of this year, Westinghouse said, and said they are part\nof its plan to increase competitiveness in the factory\nautomation market.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:29:32.28", "places": [ "usa" ], "id": "2464" }, { "title": "U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS IN FEB 23 WEEK, FED SAYS\n", "date": " 5-MAR-1987 16:31:20.01", "topics": [ "money-supply" ], "id": "2465" }, { "title": "U.S. BANK DISCOUNT BORROWINGS AVERAGE 233 MLN DLRS A DAY IN MARCH 4 WEEK, FED SAYS\n", "date": " 5-MAR-1987 16:31:24.59", "topics": [ "money-supply" ], "id": "2466" }, { "title": "COFFEE FALL NOT SEEN AFFECTING COLOMBIA'S DEBT", "body": "The sharp fall in international coffee\nprices will not affect Colombia's external credit situation,\nfinance minister Cesar Gaviria told reuters.\n He said the current depression on world coffee markets was\nnot totally unexpected and would have no immediate bearing on\nColombia's financial state which he described as sound.\n \"Our foreign debt is high, but we can pay and I hope the\nforeign banking community will maintain its position toward us,\"\nhe said.\n Colombia, the only major latin american country not to have\nrescheduled its external public debt, has a total foreign debt\nof 13.6 billion dlrs.\n Calls for a rescheduling of the debt have come this week\nfrom the opposition conservative party and the biggest trade\nunion following the coffee price drop. Gaviria said lower\ncoffee prices this year could mean a loss of 1.5 billion dlrs\nin revenues for 1987.\n Gaviria submitted to the world bank and the inter-american\nbank last week in new york a borrowing plan, for a total of\n3.054 billion dlrs to be disbursed over the next four years,\nwhich he said was approved.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:32:07.28", "topics": [ "coffee" ], "places": [ "colombia" ], "id": "2467" }, { "title": "U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS", "body": "U.S. M-1 money supply rose 1.9 billion\ndlrs to a seasonally adjusted 738.5 billion dlrs in the\nFebruary 23 week, the Federal Reserve said.\n The previous week's M-1 level was revised to 736.6 billion\ndlrs from 736.7 billion dlrs, while the four-week moving\naverage of M-1 rose to 736.7 billion dlrs from 735.0 billion.\n Economists polled by Reuters had forecast M-1 in a range\nfrom down 500 mln dlrs to up 4.5 billion dlrs.\n The average forecast called for a 2.2 billion dlr M-1 rise.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:34:32.59", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "2468" }, { "title": "HUNT BUILDING CORP GETS NAVY CONTRACT", "body": "Hunt Building Corp of El Paso, Texas,\nhas received a 31.7 mln dlr contract for construction of 492\nfamily housing units and a 75-space mobile home park at the\nMarine Corps combat training center at Camp Pendleton, Calif.,\nthe Navy said.\n REUTER\n\u0003", "date": " 5-MAR-1987 16:35:08.10", "places": [ "usa" ], "id": "2469" }, { "title": "HUMANA DECLARES SHAREHOLDERS RIGHTS PLAN", "body": "Humana Inc said its board\napproved a shareholder rights plan, or so-called poison pill\nplan, to ensure its shareholders receive fair treatment in the\nevent of a proposed takeover.\n Humana said it is now aware of any effort to gain control\nof the company.\n Under the plan its board declared a dividend distribution\nof one right for each outstanding common share held as of March\n16. It said each right entitles holders to purchase a unit of\n1/100 of a share of newly authorizes series A participating\npreferred at 75 dlrs per unit.\n Humana said the rights become effective after an entity\nacquires 20 pct or more of its outstanding common or tenders\nfor 30 pct of its stock. After such an acquisition, then each\nright entitles holders to purchase securities of the company or\nan acquiring entity having a market value of twice the right's\nexercise price.\n Humana said the rights expire March 4, 1997, unless\nredeemed earlier. It said the rights may be redeemed by the\ncompany for one ct per right at any time prior to 10 days\nfollowing a public announcement that a 20 pct position has been\nacquired.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:35:19.59", "topics": [ "acq" ], "places": [ "usa" ], "id": "2470" }, { "title": "FREMONT GENERAL CORP 4TH QTR OPER NET", "body": "Oper shr profit 63 cts vs loss 1.15 dlrs\n Oper net profit 6,629,000 vs loss 12.4 mln\n Revs 23.6 mln vs 22.4 mln\n Year\n Oper shr profit 1.65 dlrs vs loss 1.28 dlrs\n Oper net profit 17.5 mln vs loss 13.8 mln\n Revs 93.1 mln vs 86.8 mln\n Note: Oper data does not include loss from discontinued\noperations of 7,932,000 dlrs, or 73 cts per shr in 4th qtr\n1985, loss of 40.5 mln dlrs, or 3.83 dlrs per shr in the 1986\nyear or gain of 104.3 mln dlrs, or 9.68 dlrs per shr in 1985.\nAlso does not include 4th qtr 1985 extraordinary loss of\n1,028,000 dlrs, or ten cts per shr.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:38:01.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "2471" }, { "title": "RIVERBEND BEGINS TRADING ON AMEX", "body": "The American Stock Exchange said\n5,500,000 shares of Riverbend International Corp began trading\ntoday under the symbol RIV.\n It said the agricultural concern, based in Sanger, Calif.,\nopened on 37,000 shares at nine.\n AMEX said the company is the 14th initial public offering\nto be listed on AMEX this year. Last year AMEX listed 53\ninitial public offerings.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:38:08.66", "places": [ "usa" ], "id": "2472" }, { "title": "ALASKA AIR GROUP OFFERS STOCK", "body": "Alaska Air Group Inc said it has\nregistered with the Securities and Exchange Commission to offer\n1.8 mln shares of common stock, plus 180,000 shares to cover\nover-allotments.\n The company said Merrill Lynch, Pierce, Fenner and Smith\nInc and The First Boston Corp will lead the underwriting\nsyndicate.\n Proceeds will be used to reduce debt and for working\ncapital and capital expenditures, the company said.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:39:31.92", "places": [ "usa" ], "id": "2473" }, { "title": "GREAT WESTERN FINANCIAL UNIT BUYS BANKS", "body": "Great Western Financial\nCorp's subsidiary Great Western Bank said it will purchase\nthree retail banking branches in south Florida with total\ndeposits of 90 mln dlrs.\n Great Western said it will purchase branches in Deerfield\nBeach and Hollywood with approximately 80 mln dlrs in deposits\nfrom Guardian Savings and Loan Association, and one in Palm\nBeach with approximately 10 mln in deposits from Goldome\nSavings Bank.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:41:01.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "2474" }, { "title": "HUGHES CHANGES STANCE ON MERGER AFTER SUIT", "body": "A one billion dlr lawsuit pushed\nHughes Tool Co into an about-face on its rejection of a\nproposed merger with Baker International Corp , Wall\nStreet analysts said.\n Last night, Hughes said the planned merger with Baker was\noff. Baker then filed a suit seeking punitive damages from\nHughes for calling off the merger. At midday today Hughes said\nit was still interested in the merger.\n The analysts also said Hughes may be worried that its\ntroubles could make it a takeover candidate.\n There was speculation today that Harold Simmons, the Dallas\ninvestor, might try to acquire Hughes, but Simmons told Reuters\nhe is not interested.\n Simmons said he intends to file a 13-D with the Securities\nand Exchange Monday reporting a stake of five pct or more in\nsome publicly traded company. He declined to identify the\ntarget other than to rule out Hughes.\n One analyst said another factor in the latest Hughes\nturnabout was Borg-Warner Corp , which owns 18.5 pct of\nHughes. Borg-Warner ex-chairman J.F. Bere, who serves on the\nHughes board, is believed to favor the merger with Baker.\n Despite the Hughes statement that it is interested in a\nmerger, and Baker's response that a merger is still possibile,\nanalysts said no one could be certain where the situation was\ngoing.\n \"I think the merger is not going through,\" said Phil Pace,\nanalyst at Kidder, Peabody and Co. He said the merger \"lost a\nlot of its appeal\" when the U.S. Department of Justice required\nthat Baker sell off its Reed Tool Co operation.\n Although the Reed operation is relatively small in view of\nthe total size of a combined Baker-Hughes, Pace said \"30 to 40\npct of the cost savings are tied up in that.\"\n \"They (Hughes) are obviously concerned about the lawsuit,\"\nsaid James Crandell, analyst at Salomon Brothers Inc.\n\"Apparently they are willing to continue discussions but\nwhether they will alter their position, I don't know.\n \"It's getting a little confusing,\" said James Carroll,\nanalyst at PaineWebber Group Inc. He said the arguments cited\nby Hughes yesterday for not doing the merger \"tend to be weak.\"\nHughes said yesterday that as a condition of the merger it\nwanted Reed Tool and other businesses sold prior to April 22,\nthe projected merger date. A government decree allowed a longer\nperiod of time.\n Hughes contended it was better to formally combine the\ncompanies with the status of Reed already settled. Baker\napparently sees no reason to speed up the sale.\n Carroll said Baker had previously estimated 110 to 130 mln\ndlrs in savings if the companies were combined without selling\nReed. But he said Baker now thinks 75 to 85 mln dlrs will be\nsaved while Hughes sees a saving of only 50 to 60 mln dlrs.\n Carroll also noted that since the merger accord was first\nsigned \"the outlook for the industry has improved materially.\"\nHughes may simply feel the pressure on the oil service industry\nis lifting.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:41:39.01", "topics": [ "acq" ], "places": [ "usa" ], "id": "2475" }, { "title": "ARMTEK SELLS TIRE, TRUCK TIRE BUSINESS", "body": "Armtek Corp, formerly known as\nArmstrong Rubber Co, said it signed agreements with for the sale of its Natchez, Miss. tire plant and its S\nand A Truck Tire Sales and Services Corp.\n Terms were not disclosed. Armtek spokesman John Sievers\nsaid S and A is a 50 mln dlr business.\n Earlier this week, Armtek announced the sale of its\nindustrial tire and assembly business division to Dyneer Corp\nof Scotsdale, Ariz.\n Cash proceeds from both sales will be used to reduce\noutstanding debt.\n Under a long term supply agreement with Condere, it is\nanticipated that truck tires produced at the Natchez plant will\nbe supplied to the Armstrong Tire Co, an Armtek operating\ncompany, the company said.\n The closing is scheduled to be concluded by March 31, it\nsaid.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:43:06.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "2476" }, { "title": "BAY STATE GAS PREFERRED UPGRADED BY S/P", "body": "Standard and Poor's Corp said it raised\nto A from A-minus Bay State Gas Co's preferred stock.\n S and P affirmed the company's A-rated senior debt and A-1\ncommercial paper. Bay State has 75 mln dlrs of long-term debt\nand preferred outstanding.\n The rating agency said its action mainly reflected debt\nredemptions. S and P also said the outlook for firm sales\ngrowth is positive because of a vibrant regional economy.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:43:43.34", "places": [ "usa" ], "id": "2477" }, { "title": "ELXSI LTD 4TH QTR LOSS", "body": "Shr loss four cts vs loss 34 cts\n Net loss 2,922,000 vs loss 19.9 mln\n Revs 4,071,000 vs 8,012,000\n Year\n Shr loss 23 cts vs loss 79 cts\n Net loss 17.3 mln vs loss 46.2 mln\n Revs 22.4 mln vs 28.6 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 16:44:26.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "2478" }, { "title": " YEAR LOSS", "body": "Shr loss 94 cts vs profit 28 cts\n Net loss 6,319,337 vs profit 1,702,016\n Revs 2,899,513 vs 5,239,106\n Note: 1986 net includes 5,250,000 dlr writedown of oil and\ngas properties.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:44:46.78", "topics": [ "earn" ], "places": [ "canada" ], "id": "2479" }, { "title": "FERC ISSUES TAKE-OR-PAY GAS POLICY PLAN", "body": "The Federal Energy Regulatory\nCommission (FERC) issued a proposed policy statement for the \nrecovery of take-or-pay costs imposed by existing natural gas\ncontracts between producers and pipelines.\n It put out the statement, by 5-0 vote, for a 30-day comment\nperiod. It also put out an alternative policy statement by\nCommissioner Charles Stalon.\n FERC said in a press release that \"the proposed policy\nstatement estblishes an exception to the commission's general\npolicy that take-or-pay buy-out and buy-down costs must be\nrecovered through pipeline' commodity sales rates.\"\n FERC added that \"specifically, in cases where pipelines\nassume an equitable share of buy-out or buy-down costs, the\ncommission proposes to permit the pipelines to recover the\nremaining costs through their demand rates.\"\n It said it wanted guidelines for buying out and reforming\nexisting contracts to help spread the impact of these\ntake-or-pay costs in a responsible, fair and equitable way.\n Commission chairwoman Martha Hesse said \"this proposal\nrepresents the commission's sincere attempt to help the\nindustry through this difficult period of transition to a more\ncompetitive market.\"\n Hesse said \"it is my hope that our proposed policy will\nencourage and guide the timely resolution of take-or-pay\ncontractual disputes that have impeded the industry's\ntransition to a more competitive environment. It is vital to\nthe industry that we get this problem behind us.\"\n reuter\n\u0003", "date": " 5-MAR-1987 16:46:36.80", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "2480" }, { "title": "NATIONAL MEDICAL OPENS HOSPITALS", "body": "National Medical Enterprises Inc\nsaid its Rehab Hospital Services Corp unit opened four\nfacilities and plans to contruct three physical rehabilitation\nhospitals.\n The company said the seven hospitals represent a total\ninvestment of 44.5 mln dlrs.\n The three to be constructed will be in Montgomery, Ala.,\nFort Myers, Fla. and Monroeville, Penn.\n Of the four recently opened, three were in Florida and one\nin Arkansas.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:47:03.95", "places": [ "usa" ], "id": "2481" }, { "title": "TIMES MIRROR CO QUARTERLY DIVIDEND", "body": "Qtly div 41 cts vs 41 cts\n Pay June 10\n Record May 29\n Reuter\n\u0003", "date": " 5-MAR-1987 16:48:32.85", "topics": [ "earn" ], "places": [ "usa" ], "id": "2482" }, { "title": "INTER-CITY GAS CORP 4TH QTR NET", "body": "Shr 36 cts vs 68 cts\n Net 10.0 mln vs 16.1 mln\n Revs 441.6 mln vs 470.8 mln\n YEAR\n Shr 86 cts vs 1.77 dlrs\n Net 29.1 mln vs 44.1 mln\n Revs 1.43 billion vs 1.54 billion\n Note: 1986 fl-yr net includes 9.3 mln dlr writedown of U.S.\noil and gas properties partly offset by 1.1 mln dlr\nextraordinary gain from tax gains and proceeds from sale of\nMinnesota utility operations. 1985 net includes extraordinary\ngain of 892,000 dlrs.\n Shr after preferred divs.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:49:40.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "2483" }, { "title": "BROWN TRANSPORT CO INC 4TH QTR NET", "body": "Shr profit 26 cts vs profit 10 cts\n Net profit 1,371,000 vs profit 482,000\n Revs 48 mln vs 45.7 mln\n Avg shrs 5.20 mln vs 5.15 mln\n 12 mths\n Shr profit 1.05 dlrs vs loss 34 cts\n Net profit 5,454,000 vs loss 1,766,000\n Revs 191.7 mln vs 185.2 mln\n Avg shrs 5.20 mln vs 5.15 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 16:51:25.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "2484" }, { "title": "HEXCEL CORP PLANS NEW PLANT", "body": "Hexcel Corp said it plans to build\na manufacturing facility in Chandler, Arizona.\n The company said construction will begin this summer, with\ncompletion scheduled for early in 1988.\n The facility will produce engineered and structural\nproducts and employ about 200 people, it said.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:54:07.83", "places": [ "usa" ], "id": "2485" }, { "title": "FIRST FEDERAL BUYS BACK CAPITAL NOTES", "body": "First Federal Savings of Arkansas FA\nsaid it bought back 4.75 mln dlrs of its 15-3/8 pct\nsubordinated capital notes.\n There are now 14.25 mln dlrs of these notes outstanding,\ncompared to an original issue of 25 mln dlrs sold in September\n1985, First Federal said.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 16:54:14.54", "places": [ "usa" ], "id": "2486" }, { "title": "GM STOCK BUYBACK WON'T AFFECT S/P RATINGS", "body": "Standard and Poor's Corp said that\nGeneral Motors Corp's planned five billion dlr stock repurchase\nwould not affect the carmaker's debt ratings.\n S and P said the parent company would generate sufficient\ncash flow over the next several years to fund the stock buyback\nprogram without weakening its financial position.\n S and P affirmed the AA ratings on the senior debt of GM, \nGeneral Motors Acceptance Corp, GMAC Grantor Trust and various\noverseas units.\n Also affirmed were GM's AA preferred stock, and GMAC's\nAA-minus subordinated debt and A-1-plus commercial paper.\n Reuter\n\u0003", "date": " 5-MAR-1987 16:59:40.79", "places": [ "usa" ], "id": "2487" }, { "title": "METRO MOBILE CTS INC FIRST QTR LOSS", "body": "Qtr ends Dec 31\n Shr loss 33 cts vs loss 16 cts\n Net loss 5,632,426 vs loss 2,373,358\n Revs 3,277,976 vs 1,535,550\n Avg shrs 16.9 mln vs 14.4 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 17:00:02.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "2488" }, { "title": "ENDOTRONICS TO CUT WORKFORCE BY 33 PCT", "body": "Endotronics Inc said it is\nrestructuring its workforce to reduce payroll costs by\nterminating 75 full-time and four part-time employees, or 33\npct of its total ranks.\n The company said despite the cutbacks it remains commited\nto development of promising new areas and it intends \"to\nmaintain our research commitment to our programs in cancer\nimmunotherapy and a new Hepatitis-B vaccine.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 17:00:21.55", "places": [ "usa" ], "id": "2489" }, { "title": " YEAR NET", "body": "Shr basic 42 cts vs 1.41 dlrs\n Shr diluted 42 cts vs 1.33 dlrs\n Net 4,394,000 vs 13,070,000\n Revs 191.0 mln vs 223.3 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 17:00:44.93", "topics": [ "earn" ], "places": [ "canada" ], "id": "2490" }, { "title": "PESCH UNIT SEEKS BALANCE OF REPUBLIC HEALTH", "body": "Alpha Health Systems Corp, a\nwholly-owned subsidiary of Pesch and Co, said it submitted a\nmerger proposal to the board of REPH Acquisition Co, the parent\ncompany of Republic Health Corp, which is 64 pct owned by Pesch\ninterests.\n The balance of REPH's common stock is owned by members of\nRepublic management, McDonnell Douglas Corp , Donaldson,\nLufkin and Jenrette and Pacific Asset Holdings L.P.\n Republic currently owns 44 hospitals and manages 46 other\nfacilities, in 25 states.\n Details of the proposal were not disclosed. Company\nrepresentatives were not immediately available.\n The proposal provides that REPH would become a wholly-owned\nsubsidiary of Alpha and that the existing REPH common\nstockholders would become stockholders of Alpha, it said.\n REPH's board has appointed a special committee to negotiate\nterms of the proposed merger, Pesch said.\n Last year, Republic was acquired by REPH in a leveraged\nbuyout transaction led by Dr. LeRoy Pesch, the principal\nshareholder of Pesch and Co.\n Alpha recently submitted a second offer to acquire the\nstock of American Medical International Inc (AMI) at 22 dlrs a\nshare in cash and securities, which is still being considered\nby American Medical's board, Pesch said.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:01:33.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "2491" }, { "title": "SPAR SEES SEES STRONG FIVE-YEAR GROWTH", "body": ", reporting a\nsharply lower 1986 profit, said it anticipated solid profit and\nrevenue growth during the next five years.\n \"Looking to the longer term, Spar is confident that its\ncontinuing concentration on advanced robotics, satellite-based\ncommunications and electro-optical defense systems will lead to\nsignificant growth in revenues and earnings over the next five\nyears,\" the company said.\n It also forecast higher 1987 sales due to an increased\norder backlog. Revenues last year fell to 191 mln dlrs from\n223.3 mln while profit fell to 4.4 mln dlrs from 13.1 mln.\n Spar added that lower development costs in the\ncommunications group and a return to normal operations in gears\nand transmissions and aviation services \"will remove a serious\ndrain on profits\" this year.\n It attributed its reduced 1986 earnings to communications\ngroup losses resulting from continued heavy investment in new\nproducts and market development, a four-month strike at its\nToronto plants and delays in receipt of authorization from\ncustomers to start work on new programs.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:04:50.33", "topics": [ "earn" ], "places": [ "canada" ], "id": "2492" }, { "title": "WRIGHT SAYS DEMOCRATS FAVORABLE TO TAX HIKE", "body": "House Speaker James Wright, a Texas\nDemocrat, said he found a favorable response from key House\nDemocratic taxwriters to a general idea of raising 18 billion\ndlrs in unspecified taxes for the 1988 financial year.\n Wright met with House Ways and Means Committee chairman Dan\nRostenkowski of Illinois and other Democrats to discuss a plan\nbroached by the House Budget Committee to spread 36 billion\ndlrs deficit reduction through 9 billion dlrs in domestic cuts,\n9 billion dlrs in defense spending and the rest in tax hikes.\n\"They are realists,\" Wright said of the tax writers after the\nprivate meeting.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:07:47.12", "places": [ "usa" ], "id": "2493" }, { "title": "CHESAPEAKE UTILITIES CORP REGULAR DIV", "body": "Qtly div 28-3/4 cts vs 28-3/4 cts prior\n Pay April three\n Record March 13\n Reuter\n\u0003", "date": " 5-MAR-1987 17:08:23.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "2494" }, { "title": "MEATPACKERS REJECT OCCIDENTAL UNIT OFFER", "body": "United Food and Commercial Workers Union\nLocal 222 rejected a new contract proposal from Iowa Beef\nProcessors Inc and remain out of work, union spokesman Allen\nZack said.\n In mid-December, Iowa Beef, a subsidiary of Occidental\nPetroleum Corp, closed its beef processing plant at Dakota\nCity, Nebraska, because it said \"it had no alternative to\nthreats by meatpackers to disrupt operations.\"\n About 2,800 UFCWU members are affected by what the union\nterms as a lockout. A 3-1/2 year labor contract at the plant\nexpired December 13.\n Zack said IBP's proposal included elimination of a two-tier\nwage structure, a 60 cent an hour wage cut for slaughterers and\na 45 cent an hour wage reduction for processors.\n The new proposal also included a bonus system of 1,000 dlrs\nfor workers who had been at the plant for two years, Zack said.\nThe annual turnover rate at the facility is 100 pct, he said.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:10:15.09", "topics": [ "livestock", "carcass" ], "places": [ "usa" ], "id": "2495" }, { "title": "SWIFT INDEPENDENT PACKING CO 1ST QTR NET", "body": "Periods ended January 31\n Net 1,443,000 vs 3,539,000\n Revs 765.2 mln vs 685.8 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 17:13:19.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "2496" }, { "title": "CHEMLAWN SAYS IT REJECTS 27 DLRS PER SHARE TENDER OFFER FROM WASTE MANAGEMENT\n", "date": " 5-MAR-1987 17:13:33.69", "topics": [ "acq" ], "id": "2497" }, { "title": "USG DEBENTURES YIELD 8.77 PCT", "body": "USG Corp is raising 200 mln dlrs\nthrough an offering of debentures due 2017 yielding 8.77 pct,\nsaid lead manager Salomon Brothers Inc.\n The debentures have an 8-3/4 pct coupon and were priced at\n99.784 to yield 120 basis points over the off-the-run 9-1/4 pct\nTreasury bonds of 2016.\n Non-refundable for 10 years, the issue is rated A-1 by\nMoody's and A by Standard and Poor's. A sinking fund starting\nin 1998 to retire five pct of the debentures annually can be\nincreased by 150 pct at the company's option, giving them\nestimated average lives of 20.5 or 14.5 years, Salomon said.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:19:19.67", "places": [ "usa" ], "id": "2498" }, { "title": "FRANCE, YUGOSLAVIA COMMISSION TO BOOST TRADE", "body": "France and Yugoslavia agreed to set up a\njoint economic commission as part of efforts to promote\ncommercial links and industrial cooperation between the two\ncountries.\n The French Finance Ministry said the commission, to be\ncomposed of businessmen, was agreed during talks between\nForeign Trade Minister Michel Noir and Yugoslavian minister\nwithout portfolio Egon Padovan.\n A ministry statement said both sides had agreed on the need\nto boost trade links in keeping with an accord signed last year\ncalling for a 50 pct rise in commercial exchanges between the\ntwo countries over the next six years.\n French trade with Yugoslavia has grown little over the past\ntwo years.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:19:31.56", "topics": [ "trade" ], "places": [ "france", "yugoslavia" ], "id": "2499" }, { "title": "CHEMLAWN REJECTS WASTE'S OFFER", "body": "ChemLawn Corp said its board\nrejected Waste Management Inc's 27 dlr-per-share tender offer\nand urged its shareholders not to tender their shares.\n ChemLawn said its board asked management and its financial\nadvisor, Smith Barney, Harris Upham And Co Inc, to seek other\npurchasers of the company to maximize shareholder value.\n ChemLawn also said it adopted a shareholder rights plan, or\n\"poison pill,\" during a 120-intermin safeguard period its board\nadopted to deter attempts to acquire the company through any\nmeans other than an all-cash tender offer while it seeks other\npurchasers.\n ChemLawn also said it began litigation against Waste\nManagement in federal court in Columbus, seeking injunctive and\nother relief.\n The suit alleges, among other things, that certain Waste\nManagement officers and directors purchased ChemLawn's stock\nbefore making the tender offer. ChemLawn claimed such purchases\npossibly violated the officers' fiduciary duties and the\nSecurities and Exchange Commission's insider trading rules.\n Last week, Waste Management made a tender offer to acquire\nChemLawn for 27 dlrs per share or 270 mln dlrs.\n ChemLawn said its board was determined that Waste's offer\nwas inadequate and not in the best interest of shareholders,\nand could \"adversely affect\" the interests of its employees,\nsuppliers, creditors, and customers.\n \"Our board carefully reviewed Waste Management offer and\nconcluded that it does not fully reflect the value of the\ncompany. We strongly urge our shareholders not to tender their\nshares to Waste Management,\" said Chairman L. Jack Van Fossen.\n ChemLawn said its rights plan is designed to protect\nshareholders against abusive tactics, such as \"market\naccumulations by Waste Management or others.\"\n Under the plan, one comon stock purchase right will be\ndistributed as a dividend on each outstanding share of ChemLawn\ncommon.\n ChemLawn said its rights holders can buy a share of its\ncommon for one dlr if any entity acquires 25 pct or more of its\ncommmon, other than by an all cash tender offer for all its\nshares or an approved acquisition agreement by its board.\n It said the rights expire July three 1987, or 60 days after\nthey become exercisable if later than that date. It said its\nboard may redeem the rights for five cts per right any time\nprior to their exercise date.\n ChemLawn said the plan will not be triggered by purchases\npurusant to Waste Management's present tender offer.\n It said the dividend will be paid to shareholders of record\nMarch 20.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:23:59.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "2500" }, { "title": "FIRST TORONTO ISSUING DEBENTURE TO DUTCH PARENT", "body": " said it\nplanned to issue a five mln dlr convertible debenture to its\nDutch parent, Arcalex B.V., which if fully converted would\nraise Arcalex's stake in First Toronto to 62 pct from 54 pct.\n It said the debenture would have a five-year term, bear 10\npct yearly interest and be redeemable by First Toronto after\none year at issue price.\n First Toronto, an investment bank, also said it planned to\ngrant directors an option expiring March 1, 1992 to acquire up\nto 500,000 First Toronto common shares at five dlrs each.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:25:55.91", "places": [ "canada" ], "id": "2501" }, { "title": "GARN FEARS RUN ON SAVINGS AND LOAN DEPOSITS", "body": "Sen. Jake Garn (R-Utah) said a delay\nin rescuing the Federal Savings and Loan Insurance Corp risked\na run on thrift deposits by nervous customers.\n Garn told a Georgetown University conference on financial\ninstitutions that news reports that the Federal Savings and\nLoan Insurance Corp was technically in deficit were true and\nurged swift congressional action to strengthen the fund.\n Garn said his office received calls from individuals\nworried about the safety of their money. \"The runs have started,\"\nGarn, a member of the Banking Committee, said.\n Legislation to infuse more money into the fund which\ninsures savings deposits was to be voted on today by the\ncommittee but was postponed because of last-minute differences.\n FSLIC has reserves of two billion dlrs but faces potential\nclaims of 15 billion dlrs, Garn said.\n He said the claims would not come all at once, however, and\ndismissed any real danger to deposits at federally insured\nthrifts up to the insurance level of 100,000 dlrs.\n \"People's money is safe,\" Garn said, but he added, \"We need to\nquiet down the situation and put their fear to bed.\"\n Garn said he and Committee Chairman William Proxmire\n(D-Wis) agree on the need for legislation but they differed\nover strategy.\n Garn opposes including other issues in the legislation and\nwould prefer a bill that was limited to restoring FSLIC and\ngiving regulators more power to cope with failing banks and\nthrifts.\n Proxmire's bill also would prohibit new so-called nonbank\nbanks and thrifts which use a regulatory loophole to operate\noutside the usual legal limits on traditional banks.\n William Isaac, former chairman of the Federal Deposit\nInsurance Corp, told the conference that if that fund were\ncombined with FSLIC they could have 29 billion dlrs and cover\ncontingencies for both the bank and thrift industries.\n However, political differences make a merger of the two\nfederal funds unlikely, Isaac, now president of the Secura\nGroup, a consulting firm, said.\n By the 1990's the financial industry will include a handful\nof nationwide institutions offering every type of financial\nservice which evolved from today's banks, nontraditional\nfinancial firms and industrial companies.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:28:13.10", "places": [ "usa" ], "id": "2502" }, { "title": "BRAZILIAN FINANCE MINISTER EXTENDS TRIP TO JAPAN", "body": "Brazilian Finance Minister Dilson\nFunaro will extend his international tour, flying to Japan for\ntalks with government officials and representatives of banks to\nexplain Brazil's decision to halt payment of part of its\n109-billion dlrs foreign debt, Finance Ministry sources said.\n Funaro, who is in Rome today, will fly to Tokyo on Sunday,\nafter having completed a week-long trip to the United States,\nFrance, England, Italy, West Germany and Switzerland.\n Brazil halted payment of interest rates on 68 billion dlrs\nowed to 700 private commercial foreign banks as part of an\nstrategy to alleviate the burden of its commitments.\n Funaro, who is accompanied by Central Bank governor\nFrancisco Gros, met only with government officials of the\ncountries visited over the week.\n In Tokyo, however, he is due to meet private bankers, to\nwhom Brazil owes some 6.8 billion dlrs, the sources said.\n He is due back in Brasilia next Wednesday, March 11, the\nsources added.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:30:08.88", "places": [ "brazil", "japan" ], "id": "2503" }, { "title": "(CAMBIOR INC) FIVE MTHS DEC 31 NET", "body": "Shr 39 cts vs not given\n Net 8,801,000 vs not given\n Revs 33.2 mln vs not given\n Reuter\n\u0003", "date": " 5-MAR-1987 17:31:42.60", "topics": [ "earn" ], "places": [ "canada" ], "id": "2504" }, { "title": "CONAGRA TO ACQUIRE MONFORT ", "body": "ConAgra Inc agreed to acquire\nMonfort of Colorado Inc in a stock transaction, both companies\nsaid.\n According to the letter of intent signed by the companies,\nConAgra will acquire all of Monfort's 4.3 mln outstanding\nshares for 10.75 mln of its own shares.\n Based on ConAgra's closing price of 34 dlrs today, the\ntransaction is worth about 356.5 mln dlrs. The merger is\nexpected to be completed in June, they said.\n The companies said the acquisition will result in a\nrestatement of ConAgra's earnings for the fiscal year ending\nMay 31, but the restatement is not expected to materially\nchange the previously reported, or upcoming, fiscal year-end\nearnings. In fiscal 1986, ConAgra had net income of 105.3 mln\ndlrs on sales of 5.9 billion dlrs.\n For its fiscal year ending August 1986, Monfort reported\n25.1 mln dlrs in earnings on sales of 1.6 billion dlrs. The\ncompany is one of the largest lamb and beef producers in the\nU.S., producing, transporting and selling the products\ndomestically and internationally.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:33:22.05", "topics": [ "acq" ], "places": [ "usa" ], "id": "2505" }, { "title": "GOULD REGISTERS TO OFFER PREFERRED", "body": "Gould Inc said it\nregistered to offer two mln shares of convertible exchangeable\npreferred stock.\n Gould said the proposed new issue will be underwritten by\nFirst Boston Corp and Kidder, Peabody and Co Inc.\n In a registration statement filed with the Securities and\nExchange Commission, Gould said the shares will be convertible\nat any time into Gould common.\n The shares also will be exchangeable into Gould convertible\nsubordinated debentures at a rate of 50 dlrs principal amount\nper debenture.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:33:36.93", "places": [ "usa" ], "id": "2506" }, { "title": "ROSTENKOWSKI SAYS TAX HIKE TOUGH WITHOUT REAGAN", "body": "House Ways and Means Committee\nchairman Dan Rostenkowski, an Illinois Democrat, said his\ncommittee would raise taxes if the idea were approved by\nDemocrats as part of the 1988 budget, but the committee would\nfind it difficult since President Reagan opposes tax increases.\n \"There's always the question of how to do it without Ronald\nReagan. I'd rather have him than not,\" he told reporters after a\nmeeting with House Speaker James Wright.\n Wright approached the taxwriters with a tentative plan to\nraise 18 billion dlr in taxes in 1988 as part of a 36 billion\ndlr budget deficit reduction plan.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:34:34.65", "places": [ "usa" ], "id": "2507" }, { "title": "HOUSE 0/92 PLAN SEEN SCALED-BACK TO 1987 WHEAT", "body": "Key members of the House Agriculture\ncommittee have agreed to scale-back the 0/92 provision of a\npending disaster aid bill to cover only 1987 crop wheat, but a\nbroader 0/92 proposal is likely to be resurrected later,\nCongressional sources said.\n The sources said key lawmakers including Reps. Glenn\nEnglish (D-Okla.), and Dan Glickman (D-Kan.) agreed to support\nan amendment to be offered next week by Rep. Charles Stenholm\n(D-Tex.) which would limit 0/92 only to producers of 1987 crop\nwinter and spring wheat.\n This would scale-back the 0/92 provision to the original\nproposal by English allowing a pilot 0/92 program for 1987\nwheat only. That provision was later broadened by the\nsubcommittee to include 1988 crop winter wheat.\n Under 0/92, a farmer can forego planting a crop but still\ncollect 92 pct of deficiency payments.\n Earlier today, the House Agriculture committee postponed\nuntil next Tuesday a meeting to consider the disaster aid bill\nand 0/92.\n The agreement to limit 0/92 to a wheat pilot program\nfollows vocal criticism of the proposal by some influential\nfarm groups who are concerned about the major impact of 0/92,\nand by members of Congress wary of reopening the farm bill.\n Congressional sources said there has not been enough time\nto study the implications of a broad 0/92.\n \"The timing (of the proposal) is off,\" said one aide to a\nHouse Agriculture committee member.\n However, several Congressional sources said they expect a\nbroader 0/92 provision to emerge again when the House\nAgriculture committee is faced next month with the need to make\nspending cuts in the agriculture budget for fiscal 1988 as part\nof an overall deficit reduction package.\n Gene Moos, aide to House Majority leader Tom Foley\n(D-Wash.), predicted agriculture's share of budget cuts may\nexceed one billion dlrs.\n A broader 0/92 might be resurrected later because both the\nCongressional Budget Office and the Reagan administration\nestimate it would result in significant budget savings.\n A U.S. Agriculture Department official said 0/92 for all\n1987 crops would save 300 to 400 mln dlrs and more than 1.5\nbillion dlrs over five years.\n Another factor which could affect the 0/92 debate is the\napproach of planting season, Congressional sources said.\n Some officials said it already is late for implementation\nof a 0/92 in 1987 because farm program signup ends March 31 for\nwheat and feedgrains.\n If Congress approved 0/92 later in the year sign-up either\nwould have to be extended or reopened, sources said.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:37:03.05", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "2508" }, { "title": "ARIZONA APPETITIO'S TO SELL FRANCHISE", "body": "Arizona Appetito's Stores Inc\nsaid it has tentatively agreed to sell its franchise operation\nto privately-held Appetito's Inc.\n Under the agreement, Appetito's Inc would acquire all\nArizona Appetito's assets except for 25,000 dlrs in cash and\nassume all liabilities for 1,018,000 shares of Arizona\nAppetito's stock and 150,000 dlrs in a three-year secured\npromissory note.\n After the transaction, which is subject to shareholder\napproval, Arizona Appetito's said it proposes to seek to merge\nor acquire an existing private company in the food sector.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:37:17.74", "places": [ "usa" ], "id": "2509" }, { "title": "TCW CONVERTIBLE SECURITIES SOLD STOCK", "body": "TCW Convertible Securities Fund Inc\nsaid it has sold 20 mln shares of its common stock to a group\nof underwriters led by Bear Stearns and Co Inc, E.F. Hutton and\nCo, Advest Inc, Blunt Ellis and Loewi Inc, Piper, Jaffray and\nHopwook Inc and Sutro and Co Inc.\n The shares were sold by the underwriters at ten dlrs per\nshare in a public offering.\n The offering produced net proceeds of 186 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:42:10.92", "places": [ "usa" ], "id": "2510" }, { "title": "FAVORED TRADE STATUS FOR MOSCOW STILL OPPOSED", "body": "The Reagan administration wants to\nencourage expanded trade with the Soviet Union but does not\nbelieve Moscow yet warrants most-favored-nation treatment,\nDeputy Secretary of State John Whitehead said.\n \"It seems to me that more trade between us is better than\nless trade,\" he told a forum on U.S.-Soviet trade relations.\n To that end, the administration in January allowed foreign\npolicy controls on the export of oil and gas equipment to the\nSoviet Union to lapse, he said.\n Also, Washington and its allies are reviewing remaining\nexport controls in hopes of simplifying the list of prohibited\nitems and speeding up the licensing process, he said.\n Whitehead said, however, the prefential treatment that\ncomes with most-favored-nation status is out for the moment.\n U.S. law prohibits most-favored-nation status for countries\nthat restrict emigration and other rights.\n \"What we have seen so far (in improved rights under Soviet\nLeader Mikhail Gorbachev) are promising trends,\" he said.\n But, he added: \"We don't know if they will continue, we\ndon't know how significant they will be.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 17:42:44.67", "topics": [ "trade", "crude", "nat-gas" ], "places": [ "usa", "ussr" ], "id": "2511" }, { "title": "MCDONNELL DOUGLAS NOT APPROACHED BY PESCH", "body": "McDonnell Douglas Corp, which has a five\nmln dlr investment in Republic Health Corp , said it has\nnot been approached to sell its shares in Republic Health.\n Earlier, Alpha Health Systems Corp, a unit of Pesch and Co,\nsaid it submitted a merger proposal to the board of REPH\nAcquisition Co, the parent of Republic Health. LeRoy A. Pesch\nis the principal stockholder of Pesch.\n \"We have not been approached by Mr. Pesch or anybody else\nwith respect to our holdings\" in Republic Health, a McDonnell\nDouglas spokesman told Reuters.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:43:27.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "2512" }, { "title": "PARADYNE PLEADS GUILTY TO CRIMINAL CHARGE", "body": "Paradyne Corp said it pleaded guilty\nto criminal charges of conspiracy to defraud the Social\nSecurity Administration and agreed to pay 1.2 mln dlrs in fines\nand costs to the U.S. Government.\n The company also reached agreements in principle for an 8.1\nmln dlr settlement of class action law suits.\n About 2.9 mln dlrs of the class action settlement will be\nprovided by Paradyne's insurance carrier. The settlement is\ncontingent on court approval after notice to class members, it\nsaid.\n The criminal case settlement dismisses all charges\nincluding bribery and false statement, except for conspiracy to\nwhich Paradyne pleaded guilty.\n The criminal settlement includes the lifting of the\ngovernment's suspension, the dismissal of the federal civil\nfalse claims suit and all charges against the individuals.\n Of the 2.9 mln dlrs the insurance carrier will provide for\nthe civil settlement, 750,000 dlrs will go to settle a\nderivative lawsuit.\n For the year ended December 31, Paradyne reported a net\nloss of 38.5 mln dlrs. The year-end results include an 8.0 mln\ndlrs provision for future legal and or settlement costs to\ncover the civil and criminal settlements announced today.\n Paradyne also said it named Jerry Kendall as president and\nchief executive officer, succeeding Robert Wiggins who resigned\nas chairman and chief executive officer as part of the\nsettlement of the indictment.\n Kendall formerly served as executive vice president and\nchief operating officer.\n The company also said that due to the sluggish marketplace,\nit does not expect to be profitable in the first quarter but is\noptimistic about the outlook for the year.\n For the first quarter of 1986, the company reported net\nincome of 875,000 dlrs on sales of 66.0 mln dlrs.\n Wiggins was among five Paradyine executives who were\ncharged along with three former officers in a 1985 federal\nindictment stemming from a 115 mln contract awarded to Paradyne\nin 1981 to build a computer network for the Social Security\nAdministration.\n The men were accused of conspiring to bribe government\nofficials and defaud the Social Security Administration.\nWiggins and other defendants were also charged with providing\nfalse testimony and obstructing justice during a Securities and\nExchange Commission investigation.\n \n Under the settlement announced today, federal prosecutors\nagreed to defer all charges against Wiggins and three other\ndefendants under a one-year pretrial agreement.\n The charges would then be dropped if the defendants\nsuccessfully complete the probation period. Details of the\nrequirements in the agreement were not immediately available.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 17:44:30.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "2513" }, { "title": "INTEREST IN OPTIONS STIRRED BY U.S. FARM PLANS", "body": "In their search for ways to cut\nspending on U.S. farm programs, policymakers and their advisers\nhere are citing trading in options contracts as an alternative\nto federal income and price supports.\n Critics of costly federal farm programs maintain that the\ngovernment could get out of guaranteeing minimum support prices\nif farmers systematically used options contracts to protect\nthemselves against vacillating market prices.\n \"With agricultural options now available, there is less need\nfor government price support programs to provide price\nstability for farmers,\" the Heritage Foundation, a conservative\nthink tank, said in a recent position paper.\n \"Washington no longer needs to restrict the level and\nvariability of commodity market prices. Farmers and others in\nagribusiness can now achieve the benefits of price stability by\ntrading in option markets,\" the paper, written by Clemson\nUniversity professor Kandice Kahl, said.\n Critics of farm programs contend that options offer the\nbenefits of price support programs without entailing the cost\nto taxpayers.\n Kahl's paper urged farmers to buy \"put\" options in order to\nobtain the right to sell at a particular price to the private\nseller of the option contract.\n \"This gives the farmer a guaranteed price, but still allows\nhim to profit from higher market prices, if they are available,\nby foregoing his option,\" Kahl said.\n Interest in promoting understanding of options trading\namong farmers also has been stirred in Congress by a proposed\nchange in agricultural policy that would have the effect of\nexposing participants in federal farm programs to fluctuations\nin income subsidies.\n The proposal -- supported by the Reagan administration and\na cross-section of lawmakers -- would allow farmers to receive\nat least 92 pct of their income subsidies regardless of how\nmuch they planted.\n Under current law, farmers enrolled in federal price\nstabilization programs receive income subsidies, or deficiency\npayments, equal to the difference between a set target price\nand the higher of the support price or market price.\n The so-called decoupling plan, or \"0/92\", would aim to\ncurtail surplus production by eliminating the requirement that\nfarmers plant in order to receive deficiency payments.\n Critics of \"0/92\" plan contend that if the scheme succeeded\nin curbing surplus output, market prices would rise and\ndeficiency payments fall -- leaving farmers who chose not to\nplant with shrunken income subsidies and no crops to sell.\n Sen. Rudy Boschwitz (R-Minn.), who has been in the\nforefront of efforts to decouple income support from acreage\nplantings, advocates replacing the variable deficiency payment\nwith a fixed and gradually declining payment.\n But many farm state lawmakers are turned off by the idea of\noffering fixed subsidies to farmers who plant nothing.\n Some congressional staff members said they are intrigued by\nthe notion of having the federal government subsidize the\npurchase of \"call\" options to help farmers hedge their income\nrisk.\n By buying a call option, the farmer would obtain the right\nto buy a commodity at a particular price. If the market price\nrose above that option price, the farmer could exercise the\noption and sell the commodity on the spot market, making up\nmost of the reduction in the deficiency payment.\n An aide to Boschwitz said the senator might offer\nlegislation linking options and decoupling, but that it might\nhave to await the results of a pilot project on futures and\noptions trading mandated by the 1985 farm bill.\n The bill required USDA, in association with the Commodity\nFutures Trading Commission, to conduct a pilot program in at\nleast 40 counties which produce major program crops.\n The program, only recently launched, was designed to\nencourage producers to participate in futures and options\nmarkets and to ensure that producers' net returns would not\nfall below the county loan level for the crops in question.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:46:11.82", "places": [ "usa" ], "id": "2514" }, { "title": "SOUTH AFRICAN FIRM TO CONTINUE TESTS", "body": "South Africa's state-owned energy\nfirm Soekor said it would continue tests after striking oil\nsome 120 kms (75 miles) south-southwest of Mossel Bay.\n During production tests, about 5,000 barrels of oil and\nfive mln cubic feet of gas per day were produced, it said.\n \"This oil discovery will be followed-up as soon as possible\nby further seismic surveys and drilling. Should further\ndrilling and tests in the area yield positive results oil\nproduction from a floating platform could be considered.\"\n Director General of Mineral and Energy Affairs Louw Alberts\nannounced the strike earlier but said it was uneconomic.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:48:45.84", "topics": [ "crude", "nat-gas" ], "places": [ "south-africa" ], "id": "2515" }, { "title": "CEMDAC GOES OUT OF BUSINESS", "body": "Cemdac Corp said it told the state\nof Minnesota to permanently suspend trading of its common\nstock.\n The company said it is ceasing operations.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:49:36.15", "places": [ "usa" ], "id": "2516" }, { "title": "GREECE REPEATS IT CAN DECIDE ON AEGEAN DRILLING", "body": "Greece, replying to a warning from Turkey\nthat it will stop Athens from seeking oil in the Aegean Sea,\nrepeated today that it has an exclusive right to decide where\nor when to drill in the area.\n A government spokesman said in a statement that if Ankara\nbelieved Greece was contravening international law, it could\nbring the issue before the courts.\n The spokesman was responding to a statement by Turkish\nForeign Ministry spokesman Yalim Eralp that Ankara would take\naction to stop Greece's oil activities beyond its territorial\nwaters as they were a violation of the 1976 Berne accord.\n Reuter\n\u0003", "date": " 5-MAR-1987 17:51:11.90", "topics": [ "crude" ], "places": [ "greece", "turkey" ], "id": "2517" }, { "title": "NCA CORP 4TH QTR LOSS", "body": "Shr loss 45 cts vs loss 1.34 dlrs\n Net loss 1,240,000 vs loss 3,621,000\n Revs 6,264,000 vs 4,626,000\n Year\n Shr loss 90 cts vs loss 2.01 dlrs\n Net loss 2,487,000 vs loss 5,406,000\n Revs 20.8 mln vs 21.7 mln\n Reuter\n\u0003", "date": " 5-MAR-1987 17:59:08.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "2518" }, { "title": "BIOMEDICAL DYNAMICS CORP 4TH QTR NET", "body": "Shr profit one ct vs loss two cts\n Net profit 52,405 vs loss 67,967\n Sales 289,572 vs 188,713\n Year\n Shr loss one cts vs loss five cts\n Net loss 51,019 vs loss 201,680\n Sales 1.1 mln vs 490,935\n Reuter\n\u0003", "date": " 5-MAR-1987 17:59:14.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "2519" }, { "title": "SANTA FE SOUTHERN PACIFIC APPEALS MERGER RULING", "body": "Santa Fe Southern Pacific Corp will\nlater today formally ask the U.S. Interstate Commerce\nCommission (ICC) to reconsider its earlier rejection of the\nmerger of the holding company's railroad assets, a company\nspokesman said.\n \"We expect to file papers late tonight\" asking the ICC to\nreopen the rail merger case, spokesman Rich Hall said in a\ntelephone interview from the company's Chicago headquarters.\n The ICC had rejected in July, on grounds it would reduce\ncompetition, the merger of the Santa Fe and Southern Pacific\nRailroads.\n The deadline for seeking ICC reconsideration of the merger\nplan is midnight tonight.\n Santa Fe Southern Pacific owns the Santa Fe railroad and\nholds the Southern Pacific railroad assets in trust while\nawaiting federal approval of the merger plan.\n The ICC had ordered the holding company to divest one or\nthe other railroad but stayed its ruling pending a decision on\nthe request for reconsideration.\n If the ICC ultimately decides not to reopen the case, it is\nexpected to reinstate the divestiture order.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:00:50.36", "topics": [ "acq" ], "places": [ "usa" ], "id": "2520" }, { "title": "BRAZIL DEBT SEEN PARTNER TO HARD SELL TACTICS", "body": "Brazil's recent announcement of a\nsuspension in interest payments on 68 billion dlrs of foreign\ndebt gave the banking system the jitters and confirmed views\namong many international economists and commodities analysts\nthat Brazil will continue to flex its trading muscles in 1987.\n The developing world's most indebted nation is also its\nmost prolific exporter of agricultural commodities such as\ncoffee and soybeans, and might maximize foreign exchange\nrevenue by selling hard on world markets, economists said.\n \"That sounds like a reasonable strategy. But there is no\nway they can trade their way out of this situation,\" Aldo\nRoldan, Vice President for International Services at Chase\nEconometrics, said.\n Roldan told Reuters that Brazil not only had to tackle the\nproblems of satisfying domestic demand and competing on glutted\nworld markets, but also had to work to make its position on\nforeign exchange markets more profitable.\n \"Domestic costs have increased (due to inflation) and\nexporters have not had the same offsetting movement in exchange\nrates,\" Roldan said.\n The Chase economist also said commodities markets were\ndepressed and generally did not appear very promising for a\ncountry like Brazil, where pure commodities account for some 50\npct of exports and in 1986 had a total value of around 23\nbillion dlrs.\n But he added: \"They are always pretty aggressive and they\nhave good foreign marketing channels.\"\n Analysts said a key factor in Brazilian trade will be\ncoffee, and even without background pressure from foreign\ncreditors the world's largest producer was expected to hit the\nmarket this year with a vengeance.\n Negotiations between International Coffee Organization\n(ICO) members to re-establish producer export quotas broke up\nearlier this week with major producers and consumers accusing\neach other of intransigence.\n \"Brazil would not tolerate a change in ICO regulations,\nwhich others wanted changed,\" one senior coffee dealer said.\n The dealer, who declined to be named, said Brazil wanted to\npreserve its market share. At the end of the talks, he said\nBrazil hinted it could sell more than anyone else and others\nwould suffer.\n Brazil will be an aggressive seller under any scenario but\nas yet there is no sign of unusually heavy Brazilian sales, the\ndealer said.\n \"If they do come into the market at this level it will go\nlower and you could breach a dollar, ninety or eighty cents,\"\nhe said.\n New York coffee futures for May delivery settled 2.29 cents\nlower Thursday at 104.68 cents a lb, while more distant\ndeliveries fell the six-cent maximum trading limit.\n President of the Brazilian Coffee Institute, Jorio Dauster\ntold a press conference in Rio de Janeiro today that Brazil has\nno set target for its coffee exports following the breakdown of\nthe ICO talks on export quotas.\n Many economists and analysts believe soybeans could be the\nfocus of possible stepped-up Brazilian marketing efforts. \"They\nwill be more aggressive this year than they have ever been,\"\naccording to Richard Loewy, analyst for Prudential-Bache\nSecurities Inc.\n Loewy believes the foreign debt problem, a good crop, plus\ndifficulties with storage would help motivate selling of the\nBrazil soybean crop. \"Brazilian farmers also need cash flow and\nthey can't afford to store the crops,\" he said.\n The Chicago soybean complex has been nervous for some time\nabout large South American crops developing under near ideal\nconditions towards record yields.\n \"We are going to see a very rapid decline, earlier than\nusual, this year in our (U.S.) exports,\" Loewy said.\n Tommy Eshleman, economist for the American Soybean\nAssociation (ASA), said this year's Brazilian soybean harvest\ncould total 18 mln tonnes, versus 13.7 mln last year.\n Marketings will be very aggressive this summer when prices\nare usually high relative to the rest of the year due to the\nvulnerability of the U.S. crop to bad growing weather.\n Another incentive to sell might be trade anticipation of a\nreduction in the U.S. government soybean loan rate, offered to\nfarmers who give crops as collateral, Eshleman said.\n He said there has been some uncertainty this year about the\nsoybean loan rate, which acts as an effective floor for prices\nby keeping supplies away from the free market. Farmers can\nforfeit their beans to the government rather than repay the\nloan.\n \"We're getting into a period when they (Brazil) are\nstarting to harvest and starting to export,\" Eshleman said. But\nhe added it will be a while before U.S. exports fall to below\n10 mln bushels a week from around 20 mln bushels currently.\n Jose Melicias from the research department of Drexel\nBurnham Lambert said Brazil would be trying to export as much\nas it can this year because of its economic situation.\n He said the debt situation was a major consideration. \"The\nBrazilian government also does not have enough money to pay for\nstorage,\" he added.\n Asked if a return to an inflationary environment in Brazil\nwould make farmers inclined to hold onto crops, Melicias said\nit would not make a big difference.\n On other commodity markets, Brazil's selling impact may be\nmuted no matter its need to generate capital.\n Brazil is faced with a poor 1986/87 sugar harvest, which\ncould limit exports to the world market, analysts said. The\ncountry may have oversold and be unable to honor export\ncommitments, and this plus higher domestic demand caused by\nconsumer price subsidies on ethanol and refined sugar, will\ngive it little room to stretch exports, they said.\n Brazil's other major crop, cocoa, is in its third year of\nsurplus. \"Cocoa consumption is basically flat and last year it\nfell, so I don't think they can start throwing out cocoa and\nfind many more markets for it,\" one analyst said.\n \"If they come out as aggressive sellers, the market would\ncollapse and they can't afford to do that,\" she added.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:02:33.22", "topics": [ "coffee", "oilseed", "soybean", "trade", "sugar", "cocoa" ], "organisations": [ "ico-coffee" ], "places": [ "usa", "brazil" ], "id": "2521" }, { "title": "IEA SAYS OPEC FEBRUARY CRUDE OUTPUT 16.1 MLN BPD", "body": "OPEC produced an average 16.1 mln barrels\nper day (bpd) of crude oil in February, down from 16.5 mln the\nprevious month and an overall 17.3 mln bpd in fourth quarter\n1986, the International Energy Agency said.\n A few OPEC countries last month exceeded the production\nquotas set at their last conference in December, but liftings\nwere reduced from several countries, it said in its latest\nmonthly oil market report.\n These cutbacks were due in part to buyer resistance to\nfixed prices, introduced from February 1, particularly for\nfixed volumes over an extended period.\n It gave this breakdown for OPEC crude output, in mln bpd\n FOURTH QTR 1986 JANUARY 1987 FEBRUARY\n1987\n SAUDI ARABIA 4.9 3.7 3.8\n IRAN 1.6 2.2 1.9\n IRAQ 1.6 1.6 1.7\n UAE 1.3 1.2 1.2\n KUWAIT 1.0 1.0 1.0\n NEUTRAL ZONE 0.5 0.4 0.4\n QATAR 0.3 0.3 0.2\n NIGERIA 1.3 1.2 1.2\n LIBYA 1.0 1.0 1.0\n FOURTH QTR 1986 JANUARY 1987 FEBRUARY\n1987\n ALGERIA 0.6 0.6 0.6\n GABON 0.1 0.2 0.2\n VENEZUELA 1.6 1.6 1.6\n ECUADOR 0.2 0.2 0.2\n INDONESIA 1.3 1.2 1.2\n TOTAL 17.3 16.5 16.1\n The IEA said while Saudi production stayed below its quota\nof 4.133 mln bpd, actual sales might exceed output due to\nNorbec stock disposals. Contracts for Saudi crude have been\nsigned, but it is understood they have much leeway in required\nliftings.\n The report said the reduction in Iraqi air attacks on\nIranian export facilities allowed Iran's output to reach 2.2\nmln bpd in January, but buyer resistance to fixed prices\napparently cut February production.\n It said Iraqi exports are about 1.0 mln bpd through the\nTurkish pipeline, 0.1-0.2 mln by truck through Jordan and\n0.2-0.3 mln via the Saudi pipeline to Yanbu. Internal\nconsumption is some 0.3 mln bpd.\n The IEA estimated total non-communist world oil supply in\nFebruary at 45.0 mln bpd, down from 45.4 mln in January and\n47.0 mln in the fourth quarter.\n The February world supply figure is made up of 16.1 mln bpd\nOPEC crude production, 1.4 mln bpd OPEC natural gas liquids\n(ngls), 16.6 mln bpd OECD crude and ngls, 8.3 mln bpd other\ndeveloping countries' crude and ngls, net trade of 1.1 mln bpd\nwith centrally planned economies, 0.5 mln bpd of\nnon-conventional crudes (such as tar sands and oil from coal)\nand 1.0 mln bpd from processiing gains.\n Within the OECD, preliminary Norwegian data show record\n1.06 mln bpd output in January, with lower production expected\nin February in accordance with government curtailments of\napproximately 80,000 bpd, announced in support of OPEC.\n REUTER\n\u0003", "date": " 5-MAR-1987 18:03:43.27", "topics": [ "crude" ], "organisations": [ "iea" ], "places": [ "france", "saudi-arabia", "iran", "iraq", "uae", "kuwait", "qatar", "nigeria", "libya", "algeria", "gabon", "venezuela", "ecuador", "indonesia", "jordan" ], "id": "2522" }, { "title": "ICN SUBJECT OF CLASS ACTIONS", "body": "Two separate class action lawsuits\nwere filed against ICN Pharmaceuticals Inc and its Viratek Inc\n subsidiary, charging the companies with disseminating\nallegedly false and misleading information regarding the\ncompany's drug Virazole, which is being tested as a possible\ntreatment for AIDS.\n The suit, filed in Federal Court here on behalf of ICN\nshareholders, charges that disclosures made by ICN over about\nthe past year encouraged the investing public to believe that\nVirazole was a promising drug of major importance and did not\ndisclose serious adverse side effects, court documents said.\n An ICN spokesman declined comment on the lawsuits.\nAttorneys for the plaintiffs were not immediately available for\ncomment.\n Virazole, also known as ribavirin, is undergoing extensive\ntesting as a possible treatment for AIDS-related illnesses.\n The drug, which is available in a number of countries\noutside the United States, has been approved by the FDA for use\ndomestically in aerosol form as a treatment for an infection\nthat strikes young children, called respiratory syncytial\nvirus.\n The FDA and a house subcommittee are conducting their own\nseparate probes into whether ICN withheld data from the FDA on\nadverse reactions to the antiviral drug.\n The Securities and Exchange Commission is also\ninvestigating the company.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:08:46.10", "places": [ "usa" ], "id": "2523" }, { "title": "U.S. SENATE GROUP URGES SUBSIDIES FOR USSR", "body": "A majority of the Senate Agriculture\nCommittee urged President Reagan to reverse his opposition to\nexport subsidies to the Soviet Union as a way to get its\nnegotiators to purchase some 500 mln dlrs in American wheat.\n The group, led by committee chairman Patrick Leahy, a\nVermont Democrat, urged Reagan to step up negotiations with the\nSoviet Union by providing export subsidies to help U.S.\nfarmers.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:09:02.88", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "2524" }, { "title": "ADMINISTRATION MOVES TO FREE REST OF CONTRA AID", "body": "The Reagan administration issued a\nformal statement to Congress designed to free the remaining 40\nmln dlrs in 1987 aid for the U.S.-backed \"Contra\" rebels in\nNicaragua.\n The aid is the last instalment of 100 mln dlrs voted by\nCongress for the Contras, and is to be spent on major military\nequipment. Congress now has 15 days to disapprove of the 40 mln\ndlrs.\n White House spokesman Marlin Fitzwater said: \"We think the\nprospects for approval are very good.\"\n The long-awaited administration move followed by one day\nPresident Reagan's speech to the nation on a report on the\nsecret Iran arms sales to Iran and diversion of profits to the\ncontras.\n In the House of Representatives earlier today, Rep. David\nBonior, a Michigan Democrat, told reporters Democratic leaders\nin the House had decided to push for a 180-day moratorium on\nfurther aid. He said the House would vote next Wednesday.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 18:09:17.99", "places": [ "usa", "nicaragua", "iran" ], "id": "2525" }, { "title": "ENFIELD CORP PLANS NOTES, PREFERRED ISSUE", "body": " said it planned to\nissue 60 mln dlrs principal amount of notes and 1.6 mln class E\npreferred shares at 25 dlrs a share.\n The notes would bear 8 pct yearly interest, mature March\n31, 2002 and be convertible to common shares on either March\n31, 1997 or the business day before a fixed redemption date at\n13.50 dlrs a share, Enfield said.\n It said each preferred share would be convertible to 1.85\ncommon shares on either March 31, 1997 or the business day\nbefore a fixed redemption date. Gordon Capital Corp and\nDominion Securities Inc agreed to acquire the issues, it said.\n Enfield said it would use proceeds to retire short-term\nbank debt and boost its 22 pct stake in and its interest in through open\nmarket purchases.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:10:33.15", "topics": [ "acq" ], "places": [ "canada" ], "id": "2526" }, { "title": "HOLIDAY UNIT SELLS NOTES AND DEBENTURES", "body": "Holiday Inns Inc, a unit of Holiday\nCorp, is raising 1.4 billion dlrs through offerings of notes\nand debentures, said bookrunner Drexel Burnham Lambert Inc.\n Junk bond traders said they thought this to be the\nsecond-largest junk bond deal ever brought to market. They said\nthe biggest was BCI Holdings' 2.35 billion dlr offering on\nApril 10, 1986.\n Via sole manager Drexel, Holiday Inns is selling 900 mln\ndlrs of senior notes due 1994 with a 10-1/2 pct coupon and par\npricing. Non-callable for five years, the notes are rated B-1\nby Moody's and B-plus by Standard and Poor's.\n Holiday Inns is also offering 500 mln dlrs of subordinated\ndebentures due 1999 with an 11 pct coupon and par pricing. The\ndebentures are non-callable for three years and non-refundable\nfor five years, Drexel said as lead manager.\n A sinking fund starts in 1997 to retire 60 pct of the\ndebentures by maturity. This issue is rated B-2 by Moody's and\nB-minus by Standard and Poor's. Goldman Sachs co-managed the\ndebenture deal.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:11:12.04", "places": [ "usa" ], "id": "2527" }, { "title": "WICHITA TO BUY FOUNTAIN OIL ", "body": "Wichita Industries Inc said it\nagreed to buy Fountain Oil and Gas Inc.\n Wichita said it it will acquire all of the outstanding\nshares of Fountain in an exchange for about 11 mln newly issued\nWichita common shares. Wichita presently has about 3.6 mln\nshares outstanding.\n The transaction calls for the issuance of 1-1/2 shares of\nWichita common for each outstanding Fountain share.\n Wichita also said it made a number of refinancing\nagreements in connection with the acquisition.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:15:11.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "2528" }, { "title": "ARGENTINE INFLATION ROSE 6.5 PCT IN FEBRUARY", "body": "Argentina's cost of living index\ngrew 6.5 pct in January, down from last month's 7.6 pct, the\nNational Statistics Institute said.\n It said consumer prices rose 98.9 pct over the last 12\nmonths, against 81.9 pct inflation in the calendar year 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:15:53.47", "topics": [ "cpi" ], "places": [ "argentina" ], "id": "2529" }, { "title": "PEMEX LOWERS FEBRUARY FAR EAST CRUDE OIL PRICES", "body": "The Mexican state oil company\nPetroleos Mexicanos (PEMEX) said its Far East customers would\nbe charged 17.25 dlrs per barrel for Isthmus crude in February\nand 14.45 dlrs for the heavier Maya.\n Pemex said this was 32 cts less than January Isthmus and 15\ncts less than January Maya.\n Far East customers, primarily Japan which buys an average\n180,000 barrels per day of which 150,000 is Isthmus, pay\nretroactively while European and U.S. clients are charged per\ndelivery.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:16:04.41", "topics": [ "crude" ], "places": [ "mexico", "japan" ], "id": "2530" }, { "title": "N.Z. DECEMBER QUARTER RETAIL SALES FALL 13.2 PCT", "body": "Retail sales in the quarter ended\nDecember 31 fell a seasonally adjusted 13.2 pct compared with a\n7.8 pct rise in the September quarter and a 1.3 pct fall a year\nago period, the Statistics Department said.\n Actual retail sales in the December quarter totalled 6.17\nbillion N.Z. Dlrs compared with 6.70 billion in the previous\nquarter and 6.10 billion a year ago period.\n The largest decreases in the December quarter were recorded\nby the same stores which recorded the highest increase in sales\nin the September 1986 quarter before the introduction of a 10\npct value added goods and services tax on October 1, 1986.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:16:23.92", "topics": [ "retail" ], "places": [ "new-zealand" ], "id": "2531" }, { "title": "REPH ACQUISITION TO NEGOTIATE PESCH MERGER BID", "body": "REPH Acquisition Co said its board\nappointed a special committee to negotiate the terms of an\noffer made earlier today by to merge with its\nRepublic Health Corp unit.\n Pesch, through its Alpha Health Systems Corp unit, offered\nto acquire the 36 pct of Republic Health stock that it does not\nalready own.\n Terms of Pesch's offer have not been disclosed.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 18:17:18.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "2532" }, { "title": "ROYAL TRUST PLANS 154.7 MLN DLR SHARE ISSUE", "body": " said it planned a\n154.7 mln dlr issue in Canada in late March of 4.5 mln class A\ncommon shares at 34.375 dlrs a share.\n The company added that it would also double the amount of\nclass A and class B common shares on June 26, 1987 through a\nstock dividend of one class A or one class B share for each\nclass A or class B share held on June 5 record date.\n Each series A and B cumulative redeemable convertible\npreferred share will be convertible after June 5 to 5.70 common\nshares, Royal Trust said. The current conversion rate is 2.85\ncommon shares for each preferred.\n Royal Trust said it would use proceeds to acquire\nincome-producing investments.\n Underwriters are Gordon Capital Corp and Dominion\nSecurities Inc as co-lead managers and Merrill Lynch Canada\nInc, McLeod Young Weir Ltd, Nesbitt Thomson Deacon Inc and Wood\nGundy Inc. as co-managers, Royal Trust said.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:18:40.57", "places": [ "canada" ], "id": "2533" }, { "title": "HUNT GROUP HAS COMDATA STAKE, SEEKS INFLUENCE", "body": "An investor group led by members of\nthe Hunt family of Dallas, Texas, told the Securities and\nExchange Commission it has acquired a 6.2 pct stake in Comdata\nNetwork Inc and may try to influence company policy.\n The investor group, led by Rosewood Financial Inc, said it\nopposes a company recapitalization plan worked out between\nComdata and Mason Best Co, a Texas investment firm, which last\nreported holding about 9.5 pct of the company's stock.\n The Hunt group said it offered on March 3 to buy the entire\n5.3 pct stake held by dissident shareholder Donald Carter at 14\ndlrs each, but has received no reply as of yesterday.\n Rosewood, which is owned by the Caroline Hunt Trust Estate,\nwhose trustees include Margaret Hunt Hill, also said it has\nnotified the Federal Trade Commission of its intent to buy\nbetween 15 and 25 pct of Comdata's common stock.\n Under federal law, it cannot buy more than 15 pct of\nComdata's stock until a 15 to 30 day waiting period is over,\nunless the FTC gives it early approval.\n Under the proposed Comdata recapitalization plan, the\ncompany would buy up to 10 mln of its common shares at 13.25\ndlrs each.\n Mason Best, which belongs to CNI Parnters, a Texas\npartnership, would not tender any of its stake under the plan,\nbut would instead buy another one mln Comdata common shares and\nwould get representation on the company's board.\n The Hunt group said it has told Comdata that it considers\nrequired payments under the plan, such as a 1.5 mln dlr fee and\nthe issuance of a warrant to buy 500,000 common shares to be a\nwaste of the company's assets.\n The Hunt group, which also includes securities Texas firms\nCypress Partners L.P and Driftwood Ltd, said it spent 15.2 mln\ndlrs on its 1,197,700 Comdata common shares.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:25:29.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "2534" }, { "title": "ARGENTINA-BRAZIL TRADE JUMPED 90 PCT IN 1986", "body": "Trade between Argentina and Brazil\njumped 90 pct in 1986 versus 1985, Foreign Minister Dante\nCaputo said.\n Speaking to reporters, Caputo said the near doubling in\ntrade showed the \"tangible and immediate results\" of a wide-\nranging economic integration accord signed by the presidents of\nboth countries last July.\n He said trade last year totalled 1.3 billion dlrs versus\n700 mln dlrs in 1985.\n The accord provided for capital goods trade between the two\ncountries to rise to 2.0 billion dlrs over four years.\n Argentine wheat exports to Brazil will increase from\n1,375,000 tonnes in 1987 to 2.0 mln tonnes in 1991, the accord\nsaid.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:28:56.35", "topics": [ "trade", "grain", "wheat" ], "places": [ "argentina", "brazil" ], "id": "2535" }, { "title": "NYSE MEMBERS VOTE TO LIFT LIMIT ON PENALTIES", "body": "The New York Stock Exchange said its\nmembers overwhelmingly approved a rule change that elminates\nthe limits on fines imposed as a result of disciplinary\nproceedings.\n The NYSE said the amendment to its constitution, already\napproved by its board, must now be approved by the Securities\nand Exchange Commission.\n The NYSE said it currently limits penalties to a maximum of\n25,000 dlrs per charge against individuals and 100,000 dlrs per\ncharge against firms.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:30:17.59", "places": [ "usa" ], "id": "2536" }, { "title": "SIA TO APPEAL FED RULING ON COMMERCIAL PAPER", "body": "The Securities Industry Association,\nSIA, has asked the U.S. supreme court to overturn a lower-court\nruling that would allow banks to sell commercial paper, SIA\ngeneral counsel William Fitzpatrick said.\n In a petition, the SIA said the court of appeals erred in\nupholding the decision of the Federal Reserve board of\ngovernors to permit Bankers Trust New York Corp to\nunderwrite and distribute commercial paper.\n The SIA charged that the Fed's ruling violates the 1933\nGlass-Steagall Act barring banks from underwriting most types\nof securities.\n The court of appeals decision, issued last December,\nreversed an earlier district court ruling that selling\ncommercial paper is an improper bank activity and that private\nplacements by banks is also improper.\n In an earlier round of the case, decided in 1984, the\nSupreme Court upheld the SIA's contention that commercial paper\nis a security for the purposes of th Glass-Steagall Act.\n The SIA is a trade association representing the interests\nof more than 500 U.S. investment banks and securities firms.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:32:13.45", "places": [ "usa" ], "id": "2537" }, { "title": "SANTA FE SOUTHERN PACIFIC APPEALS MERGER RULING", "body": "Santa Fe Southern Pacific Corp will\nlater today formally ask the U.S. Interstate Commerce\nCommission (ICC) to reconsider its earlier rejection of the\nmerger of the holding company's railroad assets, a company\nspokesman said.\n \"We expect to file papers late tonight\" asking the ICC to\nreopen the rail merger case, spokesman Rich Hall said in a\ntelephone interview from the company's Chicago headquarters.\n The ICC had rejected in July, on grounds it would reduce\ncompetition, the merger of the Santa Fe and Southern Pacific\nRailroads.\n The deadline for seeking ICC reconsideration of the merger\nplan is midnight tonight.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:32:55.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "2538" }, { "title": "E.A. VINER HOLDINGS LTD 4TH QTR LOSS", "body": "Shr loss 10 cts vs profit seven cts\n Net loss 918,000 vs profit 585,000\n Revs 5,475,000 vs 4,430,000\n YEAR\n Shr profit 32 cts vs loss 24 cts\n Net profit 2,909,000 vs loss 1,501,000\n Revs 23.7 mln vs 15.0 mln\n Note: 1986 4th qtr net includes 1.5 mln U.S. dlr, or 17 ct\nshr, writedown of stake in Heck's Inc and 300,000 U.S.\ndlr, or three ct shr, writedown of arbitrage positions. 1986\nfl-yr net includes 900,000 dlr net writedown of stake in\nHeck's.\n U.S. dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:33:02.02", "topics": [ "earn" ], "places": [ "canada" ], "id": "2539" }, { "title": "CARPET FIRM UNIT CUTS ALLIED PRODUCTS STAKE", "body": "A group led by GFI Nevada Inc, a\nsubsidiary of General Felt Industries, a Saddlebrook, N.J.\ncarpet maker, said it cut its stake in Allied Products Corp to\n169,888 shares, or 3.4 pct, from 288,652 shares, or 5.8 pct.\n In a filing with the Securities and Exchange Commission,\nGFI said it sold 114,000 Allied Products common shares on March\n3 at 42 dlrs each and donated another 4,746 shares to two\nuniversities.\n It said its dealings in the company's common stock were for\ninvestment purposes only.\n\n Reuter\n\u0003", "date": " 5-MAR-1987 18:34:44.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "2540" }, { "title": "WORLD BANK PRESIDENT EXPECTS BRAZILIAN DEBT PLAN", "body": "World Bank President Barber Conable\nsaid he was confident Brazil would come up with a debt plan and\nthat the current suspension on commercial bank debt payments\nwould be temporary.\n He said Brazil's decision to stop payments on its debt had\ncaptured the attention of the international community but the\ncountry should now produce a plan to reform its overheated\neconomy.\n \"They have everyone's attention but it must be followed by a\nconstructive plan,\" he said.\n Conable made his remarks before a group of commercial\nbankers at a meeting sponsored by the Export-Import Bank and\nlater informally to reporters.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:35:30.91", "places": [ "usa", "brazil" ], "id": "2541" }, { "title": "TALKS FAIL TO END BRAZILIAN SEAMEN'S STRIKE", "body": "Pay talks aimed at ending a\nweek-old national seamen's strike collapsed today and the\nstrike will continue, a union official said.\n The walkout by Brazil's 40,000 seamen has idled 160 ships\nin various ports, Jorge Luis Leao Franco, a senior official of\nthe National Merchant Marine Union, told Reuters.\n The strikers, who are seeking a 275 pct pay increase, have\nrejected offers of a 100 pct raise from the state oil company\nPetrobras and an 80 pct increase from the National Union of\nMaritime Navigation Companies (Syndarma).\n Leao Franco said eight hours of talks in Rio de Janeiro\nwith Labor Minister Almir Pazzianotto ended today without\nresolving the dispute.\n He said six ships were idle abroad -- in the Netherlands,\nSpain, Venezuela, France and South Africa.\n Economic analysts said the strike was of major concern to\nthe government, which has suspended interest payments on part\nof Brazil's foreign debt following a drastic deterioration in\nthe country's trade balance.\n The head of the National Merchant Marine Authority, Murilo\nRubens Habbema, was quoted today as saying that if the strike\ncontinued foreign ships could be authorized to transport\nBrazilian exports.\n \"Brazil is living through a crisis at the moment and it is\nnot conceivable that exports be hit,\" he told the Gazeta\nMercantil newspaper.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:36:56.08", "topics": [ "ship" ], "places": [ "brazil" ], "id": "2542" }, { "title": "SHEARSON HAS 5.4 PCT OF CHICAGO MILWAUKEE ", "body": "Shearson Lehman Brothers Inc, the\nbrokerage subsidiary of American Express Co , said it has\nacquired 131,300 shares of Chicago Milwaukee Corp, or 5.4 pct\nof its total outstanding common stock.\n In a filing with the Securities and Exchange Commission,\nShearson said it bought the stake for 18.8 mln dlrs for\ninvestment purposes and has no intention of seeking control of\nthe company.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:39:34.16", "topics": [ "acq" ], "places": [ "usa" ], "id": "2543" }, { "title": "VINER VIABLE AFTER HECK'S MOVE", "body": "E.A. Viner Holdings Ltd said the earlier\nreported Chapter 11 bankruptcy filing of Heck's Inc , in\nwhich Viner holds 408,000 shares, would not materially affect\nViner's capital position or its ability to carry on its\nprofitable brokerage business.\n Viner said its brokerage subsidiary, Edward A. Viner and Co\nhad regulatory capital of 24.5 mln U.S. dlrs at year-end 1986.\n The company said Heck's Chapter 11 filing could, however,\naffect Viner's previously reported legal action to recover\ncosts from an aborted merger agreement with Heck's.\n It said it and the Toussie-Viner group, with which it made\nthe merger offer, were assessing their options regarding the\nHeck's investment.\n Viner earlier reported a fourth quarter loss of 918,000\nU.S. dlrs after a 1.5 mln dlr writedown of its stake in Heck's.\nIt earned 585,000 dlrs in the previous fourth quarter.\n Full-year earnings totaled 2.9 mln dlrs against a\nyear-earlier loss of 1.5 mln dlrs. The full-year earnings\nincluded a 900,000 dlr net writedown of the Heck's stake, it\nsaid.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:46:30.82", "topics": [ "earn" ], "places": [ "canada" ], "id": "2544" }, { "title": "ITALY EXPRESSES WILLINGNESS TO SUPPORT BRAZIL", "body": "Italian Treasury Minister Giovanni Goria\nmet Brazilian Finance Minister Dilson Funaro today and\nexpressed Italy's willingness to support his efforts in trying\nto resolve Brazil's pressing debt problems.\n Goria told reporters after meeting Funaro, who is in Rome\non the fifth leg of a tour to seek governmental support for his\nefforts to solve Brazil's debt crisis, that Italy's expression\nof support was based on reason as much as sympathy.\n \"The problems of one country are also those of the rest so\nwe should all work together to help solve them,\" Goria said. \"It\nis in the interest of all to work for the future.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 18:49:47.94", "places": [ "brazil", "italy" ], "id": "2545" }, { "title": "TWA SUES USAIR OVER POISON PILL", "body": "Trans World Airlines Inc said it filed\nsuit in Delaware Chancery Court against USAir Group Inc and its\nboard of directors seeking to invalidate its \"poison pill\"\nanti-takeover plan.\n TWA vice president and general counsel Mark Buckstein said\nTWA also sought a declaratory judgement from the court that its\n52 dlr per share takeover offer for USAir would in no way\ninterfer with USAir's possible buyout of Peidmont Aviation Inc\n.\n Buckstein said TWA asked the court to enjoin the\nenforcement of USAir's shareholder rights plan, or \"poison\npill.\" Such provisions, which typically allow for the issue of\nsecurities to shareholders in the event of a hostile takeover\nbid, are aimed at deterring takeovers by making them more\nexpensive.\n USAir earlier today rejected TWA's offer, saying TWA's bid\nwas an attempt to interfer with its buyout of Piedmont.\n USAir also had said its counsel would investigate the\nmatter. Tonight, a spokesman for USAir said the airline had no\ncomment on TWA's lawsuit.\n USAir did respond, however, to a TWA request to the\nDepartment of Transportation for permission to buy up to 51 pct\nof USAir stock and place the stock in a voting trust pending\napproval of a takeover.\n USAir said the request was \"hastily pasted together in\norder to take advantage of a regulatory anamoly that would\nallow TWA to accomplish in a regulated environment actions that\nwould be impermissable in the non-regulated economy at large.\"\n USAir called on the transportation department to reject\nTWA's request.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:51:02.27", "topics": [ "acq" ], "places": [ "usa" ], "id": "2546" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Columbus and Southern Ohio Electric Co, subsidiary of\nAmerican Electric Power Co Inc - Offering of 100 mln dlrs\nof first mortgage bonds due 2017.\n Blocker Energy Corp - Offering of 12 mln shares of\ncommon stock through Drexel Burnham Lambert Inc and Alex. Brown\nand Sons Inc.\n Freymiller Trucking Inc - Initial public offering of one\nmln shares of common stock, including 250,000 being sold by\ncurrent holders, at an estimated 12 to 14 dlrs each through\nAlex. Brown and Sons Inc and Bateman Eichler, Hill Richards\nInc.\n Ohio Mattress Co - Offeing of 75 mln dlrs of\nconvertible subordinated debentures due 2012 through Lazard\nFreres and Co.\n Zehntel Inc - Offering of 13.5 mln dlrs of\nconvertible subordinated debentured due 2012 through Sutro and\nCo Inc.\n Intel Corp - Offering of 75 mln dlrs of senior\nsubordinated notes due 1994 and offering of 1.5 mln shares of\nconvertible cumulative exchangeable Class B preferred stock,\nSeries C, both through Merrill Lynch Capital Markets.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:51:59.53", "places": [ "usa" ], "id": "2547" }, { "title": " YEAR NET", "body": "Oper shr 99 cts vs 54 cts\n Oper net 9,515,000 vs 3,449,000\n Revs 509.3 mln vs 440.5 mln\n Note: 1985 net excludes extraordinary gain of 1.2 mln dlrs.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:55:10.28", "topics": [ "earn" ], "places": [ "canada" ], "id": "2548" }, { "title": " RAISES QUARTERLY DIVIDEND", "body": "Ivey Properties Inc said it\nraised its quarterly dividend to 18 cts a share from 14 cts and\ndeclared both an extra dividend of 27 cts a share and a 50 pct\nstock dividend.\n It said the dividends will be paid April one to\nshareholders of record March 16.\n For the stock dividend, Ivey said it will pay for\nfractional shares at 25 dlrs per share.\n \n Reuter\n\u0003", "date": " 5-MAR-1987 18:55:19.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "2549" }, { "title": "MEXICO SUSPENDS OVERSEAS COFFEE SALES", "body": "Mexico has temporarily suspended\noverseas coffee sales due to falling prices triggered by the\nfailure of the International Coffee Organisation (ICO) meeting\nto agree a quota system at its latest meeting, the official\nNotimex news agency said.\n \"We're just waiting a while for prices to improve,\" an\nunidentified Mexican trader told the agency.\n Mexico has already sold 80 pct of its export coffee\nproduced in the year to last September, the source said. The\ncountry exports about 3.3 mln 60-kilo bags a year.\n Reuter\n\u0003", "date": " 5-MAR-1987 18:56:13.27", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "mexico" ], "id": "2550" }, { "title": "GROUP BOOSTS SCANDINAVIA FUND STAKE", "body": "A shareholder group led by a Swedish\ninvestment firm and a Norwegian investor said it raised its\nstake in the Scandinavia Fund Inc to 2,165,300 shares, or 33.3\npct of the total, from 1,978,900 shares, or 30.5 pct.\n In a filing with the Securities and Exchange Commission,\nthe group, which includes Ingemar Rydin Industritillbehor AB,\nthe firm, and investor Erik Martin Vik, said it bought the\nadditional shares between Feb 24 and March 9.\n Reuter\n\u0003", "date": " 5-MAR-1987 19:00:55.28", "topics": [ "acq" ], "places": [ "usa" ], "id": "2551" }, { "title": "OFFSHORE INVESTMENT FIRM UPS FRANCE FUND STAKE", "body": "VBI Corp, an offshore-based\ninvestment firm, told the Securities and Exchange Commission it\nraised its stake in the France Fund Inc to 681,800\nshares, or 9.1 pct of the total, from 551,000, or 7.4 pct.\n VBI, which is based in Turks and Caicos Islands, the\nBritish West Indies, said it bought the additional shares\nbetween Feb 24 and March 4.\n It has said it bought its France Fund stake for investment\npurposes only.\n Reuter\n\u0003", "date": " 5-MAR-1987 19:04:20.97", "topics": [ "acq" ], "places": [ "usa" ], "id": "2552" }, { "title": "COSTA RICA OPTIMISTIC ABOUT REFORMING ICO", "body": "Costa Rica's economy minister said he\nsees new hope for winning changes in the International Coffee\nOrganisation system of export quotas.\n Minister Luis Diego Escalante, who serves as president of\nthe Costa Rican Coffee Institute, said he was hopeful because\nof the support offered Costa Rica and other smaller producing-\nnations by such major consumers as the United States, Britain\nand the Netherlands at last week's ICO meeting in london.\n Escalante told a news conference here he \"carried the weight\nof the negotiations\" at the meeting by calling for larger export\nquotas for the smaller coffee-growing nations.\n Costa rica is insisting, Escalante said, on a new quota\nsystem based on a producing nation's real export capacity, once\nit has satisfied internal demand.\n \"There are countries such as our own whose sales\npossibilities are close to or above 100 pct of their current\nquotas,\" Escalante said.\n At the same time, there are countries favoured by the\ncurrent system that have been assigned quotas far above their\nexport potential, he said.\n The current ICO quota system is \"unfair and autocratic,\"\nEscalante said.\n Escalante attributed the nosedive in international coffee\nprices over the last week to speculation rather than real\nmatters of supply and demand.\n \"Be careful,\" he warned, \"there's not as much coffee in the\nworld as they say. What there is are bags of sawdust.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 19:05:37.02", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "costa-rica" ], "id": "2553" }, { "title": "U.S. MONEY GROWTH SLOWS SHARPLY, ECONOMISTS SAY", "body": "U.S. money supply growth is slowing\ndown rapidly, and some economists believe that all three of the\nFederal Reserve's main monetary aggregates may even have\ncontracted in February.\n A contraction is unlikely to be a major concern for the\nFed, especially as it would follow a long period of torrid\ngrowth, but it could give the central bank extra leeway in the\nweeks ahead if it decided that a relaxation of monetary policy\nwas justified on account of weakness in the economy. \n M-1 money supply for the week ended February 23, reported\ntoday, rose 1.9 billion dlrs to 738.5 billion, but preliminary\nforecasts call for a drop next week of around two billion dlrs.\nThe monthly average in January was 737.1 billion dlrs.\n M-1 makes up about a quarter of M-2 and a fifth of M-3.\nWith other components of M-2, such as money-market deposit\naccounts and small time deposits, also falling, the stage is\nset for falls in the broader aggregates too, economists say.\n M-1 has been largely discredited because its traditional\nlink to economic growth has disintegrated under the impact of\nfalling interest rates and banking deregulation.\n But the consistent behavior of all three aggregates is\nlikely to impress the Fed, said Ward McCarthy of Merrill Lynch\nEconomics Inc.\n \"The Fed has confidence in the aggregates when they're all\nsending the same signal. This is going to raise some eyebrows\nat the Fed,\" McCarthy said.\n Stephen Slifer of Shearson Lehman Brothers Inc added, \"We\nhave some very good-looking monetary aggregate data. It's\ncoming in a lot weaker than I thought.\" \n The economists were quick to caution that one month's data\nprove nothing, especially because money growth previously had\nbeen so rapid. M-1 in the last 52 weeks has grown at a 16.7 pct\nrate and at a 19.1 pct rate in the past 13 weeks.\n Moreover, some of the contraction in M-2 can probably be\nexplained by a shift of funds from savings vehicles into the\nbooming stock market and is thus not an indication of a\nslowdown in the business expansion.\n But the data raise the tantalizing possibility for the bond\nmarkets that the slowdown in money growth is partly a\nreflection of a weaker economy that needs more Fed stimulus.\n McCarthy noted that the slower money growth coincides with\nsigns that the economy is losing momentum as the quarter\nprogresses. \"Some of the economic indicators are not as rosy as\nthey were a month ago,\" he noted.\n He expects only five to six pct M-1 growth in March and\nrises in M-2 and M-3 of about four pct.\n Slifer sees stronger growth of 10 pct in M-1 and five pct\nor less for M-2 and M-3, but the rates would still be moderate\nenough to encourage the Fed to ease policy if gross national\nproduct for the first quarter proved to be weak. \"You'd\ncertainly be more inclined to ease than you would in the past.\"\n There was certainly nothing in the Fed's latest balance\nsheet, however, to suggest a change of policy is already under\nway, economists said. Discount window borrowings were in line\nwith expectations at 233 mln dlrs a day.\n Robert Brusca of Nikko Securities Co International Inc\nargued that an easier Fed policy is unlikely to do much to\nsolve America's most urgent economic problem, its massive trade\ndeficit. Because of the possibility that further dollar\ndepreciation - and thus rising inflation - may be needed to\nclose the trade gap, Brusca said \"I'm not prepared to be all\nthat optimistic about the bond market.\"\n Reuter\n\u0003", "date": " 5-MAR-1987 19:21:55.64", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "2554" }, { "title": "ECUADOR'S CONSUMER PRICES RISE 2.5 PCT IN FEBRUARY", "body": "Ecuador's consumer price index rose 2.5\npct in February to 562.4 (base 1978), the National Statistics\nand Census Institute said.\n The rise compared to a 1.8 pct rise in January and a 2.5\npct rise in February 1986.\n The Institute said accumulated overall inflation for the\nfirst two months of this year was 4.0 pct compared to 5.0 pct\nfor the same period last year.\n Inflation for the 12 months ending February 1987 was 25.5\npct compared to 13.0 pct for the 12 months ending February\n1986.\n REUTER\n\u0003", "date": " 5-MAR-1987 20:45:15.41", "topics": [ "cpi" ], "places": [ "ecuador" ], "id": "2555" }, { "title": "NATIONAL OPPOSITION AHEAD IN N.Z. OPINION POLL", "body": "The opposition National Party took a\nfive percentage point lead over New Zealand's Labour government\nin an opinion poll, reversing the seven point lead held by\nLabour in a comparable poll in February.\n In the regular Television New Zealand Heylen/Eyewitness\npoll, National's support rose to 50 pct against 45 pct a month\nearlier while Labour's popularity dropped to 45 pct from 52\npct. National has not been ahead in this poll since April.\n This result contrasts with a newspaper poll published\nyesterday that put Labour's popularity at 50 pct and National's\nat 44 pct.\n Both polls showed large numbers of voters are uncommitted.\n Approval of the government's handling of the economy also\ndropped in the television poll, to 34 pct from 40 pct.\n Prime Minister David Lange remained first choice as Prime\nMinister but with 25 pct against 28 pct last month. Opposition\nleader Jim Bolger remained steady on nine pct in this category\nbut his colleague and former Prime Minister Robert Muldoon rose\ntwo points to 18 pct.\n An election is due to be held before September this year.\n REUTER\n\n\u0003", "date": " 5-MAR-1987 20:54:10.33", "places": [ "new-zealand" ], "id": "2556" }, { "title": "WEST GERMAN FISHMEAL IMPORTS HIGHEST IN 15 YEARS", "body": "West German gross fishmeal imports rose\n60,260 tonnes, or 14.6 pct, last year to 471,891 tonnes, the\nhighest level since 1972, trade sources said.\n Re-exports fell by 6.6 pct, resulting in a surge in net\nimports from 175,901 to 251,708 tonnes, an increase of 43 pct.\n Total West German consumption was estimated at around a\nhigh 287,000 tonnes, largely reflecting attractive prices. The\nsources, however, could not give comparative figures for 1985.\n South American producer countries supplied 97 pct of West\nGerman requirements, with Chile shipping 229,176 tonnes (1985 -\n182,959) and Peru 210,513 (147,014) tonnes.\n The two South American countries' share of the West German\nmarket rose to 93.2 pct from 80.2 pct because imports from\nEcuador fell to 21,110 tonnes in 1986 from 51,722 in 1985.\n West Germany imported 56,823 tonnes of fishmeal in\nDecember, up from 46,236 tonnes in the same 1985 month, with\nre-exports at 22,262 tonnes after 25,062 a year earlier.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:13:56.83", "topics": [ "fishmeal", "meal-feed" ], "places": [ "west-germany" ], "id": "2557" }, { "title": "TPA OF AMERICA INC 4TH QTR LOSS", "body": "Shr loss five cts\n Net loss 753,000\n Revs 8,932,000\n Avg shrs 16.0 mln\n Year\n Shr loss seven cts\n Net loss 995,000\n Revs 27.9 mln\n Avg shrs 14.8 mln\n NOTE: Company started operating in August 1985.\n Results reflect change in fiscal year from November 30 end.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:14:49.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "2558" }, { "title": "SILVER STATE MINING SEES PRODUCTION RISE", "body": "Silver State Mining Corp said it expects\ngold production this year to be more than double 1986's 17,458\nounces.\n The company's 1985 production was 2,050 ounces.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:14:55.44", "topics": [ "gold" ], "places": [ "usa" ], "id": "2559" }, { "title": "MCGRATH RENTCORP SEES NET RISING", "body": "McGrath RentCorp said as a\nresult of its December acquisition of Space Co, it expects\nearnings per share in 1987 of 1.15 to 1.30 dlrs per share, up\nfrom 70 cts in 1986.\n The company said pretax net should rise to nine to 10 mln\ndlrs from six mln dlrs in 1986 and rental operation revenues to\n19 to 22 mln dlrs from 12.5 mln dlrs.\n It said cash flow per share this year should be 2.50 to\nthree dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:15:03.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "2560" }, { "title": "SILVER STATE MINING CORP 4TH QTR NET", "body": "Shr one ct vs one ct\n Net 528,790 vs 286,969\n Revs 2,537,803 vs 773,729\n Year\n Shr seven cts vs one ct\n Net 2,429,576 vs 404,394\n Revs 6,726,327 vs 1,150,961\n Reuter\n\u0003", "date": " 6-MAR-1987 09:15:08.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "2561" }, { "title": "SIZZLER RESTAURANTS INTERNATIONAL INC NET", "body": "Shr 15 cts vs 14 cts\n Net 2,547,000 vs 2,242,000\n Revs 56.7 mln vs 44.0 mln\n Avg shrs 17.6 mln vs 15.6 mln\n Nine mths\n Shr 54 cts vs 54 cts\n Net 9,249,000 vs 8,334,000\n Revs 173.3 mln vs 134.3 mln\n Avg shrs 17.1 mln vs 15.5 mln\n Reuter\n\u0003", "date": " 6-MAR-1987 09:17:19.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "2562" }, { "title": "BRAZIL'S FUNARO WINS FEW PROMISES ON EUROPE TRIP", "body": "Brazilian Finance Minister Dilson Funaro\nlast night concluded this week's tour of European capitals\nhaving gleaned little in the way of concrete support from\ngovernments for his country's attempts to find a radical\nsolution to its debt payments crisis.\n However, banking sources noted the existence of\nconsiderable sympathy for Brazil's position among most of its\ncommercial bank creditors, manifested in the widespread belief\nthat adopting a hard line could only exacerbate the problems\nwhile patience might pave the way for an eventual\nreconciliation.\n Brazil on February 20 unilaterally suspended interest\npayments on its 68 billion dlr debt to commercial banks,\nfollowed by moves related to around 15 billion dlrs of bank and\ntrade credit lines deposited by foreign banks and institutions.\n The action had been preceded by a significant deterioration\nin Brazil's balance of payments situation in the final quarter\nof 1986, along with a marked acceleration in inflation.\nReserves had dipped to below four billion dlrs.\n Funaro and central bank president Francisco Gros last week\nvisited Washington to explain Brazil's move to government\nofficials and agencies.\n This week they have sought official support in the U.K.,\nFrance, Germany, Switzerland and Italy.\n They have now decided to extend their tour, flying on\nSunday to Tokyo to talk to government officials, with a\npossible visit to Canada before they return home.\n Funaro and Gros have so far confined their consultations to\ngovernment representatives, believing that problems with\nBrazil's 109 billion dlr debt call for a political solution.\n However, banking sources noted that their attempts to\nenlist the support of European and U.S. Governments had been\nmet almost unanimously with advice to talk first to banks.\n This counsel has been coupled with emphasis on the need for\nBrazil to present to creditors a convincing economic programme,\nwith U.K. Chancellor of the Exchequer Nigel Lawson also\nrecommending an accord with the International Monetary Fund\n(IMF), advice which Funaro subsequently rejected flatly.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:20:31.98", "organisations": [ "imf" ], "places": [ "uk", "brazil" ], "id": "2563" }, { "title": "MCANDREWS AND FORBES ARE OFFERING 18.50 DLRS PER SHARE FOR REVLON STOCK\n", "date": " 6-MAR-1987 09:21:40.87", "topics": [ "acq" ], "id": "2564" }, { "title": "U.K. MONEY MARKET DEFICIT REVISED TO 550 MLN STG", "body": "The Bank of England said it had revised\nits estimate of the shortage in the money market back to its\ninitial forecast of 550 mln stg.\n At midsession the central bank changed the shortfall to 500\nmln and provided assistance worth 96 mln stg through bank bill\npurchases in bands one and two at established dealing rates.\n REUTER\n\u0003", "date": " 6-MAR-1987 09:23:31.51", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "2565" }, { "title": "DONEGAL GROUP INC YEAR NET", "body": "Shr six cts\n Net 155,764\n Revs 6,506,792\n NOTE: Company formed in August 1986.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:23:58.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "2566" }, { "title": "PETER MILLER APPAREL GROUP 3RD QTR JAN 31 LOSS", "body": "Shr loss 28 cts vs profit seven cts\n Net loss 931,000 vs profit 7,000\n Revs 2.3 mln vs 2.0 mln\n Nine mths\n Shr loss 55 cts vs profit seven cts\n Net loss 1,619,000 vs profit 185,000\n Revs 7.7 mln vs 7.1 mln\n NOTE: Shr figures adjusted for issue of 600,000 shares in\nOctober, 1986. Avg shrs not given.\n Full name is .\n Reuter\n\u0003", "date": " 6-MAR-1987 09:24:09.05", "topics": [ "earn" ], "places": [ "canada" ], "id": "2567" }, { "title": "KRELITZ INDUSTRIES INC 3RD QTR NET", "body": "Period ended Jan 31\n Shr seven cts vs 14 cts\n Net 136,000 vs 274,000\n Sales 48.4 mln vs 38.2 mln\n Nine mths\n \n Shr 30 cts vs 17 cts\n Net 573,000 vs 328,000\n Sales 140.0 mln vs 102.4 mln\n NOTE: Prior year period ended Sept 30\n Comparable periods reflect change in fiscal yearend to\nApril from December\n Reuter\n\u0003", "date": " 6-MAR-1987 09:24:15.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "2568" }, { "title": "DONEGAL PROJECTS FULL YEAR RESULTS", "body": "Donegal Group Inc, which today\nreported earnings of 155,764 dlrs on revenues of 6,506,792 dlrs\nfor the period from August 26 startup through the end of 1986,\nsaid it expects \"much improved\" profits for the full year 1987\non revenues of about 32 mln dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:24:57.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "2569" }, { "title": "MACANDREWS AND FORBES HOLDINGS BIDS FOR REVLON", "body": "McAndrews and Forbes Holdings Inc said\nit will offer 18.50 dlrs per share for all of Revlon Group\nInc's outstanding common stock.\n McAndrews said terms of the acquisition have not been\ndetermined and are subject to the acquisition of financing.\n Revlon closed yesterday on the New York Stock Exchange at\n14-3/4.\n The company said it would bid for all stock it or its\naffiliates do not already own.\n McAndrews and Forbes said it informed the board of\ndirectors of Revlon that it expects to make a formal proposal\nin the near future. It also said there can be no assurance as\nto the terms of the proposals or that the deal can be\nconcluded.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:26:12.96", "topics": [ "acq" ], "places": [ "usa" ], "id": "2570" }, { "title": "ELECTROLUX AND GILLETTE IN JOINT VENTURE", "body": "The Gillette Company and\nSweden's Electrolux AB said they would form a\npartnership to commercialise a new technology developed by the\nU.S. Firm which uses solar cells to generate electricity.\n Electrolux is interested in harnessing the technology to\nproduce portable domestic appliances and will provide capital\nand development contracts for the joint venture.\n The two companies are to establish a laboratory outside\nBoston to develop what are known as thermophotovoltaic (TPV)\ntechnologies that convert hydrocarbon fuels such as gasoline\ninto light and electricity through the use of solar cells.\n REUTER\n\u0003", "date": " 6-MAR-1987 09:28:55.59", "places": [ "sweden", "usa" ], "id": "2571" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 300,000 to 305,000 head versus\n292,000 week ago and 316,000 a year ago.\n Saturday's hog slaughter is guesstimated at about 30,000 to\n55,000 head.\n Cattle slaughter is guesstimated at about 128,000 to\n130,000 head versus 129,000 week ago and 119,000 a year ago.\n Saturday's cattle slaughter is guesstimated at about 20,000\nto 40,000 head.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:38:52.98", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "2572" }, { "title": "TALMAN HOME FEDERAL PREFERRED OFFERING STARTS", "body": "Lead underwriters Morgan Stanley Group\nInc , and said an\noffering of 1,000 shares of market auction preferred stock of\n\nTalman Finance Corp C unit is underway at 100,000 dlrs a share.\n It said the initial dividend rate is 4.35 pct and the\ndiovidend will be reset every 49 days in a Dutch auction\nprocess. The first Dutch action date is May 12.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:39:07.81", "places": [ "usa" ], "id": "2573" }, { "title": "BOREALIS IN GOLD EXPLORATION PACT WITH FARAWAY", "body": " said\nit entered into an agreement with of\nVancouver, British Columbia, under which Faraway will acquire\nan interest in Borealis's Whale Cove Gold Property in the\nKeewatin district of the Northwest Territories.\n Faraway will spend 1.5 mln dlrs on exploration over three\nyears and will hold 50 pct of the property until all expenses\nare paid out, when the interest will drop to 40 pct.\n Also, Borealis and Faraway will issue treasury shares to\neach other and Faraway will buy 575,000 Borealis shares from\nBorealis president Lorne Spence.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:39:24.67", "topics": [ "acq" ], "places": [ "canada" ], "id": "2574" }, { "title": "RAPID-AMERICAN CORP UNIT PURSUES FRAUD SUIT", "body": " said its Faberge\nInc subsidiary was granted approval by federal court to pursue\nits 11 mln dlr fraud suit against and\nits partners.\n Faberge said the U.S. District Court, Southern District of\nNew York, reinstituted the suit against Porterfield and its\npartners Samuel Wyman and Grace Porterfield, vacating an\nearlier court decision dismissing the suit.\n The suit, filed in 1982, charges Porterfield with\novercharging commissions and for billing commericals that were\npromised but never aired, according to the company. Faberge\nalleges that Porterfield used fraudulent invoices and schemes\nwhich netted it more than 3,500,000 dlrs in illegal profits.\n The suit, brought under the Racketeer Influenced and\nCorrupt Organization Act (RICO), was dismissed earlier because\nthe court ruled it did not meet certain criteria of the RICO\nAct. But an Appeals Court sent the suit back to district court\nbased on two related decisions involving the RICO Act, Faberge\nsaid.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:39:31.24", "places": [ "usa" ], "id": "2575" }, { "title": "U.K. MONEY MARKET GETS 350 MLN STG AFTERNOON HELP", "body": "The Bank of England said it provided\nassistance worth 350 mln stg during the afternoon session which\ntakes total help so far today to 446 mln stg against a shortage\nestimated at around 550 mln stg.\n The central bank purchased outright bank bills comprising\n120 mln stg in band one at 10-7/8 pct and 227 mln stg in band\ntwo at 10-13/16 pct. It also bought treasury bills worth one\nmln stg in band one and two mln stg in band two at the same\nrates of interest as bank bills.\n REUTER\n\u0003", "date": " 6-MAR-1987 09:40:11.18", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "2576" }, { "title": "IMRE SELLS STOCK TO EUROPEAN INSTITUTIONS", "body": "IMRE Corp said it has received\ncommitments for a group of European institutions to buy about\n400,000 IMRE shares for 2,500,000 dlrs, with closing expected\non March 16.\n \n Reuter\n\u0003", "date": " 6-MAR-1987 09:47:39.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "2577" }, { "title": "INSTRUMENTARIUM ACQUIRES NOKIA SUBSIDIARY", "body": "Finland's medical group Instrumentarium\nOy said it has acquired electronics components\nimporters and marketers and ,\nsubsidiaries of Finland's electronics group Nokia Oy .\n It said in a statement Ferrado and Insele will be merged\ninto Instrumentarium's Professional Electronics and Information\nSystems Division.\n It did not disclose a price for the acquisitions but said\nit had issued 30,000 restricted B shares as partial payment to\nNokia.\n REUTER\n\u0003", "date": " 6-MAR-1987 09:49:16.07", "topics": [ "acq" ], "places": [ "finland" ], "id": "2578" }, { "title": "FUQUA INDUSTRIES INC SETS QUARTERLY", "body": "Qtly div six cts vs six cts prior\n Pay April One\n Record March 20\n Reuter\n\u0003", "date": " 6-MAR-1987 09:54:51.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "2579" }, { "title": " YEAR DEC 28 NET", "body": "Shr 73 cts vs 55 cts\n Net 1,691,878 vs 1,117,747\n Revs 7.1 mln vs 4.9 mln\n Avg shrs 2.3 mln vs 2.0 mln\n NOTE: Share results reflect two-for-one stock split in\nJune, 1986.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:55:09.30", "topics": [ "earn" ], "places": [ "canada" ], "id": "2580" }, { "title": "ENGINEERED SUPPORT CHAIRMAN TO RETIRE", "body": "Engineered Support Systems Inc\nsaid Jerome Labarbera will retire as chairman but remain a\ndirector, effective May one, 1987.\n President Michael Shanahan will assume the additional post\nof chairman pending approval of the company's directors, it\nsaid.\n Reuter\n\u0003", "date": " 6-MAR-1987 09:55:20.34", "places": [ "usa" ], "id": "2581" }, { "title": "DOME PETROLEUM REAFFIRMS DOME MINES STAKE FOR SALE AT RIGHT PRICE, SPOKESMAN SAYS\n", "date": " 6-MAR-1987 09:59:54.00", "topics": [ "acq" ], "id": "2582" }, { "title": "COMMONWEALTH MORTGAGE BUYS ARMONK FIRM", "body": "Commonwealth Mortgage Co said\nit purchased Westfiar Funding Corp of Armonk, N.Y., for an\nundisclosed amount of cash.\n Commonwealth said Westfair originated 60 mln dlrs of\nresidential mortgage loans during 1986.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:01:04.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "2583" }, { "title": " RAISES DIVIDEND", "body": "Semi-annual div 7-1/2 cts vs five cts\n Pay April nine\n Record March 26\n Reuter\n\u0003", "date": " 6-MAR-1987 10:01:08.20", "topics": [ "earn" ], "places": [ "canada" ], "id": "2584" }, { "title": "PERMIAN RAISES CRUDE PRICES", "body": "Permian Corp said that effective march 5\nit raised its posted prices for crude oil 50 cts a barrel.\n The raise brought its posted prices for West texas\nIntermediate up by 50 cts to 17.00 dlrs a barrel.\n West Texas Sour was also raised by 50 cts to 17.00 dlrs a\nbarrel.\n A Permian spokesman said that the South Louisiana sweet\nposted prices was also raised 50 cts a barrel to 17.35 dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:02:26.05", "topics": [ "crude" ], "places": [ "usa" ], "id": "2585" }, { "title": "POSTMASTERS LISTED ON NASDAQ", "body": "Postmasters Inc said its common\nstock has been listed on the NASDAQ system, effective today.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:03:52.59", "places": [ "usa" ], "id": "2586" }, { "title": "AMERICAN STORES CO 4TH QTR SHR 1.57 DLRS VS 1.60 DLRS\n", "date": " 6-MAR-1987 10:05:49.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "2587" }, { "title": "ATT PROPOSES REPLACING RATE OF RETURN REGULATION WITH NEW SIMPLIFIED RULES\n", "date": " 6-MAR-1987 10:12:52.14", "id": "2588" }, { "title": " INITIAL OFFERING STARTS", "body": "Lead underwriters PaineWebber Group Inc\n and Ryan, Beck and Co Inc said an initial public\noffering of 537,500 shares of Montclair Savings Bank common\nstock is under way at 15 dlrs per share.\n Underwriters have been granted an option to purchase up to\nan additional 322,500 shares to cover overallotments.\n The company also sold 1,612,500 shares in a subscription\nand community offering.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:13:05.04", "places": [ "usa" ], "id": "2589" }, { "title": "CENTRAL SPRINKLER CORP 1ST QTR JAN 31 NET", "body": "Shr 19 cts vs 20 cts\n Shr diluted 18 cts vs 18 cts\n Net 578,000 vs 554,000\n Sales 10.7 mln vs 10.4 mln\n Avg shrs 3,006,s302 vs 2,795,820\n Avg shrs diluted 4,271,488 vs 4,081,534\n Reuter\n\u0003", "date": " 6-MAR-1987 10:15:38.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "2590" }, { "title": " RAISES DIVIDEND", "body": "Annual div four cts vs 1.76 cts\n Pay March 20\n Record March 15\n Reuter\n\u0003", "date": " 6-MAR-1987 10:16:13.33", "topics": [ "earn" ], "places": [ "canada" ], "id": "2591" }, { "title": "PACE MEMBERSHIP BUYS BACK NOTES", "body": "Pace Membership Warehouse Inc said it\nmade a series of recent purchases of its 13 pct subordinated\nnotes totaling about 13.6 mln dlrs.\n It said the amount of notes originally issued totaled 60\nmln dlrs.\n Pace also said it may purchase additional outstanding notes\nin the future.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:16:18.30", "places": [ "usa" ], "id": "2592" }, { "title": " YEAR NET", "body": "Shr 23 cts vs 17 cts\n Net 761,000 vs 490,000\n Revs 7.3 mln vs 4.5 mln\n\n Reuter\n\u0003", "date": " 6-MAR-1987 10:16:21.43", "topics": [ "earn" ], "places": [ "canada" ], "id": "2593" }, { "title": "U.K. OFFICIALS STUDY SALMONELLA/CALF FEED LINK", "body": "U.K. Officials are studying the possible\nlink between the use of antibiotics in calf feeds and the\nspread of drug-resistant strains of salmonella in humans, a\nMinistry of Agriculture official said.\n A study published in the New England Journal of Medicine\nyesterday stated that the spread of an unusual strain of\nsalmonella that is resistant to the drug chloramphenicol had\nbeen shown to be linked to farms that used the drug to promote\nthe growth of cattle.\n The U.K. Ministry of Agriculture is working with the\nDepartment of Health and the Public Health Laboratory to\ninvestigate the whole subject of resistant strains of\nsalmonella.\n \"The Ministry of Agriculture is concerned about the possible\neffects on human and animal health,\" the official said. The\ngovernment is also studying a recommendation from the Farm\nAnimal Welfare Council (FAWC) to restrict the trade of calves\nunder 56 days old through markets. The FAWC says this would\nhelp reduce the spread of salmonella.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:18:26.51", "topics": [ "livestock" ], "places": [ "uk" ], "id": "2594" }, { "title": "CANADA RULES U.S. CORN INJURING CANADIAN FARMERS, UPHOLDS DUTY \n", "date": " 6-MAR-1987 10:19:13.97", "topics": [ "grain", "corn" ], "places": [ "canada", "usa" ], "id": "2595" }, { "title": "DOME REPEATS DOME MINES STAKE FOR SALE", "body": "Dome Petroleum Ltd's 23.2 pct stake of\ngold producer Dome Mines Ltd continues to be for sale \"at the\nright price,\" spokesman David Annesley said in response to an\ninquiry.\n Reaffirming remarks made last year by chairman Howard\nMacdonald, Annesley said the company is considering selling its\nstake in Dome Mines.\n Concerning Dome Petroleum's 42 pct stake in , Annesley said \"Encor is a strategic investment for\nDome, and we have no intention of selling it.\"\n Dome spokesman Annesley said in answer to a question that\nhe was not aware of any negotiations now under way toward the\nsale of Dome Petroleum's 20.9 mln Dome Mines shares.\n He also declined to specify at what price the company would\nconsider selling it shares.\n \"Clearly today's prices of more than 15 dlrs a share (of\nDome Mines stock) are very attractive,\" Annesley commented.\n \"We were considering the sale 'at the right price' at a time\nwhen the shares were priced around nine to 10 dlrs,\" he added. A\nprice of around 15 dlrs a share would be considered \"fairly\nattractive,\" Annesley said.\n Annesley also Dome Petroleum may be able to sell its Dome\nMines' shares at a premium to market prices. \"There might be an\nopportunity to pick up a premium on that because it would be\nvirtually a control block in Dome Mines,\" he said.\n Dome Mines shares traded earlier at 15-1/4 dlrs, off 1/4 on\nthe Toronto Stock Exchange.\n Dome Petroleum is now negotiating a plan to restructure\ndebt of more than 6.1 billion Canadian dlrs with a group of 56\nmajor creditors, which includes Dome Mines and Encor Energy.\n The company previously said it expects to detail the plan\nto lenders early next week.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:20:43.07", "topics": [ "acq" ], "places": [ "canada" ], "id": "2596" }, { "title": "ATT PROPOSES NEW SIMPLIFIED REGULATIONS", "body": "American Telephone and Telegraph Co\nsaid it is proposing a new simplified approach to regulating\nthe long-distance telecommunications market.\n In a filing with the Federal Communications Commission, ATT\nproposed replacing the current rate of return regulation with\nsimplified rules that \"would eliminate many costs now imposed on\ncustomers while freeing ATT to introduce new services and\npricing options more swiftly.\"\n The filing comes one day after MCI Communications Corp said\nthe firm will seek immediate deregulation of its principal\nlong-distance competitor, ATT.\n Under the approach outlined in the filing, ATT would commit\nto continue providing basic long-distance services to all\ncustomers and to maintain uniform nationwide prices in all\nparts of the country unless granted regulatory approval to do\notherwise.\n Specifically, ATT proposed that the FCC require the company\nto file tariffs for new interstate services and price changes\nthat would go into effect within 14 days.\n In addition, the proposal calls for the reduction of the\nvoluminous documentation ATT is required to file each time it\nintroduces or changes long-distance services.\n The new proposal would place the burden on challengers to\ndemonstrate that ATT's tariffs \"are unreasonable\".\n It would also require long-distance companies to submit\nperiodic reports to help regulators monitor competition in the\nindustry.\n Lawrence Garfinkel, ATT's Vice-President of Marketing\nServices, said, \"With this filing, we're suggesting that\nregulators replace a blanket approach to regulating ATT with a\nmore finely tuned, targeted approach.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 10:20:53.80", "places": [ "usa" ], "id": "2597" }, { "title": "CBA NOVEL AUSTRALIAN DLR ISSUES UPPED TO 125 MLN", "body": "The Commonwealth Bank of Australia's 16\npct Australian dlr 101 pct bond issue of yesterday has been\nraised to a total of 125 mln Australian dlrs from 100 mln, lead\nmanager Swiss Bank Corp International said.\n The coupon is valid for one year and will then be re-fixed\nannually at the one-year Australian Treasury rate. There will\nalso be an investor put option annually at par\n REUTER\n\u0003", "date": " 6-MAR-1987 10:22:41.97", "places": [ "uk", "australia" ], "id": "2598" }, { "title": "CANADA RULES U.S. CORN INJURING CANADIAN FARMERS, UPHOLDS DUTY\n", "date": " 6-MAR-1987 10:23:41.73", "topics": [ "grain", "corn" ], "places": [ "canada", "usa" ], "id": "2599" }, { "title": "U.S. TREASURY'S BAKER SAYS PARIS PACT ONLY A START TO GREATER COOPERATION\n", "date": " 6-MAR-1987 10:23:53.12", "places": [ "usa" ], "id": "2600" }, { "title": "NEW DUTCH SPECIAL ADVANCES ANNOUNCED AT 5.3 PCT", "body": "The Dutch central bank announced new\neleven-day special advances at an unchanged 5.3 pct to aid\nmoney market liquidity, covering the period March 9 to 20.\n The amount will be set at tender on Monday March 9 between\n0800 and 0830 GMT. The new facility will replace the current\n4.8 billion guilders of seven-day advances expiring Monday.\n Money dealers estimated today's money market shortage at 11\nto 11.25 billion guilders, barely changed from yesterday.\n They said call money was still relatively high at 6-1/8 to\n6-1/4 pct as a result of the tight set of bids accepted by the\nBank for the previous seven-day facility.\n REUTER\n\u0003", "date": " 6-MAR-1987 10:24:14.38", "topics": [ "money-fx", "interest" ], "places": [ "netherlands" ], "id": "2601" }, { "title": "SELECTERM INC 4TH QTR LOSS", "body": "Shr loss not given vs profit 16 cts\n Net loss 309,000 vs profit 426,000\n Revs 6,358,000 vs 6,747,000\n Year\n Shr profit 27 cts vs profit 76 cts\n Net profit 713,000 vs profit 2,021,000\n Revs 24.9 mln vs 27.1 mln\n NOTE: Pretax net profits 113,000 dlrs vs 824,000 dlrs in\nquarter and 1,863,000 dlrs vs 3,606,000 dlrs in year.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:26:05.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "2602" }, { "title": "COLONIAL MUNICIPAL TRUST SETS INITIAL OFFERING", "body": " said it\nhas filed for an initial public offering of six mln shares of\nbeneficial interest through underwriters led by Morgan Keegan\nand Co Inc, Bateman Eichler, Hill Richards Inc and Piper,\nJaffray and Hopwood Inc at an expected price of 10 dlrs per\nshare.\n It said proceeds will be invested in portfolio securities.\nColonial is a closed-end investment company seeking high\ncurrent income by investing in federally tax exempt medium and\nlower quality bonds and notes issued by state and local\ngovernments.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:27:11.49", "places": [ "usa" ], "id": "2603" }, { "title": "STONE CONTAINER COMPLETES WAITING PERIOD", "body": "Stone Container Corp said it and\nSouthwest Forest Industries Inc completed all waiting\nperiod requirements under the Hart-Scott-Rodino Anti-Trust\nImprovements Act of 1976.\n Stone said it will proceed with its previously proposed\nacquisition of Southwest.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:27:16.69", "topics": [ "acq" ], "places": [ "usa" ], "id": "2604" }, { "title": "FISHER TRANSPORTATION FILES FOR INITIAL OFFERING", "body": " said it has filed for an initial public offering of\n1,100,000 common shares at an expected price of six to seven\ndlrs a share through underwriters led by Laidlaw Adams and Peck\nInc.\n Fisher is an irregular route truckload quantity general\ncommodity carrier operating throughout the continental U.S.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:29:31.73", "places": [ "usa" ], "id": "2605" }, { "title": "ICO QUOTA TALKS FAILURE PARALYSE HAMBURG MARKET", "body": "The failure of International Coffee\nOrganization talks on the reintroduction of quotas has\nparalysed business on the Hamburg green coffee market in the\npast week, trade sources said.\n There was only sporadic activity for spot material, which\nwas mainly requirement buying, they said, adding that\npre-registered coffees were no longer available.\n They said they expected Brazil and Colombia to open export\nregistrations for May shipment next week. However, the\npresident of the Brazilian Coffee Institute, Jorio Dauster,\nsaid yesterday he had not yet decided when its registrations\nwould reopen.\n REUTER\n\u0003", "date": " 6-MAR-1987 10:30:42.92", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "west-germany", "brazil", "colombia" ], "id": "2606" }, { "title": "TORONTO DOMINION BANK BUYS SEAT ON TORONTO STOCK EXCHANGE\n", "date": " 6-MAR-1987 10:35:57.63", "places": [ "canada" ], "id": "2607" }, { "title": "RESIDENTIAL MORTGAGE INVESTMENTS INC PAYOUT", "body": "Qtly div 24 cts vs 24 cts prior\n Pay April 10\n Record March 31\n Reuter\n\u0003", "date": " 6-MAR-1987 10:36:16.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "2608" }, { "title": "SOUTHWEST , STONE COMPLY FOR MERGER", "body": "Southwest Forest Industries said\nit and Stone Container Corp have complied with all federal\nwaiting period requirements for Stone's proposed 32.25 dlr per\nshare cash acquisition of Southwest.\n Southwest currently has 12.3 mln shares outstanding. The\ncompanies entered into a merger agreement on January 27, and\nmade their initial findings with the Department of Justice and\nthe Federal Trade Commission on February three.\n Southwest said the waiting period expired on March 5,\nwithout receiving a formal second request for information.\n \nREUTER...^M\n\u0003", "date": " 6-MAR-1987 10:36:44.05", "topics": [ "acq" ], "places": [ "usa" ], "id": "2609" }, { "title": "STATE BANK OF SOUTH AUSTRALIA ISSUES NOVEL BOND", "body": "The State Bank of South Australia is\nissuing a novel 50 mln Australian dlr eurobond due April 8,\n1992 paying an initial coupon of 16-1/4 pct and priced at 101\npct, lead manager Swiss Bank Corp International said.\n The coupon will then be re-fixed annually at the one-year\nAustralian Treasury rate. There will also be an investor put\noption annually at par. The selling concession is 3/4 pct while\nmanagement and underwriting combined pays 3/8 pct.\n The non-callable bond is guaranteed by the state of South\nAustralia and will be listed in Luxembourg. Denominations are\n1,000 and 10,000 Australian dlrs. Payment date is April 8.\n REUTER\n\u0003", "date": " 6-MAR-1987 10:37:05.33", "places": [ "uk", "australia" ], "id": "2610" }, { "title": "OKC LIMITED PARTNERSHIP SETS LOWER PAYOUT", "body": "OKC Limited Partnership said it will make\na five ct per share distribution to unitholders, down from 15\ncts in December and payable March 30 to holders of record March\n18.\n The partnership said the payout is the largest quarterly\ncash distribution allowable under terms of its letter of credit.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:37:17.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "2611" }, { "title": "RAPIDTECH SYSTEMS INC BUYS PATENT RIGHTS", "body": " said it\nacquired all rights to the patent for the \"pocket modem\", which\neliminates the need for stand-alone modems that are attached\nbetween telephones and computer terminals, as well as modems\nbuilt into computers.\n Rapidtech said the patent includes all rights to license\nand build the modems, as well as a patent application for an\noptical isolator.\n The company did not disclose a price for the rights.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:37:46.61", "places": [ "usa" ], "id": "2612" }, { "title": "BIOTECH RESEARCH LABORATORIES INC 4TH QTR", "body": "Shr profit one ct vs loss seven cts\n Net profit 63,761 vs loss 43,006\n Revs 1,961,219 vs 1,413,859\n Year\n Shr loss seven cts vs loss 20 cts\n Net loss 380,273 vs loss 1,108,151\n Revs 6,245,012 vs 5,368,522\n Shr out 5,950,000 vs 5,462,547\n Reuter\n\u0003", "date": " 6-MAR-1987 10:39:08.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "2613" }, { "title": "SOUTH AFRICA OPTIMISTIC ABOUT DEBT TALKS", "body": "South Africa's director-general of\nfinance Chris Stals said he was optimistic about reaching a\nmutually acceptable agreement with foreign bank creditors in\ndebt renegotiation talks scheduled to begin next month.\n Stals, the country's chief foreign debt negotiator, said \"we\nare busy finding out how they (banks) feel. They all have\ndifferent opinions. There is no consensus.\"\n But asked if he was optimistic on agreement for a new debt\nrepayment plan, Stals replied \"yes\" in a telephone interview from\nhis Pretoria office.\n He declined to comment further before the major review of\nthe interim debt agreement regarding the moratorium on\nprincipal repayments on 13 billion dlrs of South Africa's 24\nbillion dlr external debt.\n The agreement on the moratorium with some 330 creditor\nbanks expires on June 30. \"We have had a series of discussions\nwith a great number of banks both bilaterally and individually\non the foreign debt situation in preparation for April,\" Stals\nsaid.\n He said no date has been set for the meeting and declined\nto comment on published reports in the past few months that\nbanks may demand accelerated repayments.\n Banking sources here said only an escalation of South\nAfrican political unrest would increase foreign pressure on\nrepayments.\n Finance Minister Barend du Plessis said last month that in\nthe forthcoming talks South Africa would give a fair deal to\nall creditors but not agree to \"unrealistic demands.\"\n REUTER\n\u0003", "date": " 6-MAR-1987 10:40:46.43", "places": [ "south-africa" ], "id": "2614" }, { "title": "MORGAN STANELY UNIT SELLS FLOATER CMOS", "body": "Morgan Stanley Mortgage Trust I, a unit\nof Morgan Stanley Group, is offering 317.8 mln dlrs of\nAAA-rated collateralized mortgage obligations that include two\nfloating-rate tranches, said sole manager Morgan Stanley.\n The floaters have average lives of 7.85 and 15.6 years for\nmaturities of 2012 and 2015. The rate on the shorter term\nfloater will be reset quarterly at 55 basis points over\nthree-month LIBOR while the rate on the longer tranche will be\nreset at three-month LIBOR plus 65 basis points.\n Fixed-rate CMO yields are 7.153 to 8.97 pct for maturities\nof 2004 to 2017 and average lives of 2.5 to 23.99 years.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:42:02.75", "places": [ "usa" ], "id": "2615" }, { "title": "MTECH TO OFFER CONVERTIBLE DEBENTURES", "body": "MTech Corp said it expects to file\nshortly for an offering of subordinated debentures convertibe\ninto common stock.\n It gave no details on the size of the offering.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:42:50.80", "places": [ "usa" ], "id": "2616" }, { "title": "CANADA UPHOLDS COUNTERVAIL DUTY ON U.S. CORN", "body": "The Canadian Import Tribunal ruled today\nsubsidized U.S. corn imports were injurious to Canadian growers\nand upheld a countervailing duty of 84.9 U.S. cts a bushel set\nearlier this year.\n The ruling is the result of trade action launched in 1985\nby the Ontario Corn Producers Association that contended U.S.\nsubsidies were driving American corn prices below Canadian\nproduction costs.\n A spokesman for the Department of Revenue said a study of\nthe level of the duty will be undertaken in the next six months\nto determine if it should be adjusted.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:46:28.31", "topics": [ "grain", "corn" ], "places": [ "canada", "usa" ], "id": "2617" }, { "title": "FEBRUARY U.S. JOBS GAINS SHOW STRONGER ECONOMY", "body": "Momentum in th U.S. economy may be\npicking up given solid across-the board increases in the\nFebruary U.S. employment report, economists said.\n U.S. non-farm payroll employment rose 337,000 in February,\ntwice what the financial markets expected. This follows a\n319,000 gain in January, revised down from a previously\nreported 448,000 increase.\n \"Even if you look at January and February together, this is\nstill a much stronger report than the consensus expectation in\nthe market,\" said Allan Leslie of Discount Corporation.\n Economists stressed that gains in hours worked signal much\nlarger gains in February U.S. production and income than\npreviously forecast.\n The average work week rose 0.2 hours to 35.0 hours from\n34.8 hours in January. The average manufacturing work week rose\n0.3 hours to 41.2 hours, the longest factory work week since\nNovember 1966, the Commerce Department said.\n \"The gains in manufacturing employment point to a very\nlarge increase in industrial production of between 0.5 and 0.7\npct,\" said Joe Carson of Chemical Bank. This compares to a 0.4\npct gain in January U.S. industrial production.\n Peter Greenbaum of Smith Barney Harris Upham and Co Inc\nnoted that the average wage rate increased to 8.87 dlrs an hour\nin February from 8.83 dlrs in January.\n \"Combined with the increase in hours worked, this means\nwe'll get a pretty healthy gain in personal income vis-a-vis\nthe wage and salary disbursement,\" he said.\n Greenbaum said that February U.S. personal income should\nrise at least 0.5 pct after being flat in January.\n He said the February employment gains are consistent with\nhis firm's first quarter U.S. real gross national product\ngrowth forecast of 3.7 pct.\n Economists agreed that the employment data were negative\nfor the credit markets in that they signal a healthier economy\nand no easing in the Federal Reserve's monetary policy. But\nmost said that the market need not fear tighter policy either.\n \"This report is another reason for the Fed to not consider\neasing,\" said Ray Stone of Merrill Lynch Capital Markets Inc. \n \"It gives them more room to address the dollar situation,\" he\nsaid. \"If they had to nudge policy tighter, they could do so,\nbut it's most likely they'll sit and wait.\"\n \"The data have not been uniform,\" Stone added. \"Durable\ngoods were weak in January and now employment is strong.\"\n In January, U.S. durable goods orders dropped 7.5 pct,\nfollowed by a 4.0 pct drop in U.S. factory goods orders. U.S.\nretail sales fell 5.8 pct, and the U.S. merchandise trade gap\nwidened to 14.8 billion dlrs.\n \"Things just aren't adding up,\" said Steve Slifer of Lehman\nGoverment Securities Inc. \"Consumer spending, capital spending,\ngoverment spending, and net exports data show very weak first\nquarter GNP growth of one pct,\" he said.\n \"The employment and production data point to a big\ninventory build-up, but that's what we thought in the fourth\nquarter and we only got 1.3 pct GNP growth.\"\n Manufacturing employment gained 50,000 after falling 15,000\nin January. Economists estimated that 30,000 of the gain was\naccounted for by striking workers in the steel and machinery\nindustries returning to work.\n Even so, some economists said that the manufacturing gains\nhave resulted from an improving trade outlook.\n Jason Benderly of Goldman, Sachs and Co noted that the U.S.\ntrade picture improved in the fourth quarter as net exports\ngrew at a 20 pct annual rate while the rate of increase in\nimports fell to only six pct, and that it continues to improve\nin the first quarter.\n \"Not only the official statistics for the fourth quarter,\nbut evidence of a pick up in orders from overseas for paper\nproducts, chemicals, high-tech goods, and capital goods show\nthat trade is improving,\" Benderley said.\n \"The economy is moving between extremes,\" he said. \"Some\nreports are going to look bad and some good, but first quarter\nGNP is going to grow in the middle at about three pct.\"\n A 287,000 gain in services employment comprised the greater\npart of February's employment gain. Retail services employment\nrose 129,000 in February, compared to a gain of 117,000 in\nJanuary, previously reported at 166,000.\n Construction employment rose a slim 2,000 in February. But\nthis follows a robust 113,000 gain in January, revised down\nfrom a previously reported 142,000 gain.\n The U.S. civilian unemployment rate was unchanged in\nFebruary at 6.7 pct. This means the jobless rate has stayed at\n6.7 pct for three consecutive months, the lowest reading since\nMarch 1980, the Commerce Department noted.\n \"The Federal Reserve has to be pleased with this report,\"\nCarson said. \"This takes away the Fed's flexibility to ease,\nbut there's no reason to tighten. It's way too early for that.\"\n \n Reuter\n\u0003", "date": " 6-MAR-1987 10:47:43.44", "topics": [ "jobs", "ipi", "gnp", "income", "trade", "retail" ], "places": [ "usa" ], "id": "2618" }, { "title": "AMERICAN STORES CO 4TH QTR NET", "body": "Shr 1.57 dlrs vs 1.60 dlrs\n Net 55.7 mln vs 56.5 mln\n Revs 3.7 billion vs 3.6 billion\n Year\n Shr 3.79 dlrs vs 4.11 dlrs\n Net 144.5 vs 154.5 mln\n Revs 14.0 billion vs 13.9 billion\n NOTE: 1986 4th qtr and yr per shr amts includes reduction\nof 15 cts per shr for establishment of reorganization reserves.\nTax increase reduced 1986 yr per shr by 26 cts.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:48:23.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "2619" }, { "title": "BAKER SAYS G-6 PACT JUST A START", "body": "Treasury Secretary James Baker said\nthe agreement among industrial nations in Paris last month is\nonly a start in Washington's drive to intensify economic\ncooperation among leading countries.\n In a speech to the National Newspaper Association, Baker\nsaid \"the six steps beginning with the Plaza Agreement and\nculminating in the Paris Accord, are only a start.\"\n He added \"we see our role as a steward of a process in which\nwe sit down with our industrial allies to find ways to promote\nmore balanced international growth.\"\n The Paris agreements called trade surplus countries to\nstrengthen their growth and on the U.S. to reduce its budget\ndeficit. Under such circumstances, the countries agreed their\ncurrencies were within ranges broadly consistent with economic\nfundamentals.\n Baker also said he still sees \"ominous\" signs of pressure for\nprotectionist trade legislation \"and this pressure for\nprotectionism is coming from new areas of society.\"\n But he also said he believed a coalition was forming that\nsupported free trade.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:49:26.79", "topics": [ "trade" ], "places": [ "usa" ], "id": "2620" }, { "title": "TREASURY'S BAKER FULLY EXPECTS BRAZIL TO STRIKE DEAL WITH PRIVATE CREDITORS\n", "date": " 6-MAR-1987 10:49:30.28", "places": [ "brazil" ], "id": "2621" }, { "title": "TREASURY'S BAKER FORECASTS REDUCTION IN JAPANESE TRADE SURPLUS THIS YEAR\n", "date": " 6-MAR-1987 10:50:15.07", "topics": [ "trade" ], "id": "2622" }, { "title": "TREASURY'S BAKER SAYS THERE HAS BEEN NO CHANGE IN U.S. POLICY ON DOLLAR\n", "date": " 6-MAR-1987 10:51:05.28", "topics": [ "dlr", "money-fx" ], "places": [ "usa" ], "id": "2623" }, { "title": "STONE CONTAINER CORP HIKES CONTAINERBOARD PRICES 30 DLRS A TON ALL GRADES EFFECTIVE APRIL SIX\n", "date": " 6-MAR-1987 10:51:21.55", "id": "2624" }, { "title": "USG SELLS 10-YEAR NOTES AT EIGHT PCT", "body": "USG Corp is raising 100 mln dlrs\nthrough an offering of notes due 1997 with an eight pct coupon\nand par pricing, said lead manager Salomon Brothers Inc.\n That is 80 basis points more than the yield of comparable\nTreasury paper. Non-callable to maturity, the notes are rated\nA-1 by Moody's and A by Standard and Poor's. Goldman Sachs and\nShearson Lehman Brothers co-managed the deal.\n Yesterday, USG sold 200 mln dlrs of same-rated debentures\ndue 2017 that were priced to yield 8.77 pct, or 120 basis\npoints over Treasuries, through a syndicate headed by Salomon\nBrothers.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:51:53.26", "places": [ "usa" ], "id": "2625" }, { "title": "FED NOT EXPECTED TO ACT IN MONEY MARKETS", "body": "The Federal Reserve is unlikely to\noperate in the U.S. government securities market during its\nusual intervention period this morning, economists said.\n Fed funds opened comfortably at 5-15/16 pct and remained at\nthat level. Yesterday Fed funds averaged 5.99 pct.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:52:09.53", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "2626" }, { "title": "TORONTO DOMINION TO BUY SEAT ON STOCK EXCHANGE", "body": " said it agreed\nto acquire a seat on the Toronto Stock Exchange, becoming the\nfirst Canadian bank to do so after government proposals to\nallow banks full involvement in the securities industry.\n The bank, Canada's fifth largest, said one of its\nsubsidiaries was already a member of the Toronto Futures\nExchange and that this further step showed the bank's\ncommitment to active involvement in the securities industry.\n Toronto Dominion established a discount brokerage service\nin 1984 called Green Line Investors Service that now serves\nmore investors than any other discount broker in Canada.\n The bank previously said in January that it preferred to\nestablish its own securities unit rather than acquire an\nexisting investment dealer.\n \"Full TSE access will enable us to provide an even higher\nlevel of customer service and maintain Green Line's position as\nan industry leader,\" said Toronto Dominion president Robert\nKorthals in a statement.\n He told reporters at a news conference that the bank agreed\nto purchase the seat for 195,000 dlrs from Hector M. Chisholm\nand Co.\n The price represents a recent high from the 166,000 dlrs\npaid for a seat in 1981, but the record price remains 200,000\ndlrs paid in 1929.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:52:43.60", "places": [ "canada" ], "id": "2627" }, { "title": "BOFORS MANAGING DIRECTOR RESIGNS", "body": "Martin Ardbo, managing director of , which is at the centre of a police inquiry into\nillegal arms shipments to Iran, has resigned, the company said.\n Ardbo was Bofors marketing head at the time peace groups\nsay the company supplied arms to countries Sweden had\nblacklisted.\n Ardbo was stepping down from his post at Bofors but would\ncontinue to work for the parent company, Bofors said in a\nstatement. \"For the past two years, an inquiry into alleged\nillegal arms exports has been carried out at Bofors. Arbo has\ndecided that it would be unsuitable if he continued to\nrepresent the company,\" the statement said. It gave no further\ndetails.\n REUTER\n\u0003", "date": " 6-MAR-1987 10:53:31.24", "places": [ "sweden" ], "id": "2628" }, { "title": "PICTEL CORP INCREASES SIZE OF OFFERING", "body": "PicTel Corp said it is filing an\namendment to increased the size of its proposed offering of\ncommon stock and warrants.\n It said it is still offering one mln units, but each unit\nwill now consist of five common shares and three warrants,\nrather than two shares and one warrant. F.N. Wolf and Co Inc\nis underwriter.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:54:34.54", "places": [ "usa" ], "id": "2629" }, { "title": "BOSTON BANCORP SETS TWO FOR ONE SPLIT", "body": "Boston Bancorp said its board declared a\ntwo-for-one stock split, payable March 31, record March 17.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:54:54.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "2630" }, { "title": "SOUTH AFRICA OPTIMISTIC ABOUT DEBT TALKS", "body": "South Africa's director-general of\nfinance Chris Stals said he was optimistic about reaching a\nmutually acceptable agreement with foreign bank creditors in\ndebt renegotiation talks scheduled to begin next month.\n Stals, the country's chief foreign debt negotiator, said \"we\nare busy finding out how they (banks) feel. They all have\ndifferent opinions. There is no consensus.\"\n But asked if he was optimistic on agreement for a new debt\nrepayment plan, Stals replied \"yes\" in a telephone interview from\nhis Pretoria office.\n The agreement on the moratorium with some 330 creditor\nbanks expires on June 30. \"We have had a series of discussions\nwith a great number of banks both bilaterally and individually\non the foreign debt situation in preparation for April,\" Stals\nsaid.\n He said no date has been set for the meeting and declined\nto comment on published reports in the past few months that\nbanks may demand accelerated repayments.\n Banking sources here said only an escalation of South\nAfrican political unrest would increase foreign pressure on\nrepayments.\n Finance Minister Barend du Plessis said last month that in\nthe forthcoming talks, South Africa would give a fair deal to\nall creditors but not agree to \"unrealistic demands.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 10:55:59.62", "places": [ "south-africa" ], "id": "2631" }, { "title": "BAKER SEES BRAZIL/BANKS REACHING AGREEMENT", "body": "U.S. Treasury Secretary James Baker\nsaid he believes Brazil will strike an agreement with its\nprivate creditors.\n Answering questions from the National Newspaper\nAssociation, Baker said \"Brazil is not defaulting on its debt,\"\nand pointed out its interest payments moratorium was called\nbecause of dwindling foreign reserves.\n He said that based on discussions with Brazilian officials\nhere last week, he believed Brazil's approach to its problems\nwas \"nonconfrontational,\" adding, \"We fully expect Brazil will\nwork this out with its private creditors.\"\n Baker pointed out Brazil was paying in full and on time its\ndebts to multilateral institutions, the U.S. government and\nother western creditor governments.\n The country has declared an interest payments moratorium on\n68 billion dlrs of its 108 billion dlr foreign debt and frozen\nsome 15 billion dlrs in trade and interbank deposits by\ncommercial bank creditors at Brazilian institutions.\n Reuter\n\u0003", "date": " 6-MAR-1987 10:58:56.84", "places": [ "usa", "brazil" ], "id": "2632" }, { "title": "BAKER DENIES CHANGE IN U.S. POLICY ON DOLLAR", "body": "Treasury Secretary James Baker said\nthere has been no change in U.S. policy on the value of the\ndollar.\n Baker, when asked if the policy was changed in view of\ncomments yesterday by a senior Commerce Department official who\nsaid he thought the Japanese yen was undervalued against the\ndollar by 10 to 15 pct, replied, \"No.\"\n Yesterday Robert Ortner, Undersecretary of Commerce for\nEconomic Affairs, said he thought the yen was undervalued but\nsaid that was his personal view.\n This remark caused the dollar to drop as it appeared to\nconflict with a recent agreement in Paris by the United States\nand five other industrial nations that currency rates were at\nabout the right level to reflect underlying economic\nconditions.\n Baker, who spoke earlier to the National Newspaper\nAssociation, declined to elaborate on his statement about U.S.\npolicy.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:00:18.34", "topics": [ "dlr", "money-fx" ], "places": [ "usa", "japan" ], "id": "2633" }, { "date": " 6-MAR-1987 11:01:16.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "2634" }, { "title": "SOME SHIPPING RESTRICTIONS REMAIN ON RHINE", "body": "Limited shipping restrictions due to high\nwater remain in force on parts of the West German stretch of\nthe Rhine river between the Dutch border and the city of Mainz\nbut most are expected to be lifted this weekend.\n water authority officials said The restrictions, caused by\nhigh water levels, include speed limits and directives to keep\nto the middle of the river to prevent damage to the river\nbanks. The high water was expected to recede within two days to\nbelow levels at which the restrictions come into force.\n Traffic was halted briefly late Tuesday night, Wednesday\nand parts of Thursday on stretches of the Rhine between Bonn\nand Koblenz but the shipping bans were lifted, the officials\nsaid. Shipping is now permitted on all parts of the West German\nsection of the Rhine, with restrictions in some areas.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:02:00.67", "topics": [ "ship" ], "places": [ "west-germany" ], "id": "2635" }, { "title": "ALLURE COSMETICS SIGNS PACT WITH MOTOWN", "body": "Allure Cosmetics Inc said it\nreached an agreement with of Los Angeles to\nbe the exclusive licensee of the Motown name for skin care,\ncosmetics and hair-care products.\n Allure said the medium-priced products are scheduled to be\nintroduced at a trade show in Philadelphia in early April. The\ncompany said the products will be sold in professional salons,\nmajor drug chains and department stores.\n Allure also said it entered into a merchandising agreement\nwith the U.S. Olympic Committee to use the Olympic designation\non suntan, sun treatment, lip care and other\nfacial skin-care products.\n Alllure said it also introduced a new face lift masque,\nintended to reduce wrinkles and other signs of aging.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:03:47.01", "places": [ "usa" ], "id": "2636" }, { "title": "HAWKER SIDDELEY OFFER FOR CLAROSTAT ENDS", "body": "'s offer of\n74 dlrs a share for all of Clarostat Mfg Co Inc's stock was\nscheduled to expire at 2400 EST yesterday.\n Company officials were unavailable for comment as to why\nthe American Stock Exchange had stopped trading in Clarostat's\nstock for a pending news announcement.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:04:43.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "2637" }, { "title": "TAFT GIVEN DEADLINE ON BUYOUT PROPOSAL", "body": "Narragansett Capital Inc \nsaid it and Dudley S. Taft have requested a response from Taft\nBroadcasting Co by March 12.\n Earlier today, Taft Broadcasting said Taft, the company's\nvice chairman, and Narragansett had offered 145 dlrs for each\nof Taft's 9.2 mln outstanding shares.\n The company said the offer is conditioned on approval of\nits board, but a spokesman declined comment on whether or not\nthe board has scheduled a meeting.\n The Narragansett/Taft group will provide the equity portion\nof the offer by contributing at least 125 mln dlrs in cash and\nTaft Broadcasting common, Narragansett said.\n It said the group has been advised by First Boston Inc's\n First Boston Corp that the investment banker is \"highly\nconfident that financing for the acquisition can be\nconsummated.\"\n Narragansett said the offer is subject to negotiation of a\ndefinitive merger agreement and definitive financing agreements\nas well as approval by regulators, Taft's board and Taft's\nstockholders.\n The Narragansett/Taft group said its letter to Taft's board\nstates the group intends to return control over a significant\nportion of the company's equity to the Taft family while\nproviding other stockholders with a means of realizing a very\nattractive value for their shares.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:07:29.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "2638" }, { "title": "STONE CONTAINER RAISING PRICES", "body": "Stone Container Corp said that effective\nApril six, prices for all grades of containerboard products\nwill increase 30 dlrs per ton.\n Stone Container chairman and chief executive officer Roger\nStone said that, for example the base price of 42 lb paper\ndelivered to the Northeast, will rise to 380 dlrs a tone from\n350 dlrs a ton.\n The Stone container increase follows International Paper\nCo's announcement yesterday it would hike linerboard\nprices on April six, to 380 per ton from 350 ton, except in the\nNortheast and West where the new price is 390 per ton.\n International Paper also said its medium grade linerboard\nprices would increase to 360 dlrs a ton from 340 dlrs a tone,\neffective April six, expect in the Northeawst and West, where\nthe news price will be 370 dlrs a ton.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:08:06.99", "places": [ "usa" ], "id": "2639" }, { "title": "SAS CUTS PEAK-SEASON U.S. DISCOUNT AIR FARES", "body": " said it\nhas cut the price of its peak-season Super Apex fares from New\nYork to Scandinavia about 150 dlrs.\n The airline said there will be comparable savings from\nother U.S. gateways. The new fares, which are subject to\ngovernment approval, were introduced so SAS can remain\ncompetitive with all scheduled carriers from the United States\nto Scandinavia, it said.\n SAS said the price of a round-trip Super Apex ticket from\nNew York to Copenhagen, Oslo, Bergen and Gothenburg during the\nshoulder season -- the month of May and from mid-August to\nmid-September -- will be 644 dlrs midweek and 694 dlrs on\nweekends with Stockholm 50 dlrs higher.\n \n Reuter\n\u0003", "date": " 6-MAR-1987 11:08:33.01", "places": [ "usa", "denmark", "norway", "sweden" ], "id": "2640" }, { "title": "AMERICAN CAN TO CHANGE NAME", "body": "American Can Co said it plans\nto change its name to Primerica Corp, subject to approval by\nshareholders at the April 28 annual meeting.\n It said its new New York Stock Exchange ticker symbol would\nbe .\n American Can sold all its packaging operations -- and\nrights to the American Can name -- to Triangle Industries Inc\n in November.\n The company said the new name gives it flexibility as it\nmoves into new areas of enterprise. American Can is now\ninvolved in financial services and specialty retailing.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:08:55.24", "places": [ "usa" ], "id": "2641" }, { "title": "SOUND WAREHOUSE SAME-STORE SALES SLIP", "body": "Sound Warehouse Inc said revenues for the\nfive weeks ended March One were up 27 pct to 15.0 mln dlrs from\n11.9 mln dlrs a year before, with same-store revenues off one\npct.\n It said revenues for the third quarter were up 24 pct to\n48.0 mln dlrs from 38.7 mln dlrs a year before, with same-store\nrevenues off one pct, and nine month revenues were up 21 pct to\n116.8 mln dlrs from 96.4 mln dlrs, with same-store revenues up\nthree pct.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:09:02.61", "places": [ "usa" ], "id": "2642" }, { "title": "IBM CANADA FILES COPYRIGHT INFRINGEMENT SUIT", "body": " said it filed a lawsuit\nin the federal court of Canada against a number of companies\nand individuals operating in Montreal under the names Crazy\nIrving Inc, Irving Le Fou Inc and other names.\n IBM said the companies are making and distributing copies\nof IBM personal computer programs that infringe upon IBM\ncopyrights and trademarks.\n IBM said it is seeking injunctions to prevent the companies\nfrom continuing to sell the programs in question. A hearing is\nexpected in the next few weeks. IBM Canada is 100 pct owned by\nInternational Business Machines Corp .\n Reuter\n\u0003", "date": " 6-MAR-1987 11:09:10.11", "places": [ "canada" ], "id": "2643" }, { "title": "SOUTHDOWN DOWNGRADED BY S/P", "body": "Standard and Poor's said it lowered its\nrating of Southdown Inc's 50 mln dlrs of sinking fund\ndebentures to BB-plus from BBB and removed the issue from\nCreditwatch.\n The downgrading reflects higher debt levels from the\ndebt-financed repurchase of 89 mln dlrs worth of common shares,\ncombined with a bleaker earnings outlook due to weakness in key\nenergy and Southwest cement markets.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:09:21.55", "places": [ "usa" ], "id": "2644" }, { "title": " 3RD QTR LOSS", "body": "period ended January 31\n Shr loss 28 cts vs profit seven cts\n Net loss 931,000 vs profit 7,000\n Sales 2,303,000 vs 2,006,000\n Nine mths\n Shr loss 55 cts vs profit seven cts\n Net loss 1,619,000 vs profit 185,000\n Sales 7,684,000 vs 7,059,000\n Note: per share reflects issue of 600,000 shares in October\n1986.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:09:32.98", "topics": [ "earn" ], "places": [ "canada" ], "id": "2645" }, { "title": "QUEBEC CAISSE DESJARDINS BRINGS EUROYEN BOND", "body": "La Caisse Centrale Desjardins Du Quebec\nis issuing a 10 billion yen eurobond due April 7, 1994 paying\nfive pct and priced at 102-3/8 pct, Yamaichi International\n(Europe) Ltd said as joint book runner for the deal.\n Tokai International Ltd is other joint book runner.\n The bond is available in denominations of one mln yen and\nwill be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct for\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:09:42.45", "places": [ "uk", "canada" ], "id": "2646" }, { "title": "SANTA FE SOUTHERN APPEALS MERGER RULING", "body": "Santa Fe Southern Pacific Corp said it\nfiled a petition asking the U.S. Interstate Commerce Commission\nto reconsider its earlier rejection of the merger of the\nholding company's railroad assets.\n The ICC had rejected in July the merger of the Santa Fe and\nSouthern Pacific Railroads on the grounds that it would reduce\ncompetition.\n Santa Fe in its petition outlines an array of\npro-competitive agreements with other railroads which would\npreserve the economic benefits of the merger for the merged\nrailroad and the public.\n If the commission agrees that public benefits and\ncompetitive enhancements will result, it can vote to reopen the\nmerger case. Interested parties have until March 25 to file\nstatements in response to the supplemental petition.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:10:03.95", "topics": [ "acq" ], "places": [ "usa" ], "id": "2647" }, { "title": "BAKER SEES LOWER JAPANESE TRADE SURPLUS", "body": "U.S. Treasury Secretary James Baker\nsaid the Japanese trade surplus would begin to decline this\nyear.\n He told the National Newspaper Association \"You're going to\nsee a reduction in the Japanese trade surplus -- some of it\nthis year\".\n But he said the reduction would be due principally to the\nexchange rate shifts since the Plaza Agreement, and these\nshifts would take a long time to work their way through the\nsystem.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:10:20.07", "topics": [ "trade" ], "places": [ "usa", "japan" ], "id": "2648" }, { "title": "CINEPLEX ODEON CORP YEAR OPER SHR BASIC 1.04 DLRS VS 77 CTS\n", "date": " 6-MAR-1987 11:12:32.49", "topics": [ "earn" ], "id": "2649" }, { "title": "MONFORT SOARS ON ACQUISITION AGREEMENT", "body": "Monfort of Colorado Inc soared 21-1/2\nto 75 in over-the-counter trading, responding to an\nannouncement late yesterday that the firm will be acquired by\nConagra Inc .\n According to a letter of intent signed by both companies,\nConagra will offer 2.5 of its own shares for each of Monfort's\n4.3 mln outstanding shares.\n Conagra fell one to 33 on the New York Stock Exchange.\nMonfort is an integrated beef and lamb producer.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:13:20.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "2650" }, { "title": "TRIANGLE INDUSTRIES , UNIT AFFIRMED BY S/P", "body": "Standard and Poor's Corp said it\naffirmed the ratings on 255 mln dlrs of debt of Triangle\nIndustries Inc and the unit National Can Corp.\n S and P cited an increase in Triangle's equity base to\nabout 450 mln dlrs at year-end 1986 from 102 mln dlrs a year\nago. That resulted from a conversion of debt securities and the\nissuance of equity to American Can Co as part of the\npurchase prices for American Can's packaging operations.\n Affirmed were Triangle's B-minus subordinated debt and\npreferred stock and National Can's B-plus senior debt and\nB-minus subordinated debt.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:14:18.56", "places": [ "usa" ], "id": "2651" }, { "title": "NORDBANKEN TO AUCTION ITS FERMENTA SHARES", "body": "Sweden's banking group\nsaid it would sell the 4.2 mln B free shares deposited as loan\ncollateral by Fermenta AB's founder and former chief\nexecutive Refaat el-Sayed and it planned to buy them up itself.\n The bank said the sale - by public auction on March 16 --\nwas because of a debtor's inability to repay an overdue loan.\n The B free shares closed at 16.50 crowns on the bourse's\nunofficial list -- down from a peak of 300 in January 1986.\nNordbanken said it did not exclude accepting a suitable bid for\nthe shares although it expected to buy them back itself.\n The statement said the sale did not represent any\nwithdrawal from Nordbanken's undertakings towards the Fermenta\ngroup and that it had been sanctioned by the other main\nshareholders.\n Nordbanken is Fermenta's third largest creditor with loans\nof 155 mln crowns. It was one of the four Swedish banks which\nlast month agreed to advance the group 110 mln crowns to solve\nits immediate liquidity problems. Together with two other main\nshareholders, it also advanced Fermenta an additional 65 mln\ncrowns until a new equity issue could be made.\n Fermenta is due to hold an extraordinary shareholders'\nmeeting on Tuesday to approve the planned equity issue.\n Nordbanken had to make a provision against a 200 mln crown\nloan to el-Sayed in its 1986 results.\n Fermenta's new management originally hoped to raise 160 mln\ncrowns through the new one for four rights issue and an extra\n170 mln from an issue to Nordbanken, another major creditor and\nshareholder and the group's new majority owner\n.\n The share price was to be 20 crowns. But there has been\ndoubt over the plans since the stock fell below this level this\nweek after Fermenta's former chairman Kjell Brandstrom said the\ncompany was in a much worse state than he thought.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:16:00.59", "topics": [ "acq" ], "places": [ "sweden" ], "id": "2652" }, { "title": "VANCOUVER EXCHANGE FEBRUARY VOLUME RISES", "body": "The Vancouver Stock Exchange said\nFebruary volume rose to 362.4 mln shares, up from 274.8 mln a\nyear ago and up 27 pct from the previous volume record for the\nmonth set in 1983.\n The exchange said market value for the month was 469.5 mln\ndlrs, up from 336.3 mln dlrs a year before and 8.5 pct ahead of\nthe previous record for the month, set in 1980.\n It said year to date volume was 724.2 mln shares, up 21.1\npct from a year before, and value was up 29.4 pct to 944.4 mln\ndlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:19:17.16", "places": [ "canada" ], "id": "2653" }, { "title": "COMPUTER FACTORY SHARE OFFERING STARTS", "body": "Sole underwriter E.F. Hutton Group Inc\n said an offering of 2,100,000 common shares of Computer\nFactory Inc is under way at 24.50 dlrs per share.\n The company is selling 1,800,000 shares and a shareholder\nthe rest. Computer Factory and the shareholder have granted\nHutton an option to buy up to 315,000 more shares to cover\nover-allotments.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:20:35.02", "places": [ "usa" ], "id": "2654" }, { "title": "QUEBEC CAISSE DESJARDINS BRINGS EUROYEN BOND", "body": "La Caisse Centrale Desjardins Du Quebec\nis issuing a 10 billion yen eurobond due April 7, 1994 paying\nfive pct and priced at 102-3/8 pct, Yamaichi International\n(Europe) Ltd said as joint book runner for the deal.\n Tokai International Ltd is other joint book runner.\n The bond is available in denominations of one mln yen and\nwill be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct for\nmanagement and underwriting combined.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:21:59.49", "places": [ "uk", "canada" ], "id": "2655" }, { "title": "P.S. INDIANA BONDS UPGRADED BY S/P", "body": "Standard and Poor's Corp said it raised\nto BBB-plus from BBB Public Service Co of Indiana's first\nmortgage bonds.\n The utility's BBB-minus preferred stock was affirmed. The\ncompany has one billion dlrs of debt outstanding.\n S and P cited continuing improvement in earnings protection\nmeasures because of a 1986 emergency rate increase.\n While various writeoffs related to the abandoned Marble\nHill nuclear facility have weakened common equity, the\nretention of all common earnings until at least 1989 will help\nrestore capital structure balance fairly quickly, S/P said.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:22:43.34", "places": [ "usa" ], "id": "2656" }, { "title": "AMERICAN WEST HAS LOWER LOAD FACTOR", "body": "America West Airlines said its\nFebruary load factor slipped to 57.9 pct from 58.1 pct a year\nearlier and the year-to-date load factor was up slightly at\n55.5 pct compared with 55.4 pct a year earlier.\n February revenue passenger miles rose to 367.6 mln from\n209.1 mln and year-to-date revenue miles were up to 730.3 mln\nfrom last's year 421.9 mln.\n Available seat miles for the month increased to 634.4 mln\nfrom 360.1 mln a year earlier and for the two-month period\navailable miles totaled 1.32 billion, up from the 761.7 mln\nreported for the comparable period in 1986, America West said.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:23:05.51", "places": [ "usa" ], "id": "2657" }, { "title": "UNITED INDUSTRIAL CORP 4TH QTR LOSS", "body": "Shr loss 1.27 dlrs vs profit 43 cts\n Net loss 17.0 mln vs profit 5,667,000\n Sales 67.8 mln vs 70.1 mln\n Year\n Shr loss 69 cts vs profit 2.18 dlrs\n Net loss 9,174,000 vs profit 29.1 mln\n Sales 272.5 mln vs 269.4 mln\n Avg shrs 13.3 mln vs 13.4 mln\n NOTE: 1986 net includes tax credits of 14.5 mln dlrs in\nquarter and 8,408,000 dlrs in year.\n 1985 year net includes 616,000 dlr loss from discontinued\noperations and 10.6 mln dlr gain on their disposal.\n 1986 net both periods includes 19.1 mln dlr provision for\nfuture losses from several major projects in defense contractor\nsubsidiary.\n Backlog 310 mln dlrs, up six pct from a year before.\n Share adjusted for 10 pct stock dividend in February 1987.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:24:16.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "2658" }, { "title": " YEAR NET", "body": "Oper shr basic 1.04 dlrs vs 77 cts\n Oper shr diluted 89 cts vs 60 cts\n Oper net 31.6 mln vs 12.5 mln\n Revs 500.6 mln vs 170.9 mln\n Avg shrs 29.1 mln vs 14.3 mln\n Note: 1985 net excludes extraordinary gain of 1,756,000\ndlrs or 12 cts shr basic and eight cts shr diluted.\n 1986 net involves 53-week reporting period to reflect\nchange in yr-end to coincide with calendar yr.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:24:37.12", "topics": [ "earn" ], "places": [ "canada" ], "id": "2659" }, { "title": "MINE SAFETY APPLIANCES TO SELL UNIT", "body": "Mine Safety Appliances Co said it\nagreed to sell its filter products division to Donaldson Co Inc\n for undisclosed terms.\n It said the filter products unit will be relocated from its\nplant in Pennsylvania to a Donaldson facility in Illinois. It\nsaid it expects a number of the unit's 100 employees will be\noffered positions with Donaldson.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:25:03.42", "topics": [ "acq" ], "places": [ "usa" ], "id": "2660" }, { "title": "EQUIMARK PARTNERS TO BE DISSOLVED", "body": "Equimark Corp said will be dissolved, effective February 24.\n Equimark, a bank holding company with is the limited\npartership's general partner, said the partnership's\ndissolution will proceed in accordance with the partnership\nagreement and the assets are being distributed to partners on\na pro rata basis.\n The assets primarily consist of 27.6 pct of Equimark's\nstock, it added, saying no individual partner will own in\nexcess of 10 pct of the stock after the distribution.\n Equimark said the partnership was formed in October 1984 as\none of the principal components in the corporation's\nrecapitalization plan.\n On June 28, 1985, the partnership purchased 9,328,358\nEquimark common shares from Chase Manhattan Corp for 25 mln\ndlrs. The purchase was funded with the proceeds of cash capital\ncontributions made by the partners.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:25:40.97", "places": [ "usa" ], "id": "2661" }, { "title": "GERMAN SECURITIES PURCHASES SET RECORD IN JANUARY", "body": "Purchases of West German bonds in\nJanuary reached a record 13 billion marks' worth as a result of\ninvestment from other European countries amid expectations of a\nEuropean Monetary System realignment, the Bundesbank said.\n This produced a surplus in the securities item of the\nlong-term capital account of 11.17 billion marks and was the\nprimary contributor to a 10.15 billion surplus in the total\ncapital account, turning round December's 6.48 billion deficit.\n In January last year, the capital account, combining long\nand short-term flows, showed a surplus of 2.27 billion marks,\nthe Bundesbank said.\n The Bundesbank said foreign purchase of German shares in\nJanuary was, by contrast to the massive bond investments, only\nabout 200 mln marks worth, while overseas purchases of\n\"Schuldschein\" promissory notes fell by 500 mln from December.\n The long-term account in total showed a surplus of 11.17\nbillion marks, reversing the 2.60 billion deficit in December\nand up from a surplus of 9.37 billion in January, 1986.\n Among other items, direct domestic investment abroad posted\nan outflow of 2.86 billion marks after a deficit of 4.98\nbillion in December and a surplus of 1.13 billion in January\nlast year.\n The Bundesbank confirmed earlier figures from the federal\nstatistics office that the current account surplus in January\nfell to 4.86 billion marks from 8.47 billion last year.\n The trade surplus in the month was down to 7.20 billion\nfrom 11.57 billion in December.\n In the invisibles account, the surplus on services was 100\nmln marks, turning round a deficit of 500 mln marks in\nDecember. The balance on payments transfers narrowed to a\ndeficit of 2.40 billion marks from 2.70 billion.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:25:49.87", "places": [ "west-germany" ], "id": "2662" }, { "title": "PROSPECT GROUP INC 4TH QTR LOSS", "body": "Shr loss 10 cts vs loss 50 cts\n Net loss 1,830,000 vs loss 3,584,000\n Revs 40.7 mln vs 26.8 mln\n Avg shrs 19.2 mln vs 7,115,847\n 12 mths \n Shr profit 10 cts vs loss 91 cts\n Net profit 1,422,000 vs loss 6,195,000\n Revs 185.7 mln vs 126.9 mln\n Avg shrs 14.8 mln vs 6,811,280\n NOTES: In May 1986 Prospect raised 101,810,0000 dlrs from\nan initial public offering of common stock.\n The company purchased in March 1986 MidSouth Corp, a\nregional railroad company in Mississippi and Louisiana, which\ncontributed sales of 39.5 mln dlrs and operating income of 16.3\nmln dlrs during first nine months of operation.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:26:29.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "2663" }, { "title": "FRANCE FUND INC SETS INITIAL DIVIDEND", "body": "France Fund Inc said its board declared\nan initial dividend of 1.12 dlrs per share, payable April six,\nto holders of record March 20.\n The fund said the dividend represents two cts per share for\nnet investment income realized during 1986 and 1.10 dlrs from\nnet taxable gains realized during the year.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:26:50.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "2664" }, { "title": "3COM FILES FOR ONE MLN SHR OFFERING", "body": "3Com Corp said it filed a\nregistration statement with the Securities and Exchange\nCommission covering a proposed public offering of one mln\ncommon shares.\n It said the offering will be managed by Goldman Sachs and\nCo and Montgomery Securities.\n Proceeds from the proposed offering will be added to\nworking capital to fund future growth, 3Com said.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:27:40.88", "places": [ "usa" ], "id": "2665" }, { "title": "HEINEKEN N.V. 1986 YEAR", "body": "Pre-tax profit 513.2 mln guilders vs 545.5 mln\n Net profit 285.3 mln guilders vs 265.4 mln\n Consolidated net turnover 6.68 billion guilders vs 6.40\nbillion\n Net profit per 25.00 guilder nominal share 11.11 guilders\nvs 10.33, taking into account one-for-three scrip issue last\nyear\n Final dividend two guilders vs same, making total 3.50\nguilders vs same\n REUTER\n\u0003", "date": " 6-MAR-1987 11:28:25.68", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "2666" }, { "title": "NATIONAL SECURITY INSURANCE CO 4TH QTR", "body": "Oper shr loss 15 cts vs profit 57 cts\n Oper net loss 151,000 vs profit 570,000\n Year\n Oper shr profit 2.08 dlrs vs loss 12 cts\n Oper net profit 2,122,000 vs loss 127,000\n NOTE: Net excludes realized capital loss 19,000 dlrs vs\ngain 896,000 dlrs in quarter and gains 1,646,000 dlrs vs\n1,331,000 dlrs in year.\n 1986 net both periods excludes tax credit 1,288,000 dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:28:36.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "2667" }, { "title": "BAKER , HUGHES STILL ON S/P WATCH", "body": "Standard and Poor's Corp said debt\nratings on 840 mln dlrs of debt of Baker International Corp and\nHughes Tool Co remain on creditwatch.\n S and P cited the adjournment of a special shareholder\nmeeting in which Hughes objected to certain conditions for the\nmerger of the companies set by the U.S. Justice Department.\n If the merger is consumated, S and P would rate the newly\nformed Baker Hughes Inc senior debt at A-minus, subordinated\ndebt at BBB-plus and commercial paper at A-2. But if the merger\ndoes not occur, Baker's senior debt would be cut to A-minus\nfrom A and commercial paper to A-2 from A-1.\n Without the merger, Hughes Tool's current ratings of B-plus\nfor senior debt, B-minus for subordinated debt and C for\ncommercial paper would be affirmed, S and P said.\n That would reflect the continuation of dismal industry\nconditions and the company's substantially weaker credit\nprofile, S and P explained.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:29:39.66", "places": [ "usa" ], "id": "2668" }, { "title": "WILSON FOODS SHARE OFFERING STARTS", "body": "Wilson Foods Corp said an offering\nof 2,500,000 common shares is underway at 10.375 dlrs each\nthrough underwriters led by . \n Reuter\n\u0003", "date": " 6-MAR-1987 11:30:43.95", "places": [ "usa" ], "id": "2669" }, { "title": "ROLLINS ENVIRONMENTAL SHARE OFFER STARTS", "body": "Rollins Environmental Services\nInc said an offering of 900,000 common shares is under way at\n34.625 dlrs a share through underwriter Merrill Lynch and Co\nInc .\n Reuter\n\u0003", "date": " 6-MAR-1987 11:31:57.46", "places": [ "usa" ], "id": "2670" }, { "title": "CYPRUS MINERALS NAMED IN SUITS", "body": "Cyprus Minerals Co said along with about\n40 other companies, it has been named a defendant in 23 product\nliability lawsuits filed in California by individual\ntireworkers aleging injury as a result of exposure to talc and\nother products.\n It said other suits are expected to be brought.\n Cyprus, which produces talc, said it has significant\nfactual and legal defenses and substantial insurance coverage\nand does not expect the suits to have a material adverse impact\non its financial condition.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:36:08.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "2671" }, { "title": "DONALDSON TO BUY MINE SAFETY UNIT", "body": "Donaldson Co Inc said it reached an\nagreement to buy the assets of the Filter Products Division of\nMine safety Appliances Co for undisclosed terms.\n It said Filter Products will operate as part of Donaldson's\nIndustrial Group and its manufacturing operations will be\nrelocated to Dixon, Ill., from Evans City, Pa.\n Donaldson said the acquisition complements its\nmicrofiltration business and internal research and development\nefforts.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:36:23.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "2672" }, { "title": "PHILIP CROSBY PROBES POSSIBLE EMBEZZLING", "body": "Philip Crosby Associates Inc\nsaid it and police authorities are investigating a possible\nembezzlement by a bonded former employee that may involve\nseveral hundred thousand dollars.\n The company said it does not expect the possible\nembezzlement to materially affect 1986 earnings. It said the\nrelease of results will be delayed for about a week by the\ninvestigation.\n Crosby said the amount may be covered by a fidelity bond\nand it believes it stands a good chance of recovering much of\nthe money.\n The company said it intends to prosecute.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:38:18.79", "places": [ "usa" ], "id": "2673" }, { "title": "ARUNDEL CORP 4TH QTR NET", "body": "Shr 1.73 dlrs vs 1.66 dlrs\n Net 3,637,000 vs 3,789,000\n Revs 27.6 mln vs 26.6 mln\n Year\n Shr 3.47 dlrs vs 2.34 dlrs\n Net 7,815,000 vs 5,340,000\n Revs 94.3 mln vs 81.9 mln\n Reuter\n\u0003", "date": " 6-MAR-1987 11:38:35.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "2674" }, { "title": "R.J. REYNOLDS TO REDEEM 1.2 BILLION DLRS OF 11.20 PCT NOTES\n", "date": " 6-MAR-1987 11:39:30.92", "id": "2675" }, { "title": "MERIDIAN LICENSES PARASITE TEST KIT", "body": "Meridian Diagnostics Inc said it\nfinalized a licensing agreement with the University of Arizona\nfor the production of a test kit that detects Giardia lamblia,\na major cause of traveler's diarrhea.\n Giardia is a common parasite found in water and Meridian\nsaid it is the most common parasite in the U.S. It said it\nexpects to release the product to the hospital market in late\n1987.\n It also said new government regulations indicate a\nsignificant need for a product to screen public water surplies\nfor this parasite.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:40:09.77", "places": [ "usa" ], "id": "2676" }, { "title": "GULF STATES UTILITIES GETS QUALIFIED AUDIT", "body": "Gulf States Utilities Co said\nauditor Coopers and Lybrand has issued a qualified opinion on\n1986 financial statements.\n Gulf States said the audit opinion satated that without\nsufficient rate increases or funds from other sources, Gulf\nstates may be unable to maintain its financial viability,\nwhich is necessary to permit the realization of its assets and\nthe liquidation of its liabilities in the ordinary course of\nbusiness.\n IT said it received a similar qualified opinion in 1985.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:40:22.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "2677" }, { "title": "FED SETS ONE BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n", "date": " 6-MAR-1987 11:40:40.02", "topics": [ "money-fx", "interest" ], "id": "2678" }, { "title": "GENENTECH FILES SUIT AGAINST FDA", "body": "Genentech Inc said it filed\na suit against the Food and Drug Administration in the U.S.\nDistrict Court for the District of Columbia over an unresolved\nissue relating to genetically engineered human growth hormone.\n At issue, said Genentech, is whether Eli Lilly and Co's\n recombinant human growth hormone and its new recombinant\ngrowth hormone, are the same drug. Both drugs are under review\nby the FDA.\n Since 1985, Genentech has been marketing Protropin, a\nrecombinant human growth hormone for treating abnormally short\nchildren.\n The biotechnology concern said it has the right to seven\nyears of exclusive marketing for Protropin, granted orphan drug\nstatus by the FDA. Orphan drugs are a special category of drugs\nthat are used to treat rare diseases.\n Genentech said the suit seeks clarification of what\nconstitutes a drug under the standards of the orphan Drug Act.\nIt suggested that without the \"clarification,\" companies that\ndevelop orphan drugs may not recover development costs during\nthe period of marketing exclusivity.\n It said Lilly's growth hormone and its new growth hormone\ndiffer slightly, and are produced by different processes.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:40:56.46", "places": [ "usa" ], "id": "2679" }, { "title": "FRANCE SETS PRICE FOR RHONE-POULENC ISSUE", "body": "The Finance Ministry said it set a price\nof 335 francs per investment certificate for a public offering\nof the state's rights to a 2.5 billion franc one-for-five\nrights issue of certificates by Rhone-Poulenc opening\nMonday.\n The price was based on a 12 billion franc minimum value set\non Rhone-Poulenc by the independent Privatisation Committee\nestablished by the government to oversee its five-year\nprivatisation programme, the Ministry said.\n A Ministry statement said eight mln privileged investment\ncertificates, a form of non-voting preference share, would be\nissued, equivalent to one certificate for every five existing\nshares.\n It said 10 pct of the certificates would be reserved for\nRhone-Poulenc employees at a preferential price, and 1.5 mln\ncertificates would be placed on the U.S. Market by a public\noffering.\n About four mln certificates, the remainder of the state's\nrights entitlement to the issue, would be offered on the Paris\nBourse on the basis of 20 francs per lot of five rights and 315\nfrancs per new certificate, making a total 335 francs, it said.\n Rhone-Poulenc is 88.39 pct state-owned.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:41:15.00", "places": [ "france" ], "id": "2680" }, { "title": "MIDMISSISSIPPI RIVER OPENS TODAY FOR SEASON", "body": "The Mississippi River is now open for\nbarge traffic up to the Twin Cities in Minnesota after repairs\nwere completed and the first barges moved upstream through Lock\nand Dam 20 near Quincy, Ill at 0600 CST today, an Army Corps of\nEngineers spokesman said.\n About 14 to 15 inches of ice were reported between locks\nthree and four on the upper Mississippi River, but other\nsections were generally free of ice, the spokesman said.\n Midwestern weather has been so mild that barges probably\ncould have kept loading at Mid-Mississippi River terminals\nthrough the winter, if Lock and Dam 20 had not been scheduled\nfor repairs, he said.\n The Peoria and La Grange locks on the Illinois River are\nstill scheduled to close July 13, for two months of repairs.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:42:15.64", "topics": [ "ship" ], "places": [ "usa" ], "id": "2681" }, { "title": "FIELDCREST CANNON TO SELL CONVERTIBLE DEBT", "body": "Fieldcrest Cannon Inc said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering a 100 mln dlr issue of convertible\nsubordinated debentures.\n Proceeds will be used to reduce outstanding bank debt under\nthe company's revolving credit agreement, Fieldcrest Cannon\nsaid.\n The company named Kidder, Peabody and Co Inc as lead\nunderwriter of the offering.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:42:47.06", "places": [ "usa" ], "id": "2682" }, { "title": "FED SETS ONE BILLION DLR CUSTOMER REPO", "body": "The Federal Reserve entered the\ngovernment securities market to arrange one billion dlrs of\ncustomer repurchase agreements, a spokesman for the New York\nFed said.\n Fed funds were trading at 5-15/16 pct at the time of the\nindirect injection of temporary reserves, dealers said.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:43:53.95", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "2683" }, { "title": "RESIDENTIAL MORTGAGE SELLS CMOS", "body": "Residential Mortgage Acceptance Inc, a\nunit of Residential Mortgage Investments Inc, is offering 100\nmln dlrs of collateralized mortgage obligations, said sole\nmanager Merrill Lynch Capital Markets.\n Average lives for two floating-rate classes are 2.36 and\n11.27 years for maturities of 2011 and 2016. Rates will be\nreset at three-month LIBOR plus 35 basis points for the shorter\nclass and plus 60 basis points for the longer one.\n An inverse floater tranche has an average life of 11.27\nyears and matures 2016. Its rate will be reset by subtracting\nthe product of 1.8 times LIBOR from 21.975.\n The Residential CMO package also has three fixed-rate\ntranches, Merrill Lynch said.\n Yields on these securities, to be fully paid by dates from\n2011 to 2017, range from 7.21 to 8.70 pct. Spreads over\ncomparable Treasury securities run from 90 to 115 basis points.\nAverage lives are 2.36 to 23.28 years.\n The issue is rated a top-flight AAA by Standard and Poor's\nCorp.\nREUTER...^M\n\u0003", "date": " 6-MAR-1987 11:44:09.61", "places": [ "usa" ], "id": "2684" }, { "title": "DUFF/PHELPS DOWNGRADES USX CORP DEBT", "body": "Duff and Phelps said it has downgraded\nfixed income securities of USX Corp and its subsidiaries and at\nthe same time took the issues off its watch list.\n The change affects about 6.6 billion dlrs in debt\nsecurities.\n USX senior debt was lowered to DP-11 (high BB) from DP-9\nmiddle BBB), Marathon oil senior debt to DP-11 from DP-9,\nUnited States Steel senior debt to DP-11 from DP-9 and\nsubordinated debt to DP-13 (low BB) from DP-11, USX preferred\nstock to DP-14 (high B) from DP-12 (middle BB) and preference\nstock to DP-15 (middle B) from DP-13.\n The downgrades reflect substantial business risk and\nincreased financial risk, Duff and Phelps said.\n The steel industry remains intensely competitive and major\ndomestic integrated producers have lost share to imports and\nminimills, D and P said. In oil and gas, profitability and cash\nflows are larger, but there is still considerable volatility.\nAs for financial risk, USX has arranged to borrow 1 billion\ndlrs through a production payment of its Marathon subsidiary.\nConsequently a selected group of creditors has prior claim to\npublic debt holders for cash flows from this asset, D and P\nsaid.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:45:42.75", "places": [ "usa" ], "id": "2685" }, { "title": "GERMAN CASH IN CIRCULATION UP AT FEBRUARY'S CLOSE", "body": "Cash in circulation in West Germany\nrose by 2.8 billion marks in the last week of February to 121.5\nbillion, a gain of 8.3 pct over the same month last year, the\nBundesbank said.\n Cash in circulation is one of two components of the West\nGerman money supply which the German central bank is targeting\nto grow between three and six pct this year.\n Gross currency reserves in the week rose by 200 mln marks\nto 109.5 billion. Foreign liabilities fell 100 mln to 22.9\nbillion, giving a net currency reserves increase of 300 mln to\n86.6 billion.\n Commercial bank minimum reserve holdings at the Bundesbank\nfell 300 mln marks to 51.9 billion marks at the end of\nFebruary, averaging 51.2 billion over the month.\n The rediscount debt of the banking system fell 800 mln\nmarks to 55.2 billion marks, the Bundesbank said.\n Banks made heavy use of the Lombard emergency funding\nfacility to meet month-end payments and borrowed 3.1 billion\nmarks, a rise of 2.9 billion over the week before.\n The net position of public authorities at the Bundesbank\ndeclined 6.7 billion marks in the last week of February.\n The federal government drew down 3.8 billion marks of its\nBundesbank cash deposits, which had stood at 4.1 billion in the\nthird week of February, and also borrowed a 1.8 billion in\ncredit from the central bank.\n Federal states' deposits fell 1.5 billion marks to 1.3\nbillion and their cash credits dropped 400 mln to 300 mln.\n The Bundesbank balance sheet total rose around 5.44 billion\nto 222.22 billion marks.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:49:16.46", "topics": [ "money-supply", "reserves" ], "places": [ "west-germany" ], "id": "2686" }, { "title": "SUN ELECTRIC CORP 1ST QTR JAN 31 NET", "body": "Shr profit 15 cts vs loss six cts\n Net profit 1,051,000 vs loss 381,000\n Revs 50.8 mln vs 41.8 mln\n Avg shrs 7,033,00 vs 6,557,000\n NOTE: 1987 net includes tax credits equal to six cts vs one\ncent in 1986.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:52:09.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "2687" }, { "title": "ECUADOR SAYS SUSPENDS OIL EXPORTS DUE EARTHQUAKE", "body": "Ecuador today suspended its crude oil\nexports indefinitely due to an earthquake last night that\ndamaged pumping and crude transport installations, an Energy\nand Mines MInistry statement said.\n It said the state oil firm Corporacion Estatal Petrolera\nEcuatoriana (CEPE) notified foreign customers that it was\ndeclaring force majeure on its crude exports due to the tremor.\n Ecuador\"s OPEC oil output quota is 210,000 barrels per day\n(bpd).\n A senior energy ministry official said that one pumping\nstation at El Salado on Ecuador's main pipeline was damaged.\n He also said an 180 metre section of the pipeline attached\nto the bridge over the Aguarico river collapsed.\n The pumping station was about 20 km from the Reventador\nvolcano, near the epicentre of the quake, which Ecuadorean\nseismologists said registered six on the 12-point international\nMercalli scale. The Aguarico bridge was also close to the\nvolcano, he said.\n The quake struck northern Ecaudor and southern Colombia,\naccording to Ecuadorean officials. No injuries were reported.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:52:43.19", "topics": [ "crude" ], "places": [ "ecuador" ], "id": "2688" }, { "title": "RJR NABISCOTO REDEEM 1.2 BILLION DLRS NOTES", "body": "RJR Nabisco Inc said it will\nredeem all 1.2 billion dlrs of its 11.20 pct notes due August\n1, 1997 on April Six, using the proceeds from the sale of its\nHeublein Inc subsidiary to Grand Metropolitan PLC.\n The company said it completed the previously-announced sale\nof Heublein, for 1.2 billion dlrs in cash, today.\n It said the redemption price will be 1,095.22 dlrs,\nincluding accrued interest, for each 1,000 dlrs of the notes.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:53:11.35", "places": [ "usa" ], "id": "2689" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Evans and Sutherland Computer Corp (ESCC) - Offering of 50\nmln dlrs of 25-year convertible subordinated debentures through\nHambrecht and Quist Inc.\n Gould Inc (GLD) - Offering of two mln shares of convertible\nexchangeable preferred stock through First Boston Corp and\nKidder, Peabody and Co Inc.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:53:19.71", "places": [ "usa" ], "id": "2690" }, { "title": "LEASEWAY TRANSPORTATION CORP 4TH QTR LOSS", "body": "Oper shr loss 39 cts vs profit 62 cts\n Oper net loss 4,628,000 vs profit 7,256,000\n Revs 338.1 mln vs 327.9 mln\n Year\n Oper shr profit 1.12 dlrs vs profit 1.88 dlrs\n Oper net profit 13.2 mln vs 22.2 mln\n Revs 1.32 billion vs 1.29 billion\n NOTE: Net excludes gains from discontinued leasing\noperations of 37.6 mln dlrs vs 40.3 mln dlrs in year and 32.6\nmln dlrs vs 34.3 mln dlrs in quarter. Results restated for\ndiscontinued operations.\n 1986 net both periods includes charge 6,300,000 dlrs from\nelimination of investment tax credits.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:55:02.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "2691" }, { "title": "UAL (UAL) HERTZ UNIT FILES 500 MLN DLR OFFERING", "body": "Hertz Corp, a unit of UAL Inc, filed\nwith the Securities and Exchange Commission for a shelf\noffering of up to 500 mln dlrs of senior debt securities on\nterms to be set at the time of sale.\n Underwriters were not named in the draft prospectus.\n Hertz said offering proceeds would be used for general\ncorporate purposes and to reduce short-term borrowings.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:56:10.37", "places": [ "usa" ], "id": "2692" }, { "title": "NCH CORP 3RD QTR JAN 31 NET", "body": "Shr 51 cts vs 44 cts\n Net 4,710,000 vs 4,086,000\n Sales 109.2 mln vs 98.2 mln\n Nine mths\n Shr 1.62 dlrs vs 1.39 dlrs\n Net 15.0 mln vs 13.6 mln\n Sales 314.6 mln vs 279.7 mln\n Reuter\n\u0003", "date": " 6-MAR-1987 11:56:56.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "2693" }, { "title": "ALLIED BANCSHARES DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\ndowngraded 50 mln dlrs of debt of Allied Bancshares Inc and the\nlead bank, Allied Bank of Texas.\n Cut were the parent's senior debt to Ba-3 from Baa-2 and\ncommercial paper to Not Prime from Prime-2. The lead bank's\nlong-term deposits were reduced to Ba-1 from Baa-2 and\nshort-term deposits were cut to Not Prime from Prime-2.\n Moody's cited the effects of a weak operating environment\non Allied's asset quality and profitability. The rating agency\nexpects nonperforming loans to remain high by industry\nstandards because of exposure to energy and real estate.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:57:08.93", "places": [ "usa" ], "id": "2694" }, { "title": "NATIONWIDE HAD 1986 PROPERTY-CASUALTY LOSS", "body": "\nsaid its property-casualty companies had a net loss of 56 mln\ndlrs last year while its life insurance operations earned 66.8\nmln dlrs.\n Nationwide said its property-casualty group, the\nfourth-largest U.S. property-casualty insurer had a 106 mln dlr\nloss in 1986. Nationwide Life Insurance Co earned 62.8 mln dlrs\nin 1985, with last year's profit including record capital gains\nof 14.4 mln dlrs, up from gains of 2.6 mln dlrs the previous\nyear.\n The company said its property-casualty group had a record\nloss from insurance operations last year of 859 mln dlrs after\npolicyholders' dividends, up 25 pct from 1985's 710 mln dlrs.\n Nationwide said a surge in claims from personal auto\ninsurance and the volatile commercial liability coverages\nduring a period of unprecedented sales growth generated the\nloss.\n The company said over 576 mln dlrs of last year's group\nlosses came from commercial insurance lines and 282 mln dlrs\nfrom its personal auto insurance business.\n Partially offsetting 1986's record insurance losses,\nNationwide said, were record investment gains of 775 mln dlrs\nand a 28 mln dlr federal tax credit. The investment gains were\nup 39 pct from 1985's gains of 559 mln dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:58:09.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "2695" }, { "title": "SUN RAISES HEATING OIL BARGE PRICE", "body": "Sun Co's Sun Refining and Marketing\nsubsidiary said it increased the price it charges contract\nbarge customers for heating oil in New York harbor 0.50 cent a\ngallon, effective today.\n They said the 0.50 cent increase brings Sun's contract\nbarge price to 49 cts. The recent price hike represents the\nfifth this week, totalling 4.75 cts. The increases are\nfollowing sharp spot and futures price rises, the company said.\n Reuter\n\u0003", "date": " 6-MAR-1987 11:58:16.69", "topics": [ "heat" ], "places": [ "usa" ], "id": "2696" }, { "title": "FRENCH PRIMARY BOND MARKET SHOWS NEW SPARKLE", "body": "The French primary bond market is showing\nsigns of renewed effervescence after several weeks of lethargy\nand the trend is expected to continue if hopes of imminent\ninterest rate cuts are fulfilled, market operators said.\n The Bank of France is generally expected to give a signal\nto the market, possibly at the beginning of next week, by\nannouncing a quarter point cut in its intervention rate, which\nhas stood at eight pct since January 2, or in its seven-day\nrepurchase rate, set at 8-3/4 pct since January 5.\n The central bank's averaged-out day to day call money rate,\nthe reference rate for interbank money market operators, which\nreached 8-3/4 pct on February 18 has fallen to 7-3/4 pct this\nweek, dealers noted.\n The Bank of France's \"open market\" policy to regulate the\nmoney markets since December has been based on a floor and\nceiling of rates within the limits of its intervention and\nseven day repurchase rates.\n For the moment the sentiment is of \"wait and see\" on rate\ncuts, but there are now more optimists than pessimists among\nmarket operators, a dealer for a major French bank said.\n Dealers said there is abundant liquidity on the bond\nmarket, noting that this week's monthly Treasury tap issue of\n11.87 billion francs had a good reception and was fairly easily\nabsorbed.\n The Treasury had set an upper limit on the issue of 12\nbillion francs and was likely to continue to try and sell as\nmuch paper as it could over coming months to meet its borrowing\nneeds for this year of around 150 billion, one banker said.\n Dealers said there was no difficulty in placing liquidity\nin the primary market at the moment despite competition from\nthe surge in investments on the Paris stock exchange.\n There has been a flood of large bond issues, but with\nformulas well adapted to market conditions and investor demand\n- with warrants or a mix of fixed and floating-rates - which\nhave been snapped up, and with generally broadly negative fees.\n Dealers pointed to the recent Caisse d'Aide a l'Equipement\ndes Collectivites Locales (CAECL) 8.90 pct two billion franc\nbond with warrants exchangeable for floating-rate bonds issued\nover 13 years and 80 days at 97.04 pct with payment date March\n9, which was today quoted at -0.90 to -1.10 pct.\n Even classic fixed-rate issues, after being neglected since\nthe end of last year, are finding buyers, one banker said.\n Dealers said that now the question was to see how the terms\nof imminent operations would be set, with great market interest\nfocussed on the likely three next issues.\n These will include an expected four to five billion franc\nissue for Electricite de France, to be followed by a bond of\naround one billion francs for Auxiliaire du Credit Foncier, a\nsubsidiary of the banking group Credit Foncier de France, and a\nnew issue by tender from the mortgage agency Caisse de\nRefinancement Hypothecaire.\n REUTER\n\u0003", "date": " 6-MAR-1987 11:58:35.44", "topics": [ "interest", "money-fx" ], "places": [ "france" ], "id": "2697" }, { "title": "U.S. TREASURY SELLING 9.5 BILLION DLRS OF ONE-YEAR BILLS MARCH 12 TO RAISE 275 MLN DLRS\n", "date": " 6-MAR-1987 12:00:34.31", "places": [ "usa" ], "id": "2698" }, { "title": "FIRST WOMEN'S BANK INVESTOR GROUP OFFER EXPIRES", "body": "The investor group owning about 42 pct\nof the outstanding capital stock of \nsaid a cash tender offer for the bank's remaining outstanding\nshares at 11 dlrs per share expired on March three.\n The investors said about 132,000 shares, or about 20 pct of\nthe outstanding, had been tendered.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:01:19.43", "topics": [ "acq" ], "places": [ "usa" ], "id": "2699" }, { "title": "COMPUTER MEMORIES INC 3RD QTR LOSS", "body": "Period ended December 31.\n Shr loss nine cts vs loss 1.92 dlrs\n Net loss 950,000 vs loss 21,334,000\n Revs 580,000 vs 22.2 mln\n Nine Mths\n Shr loss six cts vs loss 1.23 dlrs\n Net loss 694,000 vs loss 13,710,000\n Revs 5,129,000 vs 111.9 mln\n Note: Current qtr includes tax loss of 118,000 vs loss of\n476,000 dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:03:25.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "2700" }, { "title": "BAKER EXPRESSES DOUBTS ABOUT U.S. STOCK TAX", "body": "Treasury Secretary James Baker\nexpressed doubts about a proposal to tax securities\ntransactions as a solution to the budget deficit and said it\ncould hurt financial markets.\n \"If you start taxing markets, it could impair their\nefficiency,\" Baker said after a speech to the National Newspaper\nAssociation.\n \"The problem is not that Americans are undertaxed. We as a\ngovernment are overspending,\" he told reporters.\n House Speaker Jim Wright (D-Tex) has proposed a transfer\ntax to be paid by buyers and sellers of stocks.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:04:14.51", "places": [ "usa" ], "id": "2701" }, { "title": "REUTERS IN PROPERTY FINANCE SYSTEM", "body": "Reuters Holdings PLC's Reuters\nInformation Services Inc subsidiary and Real Estate Financing\nPartnership of Philadelphia said they have developed RSVP, an\nelectronic market access system for commercial property\nfinancing.\n The companies said the system, on completion of testing,\nwill use the Reuter communications network to provide a\nconfidential method for the purchasing, selling and financing\nof commercial property. They said principal participants in\nRSVP are expected to be private and institutional commercial\nreal estate owners, brokers, purchasers and investors.\n The companies said the system, which will operate in\ndomestic and international markets, is expected to be\nparticularly useful to mortgage brokers and loan\ncorrespondents.\n They said Reuters will provide systems software, hardware\nand telecommunications capabilities and support under a\nlong-term working agreement with Real Estate Financing\nPartnership and will also provide sales assistance and\nmarketing support to Real Estate Financing.\n Real Estate Financing designed RSVP.\n The companies said RSVP will use Reuter Monitor technology\nand the Reuter private communications network to provide a\nglobal financing capability for commercial real estate\nventures. It will enable parties seeking real estate financing\nto identify funding sources on a private basis.\n They said the system is scheduled for testing in August in\nselected U.S. cities and is expected to be operational about 90\ndays after initial testing.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:06:47.88", "places": [ "usa" ], "id": "2702" }, { "title": "SALLIE MAE SAYS IT WILL PRICE 300 MLN DLR FLOATING RATE NOTE OFFER MONDAY\n", "date": " 6-MAR-1987 12:08:20.97", "id": "2703" }, { "title": "REFINANCING SAID CLOSE FOR VENEZUELAN BANK", "body": "The Venezuelan government is close to\nagreement with foreign banks to refinance 300 mln dlrs in\nforeign debt owed by the Banco de los Trabajadores de Venezuela\n(BTV), finance minister Manuel Azpurua said.\n He told reporters, Bankers Trust, which heads the BTV's\nbank committee, is consulting other creditors on an eight year\nrefinancing plan with a margin of 3/8 pct over libor.\n He added there is a relending option for which the state\nowned Banco Industrial de Venezuela will act as agent. BTV, 49\npct owned by the government and 51 pct by unions, was taken\nover by trustees in November 1982 with severe liquidity\nproblems.\n REUTER\n\u0003", "date": " 6-MAR-1987 12:09:26.31", "places": [ "venezuela" ], "id": "2704" }, { "title": "U.S. SETS 9.5 BILLION DLR YEAR-BILL AUCTION", "body": "The U.S. Treasury said it will sell\n9.5 billion dlrs of one-year bills at auction.\n The March 12 sale will raise 275 mln dlrs of new cash by\nrefunding about 9.23 billion dlrs of maturing bills.\n The bills will be issued March 19 in minimum amounts of\n10,000 dlrs and mature March 17, 1988.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:10:49.74", "places": [ "usa" ], "id": "2705" }, { "title": "NEW JERSEY RESOURCES TO OFFER SHARES", "body": "New Jersey Resources corp said it has\nfiled for an offering of 1,300,000 common shares through\nunderwriters led by Merrill Lynch and Co Inc and E.F.\nHutton Group Inc .\n It said the offering is expected to be completed in late\nMarch or early April and proceeds will be used to reduce\nshort-term debt.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:12:41.73", "places": [ "usa" ], "id": "2706" }, { "title": "DEN DANSKE LAUNCHES 200 MLN DLR EURO-CD PROGRAMME", "body": "Den Danske Bank of Denmark is raising\n200 mln dlrs through a programme of short and medium term\neuro-certificates of deposit, arranger London-based Salomon\nBrothers International Ltd said in a statement received here.\n Signing takes place today and the first issuance, of\nmaturities from seven days to five years, should take place\nlater this month. Denominations would be 500,000 and one mln\ndlrs, and similar amounts in sterling and other currencies.\n Aside from the London branch of Den Danske and the\narranger, other dealers in the programme would be the Swiss\nBank Corp International and S.G. Warburg and Co Ltd.\n Salomon said the principal paying agent for the CDs would\nbe Bankers Trust Co.\n Den Danske's U.S. Domestic commercial paper program is\nrated A1 by Standard and Poor's, and P-1 by Moody's rating\nagency, Salomon said.\n REUTER\n\u0003", "date": " 6-MAR-1987 12:13:10.98", "places": [ "west-germany", "denmark", "uk" ], "id": "2707" }, { "title": "TRENWICK GROUP INC 4TH QTR NET", "body": "Oper shr profit 18 cts vs loss four cts\n Oper net profit 1,847,000 vs loss 282,000\n Revs 25.9 mln dlrs vs 8,626,000 drs\n 12 mths\n Oper shr profit 39 cts vs loss 24 cts\n Oper net profit 3,262,000 vs loss 1,555,000\n revs 67.5 mln vs 27.9 mln dlrs.\n NOTE: 1986 qtr and year excludes investment gains of\n1,541,000 and 1,865,000, respectively, and 1985 qtr and year\nincludes investment gains of 301,000 dlrs and 1,424,000.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:14:06.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "2708" }, { "title": "IMF URGES BELGIUM TO MAKE FURTHER SPENDING CUTS", "body": "The Belgian government, which\nintroduced large-scale public spending reductions last year,\nhas been told by an International Monetary Fund team there is\nscope for further cuts in 1988.\n The suggestion is contained in the preliminary conclusions\nof the annual IMF consultations with Belgium on its economic\npolicy, a copy of which was distributed to journalists at the\nweekly press conference following meetings of the cabinet.\n The IMF team also urges Belgium to adopt a firm interest\nrate policy, with a particular emphasis on long-term rates.\n The team's report to the government praises last year's\nspending cuts, which are due to reduce 1987 government spending\nby 195 billion francs, and says 1986 saw the Belgian economy\nperform \"better, on a broader basis, than at any time so far in\nthe 1980s.\"\n However, it adds that with lower inflation, stabilisation\nof the debt to gross national product ratio requires a much\nlower budget deficit than the seven pct of GNP target the\ngovernment has set itself for 1989.\n The government's net financing requirement was 11.0 pct of\nGNP in 1986.\n The report says \"The most that can be afforded over the next\nfew years is a zero growth of real non-interest expenditure of\ngeneral Government.\"\n It says there is a need for a revision of the Belgian tax\nsystem to iron out distortions and meet hopes of a reduced tax\nburden but substantial progress is needed in stabilising the\ndebt to GNP ratio before this is possible.\n \"Because of the difficulty of sustaining zero expenditure\ngrowth and of likely growing impatience (for) tax reductions,\nwe feel that your position would be stronger if you could\ndecide on rather sharp expenditure reductions in 1988,\" the\nreport adds.\n The IMF urges a strong interest rate policy to signal the\ngovernment's determination to keep its currency strong and to\ncurb inflation.\n It says firmer long-term rates would slow private net\nlong-term capital outflows, which increased strongly in 1986.\n It also urges net repayments of foreign currency debt and\nan overhaul of domestic capital markets to facilitate the\nsubscriptions by non-residents of government bond issues in\nBelgian francs.\n REUTER\n\u0003", "date": " 6-MAR-1987 12:14:58.48", "topics": [ "interest", "gnp" ], "organisations": [ "imf" ], "places": [ "belgium" ], "id": "2709" }, { "title": "NEW JERSEY APPROVES GPU UNIT'S RATE CUT", "body": "General Public Utilities Corp\nsaid the New Jersey Board of Public Utilities has approved a 72\nmln dlrs annual reduction in energy-adjustment charges for the\ncompany's Jersey Central Power and Light Co subsidiary.\n The change in the utility's Levelized Energy Adjustment\nCharge represents a five pct decrease in overall electricity\nrates.\n On January 28, Jersey Central filed for a 32 mln dlr a year\ndecrease in the charge, asking to retain the difference to\nprevent an increase in these charges next year, a company\nspokesman said.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:15:06.45", "places": [ "usa" ], "id": "2710" }, { "title": "BUSH REVISES 4TH QTR, YEAR RESULTS UP", "body": "Bush Industries Inc said that\nafter an audit it has revised upwards its 1986 fourth quarter\nand year end results. On February 12 it reported unaudited\nresults.\n Under the audited amounts, 1986 fourth quarter income was\n1,098,978 mln dlrs, or 55 cts a share. The unaudited income for\nthe period was 1,014,000, or 51 cts per share.\n For the year, the audited amounts showed earnings of\n2,505,978, or 1.25 dlrs per share. The prior results reported\nincome of 2,421,000, or 1.21 dlrs per share. Sales figures for\nboth periods did not differ significantly from prior amounts.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:15:14.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "2711" }, { "title": "MCORP AND UNITS' DEBT DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nlowered the ratings on about 489 mln dlrs of debt of MCorp and\nits subsidiaries.\n Moody's said the change reflects the effect that the\ncompany's difficult operating environment will have on its\nasset quality, core earnings and equity base. It said the\nfirm's asset quality problems are considerable and centered in\nits loans to energy and real estate sectors.\n Ratings lowered include MCorp's senior debt to BA-3 from\nBAA-2, subordinated debt to B-1 from BAA-3 and preferred stock\nto B-2 from BA-1.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:16:16.81", "places": [ "usa" ], "id": "2712" }, { "title": "MEDI-RX UNIT IN PROPOSED INITIAL OFFERING", "body": "Medi-Rx America Inc said its Rx\nPlus Inc subsidiary received a letter of intent for a proposed\ninitial public offering of four mln dlrs to six mln dlrs.\n It also said the subisidary, formed to franchise retail\ndrug stores, recently placed a 1.2 mln dlrs equity offering\nwith private investors and secured a one mln dlrs line of\ncredit for assisting applications for a Rx Plus franchise.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:16:52.44", "places": [ "usa" ], "id": "2713" }, { "title": "FURNITURE (UFURF) UPS BENCH CRAFT (SOFA) STAKE", "body": "Universal Furniture Ltd said in a\nfiling with the Securities and Exchange Commission that it had\nincreased its stake in Bench Craft Inc common stock to\n2,548,975 shares or 45.3 pct of the total outstanding.\n Universal said its Universal Furniture Industries N.V. unit\nbought 235,750 Bench Craft shares March 4 in the\nover-the-counter market.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:17:57.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "2714" }, { "title": "AMERICAN AIRLINES LOAD FACTOR DECLINES", "body": "American Airlines Inc, owned\nby AMR Corp, said its load factor for February dropped to 60.2\npct from 64.0 pct a year ago.\n It said revenue passenger miles for the month increased 5.9\npct to 3.66 billion from 3.45 billion a year ago. Available\nseat miles rose 12.7 pct ot 6.08 billion from 5.40 billion and\npassenger boardings rose 8.6 pct to 3.5 mln from 3.2 mln a year\nearlier.\n More\n\u0003", "date": " 6-MAR-1987 12:18:29.70", "places": [ "usa" ], "id": "2715" }, { "title": "VALERO ENERGY KNOWS OF NO REASON FOR STOCK GAIN", "body": "Valero Energy Corp said\nit knows of no reason for its stock activity today.\n The stock rose 1-5/8 to 10-7/8, a gain of about 17.5 pct.\n A spokesman for Valero, Steve Fry, said the company knows\nof no reason for the increased volume and sharp gain in the\nstock.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:21:23.10", "places": [ "usa" ], "id": "2716" }, { "title": "MOODY'S MAY DOWNGRADE SERVICE MERCHANDISE ", "body": "Moody's Investors Service Inc said it\nmay downgrade Service Merchandise Co's 300 mln dlrs of Ba-2\nsenior subordinated notes.\n The rating agency said it had anticipated that Service\nMerchandise would be able to achieve better operating results\nthan it actually did in fiscal 1986.\n Moody's said it would assess future prospects for the\ncompany, as well as for the whole catalogue showroom industry.\nThe agency will also examine the effects of recent acquisitions\non Service Merchandise's operating results, financial structure\nand cash flow.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:23:47.98", "places": [ "usa" ], "id": "2717" }, { "title": "CLEVITE INDUSTRIES INC 4TH QTR OPER LOSS", "body": "Oper net loss 411,000 vs profit 875,000\n Sales 69.7 mln vs 70.5 mln\n Year\n Oper net profit 6,258,000 vs profit 4,785,000\n Sales 299.5 mln vs 297.2 mln\n Note: Company made initial public offering in June, 1986.\nAssuming the offering had occurred on Jan. 1, 1986, operating\nnet income per share would have been 85 cts a share for 1986.\n 1986 oper net excludes one-time charge of 16.8 mln dlrs, or\n2.46 dlrs a share, in qtr and year due to the February 1987\nsale of the company's engine parts division. Oper net for 1986\nyear also includes profit from discontinued operations of\n360,000 dlrs, or five cts a share.\n Oper net for 1986 excludes extraordinary loss of 1.1 mln\ndlrs, or 17 cts a share, due to the June 1986 write-off of\nunamortized debt issue costs from the public offering. 1985\noper net excludes extraordinary profit of 1.1 mln dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:24:52.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "2718" }, { "title": "BID TO DISMISS JUDGE IN COPYRIGHT CASE DENIED", "body": "NEC Electronics Inc, a\nunit of NEC Corp said a U.S. District Court judge\ndenied NEC's motion to disqualify Judge William Ingram from\npresiding over its lawsuit against Intel Corp .\n NEC said it sought to disqualify the judge when it learned\nin October 1986 that Ingram had an ownership interest in an\ninvestment club that owned Intel stock.\n Ingram reported that his interest in Intel through the club\namounted to about 80 dlrs worth of Intel's stock and the judge\nended his participation in the investment club after NEC moved\nto have him disqualified, an NEC spokeswoman said.\n NEC said it intends to appeal the ruling.\n NEC sued Intel in December 1984 seeking a judgement\ndeclaring that microcode, or the control function, in certain\nNEC microprocessor products does not infringe on any valid\nIntel copyrights.\n Intel subsequently filed a suit charging NEC with\ninfringing on Intel semiconductor copyrights.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:25:56.44", "places": [ "usa" ], "id": "2719" }, { "title": "CMS ADVERTISING SETS 3-FOR-2 STOCK SPLIT", "body": " said its\nboard has approved a three-for-two stock split in the form of a\ndividend payable March 30 to holders of record March 16.\n The company said a similar split was paid December eight,\nleaving it with 2,344,200 shares outstanding.\n CMS Advertising said the next split will result in a\nproportionate reduction in the exercise price of its stock\npurchase warrants to 1.67 dlrs a share from 2.50 dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:26:55.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "2720" }, { "title": "AMAX ACCEPTS OFFER FOR AUSTRALIAN INTEREST", "body": "AMAX Inc said it has accepted\noffers to buy its share and option interests in .\n AMAX said the sale is part of its ongoing program to\nincrease shareholder value.\n The company did not identify who made the offer, but said\nthe interests involved include 35.2 mln Australian Consolidated\nshares to be sold for 6.32 Australian dlrs per share and 5.4\nmln options to be sold for 4.82 Australian dlrs per option.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:28:27.73", "places": [ "usa", "australia" ], "id": "2721" }, { "title": "CIE FINANCIERE DE PARIBAS 1986 YEAR", "body": "Parent company net profit 385 mln francs vs 226.9 mln\n Dividend five francs vs no comparison\n Note - The financial and banking group was privatised by\nthe government in January this year.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:28:33.25", "topics": [ "earn" ], "places": [ "france" ], "id": "2722" }, { "date": " 6-MAR-1987 12:28:37.20", "topics": [ "earn" ], "id": "2723" }, { "title": "FOOD LION FEBRUARY SALES UP 26 PCT", "body": "Food Lion Inc said its sales totaled\n207.5 mln dlrs last month, up 26.0 pct from the 164.7 mln dlrs\nreported for February 1986.\n The company said sales for the first eight weeks of the\nyear were up 26.1 pct to 411.1 mln dlrs from 326.0 mln dlrs.\nThe company operates 396 supermarkets in six southeastern\nstates.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:32:45.87", "places": [ "usa" ], "id": "2724" }, { "title": "BANK OF ENGLAND PRESSURE HOLDS BASE RATES", "body": "This week's Bank of England resistance to\nstrong market pressure for lower interest rates succeeded in\nholding bank base rates at 11 pct.\n But at a cost of threatening the Chancellor of the\nExchequer Nigel Lawson's policy, stated at the end of the Paris\nGroup of Six meeting last month, that he wanted to see sterling\nbroadly stable about then prevailing levels, market sources\nsaid.\n Since then, the pound has risen to 71.8 pct on its closing\ntrade-weighted index, up from 69.7 pct imediately after the\nParis meeting and up 0.4 on the day.\n Today's peak at 72.0 pct was its highest since August 19.\n A Treasury spokesman said Lawson had said he neither wanted\na substantial rise or fall in sterling. The question is\ntherefore how large a rise he is ready to see before acting.\n Paul Temperton, chief economist at Merrill Lynch Europe\nLtd, estimated that the government wanted to see the\ntrade-weighted index about 72-73 pct. \"Even after this action\nover the last few weeks, sterling's only just within striking\ndistance of that range,\" he said.\n Other analysts agree that the government probably has some\nbroad target range around this area.\n However, they said Lawson would be prepared to see the\npound go higher at least in the short term, despite the risk of\na loss of export competitiveness and cheaper prices on imports.\n \"If the Bank of England keeps the interest rates as they\nare, what's to stop it (going higher),\" said John Cox, executive\ndirector of EBC Amro Bank Ltd, a major operator on the London\nforeign exchange market.\n Cox estimates that the Bank of England has been active\nselling sterling over the past few days, despite the lack of\ngeneral market talk of such intervention, and this has helped\nkeep it below 1.60 dlrs.\n The pound rose to 1.5870 dlrs from 1.5764 yesterday and\n1.5400 February 23, the day after the Paris meeting.\n But Cox says the government must be worried with sterling\nheading toward 2.95 marks and would be very concerned if it\nholds around these levels.\n He warned the Bank may run the risk of missing the interest\nrate boat. \"If rates don't come down, the market will say they\nought to have come down and will sell sterling,\" he said.\n Most dealers agree there is a good deal of \"hot money\" being\ninvested in sterling, money simply attracted by high overnight\nor one-week rates, which could flow out at equally short\nnotice.\n However, the authorities will hope that at least a\nproportion of the buying reflects long-term investment.\n \"The last thing they want to do is reduce them (rates) and\nhave to jack them back up again,\" said Richard Jeffrey,\neconomist at brokerage house Hoare Govett Ltd.\n He said a half point cut would ensure continued support for\nsterling, at least in the near term.\n However, most analysts are still looking for a full point\nabout March 17, Budget Day.\n The Bank must hold out until it sees the reaction to the\nBudget, said Temperton.\n The Budget is widely forecast to be a vote winner in the\nrun-up to a general election, the major factor behind current\nbullishness in the government bond and currency markets.\n \"Lawson wants to delay a cut in base rates until the budget.\nHe wants it to be crowned with the glory of an interest rate\ncut,\" said Ian Harwood, economist at Warburg Securities, the\nequities arm of Mercury International Group.\n Speculation a clearing bank might break ranks and lead the\nway lower were confounded today. There was excitement a fall in\nthe weekly Treasury Bill rate to 9.7 pct from 10.2 pct last\nFriday might mean the Bank had changed its mind.\n This followed the imposition of penal lending rates of 11\n3/4 pct on the discount houses yesterday, and was the lowest\nsince base rates were at 10 pct, early last October.\n However, with this Bill rate pertaining to three-months\nmoney, banking sources said the market could not take the cut\nas a guide to the Bank's intentions on short term rates.\n REUTER\n\u0003", "date": " 6-MAR-1987 12:33:04.76", "topics": [ "interest" ], "places": [ "uk" ], "id": "2725" }, { "title": "SHULTZ AND SHEVARNADZE TO MEET IN MOSCOW IN MID-APRIL, U.S. SOURCES SAY\n", "date": " 6-MAR-1987 12:34:04.32", "places": [ "usa", "ussr" ], "id": "2726" }, { "title": "LYNG DISAPPOINTED BY CANADA CORN INJURY DECISION", "body": "U.S. Agriculture Secretary Richard\nLyng said he is \"very disappointed\" by a Canadian government\nfinding that U.S. corn has injured Ontario Corn growers.\n \"This action is not helpful in the context of the ongoing\nU.S.-Canada free trade talks or in the new round of\nmultilateral trade negotiations,\" Lyng said in a statement.\n The Canadian government today said Ottawa would continue to\napply a duty of 84.9 cents per bushel on U.S. corn imports.\n Lyng said the U.S. made a case that U.S. corn imports are\nnot the cause of any problem of Canadian corn producers, adding\nthat U.S. corn exports to Canada are declining.\n \"Apparently they (Canada) have ignored the fact that\nCanadian corn and other coarse grain production is rising\nfaster than consumption,\" Lyng said.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:34:22.42", "topics": [ "grain", "corn" ], "places": [ "usa", "canada" ], "id": "2727" }, { "title": "BANCROFT SHAREHOLDERS REBUKE ZICO OFFER", "body": "Bancroft Convertible Fund Inc, the\ntarget of an unfriendly cash offer by , said its shareholders approved proposals requiring a\n66-2/3 pct affirmative vote of all outstanding shares before\nfundamental changes in its status could be made.\n Previously, only a simple majority of outstanding shares\nwas needed to change Bancroft's investment status from a\ndiversified to a non-diversified fund, among other things.\n Bancroft said its board continues to recommend that\nstockholders not tender their shares to Zico, a British Virgin\nIslands company which it said had ties to South Africa.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:34:34.16", "topics": [ "acq" ], "places": [ "usa" ], "id": "2728" }, { "title": "INT'L TOTALIZATOR SEES BETTER 1ST QTR", "body": "International Totalizator Systems Inc\nVice President of Finance Joel Graff said he expects to report\nan improved first quarter compared to the 377,000 dlr loss\nreported in the year ago quarter.\n \"A profit looks quite favorable,\" Graff said.\n Last week, the automated ticket systems supplier reported a\nloss of 1.2 mln dlrs for the 1986.\n Graff said \"we invested heavily in 1986, which we believe\nwill result in higher future growth and earnings for the\ncompany.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 12:41:36.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "2729" }, { "title": "SOVIET NEGOTIATOR REPORTS ARMS TALKS BREAKTHROUGH", "body": "Chief Soviet arms negotiator Yuli\nVorontsov said Soviet-American talks on cutting medium-range\nnuclear missiles had made a breakthrough.\n Vorontsov said he expected a treaty would be ready for\nsigning within three to four months following the latest talks\nin Geneva.\n He told a news conference here \"all the elements point to\noptimism\" and only technical work on treaty language remained\noutstanding.\n REUTER\n\u0003", "date": " 6-MAR-1987 12:43:01.49", "places": [ "usa", "ussr", "france" ], "id": "2730" }, { "title": "GATT STUDYING AGRICULTURAL SUBSIDIES CEILING", "body": "The world trade body GATT said its\nnegotiators in Geneva are discussing a possible agreement for a\nceiling on agricultural subsidies.\n GATT director-general for agriculture Jean-Marc Lucq told\nreporters here that the talks had not got anywhere yet as the\nparticipants were still reluctant to lay all their cards on the\ntable.\n He said the ceilings under discussion would only be applied\nto those members of the General Agreement on Tariffs and Trade\nwith high subsidy spending.\n Lucq said a survey by the Organisation for Economic\nCo-operation and Development showed that its 24 member western\nindustrialised countries subsidised their agriculture by a\ntotal average of more than 100 billion dlrs a year from\n1979-81.\n Within that total, the U.S. Spent 26 billion dlrs, Japan 24\nbillion, and the European Community 57 billion dlrs.\n Yves Berthelot, an official for the United Nations\nConference on Trade and Development, said the suppression of\nagricultural subsidies in temperate countries, which would\nallow a resurgence of world prices and a lowering of domestic\nprices, would be difficult but inevitable.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:44:53.45", "organisations": [ "gatt", "oecd" ], "places": [ "france" ], "id": "2731" }, { "title": "TIPPERARY NEGOTIATING WALKER INVESTMENT", "body": "Walker Energy Partners said\nrestructuring of the partnership is being negotiated with\n which is considering a capital infusion into\nthe partnership.\n Walker Energy said Tipperary's investment will be\nconditioned upon restructuring of the partnership's debt.\n Walker Energy said it and Tipperary are negotiating toward\ndefinitive agreements that will result in a major restructuring\nof the master limited partnership.\n It said the transactions, if made, will result in Tipperary\nacquiring control of the partnership's general partner and\nmaking a substantial capital infusion into the partnership.\n Walker said it had requested indications of interest from\nseveral investment sources and selected the Tipperary offer\nafter a careful review of all offers received.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:46:17.11", "places": [ "usa" ], "id": "2732" }, { "title": "SHULTZ, SHEVARDNADZE SAID TO MEET IN APRIL", "body": "Secretary of State George Shultz and\nSoviet Foreign Minister Eduard Shevardnaze will meet in Moscow\nin mid-April, administration sources said.\n The sources said they will meet April 13 to 16 and are\nexpected to discuss the full range of U.S.-Soviet issues.\n But arms control is expected to be the major focus of the\ntalks, with a breakthrough widely expected on removing\nmedium-range nuclear missiles from Europe.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:46:29.12", "places": [ "usa", "ussr" ], "id": "2733" }, { "title": "SOVIET NEGOTIATOR REPORTS ARMS TALKS BREAKTHROUGH", "body": "Chief Soviet arms negotiator Yuli\nVorontsov said Soviet-American talks on cutting medium-range\nnuclear missiles had made a breakthrough.\n Vorontsov said he expected a treaty would be ready for\nsigning within three to four months following the latest talks\nin Geneva.\n He told a news conference here \"all the elements point to\noptimism\" and only technical work on treaty language remained\noutstanding.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:48:04.04", "places": [ "usa", "ussr", "france" ], "id": "2734" }, { "title": "OUTBOARD MARINE OFFICIALS HAWKING STOCK", "body": "Outboard Marine Corp's top executives\nare making sales presentations to portfolio managers and\nanalysts ahead of a planned two mln share offering expected\nsoon, company officials said.\n Chairman Charles Strang and Wayne Jones, vice president for\nstrategic planning, are meeting with portfolio managers in New\nYork and Boston to line up interest for the offering\nunderwritten solely by Morgan Stanley, the officials said.\n Outboard Marine has been the subject of recurring takeover\nrumors, with one rumor this week naming Sun Chemical as the\npotential suitor for 40 dlrs a share.\n Sun Chemical is said to have 4.9 pct of Outboard and is\nconducting a study on whether to bid for control of the marine\nengine and boatbuilding company. A Sun Chemical spokesman\ndeclined to comment.\n Stanley Fishman, analyst at Fahnestock and Co, said it is\nbetter for a suitor to bid for Outboard before the two mln\nshares are sold. Outboard now has 17 mln shares outstanding.\n \"Even though Outboard would use proceeds from the share\noffering to pay down debt, and there would be less debt the\nacquiring company would assume, it still means more shares the\nsuitor must buy to acquire the company,\" he said.\n Fishman, who has heard the Sun Chemical rumor, said a 40\ndlrs a share would just open the bidding.\n Outboard Marine today was trading at 33-5/8, down 5/8.\n \"There are only two companies that count in the marine\nleisure business, Brunswick Corp being the first. But you\ncan't play down number two,\" He said. \"It's a growing field.\nThere's a lot of leisure money out there. I think 40 would be a\nminimum price. It will be higher.\"\n A Morgan Stanley spokesman said the offering has been\napproved by the Securities and Exchange Commission but a\nkick-off date and price have not been set.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:49:04.83", "places": [ "usa" ], "id": "2735" }, { "title": "HADSON PLANS 3,750,000 SHARE OFFERING", "body": "Hadson Corp said it intends to\nfile a registration with the Securities and Exchange Commission\nwithin one week covering an offering of 3,750,000 common\nshares.\n The company had 14,260,000 shares outstanding on December\n31 and 75.0 mln shares authorized.\n It said proceeds of the offering are intended to be used to\nfinance expansion of existing operations, for acquisitions and\nfor working capital.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:49:35.72", "places": [ "usa" ], "id": "2736" }, { "title": "BOC GROUP COMPLETES SALE OF UNIT TO CONTROLS", "body": "'s Airco\nDistributor Gases finalized the sale of its Virginia-based gas\nappaturs business to , a newly formed\ninvestment group organized by former Airco employees.\n Under the terms of the sale, Airco said Controls will\ncontinue to make the gas apparaturs product line under the\nAirco brand name, marketing the products exclusively through\nthe Airco's distributor network.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:50:38.11", "topics": [ "acq" ], "places": [ "usa" ], "id": "2737" }, { "title": "NEW JERSEY RESOURCES FILES TO OFFER STOCK", "body": "New Jersey Resources Corp said it\nfiled with the Securities and Exchange Commission to offer 1.3\nmln common shares through managing underwriters Merrill Lynch\nCapital Markets and E.F. Hutton and Co.\n The utility holding company said the offering should be\ncompleted in late March or early April.\n Net proceeds will be used to reduce debt at the company's\nmain subsidiary, New Jersey Natural Gas Co.\n\n Reuter\n\u0003", "date": " 6-MAR-1987 12:53:20.39", "places": [ "usa" ], "id": "2738" }, { "title": "BANKERS PREDICT SHAKEOUT IN SWEDISH BANKING SYSTEM", "body": "The central bank recommended a major\nchange in the traditional ownership structure of Swedish\ncommercial banks that bankers said would inevitably lead to the\ntakeover of remaining small regional banks.\n The recommendation was prompted by a recent proposal by the\n financial group to create a new holding company\nthat will control the third-largest commercial bank , a small regional bank.\n The central bank gave its approval and said financial\ngroups should be allowed to have banking subsidiaries as long\nas the groups did not include industrial or trading companies.\n The central bank was commenting on a proposed new bill\ngoverning Swedish financial groups.\n It recommended that insurance companies should not be\nallowed to own banks until a separate inquiry into the problem\nwas completed. Sweden's two biggest insurance companies have\nboth said they would like to enter the banking business.\n Sweden's commercial banks on the other hand have long\nwanted to buy up insurance companies.\n Bankers said the recommendations would mainly bring the\nrules up to date with new circumstances created by the\nextensive de-regulation of the Swedish financial markets since\n1982.\n Bankers said it was clear that others would follow the\nProventus example and that this would lead to a shake-up in the\nbanking system with the remaining small regional banks being\nabsorbed by larger banking groups.\n The central bank also recommended banks be allowed to\noperate their stockbroking departments as subsidiaries, which\nbankers said would lead to banks taking over small stockbroking\nfirms. Banks have long complained the ban on splitting off the\nbroking departments forced them to operate at a disadvantage\nbecause they could not match the partnerships and large\nsalaries stockbrokers could offer their staff.\n REUTER\n\u0003", "date": " 6-MAR-1987 12:54:29.75", "places": [ "sweden" ], "id": "2739" }, { "title": "MCDONNELL OPENS REGIONAL N.Y. OFFICE", "body": "McDonnell Douglas said it will open a\nregional office in New York, occupying 38,366 square feet in\nmidtown Manhattan.\n It said the office will bring together about 100 employees\nin its Information Systems Group who currently work at three\nseparate New York offices. The group had 1986 sales of 1.2\nbillion dlrs.\n McDonnell said the move follows a series of similar\nconsolidations in San Jose and San Francisco, Calif., Atlanta,\nand Denver to reduce costs and consolidate the group's\noperations in major metropolitan areas.\n Reuter\n\u0003", "date": " 6-MAR-1987 12:57:31.37", "places": [ "usa" ], "id": "2740" }, { "title": "U.S. WHEAT GROWERS WANT EEP TO SOVIET UNION", "body": "The U.S. National Association of\nWheat Growers (NAWG) urged the Reagan administration offer the\nSoviet Union wheat under the export enhancement program (eep).\n In a letter to Agriculture Secretary Richard Lyng, NAWG\nstated its \"strong support\" for an eep offer to Moscow.\n \"We believe that a solid case continues to exist for Soviet\nEEP eligibility, and the recently announced and reported Soviet\npurchases of U.S. corn indicate a Soviet willingness to\npurchase U.S. grain if it is competitively priced,\" NAWG said.\n \"Consequently, we believe it is important to renew the U.S.\neep offer and do all that is reasonably possible to ensure\nmutual adherence to the terms of the U.S.-Soviet grain\nagreement,\" the letter said.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:00:39.46", "topics": [ "grain", "wheat", "corn" ], "places": [ "usa", "ussr" ], "id": "2741" }, { "title": "ABN SAYS PROFIT RISE ENCOURAGING IN VIEW DOLLAR", "body": "Algemene Bank Nederland N.V. \nchairman Robertus Hazelhoff said the bank's 10.3 pct increase\nin net 1986 profit to 527 mln guilders from 478 mln in 1985 was\nencouraging in view of the sharply lower dollar.\n Hazelhoff, speaking at a press conference after the release\nof ABN's 1986 results, said a sharp decrease in foreign\nearnings had been compensated by a strong domestic performance,\nnotably in the securities business.\n He said the bank was also proposing a one for 10\nshare-split which should facilitate trade in the bank's stock.\n News of the split sparked a 14 guilder rise in ABN's share\nprice on the Amsterdam bourse to a close of 517 guilders.\n Prospects for 1987 hung on three uncertainties, namely the\nfuture trend of the dollar, the level of interest rates and\nABN's share of equities trade, Hazelhoff said.\n Provisions for general contingencies were reduced in 1986\nby 4.1 pct to 575 mln guilders, while taxes increased by 2.1\npct to 242 mln guilders, he added.\n Lower global interest rates in 1986 had nipped earnings\nmargins via traditional lending activities, he said.\n Hazelhoff said ABN was unlikely to continue reducing risk\nprovisions in the future but he noted the bank was not overly\nconcerned about default by Latin American debtors, a factor\nwhich brokers say has distanced Dutch insititutions from bank\nstocks recently.\n He said that of the bank's estimated 25 financially\ntroubled sovereign debtors, about one quarter were Latin\nAmerican countries. These would ultimately pay up, he said.\n He added that losses incurred through loans to tin\nproducers in the wake of the tin council crisis at end-1985 had\nbeen written off.\n REUTER\n\u0003", "date": " 6-MAR-1987 13:03:19.56", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "2742" }, { "title": "CANADIAN MONEY SUPPLY M-1 RISES 217 MLN DLRS IN WEEK, BANK OF CANADA SAID\n", "date": " 6-MAR-1987 13:04:10.88", "topics": [ "money-supply" ], "places": [ "canada" ], "id": "2743" }, { "title": "CANADIAN MONEY SUPPLY RISES IN WEEK", "body": "Canadian narrowly-defined money supply\nM-1 rose 217 mln dlrs to 32.80 billion dlrs in week ended\nFebruary 25, Bank of Canada said.\n M-1-A, which is M-1 plus daily interest chequable and\nnon-personal deposits, rose 556 mln dlrs to 75.19 billion dlrs\nand M-2, which is M-1-A plus other notice and personal\nfixed-term deposit rose 651 mln dlrs to 176.87 billion dlrs.s\n M-3, which is non-personal fixed term deposits and foreign\ncurrency deposits of residents booked at chartered banks in\nCanada, rose 992 mln dlrs to 216.03 billion dlrs.\n Chartered bank general loans outstanding rose 481 mln dlrs\nto 124.99 billion dlrs.\n Canadian liquid plus short term assets fell 854 mln dlrs to\n35.40 billion dlrs and total Canadian dollar major assets of\nthe chartered banks fell 118 mln dlrs to 221.20 billion dlrs.\n Chartered bank net foreign currency assets fell 23 mln dlrs\nto minus 1.92 billion dlrs.\n Notes in circulation totalled 16.24 billion dlrs, up 76 mln\ndlrs from the week before.\n Government cash balances fell 565 mln dlrs to 4.31 billion\ndlrs in week ended March 4.\n Government securities outstanding rose 1.25 billion dlrs to\n224.09 billion dlrs in week ended March 4, treasury bills rose\n950 mln dlrs to 74.55 billion dlrs and Canada Savings Bonds\nfell 57 mln dlrs to 44.34 billion dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:08:39.34", "topics": [ "money-supply" ], "places": [ "canada" ], "id": "2744" }, { "title": "ROCHESTER GAS SEES FURTHER NUCLEAR DELAYS", "body": "Rochester Gas and Electric Co\nsaid it now estimates Unit Two of the Nine Mile nuclear power\nplant will not start commercial operation until 1988's first\nquarter.\n The utility said this estimate is based on the Nuclear\nRegulatory Commission's advisory to the plant's operator,\nNiagara Mohawk Power Corp , a more through demonstration\nof the main steam isolation valve's acceptablility will be\nneeded before the plant's power ascension program can proceed.\n Rochester Gas disclosed the further delay in the operation\nof Nine Mile Unit Two in the preliminary prospectus describing\nits proposed offering of 300,000 preferred shares, par value\n100 dlrs.\n A spokesman said Niagara Mohawk had been projecting\ncommercial operation of the plant in September, adding this\nprojection was scheduled for review upon completion of the main\nsteam isolation valve testing program which company officials\nstill expect next week.\n In the past, Niagara Mohawk has put the cost of delays in\nNine Mile Unit Two at two mln dlrs per day.\n Niagara Mohawk has a 41 pct interest in the nuclear power\nplant, while Rochester Gas owns 14 pct.\n In a statement released today, Rochester Gas said the NRC,\nbased on progress of the valve testing program, had advised\nNiagra Mohawk a more through demonstration of the acceptability\nof the valve's and their ability to meet regulations and\ntechnical specifications will be required before the power\nascension program can proceed.\n The Niagara Mohawk spokesman said the utility would have\nnot immediate response to the Rochester Gas statement.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:09:40.55", "places": [ "usa" ], "id": "2745" }, { "title": "FRENCH GOVERNMENT TO STEP UP AID TO JOBLESS", "body": "The government plans to go ahead with a\nthree billion franc package to help the long-term unemployed,\nwith the aim of guaranteeing social security payments to\neveryone becoming redundant, government officials said.\n At present only about one-third of the country's 2.6 mln\njobless, corresponding to 10.9 pct of the workforce, receive\nunemployment benefit.\n Prime Minister Jacques Chirac told a television\ninterviewer, \"As soon as the law is approved, and it will be in\na matter of weeks, all workers made redundant will have the\nright to social benefits.\"\n The money, which will be used to alleviate unemployment\nthrough retraining or project finance, will come from a 7.5\nbillion franc government fund set up last month to finance\nspending on special areas of concern.\n Apart from unemployment, these include relief to farmers\nhit by European Community cost-cutting measures.\n French unemployment has risen by more than 40 pct from 1.8\nmln when socialist President Francois Mitterrand took office in\n1981.\n REUTER\n\u0003", "date": " 6-MAR-1987 13:13:03.04", "topics": [ "jobs" ], "places": [ "france" ], "id": "2746" }, { "title": "USSR WHEAT BONUS OFFER SAID STILL UNDER DEBATE", "body": "The Reagan administration continues\nto debate whether to offer subsidized wheat to the Soviet\nUnion, but would need assurances from the Soviets that they\nwould buy the wheat before the subsidy offer would be made, a\nsenior U.S. Agriculture Department official said.\n \"I think it still is under active debate whether or not it\nwould be advisable\" to make an the export enhancement offer to\nthe Soviets, Thomas Kay, administrator of the department's\nForeign Agriculture Service, told Reuters.\n \"We'd need some assurances from them (the Soviets) that they\nwould buy if offered\" the wheat under the subsidy plan, he said.\nKay called reports that such an offer was imminent \"premature.\"\n The Reagan administration's cabinet-level Economic Policy\nCouncil is set to meet today to discuss, among other matters,\nagricultural policy but is not expected to address a wheat\nsubsidy offer to the Soviet Union, administration officials\nsaid earlier.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:14:25.00", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "2747" }, { "title": "SUN ELECTRIC CORP 1ST QTR JAN 31 OPER NET", "body": "Oper shr profit nine cts vs loss seven cts\n Oper net profit 628,000 vs loss 491,000\n Sales 50.7 mln vs 41.8 mln\n Avg shrs 7,033,000 vs 6,557,000\n Note: Oper net excludes extraordinary profit of 423,000\ndlrs, or six cts a shr, and 110,000 dlrs, or one ct a share,\nrespectively, in 1987 and 1986 quarters, from utilization of\ntax loss carryforwards.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:18:31.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "2748" }, { "title": "CANADA CORN DECISION UNJUSTIFIED - YEUTTER", "body": "U.S. trade representative Clayton\nYeutter said Canada's finding announced today that U.S. corn\nimports injure Canadian farmers is \"totally unjustified.\"\n \"U.S. corn exports to Canada are so small that it is\ninconceivable that they injure Canadian corn farmers by any\nreasonable measure,\" Yeutter said in a statement.\n He said if other countries follow Canada's lead it could\nresult in \"a rash of protectionist actions throughout the\nworld.\" French corn growers have recently indicated they will\nchallenge U.S. corn gluten feed shipments to Europe.\n Yeutter said the U.S. will examine the Canadian decision\nclosely and if the U.S. believes the decision was not based on\nfacts, \"will carefully evaluate appropriate responses.\" Yeutter\ndid not say what steps the U.S. may take in response.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:19:50.18", "topics": [ "grain", "corn" ], "places": [ "usa", "canada" ], "id": "2749" }, { "title": "CETEC CORP 4TH QTR NET", "body": "Oper shr two cts vs eight cts\n Oper net 41,000 vs 153,000\n Sales 7,456,000 vs 7,965,000\n Year\n Oper shr 22 cts vs 50 cts\n Oper net 434,000 vs 1,103,000\n Sales 31 mln vs 33.6 mln\n Note: Current qtr and year figures exclude loss from\ndiscontinued operations of 384,000 dlrs, or 20 cts per share.\n Prior qtr and year figures exclude losses from discontinued\noperations of 1.9 mln dlrs, or 88 cts per share and 2.3 mln\ndlrs, or 1.07 dlrs per share, respectively.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:20:20.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "2750" }, { "title": "RICHTON INTERNATIONAL CORP 3RD QTR JAN 31", "body": "Shr 18 cts vs 39 cts\n Net 507,000 vs 762,000\n Sales 11.3 mln vs 11.7 mln\n Avg shrs 2,789,000 vs 1,961,000\n Nine mths\n Shr 39 cts vs 90 cts\n Net 1,076,000 vs 1,752,000\n Sales 32.9 mln vs 33.3 mln\n Avg shrs 2,771,000 vs 1,955,000\n Reuter\n\u0003", "date": " 6-MAR-1987 13:22:12.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "2751" }, { "title": "VALTEK INC 3RD QTR JAN 31 NET", "body": "Shr 18 cts vs 19 cts\n Net 400,413 vs 421,451\n Revs 9,343,228 vs 8,213,449\n Nine mths\n Shr 39 cts vs 46 cts\n Net 853,891 vs 1,011,999\n Revs 24.6 mln vs 22.3 mln\n Reuter\n\u0003", "date": " 6-MAR-1987 13:22:17.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "2752" }, { "title": "MOET-HENNESSY ISSUING CONVERTIBLE EUROBOND", "body": "Moet-Hennessy is issuing an 800\nmln French franc 10-year eurobond with share warrants,\nlead-manager Lazard Freres et Cie said.\n The issue will be priced at par with a one pct coupon, and\neach 10,000 franc bond will carry 18 warrants, each giving the\nright to subscribe to Moet-Hennessy shares over a three-year\nperiod at 2,720 francs each. The high equity content of the\nissue accounts for the low coupon.\n Moet-Hennessy shares closed on the Paris Bourse today at\n2,678 francs, up 38 from yesterday's close.\n The issue is being co-lead managed by Credit Lyonnais,\nBanque Nationale de Paris (BNP) and Credit Suisse First Boston.\n Payment date will be April 8.\n REUTER\n\u0003", "date": " 6-MAR-1987 13:23:45.54", "places": [ "france" ], "id": "2753" }, { "title": "THE WRITER CORP 4TH QTR LOSS", "body": "Shr loss 30 cts vs profit 11 cts\n Net loss 1,247,000 vs profit 454,000\n Revs 12.3 mln vs 17.5 mln\n Year\n Shr loss 24 cts vs profit 32 cts\n Net loss 979,000 vs profit 1,303,000\n Revs 60.6 mln vs 61.7 mln\n Reuter\n\u0003", "date": " 6-MAR-1987 13:24:49.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "2754" }, { "title": "WHITE HOUSE SAYS SHULTZ TO VISIT MOSCOW APRIL 13-16\n", "date": " 6-MAR-1987 13:25:08.73", "id": "2755" }, { "title": "ROCKY MOUNTAIN MEDICAL CORP 1ST QTR LOSS", "body": "Dec 31\n Shr loss one ct\n Net loss 176,639\n Revs 150,300\n NOTE: Company went public in April 1986.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:25:22.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "2756" }, { "title": "FIRST AMERICAN BANK AND TRUST YEAR NET", "body": "Shr 91 cts vs 1.25 dlrs\n Net 8,710,000 vs 11.7 mln\n Avg shrs 9,526,287 vs 9,362,379\n NOTE: Share adjusted for 10 pct stock dividend in May 1986.\n Net includes loan loss provisions of 12.7 mln dlrs vs\n2,400,000 dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:25:44.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "2757" }, { "title": "S/P SAYS CORPORATE DOWNGRADES MAY EASE THIS YEAR", "body": "Standard and Poor's Corp said it\nexpects downgrades of corporate debt ratings to ease this year\nfrom the lofty levels of 1986 and 1985.\n However, the rating agency said upgrades will probably stay\nat about the same level as in the past few years.\n The narrowing of the gap between downgrades and upgrades\nwould reflect a calming in takeover frenzy, less volatile\nenergy markets and slow but steady economic growth, S and P\nsaid.\n In particular, S and P expects that the industrial and\nbanking sectors would have a less turbulent year than in 1986.\n S and P noted that 60 pct of 1986's downgrades were\nconcentrated in the industrial sector, where the most negative\nfactor was takeover fever that led to debt-financed mergers and\nacquisitions and costly defenses to fend off takeovers.\n It said takeovers appear to be on the decline this year.\n While S and P noted that the energy markets have stabilized\nafter last year's collapse, it stressed that 1987 would not\nmark a turnaround for this industry.\n In addition, S and P does not expect any big shocks to hit\nthe junk bond market this year, especially of the magnitude of\n1986's unexpected LTV Corp bankruptcy filing.\n Utilities, which were a positive influence in the overall\n1986 trend, should be a pocket of strength again this year. But\nlike last year, gas utilities could buck this trend, S and P\nsaid.\n The rating agency said that downgrades would continue to\noutpace upgrades among financial institutions. But 1987's\nrating changes will not be as skewed as 1986's 2.1 to one ratio\nof downgrades to upgrades, S and P predicted.\n S and P said debt ratings for the transportation industry\nwould remain stable, aside from changes because of mergers. A\ndetailed report will appear in the March 9 S/P Creditweek.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:27:49.33", "places": [ "usa" ], "id": "2758" }, { "title": "CONTRA LEADER LINKS MYSTERY DLRS TO ARMS SALE", "body": "Nicaraguan rebel leader Adolfo Calero\nhas for the first time linked payments received for his forces\nto a dummy company controlled by former White House aide Oliver\nNorth, legal sources said.\n The company, Lake Resources Inc, was established by North\nand his ally, retired Air Force major General Richard Secord,\nand had a Swiss bank account into which proceeds from secret\narms sales to Iran were deposited.\n Calero yesterday made public bank statements showing his\ngroup has received 32 mln dlrs since mid-1984, but said he has\nno idea who donated the money.\n Calero, head of the Nicaraguan Democratic Force, known by\nits Spanish initials as FDN, provided the same records to a\ngrand jury investigating the Iran arms scandal that has shaken\nthe Reagan administration.\n The bank statements he showed reporters ended with March,\n1985, so they shed no light on whether Iran arms profits were\ndiverted to contra rebels since shipments of U.S. arms to Iran\ndid not begin until September 1985.\n But last night, Calero told Cable News Network that he had\njust discovered deposits made in late October, 1985 by Lake\nResources into a contra account in the Cayman Islands.\n \n This came at a time when proceeds from the Iran arms sales\nwere being funneled to the Swiss bank account.\n \"I just found out,\" he said.\n Legal sources confirmed that Calero had turned over the\nnewly disclosed information, which was brought to his attention\nafter one of his lawyers noticed the two desposits made by Lake\nResources buried in the mass of bank records.\n They said that Calero has promised to review in more detail\nthe bank statements and pass along any further information on\npossible deposits by the North-Secord groups.\n The Tower commission said in its report that up to 19.8 mln\ndlrs from the sale of U.S. weapons to Iran was unaccounted for\nand may have been diverted to the contras.\n Calero's FDN is the largest of the contra rebel groups\nthat are fighting to overthrow the left-wing Sandinista\ngovernment of Nicaragua.\n On the advice of his lawyer, Calero declined to go into\ndetails about what he told the grand jury.\n \n Reuter\n\u0003", "date": " 6-MAR-1987 13:33:10.21", "places": [ "usa", "nicaragua", "iran" ], "id": "2759" }, { "title": "INDIA AGAIN IN MARKET FOR SUGAR - TRADE", "body": "India has called a fresh buying tender\nfor up to four 13,000 tonne cargoes of white sugar on March 11,\ntraders here said.\n The tender calls for one cargo of prompt sugar and two to\nthree with March/April shipment sugar, or the same as the eight\ncargoes bought at a tender two days ago. That tender originally\nonly sought two to three cargoes but resulted in the sale of\neight. India also granted the sellers options to sell twice\nthat amount at the same price but for April/May shipment.\n Depending on prices, traders said it would be likely for\nIndia again to buy more than the tonnage formally sought.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:33:29.04", "topics": [ "sugar" ], "places": [ "uk", "india" ], "id": "2760" }, { "title": " 3RD QTR DEC 31 NET", "body": "Shr profit nil vs loss nil\n Net profit 28,565 vs loss 204,553\n Revs 507,529 vs 6,563\n Nine mths\n Shr loss nil vs loss nil\n Net loss 404,011 vs loss 649,495\n Revs 938,345 vs 32,535\n Reuter\n\u0003", "date": " 6-MAR-1987 13:36:45.12", "topics": [ "earn" ], "places": [ "usa" ], "id": "2761" }, { "title": "PIONEER GROUP UNIT GETS MORE LAND", "body": "The Pioneer Group Inc said its 70\npct-owned Teberebie Goldfields Ltd venture has been granted an\nadditional concession of land in Ghana to look for and mine\ngold.\n The State Gold Mining Corp of Ghana granted the venture an\nadditional 14.5 square kilometers in Teberebie, Ghana,\ncontiguous to 11.5 square kilometers granted earlier, the\ncompany said.\n The original concession appears to have a substantial\namount of gold bearing material containing about 2 grams, or\n6/100 ounces, of gold per metric ton.\n But the venture has no firm estimates on the costs of\nextracting the gold and no assurances can be given that the\nreserves can be mined profitably, the company said.\n It said Teberebie Goldfields has not conducted tests on the\nnewly granted land but added the land seems to be similar in\ngeological characteristics to the original land.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:36:52.69", "topics": [ "gold" ], "places": [ "usa", "ghana" ], "id": "2762" }, { "title": "INSITUFORM RAISES STAKE IN UNIT", "body": "Insituform Group Ltd of Guernsey,\nChannel Islands, said it has exercised an option to convert a\n250,000 stg loan to affiliate Insituform Permaline Ltd to\ncommon shares, raising its stake in the unit to 75 pct from 50\npct.\n The remainder is held by Permaline's management and an\ninvestment group.\n Insituform also said James Colclough has resigned from its\nboard for health reasons and secretary Scott Saltpeter has\nresigned, effective June Five.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:38:17.42", "topics": [ "acq" ], "places": [ "usa", "uk" ], "id": "2763" }, { "title": "COPPER MEETING AGREES GOALS OF STUDY GROUP", "body": "The world's major copper producing and\nconsuming countries have reached \"a degree of consensus\" on\nobjectives and functions of a future study group aimed at\nreviewing the world copper market, officials said.\n Governments represented at a meeting to consider a proposed\nforum for copper have recommended that another session be held\nin September to consider further the nature of such a group, a\nspokesman for the United Nations Conference on Trade and\nDevelopment (UNCTAD) said.\n The one-week meeting, which ended today, was held to\nexamine a U.S. Initiative to set up a copper study group.\n The new body would not aim at negotiating measures to\nstabilise depressed world prices.\n Its objectives would include increasing market\ntransparency, through improved statistics, and undertaking\nactivities aimed at developing the copper market and\ncontributing to improvement of demand.\n UNCTAD's spokesman said, \"Once they have agreed on detailed\nfunctions and objectives, then the way will be cleared to\nsetting up the body.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 13:38:26.75", "topics": [ "copper" ], "organisations": [ "unctad" ], "places": [ "switzerland" ], "id": "2764" }, { "title": "LIFFE FEBRUARY VOLUMES DOWN, BUT EURODOLLARS UP", "body": "Total futures and options turnover on the\nLondon International Financial Futures Exchange (LIFFE) fell\nslightly during February, although daily average Eurodollar\nvolume set a new record, LIFFE said today.\n Total futures and options turnover last month was 822,378\ncontracts, down from January's 881,778, but sharply above the\ncomparative February 1986 figure of 463,146 lots, it said.\n Eurodollar turnover during February was 140,417 lots,\nagainst January's 100,941 and the year ago figure of 81,648.\nThe daily average was a record 7,020 lots, up four pct from the\nprevious record, set in March 1985.\n February trading encompassed a new daily record of 66,087\ncontracts on the 19th of the month, exceeding the previous\nrecord of 61,398, which had been set on February 6, LIFFE said.\n FT-SE 100 index futures volume was sharply higher during\nFebruary, with 22,109 contracts trading, against January's\n15,279 and the year-ago level of 8,181.\n Open interest also set new records last month in\nEurodollars at 29,372 contracts, in FT-SE 100 at 4,898 and in\nshort sterling interest rate futures at 19,846 lots.\n Key futures volumes as detailed by LIFFE were:\n Feb'87 Jan'87 Feb'86\n Long gilt 424,865 525,354 134,420\n Eurodollar 140,417 100,941 81,648\n Short sterling 94,720 87,619 67,640\n T-bond 84,694 87,980 133,766\n FT-SE 22,109 15,279 8,181\n Currencies 2,799 2,112 7,737\n Short gilt 74 85 6,516\n Key options volumes as detailed by LIFFE were:\n Feb'87 Jan'87 Feb'86\n Long gilt 44,640 54,329 ----\n Eurodollar 3,580 1,720 2,844\n T-bond 1,737 3,479 ----\n Sterling 1,466 2,223 18,191\n FT-SE 1,277 657 ----\n Total options 52,700 62,408 23,238\n (Long gilt, T-bond and FT-SE index options were not trading\nin February 1986).\n Reuter\n\u0003", "date": " 6-MAR-1987 13:38:44.48", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "2765" }, { "title": "PRESIDENT SAYS SHULTZ TO HEAD FOR MOSCOW TALKS", "body": "President Reagan announced he is\nsending Secretary of State George Shultz to Moscow for talks\nwith Foreign Minister Eduard Shevardnadze next month.\n Arms control is expected to be the major topic.\n The announcement said the talks will take place April 13-16\nand would review \"the entirety of our relationship.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 13:39:48.36", "places": [ "usa", "ussr" ], "id": "2766" }, { "title": "COLOMBIAN OIL EXPORTS NOT AFFECTED BY QUAKE", "body": "Colombian oil installations were not\ndamaged by an earthquake which shook Ecuador and southern\nColombia last night and there are no plans to suspend exports,\na spokesman for the state-run oil company Ecopetrol said.\n He said no damage was reported, unlike in Ecuador where\nindefinite force majeure was declared on crude exports.\n Colombia currently produces about 360,000 barrels per day\n(bpd) of crude. Exports in january totalled 123,000 bpd.\n The quake, which in Colombia measured between 6.5 and seven\non the 12-point international Mercalli scale, caused panic\namong residents but no injuries were reported.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:40:33.39", "topics": [ "crude" ], "places": [ "colombia", "ecuador" ], "id": "2767" }, { "title": "CHICAGO MILWAUKEE GREETS SHEARSON STAKE", "body": "Chicago Milwaukee Corp said it welcomed\nan investment by Shearson Lehman Brothers Inc in its company.\n Yesterday, Shearson Lehman, a subsidiary of American\nExpress Co (AXP), disclosed in a Securities and Exchange\nCommission filing that it holds a 5.35 pct interest in Chicago\nMilwaukee.\n Chicago Milwaukee's stock edged up 2-1/8 to 138 on turnover\nof 8,100 shares, as one of the biggest gainers on the NYSE. The\nstock has been trading in a 154 to 128 range for the last 52\nweeks.\n Edwin Jacobson, Chicago Milwaukee president, declined to\ncomment on movement of the company's stock but said,\"From an\ninvestment point of view, we are pleased to have Shearson,\nLehman as a substantial investor.\"\n Shearson, Lehman purchased the shares for investment\npurposes and may continue buying shares depending on market\nconditions, according to the filing.\n Chicago Milwaukee, which sold its railroad interests to Soo\nLine Railroad Co (SOO) in February 1985, currently manages and\nsells its real estate which consists of 28,000 parcels in 11\nstates.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:41:01.99", "topics": [ "acq" ], "places": [ "usa" ], "id": "2768" }, { "title": "DAUPHIN DEPOSIT TO MAKE ACQUISITION", "body": "Dauphin Deposit Corp said it has\nsigned a letter of intent to acquire Colonial Bancorp Inc of\nNew Holland, Pa., in an exchange of 3.6 to 4.4 Dauphin shares\nfor each colonial share, depending on the market value of\nDauphin shares just before the merger takes place.\n The company said the acquisition is subject to approval by\nColonial shareholders and regulatory authorities. Colonial had\nassets at year-end of about 150 mln dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:43:00.05", "topics": [ "acq" ], "places": [ "usa" ], "id": "2769" }, { "title": "UNC TO CHANGE STATE OF INCORPORATION", "body": "UNC Inc said its board has approved a\nchange in state of incorporation to Delaware from Virginia,\nsubject to approval by shareholders at the April 24 annual\nmeeting.\n It said it expects to make the change around April 30.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:43:04.53", "places": [ "usa" ], "id": "2770" }, { "title": "VAN DORN CO SETS QUARTERLY", "body": "Qtly div 27-1/2 cts vs 27-1/2 cts prior\n Pay May One\n Record April 17\n Reuter\n\u0003", "date": " 6-MAR-1987 13:43:23.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "2771" }, { "title": "M.D.C. HOLDINGS INC SETS QUARTERLY", "body": "Qtly div 10 cts vs 10 cts prior\n Pay March 31\n Record March 16\n Reuter\n\u0003", "date": " 6-MAR-1987 13:43:38.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "2772" }, { "title": "CHUBB CORP SETS QUARTERLY", "body": "Qtly div 42 cts vs 42 cts prior\n Pay April Seven\n Record March 20\n Reuter\n\u0003", "date": " 6-MAR-1987 13:43:49.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "2773" }, { "title": "MELLON BANK SELLS FIVE-YEAR DEPOSIT NOTES", "body": "Mellon Bank Corp is raising 150 mln\ndlrs via an offering of deposit notes due 1992 with a 7.45 pct\ncoupon and par pricing, said sole manager First Boston Corp.\n That is 73 basis points more than the yield of comparable\nTreasury securities.\n The issue has a one-time call after three years, First\nBoston detailed. If Mellon does not redeem the notes at that\ntime, they will be non-callable to maturity.\n Moody's Investors Service Inc rates the debt Aa-2 and\nStandard and Poor's Corp rates it AA.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:44:00.72", "places": [ "usa" ], "id": "2774" }, { "title": "CRUDE OIL PRICES UP AS STOCKS, OUTPUT FALL", "body": "U.S. crude oil prices rose above 18 \ndlrs a barrel this week and industry analysts said the price\ncould rise another dollar as inventories fall.\n \"OPEC is keeping its production down, and in the cash market\nthere is tight supply of crude with short transportation time\nto major refining centers,\" said Daniel McKinley, oil analyst\nwith Smith Barney, Harris Upham and Co. \"That could send prices\n50 cts to a dollar higher,\" he added.\n The U.S. benchmark crude West Texas Intermediate rose to\n18.15 dlrs a barrel today, a rise of 1.50 dlrs this week.\n The rally in oil prices this week came after prices fell in\nFebruary more than two dlrs from its high of 18.25 dlrs a\nbarrel.\n \"Oil traders were pulling prices down on the assumption that\noil stocks were building and OPEC was producing well above its\n15.8 mln bpd quota, but now both of those assumptions have come\nunder question,\" McKinley said.\n Yesterday the International Energy Agency in its monthly\nreport said that oil stocks in the OECD area, or in\nindustrialized nations, were drawn down by 1.3 mln bpd during\nthe first quarter of this year.\n IEA estimates that the draw in oil stocks during the first\nquarter of this year will come largely from oil companies whose\ninventory levels by April one will be an estimated 326 mln\ntonnes, or about 74 days consumption.\n Industry analysts also said the estimate of a 3.5 mln bpd\ndraw in stocks made by Shell Chairman Peter Holmes yesterday\nfed speculation that other major companies were destocking.\n Traders said the destocking has come about as a result of a\nso-called buyers strike, which kept refiners from buying\nofficially priced OPEC oil in an effort to get the organization\nto offer discounts to the official price.\n \"This struggle between the companies and OPEC is the\nultimate game of chicken but it will be resolved relatively\nsoon. I would imagine by about the middle of the month (March),\"\nthe general trading manager of an international oil company\ntold Reuters in a telephone interview.\n For its part OPEC has moved to win this game by cutting\nexcess supplies from the market by a reduction of its own\noutput, traders said. A Reuter survey estimates OPEC output to\nbe 14.7 mln bpd this week.\n Also, an earthquake in Ecuador yesterday led it to suspend\noil exports indefintiely and force majeure its shipments.\n \"This will reduce short-haul availabilities by about 250,000\nbpd almost immediately and the longer the suspension continues,\nthe larger the draw in stocks will be for companies expecting\nit to be there,\" McKinley said.\n International oil traders said that other short-haul\ncrudes, such as North Sea Brent, were also scarce because Asian\nrefiners bought the oil after absorbing a lot of the readily\navailable Mideast crudes earlier this week.\n If this pattern continues then oil companies will bid up\nthe price of oil as they purchase for their refineries, trading\nmanagers at several companies told Reuters.\n But there were skeptics who said they wondered how long\nOPEC can retain its unity if buyer resistance continues.\n Stephen Hanke, chief economist at Friedburg Commodity\nManagement, said OPEC production was lower \"because of the\nSaudi cut (to 3.1 mln bpd) and this could spell trouble if it\ngives other members an incentive to exceed their quotas.\"\n He added, \"The Saudis will be picking up the tab for other\nmembers who produce over their quota, and the drain on the\nSaudis will continue, forcing them to cut output maybe as low\nas 2.5 mln bpd to support the 18 dlrs average price,\" he added.\n There are also signs of some OPEC crudes being sold in the\nspot market at below OPEC official prices, traders said.\n Oil traders said Nigerian Brass River sold for delivery\ninto the U.S. Gulf at a price related to North Sea brent, which\ntraded this week at 17.60 dlrs, far below the official price of\n18.92 dlrs for the similar quality Bonny Light.\n Iranian oil is also surfacing in the U.S. Gulf and the Far\nEast at reported discounts to its 17.50 dlrs official price.\n \"There is a lot of oil priced on government-to-government\ndeals, which are below official prices and this is probably\nbeing resold,\" one international trader said.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:45:51.52", "topics": [ "crude" ], "organisations": [ "opec", "iea" ], "places": [ "usa" ], "id": "2775" }, { "title": "TALKING POINT/ PAPER STOCKS", "body": "The attempt by International Paper Co\n and Stone Container Co to raise linerboard prices\ncould stick, industry analysts said, citing strong demand and\ntight capacity. But they said rising inventories hurt the odds.\n \"It remains to be seen whether the increases will be\naccepted, but I think the odds are better than 50-50 they\nwill,\" Mark Rogers, paper analyst for Prudential Bache said.\n Mead Corp and Union Camp Corp said they are also\nconsidering price increases.\n Rogers, who has been aggressively recommending Stone and\nInternational Paper for several months, said the increases\ncould stick because plants are running full tilt and little new\ncapacity is coming on stream.\n \"The operating rates in linerboard are running at about 97\nto 98 pct of capacity, but demand continues to climb,\" Gene\nCartledge, chairman and chief executive officer of Union Camp\nsaid \"The industry is essentially sold out.\"\n Cartledge said domestic linerboard shipments in January hit\nabout 1.6 mln tons, six pct higher than January 1986, while\nexports hit 170,000 tons, three to four pct higher.\n Nevertheless, rising inventories could nip the increase in\nthe bud, Lawrence Ross, forest products analyst for Paine\nWebber, said.\n \"Containerboard inventories have been growing for the past\nthree months,\" Ross said. \"Over that time inventories rose from\n4.8 weeks worth of supplies to 5.9 weeks most recently.\"\n Also, Ross said that the Jacksonville, Fla., paper mill, 49\npct owned by Stone, is planning to come on stream again soon,\nwhich may help alleviate some of the supply constraints. \"The\nplant's capacity, by itself, is about two pct of the industry\ntotal,\" Ross said.\n But, Rogers said the Jacksonville mill \"won't be enough\" to\nsignificantly ease tight capacity this year. The price increase\nis necessary, he said, to attract more investment.\n Rates of return in the industry have been too low in recent\nyears to merit inventment in new capocity, Rogers said, adding\nthat he sees prices climbing to the 400 dlrs-a-ton range this\nyear.\n \"The consensus on the Street is changing,\" he said, \"from\nwhether there will be increases to when is the next increase\nand how much.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 13:46:08.88", "places": [ "usa" ], "id": "2776" }, { "title": "MGE PLANNING APRIL 6 START UP OF HFCS CONTRACT", "body": "The Minneapolis Grain Exchange (MGE)\nwill start trading futures contracts in high fructose corn\nsyrup on April 6 if the Commodity Futures Trading Commission\n(CFTC) approves the contract as expected next week.\n Pat Henderson, spokesperson for the MGE, said the exchange\nexpects contract approval at CFTC's Tuesday meeting. It has\nbeen under review since the exchange submitted the proposal in\nDecember, 1985.\n The proposed contract is based on 48,000 pound lots of\n55-pct high fructose corn syrup, the equivalent of one tank\ntruck of the sweetening agent derived from corn in the wet\nmilling process. The syrup, commonly called HFCS-55, is most\ncommonly used as a sweetener in soft drinks and other\nbeverages.\n Delivery would be by shipping certificate from production\nfacilities designated by the exchange. The contract, designated\nby the symbol \"HF,\" would trade from 0900 to 1315 CST. Months\ntraded would correspond with the Chicago corn futures months of\nMarch, May, July, September and December.\n Contract price will be quoted per hundred weight, with a\nminimum price fluctuation of one cent and maximum fluctuation\nof one dlr per CWT.\n \"We hope the producers and users of fructose will be\nactively involved, those producers being the large processors,\nthe corn wet millers, and the users being the beverage\nbottlers,\" Henderson said. \"But there are potentials for all\ntypes of people to use it. There is quite a list of industries\nthat utilize fructose.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 13:46:27.99", "topics": [ "sugar", "corn", "grain" ], "places": [ "usa" ], "id": "2777" }, { "title": " IN FRANCHISE PACT", "body": "Concorde Capital Ltd Inc said it has\nsigned an agreement to establish a minimum of 40 Heidi's Frozen\nYogurt Shoppes in South Florida over the next 48 months.\n It said it signed the agreement with ,\nwhich received 3,890,000 Concorde shares, or a 10 pct interest,\nfor the exclusive franchise rights from Orlando south in\nFlorida.\n Zenith now has seven company owned and 44 franchised\nHeidi's open and another 90 franchises sold.\n Concorde said it expects to change its name soon to Heidi's\nFrozen Yogurt Shoppes of Florida Inc.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:51:35.50", "places": [ "usa" ], "id": "2778" }, { "title": "FIRST FEDERAL BROOKSVILLE SETS QUARTERLY", "body": "Qtly div four cts vs four cts prior\n Pay March 31\n Record March 20\n NOTE: First Federal Savings and Loan Association of\nBrooksville.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:52:00.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "2779" }, { "title": "ENERGY VENTURES FORMS NEW ENERGY UNIT", "body": "Energy Ventures Inc said it formed a\nnew subsidiary, EVI Inc, that will seek to fund growth of and\noffer financial services to oil service and equipment\ncompanies.\n The new unit is majority owned by Energy Ventures. Simmons\nand Co Finance, an affiliate of Houston-based Simmons and Co\nInternational, is minority shareholder.\n Initial capital of 25 mln dlrs was provided by Energy\nVentures with an additional one mln dlrs contributed by Simmons.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:53:01.54", "places": [ "usa" ], "id": "2780" }, { "title": "ALUMINUM CO OF AMERICA REGULAR DIVIDEND", "body": "Qtly div 30 cts vs 30 cts in prior qtr\n Payable May 25\n Record May one\n Reuter\n\u0003", "date": " 6-MAR-1987 13:55:07.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "2781" }, { "title": " IN METALS FIND", "body": "Technigen Platinum corp said it\ninitial results of a 13-hole drilling program on its R.M. Nicel\nplatinum property in Rouyn-Noranda, Quebec, indicate\n\"extensive\" near-surface zones \"highly\" enriched in gold,\nplatinum and palladium were found in rocks on the periphery of\na sulphide deposit.\n It said values of up to 0.073 ounce of platinum, 0.206\nounce palladium, three pct copper and 4.5 pct nickel were found\nover a drill section of 13 feet.\n \n More\n\u0003", "date": " 6-MAR-1987 13:55:52.91", "topics": [ "gold", "platinum", "palladium", "nickel", "copper" ], "places": [ "canada" ], "id": "2782" }, { "title": "SIEMENS WANTS TO AMEND TELECOM PLUS PACT", "body": "Telecom Plus International Inc\nsaid 's Siemens Information Systems wants to amend\nits agreement to purchase Telecom's 65 pct interest in Tel Plus\nCommunications to delay payment of 25 mln dlrs for 11 months.\n Telecom's shareholders are scheduled to vote on the 165 mln\ndlr transaction Monday.\n Telecom said it advised Siemens it intends to close the\ntransaction on March 16, as scheduled, if it is approved by\nshareholders. A spokesman said this means Telecom will decide\nbefore the 16th whether or not to accept the proposed change.\n Explaining its request for the amendment, Siemens informed\nTelecom it had recently become aware of information causing\nconcern with respect to certain accounting and other matters.\n Siemens said it will therefore need to continue its review\nbeyond March 16 to determine whether certain representations\nand warranties are true.\n Telecom said it advised Siemens it knows of no information\nwhich would make its representations and warranties untrue.\n Siemens already owns the remaining 35 pct of Tel Plus. The\n65 pct represenmts Telecom's principal operating asset.\n A Telecom spokesman said the agreement calls for payment of\nall but 29 mln dlrs of the price at closing. Of this, 21 mln\ndlrs was to be paid 11 months later and two mln dlrs per year\non the anniversary date of the transaction.\n He said Siemens is now proposing that 25 mln dlrs be added\nto the 21 mln dlrs to be paid in 11 months.\n Telecom said the proposed amendment would also permit\nSiemens to defer repayment of up to an additional 50 pct of\ncertain intercompany debt until completion of the review.\nTelecom said it estimates this to ba about 15 mln dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 13:58:05.51", "topics": [ "acq" ], "places": [ "usa" ], "id": "2783" }, { "title": "LUCKY STORES SAYS IT AND INVESTOR EDELMAN REACHED STANDSTILL AGREEMENT\n", "date": " 6-MAR-1987 13:59:24.50", "topics": [ "acq" ], "id": "2784" }, { "title": "PIONEER GROUP UNIT GETS MORE GHANA GOLD LAND", "body": "The Pioneer Group Inc said its 70\npct-owned Teberebie Goldfields Ltd venture was granted an\nadditional concession of land in Ghana to seek and mine gold.\n The State Gold Mining Corp of Ghana granted the venture an\nadditional 14.5 square kilometers in Teberebie, Ghana,\ncontiguous to 11.5 square kilometers granted earlier.\n The original concession appears to have a substantial\namount of gold bearing material containing about 2 grams, or\n6/100 ounces, of gold per tonne. But the venture has no firm\nestimate on the costs of extracting the gold and no assurances\ncan be given that the reserves can be mined profitably, the\ncompany said. It said Teberebie Goldfields has not conducted\ntests on the newly granted land but added the land seems to be\nsimilar in geological characteristics to the original land.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:03:30.77", "topics": [ "gold" ], "places": [ "usa", "ghana" ], "id": "2785" }, { "title": "DEBT PROPOSAL FAULTED BY ARGENTINE OBSERVER", "body": "A counter-proposal from creditor\nbanks to Argentina's request for rescheduling its 50 billion\ndlr foreign debt was faulty, an Argentine observer at\nnegotiations said.\n \"The negotiations are not going to prosper if (the creditor\nbanks) do not change the counter-proposal put to Argentina, as\nit is a Swiss cheese full of holes,\" ruling Radical Party Deputy\nRaul Baglini said.\n Baglini, who was recently observing negotiations with the\nsteering committee for Argentina's creditor banks in New York,\nspoke to reporters in Mendoza, 600 miles west of Buenos Aires.\n Baglini said the counter-proposal did not take into account\nArgentina's request for a 2.15 billion dlr loan to meet four\npct growth targets in 1987.\n He said the steering committee wanted only to discuss some\naspects of the request, while Argentina's negotiators were\nlaying emphasis on a global pacakge.\n The United States said last week it would back a 500 mln\ndlr bridge loan to Argentina.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:07:13.04", "places": [ "argentina" ], "id": "2786" }, { "title": "INTERNATIONAL MULTIFOODS CORP DIVIDEND", "body": "Qtly div 29-1/2 cts vs 29-1/2 cts prior\n Pay April 15\n Record March 27\n Reuter\n\u0003", "date": " 6-MAR-1987 14:11:25.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "2787" }, { "title": "IBM NAMES NEW PRESIDENT FOR DIVISION", "body": "International Business Machines\nCorp said it has named James A. Cannavino president of its Data\nSystems Division, succeeding IBM vice president, Edward M.\nDavis, who is retiring June 30 and until then will be IBM vice\npresident, technology competitiveness.\n The Data Systems Division is responsible for worldwide\ndevelopment and U.S. manufacturing of IBM's large systems and\nassociated software.\n Cannavino had been vice president of the division and\ngeneral manager of the IBM Poughkeepsie, N.Y., manufacturing\nand development facility.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:15:32.45", "places": [ "usa" ], "id": "2788" }, { "title": "HADSON CORP 4TH QTR NET", "body": "Shr profit four cts vs loss 99 cts\n Net profit 545,000 vs loss 13.1 mln\n Revs 75.3 mln vs 37.9 mln\n Avg shrs 14.8 mln vs 13.1 mln\n Year\n Shr profit 34 cts vs profit 34 cts\n Net profit 4,908,000 vs profit 4,487,000\n Revs 216.8 mln vs 117.7 mln\n Avg shrs 14.6 mln vs 13.1 mln\n NOTE: 1985 net included gain on sale of foreign properties\nof 15.5 mln dlrs or 1.19 dlrs per share and a writedown of oil\nand gas properties of 12.5 mln dlrs or 96 cts per share. 1985\n4th qtr net included writedowns of oil and gas properties.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:15:50.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "2789" }, { "title": "FUNARO SAYS CREDITORS WILLING TO HELP BRAZIL", "body": "Finance Minister Dilson Funaro,\ncurrently on a global tour to seek governmental support for his\nefforts to solve Brazil's 108 billion dlrs foreign debt crisis,\nsaid creditors have expressed willingness to help.\n In an interview with the Globo television network,\ntransmitted from Rome, Funaro said he had proposed a \"four-year\nplan\" to the creditors, which would include a rescaling of the\ncommitments derived from its debt.\n After visiting the U.S., England, France, West Germany,\nItaly and Switzerland, Funaro is now on his way to Tokyo, where\nhe is to arrive on Sunday for talks with Japanese government\nofficials as well as private bankers.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:17:15.88", "places": [ "brazil" ], "id": "2790" }, { "title": "LUCKY STORES , EDELMAN IN STANDSTILL PACT", "body": "Lucky Stores Inc said it and\ninvestor Asher Edelman agreed on a settlement that prohibits\nEdelman and his group from taking specified actions to obtain\ncontrol of the company and that limits the Edelman group's\nownership of Lucky's stock to less than five pct of any voting\nsecurities.\n The arrangement also provides for the dismissal of pending\nlitigation between the parties, Lucky Stores said.\n The settlement also calls for the withdrawal of Edelman's\nmotion to intervene in pending shareholder actions against\nLucky Stores and its directors, the company said.\n In addition, the standstill provisions also apply to\nHancock Fabrics after it is spun off to Lucky stockholders, the\ncompany said.\n Lucky Stores said the arrangement also calls for the\ncompany to submit to stockholders at a special meeting set for\nDecember 31 a proposal from Edelman seeking their views\nconcerning repeal of a charter provision that limits the voting\npower of substantial Lucky stockholders.\n Edelman, who owns about five pct of Lucky Stores' stock,\nlast year was rebuffed in his effort to acquire the company.\n Last October Lucky Stores implimented a restructuring\nprogram that included the repurchase of 28 pct of its own\ncommon shares and reincorporation in Delaware.\n The spinoff of Hancock Textile Co, a chain of 324 retail\nstores, was one of the key parts of the restructuring program.\n Edelman and his Plaza Securities Co partnership\nsubsequently sued in an attempt to block the proposed\nreincorporation, which was a condition of the repurchase and\nrestructuring plan.\n Under this latest arrangement, Lucky Stores said it agreed\nto reimburse the Edelman group for 2.8 mln dlrs of\nout-of-pocket expenses, which include litigation and other\ncosts.\n \"This agreement serves the interests of Lucky stockholders\nby avoiding the significant cost of continued litigation and\nthe accompanying demands on management time,\" Lucky Stores\nchairman John Lillie said in a statement.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:17:33.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "2791" }, { "title": "ATT PHONE PROPOSAL TO HELP PROFITS", "body": "American Telephone and Telegraph Co's\nproposal to deregulate its long distance phone service is\nunlikely to produce a radical change in phone rates, but it\nshould help the company's profits, analysts said.\n \"Deregulation will mean more pricing discounts for large\nvolume users, but status quo for residential users,\" said\nPaineWebber Group analyst Jack Grubman.\n But the proposals will scrap the pricing formula that has\nconstrained the company's profits in the long distance\nbusiness, leading to higher profit margins, analysts said.\n ATT has long pushed for deregulation of its long-distance\nbusiness, the profits of which have been limited by a regulated\nrate-of-return on the company's investments. The rate was cut\nlast year to 12.20 from 12.75 pct.\n Earlier today the company proposed to the Federal\nCommunications Commission to scrap the formula, cut the amount\nof time needed to approve rate proposals, and leave it up to\nits competitors to oppose it filings.\n MCI Communications Corp made a similar filing\nyesterday, saying greater the moves would increase competition\nin the telephone business.\n Analysts said the proposals will allow ATT to cut costs in\nthe long-distance unit, and increase its profit margins\npreviously constrained by the rate of return. But many said\nthey did not expect the proposals to lead to higher prices in\nthe industry, simply because of the competition the phone\nindustry giant faces.\n \"You probably wouldn't see as much of a price decline,\"\nsaid Gartner Group analyst Fritz Ringling. \"But you wouldn't\nsee a rise.\" Grubman said the proposals will allow ATT to\nselectively raise or lower prices, depending on the market. \"It\nwill give ATT a lot more flexibility,\" he said.\n ATT now faces a period of comment in which a number of\ncompanies will be able to respond to the proposals in FCC\nhearings.\n It may face at least one strong opponent, U.S. Sprint, the\nlong distance joint venture between GTE Corp and United\nTelecommunications Inc .\n \"We think the Congress of the FCC should establish a\nreasonable rate of return. Someone should establish it,\" a U.S.\nSprint spokesman said. But he added the company was not opposed\nto greater competition.\n It may also take some time for the proposals to go through,\nand in the process they may be altered by the various\nconstituencies affected by the move.\n \"There's so much complexity, so much inertia, so much\nbureacracy, that stricly speaking about the mechanisms, it\nwon't happen that fast,\" said analyst Victor Krueger of the\nGartner Group.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:17:56.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "2792" }, { "title": "CME SETS MAY 29 START FOR LUMBER FUTURES OPTIONS", "body": "The Chicago Mercantile Exchange (CME)\nboard of governors announced today the options on Random Length\nlumber futures will begin trading on May 29.\n The contract received Commodity Futures Trading Commission\n(CFTC) approval on January 21 after being submitted for review\nlast October 13.\n Initially, only January, March and May delivery months will\nbe listed for trading. The size of the underlying futures\ncontract is 130,000 board feet. Regular trading hours for the\ncontract will be from 0900 to 1305 Central Time. However, on\nthe first day of trading the market will open at 1000.\n On March 4 the CME board amended the contract to eliminate\nChristmas Eve expirations for the January option. This\namendment has been submited to the CFTC, the CME said.\n reuter\n\u0003", "date": " 6-MAR-1987 14:19:40.61", "topics": [ "lumber" ], "places": [ "usa" ], "id": "2793" }, { "title": "TWA CONFIRMS OWNERSHIP OF 15 PCT OF USAIR GROUP\n", "date": " 6-MAR-1987 14:19:57.43", "topics": [ "acq" ], "id": "2794" }, { "title": "U.S. NAVY GROUNDS SOME A-6 ATTACK JETS", "body": "The Navy last month grounded half of\nits A-6E attack jets for wing inspections after a California\naccident but has since returned half of the grounded planes to\nservice, a Navy spokesman said.\n Kevin Mukri said 186 of the Navy's 340 A-6E aircraft, built\nby Grumman Corp, were grounded on Feb. 20 after a Jan. 14 A-6E\ncrash during a training flight near El Centro, Calif., which\nkilled one of two crewmen aboard.\n \"A subsequent inspection of the wreckage at the Naval\nResearch Laboratory in Washington showed an apparent inner wing\nstress problem,\" Mukri told Reuters.\n \"Ninety-seven of the grounded planes have since undergone\nvisual inspections and 91 of those have been cleared to return\nto service,\" he said.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:21:04.58", "places": [ "usa" ], "id": "2795" }, { "title": "IRAN INVESTIGATORS SEEK REAGAN TAPES", "body": "The House and Senate committees\ninvestigating the Iran arms scandal said they would like to\nreview tapes of phone conversations between President Reagan\nand White House officials, if such tapes exist.\n The committees were responding to a magazine article\nthat quoted unidentified \"sources with first-hand knowledge of\nU.S. communications intelligence\" as saying there is an archive\nof recorded conversations among Reagan administration\nofficials, including the president.\n The article in Progressive magazine also said the\ngovernment had secretly monitored the home telephone of former\nNational Security adviser Robert McFarlane after he had left\ngovernment service in late 1985.\n \"According to sources with first hand knowledge of U.S.\ncommunications intelligence operations,\" the story said, \"the\nMcFarlane intercept grew out of a program that has produced a\nstill-undisclosed archive of recorded conversations involving\n... Reagan, Vice President George Bush, (fired National\nSecurity Council aide) Lt Col Oliver North, (former National\nSecurity Adviser) Adm John Poindexter, (former White House\nChief of Staff) Donald Regan and other key figures in the\nIran-contra arms scandal.\"\n It said the monitoring was done for security and record\npurposes by the top-secret National Security Agency (NSA), and\nwas apparently done with the consent of those monitored.\n But White House spokesman Marlin Fitzwater denied one\npremise of the article, saying, \"The National Security Agency\nsaid it did not monitor any of McFarlane's conversations.\"\n He did not comment on the other recorded conversations the\nProgressive article said were included in the program.\n \"Clearly we would be interested in taking a look if indeed\nsuch tapes exist,\" a Senate Iran committee aide told Reuters in\nresponse to the magazine article.\n A spokesman for the House Iran committee said the panel\nwould consider a request to the NSA for copies of the\ntelephone-tap archive described in the article.\n Several legislators said the tapes, if it is confirmed that\nthey exist, could prove invaluable to the special House and\nSenate committees that were created in January to investigate\nReagan's most damaging political crisis.\n \"This sort of evidence could be absolutely crucial in\ngetting to the bottom of the affair,\" said Rep. Robert\nKastenmeier, a Wisconsin Democrat and member of the House\nIntelligence Committee, told Reuters.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:25:55.58", "places": [ "usa", "iran" ], "id": "2796" }, { "title": "STRUTHERS WELLS SEES 1986 NOV 30 LOSS", "body": "Struthers Wells Corp said it expects\nto report a loss, without tax benefit, of about 16 mln dlrs for\nthe fiscal year ended November 30, 1986, versus a profit of\n295,000 dlrs in fiscal 1985.\n The company added, however, that about 13.6 mln dlrs of the\nloss relates to discontinued operations and disposal of\nsubsidiaries.\n The company said the loss is part of its previously\nannounced restructuring that includes the sale of its foreign\nand domestic units.\n Struthers added that it has filed with the Securities and\nExchange Commission for an extension to file its annual report\non form 10-K as a result of delays caused by the restructuring.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:30:18.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "2797" }, { "title": "SOROS GROUP TELLS SEC IT MAY BUY UP TO 49.9 PCT OF FAIRCHILD INDUSTRIES\n", "date": " 6-MAR-1987 14:42:56.81", "topics": [ "acq" ], "id": "2798" }, { "title": "TWA CONFIRMS OWNERSHIP OF USAIR STOCK", "body": "Trans World Airlines Inc said it owns\nmore than four mln USAir Group shares or about 15 pct of the\ntotal outstanding.\n TWA said it may acquire additional shares in the open\nmarket, in private transactions, through a tender offer or\notherwise, subject to Department of Transportation approval.\n TWA has offered 52 dlrs per share for USAir Group. USAir\nrejected the offer yesterday, calling it a last-minute attempt\nto interfere with its takeover of Piedmont Aviation Inc.\n A TWA spokesman said the company has filed an application\nfor approval on its offer to buy USAir with the Department of\nTransportation, and later today it will file a response to\nUSAir's motion with the DOT to dismiss the TWA application.\n TWA said it made the statement today on its stock position\nin USAir in response to inquiries.\n Traders said they believed TWA Chairman Carl Icahn was the\nbuyer of an 855,000 share block crossed today by Salomon\nBrothers.\n USAir stock was trading at 50-3/4, up 2-1/4 on heavy volume\nof 3.1 mln shares. TWA stock fell 3/8 to 30-5/8.\n While analysts and arbitragers have speculated that Icahn\nmay have made the offer for USAir in order to trigger the\nacquisition of his own airline, Wall Street today began to take\nIcahn's effort more seriously.\n \"I think he's going to be the next Frank Lorenzo of Wall\nStreet,\" said one market source. Lorenzo, chairman of Texas\nAir, has added to his airline with the acquisitions of Eastern\nAirlines and People Express Airlines.\n There was also speculation that Icahn would like to buy\nUSAir and then sell TWA as a merged company.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:44:08.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "2799" }, { "title": "SILVER STATE MINING CORRECTS NET", "body": "Silver State Mining Corp said it has\ncorrected its 1986 fourth quarter net income to 485,380 dlrs\nfrom 528,790 dlrs reported earlier today.\n The company earned 286,969 dlrs in last year's fourth\nquarter.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:44:52.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "2800" }, { "title": "STEWART-WARNER CORP 4TH QTR SHR LOSS 3.86 DLRS VS PROFIT 37 CTS\n", "date": " 6-MAR-1987 14:52:35.92", "topics": [ "earn" ], "id": "2801" }, { "title": "GROUP TO BOOST FAIRCHILD INDUSTRIES (FEN) STAKE", "body": "An investor group led by New York\ninvestor George Soros said it was dissatisfied with Fairchild\nIndustries Inc management and was considering boosting its\nholdings to as much as 49.9 pct of the aerospace and aviation\ncompany's outstanding stock.\n The group already controls 1,647,481 Fairchild Industries\nshares or 11.5 pct of the total outstanding.\n The group said it filed on Wednesday with federal antitrust\nregulators for advance clearance to buy enough additional\nshares to increase its total stake to up to 49.9 pct of the\ntotal outstanding stock.\n The group said its representatives had met with Fairchild\nIndustries officials to inform them \"that they do not believe\nmanagement has been successful in enhancing or protecting\nshareholder values.\"\n It said it was considering the additional share purchases\nto enable it to \"assert a greater degree of influence over the\nfuture management and policies of the issuer.\"\n It said a decision on the specific level of share ownership\nit would seek depended on market prices, future changes in\nmanagement policies, available financial resources and other\nfactors.\n The group said it also reserved the right to pursue other\nmeasures intended to influence Fairchild management and\npolicies, either alone or in concert with other investors.\n The group includes Soros and Quantum Fund, an offshore\ninvestment firm headquartered in Curacao, Netherlands Antilles\nthat is advised by Soros.\n The group said that since its last SEC filing, made Jan. 2,\nit had purchased no additional Fairchild shares and had sold\n6,700 shares on the New York Stock Exchange Jan. 19.\n A Fairchild Industries official later said Soros had told\nthe company he was not dissatisfied with its management.\n \"Contrary to the filing, Mr. Soros has told the company\ntoday that he is not dissatisfied with management,\" Fairchild's\nBill Fulwider told Reuters.\n However, Fulwider said the company would have nothing to\nsay at this time about Soros' disclosure that he may buy up\nenough additional Fairchild shares to hold as much as 49.9 pct\nof the company's outstanding stock.\n Reuter\n\u0003", "date": " 6-MAR-1987 14:54:14.72", "topics": [ "acq" ], "places": [ "usa" ], "id": "2802" }, { "title": "PAYLESS CASHWAYS SEES BETTER FIRST QTR", "body": "Payless Cashways Inc chairman David\nStanley told analysts the company's first quarter results to be\nreported March 17 will be better than the seven cts per share\nreported in the year ago quarter.\n \"It was not a wonderful sales quarter, but it only\nrepresents 14 pct of the year's total results,\" Stanley said.\n Stanley also said that 1987 full year sales will be in\nexcess of 1.8 billion dlrs as compared to the 1.5 billion dlrs\nreported in 1986. He also said that analysts' estimates of 1.55\ndlr per shr for 1987 \"are not crazy.\"\n Payless reported net income of 1.22 dlr per share in 1986.\n \"The economy may not get a lot better, but we expect our\nadvantages in the lumber industry and cost cutting measures to\nkeep us competitive,\" Larry Kunz, chief financial officer,\nsaid.\n The company acquired Knox Lumber Co for about 24.3 mln\ndlrs in October 1986.\n Stanley said the company's stronger-than-optimal balance\nsheet will enable it to make further acquisitions but no\nnegotiations are going on at the current time.\n He said some benefits of a new management information\nsystem will be felt in 1987 and more substantially in 1988.\n \nREUTER...^M\n\u0003", "date": " 6-MAR-1987 14:59:07.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "2803" }, { "title": "FED'S HELLER URGES COMPREHENSIVE OVERHAUL OF FINANCIAL SYSTEM REGULATION\n", "date": " 6-MAR-1987 15:01:14.04", "id": "2804" }, { "title": "FED'S HELLER URGES OVERHAUL OF FINANCIAL SYSTEM", "body": "Federal Reserve Board Governor Robert\nHeller said the U.S. legal and regulatory framework of the U.S\nfinancial system needs a complete overhaul so American banks\ncan be more competitive in international markets.\n \"It has become abundantly clear that our financial system\nmust be overhauled to bring it up to the standard that will be\nrequired if we are to remain the leading financial power of the\nworld in the coming years,\" Heller said in a speech prepared for\ndelivery to a financial services industry conference.\n Heller said a patchwork approach to changing the nation's\nbanking and financial services laws will not work.\n \"Instead, a comprehensive overhaul of the entire financial\nsystem is called for,\" he said.\n Heller said he was encouraged that Congress would take a\ncomprehensive look at reforming the nation's banking laws after\nthey enact legislation now pending that would recapitalize the\nFederal Savings and Loan Insurance Corp and give federal\nregulators more power to deal with failing banks.\n Heller said he liked the concept of the financial services\nholding company, which would allow a bank to exist side by side\nwith other financial services companies. He said that would end\nthe debate on securities powers for banks.\n \"The holding company may own both a securities house and a\nbank, so that both services may be provided to the same\ncustomer, subject to safeguards against conflicts of interest,\"\nhe said.\n Such an institution be in a better position to compete in\nthe financial services markets around the globe, he said.\n Heller said he expects world trade to expand more rapidly\nthat domestic production and that traditional trade finance\nshould grow with it.\n \"It may be time to dust off the old letters of credit and to\nprepare for an increase in traditional export financing\nopportunities,\" Heller said.\n But he warned that protectionist sentiments could \"kill the\ngolden goose that is about to provide new profit opportunities\nfor international traders and bankers alike that will benefit\nconsumers by providing them with cheaper goods.\"\n Reuter\n\u0003", "date": " 6-MAR-1987 15:02:46.54", "places": [ "usa" ], "id": "2805" }, { "title": "STEWART-WARNER CORP 4TH QTR LOSS", "body": "Shr loss 3.86 dlrs vs profit 37 cts\n Net loss 24,973,000 vs profit 2,389,000\n Sales 62.5 mln vs 65.3 mln\n Year\n Shr loss 3.22 dlrs vs profit 1.32 dlrs\n Net loss 20,861,000 vs profit 8,515,000\n Sales 268.0 mln vs 272.7 mln\n NOTE: 1986 earnings include a provision for restructuring\ncosts of 23,675,000 dlrs, or 3.66 dlrs a share (pre-tax) and\nthe effect of adoption of FASB 87 which reduced pension expense\nby 617,000 dlrs for the quarter and 1,817,000 dlrs for the year\nbefore taxes\n Earnings include nonoperating income from the effect of\nnonrecurring gains of 1,811,000 dlrs in the 1st Qtr of 1986\nfrom the sale of its minority interest in Plexus Corp and\n1,480,000 dlrs in the 3rd Qtr of 1985 related to the sale of\nexcess property\n Reuter\n\u0003", "date": " 6-MAR-1987 15:07:15.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "2806" }, { "title": "MONITERM CORP 4TH QTR LOSS", "body": "Shr loss 15 cts vs loss 11 cts\n Net loss 632,000 vs loss 437,000\n Revs 3,206,000 vs 2,650,000\n Year\n Shr loss 19 cts vs loss 24 cts\n Net loss 793,000 vs loss 1,004,000\n Revs 11.5 mln vs 14.4 mln\n NOTE: Prior year figures restated to reflect merger in\nMarch 1986 with Amtron Corp.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:08:33.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "2807" }, { "title": "GATX TO REPURCHASE UP TO 750,000 SHARES", "body": "GATX Corp said it will buy back up to\n750,000 common shares in the open market from time to time\nwithin the next year.\n Morgan Stanley and Co Inc will act as agent.\n As of December 31, 1986, GATX had nine mln shares\noutstanding.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:08:50.95", "places": [ "usa" ], "id": "2808" }, { "title": "THE CHUBB CORP SETS QTRLY PAYOUT", "body": "Qtrly 42 cts vs 42 cts prior\n Pay April 7\n Record March 20\n Reuter\n\u0003", "date": " 6-MAR-1987 15:09:31.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "2809" }, { "title": "SOUTHTRUST TO ACQUIRE FOUR BANKS", "body": "SouthTrust Corp, a 5.1 billion\ndlr multibank holding company, said it entered into agreements\nto acquire four Florida banks with assets totalling more than\n233.2 mln dlrs.\n Terms of the agreements were not disclosed.\n The four banks are: Central Bank of Volusia County, with\nassets of 59.3 mln dlrs, Bank of Pensacola with assets of 63.8\nmln dlrs, and Vista Bank, which operates Vista Bank of Volusia\nCounty with assets of 37.8 mln dlrs and Vista Bank of Marion\nCounty with assets of 72.3 mln dlrs.\n It said the agreements are subject to regulatory approval.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:10:22.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "2810" }, { "title": "CARLING O'KEEFE SELLS STAR OIL UNIT TO UNITED COAL CANADA FOR 57 MLN DLRS\n", "date": " 6-MAR-1987 15:10:25.47", "topics": [ "acq" ], "places": [ "canada" ], "id": "2811" }, { "title": "ADVANCED TELECOMMUNICATIONS REDEEMS DEBENTURES", "body": "Advanced Telecommunications Corp \nsaid it called for the redemption on April 10, 1987, of all its\neight pct convertible subordinated debentures due 2006.\n The company said the redemption price is 1,080 dlrs per\n1,000 dlrs of principal amount of debentures plus accrued\ninterest from Feb One, 1987 to April 10, 1987.\n The company said the debentures are convertible into ATC's\ncommon stock at 8.25 dlrs per share.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:13:44.29", "places": [ "usa" ], "id": "2812" }, { "title": "HUGHES TOOL UP ON MERGER SPECULATION", "body": "Hughes Tool Co rose one to 12-1/4 on\n1,658,000 shares, apparently reflecting a belief that Baker\nInternational Corp will be able to persaude Hughes to go\nalong with a previously announced merger, analysts said.\n This week Hughes seemed to back out of the merger but then\nsaid it was still interested in talking.\n \"It sounds like Baker wants it and if people are convinced\na deal is going to go through the stock goes up,\" said analyst\nPhil Pace of Kidder, Peabody and Co. Holders of Hughes would\nget 0.8 share of Baker for each Hughes share. \n Reuter\n\u0003", "date": " 6-MAR-1987 15:14:07.13", "topics": [ "acq" ], "places": [ "usa" ], "id": "2813" }, { "title": "ADVANCED TELECOMMUNICATIONS IN REDEMPTION", "body": "Advanced Telecommunications Corp said it\nhas called for redemption on April 10 all of its eight pct\nconvertible subordinated debentures due 2006 at 1,080 dlrs per\n1,000 dlrs principal amount plus accrued interest.\n The debentures are convertible into common stock at 8.25\ndlrs per share.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:14:57.92", "places": [ "usa" ], "id": "2814" }, { "title": "AETNA REACHES AGREEMENT TO BUY COMPANY", "body": "Aetna Life and Casualty Co said\nit reached an agreement to acquire a 49 pct interest in\nUniversal Life and General Insurance Sdn Bhd , a Malaysian\ncomposite insurance company.\n The company said the 51 pct balance will continue to be\nowned by Malaysia Apera Group of private investors.\n The transaction is valued at approximately 37.8 mln dlrs\nand is expected to be completed by March 31, 1987.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:15:42.87", "topics": [ "acq" ], "places": [ "usa", "malaysia" ], "id": "2815" }, { "title": "AMEX STARTS TRADING ECOLOGY/ENVIRONMENT ", "body": "The American Stock Exchange said it has\nstarted trading one mln Class A common shares of newly-public\nEcology and Environment Inc, which provides services related to\nthe management of hazardous and non-haxardous wastes.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:16:13.88", "places": [ "usa" ], "id": "2816" }, { "title": "JAMAICA CORRECTS SIZE OF PARIS CLUB RESCHEDULING", "body": "The Jamaican Information Service said\nthe rescheduling agreement reached with the Paris Club of\nwestern government creditors covers 125.5 mln dlrs of debt and\nnot 25.5 mln dlrs as it announced yesterday.\n Under the accord, clinched on Thursday in Paris, 100 pct of\nthe principal and 85 pct of the interest owed between April 1,\n1986, and March 31, 1988, is being rescheduled.\n The debts due in 1986 are being treated as arrears and will\nbe rescheduled over six years with 2-1/2 years' grace, while\nthe rest of the debt will be rescheduled over 10 years with a\n5-1/2 year grace period.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:17:56.72", "places": [ "jamaica", "usa" ], "id": "2817" }, { "title": "CARLING O'KEEFE SELLS OIL UNIT, TAKES GAIN", "body": "Carling O'Keefe Ltd said it sold its\nStar Oil and Gas Ltd unit to United Coal (Canada) Ltd for about\n57 mln dlrs cash.\n Carling said it will record an extraordinary gain of about\ntwo mln dlrs after tax, or nine cts a common share resulting\nfrom the sale.\n The company did not elaborate further on financial terms.\n A Carling official later said in reply to an inquiry that\nCarling would record the extraordinary gain in its fourth\nquarter ending March 31.\n The move came after Carling's 50 pct-owner \nagreed last week to sell its Carling stake to ,\nof Australia, for 196.2 mln Canadian dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:20:22.65", "topics": [ "acq" ], "places": [ "canada" ], "id": "2818" }, { "title": "CHANNEL FERRY REPORTED SINKING OFF BELGIUM", "body": "The channel ferry Herald\nof Free Enterprise from the British Townsend Thorensen company\nwas sinking off the Belgian coast tonight with 463 people on\nboard, the Dutch newsagency ANP reported today.\n An unspecified number of people had fallen into the water,\nit said, quoting the pilot organisation in this south-western\nDutch port city near the Belgian border.\n It said the vessel had capsized after a collision but gave\nno more details.\n Dan Kaakebeen a spokesman for the Dutch salvage firm Smit\nInternational told Reuters by telephone from Rotterdam that the\nvessel was just off the Belgian port of Zeebrugge with 463\npassengers and crew when the accident occurred at 1850 GMT.\n Kaakebeen said the firm had one vessel at the scene and\nanother on its way with divers on board.\n A spokesman at the port authority of nearby Vlissingen said\nattempts were being made to pull the vessel into shallow\nwaters.\n Weather conditions were good with no fog or wind, and there\nwere many other vessels in the area.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:21:18.62", "topics": [ "ship" ], "places": [ "netherlands", "uk", "belgium" ], "id": "2819" }, { "title": "PATRICK PETROLEUM CO YEAR LOSS", "body": "Shr loss 1.22 dlrs vs profit 27 cts\n Net loss 8,812,432 vs profit 1,847,560\n Revs 7,981,198 vs 10.3 mln\n Avg shrs 7,187,941 vs 6,828,368\n NOTE: Current year includes tax credit of 800,000 dlrs.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:21:51.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "2820" }, { "title": "MONITERM SAYS ORDER RATE STRENGTHENS", "body": "Moniterm Corp said sales of\nits display system and color monitors in the first two months\nof this year have been strong compared with the fourth quarter\nof 1986, giving it confidence its sales target of 4.8 mln dlrs\nfor the first quarter of 1987 is attainable.\n It said sales of these products for January and February\nwere a record 3.1 mln dlrs, it said.\n For all of 1986 its sales were 11.5 mln dlrs, it said.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:22:41.48", "places": [ "usa" ], "id": "2821" }, { "title": "MOBIL REORGANIZES U.S. EXPLORATION, OUTPUT", "body": "Mobil Oil Corp said it is reorganizing\nits U.S. exploration and producing operations into a single\naffiliate, Mobil Exploration and Producing U.S. Inc, to be\nheadquartered in Dallas, effective April one.\n The Mobil Corp subsidiary said the operations are presently\nrun from three affiliates located in Denver, New Orleans and\nHouston.\n It said about 300 employees will be relocated to Dallas,\nadding these will be primarily in management, administrative\nand staff functions.\n Mobil Oil said most technical and field operating people\nwill remain at their current locations but some staff functions\nwill be reduced.\n Spokesmen were not immediately available for comment on the\nimpact of any reductions.\n The company said the new affiliate will comprise four\nproducing divisions and six exploration divisions. Four of the\nexploration divisions will be located with producing divisions\nin Denver, Houston, New Orleans, and Midland, Texas. The\nremaining two will be in Oklahoma City and Bakersfield, Calif.\n Mobil Oil said the reorganization will \"enhance our\nprofitability\" by emphasizing technology and improved\ncommunications, adding it will be able to respond quickly to\nchanges in business environment.\n The company said C.E. Spruell, now vice president,\ninternational producing operations, has been appointed\npresident and general manager of the new affiliate.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:24:18.52", "places": [ "usa" ], "id": "2822" }, { "title": "ARGENTINE OBSERVER CRITICAL OF DEBT STANCE", "body": "A counter-proposal from creditor\nbanks to Argentina's request for rescheduling its 50 billion\ndlr foreign debt was full of holes, an Argentine observer at\nnegotiations said.\n \"The negotiations are not going to prosper if (the creditor\nbanks) do not change the counter-proposal put to Argentina, as\nit is a Swiss cheese full of holes,\" ruling Radical Party Deputy\nRaul Baglini said.\n Baglini, who was recently observing negotiations with the\nsteering committee for Argentina's creditor banks in New York,\nspoke to reporters in Mendoza, 600 miles west of Buenos Aires.\n Baglini said the counter-proposal did not take into account\nArgentina's request for a 2.15 billion dlr loan to meet four\npct growth targets in 1987.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:24:32.35", "places": [ "argentina" ], "id": "2823" }, { "title": "CANADA'S MOVE TO SHORTEN DEBT TERMS AIDS MARKET", "body": "The government's move to pare its huge\nfinancing costs by shortening debt maturities has left more\nroom for other borrowers and sparked a lively market for\ntreasury bills, senior market analysts said.\n The Bank of Canada, Ottawa's fiscal agent in the\nmarketplace, revealed this week that sharply reduced borrowing\nneeds has allowed the shift toward shorter bond terms and\nheavier emphasis on the weekly treasury bill auction, issued in\nterms of up to one year.\n \"The aggressive use of the treasury bill program has meant\nthat the government is now able to maintain lower cash balances\nand lower financing costs,\" the Bank of Canada said in its 1986\nannual report released this week.\n The government has said its budget deficit financing\nrequirements will fall to 24 billion dlrs in the fiscal year\nending March 31, 1987, from 30 billion dlrs the prior year.\nProjected fiscal 1988 requirements are 21.3 billion dlrs.\n The bank said that of last year's 19 new government bond\nissues, nearly two-thirds were for maturities of less than 10\nyears. Greater use was also made of bond auctions to market new\nissues with terms in the two- to five-year range.\n Meanwhile, treasury bills outstanding at year end totalled\nnearly 70 billion dlrs, an increase of 10.3 billion dlrs over\nthe year and 20 billion dlrs since 1984.\n Although the amount of money saved from moving away from\nthe long bonds was not disclosed, bond experts believe it was\nconsiderable because of the much lower interest premiums paid\non short term debt.\n But market watchers were unsure what affect the move will\nhave on Japanese investors--who have been snapping up Canadian\nbonds at a record clip--because of their traditional preference\nfor long term financings.\n Bond traders said the Japanese, who purchased a record 9.5\nbillion dlrs of Canadian bonds last year, have adapted to the\nchanges by buying longer term provincial issues and shifting to\nthe medium term issues offered by Ottawa.\n \"Their (Japanese) buying over the course of the last six\nmonths has been very much concentrated in the medium term\nmaturities,\" noted one Canadian bond trader who asked not to be\nidentified.\n Yet there was some concern a shortage could eventually\ndevelop for bonds that mature in 10 or more years.\n Said David Gluskin, vice-president of Nesbitt Thomson\nBongard Inc, \"When interest rates finally seem to have stopped\ngoing down, there is going to be a flood of people trying to\nlock in the long end and not everyone will be able to get in\nthe door.\"\n But bonds analysts said at the moment with interest rates\ntrending down, investors appear to welcome the change,\nespecially the greater treasury bill financing.\n \"The wholesale market in treasury bills is very active,\"\nsaid Michael Berry, vice-president of the securities firm,\nWalwyn Stodgell Cohran Murray Ltd.\n The change also improves receptivity in the market for\nother borrowers, including provincial governments, the big\nutilities and corporations.\n \"There doesn't seem to any lack of bonds in the longer end\nnow, that also may be the result that any percieved shortage\nhas probably been taken up by provincial funding activities,\"\ncommented Berry.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:25:21.22", "places": [ "canada", "japan" ], "id": "2824" }, { "title": "EPITOPE INC 1ST QTR DEC 31 LOSS", "body": "Shr loss 24 cts vs loss nine cts\n Net loss 216,697 vs loss 47,344\n Sales 144,403 vs 118,391\n\n Reuter\n\u0003", "date": " 6-MAR-1987 15:26:13.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "2825" }, { "title": " 4TH QTR DEC 31 LOSS", "body": "Shr loss 12 cts vs loss 16 cts\n Net loss 214,000 vs 309,000\n Revs 3,056,000 vs 2,545,000\n Year\n Shr loss 43 cts vs loss nine cts\n Net loss 754,000 vs loss 159,000\n Revs 11.4 mln vs 11.4 mln\n Reuter\n\u0003", "date": " 6-MAR-1987 15:26:43.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "2826" }, { "title": "LLOYDS BANK CANADA 1ST QTR PROFIT RISES SHARPLY", "body": "Lloyds Bank Canada, a unit of , said net profit soared to 3,053,000\ndlrs for the first quarter ended January 31 from 9,000 dlrs a\nyear earlier.\n Loan loss provisions, a mandatory five-year averaging of\nactual loan losses, also rose in the first quarter to 6,375,000\ndlrs from year-ago 113,000 dlrs, the bank said.\n Lloyds Bank Canada became Canada's largest foreign bank\nlast autumn with its 200 mln Canadian dlr acquisition of\nContinental Bank of Canada.\n\n Reuter\n\u0003", "date": " 6-MAR-1987 15:28:47.41", "topics": [ "earn" ], "places": [ "canada" ], "id": "2827" }, { "title": "BRAZIL STRIKES CAUSE GOVERNMENT MAJOR PROBLEMS", "body": "Strikes by Brazil's 40,000\nseamen and by petrol station owners in four states are causing\nmajor headaches to a government already wrestling with a debt\ncrisis.\n A week ago seamen began their first national strike for 25\nyears and union leaders say they have seriously affected\nBrazilian exports by making idle 160 ships.\n On February 20 the Brazilian government suspended interest\npayments on part of its huge foreign debt following a sharp\ndeterioration in its trade balance.\n Today the government faced a fresh problem, when most\npetrol station owners in Sao Paulo, the country's industrial\nheartland, and in three other states closed down to press for\nhigher fuel prices.\n There were fears that the combination of the two stoppages\ncould lead to a serious fuel shortage.\n The seamen's leaders say their strike has halted 48 of the\n72 ships belonging to the state oil company Petrobras.\n The Jornal do Brasil newspaper, in an editorial today\nentitled \"Dangerous Confrontation,\" said: \"From the economic\npoint of view the seamen's strike carries an alarming cost,\nwith grave consequences for the supply situation and for the\ncountry's external trade.\"\n The seamen are seeking a 275 pct pay rise and have rejected\noffers of up to 100 pct.\n Later today the Higher Labour Tribunal in Brasilia is due\nto rule on whether the seamen's strike is legal. But a senior\nofficial of the National Merchant Marine Union, Jorge Luis Leao\nFranco, told Reuters that the strike would continue regardless\nof the tribunal's ruling.\n Labour unrest has worsened in Brazil following the collapse\nover the last few months of the government's Cruzado Plan price\nfreeze. Prices have been rising at about 15 pct a month. Not\nonly workers but also businessmen are restive. Petrol station\nowners said many garages had closed indefinitely today in Sao\nPaulo, Parana, Mato Grosso and Mato Grosso do Sul.\n Television reports said that in the Parana state capital of\nCuritiba petrol stations were only supplying fuel for\nexceptional cases such as ambulances and funeral processions.\n Brazilian garage owners want to be allowed to raise their\nprofits on alcohol fuel and petrol sales to 1.26 cruzados (six\nU.S. Cents) a litre from 0.56 cruzados (about 2.5 cents).\n Queues formed at petrol stations in Sao Paulo late last\nnight as motorists filled up their tanks while they still\ncould.\n Political sources said the government of President Jose\nSarney was closely following the strikes and the overall fuel\nsupply situation.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:32:37.81", "topics": [ "ship", "gas" ], "places": [ "brazil" ], "id": "2828" }, { "title": "FIRST UNION STARTS INVESTMENT NEWSLETTER", "body": "First Union Corp said its\nCapital Management Group has begun publishing an investment\nnewsletter targeted to private investors.\n The newsletter, Vision, will be published every three\nweeks. Annual subscriptions are 126 dlrs, the company said.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:33:53.08", "places": [ "usa" ], "id": "2829" }, { "title": "LYPHOMED TO SELL 100 MLN DLRS DEBENTURES", "body": "LyphoMed Inc said it intends to\nfile a registration statement with the Securities and Exchange\nCommission covering the sale of 70 mln dlrs principal amount of\nconvertible subordinated debentures.\n Concurrent with the debenture offering, LyphoMed said it\nplans to sell an additional 30 mln dlrs of debentures in\nFujisawa Pharmaceutical Co Ltd, which currently owns about 30\npct of the company's common stock.\n It said the offering will be made only by prospectus.\n Reuter\n\u0003", "date": " 6-MAR-1987 15:35:12.90", "places": [ "usa" ], "id": "2830" }, { "title": "FRANKLIN COMPUTER CORP GETS COURT ORDER", "body": "Franklin Computer Corp said it\nreceived a court order requiring the manufacturer and\ndistributors of the Laser 128 personal computer to stop selling\nthe computers with operating systems that are the subject of a\nrecently filed copyright infringement suit.\n The company said